According to the 2022 INREV Debt Vehicles Universe study, the European non-listed real estate market has grown steadily to 98 vehicles with a total target equity of €60.3 billion ($60.71 billion)[1]. Over the last seven years, vehicles in the Universe have more than doubled in number and size.
The United Kingdom, Europe’s most developed non-listed real estate debt market, is leading this evolution. According to Bayes Business School’s recently published Commercial Real Estate Lending Report First Half 2022, at 38 percent, non-bank lending in the United Kingdom surpassed that of banks and building societies for the first time on record.
The majority (85.1 percent) of the total equity in the Universe is concentrated in closed-end vehicles and 64.3 percent is focused on a senior loan debt strategy. The number of closed-end vehicles has risen sharply from 37 in 2016 to 80 in 2022. Liquidity concerns, at least in part, explain th
