Schroder Real Estate Inv... Share Discussion Threads

[spectoacc] 13/11/2020 11:32

I think you do right, and good for us if the buy-back recommences at these slightly lower levels :)

[skyship] 13/11/2020 11:12

Hi Spec - IMO extremely unlikely to be as much as 3% down, but if so that would deliver 56p and a discount still at 40.2% @ 33.5p.

Compare that with 4 peers:

# BREI @ 60p. Disc. = 36.7%

# MCKS @ 212p. Disc. = 35.6%

# PCTN @ 73p. Disc. = 20.8%

# SLI @ 60p. Disc. = 23.9%

SREI crazy good value. I've re-opened all positions sold into the rise.

[spectoacc] 13/11/2020 10:43

I want to see the next valuation but - agreed, bought a few on the way down earlier (a bit soon it seems).

[skyship] 13/11/2020 10:36

SREI again looking good value ahead of next week's Interims and presumably/hopefully the re-start of the interrupted buybacks. At 33.5p the NAV discount is once again above 40% - actually 41.9% on the Jun'20 valuation of 57.70p...


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[hugepants] 09/11/2020 12:23

You're right. Well spotted.
Just checking and UoL do have campuses in Manchester and Bloomsbury. So post #1043 not strictly accurate.

[skyship] 09/11/2020 11:12

HP - The reference to The University of Law is for Bloomsbury, London. How does that read across to The University of Law in Manchester - or am I missing something else?

[hugepants] 09/11/2020 10:47

Its maybe a better update than at first glance because University of Law are the biggest tenant (6%) and they part occupy City Tower, Manchester which is the biggest single property (10%).

[kirmich] 09/11/2020 09:52

Nice update, room to increase dividend and further the buybacks enhancing nav. Also still nice discount.

[spectoacc] 09/11/2020 07:57

Slightly random RNS 8 days before results, but reads well enough. Never that keen on rent-frees to existing tenants but the increases are good.

[skyship] 08/11/2020 14:32

After a 6-day consolidation down just below 31p, SREI has now climbed away gaining 5% last week and closing in on the post-Tender high of 34.25p on 16th October.

The Interims on Tues. 17th November will update us on the NAV; and should also release us from the buyback restriction of the Closed Period.


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[skyship] 30/10/2020 17:58

Yes, thnx Spin Doctor for yr confirmation re the closed period...

[spectoacc] 30/10/2020 16:15

Isn't SREI's an earlier NAV tho, 30th June? But stacks up well on other metrics too, happy to hold it. 17th Nov seems a while away.. (Thanks @spin doctor).

[skyship] 30/10/2020 11:55

Taken a couple of good REIT turns today. Parked some of that cash just now into more SREI at a smidgeon under 30.8p.

Looking across the piece SREI are the standout BUY; especially when you accept that the buybacks will start again after the issue of the Interims.

At 30.8p the discount = 46.3%. This versus, say, the rallying SLI @ 32.2%, RGL @ 39.4% & EPIC @ 41.6%.

Consider this, an SREI rally back up to 34p (the share price before they interrupted the buybacks) matches a 41.1% discount and a 10% turn.

May have to go back for more - this trade is easy money IMO!

[spin doctor] 30/10/2020 11:30

A mandatory closed period of 30 days applies.

Buybacks ended on 16th October; half year results are on 17th November 2020.

[spectoacc] 29/10/2020 19:21

Same view of Schroders as you @CC2014, and unless it's a closed period, the sudden end to the buyback seems odd. Anyone confirm if in a closed period, and till when?

Only renewed the buyback authority on 25th Sept.

[cc2014] 29/10/2020 16:53

If you work take Skinny's 15.2m shares and multiply by 33p it comes to £5m give or take. A nice round number to buy back.

My guess is they've finished having bought them at high speed and rammed the price up 10% to let their mates out.


I keep looking at the share as I consider it "cheap" or "value for money" or whatever you want to call it, but Schroders don't always seem to be working in the best interests of shareholders, which might of course explain why it's "cheap"

I dunno, got to put my money somewhere and "cheap" may soon overule my dislike for Schroders.

[hugepants] 29/10/2020 16:05

Blackrock have 5.1%. Increased from sub 3%

[skyship] 21/10/2020 16:40

Skinny - actually: 15,207,772 so far.

[kirmich] 21/10/2020 13:00

Maybe dark period, one month before half year results on 17th of november?

[skinny] 21/10/2020 12:46

@8,987,752 so far from a maximum of 76,868,778.

[spectoacc] 21/10/2020 12:37

Silly question, but where did the buyback go?

[skyship] 21/10/2020 12:36

Still good volume on Monday, but dried up yesterday and today, so sellers not tempted at the lower 30s...

[spin doctor] 19/10/2020 16:05

Now we wouldn't want the Company to be paying too much for their shares, would we?

[skinny] 17/10/2020 09:38

Thanks for the update.