INVESTMENT IMPLICATIONS

研报英文原文证据摘录

INVESTMENT IMPLICATIONS

1 July 2026

Property/Real Estate

Real Estate monthly review: June 2026

European Real Estate outperformed in June following underperformance in May (+3.7% vs Valerie Jacob

+44 20 7762 4885 +3.2% total return for the STOXX600) as bond yields declined across most regions with

valerie.jacob@bernsteinsg.com renewed hopes of a peace deal between the US and Iran. Elsewhere, Prologis’ offer for Segro

provided a boost for the sector. Despite this, the sector underperformed by 3.3pp through

Marios Pastou 2Q26 (+8.6%) as long-term bond yields and inflation expectations remain elevated relative

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marios.pastou@bernsteinsg.com to their pre-conflict levels.

Nikita Talwar Key themes in the June review:

+44 20 7676 8785

nikita.talwar@bernsteinsg.com Peace in the Middle East? The US and Iran reached an understanding to extend a ceasefire

and outline a broader framework for a potential peace deal. This included commitments to

Specialist Sales halt hostilities and reopen the Strait of Hormuz, while continuing negotiations on contentious

Sara Bellenda issues including Iran’s nuclear programme and sanctions relief. However, the agreement

+44 20 7762 1867 remains highly fragile, with both sides accusing each other of violations and periodically

sara.bellenda@bernsteinsg.com resuming strikes. These uncertainties are likely to continue influencing the performance of

the real estate sector.

Starmer out, Burnham in? UK politics also grabbed the headlines. PM Keir Starmer officially

resigned on 22 June after 23 months in office and is likely to be succeeded by Andy

Burnham. His “10-year mission” is focused on boosting economic growth, regeneration,

and reindustrialisation, alongside plans to establish a Manchester-based “No. 10 North” to