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The Real Estate episode of the BNP Paribas AM Alts 2026 Outlook captures a market that’s finally finding its footing again: valuations have stabilised, deal activity is building, and investor sentiment is turning from cautious to constructive, with North American capital, for the first time in over a decade, taking a serious look at core European real estate.

The message is bullish but selective: opportunity is now broader than the old “beds and sheds” playbook, spanning residential, logistics, prime offices, retail and hospitality - yet performance is polarising sharply, with occupiers demanding top-tier quality, amenities and ESG credentials while obsolete stock falls behind.

Looking ahead, we hear about structural themes like chronic housing undersupply, infrastructure and defence spend, and an AI-driven data-centre wave (constrained by power and land in Europe) that could all add fresh demand, though risks remain.

We're joined by John O’Driscoll – Global Co-Head of Real Estate, BNP Paribas Asset Management Alts, and Justin Curlow – Global Head of Research & Strategy, BNP Paribas Asset Management Alts

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