2025-06-09-Jefferies-街区之上_8页_121kb

Jefferies European Real Estate Equity Research Summary

Date： June 9, 2025

Key Highlights & Market Updates

✅ London Office Market

1. Landsec Unwinds Office Assets：

   • REIT to sell £2 billion of non-core London office properties, kicked off with the £50m off-market sale of 140 Aldersgate Street to JPMorgan.
   • Aims to rebalance portfolio toward higher-yield assets and scale new residential investments.

2. Gaw Capital Exit：

   • Hong Kong-based PE firm sold 123-151 Buckingham Palace Road (530k sq ft) for ~£500m, with Tishman Speyer taking operational control.
   • Jefferies View： Future upside from re-leasing vacant space; Hong Kong Monetary Authority retains majority ownership.

3. Banking Office Shortage：

   • Banks like HSBC, JP Morgan face desk shortages despite post-COVID WFH policies.
   • London office utilization at 75% (based on TfL data), indicating hybrid models are entrenched.

✅ European Logistics

1. Savills IM Logistics Exit：

   • Sold €300m+ worth of 6 Polish warehouses, scaling back logistics activities in the region.
   • Maintains broader €1.4bn portfolio in office/logistics.

2. BGO Logistics Portfolio Pull：

   • BentallGreenOak withdrew its €100m French logistics portfolio sale due to bids below expectations.

3. Sector Recovery：

   • Occupied office space in Europe rose by 2 million sqm (Cushman & Wakefield).
   • Prime office rents grew 4% YoY vs. logisitics (3.5%) and retail (3.9%).

✅ Company-Specific Insights

• Land Securities (LAND LN)：

  • HOLD rating with £556 price target.
  • Focus on organic residential growth and asset restructuring post-pandemic.

• American Express (AXP)：

  • HOLD rating with $285 PT.
  • Risks include credit defaults, declining discount rates, and merchant acceptance barriers.

Market Analysis & Jefferies View

✔️ Europe’s office sector strengthens amid hybrid work adoption.
✘ Landsec’s £2bn unwind signals maturing office cycle.
✔️ Logistics performance driven by resilient e-commerce demand.