Ct Property Share Discussion Threads

[nickrl] 18/7/2022 18:03

Sky BREI as was put out an RNS advising the following in April

Manager Update

Further to the announcement of 31st March 2022, the Board announce that Matthew Howard will succeed Peter Lowe as the Company’s Lead Manager with effect from 19th July 2022. Peter Lowe, supported by the wider team of property professionals within BMO Real Estate Partners (BMO REP) will continue to manage the Company’s assets until 19th July at which point Peter’s Lead Manager responsibilities will transfer to Matthew. Peter will continue to assist Matthew and the wider team, following the transfer of responsibilities, to ensure an orderly transition.

Matthew Howard, a Chartered Surveyor, joined BMO REP in July 2017, having spent the previous six years at Hermes Investment Management (Now Federated Hermes). He is a member of BMO REP’s Investment Committee. Matthew is the Fund Manager of the RSA Shareholders Real Estate Fund and Deputy Manager of BMO Commercial Property Trust.

[skyship] 18/7/2022 14:45

Alex Short stepped down from leading AEWU back in early May. I wonder whether she will replace Lowe. That would be an appointment worth a couple of pence on the sp!

[spectoacc] 14/7/2022 16:16

Up in a down market - with a 200k trade earlier - but feels more like a tip, perhaps ramper ST? But a strong close might be a good sign. My guess is a weaker UT.

Still - first tick-up in a long while, and against the market.

Edit - decent UT price, daring to hope..

[spectoacc] 14/7/2022 12:28

@Skyship - there's a few ITs I generally dislike, can't always put my finger on why. VIP on the list, as is eg AIRE, PCA, RLE, RGL, & currently EPIC.

"Ones I don't hold or have cost me money". Maybe. More likely, ones who've been at some point a bit disappointing in their conduct (hugely, in RLE's case, and also PCA's once or twice).

Held VIP a long time ago, when they were giving half the portfolio to James Henderson to run, & wasn't always impressed with them.

So them taking a fat loss on selling down CTPT doesn't come as a big surprise, even if you or I can see how daft it is (notwithstanding I may be wrong - but evidence so far suggests it).

Guess for them it's OPM, and if they eg have a property purchase in mind, they'd see a quick -10% on flogging CTPT as worth it. But why not leave it in cash if they knew they might need it, or have invested it in something far more liquid.

Bad for VIP shareholders, bad for any CTPT shareholders scared out.

[essentialinvestor] 14/7/2022 11:58

Added another small amount.

I don't know this Trust well and deferring instead to the astuteness of some of
you guys posting here.

[skyship] 14/7/2022 11:31

Oh; and that's 40% historic Mar'22; 42% prospective Jun'22...

[skyship] 14/7/2022 11:30

Hmm - but what possible justification can there possibly be for selling CTPT at a 40% NAV discount. No sense for VIP to do so; no sense for ANYBODY to do so!

[spectoacc] 14/7/2022 09:15

@strathroyal - I never got to speak to anyone to definitively confirm, I just got bounced between secretaries. But what I did get told (ie no Peter Lowe already) would seem to confirm posts above re a delay. I guess technically not a delay as there won't be a company law timescale like with eg results.

We'll know in a few weeks! But I won't be stressing it not appearing in July, if that's the case.

Meanwhile, I remain convinced VIP is going to keep selling down CTPT, & await the next Holdings RNS to confirm they've passed another 1% threshold. Again, timescale of perhaps a few weeks to know if right.

[strathroyal] 14/7/2022 08:52

SpectoAcc - I'm a little confused, so did the company actually say that the update is delayed until August?

[spectoacc] 14/7/2022 07:38

I think a NAV with no commentary might do more harm than a delayed one - particularly with no set date for release. But fair point.

[skyship] 14/7/2022 07:29

Sure, reasonable that the commentary should be written by the new Manager; however surely no problem in just declaring the NAV on time.

[spectoacc] 14/7/2022 07:03

Spoke to the co yesterday, after trying 3 numbers and two ends of the country, & unable to get through to Peter Lowe.

Found out why eventually - "He's on holiday this week" - so either been on gardening leave, or more likely using up his unused holiday before leaving.

Seems perfectly reasonable that the commentary should come from the new guy, and that he'd need a few weeks to go through things. Yes, the NAV will likely be known already, but why would you expect the guy who starts next week to put his name to Peter Lowe's commentary? Or to have his written up days after starting?

[nickrl] 13/7/2022 17:51

Alan totally agree its not as if the new mgr can change anything over a couple of weeks but guess they want to make it look as though the NAV increase can be ascribed to the new boy.

Anyhow we end on another daily drop although damage seems to have been done at the auction and no sign of big off load today.

[alan pt] 13/7/2022 16:27

That's a bit poor, it's not like the new guy is coming from the moon, he is working for the same company, probably in the same office, can't see why it would cause any delay?

[spectoacc] 13/7/2022 16:26

Lol @nickrl - got to feel for him a bit, will be a NAV high point but a recent share price low point!

[nickrl] 13/7/2022 16:14

Yup Lowe is changed out from 19th.

Hopefully that will also be the "Lowe" point for the sp

[spectoacc] 13/7/2022 15:57

That'll be down to the manager change I bet. Happening next Monday I think? Bound to be some commentary with the NAV RNS, and will need to come from the new guy, not from Peter Lowe. Hope we don't have to wait too far into August for it tho.

[stockstockham] 13/7/2022 15:42

I understand the next NAV announcement won't be until August - anyone wishing to confirm that may want to call the company.

[skyship] 13/7/2022 13:17

Charts now up. Clearly oversold; yet still no sign of a bounce:


free stock charts from uk.advfn.com

[skyship] 13/7/2022 13:12

Jun'22 NAV due in c2weeks time - 26th July last year.

[spectoacc] 13/7/2022 10:31

@dlp6666 - market always anticipates in advance, absolutely. But my fear is that things are potentially going to be a lot worse that the market currently thinks. But fair point.

@nickrl - without Covid lockdowns in China, things would be so much worse.

Petrol - pity oil's priced in $! And the Isa brothers being allowed to buy Asda has wrecked the petrol market IMO.

(All doom & gloom, but real assets are still the place to be in inflationary times, interest rates are still hugely negative, CTPT isn't over-indebted, & we get the divi while we wait).

[nickrl] 13/7/2022 09:53

Oil actually dropped below $100 yesterday although crept back up slightly but ought to result in a few pence off the pump price (i worked out a long time ago that the close correlation between pump price and oil price only holds in the upwards direction!) might help inflation a tad.

[dlp6666] 13/7/2022 09:35

@SpectoAcc - could it not be argued, though, that although Armageddon hasn't yet occurred, it has already been priced in (largely, if not fully)?

[spectoacc] 13/7/2022 06:58

By far my largest holding so in the same boat, but happy to hold believing "value will out". But do think if VIP are sellers - and at the very least, they're extremely weak holders - then it has to go a fair bit lower.

And all these REIT falls are before Armageddon has even occurred. Can only imagine what the markets will look like if any of the bad stuff on the horizon comes to pass (predictions of eg $300 oil, much higher inflation, much higher interest rates, industrial shut-downs due to gas shortages, and the obvious catastrophic consumer crunch coming up in October).

On the plus side, erm.... :)

[nickrl] 12/7/2022 21:39

Specto well if VIP want out and someones readily happy to take them at that price we may have a floor. On the other hand as ive loaded up it will probably tip downwards again no doubt!