Sirius Real Estate Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9349308 By Barum_novice ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=9349308&action=detail Sat, 25 Feb 2012 02:57:00 GMT Barum_novice tag:iii.co.uk,2003:tst.9305260
I've included a fresh look at Sirius Real Estate (complete with v exciting new development!) in my latest Catalyst article, where I look at 4 interesting companies/situations with activist investor(s) on board:

http://wexboy.wordpress.com/2012/02/16/how-about-another-catalyst-part-vii/

Cheers,

Wexboy By Wexboy ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=9305260&action=detail Fri, 17 Feb 2012 01:45:00 GMT Wexboy tag:iii.co.uk,2003:tst.9074833 Click for report
http://bit.ly/sS0Lpb
Fri, Dec 16, 2011 at 8:39 AM By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=9074833&action=detail Fri, 16 Dec 2011 08:43:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8872890 Mon, Oct 24, 2011 at 10:46 AM
http://www.edisoninvestmentresearch.co.uk/researchreports/siriusrealestate241011update.pdf

The group’s first-half trading update, ahead of full interims due on 5 December, confirmed that trading in the first half was broadly in line with expectations. The core focus on increasing portfolio occupancy delivered results, with further growth to 77% by the period end, ahead of both September 2010 (73%) and end FY11 (76%). During the first half Sirius secured new tenants for 65,000 square metres (sqm) of portfolio space, a net 28,000sqm gain (ie, less 37,000sqm of tenant move outs). The equivalent figure for the first half of last year was a 13,000sqm net gain.

Sirius Real Estate holds a portfolio of large, mixed-use commercial property in Germany, which it has progressively upgraded to provide flexible workspace, small to medium-sized offices, light industrial, logistics, distribution and storage space.
Year
End Revenue
(€m) PBT
(€m) NAV/
share
(c) Disc.
to NAV
(%) EPS
(c) DPS
(c)
03/10 44.0
0.7
73.8
66
0.54
0.0
03/11 45.6
(1.0)
72.9
66
(0.61)
0.0
03/12e 46.5
2.5
73.6
66
0.74
0.0
03/13e 47.5
3.9
76.0
67
1.17
0.0
Sirius Real Estate is a research client of Edison Investment Research. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=8872890&action=detail Mon, 24 Oct 2011 10:47:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8505122 Thursday, Jul 07 2011 by Edison Investment Research
http://www.stockopedia.co.uk/research/realising-value-in-fy12-58056/

http://www.edisoninvestmentresearch.co.uk/?ACT=18&ID=5336

Jul 07th 2011 - Edison Investment Research today published a report on Sirius Real Estate (SRE.L, LSE:SRE, LON:SRE) entitled "Realising Value In FY12". In summary, the report says:

FY11 was a strong year operationally, with better portfolio occupancy, revenue scale and visibility. Underlying margins also improved as a result of cost control and better recovery of site expenses from tenants. The group now moves into the third phase of its strategy; portfolio assembly and initial upgrade is complete, occupancy rates are approaching 80%, so the emphasis shifts to disposals of more mature assets to generate cash for new acquisitions and dividends. Two main issues remain for FY12. These are the refinancing of the RBS facility, which matures in October 2012, and renegotiation of the management contract, and discussions are underway on both. There is potential for SRE to prove the efficacy of its growth model this year, assisted. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=8505122&action=detail Thu, 07 Jul 2011 17:24:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8470860 I will vote for the change. 18 months ago this company was torpid, and only when it came under external pressure from activist investors, did it discover a series of pretty obvious initiatives which are now bearing fruit. Previously annual reports were a collection of anecdote and boasts about the number of enquiries without change to the bottom line.
It must be reassuring that a savvy investor such as Weiss see value in the company. It is certainly true that our discount to NAV is still high. Their interest may go some way to explain SP rise in last months. Other companies in the European property field are seeing initiatives to restore NAV value to shareholders. MERE's SP has risen since the board announced that it will sell off the portfolio over 30 months.

