The Local Shopping Reit Share Discussion Threads

[gfrae] 28/2/2017 11:09

I thought you were going to tell me it was a very sophisticated investment blog !

[tiltonboy] 28/2/2017 07:53

Home by then!

[badtime] 27/2/2017 22:47

Tilts....when did you retire? Watching day time TV in your old age :)

[tiltonboy] 27/2/2017 21:44

A quiz show on ITV. Can't believe you haven't seen it...lol...

[gfrae] 27/2/2017 21:40

tiltonboy what is The Chase ? Thalassa is up on small buying in a thin market. Though it still looks very undervalued.

[holts] 27/2/2017 20:36

Let's say my Blvn investment was an indiscretion at a higher price .

[strathroyal] 27/2/2017 20:36

HoW - Internos don't get a terminal bonus until 36p or more is achieved so there's at least two parties wouldn't be happy with 34p (me being the other!)

[spectoacc] 27/2/2017 20:23

BlVN rocketed since I sold out - you should be so lucky!

[holts] 27/2/2017 19:49

I'm getting a Bowleven feeling on this one , our money is being eating by the salaries .

[tiltonboy] 27/2/2017 17:40

...lol...Thalassa just come up as a question on The Chase.

[hillofwad] 27/2/2017 17:06

Thalssa shares up 10% today why doesnt he finish the job off everybody would be happywith the same as Grahame Whateley wouldnt they?

[strathroyal] 27/2/2017 16:12

Tilts - Think it's Uckfield

[tiltonboy] 27/2/2017 15:53

I don't think much was suitable for Allsop or even Acuitus to be honest.

I'm sure they will use them for the better stuff, but then again, those properties will probably form the "core" portfolio they will try and sell in one lot.

I had a good look through the gallery over the weekend, and there does appear to be some attractive assets in there. per chance, do you know which property is valued at £3.25m

[hillofwad] 27/2/2017 15:34

Specto well yes it is because that 8% could be 11% I doubt very much they are putting their hands around the professionals throats on chipping fees - everybody is trying to pull the feathers off the lame duck
Tilts there was quite a bit of arrears in some of the lots and when you add on the expensive management fees for collecting a few quid the leftovers arent exactly piling up

Lets get on with esale as quickly with all sales channels -no poit in hanging ng around

Lichfield looks pretty good in the flesh to be honest Typical Old worlde charm occupying ac orner spot The point is the bridal shop who had alraedy been insitu for 8 years+ were holding over on an expired lease for over a year Why?

Whats your thought on Allsopps who valued -why didnt they sell some of it Adnittedly some of it not suitable but the majority of the kit in the Actius auction would have been ok with Allsopps ?

[tiltonboy] 27/2/2017 14:54

Previous sale costs have been absorbed in running expenses, and it should be remembered that LSR will have enjoyed five months rent from the properties before they were sold.

[spectoacc] 27/2/2017 14:47

Don't they always! :)

Whether that 8% gap includes costs or not seems important - though I'm sure LSR get a decent discount on auction fees, with the amount they put through. Likewise legals.

[tiltonboy] 27/2/2017 14:33

It was evident from the yields on the sales, that they were going to be below book, but I had still hoped that the discount would be limited to nearer 5%.

I spoke to Internos re Lichfield, and they commented that the property looked better in a catalogue than on the ground.

[hillofwad] 27/2/2017 13:53

I think that result wasnt too bad didnt expect then to make book Istaht 8.5% discount before r after selling costs which are likely to be 3%+ A few mistakes like the Lichfeld property which would have achieved a much better price by private treaty

Its clear they arent taking any positive steps to asset manage so the sooner we turf them out the better

Orinoco

I dont think that is the case There was right bag of spanners being sold
We can perhaps now see why they are avoiding Allsopps who have only recently valued the portfolio and be over 8% down on kit they sell in month in month out is questionable
Didnt they have the cojones to sell the stock they valued or is there something we dont know .I think a few questions need to be answered

[orinocor] 27/2/2017 13:28

They could be the best properties. The best stuff usually gets sold first and the stuff that no-one wants given away at the end.

[strathroyal] 27/2/2017 13:23

Not bad, particularly if these are the worst properties and, including October, that's 43 properties sold since the year end.

[orinocor] 27/2/2017 13:20

During the round of auctions in February 2017, the Company sold 22 properties for an aggregate price of £3.53 million, against an aggregate book value of £3.86m.


properties sold at an 8.5% discount to nav but they are pleased!

[tiltonboy] 25/2/2017 16:27

Thanks strath, I was being very thick!

[strathroyal] 25/2/2017 12:08

Hi Tilts,

The Annual Report says that it's valued at £3.25M so if the yield is 6.5% must be producing £211k. Must be some old reference to that in previous reports, I'll take a look.

[tiltonboy] 25/2/2017 10:34

strath,

I spent a lot of time looking through the portfolio over the last few days, and there are a swathe of properties running from Devon across the M4 corridor, and south of it, where there look to be some really nice properties. With the exception of the £3m + property which yields 6.5%, all of the other stuff is on 9%+. I wouldn't be disappointed if the stuff they have sold went on small discounts (2-5%), as there looks to be some nice properties in the portfolio that may go above book.

Subject to the announcement next week, I might start nudging up my buying price, as I haven't picked any up at the 28p level for weeks.

[strathroyal] 25/2/2017 10:14

With the sale of the Blackpool tattoo parlour post auction, LSR have sold 21 of the 23 properties offered, an excellent result if these were sold around NAV.

On a different note, anyone see the purchase by RGL of Conygar's portfolio at around NAV? Considering that these assets have been sweated by CIC and have a substantial void element, must go down as a great result for CIC shareholders and shows that there is a buyer for all types of commercial property.

I'm certainly hopeful that LSR will attract a bid this year. Portfolio appears now to be down to 284 properties. Looking for a positive update this week.