W.E.B. - EUR 13.9m capital increase in CIK
• EUR 13.9m capital increase in CIK for 4 new assets in total.• Issue price at EUR 41.48 for a total of 336,545 new shares. 13% premium to latest close, 22% discount to end 2023 NAV per share.• Initial yield stands at 8.6% (7.9% incl. transfer tax) but doesn't include potential ESG capex.• We reiterated our ‘Hold' rating & EUR 39.50 TP.• WEB will publish FY23 results on 22 March.Warehouses Estates Belgium SCA is a Belgium-based real estate investment trust, mutual fund. It mainly invests in commercial, office, semi-industrial and industrial buildings. The Company has rental agreements with public administrations, international and national companies. Warehouses Estates Belgium SCA has a property portfolio in Anderlues, Berchem, Binche, Charteroi, Couillet, Courcelles, Eupen, Fleurus, Gosselies, Jumet, Leuze, Lodelinsart, Marchienne-au-Pont, Nalinnes and Naninne, Jette and Ypres. The Company's tenants are Media Markt, Cedicora, Rackstore, Tractebel Engineering, Forever Products, Michelin Belux, Intercarrelages, Eupener Karting, Tercel Oilfield Products Belgium and Hainaut Caravaning Center, among others.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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