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Christophe Chaput ... (+3)
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Steven Boumans

ODDO : The recovery is only beginning and the best is yet to come

The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...

Christophe Chaput ... (+3)
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Steven Boumans

ODDO : La reprise ne fait que commencer et le meilleur est à venir

La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...

Gerardo Ibanez ... (+3)
  • Gerardo Ibanez
  • Roy Külter
  • Steven Boumans

ODDO : Dutch transfer tax to be reduced to 8%, supporting NAV and LTVs...

>Dutch real estate transfer tax to be reduced from 10.4% to 8% - The Dutch government will reduce the transfer tax for commercial buyers to 8%, according to leaked documents that newspaper De Telegraaf released. This is still more than the 6% it was before 2021, but less than the current 10.4%. The budget has now been sent to the Council of State. On “Prinsjesdag”, September 17, the House of Representatives will officially receive the plans, and the budget will be mad...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Gerardo Ibanez
  • Jean-Baptiste Rouphael
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2024

Peu de secteurs polarisent autant que le luxe automobile sportif. A la pointe de l’innovation technologique et artistique pour les uns, il est le reflet d’inégalités excessives pour les autres. Nous estimons que le secteur a un rôle prépondérant à jouer sur l’atténuation du changement climatique, mais aussi l’économie circulaire ou la transition juste. Considérant les impacts, risques et opportunités matériels, nous plaçons Ferrari en Best-in-Class ESG, Porsche en Neutre ESG, et Aston...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Gerardo Ibanez
  • Jean-Baptiste Rouphael
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2024

Few sectors are as polarising as luxury sports cars. At the cutting edge of technological and artistic innovation for some, they reflect excessive inequality for others. We believe the sector has a key role to play in climate change mitigation, as well as in the circular economy and just transition. Taking into account material impacts, risks and opportunities, we see Ferrari as ESG Best-in-Class, Porsche as ESG Neutral and Aston-Martin Lagonda as ESG Not Recommended. - ...

Christophe Chaput ... (+3)
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Steven Boumans

ODDO : What stock market momentum in France depending on the results o...

>Retail REITs broadly the best positioned - The announcement of the dissolution of parliament created a stock market shock or French real estate stocks leading to a negative performance of 10.6% since 7 June vs -4.2% for our other real estate stocks, notably in line with the increase in the 10-year OAT yield (c.+5bp) and its difference with the German 10-year yield (+c.23bp).The outcome of the legislative elections is still uncertain. Based on the sc...

Christophe Chaput ... (+3)
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Steven Boumans

ODDO : Quel momentum boursier sur l’immobilier côté français en foncti...

>Les foncières de commerce globalement les mieux positionnées - L’annonce de la dissolution de l’Assemblée Nationale a créé un choc boursier sur les valeurs immobilières françaises engendrant une performance négative de 10.6% depuis le 7 juin vs -4.2% sur nos autres valeurs immobilières, en ligne notamment avec la hausse du rendement de l’OAT 10 ans (+c.+5 pb) et son écartement avec le 10 ans allemand (+c. 23 pb).L’issue des élections législatives est encore inc...

Gerardo Ibanez ... (+2)
  • Gerardo Ibanez
  • Steven Boumans

ODDO : Tulips are not the only thing blooming in the Netherlands: Prov...

Dutch real estate companies showed signs of cautious optimism at the recent Provada conference, with logistics and retail favoured. Healthcare shows some positive signs, with limited devaluations. The Dutch government's potential reduction of the Real Estate Transfer Tax and new REIT regime could benefit listed real estate companies active in the country. - >Cautious optimism as market shows signs of improvement - Last week the annual Dutch real estate conference, Prov...

 PRESS RELEASE

Intervest Offices & Warehouses NV: Press release – Persbericht – Commu...

