Treveria Share Discussion Threads

[cerrito] 30/9/2014 07:56

Once again very disappointing in terms of progress in selling the portfolio. Not sure if I understand what is going on as the major shareholders are demanding..perhaps they are arguing among themselves or for them this is such a small position they are not focusing in on it.

[praipus] 08/9/2014 16:44

Yet another arbitrageur on the register


I try to follow / track the rest of Damille's holdings on the WAM thread


Allways interested to hear about other activist investors.

I also wonder who sold Damille the stock presumably a protected trade as there has been no RNS yet.

[red army] 13/8/2014 08:34

10m in admin costs - someone is having a nice living

[cerrito] 27/6/2014 16:48

A very disappointing statement in my view as I was expecting to see far more energy in the sales process. Actual sales in H1 14 from silos G and J were negligible and they have E30m+ in these silos of assets still to go which can be sent right back to the shareholders. In Broad terms the assets in silos G/J are worth the current mar cap.
In addition they get a respectable selling fee for the assets in the other silos-ie 1.8% for silo D and 1% for silo E and a hint of an unspecified fee in silo E. Remember at June 30 13 total assets of silo D were E228m and for silos F/J E468m. If you say back of the envelope that G/J equal current mar cap, our capital gain will be these fees.(Readers invited to check my maths)
One would have thought that the main shareholders who like their cash back would have expected something more proactive than just looking at unsolicited offers.
Good to see the reval loss was v modest-perhaps rather optimistically had been hoping for a small reval gain.
Took some comfort that the parent had a small operating cash surplus
On a consolidated basis from an operating standpoint traded at a slight loss ie net rental income was E20.1m; admin costs E10.7m and E10.3m in finance charges
Will not be adding if for no other reason than the fact that we are given so little info but will stay with what I have.

[red army] 14/6/2014 14:58

This should have a positive effect on the share price

[cerrito] 30/5/2014 11:15

In their interims IERE had the fllowing comment on the German property market; ave just gone rough the TRV website which used to have some portfolio information in a presentation of a few years back but even that has been removed so we are flying blind
No real change from what IERE said on Feb 21-see 225
quote
With rising levels of employment, real wage growth, low inflation and low interest rates the underlying economic fundamentals for the German retail and office sectors remains positive. In the retail sector, national and international retailers target Germany as a key market for sales growth but are focused on securing the locations offering optimal sales volumes. This has led to a polarisation in the occupier market with strong demand for prime and well located secondary assets whilst the outlook for lower quality secondary and tertiary assets remains weak. In the office sector occupier activity remained positive in Q1 2014 with total take-up within the major office markets up 15% on Q1 2013 and vacancy rates declining 20bps to 7.8% (Savills). With economic activity picking up some tier two cities are starting to experience stability in demand although poor quality assets remain difficult to re-let once vacant.

[cerrito] 12/3/2014 15:11

I took yesterday's RNS to be vaguely good news; however was hoping to have a commentary on the following point which came out in the May 14 13 RNS and read as being quite important though not ure if the amount of money involved will be all that great.
quote
An equitable subordination of the HPI enforced claims could improve the recovery rates of other creditors in the insolvency proceedings of all 36 German Silo E property companies, including the recovery rates of Treveria group companies.
unquote

[cerrito] 21/2/2014 11:28

This is what IERE said this am in their IMS on the German retail market; the reality is that we knw very little about the quality of TRV's portfolio. I have always thought of it as B rather than A or even C or D

quote
With low unemployment, low interest rates and low inflation, both international and domestic retailers should remain attracted to the relative strength of German domestic demand. The retail market remains polarised with Grade A assets in dominant locations in high demand but in short supply. In contrast, assets in weak secondary locations and of poor asset specification remain difficult to let once vacant and are becoming increasingly obsolete.

[cerrito] 21/2/2014 11:28

This is what IERE said this am in their IMS on the German retail market; the reality is that we knw very little about the quality of TRV's portfolio. I have always thought of it as B rather than A or even C or D

quote
With low unemployment, low interest rates and low inflation, both international and domestic retailers should remain attracted to the relative strength of German domestic demand. The retail market remains polarised with Grade A assets in dominant locations in high demand but in short supply. In contrast, assets in weak secondary locations and of poor asset specification remain difficult to let once vacant and are becoming increasingly obsolete.

[cerrito] 21/2/2014 11:28

This is what IERE said this am in their IMS on the German retail market; the reality is that we knw very little about the quality of TRV's portfolio. I have always thought of it as B rather than A or even C or D

quote
With low unemployment, low interest rates and low inflation, both international and domestic retailers should remain attracted to the relative strength of German domestic demand. The retail market remains polarised with Grade A assets in dominant locations in high demand but in short supply. In contrast, assets in weak secondary locations and of poor asset specification remain difficult to let once vacant and are becoming increasingly obsolete.

