Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Real Trust Limited 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
  0.00 0.0% 182.50 181.00 184.00 182.50 182.50 182.50 11,180 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 3.2 2.7 33.1 5.5 122

Alpha Real Share Discussion Threads

Showing 51 to 75 of 325 messages
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older
DateSubjectAuthorDiscuss
03/3/2015
16:04
Thanks guys some excellent posts... full ask to buy 500 atm.
battlebus2
03/3/2015
16:04
"During November 2014, AURE refinanced its borrowings adding a second tranche to its bank debt and reducing the overall cost of the debt. As part of a larger refinancing of AURE's loan facilities, in which £2.3 million was repaid to ART, ART provided a new mezzanine loan facility of £10.3 million for a two year term expiring November 2016. The loan earns a coupon of 9% per annum plus an upfront and exit fee and an extension fee if the loan is not repaid within the first year. The loan was amortised during the quarter to £9.6 million." So around 10%+ return on loan asset. Very nice.
sharpshare
03/3/2015
15:58
Thanks Sharpshare. The LTV on the AURE loan is now in the c.40-60% tranche at 9% interest rate (plus fees) which looks like a great investment for ARTL with little downside risk. Probably one that should be valued at a slight premium (not too much as it is only a 2 year loan), but certainly not at a discount.
scburbs
03/3/2015
15:56
http://d1y7fugidfyvfy.cloudfront.net/api/file/opuVdrv2QJyQkf3APy5L-FIAF+Audited+Annual+Long+Report++for+the+period+ended+31+March+2014.pdf Ground rent fund doing well. Makes up about 22p in NAV for ARTL.
sharpshare
03/3/2015
15:45
http://www.h2occ.com/index.php?f=tiendas_todas&id=38 Some key renters at H20 shopping centre Madrid Net investment worth about 19p in NAV to ARTL. Gross could be worth around 93p in NAV to ARTL? (debt for H20 non recourse to ARTL) So nice upside option for ARTL.
sharpshare
03/3/2015
15:02
Active UK Real Estate Fund "AURE" Q3 2014 released. http://www.activeukrealestatefund.com/uploads/docs/factsheets/2014-Q3%20AURE%20Fact%20Sheet.pdf "As a result of various value-add initiatives and leasing activity, the portfolio valuation has increased from £43.7m as at 30 June 2014 to £45.2m as at 30 September 2014." "A sale of a vacant industrial unit at 15% above its pro rata valuation was completed during the period. The sale of this vacant unit has helped reduce the overall void level and irrecoverable costs within the portfolio." So total property value up 3.43% in the quarter. This should tend to reduce the LTV on the £9.6m mezzanine loan from ARTL to AURE. Recent news shows that NAV for ARTL is increasing AND quality of assets is increasing. NAV at 31 Dec 2014 stated at 109.1p (before potential uplift from recent arbitration award which could add another £4.6m or 6.5p making NAV around 115.6p) Current ARTL share price 69.2p bid to 70.84p offer. Discount to 31 Dec 2014 NAV of 109.1p of around 35%. Many property companies are trading at a premium to NAV so ARTL could rerate upwards. Current quarterly dividend of .52p making 2.08p per year giving a dividend yield of around 3%. Based on the income expected in the latest trading update it appears that the dividend could be doubled and still be covered by earnings. The flow of A shares into ords seems to have slowed to a dribble, most have now converted. With this tap reducing the share price may respond favourably to ongoing positive news.
sharpshare
03/3/2015
09:31
Citywire article:- http://citywire.co.uk/money/alpha-real-the-journey-of-a-bargain-property-trust/a798784 Snip from it:- The decisive action taken by the board helped preserve capital and, remarkably I think, Alpha Real’s net asset value has never really dipped below its value at launch and now, post the Galaxia arbitration decision, is probably in excess of 115p. It is hard to second guess the reason for the wide discount but one might be liquidity as the market capitalisation is fairly small (a function of the discount) and parties associated with the manager hold a fair chunk. The company is on the Specialist Funds Market, which restricts the audience for it a little. The presence of the A shares might be a further complication – there are about 10.4 million of these still outstanding but this is gradually shrinking as A shareholders convert to ordinary shares. In my opinion the fees are too high; Alpha Real is one of very few trusts with a 'two and 20' hedge fund level of charges. However, the only controversial thing I can see in the structure is the notice period for the asset manager – it has a contract that runs until December 2022. It seems that many of these issues could be overcome if the remainder of the A shares converted and the company relisted on the main market, trimming its fees at the same time. It might then even become interesting enough to attract sufficient investors to enable it to expand.
