MNI China Daily Summary: Friday, February 28

MNI: EU Seeks To Avoid Stigma From Fiscal Opt Outs For Defence

MNI BRIEF: Consumer Inflation Outlook Slows - ECB Survey

MNI BRIEF: Xi Calls For Greater Consumption To Boost Demand

MNI BRIEF: China To Fight Against Extra U.S. Tariffs: MOFCOM

MNI BRIEF:China's Politburo Eyes More Proactive Macro Policies

MNI: GERMANY NRW FEB CPI +0.4% M/M, +1.9% Y/Y

MNI: BADEN WUERT FEB CPI +0.5% M/M, +2.5% Y/Y

MNI: BAVARIA FEB CPI +0.4% M/M, +2.4% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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REAL ESTATE: Gecina (GFCFP: A3/A-): FY24 Results

REAL ESTATE
Credit BulletsCEEMEAEurozoneFranceBullet

A good set of results. Name already trades tightest in sector.

  • 3rd year of growth with +6.7% recurrent income & +6.3% rental like-for-like
  • LTV 35.4% will be at a low of 32.7% when agreed disposals are completed. Was 34% back in April
  • EBITDA €565m +5.7% yoy
  • Rental growth is driven by indexation in Office sector with 5.7% of 6.6% growth due to Index moves. Paris also benefitting from return to office (3.5 days /wk) and shortage of supply. Indexation will slow down next year.
  • Central Paris appraisal values +2.6% vs -6.9% for La Defense
  • Occupancy 93.4% slightly down -0.5%
  • Interest Cover 6.3x
  • Sold 5 residential assets + 1 student housing at 14% premium to valuation
  • Average cost of debt is just 1.2%; no significant maturities until Jun 27
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A good set of results. Name already trades tightest in sector.

  • 3rd year of growth with +6.7% recurrent income & +6.3% rental like-for-like
  • LTV 35.4% will be at a low of 32.7% when agreed disposals are completed. Was 34% back in April
  • EBITDA €565m +5.7% yoy
  • Rental growth is driven by indexation in Office sector with 5.7% of 6.6% growth due to Index moves. Paris also benefitting from return to office (3.5 days /wk) and shortage of supply. Indexation will slow down next year.
  • Central Paris appraisal values +2.6% vs -6.9% for La Defense
  • Occupancy 93.4% slightly down -0.5%
  • Interest Cover 6.3x
  • Sold 5 residential assets + 1 student housing at 14% premium to valuation
  • Average cost of debt is just 1.2%; no significant maturities until Jun 27