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Investment Insight

Exploring European real estate debt

September 15, 2025
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  • As market conditions shift, real estate debt has become a key asset class for investors seeking stability, strong risk-adjusted returns and diversification.

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    Where we’re currently finding value

    At the moment, we are very focused on certain sectors within the lending landscape.

    While we are inherently sector agnostic and are always focused on assets where we see value, we are currently seeing the best value in living sectors such as student and senior accommodation. We are also finding attractive opportunities in hospitality, leisure and logistics.

    Learn more: European real estate debt

    Footnotes

    *Source: Bayes Business School Commercial Real Estate Lending Report YE 2024 (UK) and YE 2023 (Europe); latest available figures.

    * The Sustainable Finance Disclosure Regulation (SFDR) aims to improve the clarity and comparability of sustainability disclosures in investment policies and products.

    ** Source: MSCI Real Capital Analytics, Bayes Business School, CBRE, JLL, LaSalle (01/25). Estimates are based on historic value change since 2018 (which impacts debt originated over the last five years) as well as our capital value forecast. Historic LTV is per market as reported by CBRE, differentiated by property type. 2028 LTV estimates are based on LTVs available as of
    mid-2024, typically around 10 percentage points lower than LTVs at origination but also differentiated by property type

    Source for all information unless otherwise noted: LaSalle Investment Management, as of August 2025.

    Content, information, opinions and analysis contained herein reflect the views of LaSalle only and nothing herein should be construed as investment advice. No assurances are given that any trends herein will continue or materialize as expected. Please refer to the disclaimer under ‘Important notice and disclaimer’ at the end of this document.

    Important notice and disclaimer

    This publication does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or any interests in any investment products advised by, or the advisory services of, LaSalle Investment Management (together with its global investment advisory affiliates, “LaSalle”). This publication has been prepared without regard to the specific investment objectives, financial situation or particular needs of recipients and under no circumstances is this publication on its own intended to be, or serve as, investment advice. The discussions set forth in this publication are intended for informational purposes only, do not constitute investment advice and are subject to correction, completion and amendment without notice. Further, nothing herein constitutes legal or tax advice. Prior to making any investment, an investor should consult with its own investment, accounting, legal and tax advisers to independently evaluate the risks, consequences and suitability of that investment. LaSalle has taken reasonable care to ensure that the information contained in this publication is accurate and has been obtained from reliable sources. Any opinions, forecasts, projections or other statements that are made in this publication are forward-looking statements. Although LaSalle believes that the expectations reflected in such forward-looking statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Accordingly, LaSalle does not make any express or implied representation or warranty and no responsibility is accepted with respect to the adequacy, accuracy, completeness or reasonableness of the facts, opinions, estimates, forecasts, or other information set out in this publication or any further information, written or oral notice, or other document at any time supplied in connection with this publication. LaSalle does not undertake and is under no obligation to update or keep current the information or content contained in this publication for future events. LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication and nothing contained herein shall be relied upon as a promise or guarantee regarding any future events or performance. By accepting receipt of this publication, the recipient agrees not to distribute, offer or sell this publication or copies of it and agrees not to make use of the publication other than for its own general information purposes.

    Copyright © LaSalle Investment Management 2025. All rights reserved. No part of this document may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of LaSalle Investment Management.

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