The July REIT Sheet

Research evidence excerpt

The July REIT Sheet

Equity Research

3 August 2026

European Real Estate

July was a month of rate decoupling. Despite higher bond

yields and swap rates, listed real estate outperformed as

occupier markets remained resilient. Research centred on the European Real Estate NEUTRAL

SEGRO/PLD approach, WDP/Argan merger and data-centre European Real Estate

growth, H1 results broadly confirmed improving operating Kanad Mitra

conditions. +91 (0)22 6175 1793 kanad.mitra@barclays.com

Barclays, UK

Eleanor Frew, CFA

Monthly Summary +44eleanor.frew@barclays.com(0)20 3555 0748

Macro and Real Estate Barclays, UK

July was a month of rate decoupling. Economic data across Europe generally pointed to a Paul May, CFA

resilient backdrop, with improving PMIs, firmer consumer sentiment and signs that euro area +44 (0)20 3134 1444

growth was stabilising after a weak start to the year. Consumer confidence improved, retail paul.j.may@barclays.com

spending showed early signs of recovery and business surveys suggested activity entered the Barclays, UK

summer on a firmer footing. (see Preparing for the second half, 3 July 2026)

Markets became increasingly focused on the risk that geopolitics, higher energy prices and fiscal

concerns could reignite inflationary pressures. Throughout the month, our macro research

highlighted rising oil and gas prices, supply-chain disruption risks and growing uncertainty

around the inflation outlook, leading investors to reprice expectations for central bank policy.

The ECB maintained a cautious tone and kept the possibility of further tightening alive, while

bond markets increasingly priced higher-for-longer interest rates across major economies.

As a result, government bond yields and swap rates moved sharply higher during July despite a