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
	+0.00p	+0.00%	127.25p	125.50p	129.00p	127.25p	127.25p	127.25p	18,000	07:42:31

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Real Estate Investment & Services	9.9	5.2	18.6	6.8	88.21

Alpha Real Share Discussion Threads

Showing 201 to 225 of 225 messages

Chat Pages: 9 8 7 6 5 4 3 2 1

Date	Subject	Author	Discuss
10/10/2017 15:36	While I am sure Catalonia will calm down it will cast a shadow over the Spanish economy so ARTL must have been prescient in selling down H20.	cerrito	Read Full Thread Reply
27/9/2017 12:56	1.2% tender take up. Not such a boon to ongoing holders, but every little counts. Nor can those share overhang, which presumably they would have done. Well played by the company anyway.	hpcg	Read Full Thread Reply
08/9/2017 12:19	Many thanks to the Telegraph for providing the upwards momentum and liquidity. I have tendered my shares to the market! Wasn't planning on tendering at 123.1p, but with the jump upwards to less than 20% discount to NAV it doesn't provide the same relative value as it did. With an average in of 57p now seems a good time to exit, albeit I was planning on staggering the exit for CGT reasons.	scburbs	Read Full Thread Reply
07/9/2017 15:01	No I think it's related to the fact that it was tipped in the Telegraph. Same thing happened to the Ecofin infrastructure fund which was tipped last week and went up around 6%.	riverman77	Read Full Thread Reply
07/9/2017 13:39	I guess something was said at the AGM today to encourage some buying. Though on the flip side of the uptick now there will be fewer tendered possibly?	hpcg	Read Full Thread Reply
02/9/2017 12:21	Indeed excellent for holders. Almost looks like the share price is heading for tender price, as if it were a share count increase not a decrease. Thanks for the calculation scburbs, saves me the time. Pretty compelling value; XD somewhat immaterial.	hpcg	Read Full Thread Reply
01/9/2017 15:28	Very odd the tender price being below market bid but it sounds like it's what one or more big holders want. Good for us remainers.	dekle	Read Full Thread Reply
01/9/2017 12:38	I will not be joining them in the tender offer and am glad that neither the directors or ARC will; indeed the price is only just over what I paid for a small top up a couple of weeks back. I assume it has been designed for a big shareholder who wants to exit. I see that it will consume £12m approx. of the £38.5m approx. cash currently available so will not cramp their style; indeed not immediately apparent to me if there are many opportunities to deploy such a large amount of money either here in the UK or on the continent so if a big shareholder can leave I will be relaxed.	cerrito	Read Full Thread Reply
01/9/2017 12:12	Interesting to see tender offer below market price, perhaps they are aware of a few large sellers who want to exit. If (a big if) they got full take up then NAV should increase from 162.4p to c.169p.	scburbs	Read Full Thread Reply
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

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