Have you guys notice that all the property stocks are rallying?
APT, CNZ, ING, TTP, MGP, CDI, PFI, URB, KIP
Can this rally continue?
How come interested rate rise have not affected these property stocks?
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Have you guys notice that all the property stocks are rallying?
APT, CNZ, ING, TTP, MGP, CDI, PFI, URB, KIP
Can this rally continue?
How come interested rate rise have not affected these property stocks?
Rally caused by raid on CNZ by KIP methinks.
The funny thing is that with interested moving up for the last few months hav not slow down the rise in these property stocks.
I suspect we are now appraching the "wacky" end of the property cycle. Will it end in tears?
Me thinks the NZ property market is a hard one to pick. On the one hand our economy is strong and will continue to stay strong as long as the commodity prices are strong. But on the other hand, we are seeing a slow down on net migration into NZ and the property is artificially cropped up by wealth foreign investors and traders.
"She's a tough one mate"
HALEBOP I certainly hope so
Enigma, you are hoping to see tears?! :(Quote:
quote:Originally posted by ENIGMA
HALEBOP I certainly hope so
Halebop Really bigtears buckets of them from the owners of residential properties.
Enigma,why would that be then.
Enigma, you must have sold out your properties recently and underweight in your portfolio... LOL
Me think this property market will only drop a little and not see the crash like before. NZ economy is in good shape and interest rates have leveled off.
TROYVDH I want a very nice cheap residential property in NZ within 2.5 years
Bling_Bling Over weight listed NZ property trusts otherwise Zilch in NZ
Enigma, having been in this MKT (ChCh) for some 30 yrs the opportunity for that to occur exists everyday....don't just get sucked into the swathe of polly brick palaces that are undoubtably due to hit the MKT in the near future.
Troyvdh That is why Iwant the general market down a lot preferably more than 20%
I really dont think the residential market will come down too much. The apartment market on the other hand is stuffed.
Here is my reason why I think the residential and commercial market will still healthy.
1. NZ economy stay strong
2. Global commodity prices to stay strong
3. Interest rate have flattened and may come down next year
4. NZ is still seen as the country to live, while the rest of the world is in chaos
5. Our clean green image is still alive an well - if only the know the truth...LOL
But, on the other hand.
1. NZers are too highly leveraged
2. Average income has not gone up the same rate as property prices
3. Small population
4. Net migration for inbound slowed
Had an early Xmas present today, an offer on a small retail shop $2500 above my asking price here in Blenheim. A 40% return on my equity since August last year !! Very nice !! Need the bulk of the equity for a land purchase but bgt a number of PFI and KIP today ... never thought I would buy any listed property shares as I'm more of a DIYer when it comes to commercial property but I think the CNZ moves by KIP could be the fore-runner to lots of action in this sector in 2005. Also like the portfolio AMP Office Trust have put together over the last 12mths and will try and add some of these at 90c next week or early in the New Year.
Hey, how's the earthquake I hear in NZ?
Gave you and your cows a bit of a scare I hope! Also hope a few of them fell into some holes as well!
You should also learn to kiss my ass, cause I think that will be your full time profession soon, HAHA!
PU, a message of good cheer on xmas day from septic tank land i suppose. Best wishes my friend hope you see the light macdunk.
A few weeks back I heard that some industrial land (Waterloo Rd here in ChCh)sold for $200 psm, a year ago it went for $115 psm.I suspect that correspondingly property shares will soon gain momentum-more so than the 10 % (for example) that PFI have indicated re revaluation.
Hold PFI
Sorry to disappoint you Mr F Yu , but dairying is on a high at the moment , payout this season will be highest since 2000, farm prices still climbing, and commodity prices at record levels. The only worry is your pathetic USD , all you idiots in Septicland living on borrowed money, your reality will come soon ...
I agree.Quote:
quote:Originally posted by MoSteph
I think it's an opportune time for property companies to be looking offshore, capitalising on the strong dollar and extricating themselves levelling/declining NZ market. Some stocks are moving this way (like ttp), but the market doesn't seem to like it much, which I find somewhat curious. Any ideas?
TTP has done the right thing buying into the HK property market. With Macau focus turning into the Vagas of Asia and Disneyland opening in a couple of years, things are looking onthe up for HK as the tourist center for China.
