Dawnay, Day Treveria Share Discussion Threads

[ydderf] 17/11/2006 15:08

the selling hasn't really started yet, there are 300m shares @112 to be digested next week, including the tap!

[shuisky] 17/11/2006 14:29

It seems you can't read.

The Shareprice was E1.19 on the day of the anouncement, than we got marched down to 1.15

The placing price has been set, so we've seen some buyers come back in taking usto 1.22, and immediately sellers have taken us down to 1.19 as I write.

Meanwhile, those of us who are holders have seen our claim to cashflows diluted by the extra shares.

Where it goes, short term from here? Who knows?

I hold.

[lbo] 17/11/2006 10:59

Seems you were both wrong. A placing at 1.12c was was well recieved and the share price looking to rise

[shuisky] 15/11/2006 13:57

The nav is low coz they don't have all the funds invested yet.

However, your point about institutions not buying in now is correct. Furthermore, I suspect some will offload to drive the share price down before the 17th, and pick some up cheaper when the placing price is set. These institutional placings are never good news for the private investor. The institutions can get their fill at lower prices, and our claim to cashflows is diluted by the issuance of more shares. Any significant rise in price after the placing will likely be met with some selling, as they adjust weightings, and make a 'quick turn' on what they got flled during the placing. Any conditions attached to the placing don't really matter, because they can always reduce the existing holding.

IMHO, the share price will be surpressed for a while.

[ydderf] 13/11/2006 10:11

looks the price will be weak for a few days, it is difficult to see why institutions would subscribe for new shares at a price in excess of nav (106c)....a short sell imho

[lbo] 06/11/2006 17:21

Merkel upbeat on economy
Derek Scally in Berlin



Chancellor Angela Merkel has said Germany's improving economic outlook means that the country can once again be the "engine of Europe" in the near future, but only if the political will for economic reform continues.

The normally reserved German leader was speaking after a week of good economic news: the lowest deficit since 1990, record tax takings and a four-year unemployment low.

"Unemployment has dropped by half a million since October last year and economic growth has more than doubled," said Dr Merkel to Bild am Sonntag newspaper. "If we continue to work consequentially and without false promises, we can win back lost trust. We have every chance that Germany will soon be in better shape and will become the engine of Europe."


Dr Merkel's warning of "false promises" was directed at some members of the grand coalition parties of the CDU and SPD, who have used the good news to call for the end, or even reversal, of the economic reform process.

Peer Steinbrück, the finance minister, announced on Friday that he was using a €32 billion jump in tax revenue forecast this year to cut Germany's borrowing by €8.4 billion over two years.

[lbo] 01/11/2006 13:04

Shuisky



"Guy Naggar, chairman of the Dawnay Day Group, said that the new company was hoping to pay investors a dividend yield of 8 per cent" Which on the €1 float price is 8c.

Also FYI




Let's talk a bit about your third major fund, Alpine Realty Income & Growth. What have you added to that lately?

Sure. But, first, let me give you one more international story, one in Europe, Dawnay, Day Treveria. This is listed on the U.K. exchanges, but it's basically a company set up to buy German retail property. Its prospects are very good, with Germany [launching REIT-friendly legislation]. It will reach a certain scale and will either be acquired over the next three years or will gradually benefit from rising rents in Germany.

[shuisky] 27/10/2006 12:50

Does anyone know what the onsensus forecast divi is for 07? Yahoo finance suggest 9c which tallies with my back of envelope calcs of around 8-9c.

If 9c is feasible than the 9/124=7.26% yield is a significant premium over 10yr Bund rates (currently 3.8%) , and suggest significant upside potential for the stock.

[trawl] 18/9/2006 11:11

results due thurs things seem very quiet it would be to see if any comment on deals as these seem to have dried up

[mbanani] 23/8/2006 15:56

why good news when they were on the sell side.

[trawl] 23/8/2006 12:44

22mil traded today is there good news coming

[lbo] 05/7/2006 14:12

Elgin raises €100m for German investment

02 July 2006 By Ian Kehoe and Simon Carswell
Elgin Capital, an investment firm run by Dublin entrepreneur Tony Kilduff, is raising a €100 million fund to invest in commercial property in Germany.

Elgin is partnering Merrion Capital in Dublin to raise €25 million from Irish investors over the next three months and is borrowing a further €75 million.

Members of the Kilduff family are investing €500,000 in the partnership, while individual investors are being asked for a minimum of €60,000 each. Ronan Kilduff, one of the backers of the scheme, said it would invest in shops, offices and apartments.' 'The fundamentals of the German economy are very good at the moment," he said.' 'It is Europe's largest economy and the world's largest exporter. There is also a boost from the World Cup."

[davebowler] 05/7/2006 11:13

Yes, I agree.

