Wereldhave Belgium - 9M results hampered by higher financing costs
Net rents landed at EUR 45.8m (up 6.2% YoY), 6% LfL Occupancy is stable at 95.2%.Direct EPS is down 0.5% to EUR 3.51 per share.Portfolio valuation is slightly up at EUR 952.9m (+0.4%).Guidance for direct EPS adjusted (-3%) to EUR 4.70-4.80 vs. EUR 4.85-4.95 for 2023.We will review our estimates and TP in the coming days and keep our 'Buy' unchanged in the meantime.Wereldhave Belgium is a real estate investment fund engaged in the investment in and the development and management of commercial property. Co. invests primarily in offices and shopping centers, as well as developmental projects for the future. As of Dec. 31, 2011, Co. owned 16 properties comprising 152,140 square meters of rentable area throughout Belgium.
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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