Jack Sidders

speaker

477 appearances 14 recordings 3 series first heard Jan 2026 last heard 29 Jul

Jack Sidders’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 14 in all, peaking in Jul 2026 with 5.

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Merryn Talks Money · The UK's Shrinking REITs Sector Is Still Attracting Buyers · 8 Jul 2026 podcast

That proposal at the time valued Seagrow at about £925 a share, which, wouldn't you know it, is basically exactly in line with Seagrow's net asset value, their NAV, their last reported one.

So essentially...

we will pay you, Seagrow shareholders, what the company says the assets are worth.

And given that the company at the time was trading at about a 20% discount to its NAV, okay, that's a 20% premium to the undisturbed share price.

Now, Seagrow obviously immediately turned around and go, well, hang on a second.

Our share price has been walloped by Iran.

And actually, if you compare it to the share price pre-Iran, it's not a very hefty premium.

And also, the MAV, it's quite a conservative, backward-looking sort of measure that doesn't ascribe a huge amount of value to the sort of potential future earnings in our development pipeline.

Exactly.

So Seagrow, as part of its defence today, has come out with...

A document with valuations done for it by CBRE, trying to kind of show the value that they think is there, the future earnings that there will be from their data center pipeline.

And, you know, wouldn't you know it, it's a lot.

And to be fair to Seagrow, this is not just purely hope value.

There are different ways of assessing real estate.

And actually, this deal kind of perfectly highlights it because the UK, arguably, may be a little bit anachronistic.

We still tend to think about NAV as a sort of key metric for understanding real estate value and how we talk about REITs and REIT valuations.

Although a lot of analysts would tear their hair out and say, please don't.

But we do, when we have these deals, we talk about, you know, is it a discount to NAV, is it a premium to NAV?

Well, so, they would rather we focus more on earnings, which is how the US do actually value their companies.

So, because I immediately did this when, you know, when the deal was announced, well, when the proposal was announced, I was like, right, so, you know, this is roughly in line with NAV.

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