Cheers
B_N By Barum_novice ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=8470860&action=detail Thu, 30 Jun 2011 09:02:00 GMT Barum_novice tag:iii.co.uk,2003:tst.8083804 The comments in the note more or less echo the SRE RNS.

All that said SRE does now seem to be moving in the right direction, and is now more inclined to quote targets and admit to whether these are being achieved, than crow about an increase in the number of enquiries and tell a story or two about it has built a garage in the grounds of one of its properties. Increase in occupancy 30 Nov 2010 to 32 March only 1% at 76% but the trend remains upwards and they do state they believe this will rise to 80% by Sept 2010. So, probably still a buy for the patient.

Cheers B_N
By Barum_novice ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=8083804&action=detail Tue, 05 Apr 2011 13:59:00 GMT Barum_novice tag:iii.co.uk,2003:tst.8083616
Tuesday, Apr 05 2011 by Edison Investment Research 0 comments


Apr 05th 2011 - Edison Investment Research

today published a report on Sirius Real Estate (SRE.L, LSE:SRE, LON:SRE) entitled "Positive FY11 Update". In summary, the report says:

Sirius confirmed that the full year result should be in line with expectations.

Portfolio occupancy was 76% at end March 2011, vs 73% six months earlier, and operating margins will have benefited from the progress of initiatives to cut costs and improve recovery of expenses from tenants.

The group’s broadly diversified – by geography and type – portfolio of business space is ideally placed to benefit from Germany’s economic recovery, which has been maintained in 2011.

http://www.stockopedia.co.uk/research/positive-fy11-update-55497/

http://www.edisoninvestmentresearch.co.uk/ By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=8083616&action=detail Tue, 05 Apr 2011 13:38:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.7392906
Definetlly heading in the right direction - especially with all that massive II injection last week !

Elastic Band on the SP being pulled back - be ready for the "twang" !!!
By bhxjoe ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=7392906&action=detail Mon, 06 Dec 2010 13:19:00 GMT bhxjoe tag:iii.co.uk,2003:tst.7391682 http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=7391682&action=detail Mon, 06 Dec 2010 11:34:00 GMT Winging It tag:iii.co.uk,2003:tst.7391221 By bhxjoe ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=7391221&action=detail Mon, 06 Dec 2010 10:52:00 GMT bhxjoe tag:iii.co.uk,2003:tst.6973162
Cheers

B_N By Barum_novice ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=6973162&action=detail Sun, 26 Sep 2010 16:04:00 GMT Barum_novice tag:iii.co.uk,2003:tst.6631220 tclr By trickler ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=6631220&action=detail Fri, 16 Jul 2010 19:42:00 GMT trickler tag:iii.co.uk,2003:tst.6630966
Weiss's complaints about SRE's management echo those of Goldenarrow1's post in March.

Any thoughts on the proposals by Weiss Asset Management?

BTW I can't find the list of resolutions on the SRE website. May not be looking in the right place.... Anybody seen them?

B_N By Barum_novice ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=6630966&action=detail Fri, 16 Jul 2010 18:30:00 GMT Barum_novice tag:iii.co.uk,2003:tst.6151630 I find SRE v difficult to judge. I share Goldenarrow1's concerns re much talk of enquiries on the rise but not enough information about conversions into signed leases, nor about the number of tenants leaving. The occupancy ratio is worryingly low. Is this because they have taken on properties which are grotty with low occupancies, and these have not been through the refurbishment process. Alternatively it could be due to issues set out in the critique. It must be a genuine reassurance that the average rent achieved for let properties is rising.
Don't know enough about valuations of commercial property. Is it influenced by occupancy levels?
The wide gap between NAV and SP is a reasonable buffer, and I took heart from the fact that the valuation of the portfolio did not drop at the last valuation in the interim results last Dec.
So, probably a good medium term bet but not sure what will happen in the next months (for what my opinions worth!).

Cheers

B_N By Barum_novice ]]> http://www.iii.co.uk/investment/detail?code=cotn:SRE.L&display=discussion&id=6151630&action=detail Mon, 29 Mar 2010 22:53:00 GMT Barum_novice