Summary 1
Selective opportunities on
DCF valuations 7
Cyclical downturn in
European rental values 27
Balance sheets carrying
refinancing risks 53
Alstria Office 57
British Land 62
Brixton 66
Derwent London 72
Deutsche Euroshop 76
DIC Asset 80
Globe Trade Centre 84
Great Portland Estates 89
Hammerson 94
IVG Immobilien 98
Klépierre 102
Land Securities 108
Mercialys 113
Shaftesbury 119
Unibail-Rodamco 123
VIB Vermoegen 128
Workspace 132
Disclosure appendix 140
Disclaimer 144
This