sharetrader
Page 2 of 50 FirstFirst 12345612 ... LastLast
Results 21 to 40 of 984
  1. #21
    Senior Member
    Join Date
    Sep 2004
    Location
    Fukuoka, , Japan.
    Posts
    732

    Default

    ING eyes Calan for possible takeover

    Saturday August 12, 2006


    NZX-Listed real estate investor ING Property Trust is considering taking over listed medical landlord Calan Healthcare Properties Trust, after buying its management.

    Calan's board has formed a sub-committee of independent directors to investigate "a merger" and Macquarie NZ is acting as adviser.

    ING has retained First NZ Capital as its advisers. If the takeover is successful, it will result in a company with a $1 billion portfolio.


    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  2. #22
    Senior Member
    Join Date
    Sep 2004
    Location
    Fukuoka, , Japan.
    Posts
    732

    Default

    Property trusts look at merger
    12 August 2006

    Property investment trusts Calan Healthcare and ING Property are looking at a possible merger.


    In March ING walked away from a takeover offer for Calan, after offering $1.25 per unit.

    But ING has ended up running Calan after its management company bought Calan's management arm, Calan Healthcare Properties Ltd, for an undisclosed sum.

    Brokers said Calan would give ING diversification, blue-chip tenants and a longer term rental profile.

    Calan, which owns Ascot Hospital and other health-related property, had to take a longer head lease to justify the construction of its purpose-built buildings.

    "Because they're medical centres and such, they're specifically designed so you can't turn them into office blocks reasonably quickly," Direct Broking's Peter Lynds noted.

    Calan said it had retained Macquarie New Zealand as an adviser and ING is using First NZ Capital.

    Units in Calan Healthcare Properties Trust last traded near the top of its year range at $1.28, while ING last traded at $1.21, near its year high of $1.24.

    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  3. #23
    Junior Member
    Join Date
    Mar 2006
    Location
    , , .
    Posts
    1

    Default

    Totally expecte and makes a lot of sense, yet something feels weird about the process.
    ING drops takeover, instead buys management and hold around 20% shareholding.
    So a few months later, launches another takeover. Difference being:
    1) They don't have to worry about a competing bid since their management contract is enough to deter almost anyone (can only be terminated by a 75% majority and even then probably get paid a fee of 700 yrs their annual fee).
    2) They know everything about the target, by virtual of controlling their books.
    3) If CHP shareholders don't accept, ING will still get the management fees, hence no great hurry in timng hence no incentive in offering a reasonable premium.

    So we have a non-competitive takeover with the bidder also holding the keys to the target's bedroom. Great job Macquarie!
    giving the boot for a change

  4. #24
    Senior Member
    Join Date
    Sep 2004
    Location
    Fukuoka, , Japan.
    Posts
    732

    Default

    Property trust confident

    Monday August 21, 2006


    Property sector fundamentals should remain resilient, says Kiwi Income Property Trust chairman Sean Wareing.

    That would underpin solid rental growth in the trust's portfolios, he told the annual meeting of the country's largest listed property investor on Friday.

    For the year to the end of March the trust reported a record full-year profit of $72.1 million, up 36.9 per cent.

    - NZPA


    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  5. #25
    Senior Member
    Join Date
    Sep 2004
    Location
    Fukuoka, , Japan.
    Posts
    732

    Default

    Calan Healthcare profit steady but says better is on the way

    Tuesday August 22, 2006
    By Anne Gibson


    Medical landlord and potential takeover target Calan Healthcare Properties Trust has increased net profit by just 1 per cent but is predicting a better result next year.

    It did note, however, its distribution was up 8.2 per cent, from 8.5c last year to 9.2c.

    "Barring unforseen circumstances, the board is projecting a slightly enhanced performance and distribution for the 2006-07 year," Calan's manager said.

    Operating revenue rose 16.5 per cent from $16.3 million to $19 million and rental income rose 29 per cent to $18 million.

    Net profit rose 1 per cent to $10.6 million.

    Fund manager ING bought Calan's management this year and said this month it was investigating launching a full takeover but has not yet decided to proceed.