MOSteph ... I don't think the managers of the listed trusts such as KIP,PFI and APT have the mandate to start investing off-shore, most are designed to give Kiwi investors an easy entry into parts of the property market it is hard to gain an exposure to as an individual. Anyone can buy their own residential investment, but buying part of the nearest office block or shopping mall is a little more difficult !! I think there would be a stampede for the exits if these companies started buying high-rises in Shanghai or Hong Kong. If you want exposure to Hong Kong I suggest you buy shares in the local co's such as New World, Hong Kong Land, or Sun Kung Hai and then prey the USD doesn't keep falling as the HKD is pegged to the greenback.
I think "pray" would be better than "Prey" sorry !!
Sun Kung Hai ... possibly should be Sun Hung Kai ?? will check out and confirm ...
Yep ... SHK Sung Hung Kai , 2nd biggest property co in HK.
Lots of negative sentiment and sellers in TTP at the moment with its move offshore and shareholders subject to the foreign investment fund tax implications.My view is that at 38 cents and plenty available around that level,they are good buying and I'm accumulating with a 2year plus,view.Like an excellent new season first growth wine-unpalatable at the moment,but worthwhile waiting for it to mature.:)Quote:
quote:Originally posted by MoSteph
I think it's an opportune time for property companies to be looking offshore, capitalising on the strong dollar and extricating themselves levelling/declining NZ market. Some stocks are moving this way (like ttp), but the market doesn't seem to like it much, which I find somewhat curious. Any ideas?
To put some numbers on it, I would be happy to see 45c end of 05,55c end of 06 and 70c to $1 plus, end of 07.
375,000 KIP specialled near the close at 111 +2 on the day ... could be a hot sector for 2005 ...
KIP will be at the forefront of any moves.
Disc: Hold KIP & PFI
Just a thought out of left-field ... this awful summer we're having will be doing KIP's shopping mall business no harm what-so-ever. Who wants to wander around CBD's getting drenched with the kids when you can be in a nice warm covered mall with abundant covered parking.
It is pouring down here in Blenheim at the moment, the grass outside is as green as a well manicured bowling green, not the usual brown colour at this time of the year. 2005 won't be a great vintage for the SavBlanc , very watery if this carries on !!!
Disc: hold 12500 KIP
with all due respect N (and I have 2 kids) the thought of going to a mall for something to do is somewhat depressing to say the least.As I have posted in the past the fact that shopping is now considered a form of entertainment is a very sad development.
Well I'm not a big fan of shopping but when I'm looking for something I actually want (Like a new PC say) I find the process very entertaining but then I do most of my scoping in the calm and serenity of my study at home.
Having said that the fact that shopping is considered a form of entertainment is probably more a reflection of the relative economic parity being enjoyed by woman than any fundamental shift in cultural values. Expect more of the same as universities are over represented by the fairer sex!
Hello, dumb dine,
Happy 2005 everyone except dumb dine, cow dunk, and rmbbrave (*****, I suspect?). Ha, Blenheim, what a farmers village, I had to look on the map to find that dump.
You should stop ramping yourself (you might fall back to the ground one day, may be very soon...). Hey, if you don't like me, well, you will just have to take it up your back side, you piece of ugly sh*t.
Don't give up your farming day job, mate!(as they say)
Invest off-shore?
But where?
The US and Australia are equally stuffed as NZ on their current a/c-balance of payments, their dollars will be goung down like NZ and the US even faster because of its budget deficit and relatively slow growth.
China and Hong Kong are both out on currency arguments because they are pegged to the US. Do you go into China on a pure growth story?
Euroland has very low growth - do you go into Euroland on a pure currency play? But the Kiwi has been fairly much level pegging the euro.The UK has been doing better than Euroland - maybe the UK?
Japan has low growth, zero interest rates, low dividends - Japan on a pure ciurrency play?
It's not that easy to pick a target.
That's great Mr F Yu, what an informative post ... keep it coming in 2005, your posts are rivetting ..... NOT !!!
What an absolute wan%$# !!!
One has to ask why an obvious low life is allowed to continue with obscene toilet wall postings on what is supposed to be an informative site for investors. Sharetrader get your act together or watch the site degenerate further. MACDUNK
Agree MacDunk the sooner we can ban this lowlife the better !! All because he didn't like a negative post on PRG !! Probably one of the worst performing stocks of the last 18mths. Never mind the fact that he loves PRG and it has cost him stacks of cash is all he deserves !!
On 2005 picking the right sectors and particularly the correct stocks within that sector will be important. There will be alot of action in the property sector in 2005.
