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Spotlight on Defence: Arming for growth

This is part one of a four-part Spotlight series focused on the growing role of defence spending as a key driver of future European real estate performance. 

This first paper sets out the macroeconomic and policy backdrop, exploring how shifting geopolitical priorities are translating into sustained increases in defence expenditure across Europe. We see this economic tailwind in Europe as having a notable implication for real estate investors with subsequent papers delving into the anticipated opportunities for the logistics, research & development and living sectors.

Together, the series aims to connect these macro developments with deeper insights and potential investment opportunities for real estate investors.

Spotlight on Defence: Arming for Growth
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    This document is for informational purposes only and does not constitute, on BNPP AM Alts’ part, an offer to buy or sell, solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. Past performance does not predict future returns.

    All information in this document is established on data made public by official providers of economic and market statistics. BNPP AM Alts disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document.

    Furthermore, due to the subjective nature of these analysis and opinions, these data, projections, forecasts, anticipations, hypothesis and/or opinions are not necessary used or followed by BNPP AM Alts’ management teams or its affiliates, who may act based on their own opinions and as independent departments within the Company.

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    AXA IM and BNPP AM are progressively merging

    AXA IM and BNPP AM are progressively merging and streamlining our legal entities to create a unified structure

    AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined company now operates under the BNP PARIBAS ASSET MANAGEMENT Europe name.