Industry survey on non-banking lending in Europe - Investing motivations, risk perceptions and regulatory environment of real estate private debt

This thesis investigates the rising importance of Real Estate Private Debt (REPD) in European real estate finance. It examines the motivations driving non-bank lenders, the impact of regulatory changes (Basel III/IV), and the role of REPD in filling the bank lending gap. A survey of institutional investors provides empirical insights into investment behavior, risk assessment, and future market expectations. The findings highlight REPD as a hybrid asset class with growing systemic relevance and suggest practical and theoretical implications for real estate capital markets.