Top of the Blocks

Research evidence excerpt

Top of the Blocks

EUROPE | Property & Real Estate EquityMayResearch11, 2026

A daily report by the Jefferies European Real Estate team summarizing what

you need to know in the sector in Continental Europe and the UK.

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Key takeaways of the day:

Balder - Cleaner Story, But Still Constrained•

Unite - London asset sale at book funds share buyback extension•

Segro - Sells €100m Amazon-Leased Logistics Portfolio•

WDP - Invests €67m in French Logistics Pipeline•

Balder - Sets Exchange Ratio for Norion Bank Share Distribution•

Germany - Property Prices Rise 2.2% in Q1•

UK Logistics - LBA Buys Southampton Multi-Let for £70m•

France Offices - Iroko Zen Targets Tour Europe Office Tower•

Balder - Cleaner Story, But Still Constrained (Jefferies)

The distribution of the Norion stake is strategically positive, simplifying the equity story•

and sharpening the focus on Balder’s core operations. That said, muted earnings growth,

weak organic trends, and elevated leverage still limit re-rating scope. Until clearer progress

on deleveraging emerges, we believe the case will remain balance sheet-driven rather than

growth-driven. Link to report

Unite - London asset sale at book funds share buyback extension (Jefferies)

UTG has sold St Pancras Way, Camden, London, to its fund USAF for £186m (UTG:•

£126m) at a 1% < Dec 2025 book value. It's within reach of most London universities, has

3 common rooms & comprises 572 bedrooms with private bathrooms with the sales price

equiv to £325k/room. UTG will receive £115m in cash & the remainder in new USAF units,

raising its USAF ownership to 32%. Via this partial sales arrangement UTG will maintain

exposure to London, add management fees, & liquidity, but isn’t selling one of its sub-