Alpha Real Share Chat (ARTL)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Alpha Real	LSE:ARTL	London	Ordinary Share	GB00B13VDP26	ORD NPV

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+4.125p	+3.40%	125.50p	123.00p	128.00p	125.50p	121.375p	121.375p	43,841	14:31:51

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Real Estate Investment & Services	9.9	5.2	18.6	6.7	87.00

Alpha Real Share Discussion Threads

Showing 176 to 200 of 200 messages

Chat Pages: 8 7 6 5 4 3 2 1

Date	Subject	Author	Discuss
18/8/2017 11:31	c.24% discount to NAV (which excludes the India potential big payout uplift) makes this a bargain, especially when you see that a good third of its portfolio is and will be pretty safe (ground rents and High Yield Debt at lowish LTV)	davebowler	Read Full Thread Reply
18/8/2017 11:19	As at 30 June 2017, the unaudited NAV per ordinary share of the Company was 162.4p (31 March 2017 audited NAV was: 158.9p).	davebowler	Read Full Thread Reply
18/8/2017 10:49	A good quarter for the fund. Note big increase in the quarter for the valuation of H20 from £43 to £53m some of which will have been FX but more valuation increase in Euros from E49m to E58m and also increase in FAIF from £21.2m to £26.7m; I can only assume that ARTL made further investments in FAIF given that while it had a decent quarter it was nowhere like this increase in valuation-see the FAIF June fact sheet-hxxp://time-investments.com/vault/files/07.-TIME-Freehold-FactsheetJuly-17-Dealing.pdf	cerrito	Read Full Thread Reply
08/8/2017 19:37	Yesterday’s news that they had completed the HO2 sale prompted me to do what I have been meaning to do some time ie have a good look at the latest financials with a view to see if I should be buying more; too bad given today’s share price increase others have been doing the same. For me the shares pretty much correctly valued at the moment ; that said no desire at all to sell. For me the shares have two inconvencies. The first is the wide bid/offer spread. The second is that my online broker –Barclays-will not trade them which means I have to use my higher cost full service broker. While I can understand the Board’s decision to sell down HO2 to make the portfolio more balanced it did not serve me well. It gives me exposure to what over the last two years has been a good area-Spanish Consumer spending which looks like it will continue as well as Euro exposure; furthermore I think there is every perspective that the price in sterling will continue to increase and it will be interesting to see what FX rate they sold the Euro for. They certainly handled their sale of IMPT shares better than I did; nothing they can do about it but the loss of £1.5m pa loan interest will hurt. Remember total Finance Income last year was £2.3m and revenues ex finance income-£10m and essentially equalled the cash spent on dividends of £1.6m Hope they do not buy more PRS site-I think that they have enough with Leeds and Birmingham once they have made the further investments they are planning. What with what ARTL are doing plus my holdings in GRI and TEF(obviously at a different part of the cycle) I have all I need in this sector where we have not seen many(if at all) solid results. India news encouraging and agree with their valuation here. We need to follow Frankfurt closely; it could be interesting but have no feel at all for this part of the market. Need to consult with my pillow if I buy more.	cerrito	Read Full Thread Reply
07/8/2017 15:56	Sale completed. FX moves since last report mean it is probably worth another 3.5p on NAV. Nice. "Alpha Real Trust announces the successful completion of the sale of a 70% equity interest in the H2O shopping centre in Madrid ("H2O") to CBRE European Co-Investment Fund, managed by CBRE Global Investors in line with the terms previously advised." https://www.investegate.co.uk/alpha-real-tst-ltd/artl/h2o-sale-completion/201708071519063187N/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Alpha%20Real%20Tst%20Ltd%20Alert	scburbs	Read Full Thread Reply
31/7/2017 17:09	Thanks Davebowler. Slightly surprising it is none! Seems unlikely. Their average ground rent is £130 which is pretty low and 85% are described allowing for periodic rent reviews linked to RPI, property values or fixed uplifts (P7). hxxp://time-investments.com/vault/files/FIAF-Half-Year-Report-and-Financial-Statements-for-the-period-ended-30-September-2016.pdf	scburbs	Read Full Thread Reply
31/7/2017 15:34	I phoned Alpha about that and they said they had no controversial ground rents as the bulk of the portfolio were bought a few years ago.	davebowler	Read Full Thread Reply
