- H1 2021 Disposals of 472M EUR at a average yield of 5.6%, below the market implied 6.21% yield, set to bring LTV down to 41.1%.
- Near-term focus to remain on deleveraging with share buybacks likely to resume once the LTV is firmly under control.
- Low cost of debt and solid financial profile create opportunities to acquire weaker competitors.
- Over the short term, I think there are more attractive opportunities in the European retail REIT space.
- Given the risk/return profile the best way to position in Klepierre would be via at the money options.
For further details see:
Klepierre: Solid Performance And Sound Financials But Limited Upside