Property Shares

[fungus pudding]

I am a trustee for my Mum's holding and am not investing. I note at balance date their last recorded net tangible asset backing is just $1.57.
For professional reasons I simply cannot recommend further investment at such a premium to NTA. I think very high quality industrial property is presently priced almost as though its in "an asset bubble" Even allowing for some further compression in cap rates since balance date I think its highly likely their current NTA as at 30 Sept is slightly south of $1.70. As for the documentation requirements, that sounds seriously over the top.

Therefore your course of action should be to recommend the immediate sale of your mum's shares. (Bet you don't )

[Beagle]

All the property companies I follow are trading at a material premium to last reported NTA with high quality industrial property the most in favour. PFI for example is also trading at a 30% premium to NTA. The drop in cap rates over the last 6 months may have more of an impact on NTA than I am estimating. GMT has been an exceptional performer over the years. I'll have a look at the premium to NTA in due course when they announce their half year result and discuss it with my Mum. While I wouldn't recommend adding at the current level that doesn't automatically follow that its a sell.
There is such a thing as hold, (which over a very long period of time has proved to be a very successful strategy). Who really knows where this lowest interest rates in 100 years really ends up going too ? and I note that very high quality industrial property is a very safe asset class.

OCR set to fall to 0.5% soon could have further future positive implications for yield shares on the NZX. http://www.sharechat.co.nz/article/8...p-below-1.html

[GTM 3442]

Get used to it. I have been back to banks numerous times for a trust where I have given them Information I had already given to them before. Not only that but loan applications we had for the trust were incorrectly processed by the bank three times in a row. They needed to so much information, as to where all my money came from and what was my source of income, am I owning anything overseas? We just need to become a cashless society and filling our information would become so much easier.

Maybe I'm just used to it being done well. . .

I currently have banking, Broking, and investing accounts in about half a dozen countries. Apart from the US WBEN8 form every so often, there's generally nothing more than an annnual "keep your details up to date" email and a " your passport has just expired, please send a notarized copy of the new one" email.

But never anything from the company I'm actually investing in.

So yeah, it just sounds nuts. And, to be honest, peculiarly New Zealand.

[Kelvin]

It is nuts. By buying my GMT shares on-market I never had to complete any identity checks (apart from the initial sign up with ANZ securities at the time)

Yet now I have to see a JP to get my documents checked and certified. This was never required with recent Share purchase plans from Infratil or Arvida

[GTM 3442]

My experience is that New Zealand generally isn't very good when it comes to issues of identity verification. Or anything even slightly out of the ordinary.

G*d alone knows what nonsense GMT and the custodians are going to come up with between them. It's tempting to just sell up, chuck the proceeds in the iShares NZ ETF and go to the beach.

[Chickens]

In case anyone else is wondering, I sought clarification from Computershare who have confirmed that Goodman Bond Holders are not eligible for the Goodman Retail Unit Offer.

I wonder if the stringent Anti Money Laundering requirements will adversely affect participation in this offer.

[fungus pudding]

In case anyone else is wondering, I sought clarification from Computershare who have confirmed that Goodman Bond Holders are not eligible for the Goodman Retail Unit Offer.

I wonder if the stringent Anti Money Laundering requirements will adversely affect participation in this offer.

I can only speak for myself but it puts me in the can't be bothered catergory.

[jg8512]

It is nuts. By buying my GMT shares on-market I never had to complete any identity checks (apart from the initial sign up with ANZ securities at the time)

Yet now I have to see a JP to get my documents checked and certified. This was never required with recent Share purchase plans from Infratil or Arvida

i'm with you Kelvin. Plain nuts.
the Act of Parliament the form refers to was from 2009. so why the change in requirements now ??? Some over-zealous and cautious lawyer driving huge amount of burden on shareholders. the company should have shown some common sense and told the lawyer to find a new lemon pip to squeeze.

[RTM]

I like LPTs and hold ARG, GMT, KPG, PCT, PFI, and STR. I like them all and buying a spread gives the benefit of exposure to different sectors. e.g KPG for retail, PFI for industrial/wholesale, PCT for office. They are all PIEs. Augusta is not a PIE if that's important to you.
They should all show reasonable growth as well as steady income - keeping in mind everything carries a risk.

PFI....one of my quiet achievers.
https://www.nzx.com/announcements/343097
"Colliers International marketed the property, which has been sold for a gross sales price of $33 million. The property was last valued in December 2018 at $28 million." Seems like a huge increase in 9 - 10 months. Wonder what it cost them ?....i.e. what is the profit ? Probably pretty significant, but I guess a bit meaningless as they are just going to invest into another property is same market.

[macduffy]

PFI....one of my quiet achievers.
https://www.nzx.com/announcements/343097
"Colliers International marketed the property, which has been sold for a gross sales price of $33 million. The property was last valued in December 2018 at $28 million." Seems like a huge increase in 9 - 10 months. Wonder what it cost them ?....i.e. what is the profit ? Probably pretty significant, but I guess a bit meaningless as they are just going to invest into another property is same market.

Unless, of course, you credit them with the ability to invest particularly astutely in that market?