GRI Credit & Debt Opportunities 2026

CRE Debt 2027

Capital Is Back, But Has the Market Truly Reset?

• Is repricing actually finished, or only for prime? Most markets somewhere in between — where is this cycle furthest along, and where is it barely started?
• Where are bid-ask spreads genuinely closing, and where are they stubbornly wide?
• Are banks truly returning, or is private credit becoming the permanent engine of global CRE finance regardless of what banks do?
• Cross-border capital flows — where is capital landing in Europe, and which historically under-lent markets are becoming relative winners precisely because lenders avoided them on the way down?
• What do institutional LPs actually want right now — conservative senior yield, or higher-leverage total return — and how is that shaping which platforms raise capital successfully?
• What will separate a winning debt platform from a stalled one heading into 2027?

Banks, Insurers & Private Debt

Who's Actually Winning the Underwriting Race?

• Which sponsors and sectors are banks actively competing for again — and where have they permanently ceded ground to alternative lenders?
• Bank underwriters vs. investment bank distributors: how has the lender landscape actually changed, and who's gaining share?
• The insurance alternative: how insurers are competing on senior debt, and what that's doing to private credit pricing?
• From the LP side — what makes a company commit capital to a manager or strategy?
• Has relationship lending actually returned, or is every deal now a bake-off?
• With liquidity back and spreads compressing, is pricing still adequately compensating for underlying asset risk — or is excess capital pushing it too far, too fast?

CRE & Data Centres Convergence

A New Geography & Playbook of Cross-border Financing?

• Real estate and infrastructure lending are converging? What does that mean for underwriting?
• When it comes to traditional Commercial Real Estate Deals, what are the key assets driving deals?
• What do lenders demand from specialist operators to de-risk development and operational debt in these technically complex asset classes?
• UK/Europe grid and power capacity is capping out, especially after demand spikes — is lender appetite for data centres shifting as a result?
• Cross-border capital movement in both directions — funds entering the EU/UK and funds leaving — and what this means for pricing and availability?
• Where are lenders' risk appetites diverging most sharply by jurisdiction, and why are some historically under-lent markets becoming relative winners?

Hybrid Capital & the Maturity Wall

Mezz, Preferred Equity, Common Equity, Opportunistic Credit

• Is the 2026–27 maturity wave a genuine challenge, or is the market largely absorbing it through amend-and-extend? Sector by sector, where's the honest answer?
• Preferred equity and structured capital as a mainstream capital stack component, not a niche?
• Beyond senior, whole loan, stretch senior and mezz — where does opportunistic and special situations credit fit today, and is it the most attractive risk-adjusted opportunity in the market right now?
• As spreads compress, is speed still a differentiator, or do structuring capability, certainty of execution and sector expertise matter more now?
• JV recapitalizations, rescue capital and structures spanning the debt/equity divide — where do they sit versus traditional senior debt or common equity?
• What separates assets that refinance cleanly from those needing a more complex capital solution — and how are sponsors actually bridging the gap in practice?

Development Finance

Can Europe Build Again?

• Development viability in the current cost and rate environment — what actually pencils today?
• Planning and regulatory bottlenecks — where are they most acute, and what's genuinely improving?
• Construction cost inflation — has it stabilized, and how are financing structures adapting to remaining uncertainty?
• Financing constraints specific to development risk (as distinct from stabilized asset lending) — who's actually willing to fund delivery risk, and what covenant/structuring flexibility do entrepreneurial and regional sponsors need?
• Cross-market comparison