W.E.B. - Q1 2023 - Rents up, earnings down
Gross rent up 7.8% YoY at EUR 5.9m, but EPRA EPS down -2.3%LTV decreases to 46.5% (-83bps) but cost of debt increases to 3.39%.EPRA NTA increases by 1.1% to EUR 53.2 per share.We reiterated our ‘Hold' rating and EUR 39.50 TP.More details in our Note published this morningWarehouses 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.
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