Eurocommercial Prop. - Solid Q1
Q1 direct investment result landed at EUR 33.2m, up 1.5% YoY, on the back of higher rents, lower expenses and tax, offsetting an increase in net interest expenses. LfL rental growth stood at 3.6%. LTV increased slightly to 42.8%. Interestingly, the company communicated on the termination of discussions on the acquisition of Westland Shopping in Belgium (see our Morning dd. 3 May).Eurocommercial posts a decent update, with LfL rental growth remaining at high levels which contributes to the offsetting of higher interest expenses. ‘Buy' reiterated.Eurocommercial Properties NV is a closed end property investment company based in the Netherlands. The Company invests, owns and manages retail real estate properties, primarily shopping centers, but also warehouses and office space. Its activities are focused on France, Sweden and Northern Italy, with property portfolio comprising more than 30 shopping centers. Eurocommercial Properties NV operates through a number of subsidiaries, such as Aktiebolaget Laholm Mellby 2:129, Aktiebolaget Norrkoping Silvret 1, Aktiebolaget Skovde K-mannen 2, Bergvik Kopet 3 Kommanditbolag, Betulla Srl, ECP Hogsbo AB, ECP Karlskrona AB, ECP Moraberg Holding AB, Eurocommercial Management Italia Srl, Eurocommercial Properties Ltd, Holgura BV and SAR Degeln AB, among others.
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