Sarim Chaudhry joined Jefferies in August 2023, previously from the industry, Sarim has 6 stocks under coverage and co-covers the rest of the UK Real Estate sector alongside Mike, with 25+ stocks under coverage.
Mike Prew joined Jefferies in 2011 to lead coverage of the EMEA Real Estate sector, focusing on the UK, where he has over 30 years of sector experience.

Stephanie Dossmann and Pierre-Emmanuel Clouard joined in the course of 2023 to lead coverage of Continental European stocks and initially initiated on 24 companies. They recently increased their coverage with Swedish names, bringing the total number of stocks covered to 30.

Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 55+ across Europe, covering over 80% of the EPRA developed Europe index.

Our flagship UK REITonomics takes a bi-monthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.

What We Are Known For

  • We send out on a daily basis Top of the Blocks, summarising what you need to know in EMEA REITs. Our monthly The Yield Tracker report analyses market yield shifts in Europe across different sub sectors, and the implied equity pricing for more than 50 companies in Europe. Our quarterly report Thinking outside the (big) box tracks key market data, trends, and implications on our coverage.
  • In addition, we send out bi-weekly our GREAT (Global) & PRET (Euro) valuation sheets.
  • Earnings challenges and higher cost of capital could precipitate REIT consolidation and a re-run of the early 2000s when deep discounts to book saw 43 bids and £35bn of public to privates.
  • We analysed the ‘E’ in ESG and estimated the retrofitting costs of buildings to conform to EPC standards by 2030 and challenged patchy disclosure and estimated unbudgeted capex.
  • Rewriting the Playbook: We challenged the ‘sacred’ NAV valuation methodology and contributed to the RICS “Independent Review of Real Estate Valuations” which introduced stricter valuations procedures.
  • Anti-Consensual We are not scared to take strongly anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.