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REAL ESTATE: MLP Group SA (MLGPW: Ba2/BB+ Fitch): Comps

REAL ESTATE
GAV EUR bnLTVND/EBITDARating
CTPNV13.0046.2%9.2xBaa3/BBB-/-
VGPBB2.0040.3%7.1x-/-/BBB-
MLP Group1.1737.0%10.8xBa2/ - /BB+

Given that the vast majority of HY Real Estate names are fallen angels, it is worthwhile looking at similarly well-run Eastern European focused warehouse operators. CTP and VGP are further along the trajectory in terms of size - and hence diversification - and are therefore able to run higher LTVs than MLP.

  • CTPBNV 5yr z+172 3.97% yield
  • VGPBB 5yr z+225 4.99% yield
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GAV EUR bnLTVND/EBITDARating
CTPNV13.0046.2%9.2xBaa3/BBB-/-
VGPBB2.0040.3%7.1x-/-/BBB-
MLP Group1.1737.0%10.8xBa2/ - /BB+

Given that the vast majority of HY Real Estate names are fallen angels, it is worthwhile looking at similarly well-run Eastern European focused warehouse operators. CTP and VGP are further along the trajectory in terms of size - and hence diversification - and are therefore able to run higher LTVs than MLP.

  • CTPBNV 5yr z+172 3.97% yield
  • VGPBB 5yr z+225 4.99% yield