merchant banking research equities we initiate coverage on 17 benelux property companies with 7 buy ratings 12m total return forecast 5 hold and 3 sell 6 for the sector of which dividend yield 1 price prefer retail mixed stocks to office industrial focused plays dutch belgian four trends are expected drive performance i a re rating inner city ii further compression iii take overs iv flight quality based these selected five favorite vastned pt eur 67 2 eurocommercial properties 36 wereldhave 86 9 cofinimmo 143 estates 45 0 in three sub sectors shopping centers ecp vs corio rodamco europe offices o warehousing wdp real estate note 11 september 2006 analysts matthijs storm tel 31 20 527 91 44 email nl fortis com frank jansen
