Minor revisions following a solid Q3 report
Eastnine delivered a Q3 report with earnings broadly in line with expectations, while operational figures (occupancy/net letting) surprised on the positive side and the sequential net LTV contraction of >3pp was higher than we anticipated. Management speaks positively about both the acquisition pipeline and the underlying fundamentals/demand in its markets. Poland/Lithuania/Latvia have seen their real GDP growth clearly outperform the European average during the past ~25 years, with continued outperformance expected in the next ~4-5 years.
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