[shuisky] 29/6/2006 15:46

DaveBowler- Well Spotted, and thanks for posting. Incidentally, a German property company (residential) recently held back from an IPO on the German market due to lack of interest (Vivacon or something like that)

Call me an optimist, but I regard this as good news! It is creating a good buying opportunity for retail investors in the existing funds. If funds like DTR and DLD can get funds invested and the outlook for German retail sector is set to improve than, on current prices these stocks will provide very high yields, and one can expect significant price appreciation.

[lbo] 28/6/2006 12:44

GERMANY provides best prospects for retail investment opportunities as it undergoes further restructuring, according to the latest PricewaterhouseCoopers/Urban Land Institute 'Emerging Trends in Real Estate Europe'.

International investors will continue to take the lead as domestic investors fail to see even long-term value in their own market, the study states.

Solid

Best bet in the residential market is Poland with good prospects for Warsaw and Krakow. A 'solid' year for Poland is predicted with further growth expected on the current 7% annual growth of transactions.

The UK and France are best bets for investment in hotels in line with growth in the hotel sectors in those countries with good growth in room rates.

The best bets for industrial property investment are central and eastern Europe as they continue to benefit from EU funding for improved infrastructure, enabling them to fulfil the appetite of growing consumer spending.

The preferred 'buy' markets for industrial property are Warsaw, Moscow, Prague and Budapest with over 70% of survey respondents rating these cities as good buy opportunities.

"For the office market to thrive in the longer term, the sector needs to see rental growth in 2006," the study comments. " Best bets for office investment - Paris and London - lead the way with solid total return and rent growth prospects and favourable risk ratings."

[lbo] 27/6/2006 11:17

German confidence even higher in June

June 27, 2006 09:59
A survey released this morning showed that business confidence in Germany improved at a better than expected rate in June, in a sign of a continuing robust recovery in Europe's biggest economy.

Ifo, a widely watched business climate index, said its index for Germany rose to 106.8 in June from an upwardly revised 105.7 in May, beating expectations. Economists had expected a slight dip.

The business assessment index, which measures current conditions, climbed to 109.4 from 107.3 in May. The business expectations index rose to 104.2 in June from 104 in the previous month.


'The economic recovery continues to be robust,' said Ifo 'executive board member Gebhard Flaig.

[lbo] 19/6/2006 16:34

Buba's Weber says German private households have increased savings last yr
06.19.2006, 11:16 AM

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FRANKFURT (AFX) - German private households have increased their savings last year while the value of their assets have also risen, according to Bundesbank President Axel Weber.

At a news conference on the asset and debt situation in Germany, Weber said in contrast to private households, the state has posted budget deficits, reduced its assets and experienced a reduction in the value of its assets.

Weber said the 2005 savings ratio as a percentage of disposal income has risen to 10.7 pct in private households and this was mainly due to an increase in pension provisions. He did not give the ratio for 2004.

He said the influence of price developments on long-term assets should not be underestimated as the value of savings could substantially decline in the longer-term, depending on the rate of inflation.

He said some economists consider a 3 pct inflation rate as a relatively harmless level but he noted that at this rate, the value of assets is reduced by 45 pct after 20 years.

'Therefore it is so important that we in the European Central Bank Governing Council must always look forward and act decisively, in order to guarantee price stability,' he added.

[shuisky] 08/6/2006 09:25

19 May -The Company has been informed that on 19 May 2006, Dawnay, Day International Limited and Tokenplain Limited purchased, in aggregate, 817,790 CFDs over DTR shares at an average price of 101.9c per share.

22 May- The Company has been informed that on 22 May 2006, Dawnay, Day
International Limited and Tokenplain Limited purchased, in aggregate,
2,500,000 CFDs over DTR shares at an average price of 102.9c per share.

23 May- The Company has been informed that on 23 May 2006, Dawnay, Day
International Limited purchased 756,050 CFDs over DTR shares at an
average price of 103c per share.

24 May-The Company has been informed that on 24 May 2006, Dawnay, Day International Limited purchased 32,000 CFDs over DTR shares at an average price of 102.5c per share

31 May-The Company has been informed that on 31 May 2006, Dawnay, Day International Limited purchased 1,047,006 CFDs over DTR shares at an average price of 104c per share.

6 June-The Company has been informed that on 6 June 2006, Dawnay, Day Properties
Limited purchased 500,000 CFDs over DTR shares at an average price of 103c per
share.

[chrisod] 03/5/2006 22:58

why are they falling? did they pay too much for there last purchase?

[lbo] 16/2/2006 18:15

"The blended initial yield of the acquisitions, net of acquisition costs and irrecoverable costs, is 7.5 per cent "
Quote By : Ian HendersonGERMAN ACQUISITIONS FOR DTR
ISLAND-BASED investment company Dawnay, Day Treveria plc (DTR) has acquired three German property portfolios and a single property for a combined total of €230 million.

The first portfolio consists of 32 properties: 23 retail warehouses, 8 car showrooms and one shopping centre.

The majority of the retail warehouses are located in the former West Germany, and are predominantly concentrated around Frankfurt. Tenants include Wal Markt and Aldi.