cwa1
01/3/2015
10:02
For European Properties see HSTN trading at a premium to NAV For Ground Rents see GRIO trading at a premium to NAV For Real Estate Loans see RECI trading at a premium to NAV For UK Properties see SREI trading at a premium to NAV For all 4 of these categories see ARTL trading at a massive big discount to NAV.
sharpshare
27/2/2015
16:00
Will be interesting to see how easily they can pick up stock IF they ever do go ahead with the share buyback.
cwa1
27/2/2015
09:23
good to see this going the right way.
bisiboy
27/2/2015
09:14
scb, Indeed, that was how I picked up my stock. Wait for the announcement, and then bid cheaply. Actually got offered a decent number at 54p, and turned it down...d'oh...
tiltonboy
27/2/2015
08:57
Good to see this one starting to move from unfathomably cheap to ridiculously cheap. On the liquidity front one thing that worked for me was keeping an eye on the admission to trading announcements re: conversion of A shares as some of those converting may be doing so in order to sell. I think that may be why this was available so cheaply after 1.3m converted on 26 August last year and provided reasonable liquidity for buyers like me (albeit into a falling price at that time).
scburbs
27/2/2015
08:31
Agreed tilts, liquidity is certainly an issue with this one, especially when trying to buy(or sell) a few on the "wrong" day!
cwa1
27/2/2015
08:26
bb2, It was a response to badtime' comment about moving on few trades.
tiltonboy
27/2/2015
08:14
Stark discount to NAV is more an issue than liquidity and with the dividend why would you worry.
battlebus2
26/2/2015
17:22
Liquidity is an issue.
tiltonboy
26/2/2015
16:53
Seems to move on very few trades
badtime
26/2/2015
16:13
I've added to my small holding here, the discount gap has to close imv..25% discount is around 80p so i'm in agreement with you langland.
battlebus2
25/2/2015
09:07
No real resistance till we reach 77/78.
langland
24/2/2015
23:25
76% discount isn't right based on those figures
badtime
24/2/2015
21:48
Agree scburbs...now one of my larger holdings too. Can't fathom why they're trading at such a steep discount still. Noticed Citywire published the undernoted article earlier today. @Glasshalfull1: ARTL (Alpha Real Trust) - NAV 109p vs shareprice 61.75p ... 43% discount. This article concurs Http://t.co/PRZBtbw195 + 4% div yield #TMFPP Regards GHF EDIT - Fat finger on calculator....tweet corrected. Thanks badtime
glasshalfull
18/2/2015
07:48
Spanish retail increasingly attractive to investors. "The Spanish shopping experience is getting a multibillion-dollar makeover as the nation’s economy improves and foreign investment flows in. ... In all, investment in retail real estate totaled €3.34 billion ($3.78 billion) in 2014, nearly triple the amount of the previous year and topping the record of €3.1 billion in 2006, according to property consultant JLL, formerly known as Jones Lang LaSalle. At least 67% of investments came from outside Spain. There was more investment in retail than in any other class of commercial real estate over the past year, according to JLL." hxxp://www.wsj.com/articles/recovery-has-investors-stocking-up-on-spanish-malls-1423594281
scburbs
13/2/2015
09:00
Looks like it is just do-able. Property worth c. £65m with c. £55m debt (rough numbers for illustration only). If they could get new 5 year debt at similar interest rate to existing loan at 60% LTV that would be £39m then using £10.5m of their own cash would allow them to buy the loan at 10% discount. NAV enhancement 7-8p per share similar to tender offer, but preferable as it would put H2O on a secure footing. Easier said than done (by a long way!).
scburbs
13/2/2015
08:41
Just for interest a £10m tender offer at 75p per share would take NAV to £1.17. An even more interesting use for the cash might be to try and arrange a refinancing of H2O through buying back the debt at a discount (using ARTL cash plus a new lower leverage loan from a third party). Unfortunately Lone Star already acquired this loan in August 2014. However, I expect they got a large discount so it may be possible to get a moderate discount (e.g. 10%) from them so they can lock in some profit. Press references suggest Lone Star bought Spanish loans (not sure if H2O in this portfolio) from Eurohypo at c.30-35% discount to par. A sale at a 10% discount within 1 year would provide a great IRR for Lone Star.
scburbs
13/2/2015
08:40
Thanks for the comments s. Quietly encouraging. Fingers crossed and all that stuff.
cwa1
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older
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