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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Urban Logistics Reit Plc | SHED | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 109.60 | 16:29:54 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 108.20 | 107.80 | 109.80 | 109.60 | 109.60 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT & SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 09/11/2023 | Interim | GBP | 0.0325 | 23/11/2023 | 24/11/2023 | 15/12/2023 |
| 11/11/2022 | Interim | GBP | 0.0435 | 29/06/2023 | 30/06/2023 | 21/07/2023 |
| 11/11/2022 | Interim | GBP | 0.0325 | 24/11/2022 | 25/11/2022 | 16/12/2022 |
| 23/06/2022 | Interim | GBP | 0.0435 | 30/06/2022 | 01/07/2022 | 22/07/2022 |
| 11/11/2021 | Interim | GBP | 0.0325 | 25/11/2021 | 26/11/2021 | 17/12/2021 |
| 09/06/2021 | Interim | GBP | 0.0435 | 17/06/2021 | 18/06/2021 | 02/07/2021 |
| 21/09/2020 | Special | GBP | 0.0325 | 08/10/2020 | 09/10/2020 | 23/10/2020 |
| 10/02/2020 | Special | GBP | 0.0385 | 05/03/2020 | 06/03/2020 | 21/04/2020 |
| 14/11/2019 | Interim | GBP | 0.0375 | 21/11/2019 | 22/11/2019 | 20/12/2019 |
| 24/05/2019 | Interim | GBP | 0.0402 | 06/06/2019 | 07/06/2019 | 28/06/2019 |
| Top Posts |
|---|
Posted at 21/3/2024 15:23 by spectoacc 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. |
Posted at 18/3/2024 09:11 by spectoacc I still think it'll go to CREI, due solely to the board recommendation.If there's a 3-way split, then wind-down option. Try to get a bit more out of SHED, ideally in cash, for the good part. Been a wasteful show of hubris so far - CREI shareholders don't want the deal (why mash a high discount REIT to their previously low discount one). SHED shareholders clearly don't want it, whether with the offices or just industrial/RP, because SHED is neither - it's last mile (have they edited their website yet?). Potentially 3 sets of wasted corporate finance/advisor/defe |
Posted at 18/3/2024 09:06 by elbrus55 Doesn't seem too bad for SHED shareholders. Main thing is they don't overbid. If they overbid their own shareholders will reject it anyway. I suppose API board were underwhelmed with the implicit value being placed on their offices in the previous bid, so SHED have said "ok, we will only buy the stuff we actually want" and you can sell your own offices if you think they are worth that much.This would need 25% of API shareholders to vote against the CREI proposal and then API and SHED shareholders to for (75% majority each vote) . It feels not that likely to go through. API don't have that many big shareholders so they would need a handful of those with 2, 3, 4, 5% to vote against. There are lots of retail shareholders who mostly don't vote at all, or not in any single way so they tend not be pivotal.Some extra expenses though. |
Posted at 15/3/2024 09:31 by riverman77 Now sold API and bought SHED. I originally bought API as a cheap way to get into SHED, but feel the deal won't happen and in any case the discount between API and the exchange ratio of 0.469 has now disappeared, so may as well just buy SHED. Also SHED could rerate if their proposal falls through. |
Posted at 14/3/2024 08:31 by spectoacc Either SHED raise, which they'd be mad to after their share price reaction, or it's CREI's or wind-up.Will be an interesting split vote - some for SHED, many for CREI, suspect plenty preferring wind-up. Fingers crossed that SHED walk, dcb, and I can sell :) API ought to have given up the ghost at least a year ago IMO. |
Posted at 24/2/2024 08:21 by ammons Cant post the graphs in the FT article, sorry. Its dated 21 Feb==================== UK’s scramble for sheds could be the start of a deals boom. Deals could beget deals, with bigger companies meaning increased share liquidity which should broaden investor appeal "Men in sheds” usually refers to British retirees discussing gardening. A more active group is shaking up London’s listed property sector. There has been a flurry of share-based takeovers focused on warehousing space. Urban Logistics REIT, whose stock ticker is SHED, is the latest to pounce, launching a counter-offer for Aberdeen Property Income Trust this week with aims to create a vehicle worth £800mn. Commercial property is in the spotlight because of the turmoil that writedowns on US offices are causing lenders. Higher interest rates have slashed valuations across the sector. Industrial property values and logistics in particular are about a quarter lower since the pandemic-era boom in demand. But the scramble for sheds is a sign that the cycle is nearing its trough. Shares in Segro reflect the decline — they are down about two-fifths since the start of 2022. Smaller peers have performed little differently but ambitions of replicating Segro’s success as the largest UK Reit need one thing; scale. Hence consolidation. Before the Urban Logistics offer, API was considering a lower bid from Custodian