Belgian Real Estate Undervalued over 20% based on DCF

Warehouses De Pauw

Market Cap: €4.8b

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

Shurgard Self Storage

Market Cap: €3.4b

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

Aedifica/SA

Market Cap: €3.1b

Aedifica is a Regulated Real Estate Company under Belgian law specialised in European healthcare real estate, particularly in elderly care.

Cofinimmo

Market Cap: €2.9b

Cofinimmo has been acquiring, developing and managing rental properties for more than 40 years.

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.

Xior Student Housing

Market Cap: €1.4b

Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden.

Retail Estates

Market Cap: €979.7m

A Belgian public real estate investment trust and is a niche player specialised in making out-of town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users.

Wereldhave Belgium

Market Cap: €503.3m

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

Care Property Invest

Market Cap: €461.6m

Care Property Invest NV/SA is a Public Regulated Real Estate Company (public RREC) under Belgian law.