Supermarket Income Reit Share Discussion Threads

[philby1] 19/11/2024 09:37

Supermarket Income REIT could be worth £1 a share - here's why

[chucko1] 18/11/2024 19:56

The thing about Carrefour, whether or not a decent store (in general), they are not as financially sound as Tesco. In fact, the French supermarkets are somewhat weak by comparison - or at least that was the situation when I last looked (a few years back).

But I really do not care as I would assert that this is an area which management (Green and Windsor) will be totally on top of - given that they used to try and trade these credit derivatives with me back in the day!! I have actually overseen loans made to (the corporations of) Metro, Auchan, Carrefour and two others that I now forget (Casino, I think was one), and hedged the basket with CDSs. It's a small world.

[nickrl] 18/11/2024 18:25

Prudential bought it back in 2013 so may have been a sale from M&G

[cyfran101] 18/11/2024 16:35

LondonMetric property sold today 73,000 sq ft large format Asda foodstore in Halesowen, for £28.0 million but not to us.

[ghhghh] 18/11/2024 16:33

Gross headline rent £35 per sq ft so high compared to rest of portfolio, hence yield

[marktime1231] 18/11/2024 12:27

I wonder which of SUPR's assets are the lesser performing ones which it says it is actively trying to recycle. Can't be easy to sell a property at a premium if you don't like it.

Buying 7.6% yield with debt costing 4% seems to make good sense. Presumably that debt cost is under pressure though. And I don't see what is wrong with a degree of European diversity if the deals are as good as the UK ones. Sticking with what you know is a fine strategy but having all your eggs in one basket is not.

[wskill] 18/11/2024 12:13

Pleased to see SUPR getting on with their knitting their yield of 8.7% is excellent well run in comparison to other high yielders.

[kenmitch] 18/11/2024 12:06

I agree with everything in your post chucko1. As those of us who have used them will know, there are some excellent supermarkets in Europe, including Carrefour. It looks a great move by SUPR.

[makinbuks] 18/11/2024 12:06

The acquisition announced today does look ideal. However, who is the seller and what is their motivation? why are they prepared to sell at NIY of 7.6% and what does that mean for the valuation of other holdings.

On the European front, I'm more inclined to agree with chuck than Dakas but I did think Tritax Eurobox was a no brainer following UK success and I was completely wrong

[chucko1] 18/11/2024 11:41

Could not disagree more - the EUR refinancings to come are likely to be less rocky than those denominated in GBP.

If you have insufficient belief in this management, then why invest? Management credentials is a large part of the value of any given REIT.

(as RGL amply demonstrates) (EPIC as well, to some degree).

Nevertheless, I sense that they see dividend cover hovering uncomfortably close to 1.0x, and so they are doing what is required to improve that position, including buying higher margin locations, whether in EU or UK, and driving costs to a minimum. Their comment this morning about rent increases covering higher likely refinancing costs is precisely what I expected them to focus on.

[8gggggggg] 18/11/2024 11:16

Too right,My suggestion will be to set up new fund SUPR.....Europe ....PlC.....and I wish them the best of luck .But it's not for me and a host of other shareholders, who were attracted by the clear vision.of the original concept.Google the latest acquisition, it's completely brilliant In Location .Petrol station ..Home deliveryEnormous car Park .Dakas

[cwa1] 18/11/2024 11:02

You won't be happy with this bit from today's announcement then?

· Following the initial investment into France earlier this year, and following recent engagement with shareholders, the Company will be seeking shareholder approval at its AGM to amend its investment objective and policy to provide greater flexibility to take advantage of appropriate earnings accretive acquisition opportunities in Europe. The Company intends to take an incremental approach to gradually increase its exposure to European assets.

[bondholder] 18/11/2024 10:58

Another concern is the failure to disclose the current rental value of the site. How far is it over rented ? Surely that is a crucial piece of information.

[8gggggggg] 18/11/2024 10:25

Today they bought Sainsbury' store for 49£m one deal , fantastic site . If they leave after 11 years brilliant redevelopment site ,prime location direct off ring road.Why bother with all the Caarefour secondary stuff , which will be a time consuming nightmare to sort out.and same cash commitment.I will demand at AGM from whole board, why they veered off across channel.It makes no sense, terrible decision,Dakas.

[cwa1] 18/11/2024 08:08

For completeness...



Supermarket Inc REIT - Acquisition and update on strategic developments

[laurence llewelyn binliner] 18/11/2024 07:12

Another purchase RNS this morning, GBP47M Sainsbury site adding to the rental income to support progressive dividends..

[cwa1] 15/11/2024 08:11

Divi in. Reinvest, or go for one of the myriad alternatives currently available...?

[crumppot] 15/11/2024 07:51

Where is the AGM?

[deanowls] 15/11/2024 04:37

Sainsburys biscuits are quite good if they have them at the AGM and it’s free coffee. 😂

[chucko1] 15/11/2024 01:15

They do their quarterly calls via Investor Meets. This is likely to be a more productive source of information.

[dartboard1] 14/11/2024 23:15

What insights do you hope to gain from the AGM. Can't see why it's of interest.

[8gggggggg] 14/11/2024 22:21

Does anyone know when the AGM will take place and where?I have contacted the company but they have not returned any of my calls..Any ideas ?Dakas

[spoole5] 14/11/2024 16:12

Large pension funds will end up picking up these kinds of trusts soon, especially if they keep getting beaten up.

[hindsight] 14/11/2024 09:52

Just another example of a UK asset that cant move being hammered. gilt yields, tax rises, rates rising or coming on assets that had none, exit tax, etc

But added to a fortunately small position by selling some API


And its starting to look like Reeves will create another £20bn black hole

If gilt yields stay 1% above forecast and inflation 1% above, the OBR forecast a total cost to Treasury of £19.5bn

[cwa1] 14/11/2024 08:19

Added a small amount today. Scaling in as it were. Didn't really expect to be buying this at 67p :-(