- January 1, 2022: Vol. 16, Number 1

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Up and away: Take-off for European nonlisted real estate debt

by Iryna Pylypchuk

This year, INREV’s Debt Vehicles Universe Study revealed a significant growth period — one that had arguably been in the making for a number of years

Doubling in size since 2016 — with a total target equity of €57.8 billion — the notable expansion saw the Universe increase by 21 new vehicles since last year alone, taking it to 95 vehicles in total. The growth illustrates that nontraditional lenders have picked up pace, seizing the opportunity to fill the lending gap, as regulatory pressures and legacy loans resulted in banks’ reduced lending appetite.

First published in 2016, the Debt Vehicles Universe Study has been enhanced in the past two years to capture a greater range of data illustrative of the evolution of the nonlisted real estate debt market. By combining insights from the Universe’s live database, as well as the ANREV/INREV/PREA Investment Intentions Survey 2021, the ANREV/INREV/NCREIF Capital Raising Survey 2021, and

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