GRI Credit Opportunities & RE Debt 2025

Time to Step into the Trillion Pound Funding Gap?

26th November
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Victor Tranquilini
Victor
Victor Tranquilini
Head of UK, Germany and CEEGRI Institute
About GRI Credit Opportunities & RE Debt 2025

What does 2025 have in store for real estate capital allocations, credit and debt finance markets? Can we expect the current retrenchment to continue or will the billions of dry powder be finally unleashed?

Spend time with European Lenders, CEOs,  Heads of Debt, Secondaries & Special Situations involved in Real Estate transactions and gain personal anecdotes that might help you identify your next debt opportunity.

No press, no formal agendas, no stages, just qualified decision makers with risk in real estate transactions, sitting down together for closed door discussions.

Unique Format
 
Networking made easy
 
Roundtable Discussion
 
In-depth industry knowledge

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GRI Credit Opportunities
& RE Debt 2025

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Opening Talkshow | 09:00 - 10:15

Opening Talkshow

Navigating Real Estate Credit & Debt Cycle - How Are Global Players Positioning Across Markets, Sectors, and the Capital Stack?

  • Financing Landscape: How are global lending dynamics evolving as traditional banks retrench and private credit funds expand their footprint across real estate financing? 
  • Debt Positions & Strategies: Are investors moving up the capital stack toward senior lending for safety, or down into mezzanine and preferred equity for enhanced returns?
  • Assets & Regions: Which sectors and regions currently offer the best risk-adjusted opportunities in debt investments?
  • Future Challenges & Opportunities: How will sustained interest rate pressure, refinancing cliffs, and regulatory shifts shape liquidity, pricing, and distressed debt opportunities in the coming years?


Breakout Discussion | 10:45 - 11:45

Private Credit Surge

Is Non-Bank Lending the New Normal?

  • Financing Evolution: How is the tightening of traditional bank credit creating space for private credit funds, insurance capital, and other non-bank players to dominate real estate financing?
  • Debt Positions & Risk Appetite: How are private lenders positioning themselves in the capital stack and what risk-return profiles are they targeting?
  • Banks vs. Alternative Lenders (and Collaboration): Are we moving toward competition or complementarity? How can banks and private credit platforms collaborate through co-lending models?
  • Future Challenges & Opportunities: What hurdles remain and how can non-bank lenders institutionalize their presence as a permanent source of real estate capital rather than a cyclical response?


Breakout Discussion | 10:45 - 11:45

Mid-market

Hidden Gems or Hidden Risks?

  • How are smaller and regional lenders structuring midmarket real estate deals amid tighter credit, higher rates, and growing competition from private credit funds?
  • Debt Positions & Market Role: What advantages do midmarket lenders have in speed, flexibility, and local knowledge — and how are they positioning themselves in the capital stack compared to larger institutions?
  • Opportunities Ahead: Which segments offer the strongest potential for yield and manageable risk in the midmarket space?
  • Key Challenges for the Future: How can smaller lenders scale while remaining agile and competitive in a changing credit environment?


Breakout Discussion | 12:15 - 13:15

Capital Stack Strategies

Senior, Mezz, Pref… What Works Now?

  • How are current credit conditions influencing how deals are structured?
  • Debt Market Positions: Where are lenders positioning themselves in the stack and how are they managing risk-adjusted returns? Are creative structures the real catalysts for deal flow today?
  • Appetite Across Europe: Which markets and sectors are seeing the greatest activity for each layer of the capital stack and how does local regulation affect capital structuring?
  • Future Challenges & Opportunities: How can lenders and investors capitalize on dislocation while maintaining discipline in underwriting and governance?
Breakout Discussion | 12:15 - 13:15

Southern Europe

Is Southern Resilience Paying Off?

  • Financing Landscape: How are lenders structuring deals in Southern Europe amid improving fundamentals but uneven access to credit?
  • Debt Market Positions: What’s the current stance of domestic versus international lenders — are local banks still dominant, or are private credit and alternative lenders filling the regional financing gaps?
  • Regional Appetite & Comparison: How does investor sentiment toward Southern Europe compare with other countries? Has investor confidence matured into structural conviction?
  • Future Challenges & Opportunities: What factors will define the next growth phase?


Breakout Discussion | 12:15 - 13:15

Germany

Recovery, Repricing, or Retreat?

