A return to real estate fundamentals - with unbiased data

Fast, precise and off-market

We believe that clients can outperform by extracting more information from data. Our data tools allow them to interpret change more precisely and faster, so they can enhance their performance. Our clients are better informed, often with off-market information. Management teams and investors in real estate are turning to data for answers. We have focussed on alternative data for real estate investment since 2014, after decades in listed European real estate investment, with Tier 1 institutions. We rank European locations and assets.

Our flagship product is a range of scores about the assets, cities and portfolios of REITs and private real estate funds.

All fundamental REIT scores

The KR&A scores are based on averages of our asset-by-asset datasets and analyses. The weights of our nine fundamental drivers are adjusted to ten different property types, as e.g. consumer income is more important for regional malls than for logistics. Our REIT scores run from 1 (low) to 6 (high) and are adjusted monthly, to reflect changes in underlying data. Our scores are not a buy or sell rating. A property company with weak fundamentals may have a great management team or vice versa. A portfolio may be significantly under rented or have very attractive development potential. Our scores allow you to compare, rank, analyse and sometimes even predict the outlook of portfolios. They offer an important and often ignored part of the valuation puzzle. Please find our European headline REIT scores below and complement them with a package of your choice.

Subscribe to deeper insights

We really want you to test our numbers. A clear Pan-European perspective is rare. Data about European cities, regions and real estate markets are often blurred or biased by marketing or transaction purposes of advisors. Our scores are the result of an asset by asset analysis of fundamental strengths and weaknesses. Our fundamental clusters include education, innovation, consumer income & wealth, tourism, infra & transport, e-commerce, labour markets, economy, and demography. Each of those clusters has a number of underlying datasets for every city or region.

We can now offer you a year's access to our fundamental scores for your REIT for just €99 a month. Please find our packages below.

KR&A fundamental European REIT and property company scores

Version 3, September 2020

Property company Country of Listing Sector Number of Assets KR&A fundamental score (Europe) REIT Status
Aedifica Belgium Healthcare 247 3.9 REIT
Affine France Diversified 46 4.1 REIT
Allreal Holding AG Switzerland Diversified 60 4.9 Non REIT
alstria office REIT AG Germany Office 105 4.9 REIT
Befimmo SA Belgium Office 75 4.4 REIT
British Land Co Plc UK Diversified 110 3.9 REIT
CA Immobilien Anlagen AG Austria Office 37 5.2 Non REIT
Capital & Counties Properties Plc UK Diversified 3 4.5 Non REIT
Castellum AB Sweden Diversified 615 4.2 Non REIT
Citycon Oyj Finland Retail 41 3.9 Non REIT
Cofinimmo Belgium Diversified 239 4.2 REIT
Derwent London Plc UK Office 50 4.8 REIT
Deutsche EuroShop AG Germany Retail 21 3.8 Non REIT
Deutsche Wohnen SE Germany Residential 2138 4.7 Non REIT
Eurocommercial Properties NV Netherlands Retail 28 3.9 REIT
Fabege AB Sweden Office 114 5.4 Non REIT
Gecina France Office 298 5.1 REIT
Great Portland UK Diversified 36 5.0 REIT
Hamborner REIT Germany Diversified 79 4.1 REIT
Hammerson Plc UK Retail 54 3.9 REIT
Icade Management France Diversified 295 4.6 REIT
Immobiliare Grande Distribuzione SIIQ Italy Retail 53 3.3 REIT
Intervest Offices Belgium Logistics 43 4.1 REIT
INTU Properties Plc UK Retail 15 3.5 REIT
Klepierre France Retail 160 4.0 REIT
Kungsleden AB Sweden Diversified 220 4.2 Non REIT
Leasinvest Real Estate Belgium Diversified 28 4.4 REIT
Mercialys France Retail 48 3.6 REIT
Montea Belgium Logistics 66 4.0 REIT
NSI N.V. Netherlands Office 95 5.1 REIT
PSP Swiss Property AG Switzerland Diversified 163 4.7 Non REIT
Shaftesbury Plc UK Diversified 15 4.9 REIT
Sponda Oyj Finland Diversified 142 4.1 Non REIT
Swiss Prime Site AG Switzerland Diversified 171 4.3 Non REIT
Unibail Rodamco Westfield Netherlands Retail 116 4.6 REIT
Vastned Retail NV Netherlands Retail 299 4.0 REIT
Vonovia Germany Residential 1632 4.4 Non REIT
Wallenstam Sweden Diversified 219 4.6 Non REIT
WDP Belgium Logistics 195 3.9 REIT
Wereldhave Netherlands Retail 32 4.1 REIT
Wihlborgs Fastigheter AB Sweden Diversified 273 4.1 Non REIT
Workspace Group Plc UK Office 67 4.8 REIT

Our data offering

We offer three packages

Focus Pack Full Data Pack Portal
KR&A fundamental score Free Free Free
12 Monthly updates
9 Cluster scores per Propco/REIT
9 Cluster scores per asset
Standing portfolio addresses
Standing portfolio all attributes
Breakdown of clusterdata
Scores of subportfolios of REITs
City and Region scores
Access to historic data
Portfolio geovisialisations
Heatmaps of fundamentals
> 1,000 City closeups
Intro pricing per month*
1 Propco/REIT €99 €190
10 Propco/REITs €250 €490 €990
42 Propco/REITs €490 €890 €1,390

* These prices are valid until May 1, 2020, and are ex. VAT.
Our data is protected by copyright. It can be used without any limitation to improve your process, marketing (sourced please), underwriting or due diligence. If you want to distribute our data or scores to others, please let us know and we will send you the required permission in writing.