25/7/2017 20:27	RPI or CPI uplifting ground rents should be performing very well with raised inflation, doubling ground rents will be performing less well (see GRIO RNS). Those that double every 10 years probably difficult to do anything other than hold, those that double every 25+ years not quite as aggressive. I think the house builders where they consider themselves exposed will be paying to convert doubling ground rents to RPI rents with the compensation going to the investor (i.e. Who they sold it too) rather than the lessee.	scburbs	Read Full Thread Reply
25/7/2017 15:50	I would say that these leases have been obtained legally from the house builders. Taylor Wimpey has already set aside 130 million to buy them back. The house builders will have to dig deep to buy them back.	poacher45	Read Full Thread Reply
25/7/2017 14:24	is the ground rent section of this company involved with the house builders associated with the growing leasehold scandal?	ntv	Read Full Thread Reply
24/5/2017 17:12	Scburbs I thought your valuation of Monks Bridge seemed high but managed to buy a few more shares last Monday. Now I wish I had bought more everything seems to be coming at once.	poacher45	Read Full Thread Reply
24/5/2017 14:12	From IC today Alpha Real Trust banks hefty gains There has been a raft of announcements in the past few weeks from Alpha Real Trust (ARTL:126p), a company that invests in high-yielding property and asset-backed debt and equity investments in western Europe, with the aim of delivering strong risk-adjusted cash flows. Firstly, the company's hard ball stance in the takeover situation of small-listed property company Industrial Multi Property Trust (IMPT:330p) has paid off with the bidder, FTSE 250 property group Hansteen (HSTN:128p), raising its cash bid by 10 per cent to 330p a share. This means that Alpha will receive almost £5.2m for its 18.7 per cent stake and there is a strong likelihood that the five-year subordinated loan of £10.3m (including accrued interest) outstanding to Industrial Multi Property Trust, and on which Alpha earns an annual coupon of 15 per cent, will be redeemed before its maturity date of December 2018. If this happens then Alpha will be due an exit fee of 2 per cent. Alpha has now sold its shareholding to Hansteen, the effect of which is to boost Alpha's last reported book value of 153.9p a share by around 2.2p a share. Secondly, Alpha has just agreed to sell a 70 per cent equity interest in its wholly owned H2O shopping centre in Madrid to CBRE European Co-Investment Fund at a 4.8 per cent premium to the latest published valuation of the shopping centre. Alpha will retain a 30 per cent stake in a joint venture to participate in the future growth of the centre. In addition, the company has completed the refinancing of the borrowings secured on the shopping centre with a new €65m (£56.5m) seven-year loan with Aareal Bank. The new margin of 1.8 per cent represents a 70 basis point saving on the previous financing and borrowings are non-recourse to Alpha. By my reckoning the part disposal will lead to €5.4m (£4.7m) uplift on the previous valuation of H20, adding almost 7p a share to Alpha's last reported net asset value of 153.9p. And it gets better... The news gets even better because a few weeks ago the Delhi High Court upheld the award declared in favour of Alpha with respect to its Galaxia investment, a development site extending to 11.2 acres located in NOIDA, an established suburb of Delhi and one of the principal office micro-markets in India. I highlighted the potential for a windfall gain on its investment in the Galaxia project in my last article after Alpha initiated arbitration proceedings against its joint venture development partner, Logix, in order to protect its investment ('Shareholder activism', 22 Feb 2017). The total award has now accrued to £13.8m at the current exchange rate whereas it is held in Alpha's accounts at £5.2m. If the company can recoup this sum in full, and admittedly there is no guarantee it will, then it will add 12.5p a share to Alpha's last reported net asset value of 153.9p a share. Bearing this in mind, Alpha has commenced execution of the award, and the Logix Promoters have been restrained from alienating their Corporate Office in NOIDA as well as their residential home in New Delhi. They have also been directed by the Delhi High Court to submit on affidavit a list of all their assets and bank statements. I understand that the Delhi High Court has issued a warrant of attachment against the primary residential property owned by Shakti Nath and Meena