May 23, 2024 09:40 GMT
Lar Espana: Business Update Preview
REAL ESTATE
Lar Espana (LRESM: BBB fitch) 1Q24 Business Update Tomorrow
Lar Espana is very opportunistic having issued at the peak of the cycle in 2021 and tendered bonds in 2023 around -20pts lower. They will give a business update tomorrow. Retail sales in Spain have been steady with low digit growth so no surprises expected but it is worth looking at where LRESM bonds trade relative to other Retail related property names.
- LRESM is smaller than Carmila or Mercialys but it is a well-run company with affordable rents and grocery anchor dominating each locality.
- The discount to CARDFP / MERYFP in 4.5yrs is around 100-120 bps.
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