Belgian Real Estate Undervalued over 20% based on DCF

Aedifica/SA

Market Cap: €5.9b

A Belgian public regulated real estate company specializing in European healthcare real estate, particularly properties for elderly care.

Shurgard Self Storage

Market Cap: €2.5b

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

Montea Comm. VA

Market Cap: €1.6b

A listed real estate company under Belgian law that specializes in logistics property in Belgium, the Netherlands, France, and Germany.

Xior Student Housing

Market Cap: €1.3b

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

Wereldhave Belgium

Market Cap: €606.0m

A Belgian regulated real estate company (GVV/SIR) with a retail portfolio of more than 1.2 billion euros.

Care Property Invest

Market Cap: €542.8m

A Public Regulated Real Estate Company (public RREC) under Belgian law.

Vastned

Market Cap: €476.2m

Vastned Retail N.V. is a European publicly listed property company focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet.

Home Invest Belgium

Market Cap: €381.6m

Operates as a real estate investment company in Belgium.

Ascencio

Market Cap: €330.5m

A company incorporated under Belgian law, specializing in real estate investment commercial, and more particularly supermarkets and retail parks.