Cls Share Discussion Threads

[nickrl] 11/4/2024 22:53

presentation useful but largely a recycle of the annual results but at least the small investors get a look in and can ask questions. CEO rather laboured the Q&A time over why Germany wont be a car crash despite the negative economic outlook.

[meanreverter] 11/4/2024 12:58

Presentation at

[spectoacc] 10/4/2024 15:04

I don't personally think UK ones are either, but in fairness Ollie Bailey's talking an even more dovish game than JP. And reality has been catching up with the market all year so far.

That first cut - US or UK - will be very interesting.

[loglorry1] 10/4/2024 14:41

US rates not coming down any time soon. I also bought in here for first time yesterday.

[its the oxman] 10/4/2024 12:54

Added again, sentiment and interest rates have to change at some point.

[nickrl] 05/4/2024 20:20

@sky also an opportunity to put questions to them which is what i like about this platform so good to see another company doing it.

[its the oxman] 05/4/2024 19:57

Added a few today. Hanging in there for the interest rate cuts. Tough going meantime.

[skyship] 05/4/2024 11:20

CLI today announced an InvestorMeet Presentation on 11th April. Board deciding to hit the PR trail to stop the slide; but may require more than that.

A tender would usually be the ticket; however debt levels preclude.

The family should take advantage of the current share price and buy it in - as DJAN did a few years back. A cheeky lowball bid, but still at a 60% premium to the then share price I recall.

[holts] 04/4/2024 18:44

My daughters HSBC space they exited ,took up some much smaller and are desperately short of space now, however it’s like turning round a supertanker , taking any sor5 of decisions takes months and months .

[cwa1] 03/4/2024 12:55

Talked myself in to it. Taken a few at almost 83p. Hoping that there's enough margin of safety about here to justify it. Against that there's debt, in the risky offices sector and what seems to be a never ending seller. You pays your money...

[m_kerr] 03/4/2024 08:53

Yes SERE does seem a valuation anomaly and they've had no problem refinancing either (their assets are are in France. Germany and NED for those that don't know). Yields are generally lower in France and Germany with a lower cost of borrowing.

France and Germany accounts for approx 55% here.

[spectoacc] 03/4/2024 08:39

True :) Also, quality offices will always find tenants. And we're not in as bad a position as the US.

[cwa1] 03/4/2024 08:33

Specto, of course, you're correct in that respect BUT, for me, the important thing is the tide MAY be starting to turn a little bit. Instead of further disposals there are mild signs that things are, slowly, moving in the opposite direction. So perhaps a bottom may have been found in the offices market. I naturally confess I have my rose tinteds on ;-)

It's certainly better than hearing that Deloitte have dumoed even MORE offices...

[skyship] 03/4/2024 08:28

Posted this on the EBOX thread this morning. OK, CLI not logistics, but the main crux of the matter is that Euro rates are not UK rates!

========================================================

Excellent refinancing news from SERE today. Direct read across to EBOX:

Schroder European Real Estate Investment Trust plc, the Company investing in European growth cities and regions, is pleased to announce that it has completed the refinancing of a €8.6 million loan with the existing lender Saar LB, secured against its Rennes logistics investment.

The new five year facility is based on a margin of 1.6%, a slight increase from the existing 1.4% margin and is due to expire on 26 March 2029. The total interest cost has been fixed at 4.3% being the five year euro swap rate (c. 2.7%) plus 1.6% margin...................

.................


Raphael Berdot, Lead Investment Manager for France at Schroder Real Estate Investment Management Limited, commented:

"The lending appetite for well located, institutional quality logistics remains strong. With competitive margins and swap rates falling, the overall debt cost remains accretive when compared to the current asset valuation yield of c.6%. The availability of debt on competitive terms gives support to current values and liquidity."

[spectoacc] 03/4/2024 08:25

"Deloitte returning to the office" needs reading in context - they exited 250,000 sq ft, now adding back 70,000 sq ft.

Can bet the 70,000 is on a better deal too.

[cwa1] 03/4/2024 08:22

Just posted an article on Deloitte returning to the office two years after abandoning them in the commercial property thread if anyone is interested...

[spectoacc] 03/4/2024 06:53

Indeed, but vacancy rate not great/seemingly going the wrong direction, and the 10-year moving out. I'm with you - cheap - but granted there's a bear case too.

[m_kerr] 02/4/2024 21:10

Almost 10% yield now - transactions seem to be picking up in the London office market as well. THeyve had no difficulty refinancing either.

The SPV structure also mitigates risk, and they have hotel and student accommodation holdings trading well for which there would be good investor demand should they need to sell.

THeir offices are generally good quality and well located with good transport links. Debt is uncomfortable now but rates are widely expected to fall over the medium term. Cheap as chips (I may have said that at a price 50% higher though....!).

[spectoacc] 02/4/2024 20:48

10% yields not so uncommon tho - eg SEIT, GSF (12%!), GCP (nearly), NESF. That's not counting the winder-uppers, which I'm sure holders will be hoping for 15%+ pa on (eg ADIG, API, GABI, VSL).

Think CLI being tarnished by both the US offices implosion (which could have years to run) and the wholly predictable RGL train wreck.

CLI is no RGL, but where will the price settle..

[nickrl] 02/4/2024 16:55

Closing in on a 10% yield here extraordinary

[spectoacc] 02/4/2024 15:55

Not sure if/when to average CLI - SERE also looks very decent & have a subscale holding.

As many have pointed out - there's been no more director buying, only the gift of very low price options.

[wapping67] 02/4/2024 15:53

10year gilt yields have spiked today from 3.93% to 4.08% and certainly not helping the real estate sector with LAND off 3.4% and the sector softer across the board

[skyship] 02/4/2024 14:03

Jeez - seem to be piercing through it!

[skyship] 28/3/2024 16:42

Hopefully these will bounce off the double bottom:


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