FCR Immobilien (FCR) maintained its growth path in FY19, with EPRA NAV per share up by c 22% y-o-y and annualised net rental revenue generated by its portfolio of €19.5m (up 32% y-o-y). Consequently, we estimate that it was able to deliver a NAV total return (TR) per share of around 24% despite the dilutive impact of last year's share issue. Management remains committed to further portfolio expansion, with a target of €400-450m asset value, which may require additional external funding, eg through the new bond issue announced in March 2020.Den vollständigen Artikel lesen ...