CT Property Share Discussion Threads

[nexusltd] 29/4/2022 15:06

In the last couple of years Blackrock has been buying stakes in a number of UK REIT's & if I remember correctly has taken over one in the PBSA sector. A TR-1 today has revealed Blackrock with a declarable stake in BREI of 5.76%.

[nickrl] 28/4/2022 13:50

VIP picked another 1% to 5% now.

They appear to building up small stakes in a number of REITs.

[nexusltd] 28/4/2022 12:35

From the CBRE stats I posted #1384 on the CP+ thread I calculated, using BREI asset mix, NAV @127p for Q1 31 March 2022 report (see post #579). With BREI NAV @128p we can reasonably conclude that the CBRE data is a good forecast for forthcoming quarterly NAV reporting.

[george stobbart] 28/4/2022 09:14

this one is another takeover candidate. Londonmetric, BCPT or Picton the likely acquirers

[killing_time] 28/4/2022 09:07

And from SLI Standard life Property results this morning,

" We expect the outperformance of industrial properties to continue "

Also positive on retail warehouses.

[flyer61] 28/4/2022 08:58

This....SpectoAcc

They've surprised me each time - the market should be looking ahead to say 140p a year from now.

It doesn't, and I'm happy to wait.

Real assets in an inflationary environment.

Expect a tweak up in the divi later this year as well...

[spectoacc] 28/4/2022 08:54

They've surprised me each time - the market should be looking ahead to say 140p a year from now.

It doesn't, and I'm happy to wait.

Real assets in an inflationary environment.

[nickrl] 28/4/2022 08:36

I know we aren't a pure logistics play and we have to accept some negative pull from the retail/office assets but 23% below NAV still.

Specto don't believe we will see another 6p this qtr but am with you that 2.5-3p more likely.

[spectoacc] 28/4/2022 07:33

128p latest NAV, and we're probably a penny above that already. +6% in a quarter.

[nickrl] 19/4/2022 10:54

There's been ample opportunity to buy up many good REITs at a discount over last two years but little has happened and whats more is many BoDs haven't even seen the low share price as an opportunity to fill there boots. Many of us across these forums have done nicely out of it but i do find it bizarre that the BoDs haven't taken the opportuinty.

[killing_time] 19/4/2022 09:11

True, but you could say that about all of us, if the price is right we sell if we have a better place to park the money.
The issue BREI have is if they don't do something to close the NAV gap someone will come along and buy them out.

[spectoacc] 19/4/2022 08:46

Perhaps less wriggle room on LTV than at BCPT, but seems the only obvious thing to do ex M&A.

Other issue with a buyback now is if it's just "Hey VIP, have some profit". Are they long term holders, or would they pocket a quick 10% into liquidity?

[killing_time] 19/4/2022 08:37

So the question is with Matthew Howard coming across from BCPT as lead manager do you think he will start a share buy back hear to reduce the NAV gap with the share price which they have been running at BCPT.

[spectoacc] 19/4/2022 07:22

"...We continue to believe the Company's share price is
not reflective of Company's value and quality of portfolio. The Board are
addressing the fact that the shareholder returns do not match the performance
of the portfolio."


They are?

[alan pt] 14/4/2022 14:37

Also not overly keen on BCPT, though if they propose that merger then at least that puts it in play, maybe smokes out some other interest

After I said that it's boring, maybe it gets interesting, just to prove me wrong :)

[spectoacc] 14/4/2022 13:49

Good spot @Alan PT, interesting read.

Wouldn't want BCPT merging with BREI, tho unlikely to happen with the value in London retail yet to show through at BCPT. Also my no. 1 & no.2 biggest holdings, bad enough as it is :)

PCTN ought to be all over BREI, but appear to be all talk.

[alan pt] 14/4/2022 13:36

Some further speculation hxxps://citywire.com/investment-trust-insider/news/numis-does-manager-exit-put-bmo-real-estate-in-play/a2385249

"Numis: Does manager exit put BMO Real Estate in play?"

Too long to paste it all, but they name BCPT, PCTN, UKW and VIN as possibles, but agree with the view here that VIN "...may be less interested in a bid and more motivated to catch a re-rating of BREI should Numis be proved right"

[spectoacc] 13/4/2022 17:17

I'd vote against it, and don't expect it to happen anyway. VIP's business is punting REITs, as well as physical property - BREI won't be the only one they hold.

Would like to know who the seller is too.

[george stobbart] 13/4/2022 16:30

VIP + BREI merger inevitable now?

Both at deep discount, but will BREI shareholders agree getting paid in discounted VIP stock? VIP impossible to offer cash because it is smaller than BREI so we're talking about a reverse merger and not an ordinary merger

[strathroyal] 13/4/2022 12:15

And apparently looking to raise further long term debt, quite interesting.

[flyer61] 13/4/2022 12:10

I think your latter point is more likely.

[nexusltd] 13/4/2022 11:55

VIP just declared +1%, taking total holding to 4% (9.76mn shares). I wonder if this is a precursor to a proposal, or just that Oakeshott sees better value in BREI than spending c. £9mn on a couple of direct property holdings,

[alan pt] 12/4/2022 12:04

I sometimes wish I had a trading algorithm to buy as it approaches 30% discount, sell as it approaches 20% discount, as that seems to be the endless cycle

But can't complain too much, it has a very low correlation with most of my portfolio and it just sits there, gradually earning money, reassuringly boring :)

[spectoacc] 12/4/2022 11:36

It's always on offer ;)

Next NAV going to be about 125p I reckon, and it's already started accruing to the next one.

[flyer61] 12/4/2022 11:30

Well have bought more this morning....it seems to be 'on offer'.