INFORME SECTORIAL SOCIMI: UN MOMENTO DULCE (ANÃLISIS BANCO SABADELL)
Un momento dulceEl sector vive un momento dulce: inflación de rentas combinado con tipos de interés ultra-bajos, es decir, lo mejor de ambos mundos. Publicamos informe donde reiteramos COMPRAR en MRL (P.O. 15,79 euros/acc., +9% vs anterior) y LRE (P.O. de 9,82 euros/acc. -10%) mientras que en COL, y tras el buen comportamiento en 2019 (+42%), rebajamos recomendación de COMPRAR a VENDER (P.O. 12,35 euros/acc, +11% vs anterior). Esperamos un crecimiento TACC del NAV’2018-2021e del +13% en COL, del +7% en MRL y del -1% en LRE, cifras que reflejan los distintos ritmos de crecimiento de oficinas vs retail. Con todo, los valores cotizan con descuentos sobre NAV del -26% LRE, -13% MRL, mientras COL lo hace con prima del +9%. Nuestra preferida es MRL.
Lar Espana Real Estate SOCIMI SA is a Spain-based company primarily engaged in the operation of retail Real Estate Investment Trusts (REITs). The Company specializes in acquiring, managing and renting real estate assets within the Spanish market. Its business activities are divided into three segments: Shopping Centers, Offices, as well as Logistics. The Shopping Centers area is responsible for operation of a number of shopping malls, namely Txingudi, Las Huertas, Albacenter, Anec Blau, Hiper Albacenter, and Nuevo Alisal, among others. The Offices segment invests in office properties, such as Arturo Soria, Cardenal Marcelo Spinola, Egeo and Eloy Gonzalo. The Logistics division focuses on managing logistics warehouses, including Alovera I and Alovera II. The Company also owns a plot for residential properties development. It is a parent of a number of entities, such as Lar Espana Inversion Logistica SA, Gran Via Centrum Holdings SAU, Global Noctua and Puerta Maritima Ondara.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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