Cash returns – are real estate companies the best option?

Cash returns – are real estate companies the best option?

More than three hundred managers and professionals attended the sixth edition of the Iberian REIT & Listed Conference, which has already established itself as one of the most important meetings for the real estate sector in Spain and Portugal. Once again, Iberian Property joined forces with EPRA to organise this conference, which took place the 6th of February in the distinguished Rosewood Villa Magna hotel in Madrid, counting with the support of Aedas Homes, BNP Paribas Real Estate, Clifford Chance, Colonial, Lar España, Merlin Properties, and Morais Leitão.

In a keynote presentation, Mariano Miguel, Equity Research Analyst – Real Assets, Banco Santander, addressed how the tide has turned after the rates peak.

In a positive tone, the analyst highlighted the fact that both Spanish Banks deposit beta and asset quality are under control. Also, looking to the Spanish stock market there is a stable dividend spread and the listed property companies are amongst the “cheapest sectors”. In his opinion dividends play a huge role, and transparency, liquidity and valuation are some of the most attractive factors to invest in listed real estate sector.

Focused on the medium-term horizon, Mariano Miguel defended a prudent optimistic position, underlying the importance for investors to diversify not only between asset classes, but also among companies in those asset classes. On the European landscape, he believes Spain stands out as one of the best positioned countries.

"What we should do is differentiate between those asset classes with structural opportunities, like data centres or logistics, from the asset classes with structural challenges like for example offices. Still, in Spain even the challenged ones will most likely present good opportunities in the next 12-24 months".

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