街区之上

Jefferies EMEA Real Estate * | EquityResearch Team| jefferiesemearealestate@jefferies.comPierre-Emmanuel Clouard, CFA ^ | EquityAnalyst+33 1 8665 6373 | pclouard@jefferies.comStephanie Dossmann ^ | Equity Analyst+33 1 8665 6367 | sdossmann@jefferies.comMike Prew * | Equity Analyst44 (0) 20 7029 8422 | mprew@jefferies.comSarim Chaudhry * | Equity Analyst+44 (0)20 7548 5328 | schaudhry1@jefferies.comStephane Afonso ^ | Equity Analyst+33 1 8665 6327 | safonso@jefferies.com for risk. Thus, it could help revive housing production and ease the current high supplyshortage.Please see important disclosure information on pages 5 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Icade - Completes its cash tender offer(Company)•Icade completed its cash tender offer launched on May 14, 2025, repurchasing a total of€265m, exceeding the initial target of €250m. Notably, €160m of the €600m notes maturingSep. 2027 (1.5% coupon) were repurchased.•Jefferries view:For the record Icade paired this cash tender offer with a 10-year bondissuance (4.375% coupon). While issuing with a shorter maturity might have been lesscostly, we understand that Icade took advantage of an open window to refinance at 10-yr —not easy to achieve in the current environment, particularly when rated BBB. The combinedmeasures will help the co smooth its refinancing needs, particularly in '26-27, and extendthe average debt duration (3.9 yrs as of Dec '24).Icade - To open intermediate rental housing to retail investors (Company)•Icade Promotion and Amarris Immo have partnered to open Intermediate Rental Housinginvestment to individual investors. This initiative follows the end of the Pinel tax incentiveand allows individuals to invest in new builds through legal entities like SCIs.•Investors benefit from reduced VAT, property tax relief, and access to below-market prices,while helping address housing shortages for middle-income tenants. Icade provides eligibleprojects and Amarris supports setup and management.EU Office - Take-up +4% YoY, vacancy rates +10bps in Q1-25 (Savills)•European office take-up volumes reached 1.9 million sq m in Q1 2025, up 4% YoY, thoughstill 9% below pre-pandemic Q1 averages. In London City, La Défense, and Madrid, take-uplevels are back in line with pre-pandemic norms.•The average European office vacancy rates rose by 10 bps during Q1 2025, reaching 8.4%,while average prime rents grew by 4.5% YoY.•Average prime office rents rose by 4.5% YoY. London West End, Cologne and Paris CBD sawincreases of 21%, 21% and 18%, respectively.•Average incentives have remained stables (13%), although fitout costs continue to rise.•The total volume of European office development completions rose by 5% YoY in 2024 toreach 3.8m sqm.•Savills forecasts a 5% YoY increase for 2025. Projects office completions are expected torise to 4.3m sqm in 2025 but drop sharply to 3.1m sqm in 2026, marking the lowest annuallevel since 2017.•Savills expects US tariffs to have a limited impact on European office leasing, as demandis largely driven by resilient service sectors like finance, professional services, and tech.However, risks remain from global economic headwinds, trade tensions, and supply chaindisruptions.EU Student Housing - CPP emerges as winning bidder for €1.2bn Livensa deal (GSNews)•CPP has been granted exclusivity to buy Brookfield’s €1.2bn student housing platform,Livensa. The Canadian pension fund outbid several rivals in a competitive process and has ashort window to finalize the deal. Brookfield acquired Livensa in 2019, and the portfolio nowincludes 9,000 beds across 22 properties. CPP aims to expand its student housing portfolioto 25,000 beds by 2031.German Investments - Banks see 24.5% YoY surge in property loans in Q1 2025 (vdp)•In Q1 2025, vdp member banks saw a significant increase in property loans. The totalproperty financing volume rose 24.5% YoY to €36.1 bn. This growth was driven by a markedrise in residential property loans, which totaled €24.4 bn, up 31.9% YoY and 35.6% QoQ.Loans for commercial properties reached €11.7 bn, an 11.4% YoY but a -4.9% QoQ decrease.•The total residential property loans included €11.7bn for one- and two-family houses,€4.9bn for condominiums, €6.5bn for multi-family houses, and €1.3bn for other residentialproperties.Please see important disclosure information on pages 5 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. •Commercial property loans remained stable at €11.7bn, with a notable increase in loans forretail properties (€3.7bn) and a decrease in loans for office properties (€4.3 bn).•As of 31 March 2025, the property financing portfolio of vdp member banks totaled €1,028.4bn, with 87% of the properties located in Germany.Italian Retail - Uniqlo’s Milan flagship deal reflects a 3.5% (GSNews)•Tadashi Yanai, Japan's richest man and founder of Fast Retailing (owner of Uniqlo), h