CTP NV "Q2 26 preview: Leasing momentum intact despite macro pressure" (Buy)

研报英文原文证据摘录

CTP NV "Q2 26 preview: Leasing momentum intact despite macro pressure" (Buy)

Global Research

3 July 2026ab

CTP NV Equities

NetherlandsQ2 26 preview: Leasing momentum intact

despite macro pressure Real Estate

12-month rating Buy

12m price target €21.00Analysing vacancy and lease-up

In this note, we reviewed the company’s full €18.9bn GAV portfolio, capturing

advertised vacancy and space under construction at the individual asset level and Price (02 Jul 2026) €16.70

analysed 12 press releases issued between April and June to monitor leasing activity. In RIC: CTPNV.AS BBG: CTPNV NA

our view, this highlights two key areas of focus for the upcoming results: (1) availability

(hence vacancy); and (2) pre-let levels for space under construction. We supplement this Trading data and key metrics

with our assessment of CBRE’s yield movements across more than 40 logistics markets in 52-wk range €19.60-14.14

Continental Europe. Overall, on the positive side, we expect leasing momentum to Market cap. €8.10b/US$9.26b

remain supportive across both existing assets and development sites. On the negative Shares o/s 485m (ORD)

side, where CTP has less control, CBRE’s data indicate weaker pricing for the logistics Free float 18%

asset class, although we believe CTP is well insulated from these pressures given its Avg. daily volume ('000) 171

higher yields and value creation within its development pipeline. We are hosting a Avg. daily value (m) €2.7

Global listed real estate preview call: you can register here. Common s/h equity (12/26E) €10.4b

P/BV (12/26E) 0.8x

Assessing availability…

EPS (UBS, diluted) (EUR)

A first step was to scan CTP’s full €18.9bn GAV portfolio to capture advertised

UBS Cons.

availability at an asset-by-asset level. We conclude 82k sqm less available sqm over the