Euro-zone risk-free rates: are German bund yields the right measure?

In our analysis of euro-zone commercial property markets, we base our analysis of valuations on a comparison between property yields and the yield on a 10-year German bund, regardless of whether that property is in Munich, Milan or Madrid. While that is simple, would it not make more sense to compare say French property yields to French government bonds yields? We don’t think so.

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