BriQ Properties | High yield, low risk; initiating with a Buy
High yield, diversified RE portfolio – BriQ Properties is one of the largest real estate investment companies in Greece featuring a €283m portfolio and annualized rental income of c€21m (following the completion of the transformational merger with ICI), translating to a c7.6% yield on income-generating assets. The portfolio is quite diversified across the logistics, offices, retail and other sectors, boasting top-notch tenants and almost full occupancy, with embedded inflation-indexed rents and a 5.5-year weighted average lease term.Disciplined, income-focused strategy, bolstering the stock’s defensive characteristics – Unlike peers with more aggressive capex cycles, BriQ follows a measured investment approach, with just a €14m capex plan through 2026e targeting logistics expansion, selective office redevelopments, and hotel upgrades. Although this translates into lower optionality from pipeline execution and development gains than the case for peers, it also de-risks the thesis allowing the continuation of a generous – and highly visible – shareholder return policy equivalent to 70-75% of FFO, corresponding to 7-9% dividend yield in 2025-27e, the highest in the Greek REIC sector.
Low-cost structure to underpin deleveraging and 4% NAV CAGR through to 2028e – BriQ’s competitive advantage lies in its low-cost operating structure (operating costs
BriQ Properties REIC. BriQ Properties REIC is a Greece-based real estate investment company. The Company's business is mainly focused on the acquisition and management of commercial properties, such as office, retail and logistics, located in Athens, Greece. BriQ Properties REIC owns more than six properties, as the successor of Quest Holdings SA and Unisystems SA that contributed these properties at the Company's establishment. Its portfolio includes: a commercial office building leased to Unisystems SA; commercial office buildings leased to Quest Group companies; a commercial office building leased to iSquare SA; a logistics building leased to Quest Group companies; a logistics building leased to Info Quest Technologies SA, as well as a logistics building leased to Unisystems SA.
Eurobank Equities is a Greek-based firm offering research, sales and trading services to institutional, corporate and private clients. The company is wholly owned by Eurobank, one of the 4 systemic banks in Greece.
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