reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference feedback 19-20 March 2025
This note gathers feedback from the group meetings and the panels. In total 21 companies were presented in group meetings and/or panels. More than 100 guests found their way to the venue either physical or virtual (only panels). The 2 panels made for informative additions to the C-level meetings and a nice platform for discussion. Wednesday afternoon concentrated 4 experts from Logistic companies (CTP, Montea, VGP, WDP) for an interesting discussion on brownfields: " an answer to the scarcity of...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
SHUR SHURGARD SELF STORAGE LIMITED
- Lynn Hautekeete
- Wim Lewi
Real Assets Conference Book 19-20 March 2025
We publish our conference book with info on the panels, the graphs on the market and company profiles. European REITS suffered from macro and geo-political worries (logistics) Also, the European knee-jerk reaction on the bund (+60 bps) had a negative effect. We believe that despite these worries, REITS are a good place to hide, given their high visibility and proven growth potential in a tough environment. Our top-picks are Shurgard, WDP and Xior. SHUR and WDP have ample headroom on their balanc...
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
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Lynn Hautekeete
Immobel Likely at the trough, but still reliant on bank financing
We revisit our model on Immobel after the FY24 results and the dividend cut. The dividend cut was necessary given the short term debt maturities. We expect 2025 to be a recovery year from the trough in FY24 margins, with slightly lower asset sales versus FY24. A cash recovery from the EUR 18.0m building permit from the Proximus towers could be a short term trigger for the stock. We think it is likely but nothing is confirmed. In FY25, Immobel needs to pay back a EUR 50.0m bond which is covered ...
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Lynn Hautekeete
Immobel Luxembourg block sale of 124 apartments
Yesterday Immobel announced the block sale of 124 apartments in Luxembourg to Fonds Kirchberg. The apartments will be sold (leasehold) further to individuals in a later stage. The apartments are part of the Kiem 2050 project, a JV between Immobel (70%) and Prefalux Home (30%). The project is a public-private partnership to create affordable homes in Luxembourg. The residential part of the project is now sold and construction can start. As construction starts now and cash instalments are phased ...
- 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
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Vincent Koppmair
Immobel - Not out of the woods yet
We reviewed our Immobel figures, following a market update for 2024 and adjusted our estimates.2024 is expected to be much better (sales +50%) yet still subdued (ROE remaining at mid single digits).Slow market reopening could imply a tough 2025 due to a delayed investment market reopening, the liquidity impact of the Proximus towers acquisition at the end of 2024 and a sizeable refinancing wall coming up.While revenues are expected to grow, we continue to see short-term pressure on the balance ...
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Vincent Koppmair
Immobel - A challenging FY23, focused 2024 ahead
Adj. Net profit lands at EUR 12m, Net profit including impairment & one-off costs lands at EUR -38m.Immobel proposes an optional DPS at EUR 1.20 (vs. EUR 3.05 in 2022).We reiterate our ‘Hold' rating, but put our TP ‘Under Review'.Immobel hosts an analyst meeting today at 9:30 CET.More details in our Note issued this Morning.
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Immobel Belgian Residential Market Check Up
In this note, we perform a reality check on the BE residential market. Immobel portfolio has 52% exposure to BE and 73% to residential (1H23). In recent quarters, housing inflation has lagged the general consumer price index. We believe that Immobel will continue to sell residential RE units at a lower rate that holds the debt ratio below critical levels (incl. JV debt). We made some adjustments to our model and valuation metrics. We lower our TP from €63.0 to €40.0 and reiterate our Accumulat...
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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