Belgium's Retail Estates is 'back on track' - KBC ups to 'buy'

Retail Estates NV

14/10/2021 08:55

** KBC Securities upgrades Retail Estates  RETE.BR  to "buy"
from "hold" as the Belgian investment trust is "leaving the
COVID-19 impacted period behind"
    ** The broker says it regards the contribution in kind from
the deal with Shopinvest's subsidiary NV De Vleterbeek as a
confirmation that the group is back on track
    ** The acquisition of 27 properties provides evidence that
Retail Estates is moving past COVID-19 and can grow its
portfolio and capital base again, it notes
    ** "We regard the valuation of the qualitative asset base
post COVID as very conservative," KBC adds
    ** The four other analysts covering the stock rate it "hold"
    ** Retail Estates shares rise 2.7%, and  are up over 17% YTD

($1 = 0.8618 euros)

 (Reporting by Juliette Portala)
 ((juliette.portala@tr.com))