Fonciere INEA - Still growing, but at what cost?
Based on our Real Estate report 'Are you ready to step in?', we adjusted our estimates for INEAWe adjust our estimates accounting for the latest acquisitions increasing the rental income by +4% & +3% in 2024e & 2025e.Due to the higher level of debt that we assume in our model, we account for an EUR 100m capital increase in 2025e for INEA. As a result, LTV should end below 50% in 2025e and EPRA EPS at similar levels than in 2023e at EUR 2.17. INEA cost of debt is strongly increasing due to the ongoing growth, we increase our interestFonciere Inea. Fonciere Inea SA is a France-based company that specializes in owning and managing commercial real estate properties. The Company's portfolio consists of office buildings, e-mail platforms, local businesses and warehouses. The Company operates through its subsidiaries, including SCI PA, SCI Alpha 11 Marbeuf and SAS MD, among others. Fonciere Inea SA comprised properties located throughout over 20 regional cities in France, including Espace Concorde in Montpellier, Champ Chardon in Orleans, Exapole in Saint Herblain, Les Baronnies in Marseille, Za Kennedy, among others. The Company has also a 22% stake in Messageries Developpement SAS (formerly Saint Honore Patrimoine). The Company has operations only in France.
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