Top of the Blocks

Research evidence excerpt

Top of the Blocks

EUROPE | Property & Real Estate EquityJuneResearch16, 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:

Sagax - Explores 30m Class D common shares issue•

TAG Immobilien - Robyg IPO: Bookbuilding 17–23 June, Price Capped at PLN 36•

EU Student Housing - Demand Outpaces Supply•

France Retail - Vacancy compression sustains pricing power on prime streets•

Sagax - Explores 30m Class D common shares issue (Company)

Sagax explores the conditions for carrying out a directed issue of approximately 30m•

class D shares.

In connection with the Share Issue, the Company intends to invite the general public•

in Sweden to subscribe to new Class D common shares through a public offering via

Avanza’s platform.

The Board of Directors has carefully considered the possibility of raising capital through•

a new share issue with preferential rights for the Company’s shareholders.

The Board of Directors makes the assessment that there are currently several reasons•

why it is more beneficial for the shareholders to raise capital by issuing shares with

deviation from the shareholders' preferential rights. A rights issue could have a negative

impact on the Company, inter alia, because (i) it would entail higher costs for the

Company, (ii) it would take significantly longer time to carry out, with increased exposure

to potential market volatility, and (iii) it would likely need to be carried out at a significant

discount with a risk of a negative effect on the share price.

Jefferies view: Sagax already had 123.3m of D shares at the end of 2025 (338m of•

common shares).