Coverage changes: Transfer of coverage

Research evidence excerpt

Coverage changes: Transfer of coverage

Deutsche Bank Group

Deutsche Numis Research

Europe Industry Date

Germany 24 June 2026

United Kingdom Coverage changes

Coverage Change

Real Estate

Transfer of coverage

Christen Hjorth

Due to a change in team structure, we transfer lead coverage of SEGRO, Tritax Big

Research Analyst

Box, and Sirius Real Estate to Christen Hjorth.

+44-20-754-11567

Ashnaa Vyas

SEGRO (HOLD, TP 850p) Research Associate

+44-20-7545-0244

Business model and outlook Chris Millington

SEGRO is the largest UK-listed logistics REIT with c.£22bn AUM broadly split 60:40 Research Analyst

UK vs Continental Europe. Exposure by segment is c.55% in urban logistics, c.35% +44-20-7541-1570

in big box assets, and the remainder mostly in data centres. On the Continent,

Jonathan Coubrough

SEGRO’s main exposures are to Germany, France, Italy and Poland, followed by

Spain, Netherlands and Czech Republic. SEGRO's tenant exposure is diversified +44-20-754-54671

across several sectors including transport & logistics, retail, manufacturing, and

parcel delivery. The business aims to deliver total property returns through a

mixture of asset management, capital recycling and development.

Looking forward, we believe that rental growth is an increasingly key driver of

Companies featured

valuation growth. In our view, SEGRO’s higher exposure to space-constrained

Tritax Big Box REIT PLC

urban logistics assets is likely to deliver robust like-for-like rental growth for years Buy (BBOXT.L),GBP151.80

to come. Meanwhile, its land-banking team continues to refresh its sizeable

2025A 2026E 2027E

development pipeline, adding another lever of growth.

DB EPS (GBP) 8.37 8.90 9.38

P/E (x) 17.1 17.0 16.2

Potential catalysts

EV/EBITA (x) 23.0 20.3 19.5