The car showrooms are for a single tenant, Cloppenburg Automobil AG, which operates BMW franchises at the properties. The shopping centre is located in the Spandau district of Berlin. Tenants include Kaufland and Toys R Us.

The second portfolio is made up of four predominantly retail properties in Augsburg (Bavaria), Passau (Bavaria), Monchengladbach (North Rhine-Westphalia) and Huckeswagen (North Rhine-Westphalia).

The properties are all located in prime retail locations and have a broad tenant base including general retailers, restaurants, storage facilities and a hotel. Tenants include Deichmann, DM, Stefanel, Real and Holiday Inn.

The third portfolio is made up of three retail warehouses located in Fellbach, Backnang and Freiburg. Tenants include Media Markt, Mobel Roller and McDonalds.

The single property is the main shopping centre on the outskirts of Zehdenick (50 km north of Berlin).

The blended initial yield of the acquisitions, net of acquisition costs and irrecoverable costs, is 7.5 per cent and the properties comprise a total lettable area of c.201,000m2. DTR will acquire a 100 per cent interest in the first portfolio and the single property and will acquire a 94.9 per cent interest in the second and third portfolios.

Completion of the acquisitions will take place following satisfaction of standard administrative conditions.

Ian Henderson, chairman of DTR said: 'These acquisitions are significant and typify the type of property transactions we are seeking to complete in the next 12 to 18 months. The acquisitions are in line with our strategy, have good investment potential and diversified tenant bases and are part of the 1.3bn euros of further acquisitions referred to in the admission document. With these acquisitions the portfolio size is now approaching 900 million euros'.

DTR listed on the AIM market on 14 December 2005 and raised €408.9 million by way of an offer to institutional investors (including the exercise of the over-allotment option), together with a €35.5 million direct investment by affiliates of the Dawnay Day Group.

The company intends to use the funds raised, together with debt funding, to acquire a property portfolio worth up to approximately €2.3bn in the 12 to 18 months following admission.

[lbo] 16/2/2006 17:50

LONDON (AFX) - Dawnay, Day Treveria PLC said it agreed to buy three German property portfolios and a single property for a combined total of 230 mln eur.

The first portfolio consists of 32 properties: 23 retail warehouses, 8 car showrooms and one shopping centre. The majority of the retail warehouses are in the former West Germany, and are mainly concentrated around Frankfurt.

The second portfolio is made up of four predominantly retail properties in Augsburg (Bavaria), Passau (Bavaria), Monchengladbach (North Rhine-Westphalia) and Huckeswagen (North Rhine-Westphalia). While the third portfolio is made up of three retail warehouses. DTR is acquiring the second and third portfolios from Dawnay, Day Group for an aggregate 78.1 mln eur.

The single property is the main shopping centre on the outskirts of Zehdenick, about 50 km north of Berlin.

The properties comprise a total lettable area of about 201,000 m2.

'These acquisitions are significant and typify the type of property transactions we are seeking to complete in the next 12 to 18 months,' said chairman Ian Henderson.

'The acquisitions are in line with our strategy, have good investment potential and diversified tenant bases and are part of the 1.3 bln eur of further acquisitions referred to in the Admission Document' ahead of the company listing on AIM, he added.

Today's announcement takes the company's portfolio size close to 900 mln eur.

[lbo] 16/2/2006 17:50

Monday 5th December 2005
Dawnay Day to raise £275m
Dawnay Day, under the aegis of entrepreneurial French-born financier Guy Naggar, will set the property world alight by co-ordinating AIM's biggest flotation this year, and the second largest in the market's history.

The flotation of Dawnay Day Treveria on AIM will raise up to £275 million and eclipse the fundraising by some way of Dawnay Day's previous foray in this field back in July, when the group raised £140 million for Dawny Day Carpathian.

Ian Henderson, former chief executive of Land Securities, will chair the new company, currently looking to tap institutional investors for the money, giving a market value of £340 million. Citigroup and Deutsche Bank are advisers to the float.

Naggar says Treveria is a vehicle for investing in German commercial real estate, with a focus on retail assets. He believes the German retail property market provides a great investment opportunity, since rental yields in Germany are higher than comparative yields in other Western European nations, especially the UK.

'Germany has very little retail property per capita. We already have 15 people on the ground in Germany, and we have an extensive pipeline of deals,' says Naggar.

The investment criteria will focus on income-generating commercial retail properties located on the German high street and prime locations in German towns. The supply of new retail property in Germany has also been constrained by planning restrictions on new shopping developments.

Dawnay Day will inject an already assembled £435 million portfolio of property into the company. This initial portfolio already generates net rental income of £27 million a year and Dawnay Day is in talks regarding a further £885 million of assets for Treveria.

The previous vehicle, Dawnay Day Carpathian, set up to invest in Central and Eastern European retail property, has already completed three deals, worth £83


ISSUE Price €1