Top of the Blocks: 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.

Research evidence excerpt

Top of the Blocks: 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.

Property & Real Estate

Equity Research

July 2, 2026

PPHE Hotel - Conclusion of Strategic review (Jefferies)

Further to its announcement on 19 June 2026, the Independent Committee of the Board of•

PPHE ("the Board") announces that it has concluded the Strategic Review and Formal Sales

Process. Link to report

TAG Immobilien - Upgraded to BBB Following Robyg Listing (S&P Global Rating)

S&P upgraded TAG Immobilien to BBB from BBB- following the successful €295m IPO of•

Robyg, its Polish residential development subsidiary. TAG retains a 66% stake and control of

the business, while reducing its exposure to the more volatile development segment.

The agency expects leverage to improve, with debt-to-capital falling to c.50% and debt-to-•

EBITDA to c.9.0x, despite the €565m R4R Poland acquisition.

The stable outlook reflects resilient rental growth in Germany and Poland, solid operating•

performance, and continued financial discipline.

WDP - Expands in France at 7% yield (Company)

WDP acquired two French logistics assets for €52m at an average NOI yield of c.7%.•

The acquisitions comprise a €27m sale-and-leaseback with DHL in Alzonne (23,300 sqm, plus•

8,000 sqm development potential) on a 9-year triple-net lease, and a 27,000 sqm logistics

facility in Vendargues near Montpellier for €25m, fully leased to an existing international client.

The assets have an average remaining lease term of seven years.•

Supermarket Income - 445m Debt Refi with group cost of debt 4.4% (Jefferies)

SUPR has completed a £445m refinancing, replacing all unsecured debt maturing over the•

next two years with new syndicated and bilateral RCFs.