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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (50792)	2/6/2013 12:21:12 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78462

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.