Different angles: Investors into Europe may have to get more creative as returns become more subdued
For much of 2018 we agonised over the influence of populist politics, end-of-cycle jitters and the demise of retail.
Yet the reality is that many of the fears that were fanned have been slow to materialise, if at all. Of course, Brexit featured prominently, building momentum as the year went on and confounding investor attitudes. And the once-heralded “Euro-boom” began to dissipate as we returned to nor-mal levels of economic growth and commensurate property performance. But it was also a successful year. It has been possible to find value in sectors and strategies that offered a strong structural story and property delivered returns that multi–asset class investors have been happy with.
Striking a different tone
The European economy remains on sound footing and we anticipate that most major countries should see healthy growth over the coming year. But the superlatives that we previously used to characterise activity are no longer at play