The stock that stands out for me is APT AMP Property Trust - they have acquired a stunning portfolio of CBD buildings in New Zealand, mainly in Auckland and Wellington.
They portfolio includes in Auckland the PWC Tower, IAG House, ANZ Centre, and Quay Tower (Air NZ's current head office - although they are leaving).
In Wellington their portfolio includes No 1 and No 3 The Terrace (Treasury), State Insurance Centre (aka BNZ Centre), Mobil on the Park, HP Tower, 125 The Terrace, and Pastoral House
The one thing I dont like about KIP is the management contract (fees) that exist within that company which according to a certain columist in the NZ Herald amounted to $7.7 million to the y/e 30th June 2004 yet the management company incurred expenses of $1.76 million - which does seem excessive
I like the AMP portfolio as well, although it is very one dimensional. Retail and Industrial have outperformed office by a comfortable margin for quite a long time ( 10yrs at least ), I doubt that will change in 2005. KIP has an awesome NZ portfolio with a great level of diversity in both geographical terms and property type. One one big hole in the portfolio is an large Auckland Shopping Precinct which the Sylvia Park development is designed to plug ( the next Botany Downs ?? ). Their 2004 Annual Report sets out their portfolio really well. The jewels in the crown are obviously the following.
1. Vero Centre , Auckland ( NZ's newest,tallest office tower )
2. Majestic Centre ( Wellington's tallest office block )
3. Northlands, Chch ( NZ's largest indoor shopping complex )
4. North City, Wgtn ( The capitals only decent shopping mall ... nb Westfield are currently upgrading Queensgate in L Hutt )
A great portfolio and the Net Asset Backing was $1.17 in the 2004 report so the shares are still trading at a discount.
Added spice of 19.90% stake in CNZ acquired at $1.15 which again is probably below NAB , especially as CNZ management rights could be worth up to $40m
Picked by Goldman Sachs as one of their 5 stocks for 2005 !!
Good solid buying at $1.11 IMHO.
Agreed. But would you buy KIP (the offeror) over the CNZ (the offeree) ?? and whats with this management contract?
I'm buying KIP to hold for many years and yes while there might be a short term gain from CNZ , if a takeover ensues KIP is still the place to be for a long term investor.
CNZ is the one of the only listed property stocks that manages their own portfolio. They have indicated they may well outsource this to an external manager ( AMP,Colonial etc ). The manager would pay big bucks for this contract and CNZ have indicated they would return most of the money straight to shareholders ( very nice for KIP with its 20% ). Estimates as high as 13cps have been mentioned.
I find that interesting that there are no listed company with exposure to the residential property market. With the booming residential property market there would be some interest from investors.
The big downside of property stocks that never gets a mention here is natural disaster. Wellington sits over a fault line, Auckland has its volcanoes. We in NZ are at a higher risk than lets say London or Sydney. To be successfull, it is a must in business to take into account every possibility that the unexpected can be expected to happen sooner or later. It must come when the unexpected rears its ugly head. The chance that it can happen and you will lose the lot is a slim but realistic chance. macdunk
Wouldn't do Trustpower much good if all their wind-turbines east of Palm.Nth were suddenly lying flat on the ground due to an earthquake either MacDunk ..... come on you can't be serious that we should be thinking about Auckland's volcanoes suddenly erupting when we are making investment choices !!
NELEHDINE, At least you are thinking about it.
A bigger chance of that happening than you winning lotto and i bet you buy a ticket now and then. CHEERS MACDUNK
As I've mentioned before Bling Bling, anyone can slowly buy surely put a residential investment portfolio in place ... pretty difficult to put a Botany Downs or Vero Centre in your portfolio !! I think a listed residential investment company is a non starter ... no certainty of cashflow, tenants can up-sticks with 3 weeks notice, can trash the place and disappear overnight, R&M is far higher on residential than commercial, rates paid by landlord rather than tenant, terrible yields on anything decent ... the list goes on. Residential property investment IMHO is not a suitable investment for a listed company ... better off for individuals to do it for themselves.
Didn't TTP get landed with some residential properties in Auckland & Christchurch when flogging off the Finance Centre?
Does that count for listed residential property exposure?!
Doesn't that give you a clue on how bad an investment residential property is?Quote:
quote:Originally posted by Bling_Bling
I find that interesting that there are no listed company with exposure to the residential property market. With the booming residential property market there would be some interest from investors.
The only way such a listed company could ever make money would be from the capital gains made after selling rental properties.
