Qrf City Retail 1Q25 trading update: casa and two new independent directors

QRF's 2025 trading update focusses on the CASA bankruptcy and appointment of 2 new independent directors: Pieter Bogaert (Director of Real Estate & Development and Compliance Officer at Xior) and Kara De Smet (CFO of Retail Estates). Casa represents 6.7% of total contractual rents. Four out of five locations have been re-let at similar contractual rents. There is however a transition period before the bankruptcy is finalised which implies rental loss. 2025 will be a transition year with CASA and the redevelopment of 2 assets in Ghent. This is partially offset by the office income (EUR 534k annualized) in Ghent. We don't expect EPRA EPS growth in FY25. EPS growth will come back in FY26 when the Casa assets generate cash rental income and when the Ghent (office + Lange Munt) contribute more rental income. We repeat our EUR 13.0 TP and BUY recommendation.