2025-05-22-Jefferies-街区之上_11页_152kb

Key developments in European property and real estate market:

• British Land: FY2025 earnings per share flat; expected +4p increase in FY2027 EPS; shares trade at 29% discount to NAV due to low accounting returns over a decade.
• Shaftesbury: New rents 8% ahead of expected rental value (ERV); NAV increased by 1% to 567p, despite higher ND/EBITDA ratio.
• German Residential: Government plans new regulations for furnished housing; aims to reduce construction costs significantly, with potential benefits for developers.
• Icade: Completed €265m cash tender offer; refinanced with a 10-year bond; partnering to open intermediate rental housing investments to retail investors.
• EU Office: Office take-up up 4% YoY, vacancy rates rose 10 bps to 8.4%; prime rents increased 4.5% YoY, though longer-term outlook faces risks like economic headwinds.
• German Investments: Banks reported 24.5% YoY surge in property loans, driven by residential mortgages (€24.4bn, +31.9% YoY).
• Italian Retail: Uniqlo's Milan flagship store deal reflects a 3.5% yield; linked to broader retail trends.
• EU Student Housing: CPP wins bid for €1.2bn Livensa deal, increasing its student housing portfolio to 25,000 beds by 2031.
• EU Lending: Pareto launches €275m fundraising for a pan-Nordic real estate debt fund, targeting €500m AUM.

Valuation and risks:

• British Land: Price target based on DCF; risks include lower capital valuation and stagnant market conditions.
• Fast Retailing: Valuation uses SOTP; risks include global recession, supply chain issues, and retail slowdown.
• Icade: Price target derived from DCF and other methods; risks include higher interest rates and yield expansion.
• Shaftesbury Capital: Buy rating; risks tied to rising residential values.
• Other entries focus on market data and deals, with emphasis on Dealogix coverage and investment themes.