The Local Shopping Reit Share Discussion Threads

[badtime] 03/12/2014 12:35

I wonder how it's going.....

[badtime] 18/11/2014 16:47

Another 64k sale I presume showing up now..wide spread..not encouraging any afternoon trade

[badtime] 18/11/2014 12:58

Someone knocked a bit of stock out..still won't be that long until hopefully positive news

[eeza] 18/11/2014 12:53

Not now. Bid 37.25p.

[badtime] 18/11/2014 12:49

Up again...

[skyship] 17/11/2014 17:28

Interesting to see that 50k traded at 37.5p - they've been on offer at 37.28p for the past week!

Then along comes someone with a small buy @ 38p, so we end the day ay 37p-38p - breaking North...nice...

[badtime] 17/11/2014 13:01

And then up pops a 50k buy ..I'd imagine there can't b loads of stock around

[badtime] 17/11/2014 12:35

It's been a month since last RNS ..the bids fluctuated between 35.5 and 36.5 these last couple of weeks with little business..I note the ask has nudged up to 38

[alanji] 30/10/2014 13:05

Thanks Sky. I wonder why it is not on Allsop’s website. Sales in last 12 months are encouraging. Swap liability (est at 31 Oct) has decreased by about £1m since March although the estimated nav of 42-44 in the 7 Aug rns took account of “recent movement in derivatives”.

[skyship] 30/10/2014 12:16

Garbet - you too of course...

[badtime] 30/10/2014 12:09

Thanx sky I look forward to receiving it

[skyship] 30/10/2014 12:03

Alan & BT - will forward it to you by email - Allsops sent it to me when I enquired...

[alanji] 30/10/2014 11:56

Hi Sky. Where did you find the brochure? I have not been able to find anything.

[skyship] 30/10/2014 08:06

BT - sensible to buy more; however those bizarrely cheap offers no longer available - cheapest offer at the open is now 37.28p...

Skinny - thnx for above

[skinny] 30/10/2014 07:32

A mention here -

"Project Renouvier

Two weeks ago, Local Shopping REIT brought a portfolio of 387 local shopping assets to market, seeking offers of in excess of £90m, dubbed Project Renouvier

Allsop has been appointed to sell the 727,000 sq ft Project Renouvier, comprised of 925 tenants including national Tesco, Coral, Thomas Cook, Argos and Clydesdale Bank.

This is the successor portfolio to Project Minard which sold to Värde Partners in August for £79.3m.

Project Renouvier is spread across the UK, with weighting towards London and the South East. The annual rental income is £7.99m with rental uplift potential to £8.78m per annum due to 127,200 sq ft in vacant space.

There is an average weighted unexpired term of 3.7 years to break and 4.7 years to expiry for commercial tenancies."

[badtime] 29/10/2014 22:14

Thanx sky...gonna buy a few more? :)

[skyship] 29/10/2014 21:15

Debt & Hedging
Hedging Detail Pay-Fixed Interest Rat e Swap Pay-Fixed Interest Rat e Swap Pay-Fixed Interest Rat e Swap
Owner NOS 4 Ltd NOS 4 Ltd NOS 6 Ltd
Counterparty HSBC Bank PLC HSBC Bank PLC HSBC Bank PLC
Notional principal £20,977,745 22,500,000 10,500,000
Amortisation (per quarter) £200,000 nil nil
Swap Rate (fixed leg) 4.85% 5.05% 5.05%
Reference Rate (floating leg) LIBOR 3M LIBOR 3M LIBOR 3M
Maturity 31 Jan 2017 29 July 2016 29 July 2016
Mark-to-Market Value2 (£1,632,072) (£1,557,118) (£726,655)
Financial Covenants
Current LTV - Jul 2014 IPD 76.8%
Default LTV Covenant 91.5%
Current ICR - Jul 2014 IPD (actual / projected) 158.3% / 153.4%
Default ICR Covenant
(actual & projected)
120%
Hedging Summary
Hedged Principal £53,977,745
Weighted average swap rate 4.97%
Un-hedged Principal £10,853,941
Min-Max Hedge Ratio 84%-105%
Current Hedge Ratio1 83.3%

1 Minimal breach caused by amortising swap. This has been acknowledged by the lender and will be rectified via the current amendment negotiations.

