Abrdn Property Income Share Discussion Threads

[nickrl] 17/4/2024 09:55

@pavey ark not all those sales have completed yet though but all give reassurance on potential value realisation for sure. What i don't know is all the portfolio deemed "family silver" category or are there some outliers in there?

[cwa1] 17/4/2024 09:45

50p on the bid. Should there be flags?

[williamcooper104] 17/4/2024 09:40

Yep Looking good for getting NAV less a few pennies for costs

[pavey ark] 17/4/2024 09:34

RCF almost negligible after today's announcement and cleared if the Dec £6m is included

1/2/24
"We completed the sale of a small industrial estate in Livingston Scotland in December for £6.25m. The sale price was £300,000 below valuation. Terms were also agreed for the sale of our City of London office and Manchester Office for a combined £14.75m (year-end valuation £15.35m) reducing office exposure by 3.5% to 13%. Sales have also been agreed of two industrial assets for a total of £24.4m (year-end valuation £22.4m). We are also exploring the sale of the open moorland at Far Ralia with encouraging indications of value above the year-end valuation (£8.25m)."

These sales have included offices, vacancies, short lease terms and obviously better units that sold at a premium.
My point is that these disposals of well over £50m were a mixed bag yet the total sale figures produced an overall premium.

[yump] 17/4/2024 08:51

Not difficult coding for advfn to separate form 8 rns’s from the rest in another list or put an optional filter in.

But they ain’t interested in users experience, just money.

[spectoacc] 17/4/2024 08:35

Interesting they're doing all this without bothering to have the vote first - or even set a date for it. But makes sense to sell assets to repay the RCF regardless, considering the yields they're selling at.

Still a good market for Industrial.

[nickrl] 17/4/2024 08:26

@frazboy the RCF was 56.9 at q3 NAV since then they've disposed of two assets on 20/3 (16.5m) and todays announcement of 13.2m gives c27m unless ive missed another announcements as we were rather bombarded with form 8.5s why they were in play.

[frazboy] 17/4/2024 08:07

Surely, that's the RCF paid off?

[cwa1] 17/4/2024 07:44

17 April 2024

Further asset disposals

abrdn Property Income Trust ("API") has completed on the sale of two assets for
a combined price of £13.2m, reflecting a 1.5% premium to the December 2023
valuation.

Unit 4, Monkton Business Park in Hebburn is a single-let industrial unit let to
Hitachi Construction Machinery Limited. The sale follows completion of the
asset management business plan with a regear of the lease completed last year.
The property was sold for £5.3m which is a 6% premium to the December 2023
valuation.

The sale of King's Business Park, Bristol completed for £7.9m reflecting a 1.25%
discount to the December 2023 valuation. The multi-let industrial estate has an
average unexpired term of just under two years, and the sale price reflects a
net initial yield of 5.5%.

Mark Blyth, Deputy Fund Manager of API commented: "Following on from the two
sales last month, we're pleased to have completed these further disposals at
Hebburn and Bristol at a premium to the December valuation. As with the previous
sales, the proceeds will be used to pay down the Company's Rolling Credit
Facility."

[essentialinvestor] 16/4/2024 14:33

Bought back pretty quickly today, sgainst a weaker sector.

[essentialinvestor] 16/4/2024 10:31

ME on the brink of blowing up, that's all we need, eh.

[nickrl] 15/4/2024 13:45

API and its various nominee accounts have sold down over 7% in the last few weeks. Its almost as if they told anyone in their wealth funds to get rid of them does seem bizarre behaviour verging on spiteful.

[spectoacc] 15/4/2024 13:30

Mattioli Woods - OPM. Amazing how inept almost all of them are - M&G probably take the prize for utter idiocy (buying HOME post allegations).

Does anyone who's in contact with API, know when the AGM will be announced?

"Further to its announcements of 14 March 2024 and 20 March 2024, the API Board will now take steps to implement a Managed Wind-Down subject to the approval of API Shareholders at a general meeting. More information on this process will be set out in due course."


In Due Course has plenty of wiggle room, but that was said 19 days ago - seems little point in delaying. "...Now take steps..." but subject to that vote.

[essentialinvestor] 15/4/2024 12:25

Cleared last week's high - at least stm, it does move around a bit.

[essentialinvestor] 15/4/2024 11:35

Yup, just about to say the same.

[williamcooper104] 15/4/2024 11:33

Likely carry on with the divi until they've sold a a good chunk of the assets down Divi cover doesn't really matter now; so long as there's cash then pay the divi

[dr biotech] 15/4/2024 11:21

seems that Mattioli Woods was the seller last week then. Wonder who (if anyone) picked them up?

[catch007] 14/4/2024 11:22

Will API declare a quarterly dividend now the bids have failed or will they defer until a wind up vote is held?

[pillion] 13/4/2024 11:40

@EssentialInvestor; noted.

I see charts as an added tool, they are history anyway. I am not in API.

Your comments here and on other threads are read with enthusiasm, respect, and caution.

[essentialinvestor] 12/4/2024 13:31

Pillion, with API, long before recent coporate action emerged, the share price experienced fat % compressed moves (in either direction). 5% plus in a week not out of the ordinary. So on a TA view, the chart can look very different, very quickly. That being said, appreciate your view.

[pillion] 12/4/2024 12:53

Gold Cross looks dodgy; No advice intended

[essentialinvestor] 12/4/2024 09:30

Spec, their moorland should not be ..junky end, unless they bought poorly.

[cirlbunting1] 12/4/2024 08:56

Small buy here at 49p (1st tranche).

[spectoacc] 12/4/2024 06:49

@HP - they've been making sales and I bet are lining up many more, ahead of the vote. Timescale, and the uncertainty of the prices for the junkier end of the portfolio (offices/retail/moorland/Morrisons) will justify the discount, but it shouldn't be as large as eg ADIG/VSL/GABI.

[essentialinvestor] 11/4/2024 23:29

HP, a difference is API own physical assets, which 'should' be relatively easy to sell without a significant discount -
particularly given where we are in the UK commercial property cycle.

CREI and SHED both saw value in the portfolio, CREI clearly livid they were not successful.