Real Asset Media Thought Leaders

Alexandre Grellier, chief executive and co-founder of Drooms, said real estate transactions are taking longer to complete as financing requirements become more demanding and investors request increasingly detailed documentation. He added that concerns around digital sovereignty are reshaping how firms deploy AI tools in Europe. Speaking to Real Asset Media’s Richard Betts, Grellier said Drooms’ research showed average deal durations had risen to around 368 days by the end of 2025, reflecting prolonged due diligence processes and tighter lending scrutiny. “We did research at the end of last year, which is interesting that the duration of the deals have been increasingly taking more time, and so we are at a high point of more than a year,” he said. He said some market participants initially viewed stabilising transaction timelines at the end of last year as a potential turning point for European real estate markets, with more deals entering preparation phases during the first quarter of 2026. However, many transactions still struggled to complete. “What we have seen since is that we had more activity, we had more deals which were in preparation, which were trying to get over the line, but this hasn’t materialised yet,” Grellier said. He linked the slowdown partly to the growing complexity of financing processes, with banks demanding significantly more information before committing capital. “Banks are requiring far more information,” he said. “What we hear from customers is that they get through multiple request rounds with regards to more information, more information, more information, so that globally deals are taking much longer.” Grellier added that data room volumes were increasing as investors and lenders requested deeper and more specialised documentation throughout the transaction process. “What I hear from the market is that the bid-ask gap is not yet closed,” he said. Alongside transaction trends, Grellier said digital sovereignty had become a major issue for European companies adopting AI technologies, particularly those handling sensitive customer data. “Digital sovereignty has become a major topic,” he said. “The question that you’re asking yourself is — where is my data going?” He said the issue extended beyond the physical location of servers and centred increasingly on ownership and control of the underlying platforms and AI models. “Digital sovereignty doesn’t just mean, where does the data lie? It’s really — who does the data belong to?” he said. “Because independently where you have your data, it’s like if the company who is holding your data is not a EU-based company, a EU-owned company, it’s pretty difficult to comply with GDPR.” Grellier said the rapid adoption of publicly available AI systems — including tools such as Claude, Gemini and ChatGPT — created additional compliance challenges because many companies lacked control over how underlying models processed and retained information. “And now if you turn it into AI, and this is where we are all really working hard on and getting really good solutions for our customers, it’s like, who is owning the models you are then using to analyse data, to analyse content?” he said. Drooms has therefore opted to run its own large language model infrastructure internally to maintain regulatory compliance and greater control over customer information. “We decided to have a large language model which is running on our servers, which is really compliant with all kinds of laws that you would need to be able to use these tools,” Grellier said. Despite growing adoption, he cautioned that AI still required careful oversight and could not yet replace human judgement in critical business decisions. “The impact of AI is undeniable,” he said. “Is AI reliable to a point where you would just base everything on AI? Definitely not. At least not yet.” He added that businesses still needed robust safeguards to minimise inaccurate or misleading outputs from AI systems. “You really need to put the system in place which is not hallucinating too much, which is providing the right results,” he said. Grellier said sentiment around transaction activity had improved earlier this year, but renewed geopolitical uncertainty and conflict had again weakened confidence. “A couple of weeks ago, I would have said yes,” he said when asked whether markets were improving. “Now, with the global economic situation in the world, with the wars that you see, I want to say that there is a lot of things, again, being postponed.” www.realassetinsight.com

Speaking to REAL FDI at Mipim 2026, Thorsteinn R Hermannsson, director of development at Transport for the Capital Area, Iceland, and Joanna Attvall, architect and partner at FOJAB, set out plans for Keldur, a major new residential-led urban district in Reykjavik designed to attract international capital. Hermannsson described the project as a uniquely large, single-owner development opportunity within the Icelandic market. "The Keldur Development Area is a big piece of land within Reykjavik that was previously owned by the state as a farmland, but it is now enclosed within the urban development in Reykjavik," he said. "As a public company, we have been given this land to develop and all the profits from the land will go into funding transport infrastructure in the capital area." The site is being brought forward under Reykjavik's master plan following an international design competition in 2023, won by FOJAB. The scheme will deliver around 6,000 housing units alongside 150,000 square metres of commercial space. "Having a big piece of land and that big development area in one project is quite unique," Hermannsson said. The scale and structure of the project underpin its appeal to global investors, with authorities actively testing international appetite. "We want to present it and see if there is any untested interest from international investors and developers to see if they want to come to Iceland for the first time, to Reykjavik for the first time and develop a new urban quarter with us," he said. "Maybe buy big pieces of land; instead of the Icelandic way of doing things [which] is sort of going smaller." The masterplan centres on transit-orientated development, anchored by three public transport stations along the Borgarlína corridor. Attvall said sustainability and liveability sit at the core of the design approach. "Environmental aspects are the most important part and the core of the project," she said. "The way we have done it in the Keldur area is really like transit-orientated development, which means in this case that everything stands along the public transport. "And then we have kept the green areas surrounding it. And it is really designed for easy everyday life." The project also responds to acute housing pressure in the Icelandic capital, with authorities positioning it as part of the solution to supply constraints. "There is a huge demand for new housing in the Reykjavik area," Hermannsson said. "We believe that we have an opportunity now to maybe involve international investors in helping us solve the housing crisis." Planning is advancing toward formal approval, with detailed design work expected to follow. "By the end of this year, we will have a local master plan confirmed by the city of Reykjavik. We will also start doing the detailed plans. So hopefully in 2027 or late 2026, we can start having a discussion with developers and investors on how to proceed with the detailed plans and the development itself."  

Speaking to Real Asset Media at Mipim 2026 in Cannes, Dr Wulf Meinel, founding partner at StoneVest, set out why investors should look beyond logistics to uncover value in Germany’s industrial sector. He acknowledged the challenging macro backdrop but framed it as an opportunity rather than a deterrent. “The German economy faces some headwinds, but headwinds are a chance,” he said. “If you take a detailed look into the German market, it offers more opportunities than you would imagine.” Meinel argued that investors often overlook a key distinction within industrial real estate. While logistics has dominated capital flows, he highlighted owner-occupied, mission-critical production assets as a significantly underappreciated segment. “The owner-occupied mission-critical production asset is an undervalued sector with an enormous market potential,” he said. This opportunity is rooted in the structure of Germany’s corporate landscape. A large share of industrial companies – particularly the Mittelstand – still own their production facilities and have historically not used them as a financing tool. “That over 70%, nearly 80% of German industries… are owners of their mission-critical production assets,” Meinel said. “So far, [they've] only in very few cases used this as a source of their corporate financing. This is now carefully and slowly breaking up.” As these ownership structures begin to evolve, he sees a pipeline of potential transactions emerging, creating entry points for investors. Meinel also pushed back against the idea that German manufacturing is in structural decline or relocating en masse due to cost pressures. Instead, he emphasised the strength of the country’s industrial base. “The German workforce is not so expensive compared to international prices that the German Mittelstand companies are all turning their back to working in Germany,” he said. “They’re staying there because it’s very qualified personnel.” He added that innovation remains a core strength of the economy, noting that “the innovation index within the German economy is 10% higher than the average of its European neighbours”. This combination of skilled labour, innovation and established industrial bases creates what he described as “sticky” occupiers – companies that are deeply tied to their locations and unlikely to relocate. “They are sticky to their locations,” Meinel said, concluding that this makes such assets “a very attractive investment target if one looks into where one should invest into German real estate”.

Speaking to REAL FDI at Mipim, Gocha Kamkia, chief executive officer of Ambassadori Island Batumi, set out plans to deliver a 102-hectare artificial island development on Georgia’s Black Sea coast. The project combines real estate, infrastructure and a long-term smart city strategy aimed at international investors. He described the project as “the address of the Black Sea”, positioning it as both a lifestyle destination and an investment platform, with around half of the scheme already completed and commissioned. The development has attracted close to $1 billion in international investment to date. “We are here with our strong results and we are seeking new opportunities [to share] our international success,” he said, adding that the company is “reshaping people's understanding of the hospitality business in Georgia and getting it to the new stage of development.” Kamkia emphasised that the company operates an integrated model rather than simply selling land. “We are not a simple land selling company. We make integrated investment opportunities,” he said, outlining a process that includes land allocation, business concept development, permitting and execution. This structure, he said, creates a “business-friendly environment” that allows international investors to enter the market and “send the world the signal that island land works.” The project is being positioned as a long-term urban development anchored in a smart city concept developed with global partners. “We have the strategy to integrate their first smart city concept,” he said, adding that the firm is “a completely data-driven company” drawing on more than 20 years of experience. Kamkia said projections indicate Batumi’s population could increase by around 100,000, supporting long-term demand if “we create the right environment for thinking and giving opportunities.” He added that the company is currently among the “best sellers of real estate in the Black Sea region,” across both apartments and investment land. Development activity on the island includes a 58-floor multifunctional tower and a 120,000 sq m shopping mall, designed to create strong footfall. The scheme is also attracting international brands, with Tonino Lamborghini positioning on the island. Future phases include a marina that would become Georgia’s first yacht club, alongside education and healthcare facilities, business centres, hotels and residential assets. “The real estate market will really grow in Georgia in a fast way,” Kamkia said. He linked this outlook to macroeconomic performance, noting: “In 2024, for example, Georgia had a growth of 10% yearly GDP, which is a world record,” adding that this creates the conditions for “bold decisions” and international capital inflows. The development is being delivered with a network of global partners. Arup is working on the masterplan and smart city concept, including collaboration with teams in Turkey and German experts. SHoP Architects, a New York-based firm, is leading on design, while feasibility studies are being conducted across teams in Tbilisi and London. Kamkia also highlighted the experience of infrastructure partners involved in the project, including firms that have delivered large-scale projects in more than 60 countries and developed international airports on artificial land in the Black Sea region, demonstrating the feasibility of such schemes. “We have for that passion, reason, numbers and our international friends,” he said. He added that platforms such as FIABCI provide an opportunity “to declare our results, bring our voice from the Black Sea and display what kind of unparalleled real development we have in our region.” Looking ahead, he framed the project as a signal to global capital. “We created all the environment and systems to develop Western understanding and structuring such kind of systems of business,” he said. Kamkia concluded: “We are very confident that we will execute this project in the near future.”

