Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **European Real Estate** sector, discussing its outlook for 2026 and the performance of various sub-sectors including **Healthcare**, **Industrial/Logistics**, and **Offices** [2][17]. Core Insights and Arguments 1. **Recovery in Asset Values**: The recovery in asset values is underway, but the listed sector has not yet fully reflected this, with significant divergences in stock performance [2][18]. 2. **Sector Valuation**: The European real estate sector is currently trading at a **32% discount** to FY25e EPRA NTA, which is wider than the long-term average of approximately **10%** [7][60]. 3. **Earnings Growth**: Overall earnings in the real estate sector are still in growth mode, although there are varying performances across different segments [21][67]. 4. **AI Impact**: Artificial Intelligence (AI) is driving demand in Data Centres and Offices, with AI firms accounting for **22%** of office take-up in London in 2025, up from **2%** in 2012 [3][27]. 5. **Healthcare Demand**: The demographic shift towards an aging population is creating substantial demand for healthcare services, but supply has not kept pace. Aedifica is positioned to benefit from this trend through its merger with Cofinimmo [4][52]. 6. **Industrial/Logistics Recovery**: The industrial/logistics sector is showing signs of recovery, with new space requirements at their highest since the 2022 downturn. CTP is highlighted as a top pick in this space [5][48]. 7. **Mixed Macro Signals**: The macroeconomic environment is mixed, with rate cuts from central banks aiding funding costs, but rising long-term bond yields pose a headwind for the sector [20][21]. Stock Recommendations - **Outperform Ratings**: The following stocks are rated as Outperform due to their growth potential: - Aedifica - CTP - Gecina - Landsec - TAG - British Land - Merlin Properties - NEPI Rockcastle - Segro [8][67]. - **Market-Perform Ratings**: WDP has been upgraded to Market-Perform, while Covivio has been downgraded to Market-Perform due to valuation concerns [8][68]. Additional Important Insights 1. **Occupancy Trends**: Occupancy rates are improving across various sectors, with a notable recovery in operator profitability in healthcare [4][51]. 2. **Retail Sector Performance**: The retail sector remains strong, with tightening vacancy rates and growing prime rents, particularly in retail parks [39][40]. 3. **Valuation Metrics**: The average recurring EPS yield for the sector is **7.7%**, which is above the long-term average, indicating potential value for investors [7][64]. 4. **Geopolitical Factors**: Geopolitical uncertainties and macroeconomic conditions are influencing tenant demand and investment strategies across Europe [47][55]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the European real estate sector.

Core Points - Aedifica is developing 4 care homes in Finland for a total investment of €21 million [1] Group 1 - The care homes will be located in Turku, Seinäjoki, and Kuopio [1] - Aedifica is a public regulated real estate company listed on Euronext Brussels and Euronext Amsterdam [1]

Group 1 - The document provides a link to Aedifica's website for more information, indicating that further details are available subject to usual restrictions [1]

Group 1 - The article does not provide specific financial data or insights regarding Aedifica or the industry [1]