Standard Life Investment... Share Discussion Threads

[cwa1] 13/5/2021 08:24

Ex the .89p dividend this morning, to be paid 28/5

[essentialinvestor] 12/5/2021 17:49

From memory a yield of around 7% was mentioned on their current largest solar energy investment.

[spectoacc] 12/5/2021 17:39

That could be the angle. Not forgetting they're also recovering back rent through the courts successfully.

[essentialinvestor] 12/5/2021 17:08

The B&Q warehouse was a chunky buy but looks astute now.

Office sector exposure will likely fall to circa 30% once
new investments are made.

Would tend to give Jason the benefit of the doubt on reinvestment.

As SLI recently referred to the current dividend being sustainable,
all be it kept under review, would expect it to remain around current levels.

They operate 6 current solar PV schemes with 20 more on the way.
As ESG is now on corporate priority lists monetising this looks astute.

[frazboy] 12/5/2021 15:42

Is the market worried about dividend cover? 5.3% yield to buy right now.

[spectoacc] 12/5/2021 15:23

Frustrating work buying any, there's clearly stock around.

[2wild] 12/5/2021 14:55

Added to SLI at 66.8p.

[hindsight] 12/5/2021 14:53

I hold SHB from dark days but not sure I would add more. On that note been hit at 66.5 here, someone wants out
Edit Saying that sold some shb at 650p area and put into bcpt at 72p area a while ago, cant say i would swap back yet but getting there

[spectoacc] 12/5/2021 14:11

SHB 45% rent collection to 31st Dec, as at 19th Feb- maybe a decent recovery play but think I prefer the ones collecting better.

West End etc surely going to require international travel opening back up, & no idea when that'll be yet (other than us, Israel, Chile, & Australasia - & we've enough of pan pipes already).

[essentialinvestor] 12/5/2021 14:07

hindsight, think that may be wise, it's an interesting debate.

Does anyone consider SHB may be interesting?.

[hindsight] 12/5/2021 13:54

Personally have marked office ERVs down 10% from what ITs say. Time will tell, one thing is clear and thats that building cost inflation is strong
On other side is will the relaxation in planning rules depress land values

[essentialinvestor] 12/5/2021 13:38

Spec, tend to agree and noted the office disposals mentioned on the update.

I'm guessing uber prime London office will remain in demand,
particularly non tower buildings.


Will there be sector beneficiaries from any dislocation in
commercial office?, IWG maybe (don't hold).

[spectoacc] 12/5/2021 12:09

Agree still too early, but surely no one expects offices to be as popular/attract the same rents as previously. Wonder how the offices market will split - RGL always talking up their regional ones. But "over-let" will surely become a feature - lower rents on renewal, deterring capex.


"Jason Baggaley, fund manager of SLIPIT, commented: "COVID 19 has accelerated trends in real estate, and in particular for offices. We completed a thorough review of our portfolio last year and as result decided to sell these three assets in addition to the sales undertaken in December 2020 to align the portfolio with increased ESG integration containing future fit assets. We look forward to reinvesting the proceeds into assets that will better meet the Company's needs". "


I like what SLI are doing, but where they spend the money/how easily they replace the income will be key. Been no sign of any purchases yet.

Could knock 5% off the entire portfolio & still be cheap.

[nickrl] 12/5/2021 11:51

Interesting that offices not achieving most recent NAV I wonder how this will play out across wider market as this year progresses. Boris and the support act wouldn't give anything away to journos about changing the WFH mantra on Mondays press conference although by end of month said they will brief out what the post 21/6 world, well England, will look like.

Bloombergs "Pret Index" paints a mixed picture about office workers returning in last few weeks but not really surprising given current govt edicts so still too early to say how this is going to play out but my take is ERV won't be achieved and rent free periods will go up but those who have reset dividends should be able to keep them at that level.

[speedsgh] 12/5/2021 11:20

Investment Transactions -

Standard Life Investments Property Income Trust Limited (SLIPIT) has completed a further sale as part of its portfolio review.

The most recent sale was an out of town office building in Farnborough let to BAE. Following a detailed review of the offices in the portfolio it was felt this asset would not meet future occupier requirements, even with significant capex. The other office sale (announced in the recent NAV statement) was located on a business park in Dartford. The combined sale price of £12.4m was 5.5% below the end Dec valuations (driven by Farnborough). Both offices were over rented and the tenant was not in occupation (but had sublet some of the accommodation).

The third sale was of a small retail warehouse in Bradford let to Halfords and Cubico. The property was over rented, and the sale price of £2.65m was in line with the end December valuation.

Jason Baggaley, fund manager of SLIPIT, commented: “COVID 19 has accelerated trends in real estate, and in particular for offices. We completed a thorough review of our portfolio last year and as result decided to sell these three assets in addition to the sales undertaken in December 2020 to align the portfolio with increased ESG integration containing future fit assets. We look forward to reinvesting the proceeds into assets that will better meet the Company’s needs”.

[essentialinvestor] 12/5/2021 09:33

Nicely done! - and you beat me to the XD mention.

[2wild] 11/5/2021 21:12

Sold 25% just over a week ago at 72.1p and brought back today at 67.7p, ahead of Ex Div day Thursday morning.

[essentialinvestor] 11/5/2021 14:15

Snap, got another 19k @ 67.5.


Have waited for some volatility for weeks as mentioned on the SHA board,
not sure if this is another one day wonder or something more significant,
I'm thinking the former but it's the later that would suit me.
Rising markets great if you want to sell something, less so for buying.

[cwa1] 11/5/2021 13:58

I've slightly reluctantly added as well :-) That's enough for me though now

[hindsight] 10/5/2021 21:53

Added few at close too, thx for heads up EI. Cant say I expect premium as think some of that was offshore value which has been eroded but par will do nicely

[essentialinvestor] 10/5/2021 15:28

SLI has frequently traded at NAV premiums, see little reason why this
should not be the case in future,

Ending of the moritorium would be positive for sentiment.

[essentialinvestor] 10/5/2021 15:26

Added a few.

[cwa1] 10/5/2021 15:25

I'd certainly be happy if that happened

[essentialinvestor] 10/5/2021 14:40

Expect this to trade above or very near NAV within 12 months,
barring some adverse covid development.

Would tend to view any share price weakness as an opportunity to add some,
however wider markets are supportive atm.