【Jefferies-2025研报】行业要闻.pdf

EquityResearch

EUROPE|PropertyRealEstateMay20,2025

TopoftheBlocks

AdailyreportbytheJefferiesEuropeanRealEstateteamsummarizing

whatyouneedtoknowinthesectorinContinentalEuropeandintheUK.

Keytakeawaysoftheday:

•ResidentialRentalTracker#7

•BigYellowPlc-FY25:ModelUpdate

•LondonMetric-FY25EPS+21%NAV+4%onLogisticsweighting46%

•FrenchRetail-LSGIlookingtosellpartofitsmatureassets

•Castellum-Todevelop22,000sqmlogisticsfacilitynearMalmö

•EURetail-Lidltosell€250mstoreportfolio

•EUHotels-€120mportfoliohitsthemarket

•GermanOffice-VacantspaceinBerlintoriseincreaseby33%overthenext12m

•UKResidential-UrbanSplashResifundsecures£50mtoexpandrentalportfolio

ResidentialRentalTracker#7(Jefferies)

•AccordingtoZoopla,residentialrentalgrowthhasslowedacrosstheUK,toc.3%vs7.4%

lastyear.TheRentersRightsbillwilladdcomplexitytotherentalmarket,asScotland

hastemporarilywithdrawnrentrestrictions.TheBTRsectorhasseentotalinvestment

increaseby40%vsQ124,withBTRinvestmentin2024makingup13%ofrealestate

investmentintheUK(Savills).Linktoreport

BigYellowPlc-FY25:ModelUpdate(Jefferies)

•Lflrentswere+3%withEPSDPS+3%onmanagedcostsandalow16%LTVand

highproportionoffloatingratedebtnowworkinginfavourofearnings.Theeffectsof

theplacingin2023havebeenabsorbedbutmacrouncertaintyseesasmalllossin

occupancybutwithaprimefreeho