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| 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 French Office - Paris CBD hits new prime rent record at €1,300/sqm/year•The Saudi Arabian Public Investment Fund, the Kingdom's sovereign wealth fund, hasestablished its first office in the Eurozone by leasing a property in Paris.•The office is located at 73 Miromesnil in the 8th•The building, owned and renovated by Foncière Renaissance, spans approximately 1,150sqm and has been leased at a record rent of €1,300/sqm/year, surpassing the prime rentof €1,200/sqm/year in Paris' CBD.•PIF has committed to a 9y fixed lease.•Jefferies view:This lease sets a new reference Prime rent for Paris while we would havethought that the current €1200/sqm/year level (achieved by Gecina on its recently deliveredIcône building, rue Marbeuf in Paris 8th) would be difficult to beat for a while.Prologis - To invest over €6.4bn in France (Business Immo)•Prologis announced at the Choose France summit its plan to invest over €6.4bn in Franceto develop new logistics platforms and data centers. The investment includes financing750,000 sqm of new logistics space in prime markets like Marseille, Lyon, Paris, and LeHavre by 2028.•Additionally, Prologis will develop 4 data centers in Paris with a total capacity of 584MW,generating more than 3,400 jobs by 2035. This move aims to strengthen Prologis's presencein France, where it has already invested over €4.7bn since 2002.Xior - Proposed rent freeze in the Netherlands not applicable to private landlords (Company)•Xior announced that the proposed rent freeze in the Netherlands will not apply to privatelandlords. The freeze, intended for 2025 and 2026, will only affect social rental housingowned by housing corporations. Private and commercial landlords, including XIOR, cancontinue to index rents according to existing laws.•The bill requires approval by both the Second and First Chambers of Parliament and mustbe published by 30 June 2025 to take effect on 1 July 2025.CTP - Builds 18,000 sqm facility for SCHOTT Pharma in Serbia (Company)•CTP has completed an 18,000 sqm build-to-suit production facility for SCHOTT Pharma atCTPark Jagodina in Serbia. SCHOTT Pharma will use the facility to produce high-qualityglass ampoules for vaccines and medications, expanding its global manufacturing networkto 15 countries.VGP - €76m Tap Issuance(Company)•VGP NV announces a tap issuance of €76m in additional senior unsecured Green Bondssubscribed by the European Bank for Reconstruction and Development (EBRD).•The additional green bonds are assimilated and form a single series with the existing €500m4.250% green bonds due 29 January 2031, as described in the information memorandumissued by VGP NV on 31 March 2025, bringing the total outstanding amount to €576m.Shurgard - €500m 10-year Eurobond Issuance at 4%(Company)•Shurgard announced today the successful issuance of its second €500m benchmarkEurobond.•The new Eurobond has been rated BBB+ by S&P, in line with the group’s long-term issuerrating, and reflecting the Company’s strong fundamentals. It will carry a fixed annual couponof 4.00% (based on a spread of 150bp over Mid-swap) and will mature on May 27, 2035.•The proceeds will be used to (i) refinance a €130m tranche of the 2015 Senior guaranteednote maturing on June 25, 2025, (ii) repay the €290m drawn on the 2023 Term Loan Facility(floating rate), with the remainder being dedicated to (iii) general corporate purposes.Please see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. arrondissement. •Jefferies view:This compares to the 3.625% coupon achieved on its first bond issuance(10-yr €500m benchmark) in October 2024, which reflected a 135bp spread over Mid-swapat that time. However, we note that last week, Icade also took advantage of an open windowto issue a 10-year bond at a 4.375% coupon.French Logistics - Ares Management acquires Sun Portfolio in €120m deal (Business Immo)•Ares Management has officially acquired the Sun portfolio. The portfolio, initially put on themarket in 2024 by German management company DWS, was purchased for approximately€120m in a deal.•The Sun portfolio spans 120,000 sqm and includes 3 logistics assets located in Lauwin-Planque (south of Lille), Nîmes, and Carvin (north of Lens).German Logistics - JD.com secures €220m warehouse portfolio (GSNews)•Chinese e-commerce giant JD.com has been selected as the preferred buyer for the ProjectOcto portfolio, a collection of 8 German warehouses owned by P3 Logistics Parks, forapproximately €220m, generating an ann