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We are comfortable with the current level of implied property yields which provide a nice and healthy spread compared to the base rate for financing, such as the 5yr swap rates. The risk premium is still wide based on historical standards and is completely different from what applied before the Great Financial Crisis of 2007-2008.
Quality and well-managed property companies with healthy balance sheets have access to the equity and debt markets at a cost well below yields on new acquisitions or developments. External growth is still accretive and supportive, as long as gearing ratios remain low and balance sheets strong.
EBITDA yield minus 5y local swap rate (basis points)
Source: DPAM, 28.02.2019