JPM sees lower debt costs for European property, ups URW to 'neutral'
** J.P.Morgan says European property firms' debt costs are easing, nearing the YTD low seen in January, as it upgrades mall operator Unibail Rodamco Westfield URW.PA to "neutral" from "underweight"
** "URW's marginal debt cost – as proxied by listed bonds – continues to come down," JPM says
** It says political uncertainty weighs on the sentiment in France, but notes URW's stock has underperformed vs other French listed companies more exposed to the real estate sector
** It also has a "relatively upbeat" view on U.S. malls, URW's second biggest mall exposure behind France
** JPM also hikes Vonovia's VNAn.DE ("overweight") PT by 6.2% to 34 euros
** "While the yield to maturity on Vonovia's debt has moved up, the average cost of debt that Vonovia is paying is moving up considerably slower," it says
** Debt costs are also down at Finnish residential real estate company Kojamo KOJAMO.HE ("overweight"), JPM adds
($1 = 0.9353 euros)
Reporting by Gianluca Lo Nostro
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