Tritax Eurobox Share Discussion Threads

[spectoacc] 20/3/2024 14:57

We keep hearing about PPI - UK especially - but services is where much of the inflation's coming from. The goods side - & things like hotels too - benefitting from lower power prices.

Or put another way - until the holidays/flights boom ends, is inflation beaten?

[williamcooper104] 20/3/2024 11:08

https://x.com/andreassteno/status/1770377548033069172?s=46

[hpcg] 15/3/2024 11:03

I'm out. That was a struggle, even with my holding. Predominantly I have better uses for the cash, but I can see this re-visiting the recent low with rate drops looking less likely if the ECB are just going to wait on the Fed.

[makinbuks] 04/3/2024 18:00

Perhaps EBOX should move its quote to Paris or Frankfurt then?

[hpcg] 02/3/2024 15:10

Their, Cromwell's, financials are a piece of work.

2H 2023 NPI was 5.3% lower than 2H 2022 mainly attributable to i) divestments in 2H 2022 and FY 2023; ii) loss of income from Maxima as mentioned above; iii) lower rental income due to the rent reduction by government decree for 8 Italian properties; and (iv) lower turnover rent received by Starhotels Grand Milan, Italy, partially offset by (i) one-off dilapidation income received for Maxima; (ii) new substantial lease in Haagse Poort (the Netherlands); (iii) outperformance of Business Garden (Poland); and (iv) higher income from annual inflation indexation and positive rent reversion across the portfolio.

And, in small text

Occupancy calculations exclude: (i) Nervesa 21 redevelopment; (ii) Maxima which is under strip out works; and (iii) Grójecka 5 which is not allowed to be leased.

Interest on loans is more up to current IR but not fully. I think distributable income will drop again in 2024, at least H1 so yield a bit lower than 15.8c. To be honest it needs a lot more than the 30 minutes I have spent to work out whether it is a decent investment. There are difficult to process risks like Italian government buildings.

[skyship] 02/3/2024 11:21

EBOX came back with another comparator European REIT:

Cromwell European REIT trades on the SGX at E1.43 v. NTA NAV of E2.12 - discount at 32.5%. Dividend of 15.7c provides an 11% yield.

[martincc] 29/2/2024 07:59

EBOX not dropping out of FTSE250 in March, was penciled in to go.

[flyer61] 28/2/2024 16:03

Excellent and useful post Sky, thanks.

[skyship] 28/2/2024 14:42

No. SGRO on c10% NAV discount whereas the Euro equivalents all trade at their NTA NAVs or above:

# Argan (argan.fr): Epra NTA E79.1; Sp E81.0. Yield 3.9%

# Montea: Epra NTA E74.4; Sp E76.5. Yield 4.3%

# VGP: NTA uncertain, but trading at a Premium. Yld 3.5%

Thnx to Charles Chalkly, the very helpul IR at EBOX, for providing names of Euro players.

All much larger than EBOX with MCaps of cE1.5bn.

But shows the absurdity of the UK-listed REIT valuations; especially EBOX. Let down in no uncertain terms by the UK investment managers.

[flyer61] 28/2/2024 09:48

SKY...is there anything else in the 'European' space they might be looking at?

I agree with you that this trust must be in their sights.

[sleepy] 28/2/2024 09:27

From the SGRO announcement

SEGRO has a sizeable development pipeline that it estimates has the potential to deliver over £440 million of additional rent, requiring development capital expenditure of over £3.8 billion (including buildings under construction). It expects to develop over a third of this over the next three years, and also intends to commence infrastructure works of £350 million to unlock future development opportunities. Investment into the development programme, including these spends, is expected to be approximately £600 million per annum

[meanreverter] 28/2/2024 07:53

Curiously, it is impossible to buy EBOX (or BOXE) via a FirstDirect ISA. However, if by some magic you already hold the shares on that platform, then you can sell them!

[essentialinvestor] 28/2/2024 07:42

Just to say a thank you for the highlighting of EBOX, as otherwise I would not have bought. It was worth the near 30 mins wait for ii to snswer at the time of buying. 55-57 pence my sell price area.

[skinny] 28/2/2024 07:16

£900 million :-

[spectoacc] 28/2/2024 07:00

Lol @Alan PT - definitely.

Other than seeing my CREI go down, would love SGRO to swoop on SHED. WHR a better fit tho.

[alan pt] 28/2/2024 00:32

Urban logistics would be a closer fit with ASLI, which is openly for sale (and an easier morsel to swallow)

...and if they also fancy some digital assets then 800m is probably plenty to swallow ASLI AND DGI9

[cwa1] 27/2/2024 22:56

It's a placing with a small Pimary Bid element for the plebs alongside it to enable us to participate-but not so big they need to issue a time consuming, expensive, prospectus IIRC

[loglorry1] 27/2/2024 22:40

I'd be amazed if anyone could raise £800m through Primary Bid. I assume PB is alongside an institution raise.

[riverman77] 27/2/2024 21:23

Possible but wouldn't say odds on. Feels like most of the money will be earmarked for development spend (they mention a 12% yield on development cost which is even more attractive than buying EBOX). Their favoured areas seem to be urban logistics and more recently data centres, rather than big boxes.

[skyship] 27/2/2024 21:01

SGRO raising £800m via a Primary Bid placing.

A 70p cash bid for EBOX would cost £565m. Reckon odds-on that is where most of the cash is headed.

[skyship] 27/2/2024 14:45

Nice green spinning-top on the 15th - good rise since. Possibly running into falling SMA resistance:


free stock charts from uk.advfn.com

[essentialinvestor] 27/2/2024 12:44

Nice - delayed reaction to the Fitch stable outlook.

[rcturner2] 27/2/2024 12:40

Horses for courses.Different people use different methods.

[skyship] 26/2/2024 13:54

Personally, I'm 90% certain that inflation is reducing and interest rates are again headed down.

# I know that the shares offer an 8.5% yield on a covered dividend.

# I know that logistics demand remains high and that rents are headed only one way due to in-built inflation upgrades.

# I know that the Green Bond has to be refinanced - though not yet - likely next year in 2025 ahead of the maturity date in Jun'26; ie in a lower interest rate environment

# I know that the portfolio of 25 assets across 7 countries are of modern build in prime locations

# I know that I can research thoroughly thanks to their comprehensive presentations post both Prelims & Interims

# I know that the shares trade at a c40% discount to NAV; frankly an absurd level for a European propco

# I know that the shares rallied to 60p just 2 months ago; and consider it highly likely they will be back up there in Q2'24

[skyship] 26/2/2024 13:24

Well, as I indicated above, if it works for you, then that's great.