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Equity Bottom-Up

Unibail-Rodamco-Westfield / Equity Bottom-Up

<p>We initiate coverage of Australian Chess Depository Interests, or CDIs, of <a href="https://www.smartkarma.com/entities/24846" target="_blank" data-smartkarma-citation="entities:24846:1">Unibail-Rodamco SE (UL FP)</a> (<a href="https://www.smartkarma.com/entities/27181" target="_blank" data-smartkarma-citation="entities:27181:1">Unibail-Rodamco-Westfield (URW AU)</a>), a France-based REIT that recently merged with <a href="https://www.smartkarma.com/entities/896" target="_blank" data-smartkarma-citation="entities:896:1">Westfield Corp (WFD AU)</a>. We ascribe Unibail's CDIs a narrow moat rating and expect no major changes in the company's competitive positioning. The moat source is efficient scale, which is where a market is effectively serviced by existing players and potential competitors are dissuaded from entering as doing so…</p>

We initiate coverage of Australian Chess Depository Interests, or CDIs, of Unibail-Rodamco SE (UL FP) (Unibail-Rodamco-Westfield (URW AU)), a France-based REIT that recently merged with Westfield Corp (WFD AU). We ascribe Unibail's CDIs a narrow moat rating and expect no major changes in the company's competitive positioning. The moat source is efficient scale, which is where a market is effectively serviced by existing players and potential competitors are dissuaded from entering as doing so…

Initiation on Unibail-Rodamco - A Global Retail-Centric REIT with FVE of AUD 14.00

France

Unibail-Rodamco-Westfield operates as a real estate investment trust. The Company leases and rents building space, finances real estate investments, and renovates real estates for sale. Unibail-Rodamco-Westfield's properties are shopping centers, office buildings, and convention-exhibition centers.

Klepierre owns and manages shopping centers in continental Europe, and office buildings in the Paris metropolitan area. The Company opted for the SIIC legal status in 2003.

Covivio manages a diversified real estate portfolio including offices, residential building, and car parking lots.

Gecina SA is a real estate investment company.  It specializes in the rental of commercial real estate and residential properties.  Gecina develops, buys, sells and rent properties in France.  The Company's client base includes international businesses and organizations from a wide range of sectors.  The Company opted for the SIIC legal status in 2003.

Societe Fonciere Lyonnaise SA is a real estate investment and management company. The Company manages a portfolio of primarily office and retail properties in Paris' central business district.

Altarea develops and manages shopping centers in France and Italy.  The Company opted for the SIIC legal status in 2005.

Fonciere des Murs SCA manages real estate holdings. The Company operates properties such as hotels, entertainment venues, healthcare facilities, and retirement houses. Foncier des Murs owns and operates its real estate holding in Europe.

ICADE specializes in business real estate.  The Company finances and leases business parks.  It offers customized rental design services and other services such as telecommunication, catering, and maintenance.  The Company opted for the SIIC legal status in 2003.

Mercialys is one of France's leading real estate companies, focused exclusively on retail property. It specializes in the enhancement, transformation and promotion of shopping centers. It operates retail space throughout metropolitan France and some of the French overseas territories.

Nexity provides  a wide range of real estate management services. The Company helps guide individuals through all phases of property management and development.

Federal Realty Investment Trust is a self-administered real estate investment trust. The Company specializes in the ownership, management, development, and redevelopment of prime community and neighborhood shopping centers. Federal Realty Investment Trust serves customers in the United States.

SITE Centers Corp. operates as a real estate investment trust. The Company develops, invests in, leases, and manages shopping centers. SITE Centers serves clients in the United States and Puerto Rico.

First Capital is a leading owner, operator and developer of grocery anchored and mixed-use real estate located in Canada's most densely populated cities. First Capital's focus is on creating thriving urban neighbourhoods to generate value for businesses, residents, communities and our investors.

First Capital Real Estate Inve (FCR-U CN)

Region RE Limited operates as a real estate investment trust. The Company focuses on investments in shopping centre, liquor retailers, and discount department stores. Region RE serves customers in Australia.

Hammerson plc invests in and develops property. The Company develops, builds, and manages commercial buildings, offices, and shopping centers. Hammerson operates throughout the United Kingdom, but also has investment and development activities in France and Germany.

Lendlease Global Commercial REIT operates as a real estate investment trust. The Company invests in diversified portfolio of real estate assets. Lendlease Global Commercial REIT serves customers worldwide.

Lendlease Global Commercial REIT (LREIT SP)

The Necessity Retail REIT, Inc. operates as a publicly traded real estate investment. The Company focuses on acquiring and managing portfolio of primarily service-oriented and traditional retail, as well as distribution commercial real estate properties in the United States.

CBL & Associates Properties, Inc. is a self managed and self administered real estate investment trust. The Company owns regional shopping malls and community shopping centers in the United States.

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

Immobiliare Grande Distribuzione SIIQ SpA (known as IGD SIIQ) invests in and operates Italian commercial real estate. The Company owns shopping malls and supermarkets.

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Initiation on Unibail-Rodamco - A Global Retail-Centric REIT with FVE of AUD 14.00

We initiate coverage of Australian Chess Depository Interests, or CDIs, of Unibail-Rodamco SE (UL FP) (Unibail-Rodamco-Westfield (URW AU)), a...

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