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Share Name Share Symbol Market Type Share ISIN Share Description
Schroder European Real Estate Investment Trust Plc LSE:SERE London Ordinary Share GB00BY7R8K77 ORD GBP0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.40 -1.81% 76.00 74.80 77.00 76.40 76.00 76.40 224,648 16:29:45
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.9 9.7 5.0 15.0 102

Schroder European Real E... Share Discussion Threads

Showing 76 to 99 of 100 messages
Chat Pages: 4  3  2  1
DateSubjectAuthorDiscuss
26/10/2020
16:07
Sharpshare - message for you on the JDT thread
skyship
22/10/2020
10:11
"As at 30 September 2020, the property portfolio was independently valued at EUR268.6 million, an increase of 9.8%, or EUR23.9 million, on the 30 June 2020 valuation of EUR244.7 million" "Unaudited NAV as at 30 June 2020 of EUR178.4 million or 133.4 cents per share," So 30 Sep 2020 NAV about EUR 178.4m + EUR 23.9m = EUR 202.3m shares in issue: 133,734,686 NAV per share 151.26c or 136.7p (GBPEUR 1.1065)
sharpshare
22/10/2020
10:01
Rent collection and property valuation update - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/rent-collection-and-property-valuation-update/202010221045019285C/ Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today provides an update on rent collection, alongside a quarterly independent valuation of the property portfolio as at 30 September 2020. - Approximately 88% of rent due as at 21 October 2020 has been collected, which is ahead of the amount collected in the previous two quarters. - As at 30 September 2020, the property portfolio was independently valued at €268.6 million, an increase of 9.8%, or €23.9 million, on the 30 June 2020 valuation of €244.7 million. - The valuation increase during the quarter was driven by a number of successful asset management initiatives across the portfolio which included: o Exchanged contracts to sell its Boulogne-Billancourt office asset in Paris for approximately €104 million. The sale is structured as a forward funding, with the building being handed over to the purchaser in H1 2022, following completion of a comprehensive refurbishment which is being undertaken by the Company. The refurbishment and sale follows the agreement of a new 10-year pre-let contract with existing tenant Alten in June this year at a rent 39% higher than the previous rent paid. As at 30 September, the property is held at a valuation of €65.2 million, which reflects the sale price, less an adjustment for the costs, risk and process of the refurbishment. The asset was valued at €41.6 million as at 30 June 2020. o A new five-year lease agreement for a further floor at its Hamburg office investment, representing c. 10% of the lettable area. This resulted in a valuation increase of €0.6 million. o SERE's 50% interest in the Seville shopping centre witnessed a valuation decline of €350,000 or 1.6% over the quarter, resulting in a total valuation decline of 8.6% since the 30 December 2019 valuation (the last quarter not impacted by Covid-19). Recent successful asset management initiatives, including the expansion of the supermarket has helped defend further valuation declines. - The Company remains prudently geared with a loan to value, net of cash, of approximately 25% as at 30 September 2020, with no debt maturity before 2023. In line with previous years, the 30 September 2020 NAV will be included in SERE's full year results for the year ending 30 September 2020, which will be announced on 9 December 2020. There will be a live webcast presentation for analysts and investors on the morning of the results.
speedsgh
07/10/2020
11:48
I will write EI, but like you dont expect too much. Im getting twitchy re covid and the general price bounce in the sector
hindsight
07/10/2020
10:56
Is that deal definite, meaning is the buyer now legally obliged to complete, or is that the next stage. That's a key element to clarify.
essentialinvestor
07/10/2020
01:30
I sold RGL to buy SERE. The discount is much larger and the sale of the Paris development gives me a lot more confidence in the valuation of the other assets.
apollocreed1
06/10/2020
12:21
hindsight, it's a vaid question, although I'm not sure what the legalities are. You could always ask Schroders directly, should be contact details on the IR site, would doubt they would comment further though.
