EUROPEAN EQUITIES
R-co Thematic Real Estate: investment Cases
Gecina – Prime office property in Paris
Citycon – Shopping centre property in Northern Europe
A high-quality shopping center platform, reflected in operating performance:
Assets ideally positioned to take advantage of polarised markets
• Problematic balance sheet, too much debt (LTV of 47%) but controlled liquidity (€500m of liquidity covering maturities 25 and 2026) • Under-valued company (58% discount) whose situation should improve with further disposals and the portfolio's continued good operating performance (3.1%)
▪ No balance sheet issues, debt limited to 35% ▪ Company undervalued (37% discount) because French, and exposed to offices ▪ 6% yield pending re-rating, 8% of the portfolio
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Source: Rothschild & Co Asset Management – 31/12/2024
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