Schroder Real Estate Inv... Share Discussion Threads

[skinny] 19/11/2014 07:23

IrnBru2 - we are not (well certainly not me) invited to the party - it is a placing only.

"Participation in the Placing will be available only to persons falling within Articles 49(2)(a) to (d) or 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005. Such persons are invited to apply for New Shares by contacting their usual contact at Numis and J.P. Morgan Cazenove. "



The Company announces that it has acquired a retail warehouse in Bletchley,
Milton Keynes for £9.9 million, reflecting a net initial yield of 6.5%. The
property is let to Matalan Limited for a further 6.5 years at a rent of
£675,800 per annum.

The property comprises a freehold, 51,488 sq ft, retail warehouse in a prominent
position on the south side of Milton Keynes adjacent to the junction of Watling
Street and the A5 dual carriageway. The property adjoins a Tesco superstore and
is a short distance from complementary retail warehouse occupiers including


IKEA and retail parks such as Beacon Retail Park.

The property has a flexible planning consent permitting all retail uses except
for food and has a site density of 35% with potential for future
intensification of use. The rent paid by Matalan equates to £13.14 per sq ft
which compares to the rent at Beacon Retail Park of approximately £20 per sq
ft. Matalan have sublet 8,500 sq ft of the property to Carpetright Plc at a rent
equating to £16.25 per sq ft.

Following completion of the acquisition the Company has cash, after adjusting
for transaction costs and this quarter's dividend payment, of £15.6 million.
This results in a net loan-to-value, based on the independent valuation as at
30 September 2014, and prior to any equity raised under the proposed placing
announced on 17 November, of approximately 31%.

[irnbru2] 18/11/2014 17:50

Are you guys taking up the shares.

I did the last time, has worked out well.

[skinny] 18/11/2014 13:18

Sorry Envirovision - my comment was slightly tongue in cheek.

I agree with you entirely - particularly the timing.

These are in the 'not too stressful' part of my SIPP and I'll continue to hold for now.

Net Asset Value - a near 10% premium.

[envirovision] 18/11/2014 12:52

The falls inevitable really as its more dilution.

edit all above nav as well, where is the value?

[envirovision] 18/11/2014 12:48

In general, dare I say they raised money and watered down holders to maintain LT in the bad times when they should have been buying, then they raised money to buy in the good times and cut the divi, all backwards really.

Ideally you buy in the bad times for yield and capital gain in the good times, they've done it all back to front!

eg they like a bit of sell low, buy high don't they, rather than the buy low sell high.

[skinny] 18/11/2014 12:11

With the near 3% price fall?

[envirovision] 18/11/2014 12:05

Are you impressed skinny?

[skinny] 17/11/2014 07:05

The Board of Schroder Real Estate Investment Trust Limited (the 'Company'), today announces a proposal to issue up to 43.5 million New Shares at 57.5 pence per New Share to raise gross proceeds of up to approximately £25 million by way of a placing (the 'Placing') pursuant to the terms and conditions of the Placing Programme established under the prospectus issued by the Company dated 20 March 2014 (as amended).

[skinny] 17/11/2014 07:04

Financial highlights for the six months ended 30 September 2014

· Profit before tax of £36 million (six months to 30 September 2013: £4.2m)

· Earnings per share of 7.7p (six months to 30 September 2013: 1.2p)

· 13.4% increase in Net Asset Value ('NAV') per share to 55.1p (31 March 2014: 48.6p)

· Fully covered dividend of 1.24 pence per share declared for the six months to 30 September 2014

· NAV total return 16.2% (six months to 30 September 2013: 4.1%)

· Underlying property portfolio delivered total return of 12.7%, outperforming the Investment Property Databank ('IPD') Benchmark Index of 9.2%

· Loan to value ('LTV'), net of cash, of 26.8%

Operational highlights

· Disciplined growth strategy has made a positive contribution to shareholder total returns resulting in a fully covered dividend, a further reduction in leverage and improved economies of scale

· £40.2 million of new equity raised through placing programme in April 2014 has been invested into three attractive acquisitions totalling £43.7 million at an average initial yield of 7.2%

· Disposal of three assets at Olympic Office Centre in Wembley resulted in a realised gain after disposals costs of £15.1 million or 3.2 pps

· Further non-income producing disposals on track including Reynards Trading Estate, Brentford for a base price of £20 million, following receipt of planning, and Coventry Road, Hinckley for £4.525 million, providing further opportunities to recycle capital into accretive investments

[skinny] 05/11/2014 07:33

Net Asset Value

Schroder Real Estate Investment Trust Limited announces an unaudited net asset value ('NAV') of £260 million or 55.1 pence per share ('pps') as at 30 September 2014. This reflects an increase of 8.7% per share compared with the NAV as at 30 June 2014, or a NAV total return, including the dividend of 0.62 pps, of 10%.

[skinny] 29/10/2014 16:35

New high today @58.75p

[envirovision] 25/10/2014 12:22

Held up well in the recent market melt but cant help thinking its now over valued in the face of deflation/stagnation

[skinny] 29/9/2014 09:04

Schroder Real Estate Investment Trust Limited will announce half year results
for the six months ended 30 September 2014 on Monday 17 November 2014.

