GRI Institute Europe

Earlier this week (21st), GRI Institute gathered top industry leaders to address the dynamic Polish real estate market, with discussions moderated by Baker McKenzie Partners, Weronika Guerquin-Koryzma and Katarzyna Kopczewska. ◾ Discussions first focused on the region’s living assets, comparing Built-to-Rent (BTR) and Built-to-Sell (BTS) strategies, with emphasis on the "bureaucratic nightmare" and over-regulation in the BTS market. Purpose-Built Student Accommodation (PBSA) and senior living were both identified as growth segments, with PBSA moving toward a core asset class and senior living being an early-stage market expected to grow with changing perceptions. ◾ Meanwhile, addressing capital challenges in the commercial real estate market, a significant issue is the lack of robust local institutional capital, and more specifically, the absence of REIT-like structures with low entry barriers, as well as tax inefficiency for institutional products. Despite domestic structural issues, international investor demand for Polish real estate remains high, with the market seen as attractive compared to others in Central and Eastern Europe. We extend our sincere thanks to our co-hosts, Baker McKenzie, and to all who contributed to these insightful discussions, including co-chairs Adrian Karczewicz (Skanska Commercial Development Europe), Guenther Artner (Erste Group), Hubert Michalak (Hillwood Polska), Jacek Wachowicz (Catella Poland), Maciej Madejak (MDC2), Marta Rayss (IPOPEMA TFI S.A.), Matas Mockeliunas (1 Asset Management), Monika Murawska (Periskop Poland), Peter Noack (ZEITGEIST Asset Management), Bartosz Redlicki (Santander Bank Polska), Tomasz Kosieradzki (Griffin Capital Partners), Waldemar Wasiluk (Victoria Dom S.A.), Zdena Noack (ZEITRAUM Hospitality & Living). Stay tuned for a full report from the forum, coming soon to the GRI Hub. #griinstitute #realestate #poland #livingassets #commercialrealestate #forum #investment

While investors are still focused on underlying asset classes and geography in their investment decisions, they are now "much more switched on" to US dollar foreign exchange risk, explains Jackie Bowie, Managing Partner, Head of Europe at Chatham Financial Europe during an exclusive interview with Gustavo Favaron, Global CEO of the GRI Institute. Consequently, there are indications of shifts in capital, with Asian investors moving away from the US, and European investors deploying more domestically. ◾ So, how does an investor underwrite and hedge such currency risk? It involves taking into account the potential outcomes under different currency circumstances during exit, explains Jackie. Hedging the risk can be more challenging, but products are available, considering the time horizon of the investment, the liquidity to support the hedge, and the rate to be protected. 🔗 Watch the full interview with Jackie Bowie here: https://lnkd.in/dvYS7RMz #griinstitute #chathamfinancial #realestate #riskmanagement #currencyrisk

"About 18 months ago, we started to see a distress cycle forming unlike anything we’d seen before,” reveals Jay Patel, Managing Director, Real Estate at Arrow Global Group. “It’s widespread, structural, and systemic across the country.” Discover which leading European country is offering a record level of distress opportunities in our exclusive new interview with Jay, in which he also explains how the firm has built a cycle-resilient, Pan-European platform capable of aggregating granular, mid-market deals into institutional-scale portfolios. Other key insights from Jay include: ◾ How Arrow’s 24 platforms and 4,700 local professionals across eight countries generate off-market opportunities others can’t access. ◾ Why the ability to identify structural distress regardless of macro cycles underpins the firm’s all-weather strategy. ◾ The operational advantages of managing around EUR 125bn through an integrated ecosystem of owned platforms. ◾ The sectors driving opportunity today - from residential and hospitality to logistics and PBSA. Find out how Arrow Global is redefining mid-market real estate and credit investing across Europe. 🔗 Read the full interview with Jay Patel now on the GRI Hub: https://lnkd.in/eKGjVuJ2 #griinstitute #arrowglobal #realestate #europe #investment #credit

