Industries – Real Estate: Second
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Industries – Real Estate: Second

Piotr Zielonka

& team

Citi

Claiming the second tier for a second straight year is the Citi team of two captained by Piotr Zielonka, who also pilots the No. 3 team in Utilities. “Zielonka displays in-depth knowledge and a good use of sources in his work and marketing interaction,” attests one money manager. The analysts, who are based in Poland and South Africa, follow seven stocks. “The major issue in the sector is the increase in liquidity in the banking system, owing to quantitative easing from the U.S. Federal Reserve,” the crew leader says. “With interest rates at historically low levels, the macro environment is good for developers, as access to financing is easier to come by.” However, he notes that Poland’s slowing economy is reducing demand for office space. Thus, the researchers are recommending companies in that market with strong cash flows and healthy balance sheets; Echo Investment is one example. “Echo is conservative in terms of valuation of projects in the portfolio, which gives some upside potential when the projects are sold,” Zielonka explains. — Leslie Kramer


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