Kingdom Capital Talks Spin-offs (NLOP, CURB, and MAGN) and Street Hockey

Kingdom Capital Talks Spin-offs (NLOP, CURB, and MAGN) and Street Hockey

This week, I had the pleasure of interviewing David Bastian of Kingdom Capital on the Stock Spin-off Investing Podcast.

David and his partner have generated 25.69% annualized returns since launching the fund ~3 years ago. And relied heavily on spin-offs and other special situations to do the heavy lifting. You can learn more about Kingdom Capital here.

Here’s what we covered:

0:55: Founding story of Kingdom Capital

2:35: How David got into street hockey

4:01: How does David approach investing in spin-offs?

5:30: Why is NLOP the largest position in Kingdom Capital’s fund?

9:00: When can NLOP shareholders expect distributions?

12:33: Has most of NLOP’s expensive debt been paid off?

13:20: What is NLOP trading at today on a cap rate basis?

14:35: What is your estimate of liquidation value for NLOP?

17:42: By when will the majority of NLOP value be liquidated?

21:01: Do you have a view on SiteCenter (SITC) and its recent spin-off Curbline Properties (CURB)?

28:38: What are your initial thoughts on Magnera Corporation (MAGN), the recent spin-off from Berry Global (BERY)?

32:50: When do you think Magnera Corporation will generate free cash flow?

You can watch the interview on Youtube here

Or you can listen on the Apple Podcast Player or Spotify.