De beste resultaten die ik van enig vastgoedfonds heb gezien deze ronde. Past ook wel bij het trackrecord.
Wat mij opviel cq. highlights:
1) Goede huurgroei:
Rental growth for the 12 months to 31 March 2023 was 8.7% due mainly to significantly higher rental
indexation which has been invoiced since the start of the year, with 97% of Q1 rents collected to date. Despite
these high indexation levels, our leasing teams continue to report strong tenant demand for our shopping
centres resulting in a 7.7% rental uplift from 246 lease renewals and relettings completed during the 12-month
period ending 31 March 2023. Q1 alone saw an uplift of 8.5% from 64 lease transactions completed.
Opvallend hierbij is dat Frankrijk wat achterblijft, qua huurgroei en licht oplopende leegstand (3.3% per 31-3-23)
2) Goede ontwikkeling direct resultaat per aandeel:
The direct investment result per share increased to €0.61 at 31 March 2023, from €0.55 for the same
period in 2022.
3) Handhaving gezonde balansverhoudingen:
The loan to value ratio on the basis of the proportionally consolidated balance sheet of the Company (after
deducting purchaser’s costs) remained stable at 40.4% as per 31 March 2023. The Group covenant loan to
value ratio agreed with the banks is 60%, the usual market practice ratio.
4) Concrete plannen voor extra notering op Euronext Milan:
It is the intention of the Company to obtain a dual listing of its shares on Euronext Milan, the Italian regulated
market by Borsa Italiana. The admittance process is now in its final phase and the trading of the shares is
expected to start in the second half of May 2023. Next to its home listing at Euronext Amsterdam, the
Company will then also be listed on Euronext Brussels and Euronext Milan. Eurocommercial is included in
the composition of the AMX and AEX ESG indices of Euronext Amsterdam.
Italy is a very important and strategic country for Eurocommercial as 43% of the value of its property portfolio
is invested in Italy. The Italian portfolio comprises three Italian flagship shopping centres and five dominant
suburban shopping centres, all located in Northern Italy. The Milan listing is expected to contribute to the
visibility, reputation and brand awareness of Eurocommercial in the Italian markets and to Eurocommercial’s
Italian business. The listing could also assist the Company to attract more Italian investors, who can then
invest directly in a diversified property portfolio including important Italian shopping centres via their home
market, giving the Company the opportunity to further expand and diversify its shareholder base.
5) Verhuizing hoofdkantoor om praktische redenen. Gezien het energielabel van het nieuwe hoofdkantoor ook goed voor de "ESG-score".
As from 1 June 2023, the Company will move its Amsterdam office to Boelelaan 7, Amsterdam Buitenveldert.
After more than 25 years residing at Herengracht 469, the Board decided to leave the Amsterdam canal area
for cost and accessibility reasons. The new office with a similar surface as the existing office, is an energy
label A building with more efficient space use, close to RAI train station and metro lines and close to the
Amsterdam Ring motorway.
Al met al een hele mooi set cijfers. Koersverloop blijf echter altijd afwachten, maar met deze cijfers en het trackrecord van ECP lijkt dit vooralsnog meer een buy-and-hold dan een handelsaandeel. We zullen zien.