CPINV's lease holds will expire from 2026 till 2043. The first negative impact of two leases that expire in FY26 was visible in the 4Q24/1Q25 rental income. We believe there is a lot of confusion in the investor community around these leases and we aim to debunk some myths with this note. No matter how these scenario's unfold, there will be negative rent reversion on these leases ranging from –60 to -20%. Given the negative rental income drag and the limited upside to our unchanged TP of EUR 14...
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