October 22, 2024 12:37 GMT
REAL ESTATE: Segro Europe SELP (SEGPLP: Baa2/BBB+): Moody's Affirm
REAL ESTATE
- Moody's notes the 1bn in 2025/26 debt that will likely be addressed soon: watch for exchange offers
- Moody's affirm; outlook remains stable
- Notes: geographic diversity and good locations, high occupancy, high tenant retention, positive rent reversion
- Moderate leverage of 37% debt/assets; expect to remain <40%
- Interest cover at slight risk of revision lower but earnings growth should keep it at 4x-3.5x over 12-24 months
- Adj Net Debt/EBITDA 8x-9x over 12-24 months
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