每日报告：Jefferies欧洲房地产团队总结大陆欧洲及英国房地产行业要点

sure information, and information regarding the status of non-US analysts on pages 4 - 10 of this report ljefferiesemearealestate@jefferies.comPierre-Emmanuel Clouard, CFA ^ I EquityAnalyst+33 1 8665 63731 pclouard@jefferies.comStephanie Dossmann IEquity Analyst+3318665 63671sdossmann@jefferies.comStephane Afonso ^ IEquity AnalystMike Prew * IEquity Analyst44 (0) 20 7029 8422 | mprew@jefferies.comSarim Chaudhry * IEquity Analyst+44 (0)20 7029 8423 I schaudhry1@jefferies.com JefferiesThe condominium prices rose slightly in June, rising by 0.33%. The index climbed to217.80 points. Compared to the previous year, prices rose by 3.24%.In June, prices for existing single- and two-family homes fell slightly, recording a declineof -0.43%. Over the past twelve months, prices increased by 2.60%.Chart 1 - MoM price increase (%)oveall index condominiumsSource: EuropaceShurgard - Obtains building permit for E13.3m self-storage facility in Frankfurt (Company)Shurgard has received a building permit for a new facility in Offenbach am Main, nearFrankfurt. The upcoming 5,900sqm freehold site is scheduled to open in 2026.Direct project cost is estimated to amount E13.3m with a property yield at maturity ofC.8%.Please see important disclosure information on pages 4 - 10 of this report.This repor 9ec微信 JefferiesCompany Valuation/RisksAedificaOur target price is a blended average of three valuation methodologies: a DCF calculating a terminal value by using an exit yield in year 10 (WACC7.6%, Beta 0.9, CoE 10.8%, Exit yield 5.5%), a DDM assuming aCofinimmoOur target price is a blended average of three valuation methodologies: a DCF calculating a terminal value by using an exit yield in year 1o (WACC7.8%, Beta 1.0, CoE 11.6%, Exit yield 5.4%), a DDM assuming a terminal value equal to NAV 10 years out, and an Adjusted NAVDownside risks: Higher than-expected cPI figures leading to higher LT rates, yield expansion, credit downgrade, bankruptcies of EuropeanoperatorsNP3FastigheterAB5.9%, Beta 1.0, CoE 9.9%, Exit yield 7%), a DDM assuming a terminal value equal to NAV 10 years out, and an Adjusted NAV.Upside risks: Fundamentals strenghtening (rent reversion >+10%, vacancy <7%): Stronger than expected demographic trends in Northern Sweden.: Riksbank's monetary policy turns out to be more dovish (lowering marginal CoD + property yield compressions): A large accretive share deal significantly improving the company's growth profile.Shurgard Self-Storage LtdOur target price is a blended average of three valuation methodologies: a DCF calculating a terminal value by using an exit yield in year 10 (WACC7.4%, Beta 0.9, CoE 9.4%, Exit yield 5.9%), a DDM assuming a terminal value equal to NAV 10 years out, and an Adjusted NAV.Upside risks: Lower-than-expected cPI figures leading to lower LT rates, yield compression, acceleration of top line.Downside risks: Higher-than-expected CPI figures leading to higher LT rates, yield expansion, fall in rental growthAnalyst Certification:1, Jefferies EMEA Real Estate, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)orviews expressed inthis research repor, Pierre-Emmanuel Clouard, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific, Stephanie Dossmann, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsorviewsexpressedinthisresearchrepor, Stephane Afonso, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) ancsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations oviews expressed in this research report, Mike Prew, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject, Sarim Chaudhry, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) ancsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orRegistration of non-US analysts: Jefferies EMEA Real Estate is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC,a FINRA member firm, and therefore a terminal value equal to