Property: Morgan Stanley Conference: Key Takeaways

Research evidence excerpt

Property: Morgan Stanley Conference: Key Takeaways

Idea

June 12, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MProperty | Europe Bart Gysens, CFA

Equity Analyst

Morgan Stanley Conference: Bart.Gysens@morganstanley.comAna Escalante +44 20 7425-5862

Ana.Escalante@morganstanley.com +44 20 7425-3271

Key Takeaways Paula Bayer

Research Associate

Paula.Bayer@morganstanley.com +44 20 7425-3053

Over the last two days, we hosted 43 corporates at the Morgan

Property

Stanley Real Estate Conference in London with a focus across Europe

capital markets, attended by equities and credit investors. In Industry View Attractive

addition, we polled the audience and hosted panels on capital

allocation for the next cycle, and on macro drivers

Bottom line. We saw better equity investor participation compared to a year ago.

The main takeaway was that many corporates provided us with feedback that they

were surprised by the generally constructive tone and questioning from investors.

Most requested meetings. We received just over a thousand (1,017) meeting

requests. Equity investors' top request was Merlin (at last year's conference, the

most requested meeting was Aedifica), while credit investors' most requested name

was Aroundtown (last year, this was Heimstaden).

Macro: higher rates. The audience had no strong directional view on the oil price. It

expected ECB policy rates of 3.0% in a year's time, with a 10 year Bund yield of 3.0-

3.5%. Moreover, it also expected a c.50bp increase in 10 year UK gilt yields medium-

term.

Thematics: liquidity, AI/offices, data centres. Low investment market liquidity was

attributed to cost of debt and insufficient asset markdowns on balance sheets,

similar to last year's view. But on a more positive note, conference attendees