Invest Securities notes that INEA has concluded 20 years of growth, resulting in a regional asset portfolio valued at 1.1bn EUR excluding duties (79% offices, 21% business parks).


According to the analyst, the coming fiscal years will be dedicated to portfolio optimization in order to improve occupancy (88.4%), which has historically been impacted by recent deliveries.


"Expected disposals will help ease the LTV (53.8% excluding duties under Epra standards by the end of 2025), while the portfolio value, which has been only slightly affected by rising interest rates, should remain stable," the analyst explains in the research note.


Invest Securities estimates that the rising cost of debt (3.6% by the end of 2025) will be offset by disposals and reduced vacancy rates, such that recurring net income per share is expected to grow by +3.4% per year through 2030.