Top of the Blocks

Research evidence excerpt

Top of the Blocks

EUROPE | Property & Real Estate EquityJulyResearch16, 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:

Cibus - In Line with Q1 Trends; Muted Acquisitions•

Sagax - Acquisitions Mask Weakening Fundamentals•

NP3 - Expanding South, Compressing Returns•

Supermarket Income - £100m Equity raise - model update•

Aedifica - Invests €21m in 2 care homes in Spain and Finland•

Colonial SFL - Alexia Abtan to Lead French Operations•

France Residential - Investment Falls 42% in H1•

Italy - Azora Targets €1.5bn Expansion•

France Retail - Hypermarket Downsizing Reshapes Market•

Finland Residential - Rental Growth Remains Modest•

Cibus - In Line with Q1 Trends; Muted Acquisitions (Jefferies)

Cibus' earnings momentum remains acquisition-led. PFPM/share rose 4% YoY, EPRA•

NTA/share increased 1.3%, and earnings capacity reached €1.11/share (+3% QoQ),

supported by €107m of acquisitions completed at a 7% yield and 99.5% occupancy.

However, underlying trends remain soft, with LFL NOI at -1.1%, flat asset values, and

elevated leverage (59.1% LTV), leaving growth dependent on external expansion rather

than organic growth. Link to report

Sagax - Acquisitions Mask Weakening Fundamentals (Jefferies)

Negative LFL rental growth, declining FFO/share, and still-elevated future vacancy•

suggest that underlying leasing fundamentals remain under pressure. With the shares

still trading at a premium valuation to most European logistics peers (10% premium

on P/FFO), we continue to see an unattractive risk/reward profile and maintain our

Underperform reco. PT cut to SEK145. Link to report