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[skyship] 01/8/2022 13:58

As per RNS of 11th May:

"The quantum of any tender offer will be scaled to ensure the Group's loan-to-value is still within an acceptable level by the year-end."

Hopefully they will keep it simple - unlike the appalling Tender made by CNE 3 months ago.

They already operate on quite a high LTV compared to wholly UK REITs. So I suspect no more than a 15% Tender - perhaps at c320p.

[nickrl] 01/8/2022 12:40

Will they name a price or seek to buy back a certain number and shareholders make offers ?

[steve3sandal1] 01/8/2022 09:53

Any guesses anyone?

[skyship] 01/8/2022 08:49

Just 8 trading days to go before we get the news on that Tender...


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[its the oxman] 29/7/2022 15:46

Added a few 202p

[essentialinvestor] 22/7/2022 11:49

Is that not largely reflected in the price though?, barring something
like the Russian war spreading to other countries/ or equities heading
significantly lower from current levels.

[nickrl] 22/7/2022 10:55

Hindsight Germany looks much more at risk of recession as its such a big exporter and does a lot of value add stuff to materials (like we did in time past by!) that it will seep into wider economy. Mind you yields are pretty low on the German assets anyhow and like you i see the E/£ rate has been in a pretty tight range 0.83 to 0.87 over last six months so can't see it having a material impact over previous six months at next results.

[hindsight] 22/7/2022 09:52

Cant say i have seen much shift in Eur/Gbp in last six months, hovers around my mental pivot of 0.85. One thing Im wondering is what effect will be of Germany shutting offices to save gas. Imagine effect renewals a bit, but on effect running leases.

[contrarian joe] 22/7/2022 09:09

Took some this morning,wasn't aware of tender offer,so thanks sky for highlighting,should see a reversal of 63m loss due to sterling weakness in second half.

[badtime] 18/7/2022 13:25

Ah...I was just using the app ...ta

[skyship] 18/7/2022 12:50

Indeed, they state on the site computer glitch - hastening to fix.

[badtime] 18/7/2022 12:41

Sky..are you having any issues with YouInvest ..they don't seem to be calculating my stock prices correctly ..my portfolio is currently down 10 percent according to them ..with most of my stocks up!

[hindsight] 16/7/2022 12:37

The west are boiling the frog, give it time. War soon be stalemate thanks to Western kit and Russian economy numbers getting quite bad now

[essentialinvestor] 16/7/2022 11:39

I did not even notice this yesterday until seeing Bt's post as was watching Helical
like a hawk on Friday.

Nice bounce for some of the property companies, yesterday a strongly risk on day
so that is usually sector supportive.

Best guess is equities put in some type of low in late autumn, which if so,
hopefully means ample opportunities to come on bad days.

If we get something left field, like Putin's removal, then a huge risk on rally.
Otherwise would expect markets to struggle as profit warnings begin to hit thick
and fast over the next month or three.

[skyship] 16/7/2022 11:19

Indeed, support holding and surely reasonable to expect a run back up to the 220p area when we get news on the Tender - 10th August.


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[badtime] 15/7/2022 23:48

A little bit of progress

[skyship] 07/7/2022 07:26

Nick - "Do we know when the UK REIT element is going to be created."

See Header for RNS of 10th June.

[essentialinvestor] 06/7/2022 21:55

Nick, allowed for in the discount to NAV perhaps.

But cheap can always get cheaper and cheap does not always equate to value obvs!.

[nickrl] 06/7/2022 21:29

Got to wonder about the viability of the German assets with Germany looking to the country now most exposed in the energy chaos.

Do we know when the UK REIT element is going to be created.

[essentialinvestor] 06/7/2022 18:40

Small amount this afternoon.

Better day for some of the REITS today, thought GPE was due a bounce
but wider markets look still ill.

[essentialinvestor] 30/6/2022 17:44

Fair comment, added some HLCL and GPE (GPOR that was) before the close.
sector is about 7% of what I have invested atm and would not go
much above that.

Very difficult equity market atm and this volatility is nowhere near done - best guess.

[riverman77] 30/6/2022 17:41

The general view is that the office market will become very polarised. Centrally located, modern offices will continue to see strong demand, while old fashioned offices in less desirable locations will struggle to even get tenants and will eventually be repurposed/demolished. So you need to be very confident you're holding the right type of assets.

[essentialinvestor] 30/6/2022 17:33

Death of the office looks overstated.

There are some comments that office space is where UK shopping centres were
10 years back - a big value trap, but that looks a tad too simplistic a thesis -
none of us though have a crystal ball.

Less desirable locations and lower grade space will be hit hard,
but much of that may come off the market over the next 5 years plus as
owners baulk at refurb and other costs. New regs coming in around 2030 on environmental.

[badtime] 30/6/2022 17:18

Nibbled at 201.5 approx

[skyship] 30/6/2022 16:58

Actually, I suspect the Tender will be at a lower level - perhaps just 12.5% - but seems a reasonable roll of the dice.