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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Schroder Real Estate Investment Trust Limited | LSE:SREI | London | Ordinary Share | GB00B01HM147 | ORD SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 41.45 | 41.40 | 42.30 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 25.23M | -54.72M | -0.1114 | -3.72 | 203.55M |
Date | Subject | Author | Discuss |
---|---|---|---|
15/3/2024 13:07 | There may be language which gives the lender the option to call in the loan, but that does not mean it would be exercised. This would make sense where the lender felt they were now structurally disadvantaged, and there could be many ways in which this could manifest. If I were the borrower, I would simply refinance prior to the merger and repay the original loan if I were to be penalised by not being compensated for having a 10 year loan at 2%! There would very likely be the right to repay such a loan according to market conditions, and thereby receive that compensation. I would be very surprised if the asset managers ever contracted a loan in a manner where they could suffer a windfall loss upon early repayment. It would remove their flexibility to alter the balance sheet to their advantage, which is a key need of a REIT. But if their loans were floating rate and they simply hedged with swaps, this whole matter goes away as all swaps are assignable, subject to agreement with swap counterparty "NOT BEING UNREASONABLY WITHHELD". Given that all swaps are daily margined (nowadays), this has almost never occurred absent of, for example, the c/p being Lehmans etc. | chucko1 | |
15/3/2024 11:39 | Flyer - can you give a rough idea as to what percentage of the loans you've been involved with have been subject to a merger? And what percentage of those were consequently called in? | fordtin | |
15/3/2024 10:48 | fordtin - no that's not what is being suggested. SREI's loan is unusual as it is at a particularly good rate and duration. If there was corporate activity with SREI the lender might decide to exercise it's rights. Most commercial loans I have been involved with have clauses that allow the lender a lot of control if things change. | flyer61 | |
15/3/2024 10:35 | How about SREI & PCTN? Similarish portfolios? | speedsgh | |
15/3/2024 10:32 | API & CREI are courting at the moment. Are you guys suggesting all of the loans for both companies will be called in if the marriage goes ahead? | fordtin | |
15/3/2024 10:26 | API and SREI would have been a good combination but Aberdeen and Schroders are never going to agree terms to do that. | nickrl | |
15/3/2024 08:59 | From memory the fair value gain on the debt is only worth a couple of per cent to NAV, so can't believe this alone would prevent a deal. More likely, SREI is probably a bit too small to bother with and not really the right type of assets (a fair chunk in offices which won't be attractive to many). | riverman77 | |
15/3/2024 08:46 | No the point i'm making is I believe there is a clause that a change of ownership means the loan provider can call the loan in. Why wouldn't they! unless there was something in it for them....a new higher loan rate, one off fee etc etc. Everything is negotiable however would it be to an acquirers advantage in this case...I doubt it. Ergo I don't think SREI is going to attract a bidder. Very happy to be proved wrong. | flyer61 | |
15/3/2024 08:38 | IS there any evidence that the loan cannot transfer? I seriously doubt that that is true. any loan provider would consider terms, according to creditworthiness/str | chucko1 | |
15/3/2024 07:25 | It does kill it Spec as I see it. Happy to be proved wrong :-) | flyer61 | |
15/3/2024 07:16 | Really, the loan couldn't go with the purchaser? That probably kills it. Also, SREI's almost too small to bother with - it's not going to move anyone up an index level. | spectoacc | |
15/3/2024 07:11 | This had crossed my mind and I obliquely Asked a question to this effect of the Company. The cheap long term loan would be called in by it’s provider so whoever buys would need to find a new loan. Obviously at a higher rate. Interested in others thoughts as well Raj | flyer61 | |
15/3/2024 06:49 | The board seems to have gone quiet. Im no REIT expert but SREI seems to be a well managed one with conservative debt levels. Its still on quite a big discount. I see they are skewing to a green theme. With the size of SREI wouldnt it be a candidate for a takeover? What are the thoughts of others? | raj k | |
