The Local Shopping Reit Share Discussion Threads

[tiltonboy] 02/5/2018 21:43

Wasn't expecting the catalogue until tomorrow.

Rotherham is an interesting one, and being one of the largest remaining assets, a 12.44% yield is not what I wanted to see. I wondered if the asset might be better served, by splitting it into smaller blocks to sell.

[strathroyal] 02/5/2018 20:42

There appear to be 3 properties in the Acuitus auction - 36, 46 & 60.

[profitaker] 26/4/2018 17:39

Thanks Steve I'll email you in the morning.

[tiltonboy] 26/4/2018 17:18

P,

They are doing loads of Private Treaty sales. Not certain what you are looking for, but if you let me know, I will ask the manager if they have got anything that suits.

[skyship] 26/4/2018 16:53

Thnx for the reporting everyone.

A good day's work; and they will surely repeat the online auction process.

[profitaker] 26/4/2018 16:42

I did, bidder 1, bailed out at £39,500.

Do you know if they're open for any private treaty sales ?

[tiltonboy] 26/4/2018 16:39

Did you bid on it. I didn't realise your planes flew that low!

[profitaker] 26/4/2018 16:33

Tilton

"Lot 8 - Seems ok"

I'd say it was a bloody Miracle ! It's in a terrible state and a large grocer (McColls) previously on the parade has closed down now that Co-Op has opened 100 yards away, drastically reducing these shops foot fall. I really thought I'd get it for 35 or less. Invested a lot of time (and some money) on due diligence including an aerial survey.

Hey ho, well done LSR holders.

[tiltonboy] 26/4/2018 16:11

Of the one's that we know did sell, we are looking at 1057k v 835k, so 26.5% above reserve.

I would guess reserve prices were quite low, but would also expect them to exceed book quite comfortably.

Definitely worth another go.

[alanji] 26/4/2018 15:53

There was a bid of 440k on Southampton (reserve 460).

[tiltonboy] 26/4/2018 15:20

My scepticism was obviously misplaced. With the exception of Southampton (hills did say that the 500k area might be difficult)

Lot 3 - Pretty decent result on 7.6% yield
Lot 4 - How did that go on a 8.1% yield?
Lot 5 - Slightly disappointed (10% yield)
Lot 6 - Good result on 8.7% yield
Lot 7 - Happy with that for a vacant property
Lot 8 - Seems ok.

Overall, more than happy, but would like to see Southampton shifted in the auction room.

[frazboy] 26/4/2018 15:10

i make that £1.497m vs. guide of £1.295m assuming that Lot 3 sold for 440k and ignoring Lot 1 which was I think £140k. Again, all in all, probably not too far off NAV, perhaps even fractionally above.

Very satisfactory.

[hindsight] 26/4/2018 15:05

Thx, fobt situation maybe had some effect

[hindsight] 26/4/2018 14:55

Did anyone see where the unsold one got to in bidding ?

[scburbs] 26/4/2018 14:50

Online auction looks like a good way of shifting the cheaper properties. Presumably disposal/auction costs are materially lower too.

[jmf69] 26/4/2018 14:47

Salford doing well too

[frazboy] 26/4/2018 14:41

it's odd to see bidder 1 bidding against themselves in Southampton

[jmf69] 26/4/2018 14:37

Lewes doing well

[frazboy] 26/4/2018 14:31

You watching this tilts? I would currently say that even if the bidding were to end here that the result is satisfactory with the exception of the Southampton property.

[frazboy] 26/4/2018 10:19

4 out of the 7 have bids at the current time. i'll tune back in at 2.30

[tiltonboy] 26/4/2018 10:15

Online auction has started, and a few bids have been placed. I do not expect to see any major interest (if at all) until the closing stages.

[tiltonboy] 25/4/2018 22:30

Lot 1 withdrawn from tomorrow's online auction. Nice early start.

I must admit to being a bit sceptical, but lets see.

[tiltonboy] 23/4/2018 17:23

I've not done a detailed analysis, but it may be worth having a stab at it once the interims are out in Mid May. We will have a clearer view once we see what the portfolio looked like at the end of March.

[frazboy] 23/4/2018 17:00

there was an IC special (alpha?) article on LSR on March 6th - I think you have to subscribe to get it, but it did highlight for me one thing I'm not to sure about. From the FY results:

"From 22 July 2017 the minimum base fee of £900,000 per annum payable to the Company's Investment Adviser, INTERNOS Global Investors Limited ("INTERNOS") expired, as provided for in the Investment Advisory Agreement with INTERNOS. The base fee applying from that date equates to 0.70% of the Company's gross asset value, resulting in a significant and increasing saving in the Company's administration costs as properties are sold and debt is repaid."

Now, the NAV is tumbling away, but I don't see them adjusting it every time they sell a property? Perhaps just at the half year/full year? Plus, they refer to what they pay, as the "Base Fee", which suggests there will be a few bob on top (I know there were incentives if they get to say 95% of NAV).

So I've estimated £500k for Internos for this FY, and £100k for next year, and then done some crude estimates of operating profits for these two years, and have come up with an operating profit (before losses on sales/valuations) of £0.5m this year, and a loss of say £0.65m next year (including wrap up costs). Anyone got any figures to compare against?