Banimmo: discussion of trading update Q3
​Negative surprise of 26,5 m euro provision on Urbanove overshadows significant capital gain (not disclosed by company) on sale of Paris project. Inclusion of the impact of these 2 events shows that current stock price includes a substantial discount versus net equity or book value
Banimmo SA is a Belgium-based real estate investment company. The Company aims at acquiring and reconditioning undervalued commercial properties, such as retail space and shopping centers, exhibition and conference centers in Belgium and Luxembourg. Banimmo renovates the properties it acquires in order to maximize lease value and lower operating costs, looks for new tenants and then sells the properties to a final investor. Banimmo SA's property portfolio consists of properties in Brussels, Antwerp, Colombes, Zaventem, among others. Its investments include offices, retail space, hotel and conference centers as well as building plots, among others. Its portfolio includes the Snc Les Jardins Des Quais, approximately 52 acres in Namur and is thus a co-developer of an office project with Thomas & Piron.
Gert De Mesure (Bvba Demes) has more than 25 years experience in financial markets, of which more than 20 years in buy/sell-side research (Bank Delen, Delta Lloyd Securities and as an independent analyst). He is specialised in Belgian small- and mid-caps, as well as in Belgian REITs.
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