Nextensa Acceleration of divestments above guidance
Yesterday Nextensa made the details of the transaction of the Brixton retail park in Zaventem public. The sale was already announced in the 3Q24 results. Now the sales price is known, it means Nextensa is accelerating its divestments above the initial guidance of EUR 50.0m per year. So far this year Nextensa divested Foetz (EUR 9.2m), The Hygge (1639sqm, 4.5% GIY, EUR 54.0/month/sqm rent so EUR 23.6m estimated) and Brixton (EUR 41.0m). The total amount of divestments amounts to EUR 74.0m above the EUR 50.0m guided. We update our estimates in this note. In the development side of the business, residential sales in Belgium are moving forward while Lux. RESI is at a standstill. Luckily there are almost no speculative developments in Nextensa's pipeline and its debt ratio was below 50%, at 45.6% in 3Q24. We hope to get an update on the average duration of the credit lines (2.09y) at FY24 results. Accumulate and EUR 54.0 TP repeated.Leasinvest Real Estate is a real estate investment trust. Co. invests in retail buildings, offices and logistics buildings, in the Grand Duchy of Luxembourg and in Belgium. As of Dec 31 2013, Co.'s real estate portfolio is composed of 34 sites (including the assets held for sale & the development projects) with a total surface of 429,579 m2, of which 18 are located in Luxembourg and 16 in Belgium. Co. rents its properties to tenants across various business sectors, such as services, retail and wholesale, financial services, transport and distribution, government and non-profit, industry, medical and pharma, and ICT.
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