European Real Estate: playing the extending cycle

UBS | We remain constructive on the European real estate sector. As a bond proxy with growth , real estate benefits from current central bank stimulus, while it can also gain through rental growth in an inflationary environment, should the stimulus prove successful. For Spain, we upgrade Hispania to Buy and downgrade Merlin to Neutral.

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Are We Experiencing A New Monetary Plethora?

On face value, the ruthless tools used by central bankers to inject piles of money into the economy point to a brand new way of conducting monetary policy. Never before, except for in wartime, did they dare to trigger such massive asset-buying programmes. And never before did they so blatantly disregard the future risks a huge liquidity glut might fuel.