Global Real Estate Undiscovered Gems With Strong Fundamentals

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.7b

A real estate investment trust.

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.

Sinpas Gayrimenkul Yatirim Ortakligi

Market Cap: ₺14.9b

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.

Zambal Spain Socimi

Market Cap: €603.5m

Operates as a subsidiary of IBA Capital Partners.

Wereldhave Belgium

Market Cap: €501.4m

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

Global One Real Estate Investment

Market Cap: JP¥128.7b

Global One Real Estate Investment Corporation (“GOR”) is a Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (TSE: 8958) with the ultimate goal of pursuing maximum returns for unitholders.

VistaREIT

Market Cap: ₱14.6b

VistaREIT Inc is a real estate investment trust.

IMPACT Growth Real Estate Investment Trust

Market Cap: ฿14.4b

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.

Pera Yatirim Holding Anonim Sirketi

Market Cap: ₺16.1b

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

Akfen Gayrimenkul Yatirim Ortakligi

Market Cap: ₺7.9b

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”).

BA Airport Leasehold Real Estate Investment Trust

Market Cap: ฿9.7b

n/a

Bati Ege Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.8b

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

KFH Capital REIT

Market Cap: د.ك62.7m

Invests in real estate properties.

Nordeste Properties SOCIMI

Market Cap: €619.6m

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

Sopharma Properties REIT

Market Cap: лв186.6m

n/a

Ichigo Hotel REIT Investment

Market Cap: JP¥40.7b

Ichigo Hotel REIT Investment Corporation (hereinafter referred to as the "Investment Corporation") was established on July 22, 2015 (investment amount: 300 million yen, number of issued shares: 3,000) in accordance with the Investment Trust and Investment Corporation Act (Act No.

Adra Gayrimenkul Yatirim Ortakligi Anonim Sirketi

Market Cap: ₺8.4b

Engages in the real estate investment activities.

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.

Infraestructura Viable de

Market Cap: Mex$26.4b

Operates as a trust administrator.

Citicore Energy REIT

Market Cap: ₱22.0b

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: ฿3.5b

n/a

Reysas Gayrimenkul Yatirim Ortakligi

Market Cap: ₺27.4b

Reysas Gayrimenkul Yatirim Ortakligi A.S.

Sila Realty Trust

Market Cap: US$1.4b

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: ₱50.9b

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.