Saizen REIT

(01-11-2015, 11:47 PM)tanjm Wrote: I will vote against it. Lone star are getting a fully formed real estate fund at a high yield in yen terms. 3.4% premium over a June 2015 NAV is too cheap.

I agree that 3.4% premium over NAV is really cheap for a REIT of Saizen's size.

Using Saizen's situation as a learning example, I doubt Lippo will offer an attractive premium over NAV for First REIT and Lippo Mall Trust if they ever decide to shift to Indonesia. So, I have decided to divest my First REIT completely last week.

Seems like they have started hedging the exchanging rates...that's 1 variable less.

(03-11-2015, 08:08 AM)Dividend Knight Wrote:

(01-11-2015, 11:47 PM)tanjm Wrote: I will vote against it. Lone star are getting a fully formed real estate fund at a high yield in yen terms. 3.4% premium over a June 2015 NAV is too cheap.

I agree that 3.4% premium over NAV is really cheap for a REIT of Saizen's size.

Using Saizen's situation as a learning example, I doubt Lippo will offer an attractive premium over NAV for First REIT and Lippo Mall Trust if they ever decide to shift to Indonesia. So, I have decided to divest my First REIT completely last week.

I was thinking the same for First Reit. However they can't offer something below trading price will they ? Sounds unreasonable...

(03-11-2015, 10:35 AM)corydorus Wrote:

(03-11-2015, 08:08 AM)Dividend Knight Wrote:

(01-11-2015, 11:47 PM)tanjm Wrote: I will vote against it. Lone star are getting a fully formed real estate fund at a high yield in yen terms. 3.4% premium over a June 2015 NAV is too cheap.

I agree that 3.4% premium over NAV is really cheap for a REIT of Saizen's size.

Using Saizen's situation as a learning example, I doubt Lippo will offer an attractive premium over NAV for First REIT and Lippo Mall Trust if they ever decide to shift to Indonesia. So, I have decided to divest my First REIT completely last week.

I was thinking the same for First Reit. However they can't offer something below trading price will they ? Sounds unreasonable...

why not? They are buying the assets and not the shares of first reit.

(03-11-2015, 08:08 AM)Dividend Knight Wrote:

(01-11-2015, 11:47 PM)tanjm Wrote: I will vote against it. Lone star are getting a fully formed real estate fund at a high yield in yen terms. 3.4% premium over a June 2015 NAV is too cheap.

I agree that 3.4% premium over NAV is really cheap for a REIT of Saizen's size.

Using Saizen's situation as a learning example, I doubt Lippo will offer an attractive premium over NAV for First REIT and Lippo Mall Trust if they ever decide to shift to Indonesia. So, I have decided to divest my First REIT completely last week.

My opinion diverges from you as 1. The proposed tax changes will likely take 1+ yr to implement 2. There are one off costs incurred with delisting and 3. Delist still subject to shareholders approval, so they may have to offer higher premium over market value to capture approval.

I see riady family comments more of a bargaining chip to get preferential REIT tax status in SG.

(Vested, OT on this thread)


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(03-11-2015, 02:00 PM)thor666 Wrote:

(03-11-2015, 08:08 AM)Dividend Knight Wrote:

(01-11-2015, 11:47 PM)tanjm Wrote: I will vote against it. Lone star are getting a fully formed real estate fund at a high yield in yen terms. 3.4% premium over a June 2015 NAV is too cheap.

I agree that 3.4% premium over NAV is really cheap for a REIT of Saizen's size.

Using Saizen's situation as a learning example, I doubt Lippo will offer an attractive premium over NAV for First REIT and Lippo Mall Trust if they ever decide to shift to Indonesia. So, I have decided to divest my First REIT completely last week.

My opinion diverges from you as 1. The proposed tax changes will likely take 1+ yr to implement 2. There are one off costs incurred with delisting and 3. Delist still subject to shareholders approval, so they may have to offer higher premium over market value to capture approval.

I see riady family comments more of a bargaining chip to get preferential REIT tax status in SG.

(Vested, OT on this thread)


Sent from my iPad using Tapatalk

I do not see them getting special treatment simply via such comments. It would set a precedence then all the other foreign based Reits will all start issuing comments as well 

Actually 3.4% above NAV isn't much of a premium. Apart from the fire sales back during the financial crisis, Saizen's property sales have always been >10% above valuation... That being said, considering the mindset of shareholders and the prospect of unlocking "value", odds of it going through should be quite high.

Should be an easy minimum 10% profit for Lone Star fund just from taking the portfolio apart and selling it off one by one.

(04-11-2015, 11:40 AM)piggo Wrote: Actually 3.4% above NAV isn't much of a premium. Apart from the fire sales back during the financial crisis, Saizen's property sales have always been >10% above valuation... That being said, considering the mindset of shareholders and the prospect of unlocking "value", odds of it going through should be quite high.

Should be an easy minimum 10% profit for Lone Star fund just from taking the portfolio apart and selling it off one by one.

If that is the case, why don't saizen mgmt tear their own reit apart ? Doesn't make sense to sell them and lose 10% profit to be gain right ?

(03-11-2015, 12:03 PM)lvpierre Wrote:

(03-11-2015, 10:35 AM)corydorus Wrote:

(03-11-2015, 08:08 AM)Dividend Knight Wrote:

(01-11-2015, 11:47 PM)tanjm Wrote: I will vote against it. Lone star are getting a fully formed real estate fund at a high yield in yen terms. 3.4% premium over a June 2015 NAV is too cheap.

I agree that 3.4% premium over NAV is really cheap for a REIT of Saizen's size.

Using Saizen's situation as a learning example, I doubt Lippo will offer an attractive premium over NAV for First REIT and Lippo Mall Trust if they ever decide to shift to Indonesia. So, I have decided to divest my First REIT completely last week.

I was thinking the same for First Reit. However they can't offer something below trading price will they ? Sounds unreasonable...

why not? They are buying the assets and not the shares of first reit.

Then the offer will not be sincere and reasonable. Will they succeed ?

(04-11-2015, 01:38 PM)corydorus Wrote:

(04-11-2015, 11:40 AM)piggo Wrote: Actually 3.4% above NAV isn't much of a premium. Apart from the fire sales back during the financial crisis, Saizen's property sales have always been >10% above valuation... That being said, considering the mindset of shareholders and the prospect of unlocking "value", odds of it going through should be quite high.

Should be an easy minimum 10% profit for Lone Star fund just from taking the portfolio apart and selling it off one by one.

If that is the case, why don't saizen mgmt tear their own reit apart ? Doesn't make sense to sell them and lose 10% profit to be gain right ?

They've divested 6 properties since 2012, potentially more if this doesn't go through... this route is just a short cut at a potential cost of 10 - 25%.