Top of the Blocks

Equity Research EUROPE | Property & Real Estate August 14, 2026

Top of the Blocks A daily report by the Jefferies European Real Estate team summarizing what you need to know in the sector in Continental Europe and the UK.

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• UK REITs - Student Housing Tracker #6: A-Level Results Special • Land Securities - £1bn Finchley Road Plans Near Approval • Vonovia - Exits Lüneburg Through €55m Portfolio Sale • UK Offices - Canary Wharf Group Sells 1-5 Bank Street for £625m

UK REITs - Student Housing Tracker #6: A-Level Results Special (Jefferies)

• Our Student Housing Tracker takes a particular focus on the UK market following A-level results this week. We see the application rate for 18-year-old +4.6% and the number of acceptances increasing, with most concentrated to the Russell Group university cities (UTG's target demographic and portfolio concentration pivot). Link to report

Land Securities - £1bn Finchley Road Plans Near Approval (CoStar)

• Landsec's revised £1bn O2 Centre regeneration scheme is set for approval, with Camden planners recommending the proposal ahead of a 20 August planning committee meeting. • Phase 1 would deliver 651 homes, up from 608 previously approved, while affordable housing falls to 100 units from 192. • The wider masterplan includes c.1,800 homes and 180k sq ft of retail, leisure and community space on a 14-acre site.

Vonovia - Exits Lüneburg Through €55m Portfolio Sale (GSNews)

• Tristan Capital Partners has agreed to acquire 975 residential units in Lüneburg from Vonovia for c.€55m. • The portfolio comprises 62.5k sqm across three districts and was initially marketed in late 2024 with a reported guide price of €90m. At the time, the assets generated €5.9m of annual net rent. • Tristan will reportedly partner with local operator Porth Gruppe and plans refurbishment works, particularly in Kaltenmoor. • The transaction marks Vonovia's exit from the Lüneburg market, which it no longer considers a strategic region.

UK Offices - Canary Wharf Group Sells 1-5 Bank Street for £625m (CoStar)

• Canary Wharf Group completed the £625m sale of 1-5 Bank Street, the Docklands Jefferies EMEA Real Estate * | Equity headquarters of Société Générale and the EBRD. Research Team

• The transaction generated £168.2m of net proceeds after repayment of £453.5m of |

Pierre-Emmanuel Clouard, CFA ^ | Equity senior and mezzanine debt facilities. • The 700k sq ft office asset is occupied by the EBRD (365.6k sq ft) and Société Générale Analyst | (200k+ sq ft). Stephanie Dossmann ^ | Equity Analyst |

Stephane Afonso ^ | Equity Analyst |

Sarim Chaudhry * | Equity Analyst |

Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 3 - 8 of this report. * Jefferies International Limited ^ Jefferies GmbH

Property & Real Estate Equity Research August 14, 2026

Unless specified, no company has commented on the press reports mentioned.

Please see important disclosure information on pages 3 - 8 of this report. 2 This report is intended for Jefferies clients only. Unauthorized distribution is prohibited.