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In the U.K., the REIT is reletting at higher rents and recycling assets via divestments, the analyst notes. It is also repositioning Peel Park site in the U.K. for redevelopment as a data center, the analyst adds. However, the brokerage trims its 2025-2026 DPU forecasts for the REIT by 2% after slightly reducing payout-ratio assumptions for 2025-2026. It lowers the target price to GBP0.35 from GBP0.38. Units were last quoted at GBP0.305. 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