Aedifica: €21m investment in the development of 3 care homes in Finland. CTP: Highlights from 2-day CMD in Germany. dsm-firmenich: Softly does it. Prosus: Expanding the ecosystem. Randstad: Preliminary preview 3Q25F results due 22 October. TKH Group: Change is coming. UCB: Renewed tariff threat on US branded pharma unlikely to affect UCB
Last week’s EPRA conference provided cautious optimism on listed European real estate. The segment offers a mix of risks and opportunities, with discounted valuations presenting attractive entry points. We downgrade Care Property Invest (Underperform vs Neutral, TP €12 vs €13.5); we lower our TPs for British Land, Landsec, Shurgard, and Xior Student Housing; we raise our TPs for URW, Wereldhave and VGP. In conclusion we favour logistics, retail, Spain, and CEE for growth, and Switzerland remains...
Aedifica reports 1H25 results in line with our estimates at EUR 123.3m EPRA earnings vs EUR 122.2m KBCSe. It confirms its outlook at EUR 5.01 EPRA EPS despite being slightly ahead of its guidance. YTD (30/07) Aedifica refuelled its development pipeline at 6.5% YoC by EUR 84m (Finland, UK) and divested EUR 121m (32 properties, mainly Sweden), completed EUR 66m projects and did one acquisition of EUR 37.5m. The eyes of the market are on the potential Aedifica/Cofinimmo combination. It is largely s...
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