Taking profit on investment idea on Europeal listed RE ahead of July event risk

Booking a 12.1% profit on the investment idea from March 7th 2025

We are closing the open investment idea from March 7th

Reasons:

• We are closing this investment idea from a tactical perspective, realizing a profit of 12.1%. The investment was made in an equally weighted portfolio of high-quality European names.

• This is a cautious step ahead of the July deadline for reciprocal tariffs and following the strong performance of European listed real estate since Trump’s U-turn.

• We anticipate that further volatility could arise over the summer.

  This is a tactical decision aimed at more trading-oriented investors.

• For long-term investors, please refer to our macro real estate portfolio, as reported in last month’s update. We continue to hold these high-quality names as strategic positions. We don’t sell these names in strategic positions. It is rather a tactical move.

• We may consider adding Segro back with a new investment idea later summer, if the expected volatility does not materialize, as it remains relatively undervalued.