reports
Juan Moreno
- Juan Moreno
Spanish Real Estate: The momentum continues
Sector’s main risk is an increase of corporate and sovereign bond yields. Nevertheless, SOCIMIs trade with a sustainable dividend yield of 4.9% 2019e (when all the assets are expected to be under operations), that we consider attractive even if the 10-Y Spanish bond yield goes up by 100-150bp (1.6% currently). We maintain our Buy recommendation on Spanish real estate sector. Our top picks are Merlin Properties, Lar España and Neinor Homes
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