Speaking to Real FDI at Mipim 2026, Pálmi Randversson, managing director of Keflavík Airport Development Company (KADECO), outlines the strategy behind Iceland’s K64 masterplan and the growing international interest in the Keflavík Airport development zone. He explains that K64 - Iceland's Airport Region, as the project is branded, is a long-term development framework for land surrounding Keflavík Airport, aimed at attracting international occupiers and maximising the strategic value of the location. “K64 is a masterplan for the area around Keflavík Airport. We are promoting different development sites next to the airport, capitalising on the airport opportunities and also opportunities related to locating your businesses in Iceland.” Since launching the initiative in 2023, KADECO has been actively engaging with investors and occupiers, with particular momentum in digital infrastructure. “Currently, we have quite extensive data centre development taking place, both extensions to the current data centres that are located there right now, and we are also getting questions and enquiries from other data centre [developers] that want to locate in Iceland.” Randversson highlights Iceland’s structural advantages for the sector, including renewable energy and climate conditions. “I think data centres are quite logical because of the natural cooling, the access to green energy and the location at the airport is also a great benefit for locating your data centres and other types of businesses.” Beyond data centres, the strategy is focused on broadening the local economic base beyond tourism, including aviation-related industries and residential development linked to employment growth. “The ultimate vision and the sustainability part of the masterplan is creating more diverse job opportunities for the people who live there.” He adds that planning progress over the past year has brought sites forward for development, supported by coordination with local authorities on infrastructure and housing. “KADECO is the one-stop shop if you want to come and locate your business at the airport area.” www.invest.k64.is www.realfdi.com

Speaking to Real Asset Media at Mipim 2026, David Inskip, EMEA head of research at CBRE Investment Management, shares his insights on the outlook for European real estate, including market sentiment, sector dynamics and capital flows. Inskip explains that the market has firmly transitioned into a higher interest rate environment, with investors increasingly focused on income growth and net operating income as the primary drivers of returns. “At CBRE IM, through this coming cycle, we're really focused on income growth. So we've clearly shifted into a higher interest rate environment. We see the world staying in that environment, probably with more volatility there as well.” He highlights a more flexible, sector-agnostic investment approach, targeting markets and assets where strong occupier demand meets constrained supply. “So we're really focused on growing NOI across markets, that actually leads us to be quite sector agnostic. We're really focused on those pockets, be they markets or specific assets, where the strong demand is hitting a lack of supply, and we think that will be the key driver of returns.” In the office sector, Inskip notes that the sharp divide between prime and secondary assets is beginning to ease slightly, particularly in leading European cities. “For offices, what we're beginning to see is that the stark bifurcation between the best assets and everything else is maybe just moderating a little.” He points to London as a key example, where demand for prime space is starting to extend into the next tier of buildings and locations. “So in places like London, we do begin to see that demand for the very best space spilling over into the next tier of buildings and locations. So that's positive and certainly one for investors to watch.” Retail performance remains uneven across Europe, with stronger fundamentals in Southern Europe and more challenging conditions in Northern markets. “In retail, it's a very mixed bag. So you have markets like Spain, and to a slightly lesser extent, Italy, even the [CEE] markets, where actually the consumer picture is strong, sales growth is good. There are plenty of schemes across the types, be it high street, retail, park, shop in centre, where the prospects are good.” However, he adds: “When you move to Northern Europe, the picture isn't quite so positive, and you need to be a bit more selective. There we probably see retail warehousing leading over shopping centres.” On capital flows, Inskip observes a shift towards more domestically focused investment, although international capital continues to play a role. “With all of the uncertainty, I think capital has become a bit more domestic and locally focused, so the European capital is really important. But we still see the flows from around the world.” He adds that US capital is currently more constrained, while investors from Asia-Pacific and Canada remain active, often targeting higher-return strategies. “I think US capital is generally staying at home at the moment, but we see more flows from Asia-Pacific, from places like Australia. We also see flows coming from Canada. They're typically looking for a little bit of extra return, so more focused on the core plus strategies than the real core.” www.realassetinsight.com

Europe’s residential and living sectors are attracting growing investor interest, supported by supply shortages and shifting capital allocation, according to Rainer Nonnengässer, managing director of omniLiv. Speaking at Mipim 2026 in an interview with Real Asset Media, Nonnengässer said the region is benefiting from renewed global attention, although he stopped short of describing it as a defensive play. “I believe in the current global situation. Europe has gained a lot of attractiveness from an investor's point of view. I wouldn't say safe haven — I don't like the expression safe haven that much — but there is a strong appetite into Europe.” He highlighted strong investor demand for operational residential sectors, with capital targeting a broad range of living strategies. “Everything that is related to beds comes with a high attraction for investors. And this spans from hospitality through PBSA, multifamily into senior living.” Geographically, Nonnengässer pointed to Southern Europe as a key focus, particularly Spain and Portugal, while also identifying opportunities in markets that have undergone repricing. “As regards the geographical focus, I think Iberia is the flavour of the day. Germany has a lot of potential due to price corrections over the last two years. And to a certain extent I believe CEE will also see some renaissance in the next two years, depending on how the situation with Ukraine evolves.” He said structural imbalances in Germany’s housing market remain a key driver of rental growth, with demand continuing to outstrip supply following a slowdown in development activity. “In Germany the supply-demand situation is more or less unchanged. There is a high tension on the demand side, whereas supply — since the change in the interest environment three years ago — has cooled down, so development activities are significantly lower than years ago.” This dynamic is reinforcing urban concentration trends and putting further pressure on housing availability in major cities. “And this has an effect on rents. This has a concentration effect, where metropolitan areas are still seeing stronger inflow by people than other areas, and are even affected more by this gap than some years ago.” www.realassetinsight.com

Investor sentiment remains sharply divided as real estate markets navigate an uncertain macroeconomic backdrop, with structural sectors offering the clearest opportunities for 2026, according to Petra Blazkova, head of research and strategy at Catella Group, the European real estate investment manager.  Speaking to Real Asset Media at Mipim 2026, she said the firm has adopted a cautious but forward-looking stance in its latest outlook.  “Catella just published their house view for 2026 and we call it defensive positioning, but also it's a 'new spring', as a new spring is beginning,” she said. “But in this quite uncertain market, you have to think about your investment conviction very, very carefully — in the uncertain world that we have.”  Blazkova said the firm has shifted its focus toward structural opportunities, particularly within the living sector, where long-term demand drivers remain intact.  “We structured, we looked at it more from the structural opportunities, which is anything from living,” she said.  Within this, affordable and operational housing formats are emerging as key areas of interest.  “We like the affordable housing, obviously something that people can reach, operational living, whether it would be senior housing or some of the flex living. People like their flexibility when it comes, when we look into the future.”  Beyond living, Blazkova highlighted a shift in relative sector attractiveness compared with recent years. Retail is showing renewed potential, while central business district offices are beginning to present selective opportunities. Logistics, she suggested, continues to sit between cyclical and structural dynamics.  “And among the technical opportunities, I think what's becoming far more interesting than in the previous year would be retail,” she said. “CBD offices also, we see some opportunities there and logistics sit somewhere in between.”  She added that sentiment at this year’s Mipim reflects the broader uncertainty in the market, with little consensus among investors. “So this year Mipim is quite unusual to many others that we have been before. And what I hear in the last few days is that the views on the outlook and what's going to happen are quite extreme between the very positive and very negative,” she said.  “So, there is nothing in between really. So, there is quite a bipolarity among the attendants.”   www.realassetinsight.com

Romania is strengthening coordination between central and local authorities while overhauling investment legislation to attract international capital, Orsolya Mária Kövér, secretary of state at the Ministry of Development, Public Works and Administration, said. Speaking to Richard Betts, group publisher of Real Asset Media, at Mipim 2026 in Cannes, Kövér outlined reforms aimed at improving permitting processes, increasing transparency and creating a more predictable investment environment. “It is a very interesting destination because we still have a lot of resources. It is a very resourceful country. We have a lot of fields and domains which are not entirely covered yet, so still space for everybody.”  Kövér said legislative changes over the past year have focused on accelerating investment processes and reducing administrative barriers.  “We narrowed down the deadlines and put in place a whole new procedure and a wide range of digitalisation in order to be more efficient, more transparent and more predictable.”  The Ministry plays a central role in coordinating investment policy, urban planning and infrastructure development, while maintaining direct oversight of local authorities.  “We are in direct contact with the local authorities all the time… and all the financing that we are doing is towards the local authorities.”  This close relationship allows the government to align national priorities with regional needs, while also working with regional development agencies to shape investment strategies.  “It is very important for us to create a direct link to the regional development agencies… together with them we can create a more viable strategy.”  Romania is targeting a broad range of investment across sectors, with a particular focus on infrastructure development to support long-term economic growth.  “We are still very involved in the infrastructure part to develop further our railway infrastructure, our highway infrastructure, but also the secondary infrastructure in order to be able to irrigate all these main lines of routes.”  Kövér highlighted that significant parts of the country remain underdeveloped, offering opportunities for international investors across multiple asset classes.  “Practically, we have parts of the country which are still virgin. So, they need every type of action and every type of investment and we’re happy to welcome everybody.”  “It is very important for us to hear what they have to say… we can take into consideration for our future financing programming all these needs that we identify also in the private sector.”  By combining legislative reform, infrastructure investment and closer coordination with regional stakeholders, Romania is aiming to build a more competitive and scalable investment environment for global capital.

Europe’s data centre market is rapidly evolving into one of the most dynamic areas of real estate investment, shaped by digital transformation, geopolitical pressures and shifting stakeholder expectations, according to Thomas Veith, global real estate leader at PwC. Speaking at Mipim 2026 in Cannes in an interview with Richard Betts, group publisher of Real Asset Media, Veith said the sector has emerged as a clear focal point for investors seeking long-term structural growth. “People are looking for what the opportunities are. And as we have seen from our roundtable, data centres are of course the hottest thing, it seems,” he said. He linked the surge in interest to a broader transformation of the digital economy, with demand for infrastructure accelerating across Europe. Alongside this, geopolitical tensions are increasingly shaping investment decisions, particularly around data sovereignty. “One important topic that’s coming on top, driven by the geopolitics, that’s about sovereignty in Europe… we [will] need more local infrastructure here in Europe,” Veith said, adding that this is reinforcing demand beyond pure digitisation trends. While data centres have become a top investment class over the past three to four years, Veith stressed that the European market differs structurally from the US. Rather than being dominated by hyperscale developments, Europe is seeing a more diverse and fragmented landscape. “The range of data centre that we are seeing is really multiplying. It’s not just a hyperscaler… Europe is not such a hyperscaler market,” he said. Instead, growth is being driven by a mix of cloud providers entering the market, as well as facilities designed specifically for AI-led workloads. Co-location assets remain central, but the range of developments is broadening as demand diversifies. Sustainability considerations are also reshaping how and where data centres are built. Veith noted a clear shift away from large greenfield developments towards repurposing existing assets. “It’s less building the big 100 megawatt sites on green areas. It’s more the alternative use of current existing brownfield assets… like old office buildings,” he said. This approach reflects both environmental pressures and constraints around energy availability, which remain critical to development decisions. At the same time, the stakeholder landscape is becoming more complex. Governments, municipalities and local communities are taking a more active role in shaping data centre deployment, often weighing economic benefits against competing land uses. “It’s more, also, the society and the governments that are looking at this… every city is thinking about… what do I get out of the tax? How many jobs does this create?” Veith said. He warned that in some markets, this is leading to increasing resistance, with certain cities pushing back against further data centre expansion. “We see in some parts of Europe that this is a high competition where a lot of cities say, ‘no, we don’t want more data centres currently’. And that’s a bad trend,” he added. As a result, Veith emphasised that successful development will depend not only on securing power and connectivity, but also on managing a broader set of stakeholders. “The stakeholder management has to be widened… we have to also take care of the public, the governments, the local cities that want to have their stake out of the data centre transformation,” he said. The sector’s rapid evolution since Mipim 2025 highlights how quickly data centres have moved to the centre of Europe’s real estate investment narrative, with growth prospects remaining strong but increasingly complex to navigate.

