Private Markets   |   June 4, 2025

The Case for Prime UK Logistics in a World of Tariffs

Within real estate, ‘wait and see mode’ has been a preferred term of the last few years. The geopolitical landscape and a lack of market visibility have meant investors have exercised caution – and been even more selective – when it comes to the allocation or reallocation of capital. Risk management is key, balancing pressure to deploy with macro challenges.

Charles Allen
Charles Allen
Head of European Real Estate

When we think of the tariff context, wait and see can also be applied. It is too early in the day for clear patterns of occupier and investor behaviour to emerge, and for the data to reflect that, but investors still need to put their capital to work.

Predicting the impact of tariffs – especially in the mid to long-term, which is the default outlook for patient institutional capital – must be considered; predictions that combine experience in cyclical volatility with a long-term view of headwinds, tailwinds and real asset megatrends to take an informed view of how the market will respond, and where capital will land by geography, sector, and the products within those sectors.

The introduction of tariffs has only strengthened what was already defining in this market cycle – that resilience is paramount. With asset allocation and portfolio construction being guided by principles of defensive diversification, opportunities offering income stability, inflation-protection and a positive rental growth story will continue to underpin investments. Variation in the economic relationships between the US and different parts of the world is another factor investors will monitor continually in their pursuit of ‘safehavens’.

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