London & Associated Prop... Share Discussion Threads

[mw8156] 31/10/2005 19:28

I make BISI worth about 15p to LAS but if they sold perhaps they would have to pay tax so 10 p may be about right. After marking debt to market value and allowing for deferred tax Las may be only 5% or so undervalued though that would change if they ever get round to introducing PIFs or REITS?

[skyracer] 28/10/2005 16:57

Interim results as expected, net rental income maintained. Cash £8.0m; they spent £0.56m and £2.7m on property so would have been over £11m otherwise. Now very substantially undervalued IMO. LAS on low rating relative to peers some of whom trade at a premium to NAV. Also, at 295p BISI holding adds a whopping 10p to value of LAS.

[skyracer] 12/10/2005 12:55

Interim results next week, earlier than anticipated. Expect them to be good. LAS were buying back at 104p in June then at 105.5p in July so I would imagine they would be on the buying trail again post-results unless this rises well above 105p. Despite the tender offer LAS should still have c£11m in cash. I support a continuation of buybacks, its good use of funds given the large discount to prospective NAV.

[mw8156] 13/8/2005 14:11

Stake in BISI again a positive for las.

[skyracer] 02/6/2005 10:26

And now a Tender offer for LAS. Neat. You can either take the cash or increase your % by holding. Win/win situation IMO.

[skyracer] 23/5/2005 08:57

Now an offer for Pillar Property

[skyracer] 16/5/2005 11:15

After the offer for TOPS I notice BXTN are on the move.

[topvest] 10/5/2005 21:14

Yes, that's what I was thinking. All depends on whether the family want to sell I guess. Quite happy to hold really, but probably not a bad time to sell retail assets. Tops Estates may have got the timing right!

[mw8156] 09/5/2005 15:54

Up today on the back of the TOPS takeover.

[mw8156] 10/4/2005 14:42

These look cheap but I am not so certain of the retail outlook.

[clond] 08/4/2005 15:42

why 16 months for dividend though ?

[skyracer] 29/3/2005 17:30

Another 50k purchased.

[skyracer] 24/3/2005 19:59

Looks like large BUY order. 225k purchased in last 3 days so far.

It is worth pointing out that the stated diluted NAV (114.77p), which includes BISI holding at market value, is an end of year figure. BISI stood at 207p then and is now 257p which adds a further 2.67p, giving 117.44p.

[topvest] 23/3/2005 20:53

Yes, very good. NAV is 110-115p and so the shares are still not expensive. This has performed very well for me over the last 3or 4 years. Happy to hold for another 3 or 4. A very tidy company.

[skyracer] 21/3/2005 09:36

Good results as expected. From a shareholders perspective remember to add 1.65p to the NAV as LAS are >D until 15th June.

[topvest] 20/3/2005 17:33

Is that including the Bisichi stake or not?

[clond] 04/3/2005 15:22

Valuation of company assets last March had these at 90p - now I feel they could be as high as £1-10.

[skyracer] 04/3/2005 15:02

Expecting good results. LAS hold 4356k BISI shares which at todays 272p have a market value of £11.8m whereas their valuation in the LAS Interim accounts was only £4.8m.

[mw8156] 27/2/2005 13:52

Bisi results tuesday therefore las on the same day?

[mw8156] 23/10/2004 10:20

Las' stake in BISI is coming good.

[spob] 04/10/2004 08:35

Central London office deals leap
By Jenny Davey

Timesonline /Business


OFFICE lettings in Central London soared to their highest level for two years during the third quarter, according to new research from Cushman & Wakefield Healey & Baker, the property consultants.
Cushman said that office take-up hit 2,285,230 sq ft, the first time that lettings have exceeded 2 million sq ft since the third quarter of 2002. The figure is roughly equivalent to two Canary Wharf towers.



Office take-up in the year to date across London is up 60 per cent on the same period last year, when take-up dipped to its lowest levels since the early 1980s. The revival of demand has been driven by financial and professional services firms, as well as hedge funds and creative companies.

In the third quarter, the biggest deals included the letting of 440,000 sq ft to the Metropolitan Police at Land Securities’ Empress State development in Earls Court and the letting of 140,000 sq ft to the Treasury Solicitors at 1 Kemble Street, Covent Garden.

The rise in lettings helped to trim Central London vacancy rates from 12 per cent at the end of last year to 11.2 per cent. Vacancy rates are tipped to fall further, with less than 4 million sq ft of new offices set to be completed in the West End and the City before 2006.

Demand for Central London offices remains strong at 14.4 million sq ft, with companies including Yahoo!, the internet group, and Standard Chartered seeking space. Cushman said the recovery had been led by the West End market, in which take-up hit its highest since December 2000 in the third quarter, at 1,155,425 sq ft. The figure is double the 576,000 sq ft let in the second quarter of 2004.

The City of London market remains cooler, with take-up down 16 per cent on the second quarter at 1,129,805 sq ft. In the City, 12.7 per cent of office space is available, against 8.2 per cent in the West End. However, Cushman said the City was showing signs of recovery, with supply dropping.

[skyracer] 01/10/2004 14:38

There you go. Personally I'd prefer a line chart Spob.

[artful dodger] 30/9/2004 16:47

I've joined the party today. If for any reason,just to stop spob talking to himself the whole time...


errr guys,the chart in the header is fine,but could we have a chart also that covers more than one.....day?

thanks

[spob] 28/9/2004 08:16

Anyone have the highly respected tipsheet which covered LAS recently ?

Love to know what they said - Anything new ?