With increasing complexity for real estate investors, partnerships are now being seen as key in terms of building and delivering solutions for clients according to Angie Abbis, Director, Data Digital Services Finance Automation at RSM in New York and Jan-Willem Jeucken, Associate Director Europe at Yardi as they discuss the expansion of their collaboration in Europe with Richard Betts of Real Asset Media. www.realassetinsight.com

Andreas Walter, partner and attorney at law at German boutique firm Yester & Morrow, says Europe’s real estate market is approaching a decisive turning point as refinancing pressure builds and regulatory reforms unlock new sources of long-term capital. Speaking to Real Asset Media, Walter said prolonged market inertia since 2024 is nearing its end. “In 2026, we are going to see a market movement. We've seen a standstill in the market for 2024–2025 because the refinancing. We had a record high refinancing rate which has not taken place. The can was kicked down the road. The banks didn't refinance. There was no pressure from the banking side on the lenders. We think this is going to shift, because as the first one within the line is going to fall, then it's going to have a huge impact on the overall market,” he said. He explained that lenders have so far been able to defer difficult decisions by relying on existing credit assessments, provided borrowers maintained sufficient cash flow. “There even is a legal reasoning for that, because the banks can prolong on their old assessments, even if it's a soft breach, as long as the capital flow is there,” he said. He warned that this flexibility is now fading. “Now, once that changes, they need to go into a new assessment. We think 2026 is going to be the year when, for the first time, there's going to be pressure from the banking side on the real estate sector to refinance,” he said. Walter also highlighted major changes in Germany’s regulatory treatment of fund structures, which he believes will reshape institutional investment. “Well, from the positive side, on the other hand, what we are currently seeing is a paradigm shift in the way the legislature actually treats the regulation on the fund sector,” he said. He said the reforms will enable pension funds to invest more directly in real estate and infrastructure through joint ventures. “Now, what does that enable? It gives us the chance to actually pool pension money, not only international but also German pension money, with a very direct investment ability from a fund into a JV, into the real estate and the infrastructure sector,” he said. A central element is the removal of long-standing tax risks that previously discouraged integrated investment structures. “Because they are taking away this huge risk of trade tax which was always there, banning people going into sensible economic structures, they had to legally separate them and therefore destroy value within the chain,” he said. He added that legislative reform will support more efficient deployment of capital. “Now, shifting this from the legislative side is going to give us the ability to have a direct investment into infrastructure and commercial activities, which is going to have a huge impact from our perspective,” he said. Walter sees infrastructure-led strategies as central to building more resilient portfolios. “And what is the core type, or the core essence, of infrastructure? It is way less volatile than real estate. So, you've got a steady income stream from the infrastructure,” he said. He argued that combining infrastructure and property investment could help address wider social challenges. “We can combine it with real estate and therefore have a real impact on big questions of the society. Like, how do we live? How do we combine living of the younger and the older generation? And how do we get back to vibrant inner cities?” he said. Environmental performance, he added, will be central to future development models. “Well, if we make them climate neutral, due to the fact that we have got renewable energies, and we can have a direct investment, we combine it with the real estate on which we are building it. It's going to be a win-win for everybody,” he said. Taken together, Walter believes 2026 will mark a transition away from financial forbearance and regulatory constraint towards tighter credit discipline and more flexible capital structures. While refinancing pressure is likely to expose vulnerabilities across parts of the market, he expects regulatory reform and pension-backed investment models to support a more stable and socially responsive phase of European real estate development in the years ahead. www.realassetmedia.com www.realassetinsight.com

German real estate debt strategies are entering a new market cycle with improving fundamentals, despite continued fundraising challenges and selective competition for lower-risk assets, according to Patrick Züchner, chief investment officer at Aukera Real Estate. Speaking to Real Asset Media, Züchner said Aukera benefits from a long operating history across cycles, even though the firm itself was established in 2020. “The team actually started very early in the cycle back in the day 2010,” he said. “We had the idea to create a German-speaking manager, and I think there was a need.” He added that the firm’s local positioning extends beyond language. “The German angle, not only language-wise but also mentality and documentation-wise, helped us a lot to get traction,” Züchner said. During the previous cycle, the team “was able to raise and invest more than 4 billion,” providing a strong foundation at the start of the next phase of the market. Aukera focuses on niche real estate debt transactions typically ranging between €10 million and €15 million. Züchner described this segment as “a nice sweet spot,” combining “an institutional type of property [and] an institutional type of sponsor,” while still benefiting from “a lack of competition in the market.” The strategy is deployed across sectors, although Züchner said offices remain the most challenging. “It’s even the most critical, I think, for the office market,” he said, citing weak macro and global trends. Despite this, he highlighted the role of experienced local sponsors. “They are nevertheless our local heroes, which concentrate on making real estate actively look nicer, feel nicer and get more attraction from tenants, and therefore also actively increase value.” As an example, Züchner pointed to a recently closed office financing in the Netherlands involving a global seller exiting the sector and a local sponsor stepping in. “On top of the purchase price there is a 15% capex tranche within the loan to increase the ESG side of the property,” he said. The building is “already 80% occupied,” and benefits from “an improving location,” which he described as “a combination of a niche product with a very bright future.” Looking ahead, Züchner expects financing conditions to remain demanding. “2026 will still be a competitive market on the very simple product side,” he said, adding that “if you tick only nine out of ten boxes, it will be very difficult for borrowers to get financing.” Based on his experience over the past decade, Züchner said capital deployment is rarely the main constraint in real estate debt markets. “Deal flow and deployment was never the bottleneck, but fundraising,” he said, noting that many German investors “struggle a bit these days to return to private debt, especially the real estate debt market.” Despite this, he struck an optimistic tone. “The environment is very positive,” Züchner said, adding that Aukera has completed “a first closing of our pooled fund recently for 2026.” He concluded: “I hope and I feel that this attraction will come back, that investors will invest heavily. The burden from the past is the success of tomorrow.” www.realassetinsight.com www.realassetmedia.com

Germany’s acute housing shortage, particularly in major cities such as Berlin, is driving growing demand for smaller, more affordable rental homes and reshaping development strategies across the market, according to Matthias Euler, managing director, Germany and Austria, at Greystar. Speaking to Real Asset Media at EXPO Real 2025, Euler said: “I think the German residential market is one of the hottest at the moment in the world. In Germany, we have a huge lack of residential apartments. People are not finding apartments, especially in the metropolitan regions of the top seven, like Berlin.” He added: “Finding an apartment in Berlin is almost impossible.” Explaining Greystar’s response, Euler said: “So, what we do — we have two routes. On the one hand, we construct small micro-living apartments with a big part of amenities that people feel like at home. [They] have a first entrance into a residential market, like in Berlin, before they start to search for a long-term apartment.” He added: “So we are sort of a buffer.” Alongside this, the group is developing more basic housing for long-term residents. “On the other hand, we try to invest into projects which do not have any amenities — no furniture — to allow local people to find an apartment in the long term for lower rents,” he said. “Because we need to ask for rents of €20 to €25 per sq m to cover the construction costs.” Euler said that while these rent levels remain high, they are stabilising. “They are still high, but they’re stabilised,” he said. “We need a bigger lot size for a project to have a sort of a scaling effect that helps us to cover the costs and to use modular construction and prefab construction. And this is how we try to solve the situation.” He also pointed to financing constraints across Europe. “The main driver in Europe is the capital, the missing capital,” Euler said. “So, we see lots of developers who have very good ideas, very nice plots, but not the capital to get the construction done.” He added that this is where Greystar steps in “by capital injections with the global presence of Greystar”. Highlighting the group’s global platform, he said: “We are managing one million apartments worldwide, so we know how to collect equity and to place investors and help them to get invested into Germany. We know how to produce the reporting they are expecting as an institutional investor. So, we are sort of a filter from institutional capital to local presence and local projects.” Greystar’s operational background also shapes its development model. “Greystar is originally a property manager for residential apartments. We know exactly what they need,” Euler said. “So, we always have at least two full-time employees in the asset: the technical asset manager and a community manager.” He added that many schemes require redesign. “If we take a look at a plot, we first check the layouts, because normally they are too big, the apartments. They were planned for build to sell and not for build to rent,” he said. “So, we optimise them, we reduce the square metres, we make more units in one asset than originally planned.” This approach extends to student housing and short-term accommodation. “We also think about PBSA for students, really made for students,” Euler said. “The student has another need. They don’t need 30, 40 sq m in their apartment.” As a result, “for students, we think about 20 sq m for an apartment”, while larger units of 30 to 40 sq m are aimed at business travellers and project-based workers. Euler said this combination of targeted design, capital support, and operational expertise is central to addressing Germany’s housing shortage as development costs and funding constraints continue to weigh on new supply. www.realassetinsight.com www.realassetmedia.com

Alexander Fröse, managing partner and founder of Periskop Living, outlines the group’s plans to expand its senior living investment strategy beyond Germany and into new European markets. Speaking to Real Asset Media, Fröse said: “Periskop Living is headquartered in Berlin. It’s an investment management company just focused on health care, typically on senior living, which means care homes and assisted living facilities.” He said the firm is now looking to deploy capital more broadly across Europe. “We already wanted to invest outside of Germany, and we are looking forward to having more of a European outreach, which means potentially in the Netherlands and other countries where we will allocate our future equity as well.” Fröse highlighted the scale of Periskop’s existing platform and its vertically integrated structure, saying the group has built a fully integrated holding company and invested roughly €200 million in the senior living sector over recent years. The strategy remains focused on value creation through hands-on management of existing assets. “To really maximise value for the society and our investors and ourselves, we have primarily a focus on existing assets, which we can reposition in having a real proactive asset management approach,” Fröse said. He added that development opportunities may also be considered where scale and returns justify the approach. “We are open to looking into development sectors as well, and at asset classes, if the business case makes sense, and in the best case, is scalable.” For further information on Periskop Living: www.periskop.ag www.realassetinsight.com www.realassetmedia.com

