If I were given a grosz every time someone mentioned real estate debt opportunities to me over the past few months, I would be able to comfortably pay my energy bills this winter and have enough left over to plug the considerable gap that falling REITs have left in my retirement savings portfolio.

It is easy to see why the subject comes up a lot, of course. Banks have continued to tread a cautious lending path that will most likely get even more tentative as economies head into recession. Meanwhile, alternative financing continues to grow. The INREV 2022 Debt Vehicles Universe study has shown that the European nonlisted real estate market has grown steadily to 98 vehicles, with a total equity target of €60.3 billion. Dur­ ing the past seven years, vehicles in the INREV Debt Universe have more than doubled in number and size.

Another paper, the Commercial Real Estate Lending Report for the first half of 2022, from Bayes Business School, has revealed