reports
- ING Helpdesk
- Francesca Ferragina
- Michiel Vereycken
Ascencio/Ending the year with an acquisition/HOLD
Right before year-end, Ascencio acquired a €23m retail park that strengthens its presence in south-east France. Despite no yield being disclosed (ING estimate of 6.5%), we like this acquisition activity as the asset fits the strategy being food dominated and located in an attractive region. Although the press reported potential store closures by Intermarché Belgium (c.10% of rental income) and Carrefour Belgium (4.4%), Ascencio does not anticipate any material impact. We continue to appreciate t...
- Lynn Hautekeete
Ascencio Model update after FY25 results and French acquisition
We update our model via a Company Note on Ascencio after the FY25 results and its new acquisition in France of € 22.8m (excl. VAT and incl. transfer costs). The acquisition and multiple expansion among the peer group result in a TP increase from € 52.0 to € 56.0. Given the 3.3% upside and lack of additional trigger we repeat our HOLD recommendation.
- Wim Lewi
Ascencio Acquires retail park is South-East of France for €22.8m
Ascencio acquired the Horizon Provence retail park in Monteux, southeastern France, for €22.8 million (excl. VAT). Covering over 12,000 m², the park hosts around 20 stores focused on quality food retail, including Super U and Maison des Agriculteurs. This is in line with the food centered strategy of Ascencio. Complementary brands such as Krys, Marie Blachère, and Basic Fit enhance the commercial mix. Located in a tourist and residential area in Provence-Alpes-Côte d'Azur, the site benefits from...
Ascencio acquires the Horizon Provence retail park in the south-east o...
Ascencio acquires the Horizon Provence retail park in the south-east of France Ascencio announces the acquisition of the Horizon Provence retail park in Monteux, south-east of France, for €22.8 million excluding VAT. Covering an area of more than 12,000 m², the retail park comprises around twenty retail units and is built around a first-class food offering, with the Super U chain and the Maison des Agriculteurs distributing products from more than 150 local producers. This dominance of food retailers, perfectly in line with Ascencio’s strategy, is complemented by the presence of others suc...
Ascencio acquiert le retail park Horizon Provence dans le sud-est de l...
Ascencio acquiert le retail park Horizon Provence dans le sud-est de la France Ascencio annonce l’acquisition, pour un montant HTVA de 22,8 millions EUR, du retail park Horizon Provence, situé dans la commune de Monteux, dans le sud-est de la France. Développé sur plus de 12 000 m², le retail park comprend une vingtaine de cellules commerciales et s’articule autour d’une offre alimentaire de premier plan, avec l’enseigne Super U ainsi qu’avec la Maison des Agriculteurs distribuant les produits de plus de 150 producteurs locaux. Cette dominante alimentaire, en parfaite adéquation avec l...
Ascencio neemt retailpark Horizon Provence over in het zuidoosten van ...
Ascencio neemt retailpark Horizon Provence over in het zuidoosten van Frankrijk Ascencio kondigt de overname aan van het retailpark Horizon Provence, gelegen in de gemeente Monteux in het zuidoosten van Frankrijk, voor een bedrag van 22,8 miljoen EUR (excl. btw). Het retailpark heeft een oppervlakte van meer dan 12.000 m², bestaat uit een twintigtal winkels en is toegespitst op een kwalitatief voedingsaanbod, met de Super U-keten en het Maison des Agriculteurs dat producten van meer dan 150 lokale producenten verdeelt. Deze grote voedingscomponent, die perfect aansluit bij de strategie...
- ING Helpdesk
- Lynn Hautekeete
Ascencio FY25 results: +3.5% dividend per share
Ascencio reports FY25 results slightly below our expectations at € 5.56 EPRA EPS vs € 5.66 KBCSe. The difference comes from slightly lower rental income at € 53.9m vs € 54.4m KBCSe. Even though, the occupancy rate recovered 120bps versus 3Q25, the like-for-like rental income at 1.5% was still negatively impacted by rent reversion on two large Belgian leases. The property charges came in higher than expected on higher lawyer and agency fees due to FY25 bankruptcies. Combined with the overall lowe...
