街区之上

EUROPE | Property & Real Estate Top of the Blocks A daily report by the Jefferies European Real Estate team summarizing whatyou need to know in the sector in Continental Europe and the UK. Key takeaways of the day: •Land Securities- Management presentation: House Bound•TAG Immobilien- Feedback from CMD in Gdansk•Castellum- EGM called on July 18th to elect new Board members•Sweden Logistics- Speculative warehouse construction leads to market hesitation•French Mixed- Immobilière Dassault acquires €100m mixed-use building in Paris•UK Logistics- Henderson Park acquires 1.4m sq ft logistics site in West Yorkshire Land Securities - Management presentation: House Bound (Jefferies) •CEO Mark Allan updated us on the progress of the CMD in Feb, when a rotation of theportfolio out of London offices and smaller subscale sectors into the build-to-rent (BTR)residential sector was announced -- initially through developments and then acquisitionto 1/3 of GAV. Target EPS growth is +5p to FY30 in a sector seeing softening guidance.Premium BTR in urban locations has structural income growth potential correlated withwage growth. Link to report TAG Immobilien - Feedback from CMD in Gdansk (Jefferies) •We attended TAG's CMD yesterday in Gdansk, Poland, visiting built-to-sell and built-to-rent housing. JLL, developers' financing partner mBank, and TAG's operations managerspresented. All confirmed Poland's housing shortage, strong demand for renting, andcreditworthiness improvement of home buyers. After a soft year in 2025, prices areexpected to pick up again in 2026, while rents should continue to rise. These encouragingprospects support our Buy rating. Link to report Castellum – EGM called on July 18th to elect new Board members (Company) •Castellum invited its shareholders to attend an EGM on July 18th, 2025. The purpose isto elect new members of the Board of Directors and the Chair of the Board, as well as todetermine the number of members and their remuneration.•Jefferies view:This EGM has been requested by Roger Akelius (main shareholder with25% through Akelius Apartments) - see our note EGM in Sight for New Board Election -after he clearly expressed a lack of confidence in Louise Richnau and Stefan Ränk, whoconsequently resigned from their roles of Chair of the Board and Member of the Board,respectively. As a reminder, Mr. Akelius is advocating for Pål Ahlsen, the former CEOof Akelius, to become Castellum's new CEO, succeeding Joacim Sjöberg, who steppeddown. Mr. Akelius is also proposing Rolf Spann, CEO of Acelius, and Jonas Rogberg, legaldirector of Akelius, as members of the Board. Earlier in 2025, Mr. Akelius had proposedsplitting Castellum into three separate companies, indicating a broader vision for thefirm's future. | jefferiesemearealestate@jefferies.com Pierre-Emmanuel Clouard, CFA ^ | EquityAnalyst +33 1 8665 6373 | pclouard@jefferies.com Stephanie Dossmann ^ | Equity Analyst+33 1 8665 6367 | sdossmann@jefferies.com Sweden Logistics -Speculative warehouse construction leads to market hesitation (NordicProperty News) Mike Prew * | Equity Analyst44 (0) 20 7029 8422 | mprew@jefferies.com •Construction in Sweden has slowed significantly compared to previous years, with signsof overcapacity in certain areas.•Strategic locations remain attractive, particularly in Mälaren Valley, Malmö, and the E6corridor, but speculative building has led to mismatches between supply and tenantdemand. Sarim Chaudhry * | Equity Analyst+44 (0)20 7029 8423 | schaudhry1@jefferies.com Stephane Afonso ^ | Equity Analyst+33 1 8665 6327 | safonso@jefferies.com •Developers are expected to adopt more cautious, tenant-first strategies in the comingyears.• Jefferies view:Logistics vacancy rates in Sweden have been rising steadily since 2022,reaching 10.3% in Q1, with submarkets like Stockholm having a vacancy rate above 13%.Sweden now has the highest vacancy rate of any country in Europe. Developers have beentoo aggressive post-COVID, launching numerous speculative projects, increasing the totalsqm stock by more than 70% in less than three years. French Mixed - Immobilière Dassault acquires €100m mixed-use building in Paris (Company) •Immobilière Dassault agreed to buy a fully leased mixed-use building located at 88, rue deRivoli (Paris 4th) from Pimco for over €100m, reflecting a yield of around 4.5%. Zara occupiesthe retail space of 3,859 sqm with a WALB of 1.4 years, while Rituals and Wandercraft leasethe offices (2,132 sqm) with a WALB of 3.5 years. The property generates €4.8m in annual rent.•Jefferies view:A c.4.8% yield is very decent for one of the busiest retail high streets in Paris,next to the Louvre Museum. The prime retail yield for the French capital is closer to 4.2% whilethe prime office yield is c. 4.25%, according to CBRE. UK Logistics - Henderson Park acquires 1.4m sq ft logistics site in West Yorkshire (GS News) •Henderson Park now fully controls Konect62, a 1.4m sq ft logistics site in West Yorkshire, a