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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (49043)1/8/2013 1:05:09 AM
From: Spekulatius  Read Replies (3) of 78428
 
VSTN.AS @33.05$. (Starter position). Book value ~50€ . They pay a 10% dividend, that going to be lowered somewhat to save cash. Low LTV (~45% currently). Their value marks are still somewhat negative, mostly because of the ~15% of their properties located in Spain and Portugal, however the bulk of their properties (located in France and Benelux) appears to be doing fine. I think this is a very cheap RE play, unlike most US REITS. What is interesting, is that the easing has not really affected the mortgage rate in most countries (except Germany), as the mortgage rates are still around 5% for five year commercial mortgages. This is depressing cap rates in Europe and affects REITs like VSTN directly.

vastned.com
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