The release of PERE’s annual Global Investor 100 ranking of private real estate’s top allocators comes with a somber headline for asset managers: For the first time in the ranking’s history, the world’s top 100 property investors saw their total allocation to the asset class decline from the year before.

But that is far from the only intriguing takeaway from this year’s list. On this episode, we take a deep dive into the GI 100 as host Greg Dool sits with PERE’s EMEA editor Charlotte D’Souza to discuss shifts in the ranking among Asia-Pacific, European and North American investors, as well as different investor types, and what they suggest about the ongoing movement of capital in the asset class. We also hear from PERE editor Evelyn Lee about the market context behind these shifts and what participants can expect moving forward.

Later in the episode, PEI Group real estate editor-in-chief Jonathan Brasse sits with Dimme Lucassen, managing director and head of the European real estate team at capital advisory firm Evercore, for his view on the findings, the outlook for real estate and the broader relationship between transaction markets and valuations.

This episode is sponsored by Cain International and Arrow Global

After several years defined by rising rates and pricing uncertainty, Europe’s property market may be at an inflection point. Jay Patel, managing director at Arrow Global, and Arvi Luoma, who heads Cain International’s European investment committee, share perspectives on how capital is rebalancing toward the continent in this special episode.

Patel notes that allocators from the US, Middle East and beyond are looking to Europe in ways they weren’t just a year ago, opening the door for both credit and equity strategies. Luoma, meanwhile, emphasizes that valuations appear to have bottomed and that green shoots are starting to show as financing conditions stabilize.

The two also highlight where opportunities are clearest: Germany’s distressed construction projects, Southern Europe’s structural tourism boom, student housing, and continued undersupply in residential and hospitality. Data centers and logistics remain attractive, while ESG regulation – once seen as a hurdle – is increasingly embedded in business plans, shaping how new assets are built and old ones are repositioned.

Taken together, their outlook is one of cautious optimism. Core capital is beginning to return, early movers are testing distressed opportunities, and Europe’s mix of stability, rule of law and long-term demand drivers are drawing greater global interest.

In this episode, the editorial team spotlights rising ambitions in real estate debt following news that QuadReal, the property arm of British Columbia’s public-sector pension scheme, plans to deploy £2.5 billion ($3.3 billion; €2.9 billion) into European real estate credit in the next five years through a newly launched direct lending platform.

By the end of 2029, QuadReal aims to have between 10 and 20 percent of its global real estate debt exposure in the UK and continental Europe, to complement its North American credit platform. It is just the latest example of a North American manager broadening its ambitions to lend in Europe.

Last week, Brookfield wrote its largest European real estate loan deal to date, providing £450 million to refinance two UK retail centers. KKR, meanwhile, plans to deploy a significant piece of the $850 million raised for its latest real estate credit fund to the continent, citing a “very compelling” lending opportunity there, affiliate Real Estate Capital Europe reported in March. Minnesota-based manager Castlelake is currently deploying €1 billion of designated real estate loan capital specifically bound for the Nordic region.

What does this cross-border push suggest about institutional shifts within private real estate going forward? Listen as host Lucy Scott, deputy editor of REC Europe, is joined by Daniel Cunningham, REC Europe’s editor, and Silvia Saccardi, REC Europe's senior reporter, to discuss the trend and dig into the factors driving it. Stay tuned for additional perspective from London-based debt advisory business Art Capital’s Tim Vaughan and AJ Storton, who believe this increasing capital formation and deployment activity is underpinned by the rapid growth of back-leverage lending via US investment banks.