Solid property and financial performance & dividend up for the 11th co...
Solid property and financial performance & dividend up for the 11th consecutive year Annual results 2024/2025 SOLID PROPERTY AND FINANCIAL PERFORMANCE & DIVIDEND UP FOR THE 11TH CONSECUTIVE YEAR EPRA OCCUPANCY RATE 97,2% GROSS YIELD ON THE PORTFOLIO 6,96% AVERAGE COST OF DEBT 2,15% INTEREST RATES HEDGE RATIO 96,6% GROSS DIVIDEND YIELD 8,7% Operational results Rental income: €53.9 million, up by 1.0% compared to €53.3 million at 30/09/2024 EPRA earnings: €36.7 million, up by 1.4% compared to €36.2 million at 30/09/2024 EPRA earnings (per share): €5.56 (vs €5.49 at 30/09/2024...
Solides performances immobilières et financières & dividende en hausse...
Solides performances immobilières et financières & dividende en hausse pour la 11ème année consécutive Résultats annuels 2024/2025 SOLIDES PERFORMANCES IMMOBILIÈRES ET FINANCIÈRES & DIVIDENDE EN HAUSSE POUR LA 11EME ANNÉE CONSÉCUTIVE TAUX D’OCCUPATION EPRA 97,2% RENDEMENT BRUT DU PORTEFEUILLE 6,96% COÛT MOYEN DE FINANCEMENT 2,15% RATIO DE COUVERTURE DE TAUX D’INTÉRÊT 96,6% RENDEMENT BRUT DU DIVIDENDE 8,7% Résultats opérationnels Revenus locatifs : 53,9 millions EUR, en progression de 1,0% par rapport à 53,3 millions EUR au 30/09/2024 Résultat EPRA : 36,7 m...
Sterke vastgoed- en financiële resultaten & dividendverhoging voor het...
Sterke vastgoed- en financiële resultaten & dividendverhoging voor het 11e jaar op rij Jaarresultaten 2024/2025 STERKE VASTGOED- EN FINANCIËLE RESULTATEN & DIVIDENDVERHOGING VOOR HET 11E JAAR OP RIJ EPRA BEZETTINGSGRAAD 97,2% BRUTORENDEMENT VAN DE PORTEFEUILLE 6,96% GEMIDDELDE KOST VAN DE SCHULDENLAST 2,15% RENTEVOET AFDEKKINGSRATIO 96,6% BRUTO DIVIDENDRENDEMENT 8,7% Operationeel resultaat Huurinkomsten : 53,9 miljoen EUR, een stijging van 1,0% ten opzichte van 53,3 miljoen EUR op 30/09/2024EPRA resultaat : 36,7 miljoen EUR, een stijging van 1,4% ten opzichte van 36,2 miljo...
- ING Helpdesk
Benelux Morning Notes
Ascencio: Stable update CFE: Preview; margin over volume CVC Capital Partners: Moments of Realisation D'Ieteren: Belron North American peer Boyd points to positive 3Q25 inflection point in like for like growth Fastned: 1H25 results; disappointing charging volumes, cost pressure continues Greenyard: Results of second acceptance period concerning takeover bid and launching squeeze-out
- Lynn Hautekeete
Ascencio 3Q25 trading update: results bang in line
Ascencio reports its 3Q25 trading update (June-end) in line with our estimates. The dividend guidance of at least €4.30 is repeated. We believe an increase to €4.40 over the FY25 result is likely. In 1H25, Ascencio flagged a tougher retail market with the Casa and Cora restructuring. There are also some recent headlines on Krefel which represents 1.9% of the contractual rents (no direct impact). The fair value of the portfolio is flat which is in contrast with other quoted retail RE peers. We do...
Interim statement at 30 June 2025 - Third quarter of financial year 20...
