LittleJohn2 schreef op 29 januari 2021 09:42:
An interesting article from the UK market: 'Nuggets of value amid the chaos'
www.propertyweek.com/insight/nuggets-...'RICS is looking at the latency of Red Book valuations focused on shopping centres; the best bids for intu’s Trafford Centre were £800m compared with a £1.7bn valuation in December 2019. It is interesting that Tritax Big Box pre-released its portfolio revaluation, which trounced analysts’ forecasts by gaining 8% in six months. In contrast, intu and Hammerson let the equity market work out that the bottom of the page isn’t necessarily the bottom of the retail rent chart.'
'REITs have done poorly since the financial crisis as they didn’t cut dividends and held on to retail too long for the income. Our mantra remains ‘shrink before you grow’ and don’t duck selling assets below book value. The pandemic has led to dividend cuts and redefined pay-out policies so these new CEOs can break with their predecessors’ poor stratagems'.
We haven't heard from a new CEO yet after a good few months in the office. Is this normal? Ex CEO Lewis used to say that the UK market is different and I'm sure he is right to some extend. Tritax Big Box is a warehouse REIT and is doing very well, if I remember correctly ECP few months ago sold their warehouse in Sweden (Bronsen).