The Local Shopping Reit Share Discussion Threads

[hillofwad] 23/2/2017 13:54

Yes I agree I would be very surprised if the price on 214 was well in excessof Book Makes up for th £40k sale All helps to even out the scores of those which wereunder water Suspect that he totals might just show a modest cut after allowing for selling costs which is all OK

Lets get some more out there

[tiltonboy] 23/2/2017 13:43

Leeds always looked a poor bunch of properties, so perhaps not a bad overall result, especially if the lots sold prior went for decent prices.

It will be interesting to see the statement, and get an update on sale value v book.

[hillofwad] 23/2/2017 13:38

214 £156k -great price not a bad day

[hillofwad] 23/2/2017 13:30

203 went for £80k which must be above book value -so thats not a bad result

All good news getting this dross out at not entirely distresed prices

[gfrae] 23/2/2017 13:20

Did Graham Whately ,or whoever it was ,actually go and look at the properties they bought ? Does anyone know how the portfolio came about ?
Just out of interest. Fortunately I did not buy on the float,but if I had,I think that I would feel more than a little aggrieved.

[gfrae] 23/2/2017 08:27

Whoever bought all this rubbish ? It reminds me of the Michael Lewis book book about buying up all that dodgy housing debt,repackaging it, get a smart broker,a few reputable directors and dog poo is turned into chocolate souffle !

[hillofwad] 23/2/2017 07:51

Yes what a motley selection Wont even try to attempt to put a value on the remaining lots Just hope there is someone else to bid the tenant up

[tiltonboy] 22/2/2017 21:43

Hadn't spotted that. Not many to watch tomorrow now.

[strathroyal] 22/2/2017 19:48

Tiltonboy - Probably responding to the fact that 4 of the Leeds lots have Sold Prior.

[tiltonboy] 22/2/2017 14:01

Nice little buyer of 145k at 29p.

[skyship] 22/2/2017 07:42

HoW - I recall there being some problem with posting an http; hence your http. I think however that there is now no problem, or, just put two capital Ts:

[hillofwad] 22/2/2017 06:59

hxxps://www.propertyauctions.com/Results/Lotlist.aspx?aid=1011
Woops Wrong Auction Over £50om raised at the Commercial Auction after those sold after

[hillofwad] 22/2/2017 06:56

hxxp://www.propertyindustryeye.com/allsop-raises-64m-in-first-property-auction-of-2017/

There must be a very good reason why Allsops are being sidestepped £8m worth of kit coud easily be absorbed into every Allsop auction Lets get the job done as they dont seem to be undertaking any asset management

[hillofwad] 22/2/2017 06:52

Very difficult to accurately value some of the dross with short leases and a blizzard of break clauses with potential reversions to a management headache and SFA income .
This is evident by the mixed bag of results at the auction all over the shop . Best prices achieved at auction when the special purchaser the incumbent tenant has some strong private investor competition.

The small convenience store for example at Wishaw in the Acuitus auction which failed to sell but got knocked down afterwards I suspect more than likely to the tenant . The tenant was locked into a long lease at a full rent . The repayments on a commercial mortgage would have been considerably less than the rent they were currently paying so a complete no brainer if they can raise the monies

I would guess that the totals received at both auctions were just a little below book value after allowing for sale costs but thats OK when current corporate valuation carries a significant discount

[strathroyal] 21/2/2017 22:38

Tilts,

I appreciate that the £4M is per quarter but it also says that they are looking at 25 property sales pq of which c15 will normally be sold via auction. So I'm assuming this quarter everything is in the auctions as the private treaty sales take longer to work through.

AGM is next week, perhaps someone is going and can ask.

[spectoacc] 21/2/2017 20:01

For those who don't know property auctions - when bids get "close, but can't quite sell", 9 times out of 10 it's fake. The last property I tried to sell at auction had a guide of X50k, the bidding was fairly hectic to X46k, they didn't sell it, and the last genuine bid had been at X05k. AKA "bouncing off the walls". The Pugh boys (ex Eddisons) are masters at it.

I've noticed LSR have a fairly good record of sales post-auction tho - but I'd imagine not many are too near Guide.

[tiltonboy] 21/2/2017 18:54

strath,

They are aiming to raise £4m per quarter, and that includes selling some stuff by way of private treaty as well, so they may well have exceeded the figure for the first quarter.

[strathroyal] 21/2/2017 18:43

Not such a good result although Lot 49 is now also shown as Sold so presumably 5 have gone for around £700k.

In answer to frazboy's question on valuation, we can only guess but LSR are supposedly looking to raise £4M per auction cycle.£1.9+ came from Acuitus, £700k today, 2 unsold and 1 withdrawn today valued at £315k, and Leeds entries valued at £600k so that's £3.5M+ or 87.5% expectation/valuation.

[gfrae] 21/2/2017 16:06

Thanks for all the information all. Sales seem to have been on very high yields though, so I can't believe they are much if at all over valuation.

[skyship] 21/2/2017 15:50

Thnx to all for the input - agreed, quite fun watching & £622k a useful contribution...

[frazboy] 21/2/2017 14:55

Thanks, about 20% over guide price, interesting. Management commentary will be good to hear

[tiltonboy] 21/2/2017 14:47

Lot 11 355k v 275k guide
Lot 23 90k v 80k
Lot 45 85.5k v 70k
Lot 47 92k v 70k

It will be interesting to see the manager commentary, which I believe will be next week.

[frazboy] 21/2/2017 14:40

Hi tiltonboy, of the ones that sold did they go for much above their reserve? And I guess the next question is how does the reserve relate to LSRs valuation, which could be a little trickier to answer.

[skyship] 21/2/2017 14:28

58 - Reserve @ 75k, bid to £72k....unsold; but auctioneer says: "Not very far away, so come down and have a chat"