How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...
Shurgard acquired two Sesam Self Storage facilities in Lund and Helsingborg, Sweden, from Granitor. The deal closed on 2/12/25, adding 11,200 sqm of space across 1,800 units. The occupancy currently stands at approx. 20%. Both freehold properties will be remotely managed from existing Shurgard sites as part of its cluster strategy. This was illustrated in our recent property tour and reduces the headcount per store. It also brings more FTE together in 1 location which increases the job satisfact...
Shurgard 9m25 EPRA net came ahead of our estimates at €128.0m vs. 124.9m expected, a 3.8% increase yoy. Same store NOI margin increased 0.7pp to 67.3%. The NTA per share rose an impressive 11.0% yoy, driven by €617.2m FV gains in the portfolio. These are largely attributed to operational improvements (not cap rate). The 9m25 same store operating revenue growth of 3.9% beat our expectation by 0.2%. The FY25 NOI growth is confirmed at 11%, in line with our model. This is a strong performance and i...
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