U.K. Real Estate Potentially Undervalued Companies

Crown Castle

Market Cap: US$43.2b

Crown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S.

Montea Comm. VA

Market Cap: €1.5b

Montea NV is a listed real estate company under Belgian law (GVV/SIR) that specializes in logistics property in Belgium, the Netherlands, France, and Germany.

Picton Property Income

Market Cap: UK£371.2m

Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.

Gecina

Market Cap: €6.0b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

Picton Property Income

Market Cap: UK£371.2m

Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.

Unite Group

Market Cap: UK£3.3b

Unite was founded in 1991 in Bristol and has grown to become the UK's largest owner, manager, and developer of PBSA serving the country's world-leading higher education sector.

Unite Group

Market Cap: UK£3.3b

Unite was founded in 1991 in Bristol and has grown to become the UK's largest owner, manager, and developer of PBSA serving the country's world-leading higher education sector.

Carmila

Market Cap: €2.3b

As the third-largest listed owner of commercial property in Europe, Carmila was founded by Carrefour and large institutional investors in order to enhance the value of shopping centres adjoining Carrefour hypermarkets in France, Spain and Italy.

Land Securities Group

Market Cap: UK£3.9b

Land Securities Group Plc is one of the leading real estate companies in the UK.

Big Yellow Group

Market Cap: UK£1.7b

Big Yellow is the UK's brand leader in self storage.

Montea Comm. VA

Market Cap: €1.5b

Montea NV is a listed real estate company under Belgian law (GVV/SIR) that specializes in logistics property in Belgium, the Netherlands, France, and Germany.

Shurgard Self Storage

Market Cap: €3.4b

Engages in the acquisition, development, and operation of self-storage facilities for business and personal use.

Land Securities Group

Market Cap: UK£3.9b

Land Securities Group Plc is one of the leading real estate companies in the UK.

Alexandria Real Estate Equities

Market Cap: US$14.3b

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world.

NewRiver REIT

Market Cap: UK£296.1m

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

Macerich

Market Cap: US$4.9b

Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT).

Tritax Big Box REIT

Market Cap: UK£3.3b

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in high-quality logistics warehouse assets and controls the largest logisticsfocused land platform in the UK.

Global Net Lease

Market Cap: US$1.7b

A publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, United Kingdom, and Western and Northern Europe.

Ventas

Market Cap: US$31.2b

Ventas, Inc. (NYSE: VTR) is a leading S&P 500 real estate investment trust enabling exceptional environments that benefit a large and growing aging population.

Iron Mountain

Market Cap: US$27.3b

Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

Tritax Big Box REIT

Market Cap: UK£3.3b

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in high-quality logistics warehouse assets and controls the largest logisticsfocused land platform in the UK.

Safestore Holdings

Market Cap: UK£1.3b

Safestore is the UK's largest self-storage group with 209 stores on 30 April 2025; comprising 139 in the UK (including 78 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 32 in the Paris region, 16 in Spain, 16 in the Netherlands and 6 in Belgium.

NewRiver REIT

Market Cap: UK£296.1m

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

Argan

Market Cap: €1.6b

ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market in France.

Icade

Market Cap: €1.5b

A full-service real estate company with expertise in both property investment (portfolio worth €6.2bn as of 06/30/2025 – 100% + Group share of joint ventures) and property development (2024 economic revenue of €1.2bn) that operates throughout France.

Derwent London

Market Cap: UK£1.9b

Derwent London plc owns 62 buildings in a commercial real estate portfolio predominantly in central London valued at £5.0 billion as at 31 December 2024, making it the largest London office-focused real estate investment trust (REIT).

Target Healthcare REIT

Market Cap: UK£582.4m

UK listed Target Healthcare REIT plc (THRL) is an externally managed Real Estate Investment Trust which provides shareholders with an attractive level of income, together with the potential for capital and income growth, from investing in a diversified portfolio of modern, purpose-built care homes.

Safestore Holdings

Market Cap: UK£1.3b

Safestore is the UK's largest self-storage group with 209 stores on 30 April 2025; comprising 139 in the UK (including 78 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 32 in the Paris region, 16 in Spain, 16 in the Netherlands and 6 in Belgium.

Big Yellow Group

Market Cap: UK£1.7b

Big Yellow is the UK's brand leader in self storage.

Wereldhave

Market Cap: €843.0m

Wereldhave N.V. (“the Company”) is an investment company that invests in real estate (shopping centers and offices).

Klépierre

Market Cap: €9.4b

Klépierre is the European leader in shopping malls, with exclusive focus on continental Europe.

Medical Properties Trust

Market Cap: US$2.7b

A self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities.

Derwent London

Market Cap: UK£1.9b

Derwent London plc owns 62 buildings in a commercial real estate portfolio predominantly in central London valued at £5.0 billion as at 31 December 2024, making it the largest London office-focused real estate investment trust (REIT).

Target Healthcare REIT

Market Cap: UK£582.4m

UK listed Target Healthcare REIT plc (THRL) is an externally managed Real Estate Investment Trust which provides shareholders with an attractive level of income, together with the potential for capital and income growth, from investing in a diversified portfolio of modern, purpose-built care homes.

Gecina

Market Cap: €6.0b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

Carmila

Market Cap: €2.3b

As the third-largest listed owner of commercial property in Europe, Carmila was founded by Carrefour and large institutional investors in order to enhance the value of shopping centres adjoining Carrefour hypermarkets in France, Spain and Italy.