As every landlord knows, net cashflow from rentals is lousy (and negative in many cases), tax losses are usually made, and the return on investment is shïte until the property is sold.
Even if the residential property trust made money from buying and selling property for capital gain, the returns would be very cyclic and the capital gains would be taxed.
Compare this to a 5+% return after tax for most listed commercial property trusts in good and bad times.
SEC
Nele is right...residential is for the middle classes, though to be fair better then giving your money to fund managers or insurance companys.
I consider AIA a property co with a twist....
Query do WHS own or lease their premises?
I think WHS own some and lease some. There are WHS sites occaisionaly marketed by Bayleys.
Was not Olly Newland's listed investment Company set up for investing in residential property? (before going belly up).
My instinctive response is bollocks, actually after further consideration that is also my considered opinion.
To be fair can those who have contributed to this discussion give some indication of their experience thus far in the residential mkt.
Mine ? 30 yrs in Chch.Average return (dunno really)but sure as hell in excess of 15-20 % per year....
I don't think so, zac. Olly headed Landmark which specialised in CBD and some retail properties (incl. a shopping centre in Hamilton if I remember correctly). Landmark of course collapsed post-'87. In his personal capacity Olly has always favoured residential and continues to have a substantial portfolio in this sector.
Hasn't Olly Newland recently written a book about the 'up and coming' property crash?
Yes he has and when getting tv coverage launching it, he made the comment that he has cashed up his residential portfolio and was waiting to get some bargins on re-entry after the crash.
Crash we are still waiting.....[B)]
Anyone considering investing in residential property needs to decide at the outset whether they are a speculator, developer, or investor. I have been all three at different times and have found that each approach requires a very different strategy. I have seen more than a few investors come a cropper because they believed they could be developers. As in all trading buying right is the key to success.
'Developers' ask Matthew Ridge
True, but as Matthew said - he was led into being a developer through bad advice![xx(]Quote:
quote:Originally posted by Onthemoney
'Developers' ask Matthew Ridge
YEAH RIGHT!
Ridge is a good example of a gung-ho investor/developer who believed everything he was told by agents flashing phony costings; gets other people to do all the work on charge up (GST excluded by everybody it seems), and finds that the bottom line at wash-up is a bright shade of red.
Or greed
And who are the poor b a s t a r d s who miss out....
Although he said that there was nothing more he could do, at the end of the day there was nothing stopping Mr Ridge from paying out the creditors from his own pocket even though there was no personal guarantees made to them.
IE:while there may be no legal reason to pay those who are loosing out, there is certainly a moral issue...
Shrouded by limited liability I say....
yes from a legal view, but that does not necessarily prevent him from making a 'personal' payment in the moral view...
Have to agree Steve.... Doubt this will happen
Neither do I, but what made me laugh at the time was his insistance that he had done ALL he could for those at the end of the food chain...
He obviously doesn't value his own integrity. NZ is a small place.....
I still believe there is going to be much activity in this sector in 2005. If you only wanted to invest in one stock in this sector whether you would choose APT (for the reasons I mentioned above) or whether you would chose KIP (as an entry into the KIP/CNZ play). Which stock will do better in 2005?
Look at their history woudn't touch them with a barge pole.... Better to own your own....
dnicholls, On AMP Office I agree they have put together a very nice portfolio, lots of "trophy" office blocks and I do think they got the State ( BNZ ) and Mobil buildings in Wellington at a good price. What in particular do you like about them ?? Low mgmt fees ?? , You see office yields falling leading to big positive revals ?? , At 91c you might be buying $1 in value ?? Dividend yield is exceptional ?? Don't like KIP's exposure to retail ?? I'm thinking of adding some AMP to my PFI & KIP ( preferably at 90c rather than 91c ) just wondering what your thoughts were.
PS. Did you know they are doing an SPP at max 89c in Feb or March ? Only need to buy a few now at 90c and you might get the free option to buy apile more at 89c in a few weeks time !!
KIP that is....
At the risk of being reptitive I would really appreciate if all of you property gurus could tell the rest of us your personal investments in these property entites....at least it will add some depth to the discussion....
Quote:
quote:Originally posted by dnicholls
I still believe there is going to be much activity in this sector in 2005. If you only wanted to invest in one stock in this sector .................... Which stock will do better in 2005?
