Big Yellow Group initiated with a Hold at Berenberg

Berenberg initiated coverage of Big Yellow Group with a Hold rating and 1,186 GBp price target. Real estate is becoming less about the traditional commercial sub-sectors and their tie to short-term economic growth and more about longer-term demographic trends or structural changes in the way assets are used, especially in a digital world, the analyst tells investors in a research note. Having considered the long-income real estate investment trusts in its first round of initiations, the firm turned its attention to those that are focused on shorter-term income streams.