European Data, research and consultancy about property, REITs and real estate funds

A return to real estate fundamentals – with unbiased data

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 focused 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.

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.

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.

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.


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.

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.


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

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

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


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.