GPR 250 Index declines marginally in July 2025

Underperformance versus equities continues

Predominantly due to Americas (-0.2%) and Europe (-3.7%) both losing, the listed real estate sector decreased marginally (-0.6%) in July 2025. Africa (4.6%), Oceania (3.5%) and Asia (3.0%) moved higher. Among countries, Spain (6.3%) and Germany (-6.7%) were the outliers in the listed real estate spectrum. July 2025 returns imply the fourth consecutive month of underperformance for the listed real estate sector versus equities.

Aedifica SA-Cofinimmo SA merger faces delay

The proposed merger between Aedifica SA and Cofinimmo SA has encountered a significant roadblock from the Belgian Competition Authority (ABC), which could delay the creation of a European healthcare REIT. The consolidation was envisioned to be achieved through a public exchange offer, with Aedifica SA offering 1.185 new shares for each (1) Cofinimmo SA share. Aedifica SA shareholders had already given their approval for the merger plan at an EGM held in July 2025, with the exchange offer period for Cofinimmo SA shareholders initially slated to begin in September 2025.

Orion Properties Inc. rejects revised bid

Orion Properties Inc. confirmed to have received a revised unsolicited, non-binding indication of interest from Kawa Capital Management, Inc. to potentially acquire all outstanding shares of the company not already owned for a cash consideration of USD 2.75 per share. Most recently, the Orion Properties Inc. management board unanimously concluded that the revised proposal continues to significantly undervalue the company and is not in the best interests of its shareholders.

Data centre-focused NTT DC REIT makes debut

NTT DC REIT had a lacklustre market debut on 14 July 2025 to raise USD 773m in Singapore's biggest IPO in four years. NTT DC REIT shares had been priced at USD 1.00 per unit.