[cerrito] 20/2/2014 17:24

Note that RDI-in whom I have shares-did a placing today and one of the use of proceeds is to increase their exposure to German retail property-wouldbe good if they can buy some of TRV's

[cerrito] 17/2/2014 14:42

worth looking at this price even after today's mark up with no volume
SP may well have drifted down because of lack of news on sales and we would have expected by now news of silo D rollover, altough that one assumes is a formality.
The web has a postive review of the German retail property market dated Oct 2013 by Colliers
hxxp://www.colliers.com/en-gb/emea/insights/market-news/2013/28-10-20-13-retail-property-in-germany-sees-higher-year-on-year-demand
and one on the German office market by Jones Lang Lasalle
hxxp://www.joneslanglasalle.de/ResearchLevel1/Bueromarktueberblick_Q4-2013_DV_EN.pdf
Retail is the most relevant on the basis there has been little change n their portfolio composition since June 2011 when retail was 80%+ of their portfolio

[cerrito] 11/10/2013 13:09

Not really expecting news of this distribution; good but not sure if we can expect another one in say the next 5/6 months unless sales pick up.
The parent had at 31.12.12. E 31m reduced by the earlier E19m distribution and this E7.5m one;the first half consolidated cash flows tell us there were E21m of disposals recd in cash and E21m of loan repayments which suggest-but as we do not have parent figures at half year-that little was upstreamed.

[cerrito] 30/9/2013 14:29

To me three negatives: the first and most important is that despite the fact that I thought we are all systems go on sales, progress seems to be very slow and no encouragement given that it will pick up. The second is the decline in profitability-the removal of sile E means that the revenue has shrunk but note that in Silo F/K net rental income has gone from E17m to E 14m between H1 2012 and H1 2013. The third is a further reval loss on the property portfolio-thought German property market supposed to be recovery slightly..
Note decline in NAV from E23.28c to E20.10c but that would be explained by the Feb 2013 E3.25c distribution.
Note in note 5 increase in irrecoverable sc fees.
As expected no change in the RETT position.
If the price weakens may pick up some more.

[jaws6] 24/9/2013 08:19

cerrito
I was hoping for same but now tick up more .I am not selling either.

[cerrito] 20/9/2013 22:40

The deal announced on Sept 6 was I thought very good for TRV and thus no surprise that the price has strengthened in the last weeks; too bad it took me time to read it and by the time I had the price had risen.
I have no intention at all of selling and if weakens will buy more.

[jaws6] 11/9/2013 14:33

Tick better ?

[cerrito] 27/7/2013 10:30

Just had a look at the year end figures
Good to see continued board room stability after all the comings and goings of a couple of years back
Good to see once again we get full financial info on the parent; I note that it had an operating cash flow deficit of E1.9m up from E1.7m the year before; the parent's cash flow in H1 13 seems to have continued in this way-with a E1m decline taking into account the special distribution
Not realistic to think of another special distribution till at least they sell the assets in Silos J and the soon to be debt free G and remit back to the parent.
Good that they are outsourcing their management functions-especially given the increase in irrecoverable service charges and other property costs as per note 6.
For me the resolution on investment policy to go to the agm makes sense.
Good to see reduction in directors' emoluments
Mr Malpica may get rich from TRV if he is successful, but at this time do not begrudge him that.
Once again a very taciturn report and no insight into how their portfolio is reacting to what is going on in the German property market. Level of sales seems rather stately-ie E46m in 2012 and E 19m received in H1 13.
Would have been good to get an explanation of why there was such a huge revaluation loss in 2012-of approx 13%. This varied from silo to silo and indeed for D was 15%. As regards silo G once the final asset is sold and the loan repaid one assumes that E41m odd gets upstreamed to the parent
In terms of shareholding over the last year QVT have gone up from 10 to 15 and Edmund de Rothschild from 8 to 9%. No major holders have sold down so their percentage holding of the company has gone up from 77.6% t0 83.2%.
In terms of the RETT I note that once again they have the same almost incomprehensible note 18 full of double negatives though in the very worst case scenario the max amount payable has gone up from E39m to E45m-due I suppose to late payment charges

[robizm] 02/7/2013 21:26

Income wise silos f and k at least have more rent coming in than last year

[robizm] 10/6/2013 17:41

Where are the results

[cerrito] 10/6/2013 00:07

Praipus:for me you have read it right but remember this JPM silo was always stronger than the others and not so big- and now that the sales proceeds have repaaid almost all its debt will be even smaller.

[praipus] 04/6/2013 11:39

Regardless of following Weiss in to various real estate disasters I'm not very clear on LTV(Loan to Value).

"LTV of approximately 12%" seems very good to me or have I missed something?

[red army] 15/5/2013 00:09

Market likes it.

[robizm] 14/5/2013 17:52

How does the cash trapped in the silo e work under this? Will have to look into it more later

[cerrito] 14/5/2013 17:31

My reading of today's announcement is that there is a hope that TRV parent's receivables from Silo E would be treated pari passu with the secured lenders-which seems to me counter intuitive.
My reading of the notes to the Financials is that TRV parent was owed as at June 30 2012 E116m which would be consistent with interest payable by Silo E to group companies of E3.3m in H1 2012
More good news than bad but seems odd.
I am reminded that we do not appear to have got Dec 31 12 information yet