There is a notable return of US equity, alongside interest from French and Nordic funds, into the Central and Eastern European (CEE) real estate market, and particularly Poland, explains Janusz Dzianachowski, National Managing Partner and Head of Real Estate Practice at Addleshaw Goddard, during an exclusive interview at Europe GRI 2025. ◾ Amid this increasing cross-border investment activity, Janusz highlights the most critical elements for smooth execution: “experience and acting quickly;” he says, “time kills deals.’ Though real estate is heavily jurisdiction-driven with unique local issues, the dealmaking process across the CEE region has become highly standardised and compatible over the last decades, Janusz continues. For Poland, the investment and financing processes are "very much similar" to other European countries. 🔗 Watch the full interview now: https://lnkd.in/du87w54U #griinstitute #europegri2025 #realestate #investment #cee #poland #addleshawgoddard

In the face of uncertainty in the real estate market, Paul S., Global Head of Capital Raising at DeA Capital Real Estate SGR, underscores the need for deep adaptation to investor needs and a reverse approach to fundraising. ◾ During an exclusive interview at Europe GRI 2025, Paul describes how the capital raising process has lengthened significantly, with the average time increasing from about 12 months pre-COVID to almost two years. In response, he presents DeA Capital’s strategy of focusing on long-term partnerships built on trust and alignment, as well as adopting a "reverse approach" by first mapping and understanding what investors are looking for globally. Paul describes a recent shift with core investors now seeking value-add strategies that offer double-digit returns and downside protection. 🔗 Watch the full interview here: https://lnkd.in/dZB_aRJY #griinstitute #europegri2025 #realestate #investment #capitalraising

Europe’s fragmented market is creating space for nimble strategies, and mid-market deals are proving a powerful route to institutional-scale returns. In our lead story, Arrow Global Group’s Jay Patel shares how a local-first, cycle-resilient approach is uncovering value others miss. In this week’s edition we also explore: ◾ The Nordics’ best acquisition window in a decade as achieved market repricing, nascent yield compression, and accelerating transaction activity are aligning to favour decisive investors. ◾ Insights into Madrid’s landmark regeneration from Crea Madrid Nuevo Norte on reshaping urban living with offices, affordable housing, and green mobility. ◾ Market Radar analysis of the EU’s affordable housing plan proposal, UK housing market headwinds, and big moves in logistics and self-storage. ◾ Jonas Andersson from Slättö on why the Nordics are an investment safe haven in an exclusive GRI interview. Discover the strategies redefining European real estate in the full newsletter. Enjoy reading and don’t forget to subscribe! #griinstitute #realestate #europe #midmarket #nordics #madrid #housing #logistics

“Own businesses that use real estate in an intensive way,” says Riccardo Abello, Partner and Co-Head of Real Estate at Eurazeo. This is the key to success in operational real estate, “the buzzword for the next cycle,” he explains. During an exclusive interview at Europe GRI 2025, Riccardo presents the firm’s strategy of proactively mapping the market and focusing on the operation first when identifying opportunities, detailing Eurazeo's three key investment pillars: ▪️ The penetration of services within traditional real estate asset classes, such as "specialised living" (student, senior, co-living) and flex office space. Leisure and hospitality, capitalising on consumers spending more disposable income on experiences. Healthcare, driven by the "ageing continent" trend and encompassing everything from acute care to assisted living. 🔗 Watch the full interview with Riccardo Abello now: https://lnkd.in/d2x2UB-t #griinstitute #europegri2025 #realestate #investment #eurazeo #operationalrealestate