Interim statement at 30 June 2025 - Third quarter of financial year 2024/2025 Interim statement at 30 June 2025 | Source:Ascencio SA POSITIVE RESULTS & ARBITRATIONS WITHIN THE PORTFOLIO 6.91%GROSS YIELD ON THE PORTFOLIO StabilityOF THE FAIR VALUE OF THE PORTFOLIO 96.0%EPRA OCCUPANCY RATE 96.3%INTEREST RATE HEDGING RATIO OPERATING RESULTS Rental income : €40.6 million, up by 1.8% from ...
Tussendijdse verklaring per 30 juni 2025 - Derde kwartaal van het boek...
Tussendijdse verklaring per 30 juni 2025 - Derde kwartaal van het boekjaar 2024/2025 Tussentijdse verklaring per 30 juni 2025 | Source:Ascencio SA POSITIEVE RESULTATEN & ARBITRAGES BINNEN DE PORTEFEUILLE 96,0%EPRA BEZETTINGSGRAAD 6,91%BRUTORENDEMENT VAN DE PORTEFEUILLE StabieleREËLE WAARDE VAN DE PORTEFEUILLE 96.3%AFDEKKINGSRATIO VAN DE RENTE OPERATIONEEL RESULTAAT Huurinkomsten : 40,6 miljoen EUR, een stijging van 1,8% ten opzichte van 39,9 miljoen EUR op 30/06/2024EPRA Resultaat : 28,5 miljoen EUR, een stijging van 2,1% ten opzichte van 27,9 miljoen EUR op 30/06/202...
Déclaration intermédiaire au 30 juin 2025 - Troisième trimestre de l'e...
Déclaration intermédiaire au 30 juin 2025 - Troisième trimestre de l'exercice 2024/2025 Déclaration intermédiaire au 30 juin 2025 | Source:Ascencio SA RESULTATS POSITIFS & ARBITRAGES AU SEIN DU PORTEFEUILLE 6,91%RENDEMENT BRUT DU PORTEFEUILLE StabilitéDE LA JUSTE VALEUR DU PORTEFEUILLE 96,0%TAUX D’OCCUPATION EPRA 96.3% RATIO DE COUVERTURE DE TAUX D’INTERET RÉSULTATS OPÉRATIONNELS Revenus locatifs : 40,6 millions EUR, en progression de 1,8% par rapport à 39,9 millions EUR au 30/06/2024Résultat EPRA : 28,5 millions EUR, en hausse de 2,1% par rapport ...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Solid 1Q25. Ascencio: Resilient results. Gimv: NAV a tad higher than expected, underlying companies surprisingly strong. IBA: Soft start in Technologies, 2025 and 2028 guidance reiterated. OCI: In-line 1Q25 trading update. Vopak: IPO of AVTL - value coming to the surface
- Lynn Hautekeete
Ascencio 1H25 results: EPRA earnings above estimates but tougher retai...
Ascencio reports 1H25 EPRA earnings above our expectations due to lower than expected financial charges. There is negative rent reversion on renewals which has been a common factor for Ascencio as the ERV -contractual rent gap was 10.6% in 2023. The gap is closing with a negative impact on contractual rents. This has been an argument for our hold recommendation in the past 3 years. The occupancy dropped by 1.1% on signs of a weaker retail market and this even excluding the Casa bankruptcy (3 uni...
Half-yearly financial report of Ascencio SA
Half-yearly financial report of Ascencio SA DYNAMIC LETTING ACTIVITY & SOLID DEBT STRUCTURE 6.95%GROSS YIELD ON THE PORTFOLIO2.18%AVERAGE COST OF DEBT-0.1%CHANGE IN FAIR VALUE OF THE PORTFOLIO96.7%EPRA OCCUPANCY RATE95.2%INTEREST RATE HEDGING RATIO OPERATING RESULTS Rental income: €27.1 million, up by 2.8% from €26.3 million at 31/03/2024EPRA Earnings: €19.0 million, up 5.7% from €18.0 million at 31/03/2024EPRA Earnings per share: €2.88 (vs €2.72 at 31/03/2024)Net result: €18.7 million (vs €5.7 million at 31/03/2024), the significant increase being due to the difference in revaluations (-€...
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