reports
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Lynn Hautekeete
Qrf City Retail 3Q25 trading update: +18.3% revaluation on rights issu...
QRF reports its 3Q25 trading update. On 30/09 QRF had already acquired the EUR 46.75m recently announced acquisitions of Olphibel BV (15 assets) and Immo Feest- en Cultuurpaleis NV on which it reports a steep EUR +8.56m revaluation (+18.3%). The occupancy slightly decreases from 98.0% to 97.6% due to the acquisition of the Cultuurpaleis, as there is 1 vacant unit. There is no new update on the CASA bankruptcy, where QRF has already relet 4 out of 5 assets at similar contractual rents. The transa...
- Lynn Hautekeete
Qrf City Retail Successful rights issue increases scale
We update our model after the EUR 25.0m capital increase to finance the EUR 46.75m new acquisitions (excl. development capex of EUR 5.5m). While the transaction results in a modest dilution of FY25 EPRA EPS by -1.4%, it is accretive from FY26 onwards, with an expected EPS uplift of +2.0% in FY26 and +2.5% in FY27. We anticipate a fair value uplift of approximately 7.0% on the acquired assets, driven by continued yield compression in high street retail and the attractive gross acquisition yield o...
QRF: 1 director
A director at QRF bought 2,100 shares at 10.510EUR and the significance rating of the trade was 68/100. 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 last two years clearly showing Cl...
- Lynn Hautekeete
Qrf City Retail EUR 25.0m pre-committed rights issue to fund new acqui...
QRF launches a rights issue for approx. EUR 25.0m at a subscription price of EUR 9.62. The subscription price is calculated via Monday's closing price (EUR 10.25) minus the pro rata dividend (EUR 0.63 out of EUR 0.84 for FY25). There is no discount to Monday's closing price. The allocation rights will not trade during the subscription period. There is a pre-commitment of the reference shareholder (30.4%) Horizon Retail Investeringen (Family Vanmoerkerke). Fort & Port Warehouses NV (Katoen Natie ...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Wim Lewi
- Lynn Hautekeete
Qrf City Retail Temporary headwind from Casa reduces our TP to € 11.0
Last Friday, QRF reported results below our expectations, primarily due to the bankruptcy of Casa, which accounted for 6.9% of FY24 contractual rents. The vacancy and reletting of five assets will continue to weigh on FY26 results. As a result, EPRA EPS is only expected to recover to FY24 levels by FY27. We have revised our FY25 EPRA EPS estimate downward by 8.0% to EUR 0.83 per share. QRF has reaffirmed its dividend guidance at EUR 0.84, implying a pay-out ratio exceeding 100%. Consequently, we...
- Lynn Hautekeete
Qrf City Retail Casa bankruptcy pushes results below expectations
QRF reports results below our expectations due to the Casa bankruptcy. Casa represents 6.9% of the FY24 contractual rents. The bankruptcy has a -277k negative impact on EPRA earnings over 1H25. If we filter these out, earnings are in line with our expectations. The bankruptcy is also visible in the occupancy drop by -200 bps. Looking beyond 2025, the story is more positive. Four out of five Casa assets have been relet at similar contractual rents. The timeline of reletting remains the main quest...
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Lynn Hautekeete
Immobel After the through, increase to Buy
Yesterday Immobel issued a trading update that gives comfort in the FY26 bond repayment of EUR 125.0m which was the biggest short term risk of the investment case. This triggered us to increase our TP from EUR 23.0 to EUR 28.0 with a BUY recommendation (prev. accumulate). The reasoning is explained in this new company note. We still don't think the dividend will come back in the next 2 years as the focus remains deleveraging. However, the share price reflected a dilutive capital raise which has ...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Hoste
- Lynn Hautekeete
Qrf City Retail 1Q25 trading update: casa and two new independent dire...
QRF's 2025 trading update focusses on the CASA bankruptcy and appointment of 2 new independent directors: Pieter Bogaert (Director of Real Estate & Development and Compliance Officer at Xior) and Kara De Smet (CFO of Retail Estates). Casa represents 6.7% of total contractual rents. Four out of five locations have been re-let at similar contractual rents. There is however a transition period before the bankruptcy is finalised which implies rental loss. 2025 will be a transition year with CASA and...
- 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
- Lynn Hautekeete
Qrf City Retail FY24 results slightly above expectations
QRF reports FY24 slightly above our expectations. The difference is driven by a larger than expected return from the JV participations. The FY25 rental income will be driven by the Veldstraat redevelopment. The offices are 100% pre-let and will be delivered in 1H25. The like-for-like rental growth is 1.7% which would indicate negative rent reversion. Likely this is driven by the renegotiation of the Inno contracts (mid-summer 2023). There is also a hint to isolated cases of tenant solvency where...
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