Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>The first nine months of FY17 showed good operational development as well as significant progress with the strategic programme (DEMIRE 2.0) that targets efficiency gains and portfolio growth. Management has raised FY17 guidance to reflect tax optimisation measures as well as operational performance. FY18 will benefit from significant interest cost savings following recent refinancing. Management targets further efficiencies and simplification of the group structure and is seeking opportunities for portfolio growth with the potential for scale economies. With funds from operations (FFO) earnings rising strongly, we would expect DEMIRE to consider dividend distributions (not in our forecasts), a potential trigger for closing the 17% discount to EPRA NAV.</p>

The first nine months of FY17 showed good operational development as well as significant progress with the strategic programme (DEMIRE 2.0) that targets efficiency gains and portfolio growth. Management has raised FY17 guidance to reflect tax optimisation measures as well as operational performance. FY18 will benefit from significant interest cost savings following recent refinancing. Management targets further efficiencies and simplification of the group structure and is seeking opportunities for portfolio growth with the potential for scale economies. With funds from operations (FFO) earnings rising strongly, we would expect DEMIRE to consider dividend distributions (not in our forecasts), a potential trigger for closing the 17% discount to EPRA NAV.

DEMIRE - Strategic programme delivering gains

<p>DEMIRE Deutsche Mittelstand Real Estate (DMRE) is an investor in German commercial property focused on secondary locations. It has grown significantly over the last two years and has a portfolio valued at &euro;984m with annual contracted rental income of &euro;71.7m (31 March 2017). Further efficiency gains as acquisitions are integrated are likely to increase profitability and provide a stable platform for further growth. A diverse portfolio of income streams and potential for capital growth may make this an attractive way to access the German property market at a discount.</p>

DEMIRE Deutsche Mittelstand Real Estate (DMRE) is an investor in German commercial property focused on secondary locations. It has grown significantly over the last two years and has a portfolio valued at &euro;984m with annual contracted rental income of &euro;71.7m (31 March 2017). Further efficiency gains as acquisitions are integrated are likely to increase profitability and provide a stable platform for further growth. A diverse portfolio of income streams and potential for capital growth may make this an attractive way to access the German property market at a discount.

Germany

DEMIRE Real Estate AG has commercial real estate holdings in mid-sized cities and up and coming areas all over Germany. The Company's core business activities consist of the acquisition, the management and the rental of commercial real estate and their further development, through modification, expansion, and increasing value through active portfolio management.

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DEMIRE Real Estate AG (DMRE GR)

DEMIRE - Strategic programme delivering gains

The first nine months of FY17 showed good operational development as well as significant progress with the strategic programme (DEMIRE 2.0) that...

Edison Investment Research

First in secondary locations

DEMIRE Deutsche Mittelstand Real Estate (DMRE) is an investor in German commercial property focused on secondary locations. It has grown...

Edison Investment Research

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