TTP
The thing i notice in the property cycle is that it is a property cycle. Dont get caught at the top thinking it lasts forever. Buy at the bottom get out fast near the top. It is near the top right now, better options elsewhere. Investors like me will be back in a few years and make a killing, but right now its goodbye from me to you. MACDUNK
Why invest in property stocks which give good dividends with little or no growth. Better off with telecom.
Hi Tim, I hold TEL as well, I think KIP and PFI will have a good year in 2005. Divs and capital appreciation of 15% is my target. I disagree with Macdunk that we are at the peak of the property cycle, vacancy are falling, replacement costs ( bare land, steel, concrete, labour ) are all rising ( this will make existing properties more valuable ) NZ represents excellent value for investors with yields still in the 8-10% level ... try and get that sort of return on a govt bond in Europe or Japan or on a skyscraper in Tokyo or London.
NELEHDINE, I dont care about about JAPAN or LONDON. I expect of myself to make 20pc plus dividends in a bull, and bear markets on average, and double my money every four years. Property the way i lever it makes a lot more than that.
Property is a fools way to riches, most people get greedy and stay to long. Dont get greedy understand what happens, history repeats look it up todays market is tomorrows history.
macdunk
Cash flow!Quote:
quote:Originally posted by Tim
Why invest in property stocks which give good dividends with little or no growth. Better off with telecom.
Interesting comment. Many people have got rich investing in property, i.e. De Roos, Robert Kiyosaki, Robert Jones. Some very rich people would say being a retail investor in the sharemarket is also a fools way to get rich.Quote:
quote:Originally posted by duncan macgregor
NELEHDINE, I dont care about about JAPAN or LONDON. I expect of myself to make 20pc plus dividends in a bull, and bear markets on average, and double my money every four years. Property the way i lever it makes a lot more than that.
Property is a fools way to riches, most people get greedy and stay to long. Dont get greedy understand what happens, history repeats look it up todays market is tomorrows history.
macdunk
My 5 cents worth.
MacDunk, I agree 20% + in a bull market is what most investors would expect. I have 18 stocks in my NZ portfolio ( worth about $200k ), KIP and PFI are a combined 12% weighting amongst those. I think for a long term portfolio a few listed property trusts are not a bad choice, especially if the dividends help pay for a few of life's luxuries along the way. If your interested the portfolio is made up of
AIA.AIR,CAV,CEN,DPC,FPA,FPH,FBU,GPG,HBY,KIP,NOGOC, POT,PGG,PFI,SKC,SKY & TEL
( largest stock by weighting AIA, smallest DPC )
KIP +2 to 113 ... good start to the year, almost 2% under the belt already !!!
Im still pondering this one. Still deciding whether I want exposure to this sector (I always limit myself to about 5 stocks) and whether its going to be KIP or APT. Still doing my research. But I do see further takeover activity in this year this year (mind you who doesnt)
Hi Nele
Thanks for posting the info about your NZX portfolio. As I've said on another thread, there are few things more interesting than other people's money.
But 18 stocks worth a total of about $200k!! Aren't you spreading too thinly? That's an average of about $11k worth of each stock. How can you keep track of them all? And why would you bother, given that each is worth comparatively little, in the context of your total investments.
True, you're not badly hurt when CAV, e.g., loses over 100cps in the year. (I've still got 18,000 of the little blighters - luckily sold some @ around 540 - so their decline in '04 has hurt what would otherwise have been a stellar year for me.) On the other hand, tho' your list of holdings is impressive, you have not profited as much as you would have if you had concentrated more of your funds in the likes of NOG, FBU and HBY. [Sorry, far be it from an amateur like me to teach anyone to such egs, but chacun a son gout, as the Frogs say.]
This year I'm planning to get my NZX holdings down to 12 stocks, with none (excl. the dogs) worth less than $20k. That means buying more DPC and STU and will probably get out of FTX. As a bondholder already, I'm looking forward to the Vector IPO. In property, I hold PFI, KIP and MGP and am also in an Australian Unity fund that invests in Aussie LPTs. They're not spectacular but steady earners and my preferred method of investing in property.
Cheers and all the best for 2005.
The following link is to a spreadsheet updated monthly, on an Australian forum, giving comparisons
of Australian Property trusts.
