1 Financialisation and participation in the metropolisation dynamics of European listed property companies Alain Coën, Department of Finance, University of Quebec in Montreal, Canada Raphaël Languillon, Department of Geography, University of Geneva, Switzerland Arnaud Simon, Department of Finance, Paris Dauphine University, France Saadallah Zaiter, Department of Finance, Paris Dauphine University, France Abstract Purpose - This article aims to explore the relationship between the financialisation dynamics of listed property companies (LPCs) and their participation in the metropolisation dynamics, in ten European countries between 2000 and 2017. The study takes place in a context of globalised real estate markets and modification of traditional urban economics. Design/methodology/approach - The measure of financialisation corresponds to a beta increase, in the sense of the capital asset pricing model, and is corroborated by an informativeness index. LPC-owned properties are classified along two spatial segmentations. Panel models are used to analyse the relation between financial hierarchy changes and urban hierarchy changes (through building arbitrages). Findings - Financialisation is generally associated with a decrease in the number of assets owned, especially in the Netherlands and the UK, whereas non-financialised companies tend to increase their number of assets, especially in “flight to quality” countries such as Germany and Switzerland. In the first case, non-urban spaces and small and medium urban areas are arbitraged in favour of urban cores and metropoles. In the second, investments are reallocated towards hinterlands and the lower segments of the urban hierarchy. Over the study period, the parallels between the financial hierarchy and the urban hierarchy were reinforced. Spain illustrates the risks of this evolution, whereas Sweden and Belgium present specificities. Originality/value - This article illustrates how LPCs function as transmitting channels in the new spatial and urban organisation. Link to the paper on the journal’s site: https://www.emerald.com/insight/content/doi/10.1108/JERER-10-2019- 0035/full/html?skipTracking=true