Ouch you are correct regarding WHA.AS, that does not look that great. It appears that got clocked on their US portfolio, since the value marks were down -12.xx% YoY. Those malls must have been absolute dogs, that is why they sold them most likely.
I think I rather stick with VSTN.AS, better metrics and a more straightforward business (no development pipeline). FWIW, VSTN cap rate is about 6.4% (134M€ rent with a 2.1B€ portfolio value) but that is at book, not the discounted values we are buying. I am reading that n Munich, good commercial properties in the downtown go for 20x rent (5%cap rates). VSTN strategy is to buy downtown properties and get rid of the larger shopping centers in the suburbs. The downtown properties always trade at lower cap rates, so I think we are getting a decent deal.
In their latest interim report, they mentioned that the dispositions were above book, further validating the NAV value. That said, I expect more negative value marks from their spanish properties but eventually this should peter out. France and Benelux are doing alright. |
