theprior
20 Mar 2018
Return of cash Now doing what they should’ve done last time. 35p a share being paid to shs.TP
jaxonsax
21 Dec 2017
Re: Best option Last stated NAV was 132.5pHaving bought back half the shares at 140p implies a post buyback NAV of around 125p like for like.So why pay an 11% premium?? when there are much stronger dividend yield options trading at big discounts to NAV.Hansteen has been one of my favourite REITs for many years but at this price theres a lot of better homes for my money
theprior
17 Dec 2017
Re: Best option So, they give you a profit of 4p a share after selling a huge chunk of the company and promising to return the proceeds to shareholders. They should actually have been giving you something like 70p a share (you do the maths, I can’t be bothered now)If you’re happy with that so be it.I’m not!That’s why I’m out.TP
emisbod
16 Dec 2017
Re: Best option Sorry TP, I don't see it as a rip off at all. Quite the opposite in fact. I added to my holding when they were at 136 and promising to buy half back from me at 140. Such a no-brainer, I was waiting for the catch as they always say, if it seems too good to be true, it probably is.No. They did just what they said; bought half my stock at a really good price. It has appreciated that much since I bought my first tranche last year sometime that I was quite happy. Even topped up again since the price has fallen back a bit, as this is a good company I think. Probably be a couple of leanish years as they start acquiring new properties but a good medium term bet IMHO.
theprior
14 Oct 2017
Re: Best option Sold mine into the market for 139. No point waiting for it to go through the process.My view is that we were sold down the river. The “return” to shareholders if you stay is a bigger share of a much smaller pot...no benefit. If you take the offer you end up with market price for half your holding and. A reduced value share of what’s left.If you do nothing you’re end up with a reduced value of your complete holding.Where’s the “return” in any of that .? I just can’t see it.Rip off Britain at its worst.TP
smitthy
11 Oct 2017
Best option I am a bit confused about this tender offer. someone mentioned earlier that this is worth 70p per share to shareholders. I cant see it.Whats the best option? sell 50% or not
shabby 2 sox
06 Oct 2017
Re: Tempus is a hold Hi PJ,Thanks for your reply and details of your REIT holdings. As mentioned in my previous post I probably should have some pure RE holdings but still need to build up my portfolio with some more speculative growth shares although I do hold some IT's and UT's. Not too familiar with RE so good to have a few to check out.(I notice Greyinvestor has bought into PCA). S
shabby 2 sox
06 Oct 2017
Re: Tempus is a hold Thanks MJS, I will have a look at SRE and GRN as I do not have any pure RE holdings and probably should. Likely to give Palace Capital a miss though as it looks like it will provide a decent income but limited growth. S
PJ Foster
05 Oct 2017
Re: Tempus is a hold Hi Shabby,I also liked the fact that Hansteen had European exposure - but I've done well out of the share - so won't grumble. They got a good price for the portfolio.All my other REITs are UK focused and held for income. I've never looked at either of the shares you mention - but I'll take a look at PCA. You might like to consider the following REITs which I hold:British Land (BLND) - yield 5%Standard Life Property (SLI) - yield 5.2%Tritax Big Box (BBOX) - yield 4.38%Empiric Student Property (ESP) - yield 6.13%With Hansteen, REITs make up about 4% of my stash. With the disposal, they will be more or less 100% uk focused - but I'm fine with that as I've got significant international exposure elsewhere.Cheers,
MJS1234
05 Oct 2017
Re: Tempus is a hold Don't know the two companies mentioned but I do hold Sirius Real Estate Limited (SRE) and Green REIT (GRN) for overseas property exposure. Both doing well but DYOR etcMJS
shabby 2 sox
05 Oct 2017
Re: Tempus is a hold Does anyone have an interest / opinion on PSDL (Phoenix Spree) Berlin residential Market (yield 2%) or PCA (Palace Capital) Commercial property outside London (yield 5.3%) two other companies I have been monitoring in addition to Hansteen?I favour PCA despite 100% UK based for yield and management although both Directors in their 70's so some risk on succession, if, as an analyst tactfully said one or both should fall under a bus.
shabby 2 sox
05 Oct 2017
Re: Tempus is a hold I have been moitoring HSTN with a view to buying into my ISA. However my interest was based on the yield but also importantly the business having a UK / Europe mix which will, sadly, not now be the case. It seems a short sighted move but seems LTIP swung the decision.
PJ Foster
05 Oct 2017
Re: Tempus is a hold Yep, nice summary of my opinion. I'm just not as eloquent as Mr Tempus. Thanks for posting, MJS.Cheers,
PJ Foster
05 Oct 2017
Re: Disappointing announcement Emisbod,I'm with Interactive Investor (have been since 1998). I can't say how it would work with IG, but with Interactive Investor, they will set up a 'Corporate Action' form, on the site, which allows you to select what options you want to take. So far all my experiences with Interactive Investor have been very positive, with respect to how they handle this kind of thing.I assume IG would be similar.Cheers,
MJS1234
05 Oct 2017
Tempus is a hold Fromthis morning's Times.I'm holding. Done me well so far as up circa 20% in just over a year and some dividends too.GLTAMJSCompanies are funded by investors with their hard-earned cash and are expected to invest it wisely to provide a better return than those investors would get elsewhere. Any cash handed back, then, by whatever means should be looked at very carefully.Hansteen’s return of £580 million to investors, pretty much half its market capitalisation, looks unavoidable. This year the industrial property company was in receipt of an offer from Blackstone and another investor for its German and Dutch properties that was far too good to ignore.The price settled on, €1.28 billion, was 6 per cent more than those properties had been in the books for at the end of last year. It was completed, conveniently, just before the end of Hansteen’s first half.The company, historically, was only in the European market because, on its listing in 2005, the founders were contractually precluded from investing in the UK industrial market after the sale of their previous venture, Ashtenne. Since then a UK portfolio has been built up, while now is not a bad time, given the recovery in the eurozone economy, to be disinvesting there.The problem is that UK industrial property is also much in demand, and not just those “big box” distribution units so favoured by internet retailers. It would be almost impossible to reinvest the net cash due from the disposal all at once and at decent prices while leaving it in the bank produces a cash drag on the company’s finances, given low interest rates. Investors should not be complaining. The shares, recommended here at 123p in March because of the potential for cash returns, lost 1½p to 137½p yesterday. Hansteen is proposing to buy back from investors one in every two of their shares, up to that £580 million proposed return, at 140p, a premium of almost 14 per cent over their price in March when the potential disposal was mooted and at a premium of 7p over the latest net asset value at the end of June.That premium means that NAV figure will be diluted on completion, but that need bother no one who takes up the offer. The sale of those properties means Hansteen is almost entirely in the UK — there are some Continental odds and ends that will go in due course. It means dividends will have to be advanced to meet UK REIT rules which require a certain level of payout.Take the cash and hang on to your remaining holding for the 4.3 per cent forward yield.My advice HoldWhy The tender offer should be accepted as it offers good value to investors and a good use of the cash, while the forward yield is attractive