Future prospects of the dynamic Spanish hospitality market were top of the discussion yesterday (16th) at the Hospitality Investments in Spain Roundtable, co-hosted by CMS. A central theme was the continued strength of the Spanish hotel market reflected in the growth in ADRs, which has been attributed in part to the entry of luxury brands and operators, tapping into a luxury segment that previously did not exist. ◾ Investment focus remains on liquid, established markets such as Barcelona, Madrid, the Balearic Islands, and the Costa del Sol, while secondary locations like Bilbao, Cádiz, and Córdoba face challenges, primarily due to difficulties in justifying the returns needed for repositioning work and lower rates. Success in these markets often relies on a unique asset, strong brand/operator combination, and collaboration with the administration to improve infrastructure and cultural attractions. ◾ It was widely agreed that although the hotel sector in Spain remains fragmented and dominated by family businesses, a current generational change, coupled with the professionalisation brought by investment funds, is beginning to drive consolidation and a push towards more professional management and brand affiliation. We would like to thank Javier Colino (CMS) for his expert moderation of the discussion, as well as co-chairs Bernardo Lazcano (ACTIVUM SG UK ADVISORS LIMITED), Jesús Abellán Gómez (Arum Group), and Paula Leon Arias (Banco Sabadell), and all other participants who contributed to the dynamic discussion. #griinstitute #realestate #spain #hospitality #hotelinvestment

How is solar energy reshaping the French real estate landscape? At the recent GRI Institute roundtable on solar energy production and storage, hosted in partnership with IDEX Groupe, industry leaders gathered to explore the evolving opportunities, challenges, and innovations driving solar adoption across commercial and logistics assets in France. Key takeaways from the discussion include: ◾ Regulatory pressures require new and existing buildings to meet solar targets by 2028, with decisions needed on self-consumption, sales, or tenant sharing. ◾ Investment is shifting from small pilots to portfolio strategies, especially in logistics, assessing buildings for solar integration and sustainability. ◾ Self-consumption and storage are key to optimising energy use, though high costs and reliance on non-European panels remain challenges. ◾ Public-private collaboration is crucial, with stable users like hospitals and schools, while financial returns are balanced against carbon and ESG goals. ◾ The market is set to grow, with solar and storage central to real estate strategies, amid ongoing questions on profitability, subsidies, and sustainability. Along with our co-hosts IDEX Groupe and moderator Jean-Philippe Besse (PARISIAN REAL ASSET ADVISOR), the GRI Institute thanks Céline Cloché-Dubois (CMS Francis Lefebvre Avocats), Edouard Roblot (IDEX), Fabien Meyer (ESR Europe), Paul Faraggi (Blunomy), Sandrine Lafon-Ceyral, MRICS (Amundi), and all other participants for sharing their insights and contributing to these forward-looking discussions. Stay tuned for the full report with key takeaways, coming soon to the GRI Hub. #griinstitute #realestate #france #solarenergy #logistics #sustainability #investment

A candid conversation about UK Commercial Real Estate in a Shifting Market took place yesterday (14th), hosted in partnership with JLL UK. ◾ The discussion acknowledged that the UK’s commercial real estate market is at an inflection point, moving away from speculative new development towards a greater emphasis on existing assets. Investment appetite for refurbishment and repositioning opportunities is increasing, driven by the slower pace of new construction and a desire to meet changing occupier demands. The City of London highlighted the shift from a presumption of demolition to a presumption of retrofit and efforts to fast-track compliant applications amid frustrations with the complexity and time involved in planning processes. The London office market was highlighted as remaining active, with prime Grade-A space experiencing very low vacancy rates (around 1.5% in the City) and solid rental growth prospects in the West End and City. This strong demand for quality space further incentivises refurbishment to close the supply gap. Meanwhile, outside the capital, the viability of projects was a major theme, with speakers noting that speculative developments are slowing down due to market uncertainty, high construction costs, and interest rates. ◾ The GRI Institute would like to thank co-hosts, JLL, moderator Jonathan Wiedemann (JLL), as well as co-chairs Anders Hemmingsen (Strategic Value Partners), Colin Campbell (Pradera), Sara Willard (Workable City Development), and Tom Sleigh (City of London Corporation), and all the other contributors for this open and thought-provoking discussion. #griinstitute #realestate #investment #uk #repositioning #commercialrealestate