Exane sees attractive returns in retail real estate, flags differing corporate risk

Klepierre SA

11/09/2024 09:13

** Exane BNP Paribas sees income returns attractive for 
retail real estate firms, but flags that corporate risk profiles
contrast
    ** "Asset values have mostly stabilised, and property yield
spreads to risk free rates are higher in comparison to offices
and  residential. However, corporate risk and return profiles
differ" - Exane
    ** It downgrades URW  URW.PA  to "neutral", citing lingering
tail risks in disposals, development cots overruns and lower
forecast total returns
    ** Broker prefers Klepierre  LOIM.PA  thanks to its current
risk/reward, hiking its PT by 7% to 32 euros
    ** It raises Carmila  CARM.PA 's PT by 5% to 21 euros and
reiterates its "outperform" rating, citing the company's highly
defensive portfolio
    ** It maintains a "neutral" rating for Hammerson  HMSO.L  
    

 (Reporting by Gianluca Lo Nostro)
 ((gianluca.lonostro@thomsonreuters.com;))