U.K. Real Estate Management and Development Potentially Undervalued Companies

Foxtons Group

Market Cap: UK£159.0m

An estate agency, provides services to the residential property market in the United Kingdom.

Aedas Homes

Market Cap: €922.4m

Engages in the development of residential properties in Spain.

LSL Property Services

Market Cap: UK£249.3m

Engages in the provision of business-to-business services to mortgage intermediaries and estate agent franchisees, and valuation services to lenders in the United Kingdom.

Instone Real Estate Group

Market Cap: €346.6m

Develops residential real estate properties in Germany.

Foxtons Group

Market Cap: UK£159.0m

An estate agency, provides services to the residential property market in the United Kingdom.

LSL Property Services

Market Cap: UK£249.3m

Engages in the provision of business-to-business services to mortgage intermediaries and estate agent franchisees, and valuation services to lenders in the United Kingdom.

Branicks Group

Market Cap: €160.9m

Branicks Group AG is Germany’s leading listed specialist for commercial real estate, with more than 25 years of experience in the property market and access to a broad network of investors.

Aroundtown

Market Cap: €3.5b

Operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally.

Inmobiliaria del Sur

Market Cap: €256.7m

Operates as a property development and management company in Spain.

UBM Development

Market Cap: €170.7m

Engages in the development, management, and sale of real estate properties in Germany, Austria, Poland, and internationally.

Fotex Holding

Market Cap: €109.5m

Through its subsidiaries, engages in the property management, manufacturing, retailing, and other business activities in Luxembourg, the Netherlands, and Hungary.

VIB Vermögen

Market Cap: €229.4m

Engages in the development, acquisition, and management of commercial real estate properties in Germany.

Instone Real Estate Group

Market Cap: €342.2m

Develops residential real estate properties in Germany.

VIB Vermögen

Market Cap: €363.6m

Engages in the development, acquisition, and management of commercial real estate properties in Germany.

Atenor

Market Cap: €163.9m

Operates as a real estate development company in Belgium, Luxembourg, the Netherlands, France, Germany, Portugal, Poland, Hungary, Britain, and Romania.

BASSAC Société anonyme

Market Cap: €780.5m

Operates as a real estate development company primarily in France, Belgium, Germany, and Spain.

Aroundtown

Market Cap: €3.5b

Operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally.

Wynnstay Properties

Market Cap: UK£22.4m

Engages in the investment, development, and management of properties in the United Kingdom.

Harworth Group

Market Cap: UK£525.2m

Operates as a land and property regeneration company in the North of England and the Midlands.

Zentra Group

Market Cap: UK£1.1m

Operates as a property development and management company in the United Kingdom.

Branicks Group

Market Cap: €125.1m

Branicks Group AG is Germany’s leading listed specialist for commercial real estate, with more than 25 years of experience in the property market and access to a broad network of investors.

NP3 Fastigheter

Market Cap: SEK 15.4b

A real estate company, engages in commercial investment property business in Sweden.

Harworth Group

Market Cap: UK£525.2m

Operates as a land and property regeneration company in the North of England and the Midlands.

Varia US Properties

Market Cap: CHF 192.4m

A real estate investment company, acquires, holds, and sells properties in the United States.

Grainger

Market Cap: UK£1.5b

Designs, builds, develops, owns and operates rental homes in the United Kingdom.

Asia Strategic Holdings

Market Cap: US$12.8m

Develops and operates consumer business in Singapore, Vietnam, and Myanmar.

Citycon Oyj

Market Cap: €731.0m

A real estate investment company, owns and develops mixed-use centers in Finland, Norway, Sweden, Denmark, and Estonia.

UBM Development

Market Cap: €154.7m

Engages in the development, management, and sale of real estate properties in Germany, Austria, Poland, and internationally.

NEPI Rockcastle

Market Cap: €102.3b

NEPI Rockcastle N.V. (“the Company”, “NEPI Rockcastle”, “the Group”) is a public limited company domiciled in the Netherlands, having its registered office at Strawinskylaan 563, WTC Zuidas, Tower Ten, 5th Floor, 1077 XX Amsterdam, with registration number at the Dutch Chamber of Commerce 87488329.

Immobel

Market Cap: €237.3m

Engages in the real estate development business in Belgium, France, Luxembourg, Germany, Poland, Spain, and the United Kingdom.

Sirius Real Estate

Market Cap: UK£1.5b

Engages in the investment, development, and operation of commercial and industrial properties in Germany and the United Kingdom.

Renta Corporación Real Estate

Market Cap: €23.0m

A real estate company, engages in the acquisition, rehabilitation, and sale of real estate properties in Barcelona and Madrid, Spain.

Eastnine

Market Cap: SEK 4.8b

A real estate investment firm.

Grainger

Market Cap: UK£1.5b

Designs, builds, develops, owns and operates rental homes in the United Kingdom.

Risanamento

Market Cap: €67.2m

A property and development company in Italy.

CORESTATE Capital Holding

Market Cap: €15.0m

A real estate investment firm specializing in investments in small to medium sized residential portfolios and commercial real estate markets.