Letter
6 min
Jul 15, 2026
Q2 2026 letter: what the spring valuation said
The independent valuers priced all 41 buildings in May. Here is what moved, what did not, and what it means for the share price.
Marta Sousa
Chief financial officer
Signs off every payout on the 10th and every number in the quarterly letter.
€203.40
/ share
after the spring valuation
The valuation in short
Every spring and autumn an independent firm values each building in the fund. In May they visited all 41, read every lease and compared each building with recent sales on the same streets.
Lisbon and Madrid held their value; two Berlin buildings were marked down slightly ahead of the new energy rules. Overall the share price rose a little, to €203.40.
What it means for you
The share price is the price at which you buy and sell. Your monthly payout does not depend on it: it is your share of the rent, paid on the 10th.
The next valuation is on Oct 31. We will publish it on the Performance page, building by building.
02·L
In this letter
3 takeaways
Key takeaways.
All 41 buildings were valued independently in May.
Lisbon and Madrid held their value; two Berlin buildings dipped.
The share price rose slightly, to €203.40.
