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CREDIT SUPPLY: Nepi Rockcastle (NEPSJ: BBB/BBB+): 7yr IPT ms+240a

CREDIT SUPPLY
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  • IPT: €500m WNG Green long 7yr (Jan 32) ms+240a
  • We see FV ms+205
  • Roadshow drew comparisons to Unibail, Klepierre, CityCon, Altarea and - inparticular - Carmila
  • vs Carmila:
  • Gross Assets are larger at 7bn vs 5.9bn (6.6bn post Galimmo)
  • LTV is lower at 33.6% (post bond deal) vs c.40%
  • Initial Yield on Portfolio is higher at 6.95% vs 6.58%
  • Occupancy is higher at 97.3% vs 96%
  • Interest coverage higher at 5.7x vs 4.5x
  • The difference of course is that NEPSJ is based mainly in Poland and Romania vs France & Spain. Moreover, it was started by South African investors and still owned 77% by South Africans - so has always had an EM discount
  •  
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  • IPT: €500m WNG Green long 7yr (Jan 32) ms+240a
  • We see FV ms+205
  • Roadshow drew comparisons to Unibail, Klepierre, CityCon, Altarea and - inparticular - Carmila
  • vs Carmila:
  • Gross Assets are larger at 7bn vs 5.9bn (6.6bn post Galimmo)
  • LTV is lower at 33.6% (post bond deal) vs c.40%
  • Initial Yield on Portfolio is higher at 6.95% vs 6.58%
  • Occupancy is higher at 97.3% vs 96%
  • Interest coverage higher at 5.7x vs 4.5x
  • The difference of course is that NEPSJ is based mainly in Poland and Romania vs France & Spain. Moreover, it was started by South African investors and still owned 77% by South Africans - so has always had an EM discount
  •