Global Real Estate Potentially Undervalued Companies

LondonMetric Property

Market Cap: UK£4.1b

LondonMetric Property Plc is the UK's leading triple net lease REIT with a £7 billion portfolio aligned to structurally supported sectors of logistics, convenience, healthcare, entertainment and leisure.

Shaftesbury Capital

Market Cap: UK£2.5b

Shaftesbury Capital PLC ("Shaftesbury Capital") is the leading central London mixed-use REIT and is a constituent of the FTSE250 Index.

Scentre Group

Market Cap: €20.9b

Owns and operates 42 Westfield destinations with 37 located in Australia and five in New Zealand.

Centuria Office REIT

Market Cap: €725.8m

COF is Australia’s largest ASX listed pure play office REIT and is included in the S&P/ASX300 Index.

First Real Estate Investment Trust

Market Cap: US$590.0m

First Real Estate Investment Trust (“First REIT” or the “Trust”), is a healthcare real estate investment trust focused on investing in diverse yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia.

Derwent London

Market Cap: €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).

American Healthcare REIT

Market Cap: US$7.2b

A Maryland corporation, is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, or SNFs, outpatient medical, or OM, buildings and other healthcare-related facilities.

Atakule Gayrimenkul Yatirim Ortakligi

Market Cap: ₺2.0b

Atakule Gayrimenkul Yatirim Ortakligi A.S.

Wereldhave Belgium

Market Cap: €507.1m

A public regulated real estate company (OGVV) under Belgian law, focusing on commercial real estate in Belgium and Luxembourg.

American Tower

Market Cap: €93.9b

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of nearly 150,000 communications sites and a highly interconnected footprint of U.S.

Immobiliere Dassault

Market Cap: €370.0m

A real estate company, owns and manages offices and retail real estate assets in France.

Attacq

Market Cap: R10.0b

An innovative Real Estate Investment Trust (REIT) based in South Africa, with a vision to create sustainable value for all stakeholders.

Warehouses De Pauw

Market Cap: €5.0b

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

Boardwalk Real Estate Investment Trust

Market Cap: US$3.7b

Boardwalk REIT strives to be Canada's friendliest community provider and is a leading owner/operator of multi-family rental communities.

SmartCentres Real Estate Investment Trust

Market Cap: US$4.6b

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country.

Bleecker Société Anonyme

Market Cap: €122.6m

A property company, operates in the real estate sector in France.

Safestore Holdings

Market Cap: €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.

Delta Property Fund

Market Cap: R178.6m

Delta Property Fund Limited (“Delta” or “the Group”) is a South African domiciled Level 1 B-BBEE Real Estate Investment Trust (“REIT”).

BXP

Market Cap: US$12.8b

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC.

Canadian Net Real Estate Investment Trust

Market Cap: US$115.3m

Canadian Net Real Estate Investment Trust (the "Trust" or the "REIT") is an unincorporated open-ended real estate investment trust formed on March 11, 2011 under the Civil code of Quebec, pursuant to a trust agreement and is domiciled in Canada.

Körfez Gayrimenkul Yatirim Ortakligi

Market Cap: ₺1.1b

Körfez Gayrimenkul Yatirim Ortakligi A.S.

CareTrust REIT

Market Cap: US$7.7b

CareTrust REIT is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of seniors housing and healthcare-related properties.

CT Real Estate Investment Trust

Market Cap: US$3.9b

CT Real Estate Investment Trust (CT REIT) is an unincorporated, closed end real estate investment trust formed to own income producing commercial properties primarily located in Canada.

NSI

Market Cap: €416.7m

We are Amsterdam real estate specialists bringing together local market knowledge, experience and capital.

Alternative Income REIT

Market Cap: UK£51.3m

Alternative Income REIT PLC aims to generate a secure and predictable income return, sustainable in real terms, whilst at least maintaining capital values, in real terms, through investment in a diversified portfolio of UK properties, predominantly within alternative and specialist sectors.

Pebblebrook Hotel Trust

Market Cap: US$1.3b

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust ("REIT") and the largest owner of urban and resort lifestyle hotels and resorts in the United States.

RioCan Real Estate Investment Trust

Market Cap: US$5.4b

RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based and mixed-use properties in densely populated communities.

NSI

Market Cap: €416.7m

We are Amsterdam real estate specialists bringing together local market knowledge, experience and capital.

AEON REIT Investment

Market Cap: JP¥278.0b

AEON REIT Investment Corporation (hereinafter, “AEON REIT”) invests primarily in retail and related properties which, as an integral part of the communities in which they are located, form the backbone of communities and their retail business infrastructure.

Office Properties Income Trust

Market Cap: €14.1m

OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States.

Eurocommercial Properties

Market Cap: €1.4b

A Euronext-quoted property investment company and one of Europe’s shopping centre specialists.

Abacus Storage King

Market Cap: AU$1.9b

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

Macerich

Market Cap: Mex$4.9b

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

Charter Hall Social Infrastructure REIT

Market Cap: AU$1.2b

Charter Hall Social Infrastructure REIT is the largest Australian ASX-listed real estate investment trust (A-REIT) that invests in social infrastructure properties.

AmFirst Real Estate Investment Trust

Market Cap: RM 209.4m

Listed on 21 December 2006, AmFIRST REIT currently owns eight (8) properties valued at RM1.57 billion.

CapitaLand Ascendas REIT

Market Cap: S$12.7b

CapitaLand Ascendas REIT (CLAR) is Singapore’s first and largest listed business space and industrial real estate investment trust.