Qrf City Retail Catalysts not translated in share price reaction

We update our model after the 1Q24 results and take into account the exit from the Dutch market, JV closing and non-strategic asset sales announced in 1Q24. We believe the stock price did not react enough to the positive catalyst of the Dutch sales and JV closing at 15.13% IRR. Hence, we repeat our BUY recommendation and EUR 13.0 TP. Standing asset valuations increased with 1.3% in 1Q24 signalling the revival of retail real estate. This is also reflected in the record high occupancy rate at 99.75%. Over 1Q24, the 30% stake in the Baltisse JV had another upwards revaluation of 3.8m or 21%. There is little cost-to-come and the asset sales led to a 5.0 % decrease in our FY24 debt ratio estimate. This means it can now attempt to look for accretive opportunities above its implied yield of 6.9%.