The Local Shopping Reit Share Discussion Threads

[strathroyal] 17/7/2018 12:56

I sold out in June as it was becoming apparent that the medium sized properties were struggling to sell at a satisfactory level. This is illustrated by Highworth which had been offered at over £400k and didn't even reach it's lowered reserve of £350k at the recent auctions. (I see that it is now showing as Sold After).

I've ended up with a very small profit from what was my biggest investment but, following yesterday's update, a feeling of relief. There do appear to be a lot better investments out there so I'm off to try a different strategy.

Finally, must give HoW the heads up as he seems to have called the final result better than me. GLA.

[frazboy] 16/7/2018 11:33

You can't estimate the wind up NAV from the latest RNS in isolation. 33p +/- 1p looks about right

[papy02] 16/7/2018 11:25

Working back from the 39p NAV at end Mar, I get 34p now.

But only 26p if I try and build up to the NAV (I assumed 2m cash now as at end Mar, but this is one of the unknowns from that RNS).

All very rough (and probably incorrect?).

Would be interested in other’s estimates.

[tiltonboy] 16/7/2018 10:26

fraz,

The discount overall.

[gfrae] 16/7/2018 10:25

Surely it is £23.9m less the debt of £1.3m, less a discount plus some accrued rent. ?

[frazboy] 16/7/2018 10:14

Tilton - what aspect is disappointing? The discounts at the auction?

[eeza] 16/7/2018 09:44

I make it a potential £10.59m to distribute.

The portfolio comprises 86 properties valued at GBP23.9m. Within this, we are progressing a number of private treaty sales and have agreed terms, subject to contract, on 26 properties (total book value GBP10.5 million).

This leaves 60 properties valued at GBP13.4 less outstanding bank debt, which now stands at GBP1.3m = £12.1m
Apply the 7.9% discount (on the 16 props sold) plus 4.6% costs = 12.5% discount.
Leaves £10.59m

But presumably the remaining props are the dogs and may require a bigger discount to offload. Plus winding up costs.

[bookbroker] 16/7/2018 09:19

What do you expect, most of their portfolio is made up of grotty little corner shops in towns with more in common with Aleppo, basically bombed out!!

[tiltonboy] 16/7/2018 09:05

Very disappointing news.

[skyship] 16/7/2018 08:38

MRF - "when I think Skyship quoted some lofty pie in the sky realisation" - can you elucidate please? Are you perhaps referring to the 36p I had been anticipating?

[my retirement fund] 16/7/2018 08:17

As I said earlier to you all when I think Skyship quoted some lofty pie in the sky realisation. I think you'll more likely see 30p.Im now wondering though if thats s little high? I had not reckoned on upto 5% sales costs. However suppose the marketing and commissions on difficult lots are obvously much higher.

[frazboy] 16/7/2018 07:17

That’s not too bad an update given those auction results. Again, difficult to reconcile those numbers with previous announcements. Anyone know what the length of the statutory notice period is?

[eeza] 16/7/2018 07:12

Sales update RNS

[skyship] 12/7/2018 16:45

So the Acuitus auction sold 4 properties for £871k less exps; but 2 left (Airdrie & Wakefield) unsold versus £825k reserve. A tad disappointing that sale.

[hindsight] 12/7/2018 12:50

Yes agree on Airdrie. Also maybe 500k harder to shift as less retirees looking for something over an annuity. Hope they have looked at splitting larger ones

[tiltonboy] 11/7/2018 17:17

Four acceptable results, but disappointed that Aidrie and Wakefield didnt sell.

I wonder what the problem is with Airdrie. Possibly worth a punt.

[tiltonboy] 11/7/2018 17:17

will do some digging.

[hillofwad] 11/7/2018 16:11

Tilts Surprised that didn't go last time around bit of a punt but plenty of yield on offer Just wonder how this sits on the books ?

[tiltonboy] 11/7/2018 16:06

Airdrie is the one that I want to see move.

[hillofwad] 11/7/2018 16:01

Thornbury pretty good result

[hindsight] 11/7/2018 15:24

I never know how real some guides are, ie did Coop just guide at the morgage level. Perhaps governemnt will wake up and alter retail rates and or planning

[hillofwad] 11/7/2018 15:20

Lot 51 Wow Okey Stokey guided at £250k sold for £660k !!!!!!