Axiare: Mixed set of 2Q17 results

Operating 2Q17 results rose at double digit in QoQ basis and were slightly better than expected. Occupancy rates improved by 30bp to 92.9% in 2Q17 (85.6% offices, 97.1% logistic and 97.3% others). Main negative is the €19.1Mn shared-based performance incentive plan charged in 2Q17, which is much larger than expected (€4Mn BKTSe). The company reported a GAV of €1,709Mn as of June 2017, implying a LfL increase of 9.1% YTD. As a consequence, NAV increased to €1,184.8Mn (€15.32/share), which is hig...