gary17 Posted June 13, 2014 Share Posted June 13, 2014 Wasn't sure where to place this - but I was wondering if our German friends could help me understand if this company is a value oriented investor & they have good track record... https://www.langfrist.de/index.html They now own 20% of alarmforce industries (TSE:AF) - something I've been sort of following. TIA Gary Link to comment Share on other sites More sharing options...
ni-co Posted June 14, 2014 Share Posted June 14, 2014 Wasn't sure where to place this - but I was wondering if our German friends could help me understand if this company is a value oriented investor & they have good track record... https://www.langfrist.de/index.html They now own 20% of alarmforce industries (TSE:AF) - something I've been sort of following. TIA Gary This could be a family office or just friends pooling their money. They don't share their annual reports publicly. There are certain tax advantages to pool your money into a Investmentaktiengesellschaft. The corporation can buy and sell shares in other companies without paying capital gains tax. You only pay capital gains tax when you sell a share in the corporation. Initially, this legal structure has been introduced to make it more attractive to launch investment funds in Germany. You can use it for your family office though, if you have enough money to bear the ongoing cost of it. Edit: In essence: These are not well known value investors (or at least I don't know them). However, there was a letter on their website addressed to business owners wanting to sell their businesses while staying on board as managers – BRK style. That doesn't mean much, though. Link to comment Share on other sites More sharing options...
Zorrofan Posted June 14, 2014 Share Posted June 14, 2014 ni-co, Do you know of any reits in Germany, or even Europe in general, that concentrate on residential or seniors complexes? Everything I come across seems oriented to office or shopping malls. thanks, Zorro Link to comment Share on other sites More sharing options...
maxthetrade Posted June 14, 2014 Share Posted June 14, 2014 Two Junior analysts with the Name of Rentrop and they are located in Bonn so they are probably associated with Norman Rentrop. I don't want to comment on him but you can find a lot of stuff by googling the name. Link to comment Share on other sites More sharing options...
ukvalueinvestment Posted June 14, 2014 Share Posted June 14, 2014 Zorro - take a look at Deutsche Annington. I believe that's one of the biggest residential landlords in Germany. Link to comment Share on other sites More sharing options...
ni-co Posted June 14, 2014 Share Posted June 14, 2014 ni-co, Do you know of any reits in Germany, or even Europe in general, that concentrate on residential or seniors complexes? Everything I come across seems oriented to office or shopping malls. thanks, Zorro This is not exactly the center point of my expertise. However, I think these are the 6 largest listed residential RE companies in Germany (by number of apartments owned – left scale): http://de.statista.com/statistik/daten/studie/185020/umfrage/groesste-boersennotierte-wohnimmobiliengesellschaften/ Link to comment Share on other sites More sharing options...
ni-co Posted June 14, 2014 Share Posted June 14, 2014 Two Junior analysts with the Name of Rentrop and they are located in Bonn so they are probably associated with Norman Rentrop. I don't want to comment on him but you can find a lot of stuff by googling the name. You are right. He seems to have been the CEO until 2008. This company had €636m in assets in 2013 – so it must be a fund or his family office. In his German Wikipedia entry it is mentioned that Rentrop sees himself as a value investor. Supposedly, he has been owning BRK stocks for 20 years and goes to the annual meeting every year – I don't know what this means for this company though. Link to comment Share on other sites More sharing options...
gary17 Posted June 14, 2014 Author Share Posted June 14, 2014 Thanks guys - great to know there's another value partner in this! Gary Link to comment Share on other sites More sharing options...
Zorrofan Posted June 14, 2014 Share Posted June 14, 2014 thanks for the help ukvalueinvestment & ni-co. cheers Zorro Link to comment Share on other sites More sharing options...
Spekulatius Posted June 14, 2014 Share Posted June 14, 2014 ni-co, Do you know of any reits in Germany, or even Europe in general, that concentrate on residential or seniors complexes? Everything I come across seems oriented to office or shopping malls. thanks, Zorro Wexboy has a series of posts on German real estate companies and ended up buying BIW.F (KWG). Although not a Reit, I like SPB.F (Sedlmayr Grund und Boden). They own commercial and residential RE in Munich and Stuttgart ( via Dinkelacker). They are good owner operators and have been building their RE holdings over more than a hundred years coming from the Brewery business (Spaten). My mom (who is ultra conservative) bought some on my advice, more than a year ago, at lower than prevailing prices. I will probably inherit them at some point. I also owned some Vastned (a dutch shopping center Reit) a while ago but sold, as the discount to NAV was closing. Generally, i found Reits in Europe not to be particulary well run. I do have a significant part of my portfolio invested in RE related stocks, but mostly in thr US and not much in Reits. Link to comment Share on other sites More sharing options...
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