INVEST SECURITIES - Foncières des murs : Une entrée remarquée au Royaume-Uni - Neutre, OC : 26€ vs 25,5€
Foncière des Murs va faire son entrée au Royaume-Uni à travers l'acquisition, auprès de Starwood Capital, d'un portefeuille de 14 hôtels haut de gamme, dont 13 seront loués à InterContinental Hotels Group pour 25 ans. Cette acquisition de 978m€ au rendement cible de 6% sera financée par 300m€ d'augmentation de capital aux conditions à déterminer. Nous estimons l'opération relutive de l'ordre de +5% en rythme annualisé sur le résultat récurrent par action. Cette opération s'inscrit dans la logique de montée en gamme du patrimoine et de partenariat avec des opérateurs hôteliers puissants. Opinion Neutre maintenue malgré le relèvement de notre objectif à 26€ vs 25,5€.Fonciere Des Murs is a real estate company. Co. specializes in the long-term holding of operating facilities in the hotel, health-care, leisure and restaurant sectors. Co. is also engaged in the development of business premises. Co. is a partner with groups seeking to outsource their property assets and those seeking to have their operating facilities managed by professionals. As of Dec 31 2010, Co.'s portfolio comprised 187 hotels, 3 seawater-therapy institutes, 47 nursing homes, 3 follow-up care and rehabilitation clinics, 2 psychiatric clinics, 4 surgery clinics, 177 restaurants, 58 garden centres and 5 holiday villages.
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