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

So all of these things have kind of compounded the issues that...

all real estate, all UK real estate has had, but publicly traded UK real estate in particular has been a really unloved place for quite a long period of time now.

Now, how have management teams reacted to that?

And how have opportunistic investors reacted to that?

A lot of deal making.

So to start with, you had a lot of

public to private deals.

So private equity firms going, hmm, I can see that that REIT is trading at a big discount to the sort of reported value of its properties.

Therefore, if I can offer shareholders a bit of a premium to where the shares are trading right now,

but still a discount of the value of their assets.

Well, the shareholders are happy and I'm happy because then I can probably sell those assets on the private market.

And if I get book value, I'm making good money.

So we had a whole load of public to private deals by the likes of Blackstone, Brookfield, etc.

But then more recently, we've also had a whole load of deals of sort of peer-to-peer deals where I might be a REIT trading at a discount, you might be a REIT trading at a discount, but if we do a kind of all-share deal, it kind of doesn't really matter.

It's good in theory for shareholders because then we have a bigger asset base, bigger company, more efficient to run, lower cost to run.

Maybe we get into a bigger index, so we might go up into the FTSE 100 or...

and therefore we get more passive investment, you know, wider pool of shareholders, all of which is good.

So that's been a huge driver of consolidation within the sector, which, you know, all of which has ended up where we are today with the biggest REIT in the UK, now the subject to interest from the Goliath, the Godzilla of publicly traded real estate globally, Prologis.

It's a good question.

And the answer to that would sort of vary with, you know, there's many different stories behind each kind of different sector.

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