Logo Victoria Partners

Approach

VICTORIAPARTNERS is committed to deliver in-depth real estate company and sector research targeted to investors looking for advice on listed real estate companies. In order to set new standards we are convinced that the following is crucial:

  • Having a focused coverage universe
  • Undertaking a deep fundamental analysis
  • Challenging corporates on their business model and disclosure policy
  • Providing independent investment recommendations

Equity and sector research offered by VICTORIAPARTNERS is focused on listed real estate companies in German speaking countries. This is our “home turf”: we do not only bring in-depth real estate know-how into play, but also understand in detail the regional economy and the banking landscape. Following the release of our Initiation Report in November 2014, our coverage spectrum currently includes German and Austrian residential real estate champions and mid-sized commercial property companies.

Deep fundamental analysis

When making recommendations on real estate stocks, it is essential to not only understand the quality of the underlying properties, but also evaluate the management capabilities as a key driver to extracting value from underlying portfolios. Knowing the micro locations, specific property conditions, and the rental situation of the relevant assets is of highest importance to us and forms the content of our research proposition.

Extensive dialogue with corporates based on high-quality benchmarking

Differences in portfolio size, regional spread, and quality of the asset base require different business models. Internal versus external management of the portfolio, low asset turnover versus active privatization business, higher or lower capex measures are typical examples for strategic considerations that should be well thought through in order to optimize shareholder value.

VICTORIAPARTNERS is a “sparring partner” for management in important questions regarding optimal strategic direction and investor preferences. In this context, high-quality benchmarking is an important tool.

We will not shy away from challenging management teams in case of unsatisfactory disclosure levels and/or questions over corporate strategy or execution quality.

Independent investment recommendations and sector connectivity as key institutional service

VICTORIAPARTNERS is targeting investors looking for critical and independent advice on listed real estate companies in German speaking countries. In the absence of equity sales and trading, our success does depend on the level of appreciation we receive regarding the quality of our research, especially how we differentiate ourselves from “the street”.

Building on our excellent sector connectivity, we offer a platform for high-quality discussions among market participants (e.g. investors, companies, industry associations, real estate brokers, mortgage banks, and appraisers).