Schroder Real Estate Inv... Share Discussion Threads

[nexusltd] 27/6/2022 11:51

@skyship. CBRE stats usually published between 7th and 14th of following month.

[skyship] 27/6/2022 07:36

nexus - an interesting piece of work. We'll see how it pans out.

When do we get the CBRE June stats?

[nexusltd] 26/6/2022 22:14

Cumulatively applying the CBRE April and May stats to SREI’s March 2022 portfolio mix.
- May NAV estimate: 80.8p
- Discount on 52.3p closing 24th offer to May NAV estimate: 35.2%

Edit: NAV estimate does not include accrued income.

[skyship] 26/6/2022 14:58

Dividend & NAV to end June was declared on 19th July last year - so perhaps only 3weeks to wait.

[my retirement fund] 24/6/2022 10:59

Good to see people piling in at these levels. What are those trades listed AQSE about, not seen them before.

[riverman77] 24/6/2022 08:58

Added too. As well as being fixed, their debt is also long term (I believe around 10y and the longest amongst its peers). Long term, fixed debt is exactly what you want in an inflationary environment as it gets eroded in real terms.

[ec2] 24/6/2022 08:51

Topped up today 50.31p. Their very low fixed borrowing costs (lowest in the sector) are very much a positive for me along with the 34% NAV discount.

[shieldbug] 23/6/2022 17:17

I added a few. Crazy. Could drop further. Everything could drop further.

[my retirement fund] 23/6/2022 16:16

Yes I've had a few too

[skyship] 23/6/2022 15:55

Went onto the order book for a few at 50.4p - was hit immediately. That AT seller really means business; but why. At 50.4p the discount = 33.5% and the yield = 6.31%.

Now at 6.7% allocation versus my 10% MAX - so will have some more before the close perhaps.

[skyship] 23/6/2022 15:52

Personally I'm long wine every day; but when you live in France you feel it's your duty to the local vignerons!

[spectoacc] 23/6/2022 15:28

Thanks @giltedge1. Interested to hear what sellers of SREI etc are buying. Personally SHED looks not bad here, finally at a decent NAV discount. ASLI OK but EBOX cheaper ;)

Slow-motion bloodbath occurring in the small REITs, and rare to see no dcb.

Pays your money & takes your choice, but I seem destined to get all my favourites cheaper still.

I'll then happily sit on them for divis.

Could be worse - could have been long WINE today.

[giltedge1] 23/6/2022 11:09

I recently sold SREI, (& SHED) for good prices for once, to reinvest in other opportunities. I like the company more proactive than others, infill Industrial buildings, regear leases & have backing of Schroder Property team who have extensive resources, so happy to buy back when in funds. But I diversified to Europe & in Euros, ASLI as UK REITs seem correlated, & not investing all my pension fund on Boris. I would avoid house builders at the moment as too many unknown variables.

[spectoacc] 23/6/2022 08:59

We just dipped below 51p :)

Good luck - have been buying higher. We've not had falls like this for a while - a steady drip of lower prices, zero panic, but all my REITs are lower & been adding in particular to UKCM, EBOX, SREI.

Stretched to some PSN today too, as if I wasn't property-exposed enough already. Just can't see how everything isn't priced in already (eg 3% interest rates, & recession).

[skyship] 23/6/2022 08:36

The chart suggests we could sell off down to the end Feb'22 low at 50.25p; still, decided to re-join at average 51.9p - keeping some in reserve should we break down below 51p.

At 51.9p that = a 31.5% discount and a 6.13% yield.

Bearing in mind their great debt deal (13yrs at 2.3%) and 47.5% Industrial, SREI again looks a real bargain.


free stock charts from uk.advfn.com

[spectoacc] 22/6/2022 21:44

Agree re recession, but the markets will also turn again well in advance of it.

Trouble is, no one has a crystal ball. But recession = demand destruction = lower inflation, & markets will love an interest rate peak (albeit it we may be waiting until 3%).

The REITs haven't been this unloved for a while, and the next NAVs (& the qtr after) will be interesting.

[nickrl] 22/6/2022 18:30

MRF that is fair assumption but SREI have reasonable income protection for several years albeit if this turns into the 1930's then all bets are off.

[my retirement fund] 22/6/2022 17:52

In these markets cheap only gets cheaper. The recession has barely begun.

[rambutan2] 22/6/2022 16:36

Bought a few at under 52p. Seems too cheap, especially taking into consideration what was said in the very recent manager presentations.

[rambutan2] 22/6/2022 15:41

I noted that CREI recently added some 10yr debt but had to pay 4%. Made me think of the deal SREI has.

[my retirement fund] 22/6/2022 15:34

Food for thought, Shareprice = 52p. 31% discount to NAV on a yield of 6%

[nickrl] 22/6/2022 12:53

i thought the other way and 60p was next stopping off point after last weeks results but clearly others aren't convinced.

Several others are now getting back to big discounts with RLE/RGL both close to tipping into 9% yields by calcs. The former of no interest but RGL getting tempting although being virtually all office now leaves them as a bit of one trick pony compared to BREI etc.

[my retirement fund] 22/6/2022 12:39

Sub 50p on the cards I fear

[hindsight] 19/6/2022 12:33

Base rates one thing, borrowing on the curve another. Imagine banks will want intrabank + credit risk now