Global Real Estate Undiscovered Gems With Strong Fundamentals

Inversiones Doalca SOCIMI

Market Cap: €154.2m

Inversiones Doalca Socimi, S.A., a real estate investment company, leases and rents real estate properties in Spain.

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.7b

A real estate investment trust.

Zambal Spain Socimi

Market Cap: €603.6m

Operates as a subsidiary of IBA Capital Partners.

Wereldhave Belgium

Market Cap: €471.5m

A public regulated real estate company with a focus on commercial property in Belgium.

Sinpas Gayrimenkul Yatirim Ortakligi

Market Cap: ₺14.4b

Sinpas Insaat Anonim Sirketi (“Sinpas Insaat”), which was established on 22 December 2006 with the aim of transforming into a Real Estate Investment Partnership (“GYO”), applied to the Capital Markets Board (“CMB”) with the request to transform into a GYO and following the approval of the relevant request, it was transformed into a GYO by being registered in the trade registry on 3 May 2007 and its title was changed to Sinpas Gayrimenkul Yatirim Ortakligi A.S.

VistaREIT

Market Cap: ₱14.3b

VistaREIT Inc is a real estate investment trust.

IMPACT Growth Real Estate Investment Trust

Market Cap: ฿14.8b

Impact Growth Real Estate Investment Trust (“the Trust”) is a real estate investment trust established under the Trust for Transaction in Capital Market Act, B.E.2550 (“the Act”) in accordance with the Trust Deed signed on 22 September 2014 between RMI Company Limited as the Trust Settlor and Kasikorn Asset Management Company Limited as the Trustee.

BA Airport Leasehold Real Estate Investment Trust

Market Cap: ฿9.6b

n/a

Akfen Gayrimenkul Yatirim Ortakligi

Market Cap: ₺8.4b

Akfen Gayrimenkul Yatirim Ortakligi A.S. (“the Company” or “Akfen GYO”) was restructured as a real estate investment trust by transforming Aksel Turizm Yatirimlari ve Isletmecilik AS (“Aksel”).

Pera Yatirim Holding Anonim Sirketi

Market Cap: ₺14.6b

PERA Gayrimenkul Yatirim Ortakligi AS is a publicly owned real estate investment trust.

Ichigo Hotel REIT Investment

Market Cap: JP¥39.2b

Ichigo Hotel REIT Investment Corporation (the "Investment Corporation") was established on July 22, 2015 (with investment of 300 million yen and 3,000 issued units) in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

KFH Capital REIT

Market Cap: د.ك62.4m

Invests in real estate properties.

Sopharma Properties REIT

Market Cap: лв181.1m

n/a

Bati Ege Gayrimenkul Yatirim Ortakligi

Market Cap: ₺9.1b

An investment company, invests in the real estate sector in Denizli and the rest of Aegean Region.

Nordeste Properties SOCIMI

Market Cap: €619.6m

Owns and rents real estate properties for hotel use in Spain.

Infraestructura Viable de

Market Cap: Mex$26.4b

Operates as a trust administrator.

Al Rajhi REIT Fund

Market Cap: ر.س2.3b

The Al Rajhi REIT is a Sharia compliant fund, listed on Tadawul, with the objective of generating periodic income, through investing in income-generating real estate assets in Saudi Arabia.

Adra Gayrimenkul Yatirim Ortakligi Anonim Sirketi

Market Cap: ₺8.1b

Engages in the real estate investment activities.

Avrupakent Gayrimenkul Yatirim Ortakligi Anonim Sirketi

Market Cap: ₺21.6b

Engages in the real estate development, leasing, and business administration activities in Turkey.

Citicore Energy REIT

Market Cap: ₱21.3b

CREIT, the Philippines’ first renewable energy real estate investment trust and largest renewable energy landlord is powered by its sponsor, Citicore Renewable Energy Corporation.

Bhiraj Office Leasehold Real Estate Investment Trust

Market Cap: ฿3.6b

n/a

Akis Gayrimenkul Yatirim Ortakligi

Market Cap: ₺14.9b

Akis Gayrimenkul Yatirim A.S is based in Turkey.

Reysas Gayrimenkul Yatirim Ortakligi

Market Cap: ₺27.5b

Reysas Gayrimenkul Yatirim Ortakligi A.S.

Sila Realty Trust

Market Cap: US$1.3b

Sila Realty Trust, Inc., headquartered in Tampa, Florida, is a net lease real estate investment trust with a strategic focus on investing in the growing and resilient healthcare sector.

MREIT

Market Cap: ₱51.0b

Operates as a real estate investment trust.

Alexander & Baldwin

Market Cap: US$1.3b

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers.