Building on its positioning as a leading platform for institutional dialogue, the Spain Real Estate Summit 2026 will once again bring capital markets into sharp focus, with a dedicated investors round table on “The role of REITs as leading investment vehicles”, scheduled for May 5th at La Finca UZalacaín in Madrid.
Organized by Iberian Property in collaboration with CBRE and JLL, the event will gather over 350 global leaders, investors, and industry experts, with the institutional support of Invest in Madrid.
As global capital recalibrates and monetary conditions continue to redefine pricing and liquidity across asset classes, listed real estate has become a key barometer for investor sentiment. This session will provide a timely framework to assess how REITs have adapted to higher interest rates, increased volatility, and shifting allocation strategies—while also exploring their positioning relative to private real estate vehicles.
Introduced by Dominique Moerenhout, CEO of EPRA, the discussion will be anchored in a pan-European perspective on listed markets, linking transparency, governance and capital access with the broader evolution of institutional real estate investment.
The panel brings together a highly representative group of listed real estate leaders. Marie Cheval, Chairman & CEO of Carmila, will contribute insights from a platform specialised in retail real estate, offering perspective on how consumer-driven assets and active asset management strategies have evolved in a post-pandemic environment.
From the Iberian market, Ismael Clemente, CEO of Merlin Properties, will bring a strategic view on how one of Southern Europe’s largest listed landlords has navigated the office, logistics and data centre segments, while adapting its capital allocation and operational model to a more demanding cycle.
Adding a sector-specialised lens, Tugdual Millet, CEO of Covivio Hotels, is expected to explore how listed vehicles in hospitality have integrated operational expertise, partnerships with global operators, and asset rotation strategies to enhance performance and resilience.
Finally, Patrick Couttenier, CEO of Care Property Invest, will provide a perspective from the healthcare segment, where demographic trends, long-term leases and defensive income profiles position REITs as key vehicles for institutional capital seeking stability.
Are REITs regaining their competitive edge over private markets?
Over the past two years, listed real estate has undergone a significant repricing, often trading at substantial discounts to net asset value. This session will address whether that correction has created a structural opportunity, or whether public markets are simply reflecting risks that private valuations have yet to fully absorb.
The discussion will also explore the comparative advantages of REITs versus private real estate funds in today’s environment—namely liquidity, transparency, governance and access to capital—at a time when investors are reassessing portfolio construction and risk exposure.
From passive landlords to active platforms?
A key theme of the debate will be the transformation of REITs from traditional rent-collecting vehicles into fully integrated operating platforms. Across sectors, listed players are increasingly incorporating technology, ESG frameworks, data-driven asset management and capital recycling strategies to drive performance.
This evolution raises a broader question: to what extent are REITs now competing not only on asset ownership, but on operational excellence and strategic agility?
Global convergence or structural divergence?
Finally, the session will provide a global perspective, comparing the scale, structure and investor appeal of U.S. and European REIT markets. While the U.S. continues to lead in depth and liquidity, Europe has made significant progress in transparency and institutional adoption.
Understanding these differences will be key to assessing how international capital allocates across regions—and whether European REITs, including those in Iberia, are entering a new phase of relevance within global portfolios.
Don’t miss this opportunity to engage with industry leaders and get to know the answer to these questions in first hand.
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