IBG starts coverage on Grivalia with 'accumulate'

Greek brokerage IBG initiated coverage of shares in Grivalia Properties with an 'accumulate' recommendation and a 10 euro per share price target, it said Monday.

In a note, IBG said the return of the Greek economy to growth will positively affect the real estate market and that Grivalia has built up a high quality portfolio with credible tenants that secure steady revenues and profits.

Shares in Grivalia, majority owned by Canada's Fairfax Financial Holding, were trading at around 9.34 euros on Monday on the Athens bourse