London & Associated Prop... Share Discussion Threads

[spob] 13/8/2004 16:27

yes +4.50 (+6.77%) must be something in the wind, or maybe people waking up to the fact, that discount to nav, is too high, in relation to the rest of the sector

Also Interim results next month

[skyracer] 13/8/2004 16:07

Strong buying. Presumably some kind of tip or news leak ?

[spob] 28/7/2004 09:23

LONDON (AFX) - London & Associated Properties PLC said it has exchanged
contracts to let a new 20,000 sq ft retail unit in the planned partial
redevelopment of King Edward Court Shopping Centre, Windsor, to fashion store
Hennes at an annual rent of 395,000 stg.
Earlier this week LAP announced that detailed planning consent had been
granted for partial redevelopment of the centre that it owns through a joint
venture with Bank of Scotland.
Hennes has exchanged contracts for a 15 year lease and LAP said two further
shop units, as well as the supermarket, are under offer.
[e-mail]
slm/

[mw8156] 26/7/2004 11:13

Interesting news today. How much is it worth to the NAV?

[spob] 26/7/2004 07:51

RNS Number:1780B
London & Assoc Properties PLC
26 July 2004


FOR IMMEDIATE RELEASE

26th July 2004


LONDON & ASSOCIATED RECEIVES CONSENT FOR WINDSOR SHOPPING CENTRE REDEVELOPMENT


London & Associated Properties PLC ("LAP") today announces that detailed
planning consent has been granted for the partial redevelopment of the King
Edward Court Shopping Centre, Windsor, which LAP acquired in a joint venture
with Bank of Scotland ("BoS") in December 2002 for approximately #45.3m.


The planning consent, subject only to documenting a Section 106 agreement and
formal consent from the Secretary of State, is for the redevelopment of an
existing outdated supermarket and office tower into 100,000 sq ft of modern
retail accommodation and a 113-bed hotel. This will increase the retail content
of King Edward Court by 60,000 sq ft to over 215,000 sq ft


The retail element of the scheme will comprise four shop units and a cafe/bar
totalling approximately 60,000 sq ft and a 40,000 sq ft state of the art
supermarket . Three of the four units and the new supermarket are under offer
and the hotel has been pre-let to Travelodge.


All existing tenancies in the buildings to be demolished, expire, or can be
terminated, by the end of 2004 and building work will commence early in 2005.


John Heller, Chief Executive of LAP, commented: "The planned redevelopment is an
extremely exciting proposition. At the time of our purchase of the centre we
were conscious of the pent up demand for larger shops in Windsor that could not
be satisfied by the existing available space. The quality retailers we currently
have under offer will ensure Windsor can compete with its bigger neighbours to
attract shoppers for years to come."


King Edward Court is owned by Analytical Properties, the 50-50 joint venture
between LAP and BoS. In addition to Windsor Analytical also owns the 350,000 sq
ft Church Square Shopping Centre in St Helens, which it acquired for #50m in
July 2003.

[mw8156] 24/7/2004 12:55

Bisi is more interesting but more risky?
LAS is good value as long as consumer sentiment is not dented by a fall in the price of housing?

[simonevans] 23/7/2004 18:07

Held this all the way from the 30's - still looks good value and a very solid company. I also hold Bisichi which has done very well.

[spob] 23/7/2004 15:11

Thanks that explains the movement today. Discount to nav is huge. This should be trading closer to 80p than 60p

[skyracer] 23/7/2004 14:59

LAS and BISI have both had a mention in the Investors Chronicle today. The IC say brokers hope for year-end NAV of 95p for LAS. Well IMO this estimate will be well short, I am expecting 108p.

[spob] 23/7/2004 13:24

Has there been info released regarding this today Skyracer

[skyracer] 23/7/2004 13:21

Spob, capital growth of commercial property in the retail sector (in which LAS specialise) has been particularily strong this year.

[spob] 23/7/2004 12:53

Hitting a new high, wonder what the news is ?

[spob] 23/7/2004 12:51

Any suggestions for todays move ?

[skyracer] 11/5/2004 08:57

Good day to top up after recent weakness.

[contrarian2investor] 29/3/2004 21:10

Well everyone as they say "the cream always rises to the top". A fresh 52 week high and still over 30% discount to nav. For how long though?

[contrarian2investor] 24/3/2004 21:40

Skyracer- Unfortunately I think it might be a while before you get your voice back. LAS is now in a resistance free zone and is way above its previous support level.C2I.

[skyracer] 23/3/2004 08:56

C2i I'm speechless. They overshot our expectations by miles.

[contrarian2investor] 22/3/2004 21:47

Spob I agree with your sentiments.

Fantastic results and the market sat up and took notice on a day full of red screens. Furthermore the acquistion will be earning enhancing straight away. The discount to nav is still 35.3% so there is still room for the share price to increase further over the next 6 months and beyond imo. C21.

ps Skyracer what did you make of the result? Anything in particular caught your eye? TIA. C2I.

[spob] 22/3/2004 08:17

London & Associated Properties FY pretax up 15 pct, NAV up 32 pct

LONDON (AFX) - London & Associated Properties PLC revealed a 15 pct increase in pretax profit and a 32 pct rise in net asset value per share in the year to end-Dec 2003.

The long established, highly focused retail property investment group made profit before tax of 2.8 mln stg on the back of a 37 pct increase in gross rental income to 11.4 mln stg.

The fully diluted net asset value per share increased to 88.58 pence.

The board recommended a final
dividend of 1.525 pence, anincrease of 7 pct.

Over the past five years, the dividend will have grown by a compound 8.5 pct per annum.

The group managed to reduce gearing in the year to 42.4 pct from 79.4 pct.

Chief executive John Heller said the strong demand for thegroup's centres that was evident in 2003 has so far continued into 2004. "I therefore look forward to another successful year."

[spob] 22/3/2004 08:03

nav now 88.58p

The share price would have to rise 73% from 51.25p to equal net asset value.

That's a bargain

just bought some more.

[contrarian2investor] 20/3/2004 18:03

Hi Skyracer nice to hear from you. I am expecting good results come Monday. Given your estimates above this would still put LAS on 30% discount to NAV. Which can't remain for long given it's budgeoning retail portfolio and stake in BISI (which gives it low risk exposure to the Far East booming economy).

[skyracer] 19/3/2004 10:59

Hi C2i, results this Monday. After the BISI results I had a little go at working out the LAS results. I reckon NAV of £59.7m which is about 73.4p/share, this is after paying out a dividend of 1.6p. However it depends on the revaluation of the company investment properties, £2.408m last year seemed a bit mean but I have stuck with this again. 2003 was a better year for capital appreciation of retail investment properties than 2002 so I may be on the low side. Also Analytical Properties is a bit of a dark horse.

[contrarian2investor] 18/3/2004 22:12

Great news today for BISI up to a new high. However once again no significant increase in the value of LAS. Will this be addressed next week? Not long to wait now. C2I.

[diogenesj] 28/2/2004 18:39

I'm one of them: been holding since October at 40.88p. There's a certain shortage of news, but the price action seems to be telling us something.

[contrarian2investor] 27/2/2004 22:13

Skyracer great to hear from you again.

Spob with time everything becomes clearer, clarity my friend is a priceless commodity. LAS is coming to the attention of other value investors. Including those who are positioning themselves prior to the results and also those buying in for the impending issue of REIT's. All of which will help the discount to NAV fall even further IMO. C2I.