<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<!--
  This file is part of the Dutch Taxonomy (Nederlandse Taxonomie; NT)
  Intellectual Property of the State of the Netherlands
  Architecture: NT21
  Version: 20261209.a
  Release date: April, 2026
-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="rj-cp-dm_NoncurrentFinancialInstrumentsEconomicalRealityMember_label_nl" xlink:label="rj-cp-dm_NoncurrentFinancialInstrumentsEconomicalRealityMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Financiële instrumenten die op basis van de economische realiteit als eigen vermogen zouden worden verantwoord maar op basis van de juridische vorm als vreemd vermogen worden verantwoord</link:label>
    <link:label id="rj-cp-dm_NoncurrentPreferenceShareMember_label_nl" xlink:label="rj-cp-dm_NoncurrentPreferenceShareMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Preferent aandeel, met al dan niet cumulatief dividend</link:label>
    <link:label id="rj-cp-dm_NoncurrentLiabilitiesShareBasedPaymentsMember_label_nl" xlink:label="rj-cp-dm_NoncurrentLiabilitiesShareBasedPaymentsMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Schulden uit hoofde van op aandelen gebaseerde betalingen</link:label>
    <link:label id="rj-cp-dm_TotalDAEBNonDAEBMember_label_nl" xlink:label="rj-cp-dm_TotalDAEBNonDAEBMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Totaal van DAEB vastgoed in exploitatie + niet-DAEB vastgoed in exploitatie</link:label>
    <link:label id="rj-cp-dm_InvestmentPropertiesTotalMember_label_nl" xlink:label="rj-cp-dm_InvestmentPropertiesTotalMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Totaal van vastgoedbeleggingen in exploitatie en vastgoedbeleggingen in ontwikkeling</link:label>
    <link:label id="rj-cp-dm_InvestmentPropertiesInExploitationMember_label_nl" xlink:label="rj-cp-dm_InvestmentPropertiesInExploitationMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Vastgoedbeleggingen in exploitatie</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-dm_InvestmentPropertiesInExploitationMember_loc" xlink:to="rj-cp-dm_InvestmentPropertiesInExploitationMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-dm_InvestmentPropertiesTotalMember_loc" xlink:to="rj-cp-dm_InvestmentPropertiesTotalMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-dm_NoncurrentFinancialInstrumentsEconomicalRealityMember_loc" xlink:to="rj-cp-dm_NoncurrentFinancialInstrumentsEconomicalRealityMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-dm_NoncurrentLiabilitiesShareBasedPaymentsMember_loc" xlink:to="rj-cp-dm_NoncurrentLiabilitiesShareBasedPaymentsMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-dm_NoncurrentPreferenceShareMember_loc" xlink:to="rj-cp-dm_NoncurrentPreferenceShareMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-dm_TotalDAEBNonDAEBMember_loc" xlink:to="rj-cp-dm_TotalDAEBNonDAEBMember_label_nl" xlink:type="arc"/>
    <link:loc xlink:href="rj-cp-domains.xsd#rj-cp-dm_InvestmentPropertiesInExploitationMember" xlink:label="rj-cp-dm_InvestmentPropertiesInExploitationMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-domains.xsd#rj-cp-dm_InvestmentPropertiesTotalMember" xlink:label="rj-cp-dm_InvestmentPropertiesTotalMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-domains.xsd#rj-cp-dm_NoncurrentFinancialInstrumentsEconomicalRealityMember" xlink:label="rj-cp-dm_NoncurrentFinancialInstrumentsEconomicalRealityMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-domains.xsd#rj-cp-dm_NoncurrentLiabilitiesShareBasedPaymentsMember" xlink:label="rj-cp-dm_NoncurrentLiabilitiesShareBasedPaymentsMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-domains.xsd#rj-cp-dm_NoncurrentPreferenceShareMember" xlink:label="rj-cp-dm_NoncurrentPreferenceShareMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-domains.xsd#rj-cp-dm_TotalDAEBNonDAEBMember" xlink:label="rj-cp-dm_TotalDAEBNonDAEBMember_loc" xlink:type="locator"/>
  </link:labelLink>
</link:linkbase>
