Land Securities Share Discussion Threads

[hugepants] 10/10/2018 22:45

Hmmm. Yes. Quite.

[porsche1945] 10/10/2018 17:55

Start of 2009 these hit about 4.50, with this Brexit madness and door open to Corbyn could be revisiting the 5's.

[skyship] 05/10/2018 18:28

Indeed - prepared to sacrifice a profit so as not to risk a loss!

[essentialinvestor] 05/10/2018 16:51

Tempted today, and yesterday. Held off buying.

[ntv] 05/10/2018 08:25

I guess a possible bid for INTU has pushed the price up this morning

[ntv] 05/10/2018 08:16

so was I SKYSHIP, wished i had but could just be a DCB
got to test the lows again pretty soon I reckon

[skyship] 04/10/2018 16:28

No bounce toward the close - just further weakness.

Getting sorely tempted at these levels; even if we know a valuation markdown inevitable.

Fortunately not affecting the small regional players - my top play (RGL) up again today as more people assume the CIC tap now gone...

[careful] 04/10/2018 16:24

£10.5bn net assets. Yet the company is now valued at £6.2bn.
in the good old days net assets were considered to be important.
Modest gearing.

could you ever imagine a buy to let property investor being told that his net assets could be bought at a 40% discount.

Who would ever believe that land securities, the bluest of blue chips in the past would be struggling so badly?

A punt on a sensible Brexit in part, an assumption that Amazon will not destroy the high street, but these could be offering the chance of a lifetime.

[essentialinvestor] 04/10/2018 12:24

£6?, you mean £9 ;

[hybrasil] 04/10/2018 12:19

I see £6

[skyship] 04/10/2018 11:39

# BLND - down 28 (4.6%) @ 580p
# LAND - down 24 (2.8%) @ 850p
# HMSO - down 12 (2.7%) @ 443p
!!!

Must be a big bearish broker report out somewhere...

[hugepants] 21/9/2018 10:19

Id expect these shares to zoom up to 950p if there is a favourable Brexit deal.

[ball deap] 20/9/2018 16:06

Keep buying don’t sellout this will super multi bag . Do not believe hype about London property collapse or soaring crime is killing the town it’s not true. Land is going to absolutely fly high soon. You heard it here first !!!! Al Ak

[essentialinvestor] 11/9/2018 14:56

Speed, if they are long HMSO on a chunky %,
might see this as hedge against any further (potential) HMSO falls.

[speedsgh] 11/9/2018 14:53

EI - Same figure in PW article IIRC

[essentialinvestor] 11/9/2018 14:46

0.7% short, well according to short tracker.

[speedsgh] 11/9/2018 14:37

Elliott builds up short positions against Landsec and British Land -

[muffinhead] 10/9/2018 12:14

Debenhams has a lot of prime town centre properties that could be redeveloped as residential, retail covenience and services.

Out of town, Debenhams may have a future as a destination store, trusted brand and internet click and collect centre.


Retail is a massive part of the UK economy. Government will be forced to intervene. Online business is not replacing lost local vat, income tax, national insurance, corporation tax and business rates. Amazon is a massive hoover and revenue is being shifted abroad. The thing about the British high street is that most town centre shops were the same because London invested to a formula and then sucked the revenue back to London. The internet broke this model and while London investors know it, the politicians have not kept up and legislated to stay in the game. This has to change.

Hammond et al may have a plan


The chancellor said in an interview with Sky News that the government wanted to ensure that taxation between high street retailers and large technology companies was “fair”.

Businesses are currently taxed based on their profits rather than revenues, but the EU is discussing a tax based on value generated. Mr Hammond said this is “certainly something we’d be prepared to consider”.


A 1% tax on all online revenue would be a very nice start for government coffers... a "value generated" consumption tax. Sainsburys has suggested that such a tax could be used to offset against traditional bricks and mortar taxation.

[essentialinvestor] 09/9/2018 23:25

FT - Debenhams may close stores as it draws up restructuring plans.

[muffinhead] 09/9/2018 23:00

The shopping centre at Castleford is across the road from Xscape Yorkshire which they also own. Both are just off the A1(M) and M62. There is a large local population and Wakefield and Leeds are only 20mins away by car


So Landsec has an investment in 596775 Sq ft of space

By comparison it owns 536520 Sq Ft or 30% of Bluewater Kent

[essentialinvestor] 09/9/2018 21:53

Steve, Castleford is part of their outlet centre portfolio.
Luck with your holding.

[steve3sandal] 09/9/2018 21:37

I bought a few LAND the other day attracted by the discount to NAV, progressive dividend and the share price underperformance against BLND. I resolved to do some proper reading before buying a proper holding or not. So I spent some time today catching up with the last 10 years Accounts (bad cough not going anywhere). Not impressed that their twin asset focus of London & Retail consistently underdelivered against an IPD index and comparator Group. Worse that management didn’t appear to contemplate anything else. 10 years have seen lots of active management, lots of asset recycling particularly in retail where they have extricated themselves from legacy shopping. Also seen a particularly well judged London development cycle with the spectacular yield and IRR exit from The Walkie Talkie last year. What’s left looks OK, modern portfolio, good London locations, a small development pipeline seemingly focused around London railway stations. Regional Retail is prime though quite why they bought a Retail Park at Castleford is beyond me. Not regional prime, perhaps they’ll improve and flip. The 2018 report includes pointers to likely weakness in rents and occupancy so I suspect the NAV is a little threatened, not dramatic. Little in the immediate portfolio activity to improve NAV. I’d also interpret the Q1 dividend, progressive promise and intentional low cover to offer up a 50p div over the year. This is covered by what they call Revenue Profit. Prospective 5.7% at 880p or 6% at 833p more interesting. At 880p my discount is around 37% to 1400p NAV. At 840p the discount is about 40%.
So, Brexit or no Brexit, the prospective yield and discount available below 850p look attractive to me.

[essentialinvestor] 09/9/2018 13:12

CC, according to the FT, EA are the 5th largest holders in HMSO.