Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Inovalis Real Estate Investment Trust T.INO.UN

Alternate Symbol(s):  IVREF

Inovalis Real Estate Investment Trust is a Canada-based open-ended real estate investment trust (REIT). The Company is formed for the purpose of acquiring and owning office properties primarily situated in France, Germany, and Spain. The REIT properties are strategically situated in urban areas, generally in close proximity to public transportation. Its France properties include Gaia, Arcueil, Delizy, Metropolitan, Sabliere, and Baldi. Its Germany properties include Trio, Kosching, Neu Isenburg, Stuttgart, Bad Homburg, and Duisburg. Its Spain property is Delgado. The INOVALIS S.A. acts as the manager of the REIT.


TSX:INO.UN - Post by User

Post by hawk35on Sep 19, 2022 5:50pm
221 Views
Post# 34972345

From Globe and Mail Sept 15

From Globe and Mail Sept 15Seeing its valuation as “more attractive” following a “dramatic” decline in unit price,” Canaccord Genuity analyst Christopher Koutsikaloudis upgraded Inovalis Real Estate Investment Trust (INO-UN-T +1.69%increase) to “buy” from “hold.”

“Since announcing a 50-per-cent reduction to its distribution on August 15, Inovalis REIT’s unit price has declined 37 per cent,” he said. “Given the REIT’s retail-dominant investor base, we believe much of the recent selling has been from yield-focused investors following the distribution cut.”

Mr. Koutsikaloudis acknowledged the “significant” near-term challenges facing the REIT, however he thinks “these risks are more than reflected in the current unit price, and value could potentially be surfaced through a going-private transaction.”

“Inovalis SA, the REIT’s asset manager, is a large and sophisticated real estate asset manager with approximately €7 billion of assets under management and relationships with large institutional investors,” he said. “Inovalis SA currently owns a 10-per-cent interest in the REIT. In our view, privatizing the REIT at a large premium to the current unit price but at a discount to IFRS NAV would be a positive outcome for both unitholders and the acquirer. We are, therefore, upgrading our rating.”

He cut his target for Inovalis units to $5 from $7. The current average is $5.81.

“In our view, Inovalis’ recent distribution cut was long overdue and should both preserve the REIT’s balance sheet and provide it with more financial flexibility in the future,” he added.

<< Previous
Bullboard Posts
Next >>