Sirius Real Estate Ld Share Discussion Threads

[davebowler] 20/1/2020 08:48

According to Liberum Sirius was at a premium of 30% to NAV on Friday, whereas Summit is close to a 30% discount to NAV. Also according to them the weekly liquidity on shares was higher last week in Summit. I find that strange as I had difficulty getting hold of more Summit last week.

[blackpoolsteve] 06/1/2020 15:36

Yeah, I think you're right Dave,but the NAV has narrowed since you mentioned it earlier on here.

VSL is another anomaly,initially created by Mr Woodford selling. It pays 2p/qtr on a 78p share, with NAV 92p - worth checking out,Dave. Good luck sir.

[davebowler] 06/1/2020 11:10

Worth having a look at SMTP, similar to SRE, Steve?
Well below asset value and cash rich.

[blackpoolsteve] 06/1/2020 08:59

.....but getting a bit rich in premium to NAV - I will be exchanging some SRE for UTL,as the discount to NAV is too wide,+ it pays a 3% divi

[davebowler] 06/12/2019 14:00

SMTP, its discounted rival, also seems to be perking up nicely too.

[petewy] 02/12/2019 13:12

Thanks HPCG. I used to fly Texas always fromGatwwick.

[hpcg] 02/12/2019 13:05

Munich is second only to Frankfurt as a hub in Germany, and has transcontinental flights. Ever wondered why proximity to Heathrow and Gatwick attracts multi-nationals? Schlumberger sited an office at Gatwick at a time where Houston flights used to go from there. All oil and gas is in the South East because as an industry it operates all over the world. Similar for tech, pharma. It makes a massive difference to attractiveness. If you have ever been to Munich the airport is a fair amount of nothing away from the urban area so for logistics services and similar there isn't a hinterland to spread the load.

[petewy] 02/12/2019 09:45

Sirius Real Estate said it had acquired an office complex in Hallbergmoos, near Munich Airport, for €20.2m from local investment company KCM Invest.

Near and airport is relevant how?

[hpcg] 25/11/2019 14:21

Excellent half year, and stonking divi increase and more importantly NAV increase.

Edit - and taking advantage of the low price it pays for money.

[silver tortoise] 16/11/2019 12:16

Yes I saw that during the week too,it said sell lloyds ?? But it's been a good week for the Black horse.I sometimes don't listen to Questor they often get it wrong.

[petewy] 16/11/2019 12:12

Daily Telegraph's Questor: Our replacement for Lloyds is Sirius Real Estate and offers scope for much faster rises in the dividend in our income portfolio.

[hpcg] 02/10/2019 16:55

What struck me in their announcement today is that their revolver is at 0.9%.

[davebowler] 02/10/2019 16:03

Liberum:Mkt Cap £745m | Prem/(disc) 8.4% | Div yield 4.2%EventSirius Real Estate has delivered a reasonably positive trading update for the six months to September 2019, with like-for-like rental income growth of 0.9% in the half-year. Like-for-like occupancy has remained steady at 85%. The company has completed more than 50,000 sqm of new lettings, offsetting the impact of vacating tenants, including 25,000 sqm on newly acquired properties. The Titanium JV completed in the period, releasing €70m of net proceeds back to Sirius. The company has c.€170m of firepower to fund acquisitions and €66m of assets were notarised in the period (c.7% acquisition yield).  Liberum viewThe occupational market has improved over the past four years, which has enabled the company to generate a material increase in both portfolio occupancy and the average rate per sqm over that period. Sirius has generated a NAV total return in excess of 15% for four consecutive years, driven by operational gains in addition to an uplift from yield compression. The company's capex investment programme is delivering significant gains and there is considerable scope to increase this across the portfolio. Approximately half of the vacant space in the portfolio is going through the capex investment programme. The key risk for the company is the slowdown in the export-orientated manufacturing sector. The services sector has held up reasonably well to date but would be at risk in a prolonged contraction. 

[hsduk101] 21/9/2019 13:20

Its now his its 75 market set out by peel. I saw alot of automated sales at COP friday

[davebowler] 16/9/2019 09:21

Funds managed by Blackstone have agreed an all-cash transaction to acquire all of Dream Global REIT's assets and subsidiaries for CAD $6.2bn. The price represents a 9.1% premium to the June 2019 EPRA NAV.

Dream Global REIT owns a portfolio of predominantly multi-tenanted office properties with a value of c.€4bn at 30 June 2019. The majority of the portfolio is located in the Top 7 German cities. The portfolio has a vacancy rate of 7.3%, a net initial yield of 4.7% and a weighted average unexpired lease term of 4.8 years.

Liberum view

The acquisition highlights the strength of investment demand for German commercial property. Total investment volumes for commercial properties in Germany totaled €24bn in H1 2019. This was slightly down on the prior year although is mainly due to a shortage of supply. Investor demand remains high due to positive market fundamentals. Yields for city fringe and secondary locations continue to compress due to a lack of supply of investment properties. In our view, the transaction illustrates the value offer by Summit Properties (40.3% discount to NAV) given the portfolio similarities.


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According to this ; the Summit portfolio, in contrast to Dream, has a vacancy rate of 7.3%, a net yield of 5.4% (end 2018) and a weighted average unexpired lease term of 10 years.Bit similar but better.

[jeff h] 12/9/2019 16:35

SRE to enter the FTSE 250 in a couple of weeks.

[hsduk101] 02/9/2019 22:52

Good news. Peel hunt has put this down as a buy. New target price of 75. I can see a few other brokers also have it down as a target of 75

[hpcg] 29/8/2019 22:43

Ooh thanks, just checked Barclays, I can see they cover it now.

[davebowler] 28/8/2019 15:09

For what its worth I've been able to buy 10000 SMTP on the Barclays and AJ Bell platforms and more at a limit price.

[davebowler] 28/8/2019 12:53

According to Liberum the NAV return of SRE over the last 5 years was 89% versus 210% for SMTP.
I take your point on liquidity,hpcg, though, with three times the recent daily liquidity in SRE of £600k versus SMTP's £200k.

[topvest] 27/8/2019 17:26

Wow. Got the short term timing right for once.

[hpcg] 27/8/2019 09:57

PSDL and SRE are totally different. SMTP is almost impossible to trade in nominee accounts. I have 3 (of the biggest) providers and none offer it. So I imagine a good degree of its discount is for that reason.

[davebowler] 27/8/2019 08:57

SRE hit a 52 week high last week and traded at a 9% premium to NAV whereas PSDL and SMTP are at at a 30 odd % to NAV.