Europe's Refinancing Wall: How DWS is tackling the EUR 100B funding gap

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The European refinancing wall is here. In this exclusive interview from the GRI Institute, recorded during GRI Credit Opportunities & RE Debt 2025 in London, Alexander Oswatitsch, Head of Real Estate Debt, Europe at DWS, discusses the massive challenge of refinancing loans originated in the low-interest environment. With real estate asset values repriced - especially in secondary offices - a significant funding gap has emerged.

DWS debt strategy & market dynamics:
- Funding Gap Reality: While initial estimates suggested a EUR 150 billion+ funding gap, many situations have been extended, mitigated by fresh capital, or are still in workouts.

- Market Segmentation: The market is split into two: the high debt liquidity segment, which offers prime lending with tightening margins, and the complex secondary markets, which require more flexible and sophisticated structures.

- Alternative Lending Growth: Europe remains bank-dominated, but the alternative lending market is growing rapidly, currently valued at over EUR 100 billion. The market could double if the share increases from 10% to 20% in continental Europe.

Opportunities & Challenges:
DWS focuses on favoured asset classes with robust fundamentals, including residential, logistics, and prime office. Key countries include France, Germany, UK, and the stable markets of Spain and Italy.

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#GRIInstitute #RealEstate #RealEstateDebt #Refinancing #DWS
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