2025-06-10-Jefferies-街区之巅_11页_163kb

Europe Property & Real Estate Equity Research Summary - June 10, 2025

Key Market Updates

• Transactions: Mercialys acquired the Saint-Genis 2 shopping center in Lyon, France, for €146m at ~8% yield, expected to be accretive to earnings. Covivio issued €500m of 9-year Green Bonds at a 3.625% coupon.
• Company Performance: Safestore reported improved LFL Revpaf (+2.3%) but occupancy issues; Cibus is exploring a directed share issue up to SEK1bn due to growth strategy needs.

Regional Trends

• Finland: Ilmarinen plans to list a €190m residential portfolio in Helsinki; Tripla Mall refinancing up to €350m debt.
• Austria: Commercial property loans will face stricter regulatory rules due to NPL ratio increases.
• Germany: Rent control in Hamburg extended until end of 2025.

Analyst Views and Valuations

• Mercialys: Target price based on DCF, DDM, and Adjusted NAV, with risks including yield expansion and retail sales decline.
• Cibus: Price target at $2.00, risks include business model uncertainty and GMO competition.
• Covivio: Buy-rated with €61.00 price target, risks include economic growth and yield expansion.
• Safestore: Hold-rated at 715p, risks from European slowdown.

Investment Risks and Recommendations

• All covered companies face economic and market risks, with Jefferies ratings including Buy, Hold, and Underperform. Rating histories show volatility, emphasizing the need for careful investment decisions based on individual circumstances.