Geopolitical risk has resurfaced, but the nearterm impact on European listed real estate remains contained. Rising energydriven inflation and rates are driving greater dispersion and sharpening the focus on balancesheet quality, while MIPIM 2026 highlighted a pragmatic investor approach. In this report, we adjust target prices and refresh our top picks, removing CTP and adding Irish Residential REIT. Geopolitics and energy: duration matters more than headlines
Aedifica and Cofinimmo: Exchange offer complete and new board members appointed. D'Ieteren: Change in CEO at Moleskine, preview FY25. Euronext: Positive volume momentum continues. Retail Estates: €27m retail park development. Staffing: French January trend softer on tough comps, February outlook better
Aedifica and Cofinimmo: Aedifica acquires c.80% of the shares in Cofinimmo. ASM International: 4Q25 results; strong FY26 guidance. D'Ieteren: Bloomberg reports on Belron IPO, valuation above $30bn, close to $40bn. dsm-firmenich: Symrise 2025 results and guidance. Kinepolis: Feb reassures - US box office revenue up +1% YoY, France visitors up +25% YoY. KPN: Odido data breach
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