Nath, promoters of Logix. Alpha has had the residential property independently valued at £6m. This offers some assurance that the £5.2m carrying value of the award in Alpha's accounts will be recouped at the very least, and perhaps significantly more on top. In the circumstances, it's hardly surprising that Alpha's shares have risen from 112p to 126p since my last update ('Shareholder activism', 22 Feb 2017) and are now well ahead of the 80p level when I initiated coverage 15 months ago ('High-yield property play', 10 Feb 2016). This partly reflects a narrowing of the share price discount to book value, but also the fact that net asset value per share hit a record 153.9p at the end of December 2016, or 23 per cent ahead of valuations 12 months earlier. For good measure the company has paid out five quarterly dividends of 0.6p a share since I initiated coverage, so has provided a decent income flow. By my reckoning, the shares are trading 23 per cent below my 163p a share estimate of book value, a share price discount that has scope to narrow further. So, if you followed my repeated buy recommendations on this company in the past 15 months, I would run your healthy profits as my 130p target price could prove conservative. Run profits.	gersemi	Read Full Thread Reply
24/5/2017 14:08	With the second phase on Monks Bridge GDV is actually £148m. Will be interesting to see what this does to the next valuation as there should be a pretty significant uplift. Share price reaction surprisingly muted. http://www.investegate.co.uk/alpha-real-tst-ltd--artl-/rns/planning-granted-for-monk-bridge--central-leeds/201705241152491155G/	scburbs	Read Full Thread Reply
19/5/2017 08:41	Great deal on H2O. Another 6.5-7p on NAV using sept FX, derisked asset which was too big a percentage of NAV and enhanced future income return on remaining 30%.	scburbs	Read Full Thread Reply
15/5/2017 18:14	Some interesting progress on the PRS sites. If the reporting is accurate the GDV of Monks Bridge has gone from £55m on acquisition to £95m now. Number of units is 14% higher than previous planning. "A £95m mixed-use development in Leeds has moved closer to a start date after city planning officers recommended the scheme for approval. ... The site was purchased by investors Alpha Real Capital in December 2015, with the overall development across two phases expected to have a GDV of £95m. McAlpine has signed a contract to start on the repair and restoration of the viaduct in August, and will also start on the first three buildings of the development later this year, according to planning documents. These three blocks will include 307 PRS apartments and will range between 11 and 13 storeys in height. hxxps://www.constructionnews.co.uk/companies/contractors/sir-robert-mcalpine/planners-back-mcalpines-95m-leeds-scheme/10019820.article Here is what ARTL said on acquisition. "The Company's £3.75 million (net of VAT, including associated costs) purchase of Monk Bridge was funded from cash reserves. The project has a potential gross development value in excess of £55 million." http://www.investegate.co.uk/alpha-real-tst-ltd--artl-/rns/acquisition/201512090700074287I/ Also Unity & Armouries in Birmingham got an approval in March. https://eplanning.birmingham.gov.uk/Northgate/PlanningExplorer/Generic/StdDetails.aspx?PT=Planning Applications On-Line&TYPE=PL/PlanningPK.xml&PARAM0=848562&XSLT=/Northgate/PlanningExplorer/SiteFiles/Skins/Birmingham/xslt/PL/PLDetails.xslt&FT=Planning Application Details&PUBLIC=Y&XMLSIDE=/Northgate/PlanningExplorer/SiteFiles/Skins/Birmingham/Menus/PL.xml&DAURI=PLANNING	scburbs	Read Full Thread Reply
15/5/2017 10:55	All extra money is good extra money!	hpcg	Read Full Thread Reply
15/5/2017 08:52	Logix award now (on paper) a mighty 20p per share or 12p higher than book value.	scburbs	Read Full Thread Reply
25/4/2017 17:31	Fair play to Alpha Real/ARTL they have got another 10%, albeit only an extra 0.7p on NAV. http://www.investegate.co.uk/hansteen-hldgs-plc/artl/revised-offer-for-impt-plc/201704251703113145D/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Hansteen%20Hldgs%20plc%20Alert	scburbs	Read Full Thread Reply
31/3/2017 13:19	i think they are a bit miffed that they didn't buy IMPT themselves and like i said in earlier posts they have had plenty of chances in the past personally i think they should just take the cash now and pay down ARTL 's own debt or start a buyback programme as these trade at a large discount also going to be tempting to sell the spannish asset as pound is weak making it worth a lot more in sterling terms but suppose the spanish economy is only just starting to recover anyway interesting days	ntv	Read Full Thread Reply
