CT Property Share Discussion Threads

[nickrl] 09/6/2022 10:28

specto re #631 doesn't an entity has to report as soon as they cross one of the disclosure thresholds?

[pdt] 09/6/2022 09:16

4.5% yield and 30% discount to NAV. Added at 89p, thank you very much.

If yesterday's forecast of zero growth in the UK is accurate for 2023 I cannot see interest rates being raised much higher than 2% otherwise they will tip us into recesssion. This suggests a continued low growth and elevated inflation environment - Stagflation. REITs tend to be the best asset class in such scenarios.

And as SpectoAcc points out; reshoring, supply chain issues and end of just in time stocking are all supportive of existing Industrial holdings.

[spectoacc] 09/6/2022 08:44

Agreed, a major seller for a while, and they won't report until they've finished.

More fool them, but I would say that.

Market right to worry about recession, but wrong to think NAVs have topped IMO - there's more to come. The changes that are causing inflation & low growth (reshoring, supply chain issues, end of just-in-time) are the same that are causing Industrials demand.

[horseyphil] 09/6/2022 08:40

Haven't done the precise calculation, but if we assume the industrial and retail warehouses are valued at NAV, then we must almost be at the stage where the offices and high street retail are being thrown in for free!

May not change though unless the divi is raised or it's seen to be in play.

The absence of sell RNS announcements is surprising, as there does seem to be a major seller out there.

[spectoacc] 09/6/2022 08:28

Lol no more walk along the beach videos. In fairness, seems to have put together a good portfolio.

1p XD today, but as it's from earnings, and BREI's unlikely to have put on less than 1p/month in NAV from 31st March, theoretical discount about 31%. Perhaps pricing a market that's topped, and an impending recession, but the REITs are real assets in an inflationary environment, there's a lot to like.

[nickrl] 08/6/2022 16:49

Clearly Lowes departure has unsettled holders!!

[spectoacc] 08/6/2022 16:23

You wonder where the BREI share price would be without that VIP holding. Hadn't noticed how geared VIP is, and with only a small c.7% discount.

BREI crying out for someone to take it on, plus ca change. Be surprised if that was VIP, and they wouldn't get mine at a 10% discount.

Recent share price performance suggests nothing's afoot IMO, but if I were PE or a trade buyer, I'd be all over them.

[skyship] 08/6/2022 16:08

With the share price sliding I'm intrigued as to VIP's plans for their current holding of 14.5m shares (6.024%) bought since end March at an average price of perhaps 93p, perhaps a tad more.

There is talk of further rationalisation in our sector, but VIP is half the size of BREI, so it has to be unlikely that they could make a move themselves. Not impossible of course, they could drum up equity and debt support to take a shot at, say, a 10% NAV discount, so c115p. If they lose out to a counter-bidder then to the loser the spoils with a £3.5m+ trading profit on their holding.

The well-timed sale of all their other REIT holdings banked a nice profit; whilst providing the cash for their BREI raid. The size of their holding is too large for a marketable trade; so IMO there is more to this than meets the eye.

They could be acting as facilitator for a 3rd party; one whose name would have driven the price higher. VIP's name has had no such effect as the Market sees it as an investment decision rather than a bid prelude. I'm not so sure.

Whatever is afoot, if anything, BREI at a 29.4% discount has to be a good value buy.

[skyship] 08/6/2022 10:04

Couldn't resist adding a few more at 90.7p. The discount now out at 29.1%!

They go XD 1p tomorrow...

[spectoacc] 01/6/2022 14:49

Wonder who the seller is, they've been going for days. Can't get quote to sell, but can easily get inside to buy.

[spittingbarrel] 01/6/2022 14:32

I've also topped up at 90.8. Certainly looks out of line here.

[hindsight] 01/6/2022 14:28

Thx Sky, added too but not many as near my imposed limit but looks good home for some mcks cash

[skyship] 01/6/2022 14:07

Topped-up at 90.8p - well pleased with that. Sp looking an anomaly as discount now back up to 29.1% and yield at 4.41%.


free stock charts from uk.advfn.com

[skyship] 25/5/2022 21:00

Indeed; heading back into BUY territory. 93p = 27.3% NAV discount.


free stock charts from uk.advfn.com

[badtime] 25/5/2022 20:47

Bit weak today

[cwa1] 18/5/2022 16:58

Interim Dividend

The Company today announces a quarterly interim dividend in respect of the year
ending 30 June 2022 at a rate 1.0 pence per share. This dividend will be a
property income distribution.

The key dates for this interim dividend are as follows:

Ex-Dividend Date - 9 June 2022

Record Date - 10 June 2022

Payment Date - 30 June 2022

[nexusltd] 12/5/2022 20:58

I don't know.

I have always thought OLIM's style passive; not really doing much in the way of asset management initiatives to improve / develop their properties; very unlike BREI. Managing BREI's assets requires a well resourced team. Is Oakeshott up for it? Perhaps the objective is to have a sufficiently large holding to request a seat on BREI's board with a view to managing a reduction of its share price discount to NAV. VIP's is a tad under 10%.

[george stobbart] 12/5/2022 20:33

If they get >29.99% they have to make a mandatory takeover bid or tender. VIP upsided their debt capacity but still lacks funds to buy 100% of BREI.

Perhaps a NAV to NAV merger with a cash element similar to Lxi/SIR deal yesterday?

[nexusltd] 12/5/2022 18:41

VIP have today added +1%, now 6%, 14.5mn shares.

[george stobart] 09/5/2022 18:03

BREI & VIP merger getting boiled?

VIP just announced:

"The largest holding in VIP's property-backed equity portfolio at 6 May 2022 was BMO Real Estate Investments. The holdings in Urban Logistics REIT, TriTax Big Box REIT and Warehouse REIT had been sold."

VIP now owns >5% of BREI

[alan pt] 29/4/2022 22:24

Somewhat UK specific bubble so far though. EU is further behind the curve, but some good recent results from SERE, could bode well for ASLI & EBOX



"- Improved yield re-rating at the Rennes logistics investment, delivering a valuation increaseof €1.4 million, or 7.1%
- Improved yield re-rating at the Hamburg office investment, delivering a valuation increase of €1.1 million, or 4.5%
- Improved yield re-rating at the Nantes logistics investment, delivering a valuation increase of €0.4 million, or 6.5%
- Improved yield re-rating at the Rumilly logistics investment, delivering a valuation increase of €0.4 million, or 4.0%"

[spectoacc] 29/4/2022 20:08

There's an excellent two-page spread in today's IC on industrial/warehouse, and whether it's a bubble. Far too long for me to type, but well worth a read.

Quite a few saying yes to bubble - record occupancy, record prices, record low yield, Amazon took c.25% of new space two years running - but even those who say it is a bubble acknowledge it has further to run.

[nexusltd] 29/4/2022 16:42

@ rambutan Yes! Blackstone, my mistake. When is a stone not a rock? *chuckles*

[rambutan2] 29/4/2022 15:35

nexus, I think you mean PE powerhouse Blackstone, who have been way ahead of the game in buying up big chunks in specialist real estate sectors.