  • Financing Landscape: How are lenders approaching financing in Germany amid repricing, borrowing costs, and underwriting standards?
  • Debt Market Positions: What roles are domestic banks, international lenders, and private credit funds playing in the German market — and how is the balance of power shifting across the capital stack?
  • Appetite & Comparative Position: How does current investor sentiment toward Germany compare with other major European markets — is it still viewed as a safe haven or a market in transition waiting for clearer price discovery?
  • Future Challenges & Opportunities: What will drive recovery and how can lenders position themselves to capture the next wave of deals?


Breakout Discussion | 14:15 - 15:15

Cross-Border Lending

Where is financing flowing most actively and how are lenders using diverse capital stack layers across regions?


  • How are cross-border lenders adapting to different regulatory, legal, and macro environments across Europe?
  • Debt Market Positions: Which players are most active in cross-border lending, and how are they structuring deals to balance jurisdictional differences?
  • Regional Appetite & Capital Stack Strategies: Where is capital flowing most actively and how are lenders using diverse capital stack layers to optimize returns?
  • Future Challenges & Opportunities: How can lenders navigate increasing market fragmentation and valuation uncertainty while leveraging cross-border partnerships to bridge Europe’s fragmented lending landscape?


Breakout Discussion | 14:15 - 15:15

Value-add & Opportunistic Deals

Where Are the Real Opportunities?

  • What defines a “value-add & opportunistic” strategy and how are lenders structuring financing for these deals?
  • Appetite & Strategy Shift: Are debt providers becoming more selective or more creative — and which asset classes are attracting capital today?
  • Risk & Return Balance: How are investors pricing risk in this segment and what will define success in Europe’s new value-add cycle?
  • Reset Ahead: Will new positions and strategies redefine the value-add preferences? More space for equity?




Plenary Discussion | 15:45 - 16:45

The Refinancing Crunch

Deal or Default?

  • How are lenders approaching upcoming refinancing waves amid rising rates, lower valuations, and tighter credit conditions?
  • Market Liquidity & Pricing: How is the cost and availability of debt evolving across Europe’s core and secondary markets, and what impact does that have on deal flow and refinancing feasibility?
  • Where are lenders and debt funds seeing opportunity?
  • Future Challenges & Risk: What are the biggest hurdles ahead and how can lenders work collaboratively with borrowers to rewrite playbooks before defaults reshape the market?