Commercial real estate lending conditions in the US are beginning to improve, with early interest rate cuts and a gradual recovery in office demand expected to support increased acquisition and refinancing activity through 2026, according to Helga Blum, managing director and head of US real estate finance at BayernLB. Speaking to Real Asset Media at EXPO REAL in October 2025, Blum said the US lending market had endured a prolonged period of disruption following the pandemic but was now showing early signs of renewed momentum. “The commercial real estate lending market has been challenged in the United States as a result of the global pandemic, as we all know too well,” she said. “We’re finally starting to come out of that and are hopeful that the rate cuts that the Federal Reserve has started will actually spur additional activity in the US commercial real estate market, both in terms of acquisitions [and] refinancings.” Blum said the improving monetary environment was underpinning a more constructive outlook for the year ahead. “So overall, I’m quite hopeful for 2026 to be a good year,” she said. Office market performance, however, remains highly dependent on location, with sharp differences emerging between US coastal markets. “The office market is really very dependent on the geographic market that we’re talking about,” Blum said. She noted that several West Coast cities continue to face structural headwinds, with weaker leasing demand and higher vacancy rates persisting in major urban cores. “I think the West Coast markets, for the most part, remain somewhat challenged,” she said, pointing to Seattle, downtown Los Angeles and San Francisco. By contrast, Blum said conditions on the East Coast are improving, led by a recovery in New York City and strong demand for high-quality office assets. “On the East Coast, things are starting to look up, particularly in New York City,” she said. “We see some of the trophy quality office properties doing very well.” She highlighted strong occupancy levels in prime Midtown locations as a sign of renewed confidence in the office sector. “There’s hardly any vacancy in the Park Avenue corridor,” Blum said. “New York City is back, and most firms are mandating their employees to be back in the office four or five days a week, so that has definitely helped the office market.” www.realassetinsight.com www.realassetmedia.com

Germany’s senior living market is entering a period of rapid expansion, driven by accelerating demographic change, improving affordability, and a shift away from traditional nursing home models, according to Kip Sloane, managing director at SCHÖNES LEBEN Group. Speaking to Real Asset Media at EXPO Real 2025, Sloane said the fundamentals supporting premium senior housing in Germany are now firmly in place, creating what he described as a rare window of opportunity for both operators and investors. “The market is a huge opportunity,” Sloane said. “We've got the right product, which is premium senior housing. Then we've got a huge demand accelerating [through] demographic change over the baby boomers.” He added that affordability is a critical part of the equation, distinguishing Germany from other European senior living markets. “People can actually pay for what they seek,” he said. “That is, for me, a huge momentum in the market, because the market structure has been kind of stiff throughout the last decade. And it's ripe for change and more development.” SCHÖNES LEBEN’s model focuses on premium living delivered as a central service, combining conventional rental housing with a wide range of on-site amenities. Apartments are unfurnished, typically around 70 sq m, and are designed to function as full private homes rather than care units. Residents can access a broad service offering, including housekeeping, facility management, and a 24-hour concierge. “We offer all the services you can think of,” Sloane said. “We’ve got a restaurant, a bar, a cafe, and we have utility spaces like a fitness area. We've got a sauna, maybe a swimming pool.” Care provision forms another core pillar of the concept, but Sloane stressed that SCHÖNES LEBEN does not operate nursing homes. Instead, care is delivered through mobile care and daycare services integrated into the residential environment. “I do have to explain that it's not a nursing home and that there are alternatives to nursing homes, which is, from a perspective of a customer, extremely important,” he said. “They want something different than a classical nursing home in 90% of the cases.” Once the concept is explained, it resonates quickly with residents and families, particularly when framed in a wider European context. “If one thinks of how do I want my Mum, my Dad, or myself to age, it snaps,” Sloane said. “I can just say, look at [integrated retirement communities] in the UK, just take a look over there, and then it's explainable.” From a regulatory perspective, Sloane said premium senior living offers significantly greater operational flexibility than traditional stationary care. “If you go into premium senior living, you basically don't have this high regulation,” he said. While rent legislation applies, he noted that mobile care is subject to far lighter regulation than nursing homes. “That makes it more flexible for me,” he said. “And I do have more niches for entrepreneurial freedom, which is always important on the operating side.” Looking ahead, SCHÖNES LEBEN has a substantial development pipeline already in place. “We have six more projects which have already been contractually signed, and which we will open throughout the next three years,” Sloane said. “And we're aiming at 10 to maybe, if all goes right, 15 new sites within the next five years.” www.shha.international www.realassetmedia.com

Indoor air quality is emerging as a commercial and regulatory priority for real estate owners, with growing evidence that combining air quality monitoring with energy management can improve tenant retention, asset performance, and financial outcomes, according to Jan-Kristian Westerlund, chief commercial officer at freesi. Speaking to Real Asset Media at EXPO Real 2025, Westerlund said indoor air quality has historically been under-appreciated in property investment, but is now gaining prominence following the Covid-19 pandemic and Europe’s energy crisis. “It’s a topic that is relatively new, so it needs more awareness,” he said. “However, after Covid and the energy crisis, it has increased in need through regulation.” Westerlund pointed to the revised Energy Performance of Buildings Directive, which will require indoor air quality monitoring and control in non-residential buildings across the EU. He said this regulatory shift has significantly accelerated adoption among property owners and managers. “The new Energy Performance of Buildings Directive is now requiring implementation of indoor air quality monitoring and control in all non-residential assets,” he said. “This has increased the awareness tremendously.” Freesi works with a broad range of real estate stakeholders, from commercial portfolio owners to cities and municipalities, with its technology now used by more than 100 cities. Westerlund said the company’s focus extends beyond data collection to ensuring that insights are understood and acted on across organisations. “It’s about the people adopting, learning how to use the technology, and using it to make improvements for air quality in buildings,” he said. This requires engagement across the entire ownership and management chain, from facilities teams and tenants to asset managers and portfolio owners responsible for financial performance. “We work a lot with the stakeholders, from properties to facilities managers, to the actual tenants, to the asset managers who are commercially responsible for the buildings, and to portfolio owners who make them as financial products,” he said. While indoor air quality monitoring is increasingly driven by regulation, Westerlund said clients remain focused on commercial outcomes. Many landlords are integrating indoor climate management alongside heating, ventilation, and cooling optimisation to ensure that energy savings do not come at the expense of occupant health. “Whenever they’re doing energy management on heating, ventilation, and cooling, they will always implement indoor climate management to bring the safeguard that they never do it [while] compromising the health, well-being, and comfort of the people inside the buildings,” he said. Improved air quality also supports tenant engagement and retention, which Westerlund described as a critical driver of asset-level financial performance. “Through better tenant engagement and satisfaction, the landlords are able to retain their tenants for a longer time,” he said. “This, of course, is critical for the finances of the assets.” On the investment side, Westerlund said decision-making is increasingly data-driven, with financial metrics central to adoption. “Our decision makers are financial decision makers, so they need to see the numbers,” he said. “They need to see the net operating income, how it changes from this. They need to see how long is the payback time for implementing this.” At the same time, freesi also works closely with sustainability teams, particularly where indoor air quality data supports reporting on social and health-related ESG metrics. “This is a perfect way of making it tangible in an area that is otherwise a little bit difficult for real estate managers,” Westerlund said. www.realassetimpact.com www.realassetmedia.com

People and capital must come together if European cities are to attract long-term investment and remain competitive, according to Annelou de Groot, chief executive officer for the Netherlands at Cushman & Wakefield. Speaking to Real Asset Media at EXPO Real 2025, de Groot said successful city investment strategies depend on aligning capital deployment with social outcomes. “The key takeaways for me is that it’s about two things. It’s about people and capital. And we need to combine both of them,” she said. She pointed to Cushman & Wakefield’s research into inclusive cities, arguing that investment decisions must go beyond financial metrics alone. “It’s not only around capital, it’s also around being inclusive,” de Groot said. She defined inclusivity as resting on four core pillars: sustainability, diversity, affordability and accessibility. While challenges vary widely across Europe, de Groot highlighted housing affordability as a shared pressure point. “What we see in general in Europe is that the affordability piece, mainly for housing, is a big challenge,” she said, adding that cities show far greater divergence when it comes to sustainability, accessibility and diversity. Looking ahead, de Groot said defence spending is set to become a major structural driver of urban development and real estate demand across Europe. “We are just at the start of a huge, huge impact of defence industry in the real estate markets, but also cities in Europe,” she said. She noted that European countries have committed to allocating around 3.5% of GDP to defence, a shift that will reshape demand patterns. “We will now be more focused on people. We will now be more focused on production, on logistics and on innovation campuses,” she said. Those priorities, she added, will translate directly into property markets. “These expenditures will also come down to real estate expenditures,” de Groot said. As European cities adapt to these structural changes, she argued that closer cooperation between the public and private sectors will be essential. “The big thing is to collaborate even more, public parties and private parties, not only to do the defence expenditures, but also to become a better city that combines growth together with sustainability and inclusivity,” she said. www.realassetinsight.com www.realfdi.com www.realassetimpact.com

Falling interest rates should help revive activity across the US commercial real estate market, supporting higher transaction and lending volumes, according to Vikram Killampali, senior director and manager of US commercial real estate finance syndications at Helaba. Speaking to Real Asset Media at EXPO Real 2025, Killampali was taking part in what he said was the first panel hosted in Germany by a US real estate lending organisation, aimed at giving European investors greater visibility on conditions and opportunities in the US commercial real estate market. He said the outlook for interest rates was turning more supportive for deal activity. “Right now, because there's a story about declining interest rates, that should be positive for the commercial real estate market, and that should spur activity, acquisition volume and more loan volume for banks like Helaba,” he said. He said the office sector continues to represent the main area of stress across US commercial real estate lending. “The challenge that I can see is consistent with what we've been experiencing for the past 18 months, which is in the office subsector, where there has been the most distress,” Killampali said. He added that the impact of the pandemic continues to weigh on office markets in many US cities. “After COVID, the office subsector and a lot of markets got hit very, very badly, and that's what caused a lot of loan losses for banks like Helaba and others with an office portfolio,” he said. Despite these pressures, Killampali said he remains positive on the medium-term outlook. “With that said, [I'm] excited about the prospects of commercial real estate industry in the US in the next couple of years.” www.realassetinsight.com www.realassetmedia.com

Warsaw’s long-term transformation of its city centre is strengthening the quality of life, attracting talent, and boosting private-sector investment, according to Maciej Fijałkowski, secretary of the City of Warsaw. Speaking to Real Asset Media at EXPO Real 2025, Fijałkowski said the Polish capital’s strategy focuses on combining heritage, contemporary development, and future growth, while positioning Warsaw as an open and inclusive city. “Our transformation track is one of combining history, contemporary and future in the city, along with a specific approach of being an open city for everyone who would like to come to the city of Warsaw,” he said. “Our goal is to make the city as good for living as possible — a city of high-quality services, but also a green city.” Fijałkowski said Warsaw is now one of Europe’s greenest capitals, supported by strong public transport connectivity and a high standard of urban services. A central pillar of this strategy is the redevelopment of the city centre, branded by the municipality as the “new city centre”. “Our priority in the last years and in the following years is the transformation of the city centre,” he said. “We transform public spaces and create better quality public space in markets, squares and parks to make the city as liveable as possible.” He added that high-quality public spaces, combined with safety and cleanliness, are key to Warsaw’s appeal for both residents and newcomers. “Warsaw is a very safe city — which is not obvious in European cities — it’s a clean city, and that makes it good for people to live in,” he said. According to Fijałkowski, improving liveability also supports economic development by expanding the city’s talent base. “By building high-quality public spaces in the city centre, we encourage people who already live in the city and those who would like to come but are looking for a place to move,” he said. “We try to show them it’s a good place for you.” He said this talent attraction is directly linked to investment potential. “If we enhance this pool of talent, if we encourage people to live and work in Warsaw, it gives them the opportunity to develop their skills and their dreams,” he said. “It also helps potential investors to make new projects.” Fijałkowski added that successful urban development depends on a balanced ecosystem. “All this requires all elements to work together — good investment projects from the private sector, high-quality services from the public sector, and demand from people,” he said. www.RealFDI.com www.realassetmedia.com

Falling interest rates should help revive activity across the US commercial real estate market, supporting higher transaction and lending volumes, according to Vikram Killampali, senior director and manager of US commercial real estate finance syndications at Helaba. Speaking to Real Asset Media at EXPO Real 2025, Killampali was taking part in what he said was the first panel hosted in Germany by a US real estate lending organisation, aimed at giving European investors greater visibility on conditions and opportunities in the US commercial real estate market. He said the outlook for interest rates was turning more supportive for deal activity. “Right now, because there's a story about declining interest rates, that should be positive for the commercial real estate market, and that should spur activity, acquisition volume and more loan volume for banks like Helaba,” he said. He said the office sector continues to represent the main area of stress across US commercial real estate lending. “The challenge that I can see is consistent with what we've been experiencing for the past 18 months, which is in the office subsector, where there has been the most distress,” Killampali said. He added that the impact of the pandemic continues to weigh on office markets in many US cities. “After COVID, the office subsector and a lot of markets got hit very, very badly, and that's what caused a lot of loan losses for banks like Helaba and others with an office portfolio,” he said. Despite these pressures, Killampali said he remains positive on the medium-term outlook. “With that said, [I'm] excited about the prospects of commercial real estate industry in the US in the next couple of years.”