    Last week, Calan's independent directors formed a subcommittee to consider the idea and said the deal had to be beneficial to Calan's unit holders if it were to proceed.

    The value of Calan's real estate portfolio rose 9.8 per cent from $204.3 million last year to $224.3 million this year, although it said about half this gain was because of exchange rate movements.

    Calan owns a large healthcare asset in Melbourne so fluctuations in the value of the New Zealand dollar against the Australian currency affects its portfolio value.

    Calan's Epworth Rehabilitation Brighton asset in Melbourne rose in value by almost $1 million or 7 per cent.

    Calan's founders Martin Lyttelton and Brian Freestone have resigned as directors while chief executive Miles Wentworth will stay with the trust until September 30 "to facilitate a smooth transition across to ING's management".

    The board paid tribute to all three, saying it appreciated their contribution.

    This year's annual meeting will be held in Auckland but the board is yet to set a date.


    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  6. #26
    Member
    Join Date
    Nov 2001
    Location
    wellington, , .
    Posts
    283

    Default

    From where I sit the AMP Office convertible notes look undervalued at 119. From my reckoning the dividend yield is 8.50c per $1 of face value which at $1.19 equals a yield of 7.14% , about the same as the ordinary shares. The bonus is that next June when the convertibles "convert" to ordinary shares you get the ords issued at 92c for every $1 face value you have in the converts. So the calc is something like:

    Buy 10,000 converts at 1.19 = cost $11,900
    Then in June converts &gt; ords 10000/.92 = 10,869 ords
    Current cost of buying 10,869 ords at $1.14 = $12,390

    Therefore $490 cheaper to currently buy 10,869 ords via converts rather than ords themselves. With Asset backing of $1.21 per share and the opportunity to effectively buy the ords via the converts at $1.10 a nice 10% discount to NAV.

    Am I missing something here ? or are the converts excellent value.


    Disc: Bgt 30,000 APTGB yesterday at 119
    nelehdine

  7. #27
    Reincarnated Panthera Snow Leopard's Avatar
    Join Date
    Jul 2004
    Location
    Wandering Free
    Posts
    817

    Default

    Looks right to me.

    NAP and NAPGA are another pair that you can play this game with, but the timescale is 3 years.

    NAPGA have a yield of 7.75% on the issue price of a $1, so at $1.06 you get 7.31%. In July 2009 each NAPGA converts to 1.69 NAP, currently trading at 70c ($1.18 of NAPs ), when the diluted NAV will be about 0.78c (on current valuations).
    om mani peme hum

  8. #28
    Member
    Join Date
    Nov 2001
    Location
    wellington, , .
    Posts
    283

    Default

    Cheers PT , de-risking the portfolio at present after stellar run in mining stocks in Oz ... the Kiwi $ back down to 80-82c would be handy !!

    APT look good value whichever way you look at it.
    nelehdine

  9. #29
    Senior Member
    Join Date
    Sep 2004
    Location
    Fukuoka, , Japan.
    Posts
    732

    Default

    ANZO Trust (APT) hamstrung by lack of properties
    18 October 2006
    By ADRIAN BATHGATE

    AMP New Zealand Office Trust has a dilemma Ethe wallet is full and it wants to go shopping, but the shelves are bare.


    Executive manager Robert Lang said a lack of opportunities to buy new properties was the main problem facing the investor in A-grade office buildings.

    He told the annual meeting in Wellington yesterday that, with a strong balance sheet, ANZO was disappointed to have had only two substantial projects in the past year.

    Strong growth in commercial property values has left building owners reluctant to sell "in the expectation that it will be worth more next year".

    "As a result the market is pretty tightly held and the market is not as forthcoming as it was a couple of years ago."

    Mr Lang said there were opportunities out there, "but we haven't found any that meet our investment criteria".

    In response to a shareholder's question, Mr Lang said ANZO had looked outside its current markets of Wellington and Auckland, but one potential Christchurch building had been flagged as not suitable.

    During the year ANZO bought Mayfair House and redeveloped No 1 The Terrace, both in Wellington.

