Schroder Real Estate Inv... Share Discussion Threads

[spin doctor] 01/10/2020 21:30

Interesting action today at SREI's 'European cousin' SERE. Looks to me to have a solid portfolio, and remains at almost 50% discount to today's revised estimated NAV.

[spectoacc] 01/10/2020 19:56

Stepped up a gear in size & price.

[skyship] 01/10/2020 17:44

01/10: 2.833m bought in @ 32.00p. Highest price paid 32.05p

[skyship] 30/9/2020 17:45

30/09: 319k bought in @ 32.00p. Highest price paid 32.05p

[speedsgh] 30/9/2020 11:48

"It's not right though and the government want to start doing somethiing about tenants than won't pay which can pay."

Fat chance. The govt supporting property owners (or landlords to use the often preferred archaic term) in preference to tenants who employ much larger swathes of the public is hardly a vote winner. I know that is a gross simplification of the matter but most likely how the majority of voters see it. 'Who cares if some well-capitalised tenants are taking advantage of the situation and withholding rent payments from those greedy landlords.' I suspect that is how the public will see it. Is it fair? No. Life rarely is. AIMHO

[essentialinvestor] 30/9/2020 11:47

I'm hoping some sense will prevail next year.

There is growing criticism of the government in the Tory suppoting press,
a quick glance at today's Telegraph spells this out.

[cc2014] 30/9/2020 10:26

You are both probably right. It's not right though and the government want to start doing somethiing about tenants than won't pay which can pay.

[essentialinvestor] 30/9/2020 09:44

I'm not so sure on the nobody may do business with them.

Look at the history of Regus, there is a pattern.


One of my friends works for Mark, says he can be a little scary.

Perhaps no surprise there.

[nickrl] 30/9/2020 09:39

CC2014 trouble is they will have squeezed everybody else out so will be the only retailers left in town.

Whats the probability of them buying up freeholds again though?

[cc2014] 30/9/2020 09:36

I would guess that some of those that can pay but won't pay will find no-one wants to do business with them as the market picks up in x years time. Or they have to pay a premuim for their space. Mike Ashley for example.

[essentialinvestor] 30/9/2020 09:22

Yes, referenced that on the BREI board.

UKCM not trading on the same deep discounts of some REITS,
perhaps because of size and very low gearing.

However, they still face a similar environment.

Notice some REITS have recently mentioned 'grey space' coming on the market.

Savills on that topic:



Tempted to have a small amount of RGL near current levels, but tbh don't have the confidence to buy.

[spectoacc] 30/9/2020 09:16

UKCM, but interesting, albeit nothing we didn't know:

[skyship] 29/9/2020 18:42

29/09: 750k bought in @ 31.36p. Highest price paid 31.60p

[skyship] 28/9/2020 20:49

28/09: 366k bought in @ 30.89p. Highest price paid 31.20p

[essentialinvestor] 28/9/2020 17:23

There has been some institutional buying in the sector, GPOR last week,
MCKS recently.

Great Portland was Up around 12% at one point today, which given the Central London
headwinds seems extraordinary.

[skyship] 28/9/2020 16:46

Was expecting a far better day from SREI!

[skyship] 28/9/2020 16:43

Yes, interesting leaps in all the London plays on the back of the KKR purchase into GPOR

[spectoacc] 28/9/2020 14:20

Nibbled some more - seems to be a dash for trash in the REITs today, but barely including SREI.

(Well done DLN @EI)

[skinny] 28/9/2020 12:39

Some interesting posts!

[essentialinvestor] 28/9/2020 12:12

Some extraordinary moves today in the sector, helped by Brexit deal optimism.

Managed to exit DLN at a handy profit, but sold about an hr too soon.

[essentialinvestor] 27/9/2020 23:28

Mark is also Monaco based.

[eeza] 27/9/2020 23:03

Try this link

hxxps://www.bmmagazine.co.uk/news/regus-owner-iwg-slammed-by-landlords-after-threat-to-dissolve-790m-of-lease-guarantees/

[nickrl] 27/9/2020 22:42

Specto behind a paywall but ive got the gist off Sharecast - pretty aggressive behaviour and nought landlords can do but I guess. Thin edge of the wedge here as it forces other to seek reductions as well to stay competitive and the race to the bottom continues.

[spectoacc] 27/9/2020 21:17

Slightly OT, but the article on Regus/IWG well worth reading in the ST (@nickrl, you'd like this).

Basically, IWG have all their leases at Jersey subsidiary, have pulled a massive divi out, and now threatening to wind it up to remove all lease liablities.

Or in other words - the non-payers who are taking advantage of the govnt moratorium are not only likely to remain non-payers, but to come back on much lower rents.

[skyship] 27/9/2020 13:15

EI - £15m at around the 31p/32p level would buy back 47m shares versus the approval for 78m. So far they have bought back 5.62m (c1.1%) @ 31.57p average.

IMO they will get nowhere near your 47m as to do so relies upon continuing sales, which I consider highly unlikely at this level.

Still, I have no crystal ball - in common with everyone else of course!