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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: •Segro- First View: CFO Succession•Castellum- Akelius over 25% ownership reached•Shurgard- Shareholders opt at 77.22% for the scrip dividend•French Retail- Store sales up +2.2% in May, +1.9% in the YTD•French Offices- JP Morgan & LaSalle relaunch sale of Magnetik office•Europe RE- Real estate investors expected to lend more in 2025•Nordics Investment- Property market hits 2025 high in May Segro - First View: CFO Succession (Jefferies) •SEGRO has appointed Susanne Schroeter-Crossan as successor to Soumen Das who willstep down at the end of the year, allowing for an orderly handover. Ms Schroeter-Crossanis from outside the REIT industry and is currently CFO of sennder Technologies GmbH, apan-European digital road freight & logistics business.•She is also a non-executive, supervisory board member of Zalando SE and held the sameposition at HelloFresh SE until stepping down at its AGM in June 2025. Prior to her roleat sennder, she was the CFO of the German-listed residential real estate company LEGImmobilien from 2020-23, and she has held a number of senior capital markets roles withglobal investment banks in the UK, Germany and Hong Kong. Link to report German residential - Prices up 0.53% in May (Company) •The Europace House Price Index (EPX) recorded a renewed upswing in property prices inMay with a 0.53% increase MoM.•The condominium segment again recorded rising real estate prices, rising by 0.40%.•House prices for existing single- and two-family homes saw the strongest increase in May– by 0.63%.•Jefferies view:YTD, condominium prices increased by 1.4% while the overall index is up0.9%. It seems clear that prices are gradually increasing throughout the year in light ofless tension on interest rates and the strong imbalance between supply and demand. InQ1, LEG specified that they were expecting H1-25 asset values to increase between 0.5%and 1% in H1. Jefferies EMEA Real Estate * | EquityResearch Team | 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 Mike Prew * | Equity Analyst44 (0) 20 7029 8422 | mprew@jefferies.com Castellum - Akelius over 25% ownership reached (Company) Sarim Chaudhry * | Equity Analyst+44 (0)20 7029 8423 | schaudhry1@jefferies.com •Akelius Apartments expanded its investment in Castellum by acquiring approximately 5%share, through additional shares. Stephane Afonso ^ | Equity Analyst+33 1 8665 6327 | safonso@jefferies.com •This brings its total ownership to over 25% of Castellum's capital and voting rights. Thecompany announced that it was aiming for a 29% participation, but would likely not exceed30% over the next six months.• Jefferies view:It comes from 15% on May 7, when Akelius started to increase its stake(14% as at end 2024). Roger Akelius is advocating for Pål Ahlsen, the former CEO ofAkelius, to become Castellum's new CEO after the current CEO, Joacim Sjöberg, steppeddown. Akelius also wants to propose Rolf Spann, CEO of Akelius and Jonas Rogberg,legal director of Akelius as members of the Board. Additionally, earlier in 2025, Akeliushad proposed splitting Castellum into 3 separate companies, indicating a broader visionfor the firm's future. Shurgard -Shareholders opt at 77.22% for the scrip dividend (Company) •The shareholders of Shurgard have opted for a contribution of their dividend rights of77.22% of their shares into Shurgard in exchange for new shares.•This implies the issuance of 1,267,459 new shares, bringing the total number of sharesto 99,754,257.•This results in an equity raise of €43.57m. French Retail - Store sales up +2.2% in May, +1.9% in the YTD (Procos) •Store sales for specialized retail chains increased by 2.2% in May 2025 compared to May 2024,benefiting from an additional Saturday (+4.5% in April).•The top best-performing sectors were sports, up by +7.1%, and clothing retail, up by 6.1%.The worst-performing sectors were restaurants, where sales declined 2.7% compared to May2024.•Store foot traffic decreased slightly by -0.1% compared to May 2024, while online sales ofspecialized retail brands increased by +2.8% in May 2025.•Overall, since the start of the year, specialized retail activity grew by +1.9% compared to thesame period in 2024 (-0.2% in Q1-25 vs. Q1-24).•Jefferies view:In the YTD, retailer sales have proven to be inflation hedged (France CPI:+0.7%). This is rather encouraging for French Retail REITs which are about to publish in thecoming weeks their H1-25 results. French Offices - JP Morgan & LaSalle relaunch sale of Magnetik office (GS News) •JP Morgan and LaSalle are trying again to sell the Magnetik office building in Paris 14th for€140m, after previous fa