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Banimmo SA: 1 director
A director at Banimmo SA bought 7,503 shares at 2.900EUR and the significance rating of the trade was 52/100. 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 show...
- ING Helpdesk
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Lewi
- Wim Lewi
Retail Estates 1H25/26 Results, no big acquisition, but managing the b...
RET reported its 1H25/26 results (September end) slightly below our estimates. EPRA EPS amounted to €3.06 vs. our expectation of €3.10. NRI grew 2.95% to €72.7m vs. 74.0m expected. Despite many bankruptcies, occupancy remained relatively stable at 97.4% vs. 97.6% over 1H24/25. Out of 19 outlets in restructuring, RET has relet 2 and is in exclusive talks on 10. The difference with our expectations results largely from lower net investments of €5.1m vs. €40.0m expected. The debt ratio increased 0....
- ING Helpdesk
Benelux Morning Notes
Arcadis: Feedback from conference call 3Q25. Belgian telcos: Telenet positive net adds in broadband, near ECM decision. CTP: 34k sqm lease signed in Poland. Eurocommercial Properties: Organic momentum is getting stronger. Fugro: Reasonable 3Q, challenging 4Q and beyond. Heijmans: Order book quality improves further. KPN: VodafoneZiggo guidance maintained, ECM decision near. Proximus: CPaaS peer Twilio reports strong 3Q25 results. Retail Estates: Jysk new tenant of 5 Leen Bakker B...
- Francesca Ferragina
- Michiel Vereycken
Retail Estates/Model update/BUY
We update our model with added cautiousness on the top line but leave our bottom line and NTA projections almost unchanged. Our FY26-28F earnings CAGR is at c.2%. Despite some problematic tenants (Leen Bakker, Casa and Carpetright, accounting for c.2.5% of rents), Retail Estates has a history of being capable of quick/efficient reletting and good tenant mix improvement on the back of this. We confirm our positive stance on the company, which currently trades at a 21.3% NTA discount to its FY26F ...
- Wim Lewi
Real Estate Report, Company Profiles
Over the past month, the EPRA BELUX index has underperformed (total return) the EPRA Developed Europe index by 3.2%, the STOXX50 by 5.4%, and the BEL20 by 3.6%. This underperformance relative to the EPRA Developed Europe Index can be attributed to the stronger performance of UK real estate compared to eurodenominated stocks, as UK equities led the recovery following a selloff in August. Additionally, the BELUX region had already posted strong year-to-date performance, which limited further upsid...
- Jacob Mekhael
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Wim Hoste
- Wim Lewi
- Wim Lewi
Retail Estates Sagax takes 10.8% stake in Retail Estates, upgrade to B...
Yesterday evening Nextensa announced the sale of its 9.0% stake for 89.6m to an undisclosed party at EUR 66.3 per share. This morning, Sagax AB issued a press release that they bought a 10.8% stake in RET for 1,190m SEK (107m EUR). Sagax has been expanding its portfolio outside of Scandinavia. It has been active in the Benelux since 2016 and reported assets of 9.8bn SEK (884m EUR) in the Benelux. We welcome that the overhang of the Nextensa stake is cleared and a new active shareholder has enter...
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
Retail Estates Leen Bakker gets court protection in Belgium
Leen Bakker België NV is currently under judicial protection as of 14th August 2025 and seeks buyers for its 44 stores to avoid closure. We believe this will have a limited impact on Retail Estates that leases 11 retail properties to Leen Bakker in BE. This makes up 1.39% of the rental income, while there are no arrears. The chain is owned by private equity company Gilde that bought it from Blokker Holding in 2017 and merged it with Kwantum. Both are related to home furnishing and rely on out-of...
- Wim Lewi
Retail Estates Results 3m25/26, full year outlook maintained
NRI 3m25/26 amounts to €36.4m, +3.1% YoY vs. our expectation of €36.2m. The lfl growth amounted to a respectable 2.6%. EPRA EPS came in at €1.52, -2.5% YoY vs. 1.52 expected. The EPS was diluted by the scrip dividend that raised 18m and added 2.2% to the share count (35% acceptance). RET confirmed its FY25/26 dividend of €5.20. Despite many bankruptcies, occupancy remained relatively stable at 97.45%, a slight improvement from last March at 97.26%. The debt ratio increased to 44.06% on the divid...
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Couvreur
- ING Helpdesk
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