Global Real Estate Potentially Undervalued Companies

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).

Montea Comm. VA

Market Cap: €1.6b

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.

Orion Properties

Market Cap: €162.7m

Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S.

Piedmont Realty Trust

Market Cap: US$1.0b

Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt.

Hudson Pacific Properties

Market Cap: €1.1b

A real estate investment trust, or REIT, and the sole general partner of our operating partnership.

Big Yellow Group

Market Cap: €1.8b

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

CubeSmart

Market Cap: US$9.3b

A self-administered and self-managed real estate investment trust.

Summit Hotel Properties

Market Cap: US$655.1m

A publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: CA$1.2b

Northwest provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at May 14, 2025, of interests in a diversified portfolio of 169 income-producing properties and 15.8 million square feet of gross leasable area located throughout major markets in North America, Brazil, Europe, and Australasia.

Gecina

Market Cap: €6.2b

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.

MIRAI

Market Cap: JP¥90.9b

MIRAI Corporation (hereinafter “MIRAI”) is diversified REIT.

Gecina

Market Cap: US$6.2b

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: €2.4b

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.

Alexandria Real Estate Equities

Market Cap: US$14.1b

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.

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.

New Zealand Rural Land

Market Cap: NZ$147.9m

Invests in rural farmland and forestry land in New Zealand.

Peakstone Realty Trust

Market Cap: €469.5m

Peakstone Realty Trust (NYSE: PKST) is an internally managed real estate investment trust currently shifting its portfolio composition towards industrial properties.

Covivio

Market Cap: €4.4b

Drawing on its history of partnerships, its property expertise and its European culture, Covivio is inventing today's user experience and designing tomorrow's city Covivio is a preferred real estate player on a European scale, getting closer to end users, capturing their aspirations, combining work, travel and living, and co-selling living spaces.

HomeCo Daily Needs REIT

Market Cap: US$2.4b

An Australian Real Estate Investment Trust listed on the ASX with a mandate to invest in convenience-based assets across the target sub-sectors of Neighbourhood Retail, Large Format Retail and Health & Services.

Huijing Holdings

Market Cap: HK$546.4m

An investment holding company, engages in the property development and investment activities in the People’s Republic of China.

Vastned Belgium

Market Cap: €157.4m

The Vastned group comprises a Belgian public regulated real estate company (Euronext Brussels and Euronext Amsterdam: VASTB) and its (direct or indirect) subsidiaries in Belgium, the Netherlands, France and Spain.

CIFI Holdings (Group)

Market Cap: US$5.4b

Engages in the property development and investment business in the People’s Republic of China.

ACRON HELVETIA I Immobilien

Market Cap: CHF 364.5k

ACRON HELVETIA I Immobilien Aktiengesellschaft invests in, holds, leases, and manages real estate properties in Switzerland.

Creative Media & Community Trust

Market Cap: €3.5m

As of March 31, 2025, our real estate portfolio consisted of 27 assets, all of which were fee-simple properties and five of which we own through investments in unconsolidated joint ventures (the “Unconsolidated Joint Ventures”).

Medical Properties Trust

Market Cap: €2.6b

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

Warehouses De Pauw

Market Cap: US$5.2b

WDP develops and invests in logistics real estate warehouses and offices.

Montea Comm. VA

Market Cap: €1.6b

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.

DDMP REIT

Market Cap: ₱18.9b

Operates as a real estate investment trust company in the Philippines.

Abacus Storage King

Market Cap: AU$1.9b

Owns, operates, and manages a self-storage operating platform in Australia and New Zealand.

Centara Hotels and Resorts Leasehold Property Fund

Market Cap: ฿1.5b

A fund of Kasikorn Asset Management Co.,Ltd.

BWP Trust

Market Cap: AU$2.5b

Established and listed on the Australian Securities Exchange (‘ASX’) in 1998, BWP Trust (‘BWP’ or ‘the Trust’) is a real estate investment trust investing in and managing commercial properties throughout Australia.

Dexus Industria REIT

Market Cap: AU$894.7m

Dexus Industria REIT (ASX code: DXI) is a listed Australian real estate investment trust which is primarily invested in high-quality industrial warehouses.

Safestore Holdings

Market Cap: US$1.4b

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.

Uoa Real Estate Investment

Market Cap: RM 567.5m

UOA Real Estate Investment Trust (“UOA REIT” or “Trust”) is a real estate trust fund which commenced its operations on 1 December 2005 and was listed on the Main Market of Bursa Malaysia Securities Berhad on 30 December 2005.

Ingenia Communities Group

Market Cap: AU$2.4b

Ingenia Communities Group (ASX: INA) is a leading operator, owner and developer of communities offering quality affordable rental and holiday accommodation focussed on the growing seniors’ market in Australia.

KLCC Property Holdings Berhad

Market Cap: RM 15.5b

KLCC Property Holdings Berhad (KLCCP) and KLCC Real Estate Investment Trust (KLCC REIT), collectively known as KLCCP Stapled Group is Malaysia's largest self-managed stapled security that invests, develops, owns, and manages a stable of iconic and quality assets.