Just GREAT (141) + Three New UAE Real Estate Initiations

Research evidence excerpt

Just GREAT (141) + Three New UAE Real Estate Initiations

Global | Property & Real Estate EquityJuneResearch23, 2026

Global Real Estate InsightsJust GREAT (141) + Three New UAE Real Estate

Initiations

Our Global Real Estate Analytic Tables ('GREAT') report draws together

data from 176 stocks Jefferies RE analysts cover globally into a fortnightly

document. Jefferies' analysts raised 1 PT, lowered 2 PTs and initiated on 5 . Source: Shutterstock

stocks, including 3 UAE RE companies under Evgenii Annenkov's coverage.

PT changes Prev. New New stocks initiated Rec. PT New stocks initiated Rec. PT

UK UK UAE

Safestore Holdings Plc 828 788 Social Housing Reit PLC BUY 82 Aldar Properties BUY 10.30

Workspace 424 406 Conti. Europe Emaar Development PJSC BUY 18.30

Australia TRASTOR Real Estate Investment BUY 1.27 Emaar Properties (P.J.S.C) BUY 15.00

. Centuria Capital 2.50 2.66

Source: Jefferies

We draw your attention to New Cycle Ahead - Top Pick Aldar. Initiating on UAE Real Estate We

argue the Iran conflict marks start of a new cycle. While positive on l/t recovery (seen repeatedly),

our m/t fundamental preference is for Abu Dhabi over Dubai, i.e. for Aldar. With that, we are also

Buyers of ED and EP that offer >8% de-risked div yield, major appeal in MENA / globally. Post 25%

sell-off, all three trade >40% below JEFe NAV; so our PTs are effectively driven by target discounts.

Faster geopolitical easing might unlock bigger upside.

REIT Week: A Beta Peace Dividend The Iran peace MOU was signed, BoE held rates at 3.75% in a 7-2

vote, & the Makerfield by-election win for Andy Burnham sets a possible challenger to PM Starmer.

Jefferies Global Real Estate Team * | Jefferies

These were offset by Fed under Chair Warsh turning hawkish. REITs were +1% & our SWOT analysis Equity Research