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Richard Peskin clearly believes that the Real Estate sector in the UK remains good value. On the sixth of February he committed a further £689,000 to buying 150,000 shares in his baby Great Portland Estates (GPOR, 456p), at 460p.

As Questor says (24/1/08), this isn’t a ‘value’ stock, but one with low exposure to financial tenants, and above sector portfolio performance. That, and Peskins huge experience in the sector mean that for me, Great Portland remains on the buy list.

See previous posts on GPOR of November 19 2007 and also November 25th 2007.

On November 16th we saw Gt Portland director Peskin buying £1.6m worth of shares (see ‘Another buy by Real Estate sector director’). Since then he has continued to buy, investing a further £1.1m at prices between 458p and 477p.

Gt Portland CEO and CFO Toby Courtauld and Tim Drakesmith have also pulled their chequebooks out. The CEO and Executive Director of Derwent (DLN) too have been active, investing over £500k between them, as have directors at Minerva (MNR) and Real Estate Investors (RLE).

However not all insiders believe the sector is cheap. Note Robert Bowden of British Land (BLND), selling 100,000 at 840p, about 1/5th of his total holding.

The jury is clearly still out, but as I noted on November 19th, I needed one more director to buy shares, and we’ve seen that in Silver and Burns of Derwent London.

Disclosure: I have a position in GPOR

What credibility do you give to this share purchase:

1. 40+ years exerience in the sector

2. Non exec Chairman

3. Sold around £750k of stock in May this year (great timing)

4. First purchase in 5 years (I don’t have the data before then)

5. Increased position in company by 300%

6. Bought £1.6m of stock at prices between 496p and 515p, having sold £744k’s worth in May this year at 708p.

Richard Peskin, Non exec Chairman of Gt Portland Estates.

Take a look at Richard Peskin of Great Portland Estates. He looks like a happy guy doesn’t he?

Gt Portland Estates Development Director Noel also put money to work, but only a measly £50k. This is the second purchase in the sector since Hammerson last week (Non exec Clare, who also bought back stock he had sold earlier in the year at prices 50% higher than today).

When we see the third director purchase in this sector then it is time for me to buy too.

Addendum: see FT Alphaville article on sector:

Addendum: 20 November- Peskin bought another 150,000 shares, taking his holding to 583,000, having spent £716,000.

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June 2022