Spotlight on: European Core Property
The ongoing Middle East conflict has increased global macroeconomic uncertainty, mainly through higher energy prices, renewed inflation risks and the prospect of borrowing costs remaining higher for longer. For European real estate, however, the more important long-term theme is the growth opportunity created as Europe seeks greater autonomy, particularly through increased investment in defence and energy infrastructure (see our recent Spotlight on: Defence papers below). With real estate fundamentals across Europe remaining strong, supported by low vacancy rates and sustained occupier demand for high-quality, well-located space should help drive rental growth and strengthen indexation opportunities for standing core assets. This positions European property markets to lead the next stage of recovery, driven more by NOI growth than yield compression.
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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.