Real Estate Private Debt

Our real estate
expertise

The real estate debt team is committed to supporting the transition toward sustainable built environments. Our long-term focus on the sector enables us to deliver strong risk-adjusted returns across Europe's most active real estate debt markets.

The diverse expertise of our team, combined with our extensive network of developers, investors, and intermediaries, enables us to identify and select the best opportunities for our investors. We have successfully deployed capital across eight countries and all major asset classes, providing deep market insight to develop resilient investment strategies.

While we focus primarily on mid-market transactions, we also have the capability to participate in larger deals and across various risk profiles.

vintages

€2.8bn

invested

investments

Origination

Our origination approach encompasses all major transaction sourcing channels.

We participate in syndicated transactions, providing access to most bank lenders active across Europe. We have also co-arranged projects alongside traditional lenders, building direct relationships with borrowers. As the debt advisory market has evolved, we have cultivated strong connections throughout that sector.

These three channels—bank lenders, borrowers, and debt advisors—generate substantial deal flow, enabling us to be highly selective in our investment decisions. We typically close 5-8% of transactions reviewed annually.

Selection process

Our underwriting principles address the key risks in real estate financing. To protect our principal at maturity, we ensure collateral properties are located in liquid markets where we can readily secure tenants, buyers, or refinancing partners.

In line with our strong ESG commitment, we conduct comprehensive sustainability assessments from the outset. Our analysis examines all parties involved in each transaction, evaluating their resources, track record, and financial capacity. We also pay meticulous attention to transaction structuring, including robust security packages, appropriate financial covenants, and measurable ESG targets.

Sector focus

Our investment strategies are designed to capture opportunities across property market cycles and dynamics.

Depending on market conditions, we focus on specific asset classes and risk profiles where we identify the greatest value, including logistics & residential assets, hospitality, central offices, retail parks, high street retail, and renovation programs.

Our proven track record and flexible approach enable us to adapt our strategy to deliver strong returns across different market environments.