Intervest Offices & Warehouses NV: Press release – Persbericht – Communiqué de presse: results of Simplified Squeeze-Out Acceptance Period of TPG on Intervest Dear Madam, Sir, Please find hereunder the links to Intervest Offices & Warehouses’ latest press release regarding the results of Simplified Squeeze-Out Acceptance Period of TPG on Intervest. Geachte mevrouw, meneer, Gelieve hierbij de links te vinden naar het recente persbericht van Intervest Offices & Warehouses betreffende de resultaten aan van de Aanvaardingsperiode van het vereenvoudigd uitkoopbod van TPG op Intervest. ...

 PRESS RELEASE

Intervest Offices & Warehouses NV: Persbericht – Communiqué de presse...

Intervest Offices & Warehouses NV: Persbericht – Communiqué de presse – Press release: results of Simplified Squeeze-Out Acceptance Period of TPG on Intervest Dear Madam, Sir, Please find hereunder the links to Intervest Offices & Warehouses’ latest press release regarding the results of Simplified Squeeze-Out Acceptance Period of TPG on Intervest. Geachte mevrouw, meneer, Gelieve hierbij de links te vinden naar het recente persbericht van Intervest Offices & Warehouses betreffende de resultaten aan van de Aanvaardingsperiode van het vereenvoudigd uitkoopbod van TPG op Intervest. ...

 PRESS RELEASE

Intervest Offices & Warehouses NV: Press release – Persbericht – Commu...

Intervest Offices & Warehouses NV: Press release – Persbericht – Communiqué de presse: openbaarmaking over transparantiekennisgeving Geachte mevrouw, meneer, Gelieve hierbij de links te vinden naar het recente persbericht van Intervest Offices & Warehouses betreffende de openbaarmaking over transparantiekennisgeving. Dear Madam, Sir, Please find hereunder the links to Intervest Offices & Warehouses’ latest press release regarding the publication of a transparency notification. Attachment

 PRESS RELEASE

Intervest Offices & Warehouses NV: Persbericht – Communiqué de presse...

Intervest Offices & Warehouses NV: Persbericht – Communiqué de presse – Press release: openbaarmaking over transparantiekennisgeving Geachte mevrouw, meneer, Gelieve hierbij de links te vinden naar het recente persbericht van Intervest Offices & Warehouses betreffende de openbaarmaking over transparantiekennisgeving. Dear Madam, Sir, Please find hereunder the links to Intervest Offices & Warehouses’ latest press release regarding the publication of a transparency notification. Bijlage

Gerardo Ibanez ... (+2)
  • Gerardo Ibanez
  • Steven Boumans

ODDO : From landbanks to goldmines: development pipelines in the logis...

The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - >A favourable environment for industrial and logistics real estate - We think the industrial and logistics (“I&L”) segment is the first major real estate market that has bottomed out. We see strong deman...

Guy Sips ... (+6)
  • Guy Sips
  • Hilde Van Boxstael
  • Lynn Hautekeete
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Lewi
 PRESS RELEASE

Intervest Offices & Warehouses NV: Press release – Persbericht – Commu...

Intervest Offices & Warehouses NV: Press release – Persbericht – Communiqué de presse: the results of the Subsequent Acceptance Period following the voluntary reopening of TPG’s takeover Offer of Intervest Dear Madam, Sir, Please find hereunder the links to Intervest Offices & Warehouses’ latest press release regarding the results of the Subsequent Acceptance Period following the voluntary reopening of TPG’s takeover Offer of Intervest. Geachte mevrouw, meneer, Gelieve hierbij de links te vinden naar het recente persbericht van Intervest Offices & Warehouses betreffende de resultaten van d...

 PRESS RELEASE

Intervest Offices & Warehouses SA: Communiqué de presse – Persbericht ...

Intervest Offices & Warehouses SA: Communiqué de presse – Persbericht - Press release: the results of the Subsequent Acceptance Period following the voluntary reopening of TPG’s takeover Offer of Intervest Dear Madam, Sir, Please find hereunder the links to Intervest Offices & Warehouses’ latest press release regarding the results of the Subsequent Acceptance Period following the voluntary reopening of TPG’s takeover Offer of Intervest. Geachte mevrouw, meneer, Gelieve hierbij de links te vinden naar het recente persbericht van Intervest Offices & Warehouses betreffende de resultaten...

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