    "I'm confident there are opportunities out there. Our opportunity set is both investment and development," Mr Lang said.

    He also would not rule out buying another property owner as a way to expand its portfolio.

    The year to June was a blue-chip one for ANZO, with the portfolio increasing in value by 20 per cent to just over $1 billion. Net profit was up 4.4 per cent to $36 million.

    ANZO has moved to adopt international accounting standards during the year. This means the asset value per share has fallen from $1.21 to $1.13.
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  10. #30
    Member
    Join Date
    Nov 2001
    Location
    wellington, , .
    Posts
    283

    Default

    Nice move for PFI this a.m , all be it on small volume. Can't complain ... at $1.40 again.

    Disc: hold APT,APTGB,KIP & PFI
    nelehdine

  11. #31
    Senior Member
    Join Date
    Sep 2004
    Location
    Fukuoka, , Japan.
    Posts
    732

    Default

    Sylvia Park almost full as retailers rush for shops

    Friday October 20, 2006
    By Anne Gibson


    Sylvia Park will not be finished until next winter but its owners say it is already 91 per cent leased.

    A group of middle-sized stores have signed up for 7880 sq m of the $388 million Mt Wellington shopping centre and negotiations are well advanced for the last part of the park.

    Angus McNaughton of Kiwi Income Property Trust said yesterday lease agreements had been signed for more than 84 per cent of the shops.

    The 21,300 sq m stage three was 79 per cent leased by projected net rental income and the 9700 sq m stage four was 61 per cent leased on the same basis, he said.

    Sylvia Park has not been without problems and detractors. Design issues with disabled access, criticism from influential financial investors about the amount of risk being taken on by such a large project and questions surrounding how well some stores were trading have dogged the centre since its winter opening.

    At its opening, Transit NZ threatened to shut some access routes if shoppers caused more traffic jams.

    Stage one with 22,700 sq m and two with 14,200 sq m were fully leased when they opened earlier this year. Stage one opened on June 8 but threw Auckland traffic into chaos as shoppers stormed the Mt Wellington site.

    The Warehouse Extra had offered cheap television sets and curiosity about the new centre drew thousands and clogged the Southern Motorway and other roads.

    The centre will have 201 shops when it is finished spread over 6.7ha of indoor space or 67,000 sq m. Stage four will have 2700 sq m of office space.

    The park will have 30,300 sq m of major tenants like The Warehouse Extra, 10,200 sq m of "mini-majors" and 24,700 sq m of specialist stores.

    Stage two opened without major traffic issues, causing the rival Newmarket Business Association to crow about a lack of interest in the park.

    If the trust expands the park with more offices, it could spend up to $538 million on its site.

    Units in Kiwi Income yesterday closed up 1c at $1.35.

    COMING SOON

    Sylvia Park's stage three

    Opening second quarter next year:

    Bookseller Borders, 2200 sq m.

    Dick Smith Electronics Powerhouse 1990 sq m.

    Clothing and sports good store Kathmandu 890 sq m.

    Gastro-pub Garrison 540 sq m.

    Stage four

    Opening mid-next year:

    EziBuy 1290 sq m.

    Noel Leeming 900 sq m.

    The Baby Factory 610 sq m. Sylvia Park almost full as retailers rush for shops

    http://www.nzherald.co.nz/section/st...ectid=10406745
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  12. #32
    Member
    Join Date
    Nov 2001
    Location
    wellington, , .
    Posts
    283

    Default

    I see 5.5m shares in APT changed hands at $1.11 today, one institution bailing to another. Great buying at a discount to NAV and portfolio 6-7% under-rented in a very tight office market.

    Disc: Added 23,304 APTGB and 8500 APT ords today.
    ( Now hold 71,304 APTGB's and 30,071 APT ords )
    nelehdine

  13. #33
    Member
    Join Date
    Oct 2003
    Location
    , Auckland , New Zealand.
    Posts
    390

    Default

    Very impressive, neleh. Hope you're reinveting the distributions. If so, you'll be creaming it as the years go by.

