The Property Ticker

研报英文原文证据摘录

The Property Ticker

J P M O R G A N Europe Equity Research

03 August 2026

KKR and Mirastar complete £170m sheds portfolio deal;

Burnham gives mayors slice of income tax ‘to build

homes’; Crown Estate completes £120m Piccadilly

Estate acquisition…and more

Research Highlights European Property

Neil Green, CFA AC

• **Don’t Miss** European Property 2026 Outlook - We go again (here) (44-20) 7134-4478

neil.d.green@jpmorgan.com

• *NEW* Warehouses De Pauw: 1H26 Conf. Call: Normalized demand, J.P. Morgan Securities plc

stable valuations and Germany expansion (here) Krishna Sathwik Beechu

• *NEW* Warehouses De Pauw: Focus to remain on ARGAN: 1H26 First (91-22) 6157 5847

Take (here) krishna.s.beechu@jpmchase.com

J.P. Morgan India Private Limited

• Unibail-Rodamco-Westfield: 1H26 Conf. Call: A strong platform, robust

operations and looking to the front foot (here)

• Warehouses De Pauw: Focus to remain on ARGAN: 1H26 First Take

(here)

• CTP NV: 1H26 Conf. Call: Operational strength intact, investor focus

shifts to leverage and valuations (here)

• Primary Health Properties: 1H26 Conf. Call: Synergies coming through,

hospital JV next key milestone (here)

• Unibail-Rodamco-Westfield: The best of both worlds – part 2: Increasing

PT to €120 (here)

• Unibail-Rodamco-Westfield: Another positive endorsement for retail

property: 1H26 First Take (here)

• CTP NV: Record leasing activity vs. some asset valuation weakness: 1H26

First Take (here)

• Klepierre: A solid update. Endorses the market’s positive view on retail,

but some FOMO on (further) acquisitions: 1H26 First Take Conf. Call

• Unite Group: 1H26 Wrap: Adjusting for lower values as debate on

operational outlook turns ever so slightly more positive (here)

• Merlin Properties: 1H26 Conf. Call: DC commercialization ahead of plan,