Sauli has diligently prepared another report after H1. 
Alexandria’s H1 report did not contain major surprises, and forecast changes have remained minor. The company still has good opportunities to continue earnings growth in the coming years, but the slope of earnings growth remains a question mark. The recent sharp decline in the share price has raised the valuation level to neutral, and in our opinion, for the share price rally to continue, faster earnings growth than current forecasts is required. We revise our target price to 11.0 euros (previously 10.5e) and lower our recommendation to reduce (previously add).
Quoted from the report:
Real estate fund is coming during H2’25
The company stated in its earnings info that demand for the new real estate fund has developed well, and the company aims to launch it during H2’25. As we have previously stated, we consider the new real estate fund a strategically significant opening, as it would expand the company’s offering to closed-end funds. Furthermore, the target group for the fund is institutions, which emphasizes the strategic importance of the fund.