We have the team in place and the business is increasingly moving
to where we want it to be in terms of portfolio focus, balance sheet,
operating performance and embedded value-add potential.
With a successful restructuring now behind us the business is clearly
scalable from here. We could easily accommodate a doubling in the
size of the portfolio to more than €2bn without any significant
expansion of the team. Having said that, growth for the sake of
growth makes no sense and is not our objective.
There are, however, some clear benefits to scale. Our EPRA cost
ratio will only fall materially from here if we can spread the costs over
a larger asset pool. In addition, a larger portfolio would allow us to
consider a larger absolute development or value-add programme,
take on larger assets, further reduce funding costs and improve the
still relatively modest liquidity in the shares.
The current EPRA cost ratio of 26.5% may appear high relative to
some of our listed European peers, but this is almost entirely due to
the relatively small portfolio size of NSI and the exposure to HNK,
our flex office service concept.
Moet ik hier uit afleiden dat er nog een keer kans is op een aandelenemissie?