Networking Cocktail | 16:45 - 17:30

Closing Drinks

Insiders View
 
Exclusive GRI Report:
Real Estate Credit & Debt Outlook
Insights from the biggest debt players in the industry on what to expect from the markets in 2025 and beyond
Exclusive GRI Report:
Macroeconomic and Real Estate Financing Outlook
Key economic and market insights from discussions among top industry experts
Download the report now
Gain access to the report by filling in your details below.
Sucessful Registration! Our team will reach out soon to proceed with the next steps.
* I confirm that I have read and agree to the Terms and Conditions of GRI Institute
Download the report now
Gain access to the report by filling in your details below.
Sucessful Registration! Our team will reach out soon to proceed with the next steps.
* I confirm that I have read and agree to the Terms and Conditions of GRI Institute
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Lead Sponsors
Pan European Institute Partner
Institute Partner
DWS
https://www.dws.com/
+44 207 547 8699
London | United Kingdom
DWS Group (DWS), with EUR 1,010bn of total assets under management (as of 31 March 2025), is a leading European asset manager with global reach. With approximately 4,700 employees in offices around the world, DWS offers individuals, institutions and large corporations access to comprehensive investment solutions and bespoke portfolios across the full spectrum of investment disciplines. Its diverse expertise in Active, Passive and Alternative asset management enables DWS to deliver targeted solutions for clients across all major liquid and illiquid asset classes.
CMS
Warsaw | Poland
With the largest commercial real estate team in Europe and one of the biggest worldwide, CMS is well positioned to help investors, funders, developers, landlords and occupiers navigate all aspects of the real estate market and maximise their assets. Whatever the size and scope of your project or deal, with almost 800 real estate lawyers in 46 countries we have the resources to meet your needs quickly and efficiently, offering expert advice. We have been active in real estate in our markets for decades, so we understand the culture, the economic context, the local legal context and the history.
Ayming
Levallois-Perret | Hauts-de-France | France
As a professional services company, Ayming partners with businesses and institutions around the world to unlock lasting value, year after year. With 39 years of expertise, we achieved a group revenue of €184 million in 2024 and operate across 14 countries. Our Taxes team guides organizations through complicated tax requirements, turning them into opportunities for profit, while supporting clients in their risk management.
Baker McKenzie
Warsaw | Poland
Law - Construction - Real Estate – Infrastructure – Public Private Partnership – Finance – Mergers & Acquisitions – Tax – Dispute Resolution - Energy
BuildingMinds
Berlin | Berlin | Germany
BuildingMinds enables owners and managers of real estate to de-risk and drive the performance of their portfolios, clear regulatory hurdles, and protect portfolio valuations across day-to-day operations now, and in the future. Its technology platform is helping some of the world’s largest organizations to transform real estate from a resource-consuming industry into a resource-generating industry. By leveraging AI to optimize decarbonization strategies, BuildingMinds’ platform offers ESG reporting solutions that ensure organizations adhere to global and local policies and standards, including upcoming regulatory changes. BuildingMinds was founded in 2019 by Schindler Group to meet the company's need for building data monitoring and management and has grown to a team of more than 150 experts across 40 countries. With over $100M in funding from Schindler and technological support from Microsoft, BuildingMinds has expanded to meet the needs of real estate managers across reporting and ESG
Climate X
London | United Kingdom
Climate X is a climate risk data provider with the world’s only fully integrated climate risk platform, helping financial institutions manage and build resilience to climate change impacts on the built environment. They provide climate financial risk data to global asset managers and banks, safeguarding economic stability against climate risks. Climate X’s innovative solutions (Spectra and Adapt) enable investors and portfolio managers to address climate challenges, manage investments, and retrofit structures for a sustainable future.
Colliers
http://www.colliers.com
+48 22 331 78 00
Warsaw | Poland
Dentons
London | United Kingdom
Dentons is the world's largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Enterprise, Dentons’ wholly owned subsidiary of innovation, advisory and technology operating units. Dentons' polycentric approach, commitment to inclusion and diversity and world-class talent challenge the status quo to advance client interests in the communities in which we live and work. www.dentons.com.
Gleeds
https://us.gleeds.com/
+33 (0)1 40 38 64 24
Paris | France
Gleeds is a leading global property and construction consultancy. Independent since 1885, we are proud to deliver award-winning projects around the world.
IQ-EQ
Paris | France
Navigating debt, corporate and capital markets has never been more complex. Increasing regulation, complexity and rapid technological change mean that you need to act fast to seize business opportunities and adapt quickly to changing situations or environments. We abide by regulations set out by the Capital Market Authority, so you can trust us to deal with any eventuality efficiently and cost-effectively. Our capital markets offering ranges from corporate services to debt capital market offerings such as securitisation and loan administration.
JLL
http://www.jll.co.uk
+44 (0) 20 7493 4933
London | United Kingdom
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Vistra
http://www.vistra.com
+48 22 379 9440
Warsaw | Poland
Our purpose is progress. Vistra is a leading provider of essential business services to help companies and private capital funds grow across the entire business and investment lifecycle. Here at Vistra, our purpose is progress. As a close ally to our clients, we exist to remove the friction that comes from the complexity of global business – to help our clients achieve progress without friction. We partner with companies and private capital managers along the corporate and private capital lifecycle. From HR to tax and from legal entity management to regulatory compliance, we quietly fix the operational and administrative frustrations that hamper business growth. With over 9,000 experts in more than 50 markets, we can accelerate progress, improve processes, and reduce risk, wherever your ambition takes you.
Yard Reaas
milano
Yard Reaas is an independent group, a leader in Italy in real estate consultancy and integrated management of real estate services.The Group operates both in the institutional market and in the distressed segment for Italian and foreign investors, banks, asset management companies/funds, industrial groups, private equity and family office funds. It boasts over 30 years of experience in technical (due diligence, project management, project monitoring), environmental, ESG, valuation, and property & building management sectors. It counts around 300 internal resources, a network of 550 technicians, approximately 1,000 appraisers on the territory, and over € 60 million in revenue. Its activities involve single properties or entire portfolios, with reference to all asset classes (office, retail, industrial/logistics, residential, hospitality, healthcare, sport and infrastructures, etc.).
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