Balanced Commercial Prop... Share Discussion Threads

[vacendak] 05/9/2024 12:53

Just got a notice of "Scheme of Arrangement" message through EQi. The settlement is expected for Q4 2024.

[williamcooper104] 05/9/2024 12:45

Just as EPIC had done the right thing (other than forgetting to put tens of millions on an interest bearing deposit) and yet was still sold, so should BCPT after having gotten shot of its doggy offices stayed listed Discounts to NAV will go when the muppet money managed by the Wealth Managers can't get a >4 yield on gilts BCPT wasn't too small either

[williamcooper104] 05/9/2024 12:43

Bought in over last couple of months at 82p Had a couple of divis and a 16% capital gain Nothing not too like Despite that and having bought it for the wind up, I do agree with the investment manager and I know Starwood are far from anyone's idiots So would have been better if it had stayed, it should have internalised and stayed listed

[redsonning] 05/9/2024 11:48

Average buy price 78p, yielded near 6% for much of that time over several years. Well managed, low gearing, low voids, excellent mix of properties. Taken out at 96p. What's not to like.

[vacendak] 05/9/2024 08:09

AVI have sold their shares apparently. They were in favour of the proposal.
I guess this was with MIGO as AGT did not hold BCPT as far as I know.

[topvest] 04/9/2024 19:38

Yes, a disappointing investment. Only return for me is the dividends, partially offset by a 9% capital loss.

[vacendak] 04/9/2024 09:43

For those interested in history, graph FCPT from 2005 to about mid 2019. It is still in the ADVFN database. I had built most of my stake between 2015 and 2019.

To be fair, yes, I have had the divis, so end up slighty in the black, but that would have worked as a bad savings account. Oh well, cannot win them all. :(

[williamcooper104] 04/9/2024 08:31

Not great but not terrible, at least it's cash and quick

[nickrl] 04/9/2024 08:29

Proposal much closer to NAV than others have achieved so this one will get pushed through.

[vacendak] 04/9/2024 08:05

Not sure if putting that thing to sleep at 96p is the worst that could happen. We had been "rebalancing" by selling offices slighly below valuations and told that these were good deals. So this one is being shafted in one go instead of progressively.

Not much choice anyway, the big investors seem to be on board. Of course having entered the game at 150p+ all those years ago is not funny. I did top up a bit around 70-80p so those batches will have an uplift.

[morph7] 04/9/2024 08:04

Auction time...

[vacendak] 04/9/2024 08:00

Just got the RNS email notification from Investegate.

[spectoacc] 04/9/2024 07:35

7.00.36am from Starwood, the Rule 2.7 is actually the offer RNS.

[skyship] 04/9/2024 07:33

Strange, nothing on their website.

[morph7] 04/9/2024 07:06

96p per share.We've just been mugged.

[williamcooper104] 07/8/2024 10:31

It does Hopefully it won't for much longer :) (Most Canadian REITs do monthly divis should do it in UK too - it's quarterly because most rents paid quarterly but it's an added attraction to retail if paid monthly - some US net lease REITs do it too - O and ADC - both of which have impressive performances)

[williamcooper104] 07/8/2024 10:11

Have a look at the Great Profits from Windown thread Just posted an article on BCPT - in short - it's in play and a take private looking more likely than not

[vacendak] 06/8/2024 14:29

Indeed, but it stopped paying anything for a while during the lockdowns and we are still way off the 6p per share we used to get in the "good old days".

Still it is one of those rare-ish ITs that pays monthly.

[evg] 06/8/2024 09:38

Hey all I have just stumbled upon this company. Does it really pay out a monthly dividend?

[spectoacc] 29/7/2024 08:31

Thought same, probably better value elsewhere but likely will end up with a conclusion to BCPT before long.

The offices they sold were at further losses - only thing going for RGL is how "cheap" it now is.

I'd like to see a premium sale of St Chris's at BCPT, then the rest ideally rolled into something else. But not currently a holder.

[nickrl] 29/7/2024 08:27

Q2 NAV release still showing another small decline across the qtr and would have been worse had they not not managed to dispose of several more offices as its that sector that is still showing significant declines still. The vacancy rate has jumped from 6.4 to 9.8% but they tell us ignore the office vacancy and the portfolio is at 1.7% (and RGL has a future). On the strategic review they say they've had credible interest and are looking at other options including wind down and will conclude this qtr.

SP run up well early in the year so better value elsewhere imv but might soon be a candidate for the VL thread.

[hindsight] 22/7/2024 21:40

Imagine it will be another managed wind-down, unless LMP are interested with their 0% discount paper

[nickrl] 22/7/2024 12:28

Another office sale leaves 120m cash wonder what their gameplan is going to be here over the strategic review

[hindsight] 13/7/2024 11:40

Looks to me, a bit higher 10.8% of non west end offices (taking mid range of account value ranges) left but would use a lower 20% loss so come out similar net