The Local Shopping Reit Share Discussion Threads

[tiltonboy] 10/7/2017 13:04

Just got off the plane to a huge sense of disappointment. Hope Acuitus is better.

[skyship] 06/7/2017 21:23

Just make sure you're in bed by midnight!!!

[badtime] 06/7/2017 21:09

Enjoy it old timer :)

[tiltonboy] 06/7/2017 16:28

Big week, next week with some bigger stuff on the blocks.

Apologies now for no reporting on Monday, but I will be on a plane back from Prague (hopefully), having attended my son's stag. At the age of 57, I'm going on my first stag...lol...

[1tozzi] 06/7/2017 15:26

@HoW, regarding fee to Internos upon payout to shareholders, wouldn't the hurdle rate now be upwards of 42p?

[sleepy] 24/6/2017 14:36

Tilts - I think it's bonkers.

[hillofwad] 24/6/2017 11:03

Lot 86

Interesting to see they have undertaken some creative asset management on this property. Organising a surrender and renewal with the tenant taking a long lease at the same rent I guess they have offered the tenant a capital sum as an inducement

[tiltonboy] 24/6/2017 08:29

Sleepy,

Sadly not. All in North West or Yorkshire portfolios!

What do you think of Ireland being admitted to being a Test nation!

[sleepy] 23/6/2017 21:53

If they are in Mayfair then more like £4.5m

[tiltonboy] 23/6/2017 21:16

The Pugh Lots are now up, but no guides as yet:

Manchester - 18th July

Lot 14 - Shop ( 8 years on lease) + vacant flat - £10k rent

Lot 18 - Shop - £5.2k rent

Lot 39 - Vacant unit + flat - £4.6k rent

Lot 41 - Shop + vacant flat - £7k rent


Leeds - 20th July

Lot 86 - Shop (new 15 year lease in solicitors hands) - £15k rent

Is 450k for those too much to ask for!

[frazboy] 23/6/2017 11:58

I see that ST did an update of LSR in the print version of the IC. I don't subscribe to the electronic version so I would just like to say that if he did publish those numbers (on recent sales) earlier in the week, then I didn't copy them! He seems to be on the same wavelength as most people on this board, says to run profits, with a minimum target liquidation value of 36p a share.

SKYSHIP, yes, 35.5p is pessimistic, I've moved my range from 35-38p to 35.5-39p. Fingers crossed.

[hillofwad] 23/6/2017 08:01

Interesting selction for the forthcoming auctions especially lot 63 which could end up anywhere and just the sort of lot to test at auction

Attractive parade with a good anchor on lenthy lese Clydesdale The negative of course is the high ground rent with its fixed gearing curently chewing up 15% of the income which wont suit many investors

In adition the Co-Op which is rolling over from an expired lease

Again you have to question their asset management by not formaliisng the arrangement investors will assume they are on their way out of the door

Should think they would be hopeful of reaching guide here

[skyship] 22/6/2017 16:44

Jeez....all of this reads better than a John Grisham novel....great detective work lads. Many thanks.

Fraz - 35.5p seems a tad cautious!

[tiltonboy] 22/6/2017 16:01

Just spotted another one in the Allsop auction, which ties up with the East Anglian theory.

Lot 22 is listed as an office, and my search criteria didn't include that. Guide price is 250-275k, which makes it a useful addition.

[frazboy] 22/6/2017 14:54

Ok thanks Tilton.

By my calculations we have lost £180k (£4.39m book price, £4.21m cash received) in NAV (after taking into account sales costs) for the 41 properties sold most recently for which we have had market announcements (2nd May, 30th May, 14th June) after the end of the financial half year. As our recurring profit was still pretty solid at the half year mark, our NAV should not have changed (still 43p)

At the current rate of sales we'll end up with around 150 properties come the end of the calendar year. I would hope at this point they would try to bulk sell to minimise admin expense were we forced to run down the portfolio. Even assuming a 10% discount to NAV we would still end up with 35.5p (assuming this 10% discount includes sales costs and fees for Internos etc).

I'm looking forward to these two auctions to get a feel for the market.

[tiltonboy] 22/6/2017 13:18

strath,

I'm not sure that I dictate policy, but hopefully my voice is heard, and taken notice of, on the odd occasions I talk sense!

I have been unable to trace sales of the Downham Market property (photo still in the Gallery), and Kings Lynn, but it does feel like a complete withdrawal from East Anglia.

[strathroyal] 22/6/2017 13:03

Tilts,

And Lot 63 was in the top 15 assets when Renouvier was put together so it looks like you are getting your wish to see some of the bigger assets sold (or being such a substantial shareholder, are you now dictating policy?).

Interesting, although the East Anglian portfolio is / was small, these potential sales , I believe, include all of that area's remaining properties. Another sign that good progress is being made.

[tiltonboy] 22/6/2017 12:16

frazboy,

Rather than marketing the "core" 4-6 months early, I think they will continue to sell via the auctions, and end up with a core smaller than envisaged. Either way, I believe good progress is being made.

Those two auctions should bring in around £4.1m, but hopefully nearer to £4.5m. The Pugh catalogue for July comes out tomorrow, so hopefully a few more in there. That would represent easily the biggest month for sales so far.

[frazboy] 22/6/2017 12:02

So, if all lots are sold we're down to the ~200 figure. Marketing of the core should therefore be underway, 4-6 months early?

[tiltonboy] 22/6/2017 11:57

12 Lots in the Acuitus auction on 13th July, with an aggregate guide of £2.6m.

For interest, the Lots are 2, 12, 27, 63, 66, 69, 72, 79, 80, 81, 82, and 83.

Notably 5 Lots are from the East Anglian portfolio, five Scottish, and one each from Welsh and South West.

[hillofwad] 20/6/2017 09:24

Tilts

Exmouth

The guide price on Exmouth indicates that the empty flat is in a lettable condition and that there is certainly significant value in the others

This isn't made clear from the details and not encouraging for a likely investor from N london to hack all the way down their for a visit

I just dont understand when the residential upper parts which have a high value and a high proprtion of income are treated like a bit of bunce on top of the shops

If not the asset mangement team at LSR and baring in mind Allsopps have valued the portfolio you would have though that somebody would have underatken an internal inspection and provided further and better particulars

[tiltonboy] 19/6/2017 14:38

Guide prices are now on the Allsop website. They are looking for £1.485m+, with the Exmouth property at 750k.

[tiltonboy] 19/6/2017 09:24

I agree at 216.

[frazboy] 18/6/2017 12:25

Yep, thanks from here too. I'm looking forward to seeing the outcome

[skyship] 18/6/2017 11:24

Thnx for that Tilts. Auction on 10th July.