Tritax Eurobox Share Discussion Threads

[rathlindri] 06/6/2024 19:30

hxxps://www.ii.co.uk/analysis-commentary/ian-cowie-bargains-brave-or-funds-fools-ii531895

[williamcooper104] 06/6/2024 13:32

Indeed; my net income return has just increased as I bought BOXE with a euro margin loan

[flyer61] 06/6/2024 11:08

Exactly, and at 60p the risk reward looks pretty good to me.

If Brookfield doesn't bid, happy to hold even though the price is likely to head back into the 50's.

[skyship] 06/6/2024 10:59

"...while shareholders need to ask themselves why Brookfield want to buy. Because they see an upside..."

Jeez - really? Everytime you sell a stock; there's a buyer on the other side seeing upside!

The wind-down gives us back our NAV, or close to it. We get an accelerated return; then move onto another REIT.

[makinbuks] 06/6/2024 10:48

I don't see why anyone, shareholders or managers would want to sell. For the manager its game over while shareholders need to ask themselves why Brookfield want to buy. Because they see an upside, well lets have that for ourselves. I do agree that ASLI tested the market and concluded there was no deal to be done. If EBOX were to go, perhaps they would revise the plan and continue. Got to be preferable for Abdn

[williamcooper104] 05/6/2024 14:45

Yep from a return perspective that would mean needing to reinvest at about 5.7 to maintain the divi yield, so not hard to do

[raj k] 05/6/2024 14:01

@all thanks for the suggestions.

[essentialinvestor] 05/6/2024 13:32

LMP is now trading Above their last published NAV - the new cycle is most definitely underway.

[williamcooper104] 05/6/2024 13:27

Yep SGRO is a great REIT but doesn't give you pure European logistics exposure - and as said you'll pay for it

[skyship] 05/6/2024 13:22

Raj - Cromwell Euro REIT. SGX listed

# 53% Logistics; 45% Office

# Yield c10.5%

# Debt to be refinanced before 11/25

# Disc. c30%

# MCap cE800m

etcetcetc...

[riverman77] 05/6/2024 12:48

SGRO probably your best bet for pan European logistics exposure once EBOX and ASLI disappear - it's expensive but probably deservedly so.

[raj k] 05/6/2024 12:43

I managed to buy at 47p so am already up 25% without counting divdends. If it does get taken down then it will be a shame as i would have liked exposure to european logistics and not sure what there will be left after ASLI gets wound up. Any other replacements outside the AIC listed trusts? I suppose SERE has some logistics but the trust itself is very small size and might prompt the board to review and wind that up too.

[budd_foxx77] 05/6/2024 12:07

EBOX has sold some assets over the last year or so. Can't remember exact details but from what I recall the sales were done close to book value/NAV. Some of their assets might be more saleable than others but at least suggests EBOX's assets are not mis-marked across the board. If the sales to date are representative (ok it's a big assumption) would suggest a bid would have to be around 5pc discount to NAV. But taking Brookfield's statement at face value the chance of a bid materialising is about 50-50, I would have thought a bit higher but the mkt isn't convinced at the mo. Given the risk/reward I think 61 is a good level to be buying EBOX.

[hpcg] 05/6/2024 11:54

Sky - I'd be more than happy, and presumably other share holders would too. Given the lack of buying they consider 60p to be too expensive for their tastes.

[flyer61] 05/6/2024 11:27

Likewise happy to accept at that level. Equivalent to three years worth of dividends early. Plenty of places to recycle to.

[meanreverter] 05/6/2024 11:26

I would call 10% a material discount, and perhaps unwelcome for a majority of intending long-term shareholders (certainly for me). My best guess is that a bid at a percentage discount in the low single digits would be needed to have a fair chance of acceptance. Actually, the preferred outcome for me would be for any bid below full asset value to be rejected by the company.

[skyship] 05/6/2024 10:49

Wc104 - Quite; that's how I see it. I do however think that a 10% discount (as stated earlier) would be quite acceptable. Would happily accept 74p - a 23% upside from where we are now.

[williamcooper104] 05/6/2024 10:37

But equally they know a material discount will be rejected out of hand (with support from shareholders) - so why waste money and more importantly time

[riverman77] 05/6/2024 09:54

Would be surprised if Brookfield offered anything better than a 15% discount. ASLI recently suggested that offers for their portfolio were all at meaningful discounts. The best hope is other players come in and start a bit of a bidding war, although as we saw wtih recent API bids there seems limited interest to raise initial offers. Overall probably not enough upside to get me interested here, but will take a closer look when time permits.

[williamcooper104] 04/6/2024 18:11

Not from Brookfield it won't But if trade purchasers compete they could justify paying a little over NAV

[my retirement fund] 04/6/2024 17:16

Wouldn't surprise me if all this BS is them securing a CFD to buy say 25% of it for 60p

[flyer61] 04/6/2024 17:13

Surprised at the share price (maybe i shouldn't be) given Brookfield are considering a 'cash' offer. Unless they are trying to see if anyone else will show their hand....if no one does, they can low ball it...

[wskill] 04/6/2024 17:10

Share price played like a fiddle as usual with these hedgie types hold a fair few of EBOX as its a decently run company,was wondering why with last few RNS about rent increases /sales ect it just kept falling.All is clear now hoping it wont fall to Carney and co myself.

[cwa1] 04/6/2024 16:30

There is even a non-zero chance an offer comes in above NAV IMO.

I suppose ANYTHING is possible-but I'd be more than a tad surprised if that happened

:-)