Aedifica - CMD in Helsinki feedback
We attended Aedifica's CMD in Helsinki. On this occasion, the local management team of the Finnish entity, Hoivatilat, showed us recent developments and some insights on the growth prospects in Finland's care and educational market. In the context of higher interest rates and the prospects of further portfolio devaluations, Aedifica currently has limited options to pursue its portfolio expansion while growing its earnings. We sustain our 'Hold' rating.Aedifica is a property company, which is specialized in residential real estate. Co.'s portfolio has a superstructure of more than 225,911 sq. m as of June 30 2010. It owns: residential or mixed buildings in Belgian cities with classical leases; buildings with furnished apartments buildings in the heart of Brussels with shorter term leases; senior houses and serviceflats with very long term and triple net leases; and hotels. Co. invests: in existing and already leased buildings; and in projects with future completion. Co.'s activities can be divided into four segments: Residential or mixed buildings; Furnished apartments buildings; Senior houses; and Hotels and others.
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