Heribert Gangl, head of hotels and tourism at Erste Group Bank, said Central and Eastern Europe is entering a new phase of maturity in student housing and serviced living as demand spreads from more established Western European markets. Speaking to Real Asset Media at EXPO Real 2025, he said: "There seems to be good, positive dynamics in student housing and serviced living in CEE now, spreading over from the more established, mature western markets, and these are also the CEE markets where we focus on and are very keen to find new assets in this asset class." Gangl highlighted that institutional activity is reshaping the market as major operators extend their reach across the region. "What we have seen is now that there are a few dominant players building really large, sustainable platforms who are also now expanding in these parts, and this is going to continue, I believe, with a few major brands and owners, as investors are developing this space currently, especially due to student housing." He added that although inflation-led rent growth may begin to ease, demand drivers remain strong. "I think in the last two years this growth has obviously been driven by the overall inflation, the underlying inflation, and with that, the rent increases in the residential market, so I would expect this to slow down with the slowing inflation rates as well." He said: "But overall there's still a good growth perspective in terms of demand and on the rent side for student housing and serviced living products and co-living products, which is very much linked to the local residential market."

Jennifer Dixon, founder and chief executive officer of JD Solutions Group, said the European senior living sector offers a significant opportunity for US investors as demographic pressures and low penetration rates begin to reshape demand across the region. Speaking to Real Asset Media at EXPO Real 2025, she said the level of global interest remains striking. "There were so many different takeaways from [the] sessions and I think what was really surprising to me is that there is still just an incredible amount of interest and opportunity in the senior living market when we speak to that globally," she said. Dixon noted that the US market has already undergone consolidation and a rise in investor sophistication. "In the United States, we’ve seen significant condensing of operators and investment and we’ve seen a real sophistication on the part of investors in terms of understanding how they look at the data and their own operating structure," she said. "So, that’s been really interesting to look at and it’ll be an interesting theme to see as investors from all over the world and from the US come into this market — what that will play out as." She said American investors looking towards Europe need to understand regional nuances. "The more that US and American investors can understand the opportunities in the European and the German market, the market in Spain, the market in UK — it’s important for them to understand some of the nuances of those markets to be able to feel confident and investing there," she said. A key part of that, she added, is recognising the strength of the local operators already active in the market. "There are great and fantastic operators who are already in the space right now in Europe. And that’s been my greatest takeaway of meeting some of these incredible operators and learning about the things that they are doing." Dixon highlighted the scale of the opportunity by comparing penetration rates. "If you were just to look at the numbers right now, when you look at the market penetration in the United States can be anywhere from maybe 6% on the low end, all the way up to 12, 13, 14% in some heavily dense markets," she said. By contrast, she said, the figure in Europe remains far lower. "When you take that and you compare it to looking at the markets in Europe — I believe the number I heard was less than 1% in terms of market penetration, that’s an incredible opportunity," she said. "And if you pair that with looking at the incoming wave of boomers who are coming right now, it’s very similar across the board." She said the shortage of housing options for seniors is now becoming a global issue. "We are facing a shortage of housing options for our seniors. And, so, this is a problem that we can all work together to solve," she said. "There are many misperceptions and misconceptions about senior living." Even in the US, she added, misunderstanding persists. "And even in an advanced market like the United States where senior living has been around for a long time, there is still this false perception that it isn’t about independence, it isn’t about preventative health. It isn’t about any of those things," she said. Looking ahead, Dixon said the messaging around senior living needs to reflect its real purpose. "When we look at the messages that we have to carry, we have to understand how senior housing can help support that," she said. "What we’re looking at is how do we help our residents, our seniors live longer, live stronger, live very vibrant lives." www.SHHA.international www.realassetinsight.com

Digital transformation is becoming an urgent priority for real estate owners and occupiers as artificial intelligence reshapes operating models, according to Daniele Di Fausto, chief executive officer at eFM. Speaking to Real Asset Media at EXPO Real 2025, he said the sector is only now beginning to confront the scale of change required. "The market is starting, so digital players, especially in the real estate, are far behind digitalisation, but now artificial intelligence is coming, and some clients are preparing for the new journey," he said. "There are three reasons that real estate, especially for corporations, is a non-core function. So, they invest more in the production side, in the core business, and not in the real estate." He added that digital adoption has been held back by organisational silos and a historical lack of pressure to cut costs. "Now the situation has completely changed, so we are living in a crisis, and companies are trying to adapt easily; otherwise, they will be out of the market." Di Fausto said the most immediate benefit for clients is the speed of decision-making. "The level of ability to change in getting information, in processing and getting fast results is one of the key drivers. After some time that they are using, the other point is productivity. And, so, efficiency is a consequence of the adoption." Yet cultural resistance remains one of the biggest obstacles. "Even internally, they are struggling to have training and explaining the benefits of this approach to the employee. And the reason why is that AI will even cut a lot of jobs. And, so, the adoption has even negative consequences in the employment of the people." eFM is working with major corporates undergoing large-scale transformation. "We have different big clients in Germany. One of the biggest is Bosch. So, we have corporations that have millions of sq m, and they are facing this transformation, so they are using eFM in order to make a transformation in the digital estate," he said. "In the United States, even we have big clients like Samsung, San Diego Gas & Electric." Banks across Europe are also reconsidering how branches should operate in a digital environment. "It's very important to start with a pilot project to prove the value of the technology and then to prepare the scalability," he said. "What we are seeing is that most of the companies are building digital agents for their employees." Demographic pressures add urgency. "In the next five years, the workforce in Europe will be half. So, the big problem that we will face is the number of people with a technician background [who will retire]. No new people coming from university," he said. "How we can face the loss of knowledge and how AI can be another [resource] to help this transition and not losing the knowledge and helping us to increase the productivity?" He expects hybrid human–AI teams to become commonplace. "In the next five years, we will have a lot of teams hybrid with normal people and digital agents to be managed in an integrated way. And this will be a cultural issue for a manager to have an employee and agents to manage together." Di Fausto warned that companies that delay action risk falling behind. "It's becoming a necessity not to postpone the adoption of digitalisation. Without data, it's not possible to have a digital strategy," he said. "More they will start, more they will learn. But if they do not start, they will lose the competition to others very, very soon. So not having a strategy in place with artificial intelligence in real estate can cost millions of euros to the company that will start in one year or two year time frame." www.realassetimpact.com www.realassetmedia.com

Romania's North-East region is positioning itself as an emerging investment destination, backed by major EU funding, expanding industrial capacity and proximity to fast-developing markets. Speaking to Courtney Fingar, editor of REAL FDI, Sebastian Hrib, head of the Brussels Office at the North-East Regional Development Agency of Romania, said the area combines untapped potential with accelerating modernisation. The region covers around 37,000 square kilometres – larger than Belgium – and is home to 3.3 million people. It benefits from a €1.75 billion EU investment package running through 2027. Iași, the region's largest city, acts as a research and innovation hub supported by universities, R&D centres and one of Romania's busiest airports. The wider area has industrial heritage, an expanding agro-food sector and a developing technology ecosystem. Priority sectors, based on the region's smart specialisation strategy, include IT&C, health, energy and environment, textiles, tourism and agrifood. When asked what is drawing foreign interest, Hrib pointed to strategic positioning. "We are in a window of opportunity that opens only once in a couple of decades due to geopolitical status," he said. "We sit right next to Ukraine and Moldova. Ukraine, we already know, will need reconstruction. And Moldova is an EU candidate state, a future part of the EU single market." The region offers multiple entry points for investors, supported by 4.5% unemployment, nine industrial parks with expansion capacity, and state aid intensity of 50–60% of investment value. "Add to that political stability, the next elections are in four years, and a high number of people who speak English and make doing business easier," he said. Priority locations include industrial parks near Iași, Bacău, and Suceava, which are positioned to become technology and logistics hubs. Dedicated EU funding is available for infrastructure, digitalisation and innovation. Hrib acknowledged the region faces lower GDP per capita, labour productivity needs and infrastructure gaps. However, he stressed that foreign direct investment can help close the gap. "To do that, we need to become more competitive, to create more value and to bring in industries that generate high added value and naturally high wages," he said. A key strength is the local talent pipeline. "We are the largest academic hub in Eastern Romania, with more than 60,000 students every year. And that is a powerful engine for any investor looking for long-term growth." International companies, including Amazon and Continental, are already active in the region, alongside Romanian groups such as Antibiotice and Autonom. The North-East Regional Development Agency works with local authorities and financial institutions to support incoming investors. "The most important message today is we are reliable, open and fast to respond," Hrib said. "As an investor or consultant, you will always find an answer, a partner and a solution with us." Investors can contact the agency via LinkedIn or through its website aderenordest.ro. www.realfdi.com www.realassetmedia.com

Regional investors and domestic buyers are playing a growing role in Poland's real estate market as cross-border capital within Central and Eastern Europe expands and Polish businesses increase their exposure to institutional assets. Speaking to Real Asset Media after a CEE investment briefing held at the CMS offices in London, Michał Mieciński, partner in the real estate and construction team at CMS, said the event brought together leading industry panellists and highlighted both the market’s growing maturity and the shift in capital sources. "One of the subjects we've been discussing was the source of capital, and we see regional capital being more and more important." He noted that neighbouring countries are increasingly active in Poland. "For example, Czech investors investing into Poland, Lithuanian investors investing into real estate in Poland. So, we see this intra-regional cooperation and investment opportunities." However, a long-delayed policy change continues to weigh on the market. "Unfortunately, we don't have REITs in Poland, and work on that structure has been suspended so far by the Polish government," he said. "We still do hope that this will return, and eventually we'll have REITs in Poland." Despite that absence, domestic buyers are increasingly active. "In the recent year, we see significant increase of Polish capital into real estate transactions. Compared to last year, when it was roughly 10% of all investments in Poland, this year it's roughly 25%," he said. The trend is visible across multiple sectors. "So, we see Polish businesses investing into institutional real estate, into offices, but also other sectors."

