Wt Wner Usd Discussion Threads

[mack010101] 16/11/2010 09:18

Looks like the slow recovery of UK commercial property continues.......


U.K. commercial property company British Land PLC (BLND.LN) Tuesday reported a 4.2% rise in net asset value per share in the six months to Sep. 30 as its portfolio valuation rose 2.6% and there were early signs of a recovery in rents due to strong demand from key retailers.

MAIN FACTS (For six months to Sep. 30):

- Net Asset Value per share up 4.2% to 525 pence: IFRS Net Assets GBP4.4 billion

- Portfolio valuation up 2.6% driven by GBP20 million of new lettings and renewals

- Second quarter dividend maintained at 6.5 pence

- Early signs of rental recovery in retail portfolio with good demand from key retailers

- ERV in second quarter up 0.1% and lettings above ERV on best schemes

- Strong lettings and continued rental growth in London office portfolio

- Office occupancy up from 92.6% to 96.9%, continued ERV growth with further 4.2% increase

- London office weighting will increase from 33% to nearly 40% on completion of 2.1 million square foot office development program.

- The company expects to be able to exploit the growing demand supply imbalance in London offices and to benefit from a growing need from a significant number of retailers to take new space in the best locations. However, it remains vigilant to the impact of next year's VAT increase and Government spending cuts.

- In the investment market, British Land expects the divergence between prime and secondary to continue and most likely gather pace. At the same time, it is seeing more property coming to market from banks and other involuntary or unwilling holders of property and is confident it will be able to take advantage of these opportunities.

- In the three months to Sep. 30, the company's fiscal second quarter, it reported net profit of GBP167 million, up from GBP161 million, and EPS of 19 pence, up from 18.8 pence.

[squire007] 11/11/2010 22:51

slow progress ........ but waiting !

[mack010101] 02/11/2010 08:43

perhaps another sign that the UK Commercial Real Estate market is past its worse?

Some commentary from Lloyds Interim Management Statement out today:-

In the Wholesale division there has been a significant reduction in impairments,ahead of recent guidance, as we continue to benefit from the currently more stable economic conditions, particularly in the real estate market.

[mack010101] 01/11/2010 10:36

bid/offer spread for WNER has been around 2p-2.5p for the last three weeks

just got a quote from Charles Stanley to buy 10000 shares at 18.9p and sell 10000 at 18.65p

looks like the MMs have an order to fill or there is some news(positive) in the pipeline?

[squire007] 27/10/2010 23:01

get ready ............ GL

[cwa1] 25/10/2010 11:34

Thanks for that, sounds a reasonably good read through piece of news for Warner, fingers crossed anyway.

[mack010101] 25/10/2010 11:23

Warner Estates asset management business has a significant exposure to London offices - this recent report in the Sunday Times suggests things are improving in this particular property sector


Pressure eases on London's landlords as their empty office space begins to fill up

Catherine Boyle - Sunday Times - October 2010

London's landlords are starting to feel some relief from the burden of empty buildings as surveyors report that the amount of empty office space has declined for the first time in two years.

The amount of free office space fell from about ten million sq ft in the first three months of 2009, to 8.6 million sq ft at the end of September.

As construction has ground to a halt on many sites, with developers unable to secure finance or unwilling to spend money when the market is dwindling, the supply of new offices has contracted.

Rent-free periods of as much as two or three years, cash contributions to pay for fitting out a new office and capped service charges have become more common as landlords struggle to secure tenants.

Related Links
British Land sells half of Broadgate Circle
The most significant property deal of the year
British Land upbeat on property recovery hopes
Simon Smith, divisional director of NB Real Estate, said: "Landlords haven't felt in a position to play hardball because, until recently, genuine demand has been so thin. In a sliding market, the benchmark is the terms you might have to accept in 12 months' time and that has driven decision-making for many landlords in this cycle. The huge holding costs of an empty building, plus the pressure on landlords from their investors and bankers, are also big motivators to getting deals done."

James Young, head of Cushman & Wakefield's City office, said: "There has been a real sea change in sentiment in the market over the last three months. We have seen a pick-up in activity from occupiers; this improving demand, coupled with a constrained supply pipeline beyond next year, means that the bottom of the market for prime space has been reached."

The 1.2 million sq ft of new space let in the City of London, boosted by a new 540,000 sq ft letting in Watermark Place, the former BT headquarters, to Nomura, the Japanese investment bank, is nearly twice the 669,000 sq ft let in the previous quarter. Aberdeen Asset Management took on 71,000 sq ft at Bow Bells House.