06/3/2024 09:20 | A reminder from Investormeetcompany :- SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED will be holding the meeting Results for the Quarter Ended 31 December 2023 tomorrow at 7th Mar 2024 at 2:00pm GMT. | skinny | |
01/3/2024 08:36 | Starbucks deal looks ok to me 105/850 = 12.35% & 150/850 = 17.64%, 1 Year rent free, which you would expect some incentive. Full Index linked & repairing lease asset & at end of lease I assume worth at least £1M, also improves tone of estates, more footfall next 15 years, leads to better leasing opportunities of other units. Also let Stanley Green at £15 sq ft = £ 1.2 M (when fully let) Cost £9M = 13.33%. Land Securities lets at 5 - 6% on Cost of new buildings as a comparison. From 1st January Buckingham New University rent doubles to £1.2M. I hope will raise valuation greatly, so may try to sell to finance improvements in other Assets. Looks good value at £0.42, yield 8%, NAV over £0.60 when factor in gain on low Fixed Debt. strange how other investment trusts give fair value NAV with gain on loans but property trusts are not allowed too for some reason?. | giltedge1 | |
27/2/2024 20:39 | @garbetklb thanks for calcs that really makes it look a naff deal as i surmised. | nickrl | |
27/2/2024 10:48 | I’m guessing the value of the resulting build goes into assets and they have a long lease so make the kpis move in the right direction. | deanowls | |
27/2/2024 10:22 | Am I understanding Starbucks, Bletchley correctly? I know the following is v simplistic..... In Yr0, we give Starbucks £850k - which we've essentially got to borrow at a commercial rate - otherwise we could use the long term debt for something more worthwhile. At Y1, they give us nothing, but we need to pay interest on our loan At Y2, they give us £105k, which we use to reduce our loan. At subsequent years, repeat to Y15 - then we own the 15y/o drive through in need of refurb. I've used a loan interest rate of 4% and assumed annual rent increases of 2% I make us cash positive in Y11. By Y15, we've accumulated approx £633k - annualised at £42k. Plus the value of the drive through. V simplistic, so I hope someone will tell me where I've gone wrong..... | garbetklb | |
27/2/2024 08:53 | For future info - although not the most intuitive financial calendar, scroll down here to 'Categories' :- | skinny | |
27/2/2024 08:53 | 2027 is also going to come around (or threaten to come around) sooner than it currently feels. But otherwise agreed, and if even site-hungry Starbucks needs 12 months free and £850k.. You'd think SREI might feature amongst the bid interest eventually. | spectoacc | |
27/2/2024 08:46 | NAV down a tad which is no surprise but vacancy rate creeping up above 10% to 12% needs to be watched although they say 2.9% is in solicitors hands or being let but could easily be replaced with more voids so i keep a keen eye on this metric. Good asset mgt but coming at the expense of six mth rent frees so headline rents aren't as good really. We knew about the Starbuck deals but have to say 12mths rent free and 0.850m capex contribution is something i hope they don't repeat as we aint getting any cash back for years here. Remains my biggest holding but i doubt these will ever get above the 52p i paid for them anytime soon but bought them for the yield and despite them pushing the ERV potential at every opportunity am not expecting a divi increase anytime soon. | nickrl | |
24/2/2024 16:14 | Agreed, a well-run trust. Solid and dependable; and with a great B/S due to their locked in, low rate, long-term debt. Perhaps not as cheap as some others (AEWU, API, EBOX, SERE), but one to buy on the dips and wait for interest rates to fall back. | skyship | |
24/2/2024 14:56 | Thanks Garbet It does give the feel of a well run trust. Size matters because costs can be spread so there are advantages in being bigger than they are. How they can manage that is a difficult question to answer. I think it wil come good especially when interest rates start falling. Meanwhile it is a solid hold for me and re-investment of dividends as they arise. | cardinal3 | |
21/2/2024 01:36 | I've noted down 29th - but can't recall where I got this from......! | garbetklb | |
20/2/2024 18:49 | @k_t. Thank you. | nexusltd |
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