CT Property Share Discussion Threads

[skyship] 01/7/2021 16:26

Tap finished?

[hindsight] 01/7/2021 14:11

Gary1966, yes recieved the full amount thistime and same last. Was wondering the same

[spectoacc] 01/7/2021 13:15

Snippet in the Sunday Times, saying the average property fund return over last 5 years has been 9.5%. Annoyingly no indication whether that's only UT, or UT plus IT, but does say the Aegon fund has lost 10.5% over that time, and Aviva one down 19%. Both set for closure.

How you lose 19% over 5 years in property is another matter.

[gary1966] 30/6/2021 13:52

I was expecting to only receive 0.68pps divi today as I hold these outside of an ISA but I have received the full amount of 0.85p. Is this normal for this company?

[skyship] 29/6/2021 12:05

Ramellous. Some are calculating the BREI yield on a 3.4p for the year. Looking at the cover, more likely prospective 3.75p IMO. That would take the yield up from 4.72% to 5.21% at 72p. Considerably better than BCPT.

[skyship] 29/6/2021 12:01

Gary - sharp eyes - indeed, thanks, a copy/paste error. I've edited...

[ramellous] 29/6/2021 11:32

Thanks for info guys. I saw that the discounts to nav are similar and at last report, BCPT had greater divi cover. The portfolio mix is definitely a consideration though.

[gary1966] 29/6/2021 11:29

BREI sector % adds up to 110%. Do I assume when copy/pasting that the 10% Spec/Alt category should have been removed?

[skyship] 29/6/2021 11:05

Ramellous - I agree with Specto. The two are from the same stable, but very different animals. BREI a far better bet IMO.

BCPT far too London-centric and their property portfolio does not compare well with BREI:

# Ind. - 18%; Off. - 42%; Ret. - 20%; Ret. W'Hse - 10%; Spec/Alt - 10%

Whereas BREI:

# Ind. - 46%; Off. - 30%; Ret. - 8%; Ret. W'Hse - 16%;

BCPT only holding current share price level due to very heavy buybacks.

IMO current pricing offers a very good opportunity to switch horses. I do hold of course, now 2nd only to SREI in allocation.

[spectoacc] 29/6/2021 10:50

Big thing about BCPT is the West End retail - either the West End comes roaring back, or it doesn't. BCPT also pretty big on offices (c.41%), & only c.20% to industrial. I like BCPT a lot, for valuation.

BREI not small in offices (c.30%), but very big on "Industrial, logistics, distribution" at c.46%. Arguably the best sector to be in.

So I like BREI a lot for valuation too :)

Key thing for all the smaller REITs IMO is NAVs moving back up - we're hopefully in the foothills of it. That's where the premiums come from - if your NAV is on the slide qtr by qtr, your share price goes to a large discount. If NAVs on the rise, starts to justify a premium.

[ramellous] 29/6/2021 10:04

Is there much difference between these and BCPT? Is there a crossover? BCPT looks a higher yield?

[skyship] 27/6/2021 13:45

BREI became so named when falling under the BMO management back in Apr'19. Can anyone recall its previous name/EPIC?

[skyship] 24/6/2021 14:40

Still below the short-term downtrends and the SMAs; however finding support at what looks like a critical 70p line and bouncing again off the 150SMA. Need to get back above 75p...


free stock charts from uk.advfn.com

[spectoacc] 24/6/2021 11:54

Aye in fairness, if BREI traded over NAV, a placing to raise funds to buy more property wouldn't be unreasonable. Not sure I'd still be in it at a premium mind.

For most of them, the best property deals atm are to buy back their own shares at a thumping discount.


FWIW, interesting Times article this morning on some of the Unit Trusts:


"Savers must wait for up to two years to get their money back from property funds run by Aegon Asset Management and Aviva Investors, after the pair closed their doors permanently.

Aegon said that it would shut the £381 million Aegon Property Income fund, after failing to raise enough cash to satisfy investor withdrawals during a 13-month suspension.

The move comes a month after Aviva made the same decision on its £367 million property fund.

Both firms said it would take between 12 and 24 months to sell the remaining assets. Aegon said that it would return cash to investors “as quickly as possible, in a fair and orderly manner”.

The first payment from Aegon should take place a few days after the closure of the fund as it has about 40 per cent of cash on its balance sheet."


Be interesting to see what junk they've got that they can't shift in this hot market, and why it'll take another 12-24 months.

[skyship] 24/6/2021 11:21

nick - perhaps the cynic in me, but I just see a management team taking advantage of an absurd premium to enlarge their company and hence their fees. WHR will be next for sure - last placing all of 4months ago!

[nickrl] 24/6/2021 11:13

Interesting that LXI are being bold with there £75m placing and see opportunities yet others are using capital on buybacks and limiting there options. In the short term market has become hot in some sectors so maybe a good short term use of capital and i suppose they can always sell the treasury shares back at a higher price so maybe a good strategy?

[skyship] 24/6/2021 08:51

Encouraging that on 11th June NED Alexa Henderson invested £20k @ 74.4p....

[skyship] 24/6/2021 08:49

Indeed, BCPT same stable as BREI, so perhaps they will at some stage join the party.

[spectoacc] 24/6/2021 08:42

Not wishing to restart the debate, but noteworthy that SREI, SLI, & BCPT have buybacks underpinning them, & removing excess stock.

No buyback at BREI, AFAIK. So only takes one reasonable seller of eg 500k shares to push it down for a week.

[skyship] 23/6/2021 15:17

Pleasing to see SREI back up to 48.8p again today; but sure underlines the value here.

Waited all morning for an offer @ 72p; then patience paid off as I made a final top-up at just under 71.8p. That means a discount of 27.5%. Great value; and not really sure why anomalously cheap versus peers. Any ideas anyone?

[skyship] 22/6/2021 16:32

Bought more @ 72p. Discount @ 27.3% & Yld 4.72% on a lowly 3.4p dividend. Personally I think we'll see 3.75p this year, in which case the yield is a more generous 5.21%.

[gary1966] 21/6/2021 16:42

Maybe I am imagining it then, which is possible at my age. :-)

[hindsight] 21/6/2021 16:39

Gary1966, I put a brei trade in to test 3000 @ 68.8 GTC and it was showing on L2 and still is. So think works fine for me still

[gary1966] 21/6/2021 15:57

Both but predominantly GTC and it seems to make no difference. Cut off seems to be 16:30 for me each day.