About the packages

The Focus Pack offers a quick and precise overview of the fundamental strengths and weaknesses of your portfolio, with all cluster scores per REIT, on a monthly basis. It also includes these scores for every individual asset in the portfolio, to support decision making and analyses. In addition, the package includes our matrix that links the real estate sector to fundamental cluster, that we use to calculate these scores. Please let us know if you require a draft set of data and information from us.

The Full Data Pack includes a large number of additional attributes, apart from the cluster scores, such as proximity to transport hubs and number of inhabitants for a large number of walking and driving isochrones. For every single asset, sub portfolio and selected property company or REIT. In addition, we share the underlying datasets of the scores, so you can precisely understand which factor explains the strong demographics or labour markets. In addition, the full data package gives you access to all sub-portfolio scores. So you can compare all the French retail portfolios or London office portfolios. Moreover, this package gives you access to all our data about the European regions and cities. This makes it possible to objectively analyse all cities across Europe. Not just the usual top 25 cities, but literally hundreds of cities. Compare the German tier 2 office markets, or the Scandinavian top 40 cities, in just minutes. Stay clean of local bias and act below the brokers’ radar screen. Finally we offer access to the full history of our datasets allowing you to distill trends. Again, with a subscription you receive all data on a monthly basis. We cater to all required data formats.

Our Portal adds fast-zooming maps, strong visualisations and a state of the art interface. Our portal allows you easy selection, sorting, extraction and ranking of the full data collection. Data is constantly updated and expanded. Let us know if you require a demo of the portal or a call back. Reach us by phone or Whatsapp on +316 1130 3022 or e-mail to: arjan@knibberesearch.com.

About KR&A

KR&A is a European real estate consultancy firm. We offer investors, developers and financiers solutions for improved returns, and better risk management. We are experienced in valuing and assessing the outlook for listed real estate companies in Europe. KR&A advises real estate investors about strategy, operations and sustainability. We believe data analytics and the resulting information has become a competitive advantage. We offer a broad range of data solutions for real estate companies. We write bespoke research, we perform due diligence and give second opinions. We are never deal-incentivized. As a result our advice is sound, fully aligned and not clouded by a need for a transaction.


Data research subscriptions

Our data research creates new data-based information. Management teams may want to rank all submarkets in a country or monitor all national property companies or international sector peers. When you require more than just one REIT to be analysed, just sign up for more. We are offering packages of data of 10 REITs and 42 REITs, or any number in between. You may be building a large data infrastructure yourself, in that case we recommend the full data pack and portal or API access to our full alternative REIT data sets. Our data engineering is very robust and allows you to plug and play with our structured, verified and cleansed data.


In recent years we have advised leading real estate companies about scenarios for their portfolios, entering new or foreign markets and adding off-market data to their market intelligence systems. We have also sourced, selected, procured and designed data and information for leading property companies to support decisions about alternative uses. We built a system for the optimisation of flexible office locations. We provided interim management to a leading banks’ real estate finance global research department and contributed to their innovation initiatives. We write bespoke research about real estate companies, portfolios, markets or scenarios that are relevant for you. We offer consultancy and sound, non-deal driven advice, including due diligence, discrete second opinions and whitepapers.

Visualizations and Dashboards

Our dashboards and visualisations offer superior views on enriched data about your property markets or assets, detailed or aggregated on a company level. As a result we create tailormade knowledge about your assets and their markets. We also predict their outlook with advanced analytics.


Real estate companies

KR&A advises clients about real estate strategies, operations, investor relations, sustainability, and equity capital markets.

Institutional investors

As shareholders in listed or non-listed real estate vehicles you need to have access to all relevant aggregated data to optimise your allocation.

Investment banks, private equity

We can immediately add significant European- and local real estate intelligence to your investment banking or private equity team.

Our clients include:



We operate with flexible teams that mix forward-looking real estate investment and datamining experience with innovative data science, computer skills, and urban design. Our backgrounds include real estate economics and finance, computer science, mathematics, architecture, design, and investment banking. We offer a broad international perspective and clients value our diverse backgrounds. Ernst-Jan de Leeuw has become senior advisor at KR&A in November 2017. He was previously International Director, Managing Director and REIT portfolio manager with Lasalle Investment Management.


KR&A was founded in January 2014 ​by Arjan Knibbe. Arjan has been a sell-side real estate analyst at Kempen & Co, UBS Investment Bank and ING​,​ since 1994. He is a specialist in Continental European property companies and has advised large investors​ ​about the strategies, markets, valuation and outlook of​ ​​these companies.​ ​He has been involved in a large number of equity raisings and IPOs, across Europe.​ ​​ Arjan has been a member of the EPRA best practice committee​ and teaches real estate investment at the MSRE course of the Amsterdam School of Real Estate.


KR&A offers insights that are always thought-provoking and offer valuable information about real estate and data. If you are interested in the views of KR&A, please subscribe to our newsletter to get inspiring updates about our research and ideas.

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