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The first nine months of FY17 showed good operational development as well as significant progress with the strategic programme (DEMIRE 2.0) that targets efficiency gains and portfolio growth. Management has raised FY17 guidance to reflect tax optimisation measures as well as operational performance. FY18 will benefit from significant interest cost savings following recent refinancing. Management targets further efficiencies and simplification of the group structure and is seeking opportunities for portfolio growth with the potential for scale economies. With funds from operations (FFO) earnings rising strongly, we would expect DEMIRE to consider dividend distributions (not in our forecasts), a potential trigger for closing the 17% discount to EPRA NAV.

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