reports
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Nextensa might aim for ‘Proximus Towers' landmark project. D'Ieteren: Auto CEO sees Belgian new car market at 420k in 2025, down 6% YoY. Fastned: Preview of 4Q24 trading update. Proximus: HQ sale likely at price materially lower than expected. Randstad: 4Q24F results due 12 Feb, consensus released, negative earnings momentum. WDP: Sizeable acquisition in Belgium
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore Battery Materials strategic review key to the equity story
Umicore is in a tough spot, with Automotive Catalysis operating in a structurally declining market, Recycling being a cyclical and metal price-sensitive business and Battery Materials, previously considered as the future growth engine, now subject of a strategic review amidst slowing EV adoption and Chinese competition with lower priced LFP. Staying active in Battery Materials is of major importance to the equity story and we expect the upcoming CMD to confirm this stance, albeit with significan...
- Wim Lewi
Warehouses De Pauw Acquires historic Renault site for re-development
WDP pays EUR 100m for the 190k sqm “Renault” site that has been owned by Family Moorkens since the closure in 1997. WDP will gradually redevelop the site that has now an approx. 7% yield. It is currently leased to different formats for car storage/leasing, distribution for Ici Paris XL and some city services. The re-development could span the next 10 yrs as the site is already yielding. That is a big difference with a greenfield landbank. The rent reversal potential is huge as the rent/sqm is n...
- Lynn Hautekeete
Cofinimmo To cut or not to cut
In this note we update our model after the year-end divestment sprint of Cofinimmo. We think the share price did not recover enough after beating the divestment guidance. A dilutive equity raise is now avoided, which was the main fear of the market. Likely the timing of the announcement had influence. With only EUR 100.0m capex in FY25/26 and continued asset divestments, the debt-to-assets ratio will stay close to 43.0% in FY25/26. We expect flat portfolio valuations in FY25 for the healthcare ...
Umicore S.A.: 1 director
Two Directors at Umicore S.A. bought 6,890 shares at between 9.752EUR and 10.112EUR. The significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...
- Florent Laroche-Joubert
- Roy Külter
ODDO : La baisse des taux d’intérêt favorise l’immobilier : nos top pi...
Le maintien d’un environnement baissier des taux d’intérêt devrait être porteur pour le secteur immobilier en 2025 et lui permettre de continuer à surperformer. Dans ce contexte, nous privilégions le commerce et le résidentiel allemand , qualifiés de «safe haven» et plus spécifiquement Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing pour un potentiel moyen de +30%. Elles sont les plus à même pour nous d’exécuter leur stratégie de croissance / repositionnement. Nous abaisson...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
ODDO : Interest rate winds favor real estate: Our top picks for 2025
An environment of further interest rate decline is set to underpin the real estate sector in 2025 and see it continue to outperform. On this basis, we prefer retail and the German residential market, which are seen as safe havens, more specifically Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing for an average upside of +30%. They are the best positioned, as we see it, to execute their growth/repositioning strategies. We have downgraded Branicks, Cofinimmo, Icade and Patr...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Lewi
- Lynn Hautekeete
Cofinimmo FY24 divestment plan completed, all office periphery assets ...
Yesterday Cofinimmo announced the completion of its EUR 215.0m FY24 divestment target. 2 offices are divested and 5 healthcare assets in Belgium and The Netherlands. This comes after Cofinimmo announced 85% of its divestment target was completed last week. At the time, the exact projects were however unknown and the share price did not move on the back of the positive news. All 3 Belgian elderly care assets were leased to Armonea and so it could be a package deal. The Parklane campus was the la...
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Lynn Hautekeete
Cofinimmo 85% FY24 divestment target signed
Yesterday evening Cofinimmo sent out an update regarding its EUR 215.0m divestment plan. It mentions 3 assets (4 buildings) of which the AMCA buildings in Antwerp were already known to the market via a separate press release. There are 2 new healthcare divestments announced of EUR 12.0m. Additionally, its investment outlook is lowered by EUR 40.0m. This brings the carried out divestments to EUR 102.0m (see our tracker below). Moreover, EUR 80.0m additional divestments are already signed and th...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List How to start 2025?
On this Friday the 13th we select for you 13 stocks to start 2025 with a bang : ABN Amro, Ackermans & van Haaren, Bekaert, D'Ieteren, EVS, Fagron, Fugro, Gimv, Melexis, Shurgard, Sofina, WDP and Xior However, we maintain a defensive stance in our Benelux selection at the start of 2025.. The long anticipated interest rate cuts by central banks are expected to continue their decline into 2025 (see graph above). However, the Trump election victory in the US hits European stocks even before he tak...
- Lynn Hautekeete
- Wim Lewi
Real Estate Report December 2024
BE-REITS suffer from macro-worries (logistics) and post-Trump knee-jerk reaction. We believe that especially money flows are pushing stocks down as interest rate fears resurfaced in the US. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balance sheet to continue their growth track record. WDP is also very cheap on cash earnings metrics vs. peers. Xior can grow and fix its balance sheet at the same time through contributions in kind.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
ARG ARGAN SA
VGP VGP NV
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Lewi
- Wim Lewi
Warehouses De Pauw WDP buys 2 logistics parks in France, EUR 315m inve...
WDP acquires 2 new logistics platforms (Bollène and Puceul) from the listed real estate group Altarea. The investment amounts to EUR 315m for a total GLA of 305k sqm, of which 76k sqm under development for completion in 2026. The initial net yield is expected 5.2% with an upside rental potential of 15%. We believe that recent press speculation that Hines is not selling the Auchan portfolio anymore. WDP was rumoured to be in final negotiations for a part of 200m at a 5.0% yield. This deal is sim...
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