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Land Securities like a lunatic loves London...

Published 11 days ago

There is much I could write about today including Greggs' (GRG) continued success with vegan sausage rolls (good), Vodafone (VOD) admitting it had to cut the dividend (bad) and yet another property sector shocker, this time from behemoth Land Securities (LAND)…

Tom Winnifrith Bearcast: Praising crazy cat lady Tara Cranswick & friendly advice for my hero Neil Ricketts of Versarien

Published 22 days ago

In today's podcast I take a brief look at the local elections then cover Conman Windham's Valiant disaster, V22, run by the wonderful Tara Cranswick, Intu (INTU), Management Resource Solutions (MRS) and Versarien (VRS). There is a missing cat update from the Welsh hovel and then a stark message to the 80% of listeners who are being mean. Cough up HERE.

Intu Properties – continue to avoid after another shocker

Published 22 days ago

I have been a long-term bear on Intu Properties (INTU) and have not been surprised to see over the last few months a variety of corporate challenges which have justified the continued fall of the share price. Let's face it: being the owner of shopping centres is kind of obviously not an easy business to be involved with currently…

Want a shopping centre for a quid? Not with 38%+ of retailers warning in the last year

Published 125 days ago

I do not think i have ever visited the Postings shopping centre in Kirkcaldy in Fife but the photos of it look pretty grim.  Most of the tenants have moved out to a more appealing alternative local shopping sector and unsurprisingly the owner - City property hotshot Columbia Threadneedle Investments - wants to sell.  Well the cost of annual upkeep is now higher than the £152k annual rental bill from the continuing tenants, a statistical combination that surely is only going to get worse. 

Next! Personal adventures and observations in the current retail landscape

Published 161 days ago

As I have noted before, it is probably a good thing that the UK economy is not based on my personal consumption habits, especially when the highlight of my annual 'pre-Christmas trip to the shops' was purchasing an advent calendar marked down from its original price by over 75%... A very cheap way to buy some good quality chocolates (and - naturally - to ascertain the quality level I had to consume days one to fifteen in one sitting). 

Intu, Greene King & ‘Dignity does not consist in possessing honours, but in deserving them’

Published 178 days ago

Now this is what I call a proper 'earnings Thursday'. I will not have to tell the learned readership here that the quote above comes from Aristotle and it flickered through my mind as I read today's regulatory missive from the Competition and Markets Authority (CMA) on the funeral sector…

British Land, Intu and Workspace tell you property is dull, dull, dull (at best)

Published 193 days ago

The lead headline in today's British Land (BLND) results is about rental growth but look at some of the other data: 'portfolio value down 1.9%...NAV down 2.9%' and a statutory loss. Yes, the interim dividend was upped by 3% but far more insightful is the continuing sale of assets by the company…

Hammerson - commonsense on one bid, madness on another

Published 403 days ago

Well it has taken a few months but the sentiment I expressed back in December that Hammerson's (HMSO) proposed takeover of Intu (INTU) was 'shopping centre madness' has finally been agreed with - the former walking away from its bid. The reasons, however, are truly fascinating with the regulatory statement from Hammerson blaming that easy punchbag 'the equity market':

Hammerson to buy Intu - shopping centre madness?

Published 535 days ago

Bizarre news of the day among the larger cap stocks on Wednesday was undoubtedly the announcement that property behemoth Hammerson (HMSO) was buying shopping centre peer Intu (INTU) with a £3 billion+ all share (naturally) offer which creates a 'top three pan-European REIT' (real estate investment trust) with £21 billion of property baggage on its book. And, yes, you have guessed it, the transaction will be earnings accretive despite synergy levels (£25 million) that are more like a rounding error.

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