Urban Logistics Reit Share Discussion Threads

[williamcooper104] 12/4/2024 17:19

For sure; remains an unloved sector and could be more gilt market volitality

[essentialinvestor] 12/4/2024 17:17

The decline may still have some legs.

[williamcooper104] 12/4/2024 17:15

If they don't recover then yes LMP and many others would be interested Buying in cheaply to LMP wouldn't be a bad outcome

[essentialinvestor] 12/4/2024 16:51

Bought a small amount.

[essentialinvestor] 12/4/2024 13:18

Is the arguably large dent to credibility recoverable - or an approx 30% discount to NAV the new norm going forward..?.

They now can't grow. Perhaps may be of interest to LMP at some point?.

[essentialinvestor] 11/4/2024 10:27

Just looking at this for a possible buy.

Could the recent Segro capital raise be a factor in the SHED price weakness..more capacity to come on market..?.

Or because of the aborted merger with API, investors have concluded SHED will now remain a relatively small Trust, while some others continue to grow.

The above may be too rudimentary a view.

[spectoacc] 11/4/2024 07:59

They tried to buy something outside their remit/competency - sure, they'd sell the offices, moorland, retail, but they were talking about wanting the Retail Parks as well as the Industrial. Looked opportunistic and a marked divergence from what they were set up to do (last mile).

WHR/BBOX are nearer Big Shed than Last Mile but would still have been a lot better.

[scruff1] 11/4/2024 07:54

Spec
Dont follow that comment ??

[spectoacc] 11/4/2024 06:47

@hindsight - if they'd done that with say WHR, or BBOX, fair play. But welcome aboard :) Feels too cheap here to me.

[nickrl] 10/4/2024 21:50

Inv Mgt fee drops next month here giving a few quid extra to pay off those advisers fees and help keep the divi covered

[hindsight] 10/4/2024 20:32

Got on board today, post US CPI couldnt resist the discount in quality. In fairness they viewed API as a way to raise capital at par and then correctly walked away rather than up offer to get it over the line

[scruff1] 10/4/2024 15:10

Not for me !

[spectoacc] 10/4/2024 15:06

Would love them to be. Shredded their reputation somewhat with the move on API.

If they get to £1, I'll start selling the family silver.

[riverman77] 10/4/2024 14:40

I bet SHED are really glad they went in for API - now down almost 15% since it was announced and no sign of any recovery. Could become a target themselves now.

[spectoacc] 05/4/2024 13:00

Thanks @nickrl, you're the king of the debt positions of the REITs.

There's a lot - eventually even SREI! - who'll be refinancing higher.

Suspect's SHED's picking over of the API carcass will involve a handful of the assets at most.

[nickrl] 05/4/2024 09:57

@Specto the RCF is pretty well loaded up now and needs renewing by Aug 25 so they are lacking spare cash which is why they wanted a share based acquisition otherwise they will be into 7% for short term debt and will the numbers works on the API industrials.

[spectoacc] 05/4/2024 09:14

Much as I like SHED, called it wrongly thinking it'd bounce back from the daft API bid. Clearly they'll be in the running for API's better industrial, but for cash not shares (or a share issue, or more debt?). But still - share price been sickly & now wondering when to avg. Saved only by having reduced when the dcb didn't come.

They seem to have done some permanent damage in looking to move away from their core competency, and of course we're still awaiting the exceptionals.

[skinny] 21/3/2024 16:59

Average volume shows the lack of interest currently.

[giltedge1] 21/3/2024 16:57

Smaller property stocks left behind today, LAND, BLAND up 3 -4 %, guess institutional buying, retail investors on side lines still. SHED liked by IC & Mail, so will be recommended soon.

[spectoacc] 21/3/2024 15:23

I don't, and think I was first to say API totally didn't fit with SHED. But - when they looked like having a good chance of getting it, they were about £1.19. Yesterday they touched £1.16 as the deadline approached, with the fear they'd up the bid.

Instead they pulled it. On a flat FTSE, that ought to be worth £1.20 at least. £1.25 in a good market. Still 4p below where they were, but crucially above where they were when they could still have upped the bid, let alone won API on the existing terms.

Makes no sense to me. Why would CREI fall further, but SHED be largely unmoved.

Edit - guess we're waiting to see how much money SHED wasted on their pursuit of API - "one-off, exceptional" costs.

[scruff1] 21/3/2024 15:15

It doesnt work that way Spec. Like any relationship, once trust is broken it takes a lot of repairing. You said it yourself yesterday - the management is tarnished, Do you trust em?

[spectoacc] 21/3/2024 14:52

+155 FTSE now. SHED was c.£1.29 before the "Oh no, they're going to buy that API junk" fall.

[igoe104] 21/3/2024 14:38

Nothing will make sense with these reits and investment trusts until H2 when hopefully interest rates start being reduced..

[spectoacc] 21/3/2024 14:09

Don't get SHED at all. FTSE +140, out of the ridiculous fight for API, and can't even catch a bid.

If CREI went down on being "successful", why has SHED not gone up? They were in with a good chance, as the share price attested.

[skinny] 21/3/2024 07:08

"If the CREI Merger is not approved by the requisite majority of API Shareholders, the API Board has made clear that a Managed Wind-Down is the next best alternative, but API Shareholders should not expect the same sale values as for ordinary course disposals.

The API Board independently elected to undertake a comprehensive review of API's strategic options which has resulted in a number of opportunities to deliver an uplift in value for API Shareholders."