Me pilla en pleno proceso de traspaso de IB a ING para probar como funciona. Lo solicite el Domingo y me dijeron que se habían puesto en contacto con ING. De momento nada, supongo me lo ingresarán en IB ya que tengo allí las posiciones.
También serán mis primeros dividendos de SPG, pero en mi caso cobrados en SelfBank. Por cierto, aprovecho el hilo… ¿SB también abona los dividendos de las empresas USA al día siguiente como ING?
Descarte comprar TCO a 27 hace poco tiempo… Ahora está a 53 …qué duro es este mundo.
Por lo menos SPG se queda como rey absoluto de los REITs de C.C,aunque ya lo era…si alguien está preparado para afrontar el apocalipsis minorista con posibilidades es SPG.
Simon Property Group Improves Portfolio Quality, Creates Shareholder Value With Taubman Merger
Simon Property Group announced that it has entered into a definitive agreement to acquire 80% of Taubman Centers. Taubman Centers owns 26 high-quality retail properties, including 21 malls throughout the U.S. and three malls in Asia. We have a very favorable view of Taubman’s portfolio of Class A malls, with Taubman reporting same-store sales per square foot of $972 in the fourth quarter of 2019, which should significantly improve Simon’s average portfolio quality given that Simon reported $693 for the fourth quarter. Simon will acquire all Taubman’s outstanding common shares for a total of $3.6 billion in cash. The Taubman family will sell one third of its ownership interest in the company and remain a 20% partner with Simon for the portfolio of assets. The portfolio will continue to be managed by Taubman Chairman, President, and CEO Robert Taubman, who will now partner with Simon to achieve operational efficiencies. We think the deal illustrates the value to be found in Class A malls, leading us to reaffirm our $189 fair value estimate and narrow-moat rating.
We like the deal for Simon for many reasons. The $3.6 billion purchase price represents a 6.2% cap rate, well above the low-5s cap rate we would have assumed for Taubman’s high quality portfolio. The high cap rate makes this deal immediately accretive as it raises our 2021 funds from operations figure by nearly 4%. The deal further cements Simon’s status as the premier Class-A mall owner, which should give it further leverage in negotiations with retailers looking to place stores in its highly sought-after portfolio. Finally, the Taubman locations should provide profitable locations for Simon’s recent investments into several major retailers that management can easily control. We appreciate that Simon was able to take advantage of the public market’s mispricing of Class A malls to acquire one of the top mall portfolios at a very attractive price.