Buying London office buildings is also becoming more attractive. The amount spent on London offices shot up by 240 per cent to £1.4 billion, from £413 million in the second quarter, as foreign investors tried to buy at the bottom of the market. Blackstone, the American private equity company, paid £77 million for a 50 per cent stake in British Land's Broadgate estate last month. Moreover, with South Korea's state pension fund said to be interested in paying £800 million for the HSBC tower in Canary Wharf, the trend is set to continue.

The amount of office space in the City of London that is empty fell to 10.1 per cent at the end of September, from a peak of 11.9 per cent in the first quarter of 2009. The West End's office market also improved, with only 7.1 per cent of office space vacant in the third quarter, down from 8.4 per cent in the previous quarter. Rents are still lagging behind at less than half their 2007 peak of £135 per sq ft in the West End. City rents are 39 per cent below their peak at £42.50 per sq ft.

[cwa1] 25/10/2010 09:56

Managed to shift that 50k block at 17p on the offer and now one seems to have appeared on the bid which is mildly encouraging.

[cwa1] 25/10/2010 09:35

Just joined the merry gang with a very small nibble. Share price chart lloks like a downhill toboggan run but hoping that things might be bottoming out and better things might be round the corner in the next 6-12 months.

[mack010101] 23/10/2010 18:20

hopefully the surge in letting activity mentioned below will have a positive impact on WNER's bottom line and their SP!

15 October 2010 - Property Week

Warner Estate Holdings has let its 75,638 sq ft South Marston One warehouse in Swindon to battery manufacturer, Yuasa Batteries.

Yuasa Batteries has signed a ten year lease at a headline rent of £4.50/sq ft.

Mark Peace, director of Warner Estate's wholly owned fund, said: "This is a significant transaction for the region and is a positive result for Warner Estate reflecting a surge in letting activity over the last few months."

Whitmarsh Lockhart advised Warner Estate, Yuasa Batteries was unrepresented

[squire007] 14/10/2010 23:38

18p buying ,,

[squire007] 10/9/2010 08:42

Headroom .............. these used to be £6 !!!! bide your time

I am in !

[squire007] 01/9/2010 11:05

I see value in a well run CP co ......... rental alloc in the high 90% now,


why de-rail it !?

[zastas] 24/8/2010 12:03

WNER is just being run for the benefit of its creditors, chiefly the banks. You can only see value in WNER at 20 pence if if you believe that there is a big bull-run in CP round the corner. The value currently is steadily eroded by high borrowing charges.

Remember that its lenders have been given equity at 5 pence per share. They could even short-sell now and cash-in in advance up to their maximum allocated equity, reducing their risk in debt-exposure to WNER. Who knows for sure, but I think likely the shareprice/its NAV is going to end-up somewhere close. Only then I think it could be a 'punt' . Nevertheless, good luck to all the long-suffering holders. Till March I used to be one too.

[squire007] 24/8/2010 10:48

over 98% rentals secured .......... excellent !


slowly, slowly ...... thank-you

[squire007] 01/7/2010 23:01

I see no-one believes ............ !!! your loss ;-)

[squire007] 16/6/2010 00:27

yes ........... guru from advfn said in the 'mail' ... BUY BUY

[haroldthegreat] 15/6/2010 14:10

any chance here of a rise in the share price?

[hybrasil] 25/5/2010 08:12

It took a long time to get rid of philip warner.
His direction has blown apart what was a great little company.

[zastas] 26/3/2010 14:46

Indeed. Informative to see how the banks - substantially nationalised ofcourse-are 'happily' relaxing their covenants, especially those LTV-ones. Some removed, others lifted to 115% plus! They get equity in WNER cheaply at 5 pence too, as well as heavy fees, some on loan 'exit' in 2012. WNER will continue for the foreseeable future to be run mainly for benefit of the banks.

I suppose you can see WNER being in the equivalent of the negative equity for many individual homeowners. But I doubt whether a small CP-investor with his individual property would be so lucky. It's probably a confirmation of that saying that the bank will have the problem if they've got a very large debtor and loan defaulter.

Perhaps too early then but I sold out a few weeks ago.

[fireplace22] 26/3/2010 14:29

Probably more to do with this:

[mike24] 26/3/2010 14:20

manipulation of share price?
had read that fireplace,
cksn moved 20% in afternoon, 235-197 and back
tell me that was'nt manipulation?

what suprises me there has'nt been more 1day swings
in the comm prop sector.

[cudman] 17/3/2010 13:49

There must be some holders out there with something to say about WNER?????????
Anyone any idea where this one is heading?

[scburbs] 27/10/2009 12:45

Hmmm, I think I may have been a bit premature! The most overleveraged stocks like WNER and IPI are struggling again.