CPI Property Group - comment
The FY results were in line with our forecast. Property write-downs were 1.8% in FY 24, but the picture differed across the various portfolios. Office valuations (45% of portfolio) were -3.5%, as Germany continues to be challenging. We can see a shift away from low-yielding German office properties as soon as the market stabilises. Residential (mainly Czech Republic) was down 6% based on comparable sales; Residential only represents 7% of the total portfolio. Retail represents 27% of assets and saw a 0.6% positive movement. The call is on 7th April (registration required).