essentialinvestor
06/10/2020
12:10
Why I ask, is that a blue chip company or a regus offshore type differ a bit these days Imagine when they have half proceeds "50% of the price is to be received on exchange of the definitive deed prior to this calendar year end 2020" things be safe as no doubt have dafault clauses, but till then its thier word if dont know who they are dealing with
hindsight
06/10/2020
11:58
The buyer has not been named, unless im misreading the above?. And how can a refurbishment project take until 2022?, that makes no sense to me. They should have provided more detail and clarity
essentialinvestor
06/10/2020
10:55
"The sale is structured as a forward funding, with the building being handed over to the purchaser in H1 2022" So buyer not directly named then?
sharpshare
06/10/2020
10:40
Yes, as apllies to any other property business. I'm not convinced of the investment csse here, but will keep this on a watchlist
essentialinvestor
06/10/2020
09:34
Isn't the NAV value subject to some downward revision on some assets ie the Seville shopping centre ?
red ninja
06/10/2020
08:05
Sharpshare, did it name who the buyer was ?
hindsight
05/10/2020
22:31
Think it's worth keeping an eye on, however what I'm less confident on is attempting to access the value of their other assets. Would be nice to see a few BOD buys. Not sure if the new COVID restrictions in Paris from today impact the construction project as the office refurb is still ongoing. Also is that a definite sale?, I'm unfamiliar with the Frech commercial property buying process. Can the buyer still withdraw from the contract before December etc.
essentialinvestor
05/10/2020
22:26
thanks, surely larger capital base means costs spread out over more assets? yes the seville deal looks like a disaster, but even so, with roughly 25% of the portfolio being crystallised at a significant premium to NAV, this leaves the remainder of the portfolio trading at such large discount, you could write that value down to 0 and still discount the remainder of the portfolio by a significant amount, and still leave a margin of safety on the current valuation.
m_kerr
05/10/2020
22:14
The capital increase since inception is circa 11%. Not including the Paris sale which is yet to conclude. Seville was a really poor buy imv, that hasn't helped sentiment. It's only a 50% share in that development which is arguably even worse if they wanted to exit.
essentialinvestor
05/10/2020
22:06
this trades on quite a large discount. any reason? i'm looking at this and thinking the only bad asset is the seville shopping centre which is about 8-9% of gross assets. they seem to have a good logical case behind each asset, and there's modest leverage. only fly in the ointment other than seville is the high ongoing charges? they seem to be going up and up year on year. 2.95% at the latest half year results. any one invested and have any idea why this is?
m_kerr
05/10/2020
14:36
Well in terms of the current situation it looks like Paris is going back in to lockdown.
essentialinvestor
05/10/2020
14:33
Need to look to the future!
sharpshare
05/10/2020
13:30
Ah right, I see what you've done. Pulled forward a muli year transcation and added it on to current NAV now.
essentialinvestor
05/10/2020
10:37
June NAV 133.4c "The final sale price of approximately €104 million will deliver net sale proceeds of approximately €70 million when completed, after deducting the c. €30 million cost of refurbishing and re-letting the building. This represents a profit on cost of c. 35%. The sale proceeds will be received in stages and the Company expects the NAV to increase incrementally as sale receipts occur. 50% of the price is to be received on exchange of the definitive deed prior to this calendar year end 2020, with the remainder payable in installments over the subsequent 18 months as construction is completed. The overall increase to the most recent published NAV as at 30 June 2020 is expected to be approximately 15%, subject to programme and cost." 15% of 133.4c is 21.3c New NAV 154.7c or 141p (GBPEUR 1.097)
sharpshare
05/10/2020
09:47
Where do you get 1.41 from?.
essentialinvestor
05/10/2020
09:30
SERE looking good value after recent sale announcement. price 70.5p NAV after sale of biggest asset around 141p so discount 50% look through net LTV about 0% Div yield about 7.25% low downside, good upside?
sharpshare
03/10/2020
16:42
This was an arguably costly mistake: Https://www.propertyfundsworld.com/2017/05/23/252027/schroder-european-reit-acquires-seville-shopping-centre Since acquisition they have spent €0.8 million on refurbishment and referenced growing competition in Seville. It also appears to be worth less than the purchase price.
essentialinvestor
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