Songbird Estates Share Discussion Threads

[sg17] 20/2/2012 11:59

Middle Eastern investors in London's property market increased four percent in 2011 as wealthy buyers looked for a safe haven amid regional political unrest and the sovereign debt crisis, property consultants Jones Lang LaSalle (JLL) has said.
Large family homes in the wealthy areas of Marble Arch, Knightsbridge and Belgravia, ranging in value from $3m to $24m are the most popular properties amongst regional investors but a growing number are looking at investment opportunities in Marylebone and Fitzrovia, according to the firm's Central London Residential Market report.
"London continues to offer solid growth potential and its twinned status as an accessible capital city and financial centre, alongside a stable political system and transparent legal framework, continues to attract interest from across the Middle East," Ben Stroud, associate director of residential agency, development & investment at Jones Lang LaSalle London, said in a statement.
"London's reputation as a safe haven for investors is being reinforced by global troubles not undermined. Additional incentives such as a weak Sterling and a favourable tax system are also making it more attractive amongst a range of potential foreign investors," he added.

London property has long been seen as a safe haven for investment for wealthy Middle East investors. Real estate consultancy Savills in June said MENA homeowners hold 13 percent of London's most expensive property by value with an average spend of £4m.
Harrods Estates, the property arm of the Qatar-owned department store, in August said a Middle Eastern businessman had signed a lease to rent London's most expensive property at a cost of £55,000 ($90,000) a week.
The company said it had seen the average cost of its rented property increase to £4,285 from March to date compared to £1,955 the same period the previous year.
Middle East investors accounted for nine percent of all Jones Lang LaSalle's sales in central London last year, up from five percent in 2010, making them the second largest group of foreign investors behind nationals from Asia Pacific.
Property prices in central London have increased ten percent over the last two years on the back of a shortage of property in the best addresses. Prices in the capital are set to increase four percent this year, five percent in 2013 and peak at eight percent in 2014, said Jones Lang LaSalle.
Rents are expected to increase seven percent over the next 12 months and 8 percent in 2013, "providing a solid return for potential investors," added the firm.

[mafia music] 23/12/2011 18:23

i wounder whats holding this back

what factors are keeping you guys invested? where do you see the upside being

[mafia music] 20/12/2011 18:38

105p looks bargin at these levels...how much further can this fall...is it a double bottom

[salpara111] 30/11/2011 09:41

Mafia - I am not clear why you are posting an article which refers to a refinancing over 2 years ago?

[mafia music] 30/11/2011 08:44

the company does have a huge debt pile.

they get a good divi from CWG

the property market is still unstable ? but london tends to be on the up at the moment compared to anywhere else



this is from Investors Chronical - 27 September 2010

[mafia music] 30/11/2011 08:16

Some news paper links

Profits on time for Songbird Estates - 22nd September 2011



SONGBIRD BACK IN BLACK - Friday September 23,2011



Canary Wharf development continues with new tower - Monday 8 August 2011

[salpara111] 29/11/2011 11:05

When I topped up at 145 I thought it was good value against a NAV of 191.....just shows how wrong you can be!

I have to admit I just cant fathom it at all.

The only class of property asset that is supposed to be attractive going forward is London prime office and Songbird is the only pure play in that asset class, other property groups like British Land and Land Securities tend to be more mixed class and not concentrated in London.

One of the problems with songbird is its ownership structure and the fact that it does not currently pay a divi.

I am well underwater here as I have a tranche at 160 and another at 145 so I need a 50% rise just to get to breakeven.

I will continue to hold as it should not really be able to fall much further...if it got to 95p it would trade at half its NAV which is ridiculous unless we are expecting world war three.

I live near Tower Bridge on the 6th floor of my building so in the evening I can see the warning light blinking on the top of 1 Canada place which at least reassures me that the buildings hav'nt fallen down!

[mafia music] 28/11/2011 22:27

broke through support so what to expect now?
currently at 105.5p so huge discount to NAV

but what potential is there for the share price.
when is the share price likely to reflex the potential.

and how much further can this fall. In a short space of time it fallen from 160 to 105.5
but this stock hasn't been alone , many stocks well loads have suffered so when will the tables turn suppose is a question i should be asking

[mafia music] 23/11/2011 08:29

anyone got much to share here?

[salpara111] 06/10/2011 17:10

I guess the simple answer is that the NAV per share is 194p and it trades at 113.

If someone told you that you could buy a house that had an independent valuation of £194,000 for £113,000 today you would do it....well I would.

I hold quite a number of these at an average of about 147 but not overly concerned.

I live about 2 miles from Canary Wharf and from what I can see it is a thriving

[mafia music] 04/10/2011 15:52

are you a buyer or on the side lines?

what fundamentals attract you to this investment

[mafia music] 04/10/2011 15:52

are you a buyer or on the side lines?

what fundamentals attract you to this investment

[salpara111] 09/8/2011 21:59

At something of a loss to understand what is going on here.

The other big London biased property companies all showed upticks today while SBD continued its freefall. Now trading 77p below net asset value!

It is not a very complicated business, not highly geared with virtually all its space let.

[mafia music] 08/8/2011 18:52

anyone got anything to say on this one..
anything to share regarding the rns today

[salpara111] 26/7/2011 21:13

I added to my holding a few weeks ago at 142.5.

Net asset value was last quoted at 1.87 a share so happy to take more.

Interesting to see the big discount to NAV compared to British Land and Land Securities which are both focused on the South East.

[mafia music] 25/7/2011 19:30

Net cash (outflow)/inflow from financing activities (549.3) 128.0
Net increase/(decrease) in cash and cash equivalents 33.4 (86.5)
Cash and cash equivalents at start of year 1,074.8 1,161.3
Cash and cash equivalents at end of year 16 1,108.2 1,074.8

[mafia music] 25/7/2011 19:04

Breakage costs (40.5) (4.0)

which is a massive amount increase since 2009 of 4

[mafia music] 25/7/2011 18:50

Non current liabilities
Borrowings 19 (3,595.0) (4,249.6)
Derivative financial instruments 20 (297.0) (269.0)
Deferred tax liabilities 8 (109.6) (88.7)
Provisions 22 (10.2) (3.1)
(4,011.8) (4,610.4)
Total liabilities (4,378.3) (4,980.4)


for 2010 and 2009

so thye have a large debt pile

[mafia music] 25/7/2011 18:24

anyone got anything to update here?

[mafia music] 23/5/2011 21:47

anyone still here :D would be nice if they kick started the divi but not sure when that will be

[salpara111] 03/5/2011 16:19

heavy upswing in the last few days....just catching up with the market or something else going on?

[fundementals] 10/4/2011 11:39

Recommended in the Investors Chronicle 1/4/2011 Article ends

The Canary Wharf property market tends to lag the City, where rents have begun to rise, and that, combined with the upswing in prime London-office values, should give Songbird something to sing about this year. Frustratingly, the shares have hardly budged since our buy tip (166p, 16 Apr 2010), yet the rationale for buying looks stronger than ever. Buy.

Full article availble on IC website.

[fundementals] 10/4/2011 11:28

7/1/2007 Market Cap was £617.65M according to Yahoo (sp=346)
29/1/2008 Market Cap was £306.37M according to Yahoo (sp=158.75)

[mafia music] 19/3/2011 20:58

anyone know what the market cap was with songbird back in 2007 and 2008?