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Real estate

Europe: Finding opportunities in times of scarcity

David Pearce
Fund Manager, Real Estate, Europe
Madrid Skyline
As featured in PERE's 2020 Europe roundtable, David Pearce (Fund Manager) discusses with other participants the best method to deploy capital in an expensive and undersupplied market.
It is not the most optimistic start to the year in Europe: economic growth in the Eurozone almost petered out in the last quarter of 2019, dwindling to 0.1 percent according to EU statistics agency Eurostat. Meanwhile, Brexit threatens to cast a long shadow over the region as potentially fractious trade negotiations get underway between the European Union and the freshly-departed UK.

The continent’s real estate investment market remains largely unaffected by the uncertain political and economic climate, however. Real Capital Analytics recorded €307.7 billion transacted during 2019, a decrease of only 2 percent on 2018 levels, following a particularly active final quarter’s trading. In Germany alone, €30 billion of property changed hands in the last three months of the year, representing the strongest quarter of dealmaking on record for any European country.

At the end of January, participants in PERE’s 2020 Europe roundtable discussion gathered at Nuveen Real Estate’s offices in London to discuss how investors and managers are adapting their strategies for deployment in an ever more competitive market.

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