Financial considerations are becoming the driving force behind Europe’s decarbonisation of real estate, according to Aleksander Grabecki, counsel at CMS. Speaking to Real Asset Media at EXPO Real 2025, he said retrofitting is now the only viable route to meet looming EU climate deadlines. Grabecki said landlords face a tight regulatory window. “The EU is pretty clear about all the buildings needing to be net zero in 2030. It’s in five years, basically; it’s one lease cycle away — not much time.” He added that “80% of the existing buildings will be with us until 2050, so much longer”, meaning new developments cannot replace enough stock to meet demand. He pointed to the sector’s carbon footprint. “The built environment is accountable for 42% of the carbon emissions worldwide… and two-thirds of that is really operational carbon footprint, and only one-third is the embodied carbon footprint.” This means, he said, that “construction and demolition of the buildings is only one-third, and two-thirds is the energy bills, water consumption, things like that, so it’s decades of bills being paid”. The financial case for retrofitting now aligns directly with ESG outcomes. “The conclusion of that is that we really can do it and should do it from the financial perspective… so basically, caring about the melting icebergs is also caring about the Excel of the financial fund.” Digital tools are strengthening the link between emissions reduction and operating costs. “Now with AI and much more digital tools like building information modelling (BIM), and things like that, real estate agencies offering services like plug-ins to building management systems (BMS), allowing you to cut costs for some savings that could translate into rent increases; it really creates a good environment actually to tweak with the ESG credentials.” He said the key message from the market is clear: “This is the key takeaway, when we can basically marry the financials with caring about the climate.”

Poland's living sectors are evolving from niche offerings into recognised institutional investment products as student housing, micro-living, and co-living models expand across the market, according to Agata Jurek-Zbrojska, partner and head of real estate and construction at CMS in Poland. Speaking to Real Asset Media at EXPO Real 2025, she said the evolution of those sub-sectors across Europe has changed how investors view the wider living market. "It's wonderful to observe the students' housing and the other sectors of living like micro living and co-living in [recent] years in Europe," she said. "I think that this evolved from the niche sector to the [core] real estate asset class, and we do see in particular student housing models as the investment products in Europe, across all countries in fact." Although Poland remains earlier in its development cycle, she said growth is strong and accelerating. "For Poland this is still the really very dynamically evolving asset class," she said. "We still do have a shortage of professional student housing. Micro and co-living are really, really like a micro percentage, but this is really growing, in particular the student housing." The rise is mainly driven by the influx of international students and the expansion of English-language programmes at Polish universities. "This is connected in particular with the flow of international students to the Polish cities, and of course again this is connected with the evolution of the Polish universities, which focused also on growing possibilities for international students to study in English," she said. Jurek-Zbrojska expects demand to continue strengthening in the short term as more investors seek exposure to the sector. "So, that's really important. In the short term, I think that this dynamic will be the same. So, there will be an inflow of new investors, I hope, in this sector." She said macroeconomic conditions remain an external factor, but Poland's fundamentals present a solid case for capital targeting student housing. "Of course, everything depends on the macroeconomic situation and some questions which we cannot answer, and they are independent of anybody, of ourselves," she said. "But taking into account the economic growth and other economic indicators in Poland, I believe that this will give strong arguments for investors to come to this sector in particular." She added that both international and domestic student growth — combined with rising household incomes — should support continued market expansion. "When you see the growth of international students coming, the growth of the students — also national — and obviously the economic growth in Poland allows also the national students to use a bit more expensive student accommodation," she said.

Property and investment managers are still struggling to work effectively with the volume of data generated across real estate, but AI tools and closer alignment between stakeholders can significantly improve outcomes, according to Mike Harrison, executive vice president and chief strategy officer at NTrust. Speaking to Real Asset Media at EXPO Real 2025, Harrison said the sector continues to grapple with incomplete, inconsistent datasets. "The industry is still struggling with data. There's a lot of data. Is it clean data, and is it available when you need it? Is it comprehensive? Does it cover all the components needed to make good business decisions? The answer today is not really." He said AI and structured human-in-the-loop processes can materially accelerate data preparation and standardisation. "Now with AI and with human-in-the-loop capabilities, structured capabilities in terms of managing process, we can turn data around very much more effectively as a platform through data as a service, and so by applying AI concepts and algorithms to the data, we can now clean it much faster and provide more data on a more regular basis." For investment managers, the priority is speed. "As an investment manager, you're always looking for the opportunity to source the data quickly, so you can do your real job, which is managing the asset and determining the strategies and within the lifecycle," he said. "But a lot of time we spend just cleaning and managing data." Harrison said better coordination between property managers and investment managers remains essential. "The idea is to get the property managers on the same page with the investment managers on process and timing and what is needed in terms of reporting," he said. "So I think that is the biggest challenge, and finding the right hub to share information and have visibility and accountability is critical to the process." He added that firms should always test operational changes before fully rolling them out. "If you're looking at a technology, a new process, a change in organisation structure, a third-party provider, you always pilot that first, confirm that it's really going to work before you put your feet in. Change management's big." NTrust supports clients through these transitions with structured frameworks. "What we do is we provide playbooks and onboarding concepts and then project management around that through our organisation and through some of our partners to help clients make that change because it is a big change," he said. Harrison emphasised that clear objectives and strong communication are vital. "It is important to plan and to structure with any type of change, whether it's organisational change, process change, data and system changes. You always want to put together a plan, and the plan is not just to get through it," " he said. "The plan is to improve things, have good objectives, and then set the plan out for everyone to understand, buy into the process, have the objectives in front of everyone so they understand what you're really trying to achieve and then work together. It's important; communications are critical." "We support all of that. We're engaged in a lot of that. We have partners that do that work, but it's critical for our clients as we walk through the process together," he said.

Martin Betts, vice-president of commercial real estate, EMEA, at NTrust, said real estate investors are increasingly frustrated by the time and money they spend trying to manage fragmented data, a problem he argues can now be solved with AI-driven tools. Speaking to Real Asset Media at EXPO Real 2025, Betts said the issue has become a constant theme in conversations with senior executives. “The question I'm being constantly asked, or it's just an issue they're having, is how much time people are spending trying to sort data out,” he said. “Literally, I've just come from a discussion with a CEO, a fund manager, where he said, I've fed up of paying people to just try and manage data and not utilise it. It's costing me a fortune.” Betts said NTrust’s NSigma3 platform centralises and standardises multiple data types and formats so that fund managers and investment teams can focus on higher-value work. “Our platform called NSigma3 solves that problem, where that problem is no longer dealt with by the fund manager or the investment manager,” he said. “We're then dealing with that problem with data as a service, so we are leaving their data analyst team or their asset management team to go ahead and do their day-to-day jobs and not try and struggle with the complexities of multiple data types and formats and whatever from lots of different providers. Freeing them up to do their jobs, that's what our platform allows them to do.” However, he said the market still needs clearer understanding of how the technology works and why this generation of platforms is different from earlier attempts. “Education is needed,” he said. “I think people have seen these data platforms come and go. This is different. The AI has been trained on 20 years of experience of all the data that's come through our business, and that allows real efficiencies in time.” Betts added that the system blends automation with human oversight. “You do need the human in the loop, but 90% of that time is being taken by AI and 10% by the human reviewer to deliver data consistently, but also correctly as well.”

Turku is positioning itself as one of the Nordic region's most dynamic investment locations as strong growth in life sciences, innovation, and major waterfront development reshape the Finnish city, according to Vesa Palander, director of business and economic development at the City of Turku. Speaking to Real Asset Media at EXPO Real 2025, Palander said Turku's long history and fast-expanding economic base underpin its current momentum. "Turku is the previous capital of Finland. We turned 800 years old in 2029, making it the oldest city in Finland — about 350,000 inhabitants in the Greater Turku region," he said. "We're growing pretty fast, 2% per annum. It's a city that combines history and innovation. For example, makers of the biggest cruise ships in the world." Life sciences remain one of the city's strongest economic pillars. "We export about 75% of Finnish pharmaceutical products and services, diagnostics, life sciences, women's health tech," Palander said, adding that Turku is also "pretty strong in artificial intelligence, trying to be the kind of leading government tech city in the Nordics, hopefully even at the European level". He noted that real estate opportunities are expanding alongside economic growth. "Plenty of things are happening as well in all areas of real estate investment," he said. Much of the current development is concentrated around Turku's coastline and riverfront. "We start basically from the seaside, because Turku is the key [port gateway] to the Finnish archipelago. We have about 40,000 islands," he said. "Currently, it's maybe a city divided by a river, but we really, really wanted to make a sea city." New schemes include "a residential area close to the Turku castle, which is at the river mouth," as well as mixed-use districts that combine homes and offices. Turku Science Park, already home to two universities and thousands of workers, is a core focus for further expansion. "Two universities in the area, 20,000 students, 40,000 professionals already," he said. "That's an area which we really, really want to make one of the leading hubs in the whole Nordics." Women's health technology is emerging as a global export engine. "Women's health technology is maybe the strongest area. We're exporting billions of pills basically to all different areas. Bayer, a German company, has its state-of-the-art production facilities in Turku," Palander said. "A lot of R&D as well. The universities have a lot of research going on in the life sciences area. And it's also a very lively startup scene in life sciences." Tourism and leisure investment also offer untapped potential, particularly across the region's vast archipelago. "Turku archipelago is probably the best-kept secret in the whole country," he said. With "40,000 unique islands combining Finland and Orland," the area presents new possibilities for sustainable hospitality and recreational projects. "That's an area which is pretty much untouched from real estate development perspective as well. A lot of unique opportunities for building up that next experience, whether it's for wintertime tourism or summertime. So, the Turku archipelago is definitely the place to invest."

Elín Guðnadóttir, programme director at Kadeco, said the push for sustainability and decarbonisation in real estate will only succeed if global ambitions translate into locally grounded implementation. Speaking to Real Asset Media at EXPO Real 2025, she emphasised that the sector’s biggest challenge is aligning municipal and institutional stakeholders behind a shared vision. Guðnadóttir said the industry often treats sustainability as a fixed plan, but in practice it functions best as “a process” that creates space for collaboration. “You can make the strategy, like you have a beautiful project, and you make a very comprehensive sustainability strategy. However, if you look at it as a process, it is a platform for dialogue between key stakeholders,” she said. For Kadeco, which works across two municipalities and alongside airport authorities, that dialogue-first approach is essential from the outset. “And in our states now, it's more about dialogue with the municipalities, with airport authorities, creating that trust between those stakeholders and then taking it further to the implementation stage, getting financiers or companies or businesses that want to establish themselves,” she said. “Then we already have that trust between the key local stakeholders.” Achieving alignment is rarely straightforward, she acknowledged, because sustainability still means different things to different groups. “Getting people on the same page with this is always a challenge, but it's also getting people to an understanding of it. What does it mean? But it's also about listening,” she said. As a land developer, Guðnadóttir said Kadeco’s approach is rooted in understanding local needs before pursuing wider ambitions. “The key thing for us as a land developer, as the owner of the land, but actually operating within two local municipalities, is to listen and understand the local needs. And we won't do anything globally unless we have the local stakeholders with us.”

