Every year, Expo Real in Munich is an opportunity to reconnect with people TCP has known and worked with for many years. This year, from 5–7 October, was no exception.
At the 11th TCP Expo Real Aperitif, we enjoyed good drinks, interesting conversations and, above all, the pleasure of seeing familiar faces again.
Several people mentioned that TCP has built a strong network of long-standing, trusted relationships over the years. That meant a lot to me. Building such a network takes time, consistency and, above all, trust.
But what about the real estate market?
The mood at this year's Expo Real was more cautious. The challenges facing the industry remain significant:
- Competition from the bond markets: French and US bonds offer institutional investors an increasingly attractive alternative, with yields that can be achieved without taking direct real estate risk.
- Limited institutional capital: Pension funds and insurance companies are under pressure to allocate capital carefully. The relative attractiveness and liquidity of bonds make it harder for real estate to compete for new investment.
- Financing and refinancing challenges: Higher financing costs, refinancing needs and non-performing loans continue to put pressure on owners and investors.
- A persistent gap in pricing expectations: Sellers and buyers still do not always agree on what properties are worth, making transactions difficult to complete.
Where are the opportunities?
In the current environment, family offices and wealthy private investors with available capital may be particularly well positioned to act.
Funds facing dissolution or the end of their investment life may need to sell assets, creating opportunities to acquire properties at more attractive prices.
This could also be an important moment for the market: actual transactions will help establish more realistic values. While nobody welcomes forced sales, they can provide the price evidence that the industry needs to move forward.
Why TCP continues to believe in relationships
Difficult markets are precisely the moments when staying in touch, exchanging views and maintaining trust become most important.
Not every conversation leads to an immediate transaction. But every conversation can strengthen a relationship, provide a new perspective or help identify an opportunity that others may be overlooked.
That is why we continue to bring people together at the TCP Expo Real Aperitif, year after year.
Thank you to everyone who joined us for the 11th edition. It was a pleasure to see so many familiar faces again and to exchange ideas openly.
The market may be challenging, but at TCP, we believe that long-term relationships, honest conversations and staying close to the market remain essential — especially in difficult times.
Looking forward to continuing the conversations and working together on the opportunities ahead.