(News Bulletin 247) – For Tertiary Property Investment (89% FC 2022), rental income amounted to €181 million in the 1st half of 2023, i.e. growth of pc of 2.2% yoy (compared to +2.8% in Q1 23 and -0.4% in 2022) indicates Oddo BHF in its analysis of the day
On a current basis, revenues are down 2.1% yoy due to disposals carried out in 2022 and in H1 23.
Leasing activity was dynamic with the signing of 46 leases over approximately 100,000m² for a headline rent of 27 ME and an average fixed term of 6.4 years, underlines the analysis office.
‘On the balance sheet side, the EPRA NTA NAV/share stood at E79.3, down 11.8% in H1 23 mainly due to the 6.7% drop in the valuation of assets in the Tertiary sector.
A new strategic plan is expected by early 2024. Oddo BHF confirms its opinion at Outperformance with a target price of 61 E.
‘We believe that Icade has good fundamentals post-transfer of Icade Santé to enter the new real estate cycle’ adds the analysis office.
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