Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Dundee International REIT: Value Keeps Going Up

Executive summary:

  • Dundee International (OTC:DUNDF) remains undervalued, continues growth in Germany.
  • 2013 deals done at going-in cap rates of 6.7% with fixed rate, 2.6% mortgage financing; 2014 deals to-date done at 6.3% cap rates and 2.3% mortgage rates.
  • Occupancy and in-place rents continue to increase; derisking the revenue base continues as Deutsche Post makes up smaller portion of overall rent roll.

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I typically try not to base investment decisions on macroeconomic events. My readers will note that I actively searched out bargains in the Canadian REIT sector late in 2013 after significant price corrections. Sometimes prices get so appealing that a reversion to the mean, and a variant and long-term view create compelling investment opportunities.

To that...

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