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% 168.50 162.00 175.00 168.50 168.50 168.50 7,500 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 5.3 2.2 0.0 - 102

Alpha Real Share Discussion Threads

Showing 176 to 200 of 425 messages
Chat Pages: 17  16  15  14  13  12  11  10  9  8  7  6  Older
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.
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.
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/
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%.
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
All extra money is good extra money!
Logix award now (on paper) a mighty 20p per share or 12p higher than book value.
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
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
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.
£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
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.
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.
News out after hours, board rejects Hansteens offer which is undervalued, worth 360+, tend to agree!
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
may get a small premium for loan in fees etc anyone got any details i wonder if they will hold for a better as they a sizable chunk of equity
Agree. Nice incremental gain.
Hansteen £3 offer for IMPT. Excellent profit for ARTL's minority stake and should result in full repayment of mezz loan at par. Looks like a good offer at above NAV and Alpha Real should accept it rather than try and block IMV. Cash of c.£15m and c.3p on NAV.
Still not feeling confident on Indian legal action given the snail like pace of progress, but notionally the sum is just under 12p per share more than the £5.2m it is in the books at and continues to accrue at 15% p.a. "As announced on 29 January 2015, the International Chamber of Commerce (ICC) Arbitration declared an award in favour of the Company with respect to its Galaxia investment, a joint venture with the Logix Group ("Logix") located in an 11.2 acre Special Economic Zone, in NOIDA, the National Capital Region, India. The total award amounted to £9.2 million based on exchange rates at the time. Additionally, a further 15% p.a interest on all sums was awarded to the Company from 20 January 2015 until the actual date of payment by Logix of the award. The sum has now accrued to £13.4m at the current exchange rate. Following a challenge of the award by Logix, the Company announces that on 9 February 2017 the Delhi High Court upheld the award and dismissed the Logix petition with costs. Logix has 30 days to appeal the dismissal before a Division Bench of the same court." http://www.investegate.co.uk/alpha-real-tst-ltd--artl-/rns/logix-challenge-to-arbitration-award-dismissed/201702130700076550W/
18 November 2016 ALPHA REAL TRUST LIMITED ("ART" OR THE "COMPANY") ALPHA REAL TRUST ANNOUNCES ITS HALF YEAR REPORT FOR THE SIX MONTHSED 30 SEPTEMBER 2016 -- NAV per share 151.9p: 30 September 2016 (137.9p: 31 March 2016) -- Adjusted earnings per share of 3.9p for the six months ended 30 September 2016 (3.0p: six months ended 30 September 2015) -- Declaration of a quarterly dividend of 0.6p per share, expected to be paid on 16 December 2016 -- Basic earnings per share of 10.1p for the six months ended 30 September 2016 (11.2p: six months ended 30 September 2015) -- Balanced portfolio: continued capital allocation to a mix of investments which balance a weighting towards income returns while creating potential for capital value growth -- Mezzanine loan investment: post period end, ART invested GBP1.7 million in a new mezzanine loan secured on a hotel located in central Newcastle. The loan has a 3 year term and earns an annualised return in excess of 15% -- German acquisition: post period end, ART entered into an agreement to purchase, subject to planning, an industrial site which has potential for the development of a data centre -- Asset management successes: active leasing in both directly and indirectly held investments with benchmark outperformance recorded in Spain and the UK -- H2O valuation has increased by 5.7% from 31 March 2016 (on an underlying Euro basis) to EUR112.6 million, aided by strong leasing activity and continuing asset management initiatives undertaken by ART. The Madrid shopping centre continues to attract record visitor numbers in the year to date, increasing 9.9% versus the same period in 2015 -- 95.1% of the Company's portfolio is allocated to investments in the UK and Europe that are or are expected to be income producing -- Income from investments, both equity and high yield debt, continue to add to the Company's earnings position. David Jeffreys, Chairman of Alpha Real Trust, commented: "ART's portfolio provides a balance of stable high yielding assets and investments that offer scope to deliver strong cashflows, capital value growth and high risk adjusted total returns. During the period, ART has achieved notable asset management successes within the portfolio's underlying assets. The H2O Madrid shopping centre continues to attract record visitor numbers which has enabled our tenants to deliver strong retail sales growth and helped the centre secure new lease signings. Leasing success is also being reported in the IMPT and AURE portfolios in the UK, which bodes well for rental growth potential. The Company's earning position continues to be supported by underlying asset performance. In addition, capital recycling is anticipated to continue as a number of selected strategic divestments are planned to obtain prices that are accretive to returns. The delivery of the "build to own" strategy for the PRS investments is being advanced with planning and project design improvements underway. This strategy will be considered across asset types when other investments are identified that represent similar opportunities to generate long term income streams off a lower entry cost. ART is committed to its disciplined strategy and investment principles which focus on opportunities that can deliver high risk-adjusted total returns, while seeking to manage risk through a combination of operational controls, diversification and preferred capital positions. The new mezzanine loan investments in the UK and the site acquisition in Germany demonstrate our approach to secure a balanced risk weighted portfolio of assets that meet ART's selective investment criteria and achieve a balance of diversified income and potential for capital growth. ART has the financial reserves and agility to capitalise on investment opportunities that meet its investment criteria. We remain well placed to find value for our investors across asset backed investment and debt markets in the UK and Europe."
