European Real Estate "Aedifica post-Cofinimmo continues to be attractive..."

研报英文原文证据摘录

European Real Estate "Aedifica post-Cofinimmo continues to be attractive..."

Global Research

26 May 2026ab

European Real Estate Equities

Europe including UKAedifica post-Cofinimmo continues to be

attractive. Reiterate BUY Real Estate

Charles Boissier, CFA

Analyst

charles.boissier@ubs.com

Creating Europe’s leading healthcare REIT +44-20-7568 4415

We continue to see moderate upside in Aedifica. Having taken control of Cofinimmo on Nadir Rahman

10 March 2026 and with a more favourable geographic exposure now as Europe's most Analyst

liquid name in healthcare real estate, Aedifica can now focus on deal integration. In this nadir.rahman@ubs.com

note, we have updated models post-Q1 26 results of Aedifica here and Cofinimmo here, +44-20-7567 1750

review synergy ramp-up and disposal feasibility. On our estimates, the deal screens Zachary Gauge

neutral on FY26 metrics, before turning more meaningfully accretive as synergies Analyst

progress. We see limited near-term EPS impact (c.-1% in FY26E) due to timing and zachary.gauge@ubs.com

upfront costs, with EPS accretion building to c.+5–8% from FY27E onwards and NAV +44-20-7901 5534

p.s. accretion of +5% sustained through the outer years. The key debate is therefore

timing: investors are underwriting medium-term delivery rather than immediate upside.

Execution on cost synergies (€16m run-rate) and financing benefits will be critical to

closing this gap and supporting re-rating. For Aedifica, our EPRA NTA p.s. rises by 8% to

€86.28 in FY26E and by 10% to €89.17 in FY27E versus the stand-alone case. This is

only partially offset by a 50bps higher WACC and 50bps rise in our M2M yield, hence

leads us to increase our PT by 8% to €79 and reiterate our Buy rating. For Cofinimmo, at