Exane trims estimates on Europe's real estate but less than others

Exane BNP Paribas cuts its estimates across European real estate companies, pointing to modest risks to earnings and property values

Still, the broker says the cut is less severe than in other corporate sectors

Though the impact of tariffs on the sector is limited, trade policy uncertainty and lower economic growth are likely to result in reduced tenant demand, the broker says

It shifts to a preference for Britain vs continental Europe given leverage is lower, tariff risks are higher in Europe and relative value is attractive

The broker upgrades five stocks in its coverage that "look oversold" while it downgrades Spain's Colonial COL.MC to "neutral" from "outperform"