Real Estate monthly review: July 2026

研报英文原文证据摘录

Real Estate monthly review: July 2026

3 August 2026

Property/Real Estate

European real estate continued to outperform in July (+3.2% vs. +1.1% total return for the Valerie Jacob

+44 20 7762 4885 STOXX 600), supported by positive operational results across the sector during the first wave

valerie.jacob@bernsteinsg.com of 1H reporting and M&A activity, despite an increase in long-term bond yields.

Marios Pastou Key themes in the July review:

+44 20 7676 6881

marios.pastou@bernsteinsg.com Results kicked off on a solid footing. So far, 1H26 results have highlighted resilient

operating trends despite lower levels of indexation. Valuation trends have been more Nikita Talwar

+44 20 7676 8785 mixed, with retail outperforming office and industrial/logistics, while Southern Europe has

nikita.talwar@bernsteinsg.com continued to outperform the rest of the region.

Specialist Sales M&A in focus in the industrial/logistics sector. While investors had largely expected

consolidation in retail, Segro’s board unexpectedly reversed course and recommended the Sara Bellenda

+44 20 7762 1867 proposed offer for Prologis. Meanwhile, WDP and Argan agreed to combine through a friendly

sara.bellenda@bernsteinsg.com all-share merger. The industrial/logistics sector remains well positioned for medium- to long-

term growth, supported by strong structural demand and constrained supply, while Data

Centres continue to offer significant value creation opportunities.

Strengthening retail investment market. On its 1H26 call, Klépierre’s CEO highlighted

increasing competition for shopping centre assets, a trend reflected across several recent

transactions: Norges Bank and Sonae are in exclusivity to acquire a €1.5bn Spanish portfolio;