Q3 results were good overall with LFL GRI growth of 4.5% and vacancy at 9.8% on the back of Vivaldi II lease termination, as anticipated. The FY25 EPRA EPS guidance range is unchanged, though previously pointing to the lower end of the range (INGF €2.11, 25/27F CAGR at 1.9%). We remain neutral as increased vacancy will put pressure on the top line, and we would like clarity on the size and returns of the two large development projects (Vitrum and Wellhouse). On top of this, the Dutch investment ...
ABN AMRO: Pre-close 3Q: HAL inclusion. Ahold Delhaize: Peer Albertsons 2Q25/26 results. AMG: Lithium supply deal with Beijing Easpring. ASML: 3Q25 results supportive. Barco: 3Q25 trading update inline, surprise buyback. Belgian telcos: Start of the market test for cooperation agreement in Flanders. CM.com: Preview 3Q25 trading update. NSI: Vacancy increase as expected, marginal guidance update. Staffing sector: PageGroup 3Q25 trading update. Zabka: 3Q25 Preview - Like-for-Like(...
Last week’s EPRA conference provided cautious optimism on listed European real estate. The segment offers a mix of risks and opportunities, with discounted valuations presenting attractive entry points. We downgrade Care Property Invest (Underperform vs Neutral, TP €12 vs €13.5); we lower our TPs for British Land, Landsec, Shurgard, and Xior Student Housing; we raise our TPs for URW, Wereldhave and VGP. In conclusion we favour logistics, retail, Spain, and CEE for growth, and Switzerland remains...
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