REITs, retail, data centers and living: real estate capital refines its bet on Spain

REITs demonstrate their capacity to adapt in a high-rate and volatile environment

The second day of the Spain Real Estate Summit 2026 opened with a panel dedicated to the role of REITs as investment vehicles in the new real estate cycle. Introduced by Dominique Moerenhout, CEO of EPRA, the session brought together Marie Cheval, chairman & CEO of Carmila; Ismael Clemente, CEO of Merlin Properties; Tugdual Millet, CEO of Covivio Hotels, and Patrick Couttenier, CEO of Care Property Invest, in a discussion focused on the resilience of listed real estate, adaptation to a higher interest rate environment and the differences between the European and US markets.

The starting point was a constructive view of the market, with the expectation of a more visible recovery during the second half of the year and the confirmation that the sector has held up in a context marked by uncertainty. In this scenario, participants pointed to scale, diversification, active asset management and the ability to generate recurring cash flows as some of the elements that differentiate listed companies from other real estate investment vehicles.

Cheval explained that Carmila has a portfolio valued at €6.7 billion and highlighted the importance of Spain, which represents around 20% of its portfolio. The executive noted that the Spanish market has performed particularly well in terms of sales and footfall, partly due to the impact of tourism, and argued that physical retail maintains a role that is difficult to replace by e-commerce, as it offers an experience linked to frequent shopping habits.

From the hotel segment, Millet stated that Covivio Hotels manages a portfolio of around €6 billion, diversified across Europe, and pointed to the growth of hospitality as a long-term structural trend. According to his explanation, the post-Covid evolution has consolidated the recovery of tourism demand, with increases in visitors in Europe of between 2% and 4%, especially due to the arrival of international travelers, while domestic demand remains more stable. The company plans to invest €1 billion in repositioning hotels and aims to continue working with leading operators in the sector.

Couttenier outlined Care Property Invest’s position in healthcare infrastructure and senior residences, with a portfolio of €1.4 billion across four countries. The company began its activity in Spain in 2020 with a €120 million portfolio, in a segment that, according to the executive, shows high occupancy levels and growing demand linked to population ageing. Couttenier argued that, even in periods of greater uncertainty, this type of asset offers stability due to the recurring nature of care needs and the generation of continuous cash flows.

In the case of Merlin Properties, Clemente recalled that the company is listed in Spain and Portugal and maintains a diversified portfolio in logistics, offices, shopping centers and data centers, a segment he identified as its main growth driver. However, he pointed out that data centers present significant capital barriers, increasingly demanding technological requirements due to the development of artificial intelligence and a certain level of market skepticism after years of announcements that have been difficult to materialize. In Europe, this is compounded by a heavier bureaucratic burden.

The discussion also addressed the differences between European and US REITs. Participants agreed that Europe shows greater risk aversion, an investment culture more oriented towards savings, smaller scale and a more complex regulatory framework, factors that hinder capital raising compared to the US market. Clemente stressed that regulation even conditions the possibility of developing specialized REITs in certain segments, such as rural land, parking or telecommunications towers, while Cheval pointed to taxation as an additional barrier to investment.

Despite these limitations, the panel concluded with a positive view on Europe’s ability to attract more capital, although part of that investment will be conditioned by capex requirements and by the selection of assets capable of combining scale, liquidity and stability. Looking ahead to the rest of the year, participants pointed to asset pricing and geopolitical stability as two key factors to monitor.

Retail and logistics seek selective opportunities in Spain

The parallel session dedicated to retail and logistics analyzed the performance of both segments at a time of reopening investment windows, characterized by caution, capital allocation discipline and the search for locations with solid fundamentals. The panel was chaired by Tom Waite, director of Industrial and Logistics Investment, International Capital Markets EMEA at JLL, and Sandra Ludwig, head of Retail Investment EMEA at JLL, and included as co-chairs Karoline Nader-Gräff, global expansion and development deputy director at Ingka Centres; Manuel Ibáñez, head of Real Estate Iberia at DWS, and Fernando Ramírez de Haro, head of Spain and Portugal at Savills IM.

Logistics was described as one of the major real estate sectors at European level, although with a more nuanced outlook for Spain. In the Spanish market, as highlighted during the session, investment appeal remains more concentrated in retail, offices and living, while the logistics segment offers more selective opportunities. Some strategies are focused on core and core plus assets in Madrid, Barcelona and Valencia, with the possibility of going beyond the main markets when location, asset quality and liquidity allow.

Nader-Gräff explained that Ingka Centres has carried out acquisitions worth €3 billion, also in markets such as China and India, supporting Ikea’s expansion. The executive stated that the company’s focus is on core assets in major European countries, as well as India and North America, and indicated that the objective is to maintain the level of investment in the coming years. In the case of Spain, she noted that entry must be analyzed with greater selectivity, as markets such as Germany offer more attractive returns, so the company would only consider certain operations linked to Ikea’s presence.

Ramírez de Haro stated that Savills IM has a specific fund in Europe and acknowledged that activity in Spain has been more limited due to strong competition from private investors. In Portugal, the firm has acquired a portfolio of supermarkets, while in Spain it has channeled its exposure through agreements with developers. Nevertheless, he defended the need to increase exposure to the Spanish market, especially in formats with stable demand and the capacity to generate recurring income.

Ibáñez pointed to the solid operational performance of assets, with increases of 5% in visits and 10% in sales, and stated that yield adjustments have opened a window for acquisitions. In his opinion, some investors have been able to take advantage of opportunities because they had the capital and the ability to interpret market timing. He also highlighted that Spain offers a competitive balance compared to other countries, although he warned that in certain areas, such as the Henares Corridor or Valencia, it does not seem necessary to add more retail space without a precise understanding of demand.

The session also addressed the reuse of underutilized spaces and the evolution of retail formats. Nader-Gräff explained that Ikea has a broad real estate portfolio and that some locations include space that can evolve from single-tenant models to configurations with multiple operators. At this point, she mentioned Decathlon as a complementary operator in certain retail schemes.

In the conclusions of the session, Ludwig stated that Spain stands out as a more attractive market for retail investment than other European countries, supported, among other factors, by GDP growth. At the same time, she noted that it is a more expensive market than Germany, although with solid fundamentals, expected rental growth and decreasing vacancy rates. As an example of sector dynamism, she cited the case of Islazul, transacted twice in the last 24 months, an operation that reflects both yield adjustment and investment activity in the Spanish market.

Overall, participants agreed that Spain shows positive dynamics driven by demography, tourism and consumer behavior, but also stressed that investment requires discipline and a granular analysis of each location. A widespread oversupply situation is not expected, although tensions may arise in specific areas due to the entry or repositioning of operators. In the final part, when asked which segment they would prioritize for investment, Ibáñez chose offices and Ramírez de Haro supermarkets.