Rodschinson Investment

16/10/2026

AI may be driving the data-centre boom. Power will decide which projects actually get built.

EU data centres consumed 68 TWh of electricity in 2024. By 2030, the European Commission expects that figure to reach 114 TWh.

That would represent around 3.2% of total EU electricity demand.

The first reporting cycle covered 770 facilities, with an average reported PUE of 1.36. Yet only around 1.8% of generated heat was reused.

For real estate investors, the implication is becoming clear:

A site can have the right zoning, the right location and strong demand — and still fail to become an operating asset without a credible power path.
→ Grid connection
→ Energy pricing
→ Water
→ Cooling
→ Heat off-take
→ Expansion capacity

These are now real-estate variables.

Investors should underwrite connection timing and contracted capacity as carefully as land and rent assumptions.

Developers should engage utilities and potential heat users before committing fully to the site.

Lenders should separate speculative megawatts from deliverable megawatts.

The scarcity premium is moving from land to electrons.

In European data centres, what carries the greatest premium today: land, power or time-to-connection?

15/10/2026

14/10/2026

Belgian house prices rose 2.1%. Transactions fell 11%.

That combination matters.

Statbel’s Q2 data show the house-price index up 2.1% year on year and 0.1% quarter on quarter.

At the same time:

• Secondary-market transactions fell 11.0%
• Their total value fell 7.6%
• Existing homes recorded +3.9% annual inflation
• New homes fell 3.2%

So prices are still holding up, while liquidity is moving the other way.

For investors, that changes the reading.

A price index tells you how values are moving on a constant-quality basis. It does not tell you how quickly you can exit, how deep the buyer pool is, or how efficient price discovery remains.

That is why we look at more than headline price growth.

Income investors should stress-test:

• Exit timing
• Selling costs
• Refinance proceeds
• Rental cash flow over a longer holding period

Developers should revisit absorption assumptions and construction margins.

And patient buyers may gain negotiating leverage where sellers need liquidity more than they need the headline price.

Would you rather buy into rising prices or improving liquidity?

In Belgium today, they are not the same signal.

12/10/2026

EU road freight grew in 2025. Belgium moved the other way.

Across the EU, road freight performance increased by 0.9%, while total tonnes carried rose by 1.8%.

Belgian-registered freight fell from 32.1 to 29.4 billion tonne-km, down 8.4%.

At the same time, the Belgium–France corridor remained one of Europe’s largest cross-border flows, at 55.9 million tonnes.

That gap matters for logistics investors.

A strong corridor does not automatically mean a strong tenant.

Freight networks can remain busy while individual fleets, operators or business models lose volume.

So when underwriting logistics assets, we look beyond location:

• Tenant freight volumes
• Contract duration
• Automation capex
• Labour access
• Modal alternatives

For developers, the question is whether the site remains relevant across several supply-chain scenarios.

For owners, the warning sign comes when transport activity and warehouse rent start telling different stories.

Are logistics valuations genuinely pricing corridor strength or still applying a broad sector premium?

09/10/2026

Retail is not moving in one direction anymore.

Euro-area retail volumes fell 0.6% in July 2026, while still sitting 0.6% above last year. Under that average, the split is much sharper: non-food fell 1.4%, while food, drinks and to***co rose 0.4%.

In this carousel, we look at what that dispersion means for owners, buyers and operators.

The real risk is increasingly at the store level:

- Traffic
- Margins
- Occupancy-cost ratio
- Lease events
- Omnichannel ex*****on

A well-known brand can still be a weak tenant in the wrong unit.

For owners, that means monitoring the economics behind the lease.

For buyers, it means pricing re-leasing capex and downtime unit by unit.

For operators, every store has to earn its place in the network.

Prime locations can still support strong rents. The question is whether the tenant can actually sustain them:

Which retail categories are genuinely earning rent growth today?

07/10/2026

25bps changed the conversation. But the real shift is who can still finance the deal.

The ECB move matters, but CRE pricing is now being shaped by more than the headline rate.

Deposit facility rate: 2.50%
Average rate on new corporate loans: 3.8%

Banks are also reporting a net tightening of credit standards for commercial real estate.

That changes the buyer pool.

Once debt service, covenants and capex are properly underwritten, fewer investors can clear the transaction.

Prime assets with durable income remain liquid.

Assets facing near-term refinancing, weak occupancy or unresolved ESG requirements are being treated very differently.

For owners and investors, the question is no longer simply:
“What yield do I want?”

It is:
“What leverage will the market actually fund at today’s cost of debt?”

That is where pricing starts.
Which moves first in European CRE: seller expectations, bank leverage or investor return targets?