Goldman Sachs reshuffles European real estate ratings as sector tone turns cautious

Shurgard Self Storage

07/09/2026 08:22

** Goldman Sachs says discussions at its real estate conference pointed to a slightly cautious sector tone amid rising rates, though funding and operating trends remained solid
** It says logistics is the strongest sector while data centres demand is strong despite some regulatory uncertainty 
** GS ups France's Covivio CVO.PA to "buy" from "neutral", citing stronger expected rental growth particularly from its hotel division
** GS cuts Germany's Vonovia VNAn.DE to "neutral" from "buy" as higher rates continue to weigh on the investment case and increase execution risk around capex-led growth
** It also cuts Spain's Colonial COL.MC to "sell" from "neutral" on sluggish leasing activity and leverage concerns that could require additional mitigating measures
** GS also moves lower on Finland's Lumo LUMO.HE and Belgium's Shurgard SHUR.BR, both cut to "neutral" from "buy"
       

(Reporting by Marta Serafinko in Gdansk)
((marta.serafinko@thomsonreuters.com;))