Raptor is the poster who does the work, may be useful to any who are looking into this area.
http://www.lainie.com.au/sharesguru/LPT-Sorted.xls
Agree Lawso , 18 is probably too many and I should reduce the number and get my exposure to my favourite stocks up. Having said that with a dairy farm investment that dwarfs any other I have , mucking around with a few shares by selling a few smaller holdings and buying a few more shares in my larger stocks isn't really going to make me any better off .... Fonterra are by far the biggest factor in my annual income !! ( lets hope they don't over-pay for National Foods !! ) having said that my top 5 holdings are almost 50% of my portfolio and a few smaller holdings such as AIR,DPC,GPG,FPH are less than 10% combined. So it's not as "spread" as it may seem.
nelehdine they can just sit and block the other take over offer and then where is NFD back in play for fonterra again?
If I was Fonterra I'd be selling in the market at 630+ ... a ridiculously high price. Remember Danone sold out at 410 and you'd think they would have had an idea of fair value !! ??
nelehdine Danone only sold because fonterra was blocking any benefit for them and San Miguel is not likely to accept any shares unless they can get 90% which is impossible unless the offer fonterra heaps more than it is worth to them. Bonlac might be key to this one if my memory is correct.
How much are farm land going for these days?
About $30k/ha. for good converted dairy land in Sth Canterbury !!, probably more in Waikato and Taranaki.
KIP +3 to 115 ... what a great start to 2005 !!!
KIP now trading at 1.16 +4 ... 116/118
A takeover for the aggressor ???? Someone like General Property Trust in Australia could really add some value to the KIP portfolio, a 3 GPT for 10 KIP offer would be worth $1.25 ???
Disc: Hold KIP and GPT
KIP gave a definite buy signal today with the close at 115...
KIP has finally broken through its significant historical resistance of 113c (it had not closed above 113 in 7 years, and has tested 113 on numerous occasions)
Had been in a 101c-113c trading range for two years...now continuing an uptrend
On Balance Volume has been steadily rising
Others have alluded to the fundamental reasons to buy this stock, now there are good technical reasons too
Thanks for that Shamrock , no close above 113 in seven years, that's quite an eye opening statistic, I thought KIP was having a good week, I didn't realise it was quite so significant.
Cheers
I've been enjoying watching NAP and CDL do some climbing too:D! I hope all this rain is encouraging people to move from their campers into a hotel somewhere[}:)].
DISC: Yeah, I own some of both
i hear that kip want ot increase debt/equity ratio from 35% to 40% but needs shareholder ok. me thinks the friday jump was due to this announcement. now what would they need the extra 5% for....buy out cnz...lets say 1.25c per share but i think the cnz board would say 1.30c given that they believe that the mgmt rights of say 15c to 17c haven't been built into the current share price (ie 1.10-1.12 share price before kip's raid plus15-17c equals $1.30)Quote:
quote:Originally posted by nelehdine
Thanks for that Shamrock , no close above 113 in seven years, that's quite an eye opening statistic, I thought KIP was having a good week, I didn't realise it was quite so significant.
Cheers
what ya think nele!!!!???
I think KIP want to increase their risk/reward ratio by leveraging the portfolio. They have stated that they view debt as cheaper than equity which is great for existing holders ... no more discounted placements to institutions !! I don't know what they might be thinking regards CNZ , certainly gives them a lot more exposure to Wellington which is probably the tightest office market at the moment and the one with the most upwards rent pressure. At 115c they got a great deal, those who sold to them in the stand are probably wishing they had held on !! bit like those ( like me ) who sold to Tubby and the market during the WRI partial takeover !! . THis sector will certainly see some action this year, consolidation and size is crucial to extract the extra value. Trust like NAP just aren't big enough, they have some nice assets, someone like APT and KIP could mount a joint bid and split the spoils between them, makes sense to me. Anyway I think there is no harm keeping a healthy exposure to the sector this year, the downside risk is minimal due to rising asset ( and replacement ) values, interest rates are very near if not at their cyclical peak, and the corporate activity is definetly bubbling under the surface.
I have been sniffing around the listed property stocks.
What do you guys think of TTP and CDI?
TTP: Not much. CDL: Like the shareholder discount [:p]
BB ... have just read the annuals on TTP and CDL. TTP looks like a real gamble to me , a real hotchpotch of a company, no real strategy, sold their really good Sydney property in George Street because they thought it was the peak of the market .... what a load of rubbish, their banker probably game them no choice. Compared to the big NZ and Aussie trusts they are not in the same ballpark if you want a stake in a quality portfolio.
CDL seems to me to be a hotel company with a bit of residential section development thrown in , again a completely difficult kettle of fish to APT,KIP and PFI ... if you want quality commercial property exposure then these 2 aren't in the same league IMHO.