Hammerson Share Discussion Threads

[m_kerr] 07/1/2022 23:31

in general, if private equity are interested, it means they're making a 20%+ IRR. so that's what hammerson have foregone with the retail parks.

i'm genuinely amazed at home badly wrong the 'experts' at Mckinsey have been here.

IMV logistics / warehouses have been bid up to levels that forward returns won't be as attractive now. word is out that it's providing reliable income, and as a result you get a 2.7% yield, and that's a geared return by the way.

[williamcooper104] 30/12/2021 02:07

And I should have bought more - but then that's usually the way And BBOX from same time to date is not far of same total return for less risk

[researchcentre123] 28/12/2021 09:36

I remember you recommending that July 2020 and it's soared since then. I shld have followed your advice on that one .....

[pdosullivan] 27/12/2021 20:09

I would really like to see an acceleration of the development pipeline, supported by the proceeds from recent disposals of non core assets, announced in the upcoming FY results.

[skyship] 27/12/2021 13:49

Thnx. Up 82%YTD - no mean feat

[williamcooper104] 27/12/2021 12:51

That's the one - Founder/family led, largest US retail reit; it's massively outperformed every other retail reit (admittedly a low bar) and has an A rated balance sheet

[flyfisher] 27/12/2021 12:28

Simon property group.

[williamcooper104] 23/12/2021 18:16

That is encouraging Though as usual - if you want to own "prime" retail real estate go with the best proven management team which no question is SPG - they've double down in buying out bankrupt retailers

[williamcooper104] 23/12/2021 17:54

With the smaller centres it all depends on what and where - Savills just traded a centre in Cambridge at a very attractive c£140m/c£14m an acre as its 10 prime acres of land

[nickrl] 23/12/2021 17:53

Ritas put her hand in the pocket for 306,748 shares at 100k along with the CFOs wife whose picked up 200,000.

[nickrl] 23/12/2021 13:41

They let Silverburn go for 4% below current book so any valuerer got a starting point for next valuation. Conversely though NRR got its Oxford Cowley site away at premia due to its added value for redevelopment so plenty of pluses and minuses here.

[williamcooper104] 23/12/2021 11:23

I thought it was nuts Those retail parks are mega cashflow - they've very little operating costs Whereas shopping centres are money pits with supposed capex that's really opex

[thomstar] 23/12/2021 11:19

A long way to go cos this has been proper hammered son

[williamcooper104] 22/12/2021 22:27

Blueswater completed at £172m and 8.15 NIY - have heard that's 20 percent below where LAND have their existing stake marked at - which gives you a feel for HMSOs next balance sheet The positive is the general feeling that the next write down is likely to be the last

[m_kerr] 14/12/2021 10:46

another point aside, I wonder how much they paid McKinsey (who don't work cheaply) to do their job for them, and who told them to sell retail parks and double down on shopping centres at the worst possible time.

just seen, they haven't been put off, they've hired them again! why not just fire the executive and get in a team from McKinsey?

[williamcooper104] 14/12/2021 01:00

Yep; and unlike the "flagship" shopping centres the retail parks were a cash cow

[m_kerr] 13/12/2021 23:42

the retail park disposal was a rock bottom price, representing a 36% discount to 2019 book value. and one of the more resilient assets they owned. i'm sure the private equity owners will make excellent returns from it.

[mountpleasant] 09/12/2021 14:11

Misleading statement of occupancy levels in last market update.

[sphere25] 08/12/2021 11:51

Flurry of activity here

Fat finger spike or something else?

[flyfisher] 05/12/2021 09:02

Broker forecast averages are around £440m loss for the year, however the majority of this, £376m was incurred in the first half.

Allowing for underlying rental income it suggests a 2% asset value writedown in the second half of the year.

[williamcooper104] 04/12/2021 23:26

My gut is another 10 percent of GAV at December 2021 balance sheet

[nickrl] 04/12/2021 21:50

60m earnings would be a c30% uplift on half year or by my calcs 1.5p EPS. They would be just covering costs and finance but of course depends on what happens on NAV from here and whether valuers throw caution to the wind and apply an Omicron deflator.

[williamcooper104] 02/12/2021 14:17

At 31 June HMSOs UK flagship centres are valued at 6.7 NIY They'll argue with their valuers that the bluewater sale reflects a discount for being a non-controlling minority; but even allowing for this the 6.7 is likely to move out at next balance sheet date

[williamcooper104] 02/12/2021 13:06

Yep it's an 8 percent yield inclusive of purchases acquisitions costs - usually assumed to be 6.8 percent (I think Bluewater is a share of lease property rather than share sale) It will be on headline rent, topped up for any rent frees outstanding