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CIBC World Markets Corp. initiates coverage of Inovalis REIT at 'sector outperformer'

CIBCWorld Markets Corp. analyst Yashwant Sankpal initiated coverage ofInovalis Real Estate InvestmentTrust with a rating of "sector outperformer," and a pricetarget of C$10.50.

The analyst wrote in a research report: "We believe INOis a good investment for the following reasons: 1) INO's focus markets- theGreater Paris area and select German cities- are seeing recovery in terms ofcap rates and rental rates. Because of the historically low interest rates inEurope, even compressing cap rates are offering better investment spreads thanthat in Canada; 2) INO is benefiting from the local knowledge of its externalmanager, ISA, an experienced real estate player in the Paris market; 3) theREIT's chairman and the majority owner of ISA has significant skin in the game- ~25% of his personal wealth tied in the REIT, making ISA an aligned partner;4) the relatively small size of INO, makes even small acquisitions move theneedle in terms of FFO/unit growth; and, 5) as investors take notice of theefforts of INO's management to grow the company in spite of the relative lack ofsupport from the equity markets, the stock should trade above NAV and providemore liquidity to grow."