[topvest] 16/9/2014 20:55

Another very positive RNS today. Excellent!

[skinny] 16/9/2014 07:49

The Company announces that it has exchanged unconditional contracts with
Network Stadium Housing Association Limited (`Network') to dispose of the
Olympic Office Centre in Wembley for £15.4 million, reflecting a net initial
yield of 6.7%. The price compares to the independent valuation as at 30 June
2014 of £10.75 million.

Network, a tenant in the building, has paid a 10% deposit and completion is due
on 19 December 2014 to coincide with expiry of its lease. The Company will
continue to receive Network's rent equating to £514,000 per annum during the
period between exchange and completion. Network is a leading provider of
affordable housing to Brent Council and intends to pursue a mixed use office
and residential redevelopment scheme on the site.

[topvest] 10/9/2014 20:56

Good news again. There are certainly some hidden value in their portfolio which Schroders have done a very good job exploiting.

[asmodeus] 10/9/2014 14:30

The uptrend is actually continuing "big time". Edit (re 428).

[skinny] 10/9/2014 13:59

The Company announces that it has exchanged unconditional contracts with a
wholly owned subsidiary of Barratt Developments PLC (`Barratt') to dispose of
its remaining, non-income producing site at the Olympic Office Centre in
Wembley for £15.25 million. Barratt have paid a 10% deposit and completion is
due on 23 September 2014.

The Company estimates that completion of the disposal will increase the
underlying pro-forma Net Asset Value (`NAV') of the Company, assuming no other
changes following the last reported NAV as at 30 June 2014, by approximately
3.5%.

The disposal is the successful conclusion of a strategy for the subject site
involving securing outline planning consent for change of use from a car park
to 227,000 sq ft of residential and ancillary uses. Proceeds will be redeployed
into income producing investments that are currently under consideration.

Following completion of the disposal of the subject site the Company continues
to own the 74,000 sq ft Olympic Office Centre which as at 30 June 2014 was
independently valued at £10.75 million.

-ENDS-

[irnbru2] 04/8/2014 07:56

PS, the up trend is broken, big time.

[irnbru2] 04/8/2014 07:55

At least,we are not short of cash.

The last placing was over subscribed, we just need to find something to do with it.

I assume Unite will build student accommodation, why are we not doing this.

[skinny] 04/8/2014 07:03

The Company announces that it has completed the disposal of a one acre site
(the `subject site'), comprising part of its two acre Wembley site, to a wholly
owned subsidiary of The Unite Group plc (`Unite Students') for £7.56 million.
This compares to the independent valuation as at 30 June 2014 of £7.3 million.

[skinny] 30/7/2014 07:25

The Company announces that it has exchanged contracts to sell its site at Coventry Road, Hinckley for £4.525 million, on a subject to planning basis, to Redrow Homes Limited ('Redrow'). The price compares with the independent valuation as at 30 June 2014 of £3.85 million.

The property comprises a 9.1 acre former industrial site close to Hinckley town centre and is currently vacant and non-income producing. The disposal of this asset is consistent with the Company's strategy to maximise value from low or non-income producing property.

In August 2013 the Company secured an outline planning consent for 122 residential units. Under the terms of the transaction, Redrow is obliged to make a detailed residential planning application within three months of exchange of contracts at its own cost. This application must be consistent with the outline consent already secured by the Company.

Subject to Redrow securing detailed planning consent and satisfaction of other ancillary conditions, the Company will receive 50% of the purchase price at completion with the balance nine months later. The deferred consideration is secured by a charge over the land and the Company also has potential to receive additional consideration under an overage agreement which is linked to the residential sales values achieved by Redrow in due course.


-ENDS-

[skinny] 24/7/2014 07:06

The Company's announcement of its results for the year ended 31 March 2014 and its Interim Management Statement as at 30 June 2014 highlighted the attractive operating environment that has provided the opportunity for disciplined and accretive growth. This has involved the issuance of 115.6 million shares to raise £57.4 million of equity and the completion of five acquisitions totalling £61.8 million at an average income yield of approximately 8%.

A Placing Programme, established through the Company's prospectus dated 20 March 2014 and approved by shareholders in April 2014, enables the Company to issue up to a further 120 million shares over the period to 19 March 2015, with such shares being issued at a premium to the prevailing net asset value ('NAV') in order to cover the costs associated with the issue. The Company's Investment Manager is actively considering a pipeline of potential acquisitions that satisfy the investment criteria.

It is intended that these potential acquisitions are funded through a combination of (i) the proceeds from property disposals; (ii) the use of a short term revolving credit facility that is under negotiation; and (iii) further equity issuance under the Placing Programme.

The Company, through its Investment Manager and brokers, will continue to engage and consult with existing and prospective new shareholders in connection with achieving accretive and disciplined growth via the Placing Programme over the period to March 2015.

[garycook] 24/6/2014 05:44

Sold out of SREI and put the proceeds into FCRE and SLI for 6% Dividends.

[skinny] 02/6/2014 16:01

A new high @54.75p