IMPT activist lift benefitting here looks like
IMPT is part of the ARTL portfolio so,yes and no.
DD - that for the IMPT thread perhaps?
RNS Number : 1802I Industrial Multi Property Trust PLC 26 August 2016 Highlights -- Adjusted net asset value ("NAV") per ordinary share - 296 pence as at 30 June 2016 (261 pence at 31 December 2015). -- Adjusted earnings per ordinary share ("EPS") - loss of 6.1 pence for the six months to 30 June 2016 (loss of 7.9 pence for the six months to 30 June 2015). -- New lettings - 27 new lettings and 11 lease renewals achieved during the six months to 30 June 2016 (represents 10.2% of the estimated rental value ("ERV") of the total portfolio based on the final achievable annual rent including stepped rent). -- Additional contracted rent - GBP0.3 million per annum of additional passing rent is contracted to start during the twelve months to 30 June 2017, benefitting cash flow. -- Occupancy improved - the occupancy level by estimated rental value stood at 90.2% as at 31 July 2016 (compared with 89.9% as at 30 June 2016 and 89.3% as at 31 December 2015). -- Portfolio valuation increased - the Group's property portfolio was valued at GBP85.1 million as at 30 June 2016 (GBP81.6 million as at 31 December 2015), an increase of GBP3.5 million (+4.3%) during the six month period. 13.4% Adjusted NAV increased by 13.4% 27+11 27 new lettings completed 11 lease renewals 90.2% Occupancy rate increased to 90.2% 296p Adjusted NAV of 296 pence per share GBP85.1 million Portfolio valuation increase to GBP85.1 million. Company summary and objectives Objectives Industrial Multi Property Trust plc (the "Company" or together with its subsidiaries the "Group") was incorporated in the Isle of Man on 10 June 2002 as a closed-ended investment company. The Company and its subsidiaries invest in higher yielding UK commercial property. The key objectives of the Company are: -- Increase earnings and cash flow - increase occupancy in the portfolio and reduce expenses. -- Protect and enhance asset values - prudent investment in selected portfolio properties. -- Strengthen the balance sheet - reduce bank borrowings progressively, through rental surplus consistent with the investment programme for the property portfolio Dividends The Company paid no dividends during the period and no dividends are currently proposed (2015: GBPnil). Listing The Company is a closed-ended Isle of Man registered investment company which has been declared under the relevant legislation to be a closed-ended Collective Investment Scheme. Since 27 October 2014, its shares have been traded on the Specialist Fund Market of the London Stock Exchange, an EU regulated market following a transfer of the shares from a listing on the Official List of the UK Listing Authority. The shares have been traded on the London Stock Exchange since 4 April 2003. Following shareholders' approval at the Extraordinary General Meeting, on 26 September 2014 of the new Articles, the Company's continuation vote has been removed. Management The Company's Investment Adviser and Manager is Alpha Real Capital LLP ("Alpha"). Control of the Company rests with the non-executive Isle of Man based Board of Directors. ISA/SIPP status The Company's shares are eligible for Individual Savings Accounts (ISAs) and Self Invested Personal Pensions (SIPPs). Website www.industrialmultipropertytrust.com
Try these guys - quality site - very broad IT & ETF coverage http://www.hl.co.uk/shares/shares-search-results/a/alpha-real-trust-limited-ord-npv
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