Tritax Eurobox Share Discussion Threads

[williamcooper104] 04/1/2024 11:55

A developer sells them an asset assuming that it's built (the developer takes that risk but EBOX fund it getting a pretend coupon return on their funding) the price that ebox will pay at practical completion of the asset will be dependent on an assumed level of rent - that's the underwritten rent So that the rents achieved are 20 percent higher is great, albeit that will largely now be accounted in their valuations

[garbetklb] 04/1/2024 11:45

Showing my ignorance..... What does "the underwrite level" mean in this context?
Thanks!

[williamcooper104] 04/1/2024 10:08

Yes it's small, but more in the way of recent constant good news flow

[loglorry1] 04/1/2024 09:46

Since you asked WC the only thing is that it's small. 1.2% of ERV aint much. Better than a kick in the goolies though.

[williamcooper104] 04/1/2024 09:13

What not to like

[skinny] 04/1/2024 07:01

Summary

-- The letting is for the 5,007 sqm unit at the Company's 13,611 sqm two-unit development, well-located close to Arlanda airport, an established logistics and industrial hub 32km north of Stockholm .

-- The five-year green lease will commence in March 2024, with 100% CPI indexation, reviewed annually and includes a further five-year extension option.

-- The rent agreed is 3% above the Estimated Rental Value (ERV) as at September 2023 and 20% above the underwrite level.

-- The building includes electric vehicle charging and other sustainability features that reduce its environmental impact, along with the opportunity for a roof-mounted solar PV scheme. The development is targeting a BREEAM Very Good rating.

-- The combination of this letting and the recent second letting at Settimo Torinese reduces the portfolio ERV vacancy rate to 4.3%, down from 5.5% at 30 September 2023.

[williamcooper104] 03/1/2024 15:01

On offices I've been looking at the CPI PG bonds - they've been short attacked (muddy waters) and are yielding 12-13 for senior unsecured and 16 for perpetual juniors (at c28 cents so plenty of capital value upside) Still investment grade rated c50 LTV (juniors are BB) CPI have responded well to Muddy Waters

[skyship] 03/1/2024 14:55

Wc - Thnx for that - exactly the same reasoning for my recent purchases of CLI.

A E2.1bn portfolio trading at a cavernous 65% discount. The Mortstedt family control 60%; and might well be tempted at a mere 30% discount - ie 204p versus the current 102p! A nice 100% uplift.

That's not all - a well-covered 7.95p dividend delivers a 7.8% yield whilst you await events...

Made it my Tip for 2024 on my JDT thread.

[williamcooper104] 03/1/2024 13:28

SureBoxed inThe market may still be in a cagey place, but there is no shortage of capital that has been raised and needs deploying in the private equity world. And with the woes of the market most clearly reflected by public companies, take-privates are an obvious place to anticipate eye-catching deals this year.One candidate that the cashmere jumper brigade is likely to be poring over is Tritax EuroBox. With a portfolio valued at €1.6bn, it would be a chunky enough opportunity to get the hearts racing for those that have raised fresh vehicles and want to really get cracking.Trading at a persistent discount to NAV of around 30%, sceptics highlight its 46% exposure by value to Germany where – in general – book values have been far slower to truly reflect the realities of the market.Raising finance for a multi-jurisdiction deal such as EuroBox would be far from straightforward, and a merger with in-limbo cousin firm Abrdn European Logistics Income Fund (Abrdn is the manager of both) may end up being another alternative open to management. But with logistics still one of the most in-demand sectors, despite its relative fall from grace, a bid may well end up being forthcoming soon enough.

[skyship] 03/1/2024 13:21

Wc - could you perhaps post that extract...

[williamcooper104] 03/1/2024 12:59

Added a little more today React News tipping a take over of ebox as one of the deals of 2024 (note that's just speculation not a rumour of anything currently happening)

[hindsight] 23/12/2023 09:36

Difficult to beat the near zero on IB, but one can trade multi-currency gold ETFs on other brokers to swap account fx balances, ie buy in £ then sell in $ or Euro at quite narrow spreads
Have done so on PHAU, think total round trip was 0.3% cost

[williamcooper104] 23/12/2023 09:06

Last I looked all UK brokers raped and pillaged on FX

[loglorry1] 23/12/2023 09:04

I bought BOXE at interactive investor by mistake. I think its a common gripe. I bought more the second time but got the £ version by ringing up. Do II also rape me of FX like HL or are they decent? Should have used IB!

[williamcooper104] 21/12/2023 14:09

I've also bought BOXE because the fx charge is tiny, I get to hedge my fx with margin loans and those loans are not too expensive and likely to get much cheaper as rates fall (truthfully I'm of course more attracted to the carry than the hedge)

[hpcg] 21/12/2023 12:03

HL is horrifically expensive to deal and for exchange rates. With IG I get £3 per deal for UK and nothing for the US.

[skinny] 20/12/2023 14:35

I've been with HL for nearly 40 years - generally pretty decent - certainly for the way that I operate these days.

[makinbuks] 20/12/2023 14:33

I agree Sky, been with them since early noughties. Rarely get a mention in comparisons and never understand why

[skyship] 20/12/2023 10:04

I recommend IDealing - fast and efficient dealing system ; and easy ledger a/c.

[chucko1] 20/12/2023 09:56

Thanks. HL is pretty good, except when it comes to owning funds which, for a SIPP with a good portion of a lifetime's (so far!) pension, costs far too much. I am transferring from Curtis Banks following the demise of Odey Asset Management, so I am in the middle of a transfer. I like what I have seen so far, though will remember to trade in my HL account when it comes to EBOX(!).

Barclays used to be very good, until 2017 whence they basically told their more sophisticated clientele to eff off. Still good for a few things, but unbelievably appalling in too many important others.

[mister md] 20/12/2023 09:47

chucko1 - no issues other than that. But I don't know if their competitors are any better.

[chucko1] 20/12/2023 09:42

Mister MD - aside from EBOX, how do you find ii? Just about to ship a bunch of SIPP money to them.

[boystown] 20/12/2023 09:34

Thanks Skyship. I intend to buy both CLI and more MVI when a couple of takeovers are completed - so please hold the prices down for a bit :-)

[mister md] 20/12/2023 09:08

SKYSHIP - I've actually sold EBOX today for a 14% gain, and purchased amongst others some CLI. The fact I couldn't trade it online with ii was starting to annoy me. At purchase it took almost an hour by phone (my longest call of the year!) and when I just called to sell they were asking ME why I couldn't trade it online !