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REAL ESTATE: Mercialys (MERYFP: BBB): Jefferies Cuts

REAL ESTATE
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  • Mercialys equity is dropping today on a Jefferies note
  • Stephanie Doussmann notes that the closure of 6 Casino Hypermarkets will have a knock-on effect on the rental value of the shopping centres in which they are located
  • They claim that potential hit to rent could be up to 8%
  • Worth looking at the latest Bond Presentation from July 24 where the company notes the strength of stores once they were rebranded from Geant (Casino) to Auchan and Intermarche. Footfall went up dramatically, +36% or so, under the new format.
  • So, yes, there may be a short-term hit but longer term having a better anchor tenant ought to be a positive.
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  • Mercialys equity is dropping today on a Jefferies note
  • Stephanie Doussmann notes that the closure of 6 Casino Hypermarkets will have a knock-on effect on the rental value of the shopping centres in which they are located
  • They claim that potential hit to rent could be up to 8%
  • Worth looking at the latest Bond Presentation from July 24 where the company notes the strength of stores once they were rebranded from Geant (Casino) to Auchan and Intermarche. Footfall went up dramatically, +36% or so, under the new format.
  • So, yes, there may be a short-term hit but longer term having a better anchor tenant ought to be a positive.