31/3/2017 12:25	Important for the Directors of ARTL to clearly show they are acting in the interests of ARTL as a whole and not the interests of the manager Alpha Real Capital LLP. With the loan set to be repaid, the shareholding 1,573,000 makes a very nice profit at £3 compared to previous carrying value (1.75p enhancement to NAV). However, an extra 10% on the offer price is only worth an extra £471,900 or 0.7p per share. Time to take the money on offer. Only reason to fight on is if they are really fighting for the c. £1+m p.a. of management fees. None of these are received by ARTL and not worth holding a minority investment in a structure controlled by Hansteen (who is now making a 10% loan to refinance ARTL) in the hope of getting another 0.7-1.4p further enhancement to NAV.	scburbs	Read Full Thread Reply
31/3/2017 11:41	£10.9m cash coming to the company shortly just awaiting cash to come from the shares if they decide to sell though they could use the cash from debt repayment to buy a bigger equity stake that is why the situation is interesting because if debt has been done as an arms length deal with a third party(not HSTN) which i think it should be done then this could offer ARTL some room to make a higher offer	ntv	Read Full Thread Reply
27/3/2017 10:56	a missed opportunity to purchase IMPT 18 months ago means HSTN have managed to get them at a knockdown price Positives have to be they have a lot of cash coming back to the company as shares in IMPT are sold. the Debt owed to be ARTL will I guess repaid as soon as HSTN can as they rush to cut costs.	ntv	Read Full Thread Reply
13/3/2017 08:35	Liberum; Industrial UK Multi Property Trust (Mkt Cap £26m) Board response to Alpha Real Trust Event Alpha Real Trust commented on the proposed acquisition of Industrial Multi Property Trust by Hansteen. Alpha Real Trust is the manager of Industrial Multi Property Trust and also the largest shareholder with 25% of the register (including associated companies). By way of background, Hansteen agreed an all-cash offer for 300p per share with the independent directors of Industrial Multi Property Trust in January. The offer price represented a premium of 22% to the prior closing price and a marginal premium of 0.5% to the NAV per share at 31 December 2016. Alpha Real Trust believes the 300p offer undervalues IMPT as it makes no allowance for potential stamp duty savings of £2m (23.8p per share), deferred tax assets of £2.1m (25p per share) and adjustments for interest rate swap liability (8.9p per share). Taken together these figures total 356p per share. The board of IMPT has stated this morning it received several approaches due to publicity generated by recent EGMs and believes the offer by Hansteen was superior and would not require the company to meet the costs of realising the portfolio. Liberum view Alpha Real Trust's interests are not necessarily aligned with all shareholders as it is the investment manager, largest shareholder and also the provider of a mezzanine debt facility to IMPT through one of its related entities. This was demonstrated in H2 2016 when the manager proposed an all-debt refinancing for the company which would have led to increased debt levels from where they are at present. The company's LTV was 72.9% at 31 December 2016. The company has not paid a dividend since 2008 and and continues to make a recurring loss due to a high cost of debt (8.5%) and high level of gearing. All of the EBITDA generated by the company is being used to cover the interest cost. The running costs of the business are not sustainable as we calculate a recurring loss (after stripping out property and swap revaluation movements) of c.£1m or 11p per share for 2016 mainly due to the high interest cost. Management fees are also high due to the low equity base as they are charged on gross assets (1.25% of gross assets) and therefore equate to c.4.5% of NAV on an annual basis. Given all of the above and the risks and costs associated with a portfolio sale, we believe the offer from Hansteen is reasonable for the portfolio.	davebowler	Read Full Thread Reply
09/3/2017 20:23	News out after hours, board rejects Hansteens offer which is undervalued, worth 360+, tend to agree!	battlebus2	Read Full Thread Reply
20/2/2017 22:31	looks like they would like a better offer for their shares but they could have bought this themselves a year ago or so at a knock down price compared with this offer they missed out	ntv	Read Full Thread Reply

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