Invest Securities confirms its buy rating on Gecina shares, with a price target raised from 116 to 118 euros, as Gecina published Q1 2023 rents up sharply by +7.3% on a like-for-like basis.

In particular, office space saw its occupancy rate rise sharply by +340bp year-on-year to 94.5%, a level more in line with the asset typology, accompanied by an impressive +31% reversion on Paris assets (66% of office space)", reports the analyst.

Invest Securities points out that the property company has reiterated its 2023 RNR target of between E5.80 and E5.90 per share in 2023, i.e. an increase of between +4.3% and +6.1%.

The excellent debt profile, the positive net contribution of the upcoming pipeline and the ramp-up of indexations (+5.0% on average according to our estimates) should, in our opinion, enable us to easily reach our target (5.92E/share according to our estimates)", concludes Invest.

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