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REAL ESTATE: Intl Workplace Gp plc (IWGLN: BBB): Good Clarity

REAL ESTATE

Good clarity from company - it all helps

  • IWG released an RNS stating that guidance is unchanged for 2024 with H1 results due 6th Aug.
  • The recent bond has been patially swapped (70%) into $ fixed. 
  • Convertible bond is being repaid with UOP.

As we stated at the time of issuance, the market beta of IWGLN is close to that of Gecina and Colonial.  It looks and behaves like an office property group.  Yes, it should trade wide - due to lack of tangible assets - but it is at a very large discount to others in the sector.
 

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