Eastnine: Transaction adds 18% to EC IFPM - ABG

The largest office transaction YTD in Europe adds ~40% to topline
Share issue at Q3 EPRA NRV a clear positive
'25e P/CEPS ~12x post transaction, share to trade up


Acquires large property in Warsaw

Eastnine has acquired a 59,800 sqm office building, Warsaw Unit from Warsaw Unit NV, a subsidiary of the Ghelamco group. As part of the consideration, Eastnine has today carried out a set-off issue of 8.8m new shares in Eastnine to the Seller at a subscription price of EUR 4.68 per share, corresponding to the long-term net asset value per share in Eastnine as of Q3 2024. As a result of the acquisition, Eastnine's income from property management per share increases by ~18% to EUR 0.32, while long-term NAV per share is unchanged at EUR 4.68. The LTV increase to ~50%, including an EUR 10m unsecured three-year loan from Estonian LHV Pension funds that Eastnine has issued.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/eastnine/Equity-research/2024/11/eastnine---transaction-adds-18-to-ec-ifpm/