2 Estimate for 31 Oct 2014, using forward curve as at 06 Oct 2014.
The vendor is currently negotiating changes to the terms of the debt including the removal of the PIK interest in return
for a capital prepayment.

The lender had also indicated its willingness to grant consent for a change of control associated with the sale of the
portfolio subject to their satisfaction with the purchaser.

[skyship] 29/10/2014 21:11

TIMELINE:
First Bids - mid-Nov
Final Bids - end-Nov
Exchange - early Dec

[skyship] 29/10/2014 21:09

1st page of Allsop's 30ppPR Mini Brochure on Project Renouvier - not sure how to paste the link - will work at it tomorrow:

Project Renouvier is a unique opportunity to purchase the corporate
entities that own a high yielding diverse portfolio of 387 local shopping
assets in urban and suburban centres throughout the UK.
• 328 Freeholds/Heritable and 59 Leaseholds.
• Capital Value bias to London and the South East.
• Total commercial accommodation extends to approximately 727,000 sq ft (67,500 sq m).
• Predominately let to well established, committed businesses, serving and required by their local community.
• Numerous national covenants including Tesco, Coral, Thomas Cook, Argos and Clydesdale Bank.
• Average weighted unexpired term of 3.7 years to break and 4.7 years to expiry for commercial tenancies.
• 127,200 sq ft (11,800 sq m) of vacant accommodation.
• A vacancy rate of 12% relative to ERV.
• 195 Residential Ground Rents with valuable reversions or lease extensions.
• 229 Residential units mostly let on AST s.
• Valuable planning consents to be implemented.
• Significant development and change of use opportunities.
• Excellent spread of risk and income with over 925 tenants excluding ground rents.
• Total Rental Income £7,990,000 p.a.
• Potential reversion to £8,779,000 p.a.
• Low commercial rental base of only £9.63 psf.
We are instructed to seek offers for the share capital of the four companies
which own the properties based on the capital value of the properties
in excess of £90,000,000 (Ninety Million Pounds), subject to contract.
All information as of 30th September 2014 unless otherwise stated.

[skyship] 27/10/2014 11:42

OK - which of you tested my & Papy's theory by buying 1500 @ 35.88p this morning?

I was going to do likewise; but the darned Internet was down AGAIN; and when I got on they were back at 36.50p-36.55p...

Most annoying.

[davidosh] 26/10/2014 11:30

Quite a few of you guys must be serious about your investing so just making sure you know about the three day Mello2014 investor event in November...

www.mello2014.com

Some great keynote speakers including leading fund managers of big and small caps and top entrepreneurs. We have over fifty companies coming including high growth and high yield for income. We do not do resources or mining stocks.

hxxp://mello2014.com/our-speakers/

Use my MELLO-DISCOUNT code if you want half price tickets.

[skyship] 25/10/2014 18:47

HOLTS/SBP - Ah, see what you mean. But no, that is not what happened.

What happened is exactly what happened to Papy too.

We both saw an offer price of 35.88p, which was the LSE offer price at the time.

When we clicked BUY - the trade went through at the higher ISDX price.

The prices can easily be seen - as per Skinny's post above. At the time we dealt the cheapest offer was with the LSE - not ISDX

Stewards Enquiry Monday...

[skinny] 25/10/2014 12:34

Skyship - it looks like you got the best price at the time and .

[holts] 25/10/2014 11:07

tis what I meant .

[stupidboypike] 25/10/2014 09:14

SKY, I think you have misunderstood Holts. I have also done exactly what he is describing. When you go to buy on selftrade at the last screen both bid and offer prices are displayed. It's very easy to glance at the wrong one especially if you are rushing slightly.

Best regards SBP.