  14. #34
    Member
    Join Date
    Nov 2001
    Location
    wellington, , .
    Posts
    283

    Default

    Hi lawso ... yep all up in my property stocks I receive about $15k a year in dividends. Nice to be able to add 10,000 PFI or KIP or APT a year just thru putting those divs back into the market.

    I see Bollard left rates alone this morning, good news for property companies. Good value here as APT and KIP are trading at discounts to NAV and the PFI premium is at a historically quite small level around 12c.

    Be nice to have 100,000 of each of the three stocks ....
    nelehdine

  15. #35
    Member
    Join Date
    Oct 2003
    Location
    , Auckland , New Zealand.
    Posts
    390

    Default

    How about MGP, neleh? I first bought them two years ago @ 101c, now 130, and a good yield. I have about 25,000, to go with my bigger holdings of PFI and the parcel of Ozzie LPTs through an Australian Unity property growth fund. I've referred to these in my recent posting on Investment Strategies, "Painless and Profitable".

  16. #36
    Member
    Join Date
    Nov 2001
    Location
    wellington, , .
    Posts
    283

    Default

    Any APT holders out there able to confirm that the shares are trading ex-div today ... I see from the recent qrtly that the record date is 02/11 ... nice to see the shares at 115 xd ... VERY nice !! ..... still great value !!
    nelehdine

  17. #37
    Member
    Join Date
    Nov 2001
    Location
    wellington, , .
    Posts
    283

    Default

    Just noticed that KIP have acquired the 50% of the National Bank Centre on Queen St that they didn't own. 8% yield is pretty attractive in this market. Might have to buy a few more ...
    nelehdine

  18. #38
    Member
    Join Date
    Nov 2001
    Location
    wellington, , .
    Posts
    283

    Default

    APT,PFI and KIP all very firm , might all 3 be about to hit new higs simultaneously ...
    nelehdine

  19. #39
    Senior Member
    Join Date
    Sep 2004
    Location
    Fukuoka, , Japan.
    Posts
    732

    Default

    Property trust rolling in Sylvia Park rents

    Saturday November 18, 2006
    By Anne Gibson


    Property investor and developer Kiwi Income Property Trust cited rent from its Sylvia Park shopping centre in Auckland as one of the factors which helped it to push up half-year net earnings almost 9 per cent.

    The trust yesterday declared a $29.7 million after-tax profit in the six months to September, up from $29 million the year before.

    Excluding realised gains, this was an increase of 8.7 per cent over the period last year, the company said. Its rental income rose by 7 per cent to $47.5 million after strong rent reviews, an active leasing period and Sylvia Park's contribution.

    Kiwi's accounts showed it spent $337 million on Sylvia Park, buying the land and developing it. Costs in September last year stood at $149.3 million.

    Angus McNaughton, chief executive of the trust's manager, said the first two stages of the Mt Wellington shopping centre traded well. The centre is projected to bring in $6.2 million rent between next June and March. McNaughton said when the third and fourth stages were finished next year, the centre would meet its full potential.

    Sean Waring, chairman of the trust's manager, said the trust's outlook was positive and property sector fundamentals were expected to remain resilient, underpinned by solid rental and leasing deals across the trust's retail and office portfolios.

    "The office portfolio will continue to benefit from low vacancy levels and solid demand for office space. Any softening of retail sales will be buffered by the high occupancy levels at the trust's retail centres and the rental increases built into the majority of the trust's retail specialty leases," Waring said.

    The manager's fees rose considerably, from $3.4 million total fees in the September 2005 half-year to $5.1 million in the latest half-year. McNaughton said the increase was partly because the value of Kiwi's total portfolio had increased and partly due to a $1.1 million performance fee for the half-year.

    Kiwi unitholders will get a gross interim dividend of 4.75c on December 15.

    http://www.nzherald.co.nz/section/st...ectid=10411351
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  20. #40
    Member
    Join Date
    Mar 2006
    Location
    Timaru, , New Zealand.
    Posts
    39

    Default

    This Happy Camper is pondering Kermadec Property Fund at the moment.

    Judging by the comment re: KPF on this forum it would seem that they are struggling to register a blip on the radar screen.

    Cheers

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •