Report
Xior Harvesting the Dutch Landbank with an eye on LTV
Years before its BaseCamp bid (May'22), Xior invested in a bold Dutch residential pipeline. It acquired mainly old offices for conversion. These projects were iced as its LTV hit emergency levels in 2023. With LTV now below 50%, these non-yielding assets can be developed at a very gradual pace. Despite the dire shortage in the Dutch residential market, the political situation and regulations delay and limit returns on these investments. However, the cost-to-come for some of these projects is relatively low. We estimate “new cash yields” of 23.0% on the current pipeline and 8.7% on the landbank potential till 2029. On the other hand, the capitalized interest shield declines and average cost-of-debt increases from new debt issues. Overall, the impact from this acceleration will support FY27-28 EPS growth.
Underlying
Xior Student Housing N.V.
Xior Student Housing NV is a Belgium-based company active in the field of residential Real Estate. The Company's offer is mainly for students and it includes several types of rooms for rent, including a student house in Leiden.
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Wim Lewi
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