Commercial real estate professionals must adapt to shifting global dynamics by rethinking how decisions support long-term business performance, according to Paul Danks, international representative on the SIOR Board and director at DRG Group. Speaking to Real Asset Media at EXPO Real 2025, Danks said: "What we're seeing right now is that the real competitive edge in commercial real estate comes from understanding how global forces are shaping local markets and being able to respond quickly to those changes." "At SIOR, we have over 4,000 members in over 50 countries, which gives us a constant stream of on-the-ground insight, and that's vital when clients are looking not just for advice but for forward-thinking solutions," he added. Danks said clients that succeed are those "asking better, more strategic questions about how their space supports their business." He added: "This isn't just a period of change, it's a real opportunity to rethink how real estate can drive performance, reduce risk and support long-term goals like flexibility, innovation and sustainability." He emphasised that sustainability has become fundamental to competitiveness in the sector. "If you're not taking sustainability seriously, it is actually a licence to operate," Danks said. "If you are not really adjusting your approach to dealing with real estate, to investing with real estate and to occupying real estate, then you're going to be facing some serious challenges in the future." "At SIOR, we take ESG and ESG strategy and sustainability very, very seriously and support our members across Europe in working with their clients on that very important subject," he explained.

Investor sentiment towards European residential markets has turned increasingly positive, according to Hilke Nijmeijer, senior portfolio manager at CBRE Investment Management, speaking to Real Asset Media at EXPO Real 2025. "You can sense there's more market momentum now. There's more positivism, opportunism about the markets," she said. "There is more interest and enthusiasm from investors to actually step into the residential markets, both in more affordable housing and PBSA." Nijmeijer said the improved mood is translating into higher deal flow and stronger confidence across the sector. "That mood is positive. That also means that there's more deal flow coming, and, yes, there's a strong focus there." She noted that the uncertainty affecting broader real estate markets has eased, particularly regarding rental regulation and taxation. "If you specifically look at the residential market, the regulation on rent, on taxation is having a more direct influence," she said. "That's something to navigate through, but that's also stabilising nowadays. And that is not holding back to invest in the residential market, where there's still an attractive risk-return profile to step into." According to Nijmeijer, both geopolitical and regulatory conditions are now more predictable, giving investors greater confidence to re-enter or expand in residential. "So, I think geopolitical, it is more stable now and also on the rental regulation, it's more stable. So, positive green lights for investing in a residential market," she said. She added that demand remains strongest in large Western European cities, where supply shortages continue to support rental growth. "Basically, all cities in Western Europe are of interest. The major cities where there's a huge demand supply imbalance, so the fundamentals for residential are right." CBRE IM is also identifying opportunities in higher-yielding markets. "We have more specific interests nowadays in high-yielding countries like Ireland, Italy, Spain, but also looking at the risk-return profile. So, a wider interest than just those countries."

Brad Gries, head of the Americas at LaSalle Investment Management, said the logistics sector is evolving as similar demand-side trends shape both the European and US markets, albeit for different reasons. Speaking to Real Asset INSIGHT live at Expo Real 2025, Gries said there were “some similarities in terms of how the European market is operating relative to how the Americas markets are operating, but also some unique differences as well." He added: “It was very clear to me that there's an evolution happening across the logistics market, both from an investor perspective as well as from a user-occupier perspective." According to Gries, the main difference between the two regions lies in the rise of defence-related investment in Europe. “The big thing that's different, especially from a user-demand standpoint, is defence spending in Europe and the increase in that over the foreseeable future relative to a more stable market in the Americas,” he said. However, he added that several trends are common to both markets. “Many of the other same trends are happening in terms of advanced manufacturing, battery storage. We have a big chip manufacturing, semiconductor manufacturing in the US that's helping drive demand across various markets.” Turning to the Americas, Gries said market fundamentals are improving. “We're seeing fundamentals improve, supply pipelines have tapered off, demand is stable but a little bit more muted than it was at the peak of the market. So, I think that fundamentals will improve. I expect yields and pricing to remain relatively stable.” He added that more investors are returning to the market. “We have more capital returning into the market, but we've also got a lot more opportunities as sellers start to bring more opportunities to the market. So, I think that will stay relatively balanced, and that assumes the relatively stable long-term interest rates over the foreseeable future,” he said. www.realassetinsight.com www.realassetmedia.com

Speaking at EXPO REAL 2025, David White, head of LaSalle Real Estate Debt Strategies, Europe at LaSalle Investment Management, said Europe’s lending market is in a unique phase, with renewed demand for debt and more acquisition financing returning to the market. “The European lending landscape today is in a really unique situation. We spend a lot of time analysing data, we collect a lot of that, and we look at where things are going. Our pipeline has generally been reasonably similar for the last three or four years in terms of gross lending capacity in the market,” he said. “In terms of trends, we're seeing a lot more acquisition financing coming to market, particularly in the recent months. There was a little bit of a pause towards the beginning of the year, but it's been ticking back up to levels that we haven't seen since 2022. So acquisition financing is a big component of seeing transaction volumes within the market.” White added that capital availability remains strong but selective. “There’s definitely a lot of demand for debt. There’s a lot of capital coming to market, there are a lot of new players. But at the same time, we’re all trying to figure out where to pick our spots, where we need to be investing.” He said LaSalle’s approach is rooted in understanding real-estate fundamentals and borrower business plans. “It’s a matter of thinking about what real-estate types we like and also what basis we’re comfortable with in an environment with limited transaction volume. As a house, we plug into our research and strategy business, we plug into our equity colleagues all throughout Europe. So we have a pretty good finger on the pulse in terms of what we like from a real-estate type perspective. “We’re very actively lending within those sectors. That includes anything from living, hospitality, logistics, data, leisure, etc. But at the same time, we are a lender. So we follow our borrowers and spend time with them, understanding the business plans that they’re executing. And those that we support, we’ll think about what basis we’re comfortable with. We can get a little bit more creative in terms of other property types when we’re doing that analysis.” He said LaSalle’s debt strategies platform benefits from a broad capability set. “We lend anything from green lending, senior secured lending, whole loans through to mezzanine and even preferred equity. So we can execute on deals, anything from €50 million to €500 million, depending on the transaction.” White emphasised that LaSalle’s scale and internal expertise are key differentiators. “We have six offices located throughout Europe. We have equity investors, asset managers, and research and strategy. We also have our internal legal, capital markets, and sustainability teams. That collectively really gives us the ability to drive in one direction and deploy capital in a very efficient way, understanding risk, underwriting risk, pricing risk, and getting deals done.” “We’re able to offer certainty of execution, but also speed and creativity around offering bespoke solutions, which I think is a unique differentiator for us,” he concluded. www.realassetinsight.com www.realassetmedia.com

In an exclusive interview at EXPO REAL 2025, Sally Bruer, head of EMEA logistics & industrial and retail research at Cushman & Wakefield, said Europe’s logistics and manufacturing sectors are poised for renewed investment and development momentum despite near-term economic uncertainty. “We all agree that there is a lot of uncertainty in the market, particularly around businesses and their ability to be able to make choices and decisions in this challenging environment,” she said. “But we see in the mid-term lots of tailwinds which are coming forward for European logistics and manufacturing which are set to bolster the opportunities for investors and developers.” Bruer pointed to the return of long-term, conviction-driven capital targeting logistics and industrial assets. “We're seeing a re-emergence of capital types coming back to the market, particularly core capital,” she said. “We're seeing a selective approach to investment but certainly lots of capital having conviction in the sector and of the long-term opportunities within logistics and industrial real estate.” She emphasised that demand for efficient and sustainable space remains consistent across Europe’s diverse occupier base. “Each business will be different but there are lots of opportunities across different types of sector, across different types of assets,” she said. “No matter what, there will always be a requirement to move product, and it's having the right real estate to be able to capture those opportunities — efficient space, sustainable space, space that allows for flexibility.” Bruer added that collaboration between investors, developers and occupiers will be essential to capture growth while managing risk. “There are some challenges for investors and developers to be able to capture some of those opportunities,” she said. “It’s working carefully and closely with occupiers in order to be able to find the right real-estate solutions, mitigate risks, but also importantly seize the opportunities.” www.realassetinsight.com www.realassetmedia.com

Europe’s real estate financing market has turned “extremely liquid” for prime assets as banks compete aggressively to deploy capital, according to Duco Mook, head of treasury and debt financing, EMEA at CBRE Investment Management. Speaking live at Expo Real 2025 with Real Asset Media, Mook said sentiment had improved markedly compared with last year’s event. “I’m seeing the market as very positive today, definitely if you compare that to the last year Expo Real,” he said. “If you look now, the real estate finance market is extremely liquid, especially for prime products. I think banks have difficulty to deploy their equity.” He noted that lenders were “pitching for the same level of transactions” and that “we see quite a lot of price tension for best-in-class products.” Interest-rate stability is underpinning that shift. “Interest rates-wise in Europe we have a normalisation of the interest curve. The ECB is at the end of the rate cut cycle. There might be another rate cut but in principle they’re at the end so that means that the short-term interest rates will stay where they are and we actually have seen a small increase of the long-term interest rates.” Mook described the current environment as favourable for quality borrowers. “For a prime product, income-producing standing assets in strong locations, it’s a borrower’s market. Banks are fighting for the deal and the offers that ultimately we present as a house to our investment committee to ask approval are really strong offers.” However, he cautioned that liquidity was uneven across the market. “That’s not representative of the whole market. I think pricing in general is quite scattered. There could even be 100 bips difference between your final offer and the losing banks so it’s for banks also difficult to read the market but for best-in-class product it’s absolutely liquid.”

Investors are increasingly focusing on resilient, energy-efficient and ESG-compliant logistics assets as market uncertainty drives a clear flight to quality, according to Maximilian von Medem, investment management logistics DACH at Union Investment Real Estate GmbH. Speaking to Real Asset Media at EXPO Real 2025, von Medem said: "Due to current uncertainties in the market, geopolitical disruptions and tariff risks, we see a flight to security, to resilience and to flexibilities. We see a flight to quality. They need assets that are ESG-compliant; they need energy-efficient assets." He added that the leasing market has stabilised, with speculative development declining — a trend that is improving the value of standing assets with secured leases. "Certainly, there is a spread between prime and secondary assets right now," he said. Von Medem noted that core capital is returning to the sector but remains highly selective. "They are very, very focused on energy capacity, data capacity and ESG compliance," he said. "We hear quite a bit about reduced focus on sustainability, but we don't really see it in the market at all. Our tenants and our investors have a very strong focus on it." The pricing gap between sustainable and non-sustainable assets is widening, he added, though demand for traditional certification schemes is falling. "There is a big spread in pricing between sustainable assets and non-sustainable assets," von Medem explained. "On the other hand, where we see a decrease in demand is for the classic labels. We don't look at the labels so much as we look at the CRREM [Carbon Risk Real Estate Monitor] path. We look at the EU taxonomy, but not so much on the labels."

