The Local Shopping Reit Share Discussion Threads

[tiltonboy] 25/5/2017 17:23

For the sake of 5k on each, I would be inclined to sell them, despite the yields.

Internos know the value of the Coopland shops, so I do not see them being given away.

[strathroyal] 25/5/2017 16:40

Tilts - Have to agree with you on that. It will be interesting to see if Internos agree the sale of those that didn't achieve reserve here in order to keep up the momentum. I suspect they will but I would hope that they would keep hold of the Coupland shops rather than sell at a distressed (to book) price.

[tiltonboy] 25/5/2017 16:29

I would suggest another disappointing auction. Four sold, and three failing by 5k in each case, to reach guide.

[tiltonboy] 25/5/2017 15:40

Lot 48 was always going to be a difficult one to value. A seemingly good tenant on a high rent, but with only two years left on the lease. Not certain how guide (190k) fared against book, but 240k seemed a decent price.

[hillofwad] 24/5/2017 09:00

Don@t expect too much from the Actius auctions either Property buying is the last thing on people's minds at the moment .

[tiltonboy] 23/5/2017 17:48

I'm sure it was a factor

[badtime] 23/5/2017 16:55

Just to hazard at a guess ..events in Manchester effecting confidence?

[tiltonboy] 23/5/2017 16:53

Hugely disappointing auction, and not just for LSR.

[tiltonboy] 23/5/2017 16:11

Looks like no-one has turned up at this auction!

Lot 158 - not even close...

[tiltonboy] 23/5/2017 14:29

Quite a lot failing to reach guide, and not selling, in today's Allsop auction. The property next to our Uckfield asset has just been referred, and was quite a bit short of reserve.

Our three come quite a bit later in the day.

[strathroyal] 19/5/2017 17:24

Tilts,

Only mentioned this as I think it supports your comments that Internos are ramping this up. Still think we'll be out this year as the RNSs concerning auction results have been positive and it's hard to believe no one else is watching.

After these three auctions LSR will have around 220 properties left.

[gfrae] 19/5/2017 16:13

Damille share price taking a bit of a tumble.

[tiltonboy] 19/5/2017 13:46

strath,

Not that it will make much difference to the coffers!

I'm hoping that the three Coopland bakery shops on Tuesday will go for useful uplifts, and then on to Thursday, where there is quite a bit of residential in with the retail. Lot 12 looks interesting, with the lease under offer, and five flats above. There looks to be a dozen properties that you would hope will go in the vicinity of 100k. If next week raises £2m I will be pleased.

[strathroyal] 19/5/2017 13:20

Another property has been added to the Pugh auction which now makes it 18.

[hillofwad] 17/5/2017 17:22

Tilts

I am not being negative but just think that 3p reduction for a sale of the rump is not a sufficent discount

I agree with you 37p would be a proper result and good luck to you I took an early bath because of personal reasons Bought back in and sold back out at less than 31p which I am happy with Good luck to you but is it worth staying around just to wrestle a couple of pence a share?

IMHO 33p seems a good price to leave the party
I welcome the fact they have been selling at auctions but just because the shops are based in the South doesnt mean to say they are going to attract a premium value
Certainly be easier to get out of the door mind

If there were any sparklers there they would have been cherry picked .

[gfrae] 17/5/2017 15:16

I should have been clearer. Skyship , I was thinking of more like 30/31 p after all they may be forced sellers and I can,t think who else would buy them.

[badtime] 17/5/2017 14:26

I'd be more interested in some other company buying that lump and then making a decent offer for the rest of LSR's portfolio by end of year

[frazboy] 17/5/2017 13:51

Gents

I might have misunderstood gfrae's post but I thought he was suggesting that we buy the assets of Damille..? This is in contravention of the current wind up plan.

Yes, a buyback might be NAV enhancing, and the board should consider that as a means of taking out weaker holders (if they set very tight limits on maximum purchase price given the unknowns - timing and cost/prices of remaining sales), but I would imagine the market would tighten very quickly so it wouldn't achieve much.

[skyship] 17/5/2017 13:40

frazboy - it is known as a buyback. without checking the exact figures a 25% buyback at, say, 36p; would cost £7.425m and in doing so would raise our NAV from 43p to 45.33p.

A agree with gfrae, it would be a very good idea.

What think you Tilts?

[gfrae] 17/5/2017 11:21

To benefit their shareholders.

[frazboy] 17/5/2017 11:18

Why when Lsr are trying to wind up would they start bidding for other company's assets?

[gfrae] 17/5/2017 11:03

Damille, I believe have announced they are to return cash to their shareholders later this year.which presumably means that they would be susceptible to a bid for their holding most likely from LSR itself and one assumes at a discount . This could benefit remaining shareholders by increasing NAV per share further.

[tiltonboy] 17/5/2017 10:39

Hillofwad,

They have hardly started selling the southern assets, which I believe will be viewed as attractive. Your long_standing negativity has been misplaced and you seem to have badly misjudged the market place. Seems odd that you think 37p is tops, but was selling at 27p!
I'm not suggesting that 43p will be achieved, and would see 37p as a result.

[hillofwad] 17/5/2017 08:27

Strath

The market has been aware for sometime that every property is for sale in LSR portfolio .Any hidden gems where interested parties would be prepared to offer well above book less expenses would have long gone

Those selected for sale by auction in the first lots would have been those that hav e been identified of having half a chance of exceeding book including some sow's ears The total amount achieved at these sales to hit book which has largely been achieved so welldone

Many of LSR purchases were sale and leasebacks to respectable covenants A lot of the value is attributable to the length of leases and certainty of income These are diminishing assets as the lease end draws nearer with no guarantee of renewals especially banks

I think a buyer will want a much bigger discount than 3p per share to take up the rump
I really think 37p is the absolute top ceiling