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
Altarea presents an attractive investment profile, even in the current climate, compared with its peers, thanks to its growth in residential development, the strength of its retail property portfolio and the increasingly credible growth potential in data centres. We therefore reiterate our Outperform rating on the share and confirm our target price at € 134.
Altarea présente un profil d’investissement attractif y compris dans le contexte actuel vis-à-vis de ses pairs, du fait de sa croissance embarquée dans la promotion résidentielle, la solidité de sa foncière de commerce et l’optionalité de plus en plus crédible dans les datacenters. Nous réitérons ainsi notre opinion Surperformance et confirmons notre OC à 134 €.
Data centers: strategic partnership with Vantage EARNINGS/SALES RELEASES Altarea, in conjunction with its FY 25 financial results, announced a partnership with Vantage Data Centers (9GW) to develop hyperscale data centers dedicated to AI /cloud in France. This includes an initial 400MW unit in Bordeaux, for which Altarea has already secured the electrical connection. This will be Vantage’s first facility in France. This initiative aligns with Altarea’s strategy in the data computing and hostin...
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