KBC Securities - Retail Estates NV (RET) RETAIL ESTATES - Back on track with 1st post-COVID CiK – upgrade to BUY

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KBC Securities

Wido Jongman

RETAIL ESTATES - Back on track with 1st post-COVID CiK – upgrade to BUY

We regard the contribution in kind (Cik) that was announced last week as a confirmation that Retail Estates (RET) is back on track, leaving the COVID-19 impacted period behind. In this note we discuss the transaction, reflect on the real estate offering of RET and shed some light on possible valuation levels. We have a neutral opinion on the deal but see room to increase our Tp to € 76 p.s. BUY.

14/10/2021 1 EN

Underlying

Retail Estates NV

Retail Estates is a niche fixed-capital real estate investment fund that invests in retail properties located on the periphery of residential areas or along access roads to urban centers. Co. buys properties from third parties or builds and markets shop premises for its own account. The outlets have a built on surface areas of between 500m2 and 3,000m2. A typical retail property has an average surface area of 1,000m2. As of Mar 2010 Co. had 399 premises in its portfolio. The retail lettable area amounted to 398,754m2.

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BE0003720340 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Wido Jongman

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RETAIL ESTATES - Back on track with 1st post-COVID CiK – upgrade to BUY

We are a financial services provider for several types of professional clients, each with distinct needs.

Benelux Morning Notes

Morning Notes : DSFIR NA, RET BB

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

Umicore Feedback FY25 results conference call

Morning Notes : COFB BB, GLPG NA, UMI BB

Cofinimmo FY25 results above expectations, guidance below

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