The Property Ticker

研报英文原文证据摘录

The Property Ticker

NOI yield and 190k sqm of pre-let developments and

acquisitions delivered at a 6.7% NOI yield. The development pipeline stands at €760m

with a 6.8% expected yield, while land reserves exceed 820k sqm added during the

period, supporting future development-led growth and earnings visibility. WDP confirms

its full-year guidance at €1.60/share, alongside a dividend of €1.29/share. Management

highlighted improving customer demand, increased tender activity for large-scale

projects and supportive logistics fundamentals, including limited land availability and

resilient supply chain requirements, underpinning confidence in growth into H2 2026.

(Source: Company)

• London offices face supply crunch as investors weigh risk, returns and AI’s growing

role: London's office market outlook remains constructive, underpinned by strong

occupier demand, limited prime vacancy and a growing supply crunch expected from

2027 onwards. Prime locations continue to outperform, with the West End remaining the

most resilient market and Liverpool Street/Broadgate emerging as the City's new super-

prime cluster following the Elizabeth line. Market participants also highlighted an

emerging shortage of premium office space for occupiers seeking 20,000-50,000 sq ft,

which could further support rental growth in coming years. However, development and

investment decisions are becoming increasingly complex. Rising refurbishment and

construction costs, reliance on future rental growth assumptions, a limited buyer pool for

large-ticket assets and tightening EPC requirements are raising execution risks.

Transaction activity remains subdued as landlords hold assets to capture rental upside,

while occupiers continue to prioritise best-in-class, well-connected space. Flexible