A hidden gem in the Carrefour structure12 Jan 2022 18:35
In the 4th quarter, shopping mall REITs were one of the best-performing stocks in the US. The US shopper has enough of online shopping as there is no real effect of a real shopping feeling where you end up in one of the fast-food chains with full shopping bags. In Europe, the largest one is the French Klepierre and then Unibail-Rodamco. The first one trades with a ten percent discount to the NTA, the second much higher, but has operational issues. In the Eurostoxx index, the two large players have a high weighting, followed by the smaller ones. I discovered Carmila, the old Carrefour Property Development with 241 shopping centers in the portfolio. The NTA is more than twice the current stock value and the company decided to pay out a minimum 1 Euro dividend per annum over the next three years. Nice dividend yield with a strong shareholder base (Carrefour owns 35 percent of the share capital).