ULI Europe will bring senior real estate executives to Paris this week for the latest C Change Summit as the organisation steps up efforts to scale decarbonisation across the industry. Speaking to Real Asset Media's Richard Betts, Sophie Chick, vice president for ESG programmes at ULI Europe, said the summit forms part of a wider four-year initiative "to speed up and scale up decarbonisation of real estate across Europe". She said the annual gathering is intended not just to highlight keynote speakers but to bring people together to take part in workshops that help develop practical solutions for the sector. "So, working towards these solutions that we're creating through the programme," she said. One of the main features in Paris will be the launch of the Preserve Tool, developed through the C Change programme over the past year. Chick described it as "a tool that we've been working on as part of C Change for the last year. And it's designed to quantify transition risk in a consistent way," adding that it is "a really exciting and a very topical tool at the moment, really bringing in that business case and that financial aspect into transition risk and into that ESG world". Affordable housing will also feature prominently. ULI Europe will present the first outputs from its new C Change for housing programme, including a mapping exercise examining the barriers to decarbonising affordable stock. Chick said the initiative highlights "what are the main barriers holding back this availability of decarbonised affordable housing? And then what are the intervention areas that we need to take forward to overcome these barriers?" The agenda will include global and local perspectives. She confirmed that Lord Alok Sharma, chair of the UK Transition Finance Council and former COP26 president, will headline the event. "He's going to give us that global sustainability overview. I think talk about some of those political challenges that we have at the moment and coming off the back of COP," she said. Delegates will also hear directly from municipal leadership. Chick said ULI Europe is pleased to be welcoming Paris deputy mayor Lamia El Aaraje to discuss the city's latest climate and planning initiatives. Chick noted that, despite the political noise around ESG, momentum in the real estate industry remains strong. "There was some nervousness around it. But what we're seeing from our members is that this is carrying on regardless of the political agenda," she said. "There might be some changing the names of it and talking about it using slightly different language. But this has to happen —particularly in Europe, I think we're really leading in this." Engagement with the C Change initiative is rising, she added. "If anything, we've seen engagement in the programme in C Change increase over the year, which is really great. And I think it really shows that people know we need to address it. And we're also being reminded of that with our extreme weather that we're seeing around the world on an unfortunately regular basis." Richard Betts noted that Real Asset Media's audience is increasingly seeking practical support on how to embed sustainability in investment and development strategies. Chick agreed the summit aims to provide precisely that level of actionable insight.

Proptech companies must work together if the real estate industry is to achieve meaningful progress on ESG performance, according to Paul Wessels, founder of Blue Module, speaking to Real Asset Media at EXPO Real 2025. Wessels said rising pressure on owners and investors to cut costs, improve reporting and meet sustainability obligations is accelerating demand for integrated digital solutions rather than standalone tools. “If you look at sustainability in ESG in general, it's still very important, especially in markets which are being competitive, like the office market and industrial, their costs are key. Bringing down the costs is key, and also reporting to your tenants and, of course, financing your real estate,” he said. “We provide really an overview of your assets, a really holistic insight, but we work closely together with the likes of Freesi, which is measuring the air quality, or Waste Tracker, which is gathering waste information.” He added: “Collaboration is key between the proptech players, because you need comprehensive information about your building to get really an insight on which you can act, and we've launched a collaboration with NTrust, because a lot of information which you need to properly report and get insight into your building is paper[-based].” He said Blue Module’s partnership with NTrust demonstrates how shared capabilities can unlock new efficiencies. “NTrust have developed a great tool to get this information from paper with AI and also human intervention into usable digital information, and I think this will be a game changer for the industry,” he said.

Europe's logistics sector remains a buyer's market, but landlords with prime, well-located assets still hold the advantage, according to Balazs Lados, managing director and European fund manager at Realterm. "It's still a buyer's market out there and it's still a landlord's market," Lados told Real Asset Media at EXPO Real 2025. "So, if you have good buildings in good locations, you can still make the market. If you have the good type of capital, you can buy phenomenal products at very attractive yields today." Realterm, a US-based global logistics real estate investor, is expanding its European footprint, particularly in Germany. "We're very excited about entering Germany. We hired a team based in Frankfurt, and we plan to grab tremendous market share this year in this market," he said. "We also like the UK and our headquarters is based in the Netherlands, so we traditionally have a lot of deal flow in the Benelux." He added that the company also sees potential in Southern Europe. "Southern Europe has come far in the last couple of years since Ukraine. And interestingly, Spain now seems a bit more expensive than Germany, which is nothing that I've ever seen in my career." Looking ahead, Lados said Realterm plans to grow its portfolio of high-quality assets. "In the next year, we look forward to acquiring a lot more great and functional buildings in class A markets and then to continue to provide great services for our customers and tenants across Europe." www.realassetinsight.com www.realassetmedia.com

The residential market remains the hottest investment segment across Europe, according to Britta Roden, head of research for real assets at Swiss Life Asset Managers, speaking to Real Asset Media at EXPO Real 2025. "The residential market is the hot topic in terms of investment right now across Europe," she said. "It's the one segment that's stable across any type of geopolitical risk, across any interest rate changes. This segment is stable in terms of demand. So, this is where investors want to go." Roden said global investors are increasingly recognising the appeal of the European living sector. "The major change I see is that now there are other investors from across the globe discovering the stability," she said. "So, there is money inflowing from the Middle East, from the US, and also from Asia, which is interested in the European living sector. The stability in European residential real estate really lies in the stability of our economies and of our political framework." She added that the predictability of Europe's political systems provides reassurance for long-term capital. "So, there won't be any major surprises. No matter who wins an election, we're still all democratic, which means you can rely on politics. And that makes the segment very stable for investors." From a demand perspective, Roden said the migration towards Europe's key urban centres will remain strong. "From a demand perspective, there's always an inflow towards the major cities, towards the economic powerhouses in Europe, so you will always have tenant demand," she said. "I certainly expect this trend to continue, especially since we don't see the housing developments that we would need to accommodate all these new people coming into the cities." She noted that new opportunities are emerging in markets that historically had higher ownership rates. "The hardest investment prospects in terms of European living are the countries which have not previously had a large tenant base," she said. "So, there are markets where people usually used to buy property, where occupiers now can't afford to buy anymore at the higher interest rates. So, there you see increasing tenant rates, or more and more people decide to rent instead of buy, and those are the markets that are growth markets for investors."

Joël Gorsele, chief executive officer of Intervest, says Europe's logistics market is showing signs of renewed confidence, underpinned by decentralised supply chains and new sources of occupier demand. Speaking to Real Asset Media at EXPO Real 2025, he said stability in macroeconomic and geopolitical conditions has encouraged tenants to restart expansion plans after a period of caution. "Certain elements have stabilised. Where there was uncertainty in the market, I believe that has now moved from uncertainty to being cautiously positive," Gorsele said. "It was fantastic to hear that my colleagues also see demand from logistics clients picking up." Intervest, a Benelux-based logistics real estate platform backed by TPG, was taken private more than a year ago and is now pursuing growth across France, Germany and Italy. Gorsele said the company remains "fully focused on growth, sustainable growth, and creating value". He added that confidence among tenants has improved in recent months: "We have been seeing that since there was more clarity on the US tariffs and also a couple of geopolitical topics that ruled the news were going in a direction of being solved, we see clients being more active on working on their business plan, completing their business plan, and also ready to go forward with their business plan, and that's great to see." According to Gorsele, regionalisation is the key driver now shaping logistics investment and leasing decisions. "We also see decentralised supply chains in terms of spreading those supply chains around and not only focusing on one certain hub, being close to clients, but also focusing on core markets, markets that deliver transparency – not for us from a real estate perspective, but for our clients," he said. He pointed to rising stockpiling activity, warehouse take-up, and re-ordering volumes for the first time in over a year. "We see clients being more confident, feeling that things are moving ahead, and that they are ready to move forward and spend more," he said. Emerging demand sources are also driving sector expansion. "Say that we had flows of solar panels in the past, we now see the flows of batteries," Gorsele explained. "We'll definitely see some demand from defence, and we'll also see more and more demand from supermarkets that are professionalising and automating a lot of their services to their clients." He added that near-shoring — long discussed in industry circles — is now a visible market trend. "We see companies from China moving to Europe and investing into Europe and manufacturing basically in Europe. That will be a trend where also our clients — 3PLs — will take action, too," he said. "And that will, of course, bring shorter and more resilient supply chains, and it will probably, in the longer term, help Europe as well." www.realassetmedia.com

At Transport Logistic 2025 in held in Munich (2 to 5 June), Richard Betts, founding partner of Real Asset Media, shared his impressions of one of the world’s leading transport and logistics events. The fair expanded to 12 halls this year — an increase of two compared to 2023 — and attracted over 75,000 attendees. “From my side I can see that it's a lot more international than it has been in previous editions.” He highlighted Hall B5, where real estate was a core focus, but emphasised the event’s broader relevance across the logistics ecosystem. “In Hall B5, there's a lot of focus on real estate, but what's interesting about this fair is that there's also a very big focus on the occupier side as well as the real estate side.” Real Asset Media contributed to the official conference programme by hosting a session on the future of logistics spaces, with discussion focused on location decisions, investor requirements, opportunities and regulatory challenges. “We're hosting a session here as part of the official programme looking at the future of logistics spaces — what that means in terms of locations and what some of the key trends are that are driving logistics. One of the key takeaways from that was that sustainability is still a very big driver, both in terms of the occupier but also in terms of the investor, and there's a big focus as well on energy and regulation — those kinds of elements that are creating a challenge for logistics going forward.” Betts also flagged intensifying competition for premium sites as an important concern, with new asset classes entering the fray. “A key focus as well was being able to access the space, because competition for really prime areas is beginning to grow, with also areas like data centres being active in the market.” He concluded by linking these pressures to wider shifts in global trade patterns, noting that increased demand for logistics space is being driven by multiple overlapping forces. “The scarcity of locations is really going to drive competition and, as well, we are looking at changing supply chains. When we're looking at near shoring, deglobalisation, changes in globalisation — that all leads to additional space needed for logistics. "So, one of the key elements here is how's that going to be shown in the market, and top logistics locations for the future; particularly areas around ports where we're going to see increased activity, large global hubs — so it's going to be fascinating to see how that develops." www.realassetinsight.com

Neill Richardson, CEO of Titanvolt, a UK-based leader at the forefront of advanced energy storage for the built environment, was at MIPM to talk to investors and customers; "we've had a lot of discussions with investors around the bigger picture, the 10-year plan looking at what Titanvolt can do in the future." Titanvolt, based in Newcastle aims to become a global brand says Richardson "There's currently no option for a battery that can enter a flat or apartment mews or maisonette that is truly safe. Titanvolt gives that option." www.realassetimpact.com