Listed property companies

[phil13]

Good morning,
Even if this investment does not meet your criteria for increasing dividends, what is your opinion on French real estate as an investment allowing you to receive an income?
Have a nice weekend.

[Jerome]

I don't know the French listed real estate companies very well. I have two Swiss real estate funds, I'm happy with them because they provide good diversification to my investments. I've made good capital gains thanks to them, but today I would be more reluctant to get into them. The price has risen well and real estate in general, at least in certain regions of Switzerland, has become quite expensive.

Regardless of price, real estate, like bonds, is a good way to diversify a portfolio.

[birdienumnum]

For my part, I consider that investing in a real estate company is like investing in a piece of a building, office or apartment. I therefore ask myself the question of knowing if, at a given time, it is appropriate to invest in this piece of building, land, etc. given the market conditions. At the moment, there is a bit of overheating.

More concretely, I look at 3 things in a real estate company: the level of debt, the portfolio of assets AND ABOVE ALL the net inventory value compared to the stock market capitalization (which gives the famous discount or premium). If there is a discount, good conditions are there to not fail in the long term. However, the management of the real estate company must be good and the portfolio of assets must be perfect ("rental, rental, rental").

I parted ways 3 months ago with the only real estate company I had (a little reluctantly) because at the moment I am wary. All the real estate companies are at a price well above their net inventory value. I am waiting for a correction to get back into them.

Regarding French real estate companies, there are of course the "usual suspects" like Klepierre, Unibail Rodamco, Fonciere des Regions and Foncieres des Murs. My favorite is Frey, a lesser known company that is interesting because of its specialization in shopping centers.

[Pat Jac]

I have around ten French real estate companies, housed in an SCI IS in France.

It is a good alternative to direct real estate, but like any investment you need to know about it. I share the opinion on the above criteria.

My favorites: Argan, Frey, Selectirente. But except for Frey which has not risen much, the others are quite expensive today.

[Pat Jac]

Good morning,

What do you think about the opportunity to currently enter the following three Swiss real estate companies: CS REF INTERSWISS of Credit Suisse, PSP and Swiss Prime Site?

I am surprised by the drop in PSP's share price in recent months, but as there is no distribution of dividends but reimbursement of the purchase price, I do not have a very good grasp of the company's valuation: is it a purely technical drop or is it linked to economic considerations such as overheating of Swiss real estate, bursting of a bubble, etc.?

I would like some opinions before going into these three values…

THANKS

[Jerome]

I answer for CS REF which I have owned for a very long time, and which I know well. I even took a ladle of it back around 190, taking advantage of the last nice drop. It is a nice yield value, quite easy to play contrarian and a good way to diversify a dividend-equity portfolio. It has risen well recently, but in the long term I think it remains a good investment.

[swx]

Good evening, I would like to invest cash for the long term in CS REF: These products are not taxed. I study their reports and position myself on orders a few francs lower than their inventory value per share, which is currently the case for GREEN and HOSPITALITY – Is this a good approach? 

[Jerome]

I don't know CS REF GREEN, sustainable constructions, but it seems to be interesting. Hospitality is hotel, so more subject to economic fluctuations. I have been on Interswiss for a long time, commercial real estate, not too volatile with an interesting yield. 

SIAT (residential) looks good too. Very low volatility, but the yield is a little less generous.

[swx]

Hospitality: thank you for your comment, I have removed this order: in fact, I had only retained the Health Building composition, whereas it is very much in the minority 

[BenBrahim]

Hello everyone,

I am looking to invest in a listed Swiss real estate company and as I am new to this I would like to know which ones are solid and pay a regular dividend. Thank you for your help and see you soon.

Well

[Jerome]

I am in PAXN, WARN and INT (CS REF INTERSWISS)

[Author]

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