Share Name Share Symbol Market Type Share ISIN Share Description
Sirius Real Estate Ld LSE:SRE London Ordinary Share GG00B1W3VF54 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.60p -0.80% 74.70p 74.20p 74.60p 75.30p 73.90p 75.30p 366,450 15:50:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 120.7 124.7 11.0 6.7 764

Sirius Real Estate Ld Share Discussion Threads

Showing 126 to 150 of 350 messages
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
Good news
SRE's p sqm prices are actually relatively low compared to the German average. But then their properties are in secondary locations.
Hansteen has also completed the acquisition, notarised earlier this year, of Zeppelin Park, a 160 hectare industrial park located in western Berlin, for €11.3 million. The park contains 40,134 sq m of logistics and light industrial space in 19 buildings let to 26 tenants, with a current vacancy of approximately 17%. The passing rent is €1.7 million per annum and the target rent when fully occupied will be in the order of €2 million per annum. Around €3 million of capital expenditure cost is expected to be required to achieve the target rent. i.e. 280 euro per sqm on purchase price v. 420 per sqm for SRE Perhaps the SRE estates are very high quality which reflects the higher psm valuation
But earnings are improving and will more with restructuring of the debt. and they're obliged to sell off some of their property to meet the hurdles from Amro.
The large discount to NAV does not compensate for weak underlying earnings. I can see that it might. A much lower level of profit per capital employed will produce good earnings relative to the share price. But clearly that would not produce a satisfactory long term result from a business perspective and if major shareholders cannot be convinced that decent returns are possible they will obviously press for liquidation. But won't be taking a big position as there is obviously risk, even a positive result is likely to take time and dealing these is a pain.
colonel a
Don't really see the attraction here. Weak underlying earnings don't compensate for the large discount in NAV. You are not being paid to hold the shares. Only outer is if management decide to liquidate. I don't see that happening. Too much self interest.
horndean eagle
Yes, I've picked up a few more. The discount to assets is unwarranted. And I reckon the assets themselves are conservaatively valued -judging from sale prices.
Eventually managed to get a few - took a lot more effort than just pressing the buy button - think that with a non-adjusted nav of 54c there's plenty of slack. Although refinancing is far from a done deal it does seem to be progressing and politically nobody is being encouraged to pull rugs.
colonel a
These are at a heavy discount and have decent assetts. Should be able to re-finance, but I suppose the situation in Europe has made it difficult. Finger on the buy button, providing the re-finncing terms are acceptable.
Wish I was ....definitely cant win them all!
RNS does not sound positive. Still trying to re-finance. Sitting on the sidelines for now.
They have got rid of two more dirrctors wonder why
A brief reminder of the multiple attractions of SRE, plus a detailed review of German residential property companies:
Only 3 trading days left to expiry of the loan, news should be any day. Extract from last results: "the facility provided by ABN with an outstanding balance of €91.2m expires on 15 October 2012 and is secured over 16 properties. The Group's management are in negotiations with ABN about a combination of disposing of and refinancing the properties secured under the facility, in order to repay the loan facility by maturity. The progress made on this plan to date is as follows: · Three pieces of property which form part of the properties financed by ABN have been sold or notarised at prices in excess of DTZ valuations generating close to €3.5m of which €3m will be repaid to ABN. · The disposal of the property at Munich Hoffmanstrasse has been notarised for €7m of which €4m will be repaid to ABN and €3m will be released to the Group. · ABN has verbally agreed at this stage to release three properties from the facility for immediate refinancing. Advanced discussions with several banks have taken place to finance these properties plus three unencumbered assets in order to repay €29m to ABN as well as generate free cash for the Group. · The Group's management has been active in marketing the remaining 12 properties within the ABN facility. The initial interest for these assets is encouraging and the Board is confident that these assets will be sold or refinanced in the near future. The Directors are of the view that should the Group fail to refinance or sell the properties secured over the ABN loan facility or should ABN enforce its security against the Group, the loss of income generated from these properties will reduce the overall level of profitability of the Group by approximately €1m per annum."
I hope so aaa1 as I hold a load of these in my sipp. Europe is a mess at the moment.
ROBIZM - "what then", its pretty clear that if they can't refinance they will have to wind the company up, either in a controlled manner if the creditors cooperate or fall in a heap if not. Remember the first loan is secured at asset level so it won't break the company. THe share price has dropped as the refinancing requiremnt approaches so there may well be a bounce if a deal is announced - I'm expecting a stand still arrangement whilst asset sales are sorted out for a large arrangement cost of course. You must bear in mind where these assets are! Germany has strong banks and institutions that do 90% of the lending why would they shy away from lending when Sirius have a secure asset base and pay their debts?
Tbs are not renewing the loan and if they can't renew the other loan then what then
We (thats assuming anyone else is still invested) should be hering from the company anytime now about the refinancing and possible site sales; the price is currently surpressed presumably because of that issue. If there are any vastly undervalued property companies with a stronger case to secure refinancing please let me know. Sirius are in one of the world's best performing rental market this year, lowering costs, within covenents on loans, strong demand for space, improved rates, selling assets at above independent valuation, improving portfolio, over 90% of lending to German property sector apparently through strong German banks and Instis with rising demand. We'll see soon, I added a few more last week as I reckon the share price is already marked down for potential problems and will get well past 20p if a deal is announced, I have no real fear of failure to secure finance (2 weeks left) but they could possibly announce a negotiated standstill/extension agreement if they need more time to organise a new facility.
gr8 news today & more to come?
Don't be fooled by the European doom and gloonm, Germany is still expanding, this from the telegraph coverage of the crisis today: "11.13 German industrial output data is out, and it's smashed expectations. It was thought that we'd see growth of 0.1pc, but it's taken a 1.6pc leap month-on-month. " Sirius are in a great position to make a major recovery when the Euro problem is sorted and all Germany's export markets resume their high demand and manner from heaven if the German's themselves start to spend (which is what we really want as a stimulus). Workspace will attract a higher premium, Germany have also been looking East for new export markets in yhe midet of all the turmoil - as always seems to be the case they will end up winners economically. It's not all doom and gloom LOL.
dalmeny, Yes, the net LTV looks like 50%, and an 80%+ discount to NAV is always attractive. However, as I was actually just saying elsewhere, I've little current interest in Eastern European property - I think it's an exposure that presents a lot of risk, with little upside potential, right now - so it's not for me at the moment. I prefer other similarly cheap stocks with a different country/regional focus, or am happy to buy a stock that might offer less intrinsic value upside but offers an exposure I specifically prefer. Thanks, Wexboy
Have you looked at Ablon (ABL) Wexboy? 80% discount to NAV and a lower LTV than SRE. Cheers, Dalmeny
A major sale can be another catalyst: Let's illustrate with a look at some (current/historical) examples, including Sirius Real Estate:
Hi folks, I've included a fresh look at Sirius Real Estate (complete with v exciting new development!) in my latest Catalyst article, where I look at 4 interesting companies/situations with activist investor(s) on board: Cheers, Wexboy
Karoo buying more controlling 24.99%
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
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