Property. It was low enough, in fact, that some API shareholders were pushing for the fund’s liquidation over a sale. Other deals are in the offing. LondonMetric’s all-share offer for LXi REIT, at the start of the year, will bring the urban logistics owner together with LXi’s diversified portfolio with a market value of just under £4bn. Tritax Big Box, which owns larger out-of-town sheds, has agreed to buy UKCM to become the fourth-largest UK Reit worth about £4bn. Simply sticking property assets together doesn’t create much value; Green Street’s Rob Virdee thinks Tritax is overpaying given that UKCM’s more diversified portfolio may not fit well with its specialism. But deals could beget deals in this sector. Bigger companies mean increased liquidity in the shares, which should broaden investor appeal. Higher valuations will be important in an expected wave of dealmaking, says Paul May at Barclays. Assets equivalent to the size of the European-listed sector could come to market this year as private owners, including pension and insurance funds, bail out of commercial property. Private equity firms in particular are expected to shift out of less attractive property assets as funds approach their end dates. This would reverse trends of the low-rate era whereby assets moved from public markets to private owners. The winners should be those with the ability to raise equity more cheaply: greater scale translates into lower costs of capital and improved prospects. Unlike offices, the fundamentals of the warehouse market look solid in terms of demand for space and rental levels. That should mean plenty more action for the City’s men in sheds. |
Posted at 22/2/2024 14:10 by jombaston Surely the API-owned offices will already have been pitched to potential buyers.The unfixed part of API's funding is through an RCF at SONIA +150bps i.e. 6.7%. If this could have been repaid through sales, particularly of offices, surely it would have been done. Of course, the API NAV, or at least the office part will have fallen in Q4. So at least offices will be a smaller percentage than currently stated :-) SHED have a better chance of sorting out the API mess that API have on their own (and they could be lucky with interest rate cuts) but I'd rather they didn't take that risk. Investors bought SHED because of their clear strategy and sensible financing. Hopefully that means that any bid which threatens this will be voted down. If the SHED management are deemed to have lost their way and motivated purely by selfish considerations then this could make SHED vulnerable to a bigger and better-financed rival |
Posted at 21/2/2024 20:47 by elbrus55 Winner's curse?The SHED offer is net of 2.45p dividend so current value is a lot less than you indicate , partly due market movements since your post and partly due to the dividend which you didn't allow for.It seems borderline whether SHED shareholders will vote for this. On enhanced terms almost certainly not. |
Posted at 21/2/2024 11:44 by skyship Early indications surely suggest that SHED may turn out the winner here. Their share price down "only" 5% on the news; whereas CREI still down 13% even after today's relief rally with buyers assuming they will withdraw to lick their wounds.API shareholders being sold out by their BoD; as the API portfolio is a good one. Note what SHED think: "Attractive API portfolio of c. £315m(3) of assets in Industrial and Retail Warehouses. Urban Logistics knows these assets well from its day-to-day market appraisals and would have bid on all or any one of them had they come up for sale privately..." At 121p for SHED the bid is worth 56.7p for API. Makes API a great buy at 52.6p as now not only trading at a 7% discount to the SHED terms; but also an outside chance of someone else joining the game. A cash offer would be nice! |
Posted at 16/1/2024 07:14 by jonwig From Quoted Date (13/01) -If an inflexion point in the interest rates cycle has been reached, as seems to be the case, Urban Logistics REIT (SHED) is a compelling proposition. Valuations have stabilised – as evidenced by a 0.2% uplift in the value of SHED’s portfolio in the six months to September 2023 – while the company has substantial reversion baked into its portfolio (reversion is the rental growth potential of the portfolio, being the difference between current portfolio rents and the estimated rental value of the portfolio). SHED’s manager has an enviable track record of creating value through asset management initiatives. It says that it will continue to be a focus for the company as it builds on the success of recent lease events that resulted in a 10% uplift in rents. Operating in the ‘mid-box&rsquo SHED’s current discount to net asset value (NAV) of 23.5% seems both unjustified and highly attractive, especially if the next move in interest rates is down. Full note: |
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