Key Takeaways from EXPO REAL 2025

Last week, EXPO REAL took place in Munich. EVORA was on the ground with our CEO Carl Allen, Regional Managing Director Valentina Mauro and Accounts Director Ammar Fahad (the newest addition to EVORA’s European team!).

Our team spent three packed days with investors, asset managers, lenders, and partners, in side-meetings, and over quick coffees. Here’s what we took away from the event.

From RTO-Fatigue to Real Sustainability Questions

Since COVID, industry conferences like EXPO, GRI, and MIPIM were dominated by scepticism about office demand, due to low confidence in large-scale return-to-office (RTO). This year, the conversation broadened, and attention turned to where investors can move the needle.

Sustainability is a core topic, but it’s being discussed with more scrutiny and maturity – particularly around certifications. Investors are asking tougher questions; how do these frameworks guide smarter capital allocation, support liquidity, and protect asset value?

Our view is simple: frameworks and certifications act as a guide to how CapEx should be allocated to maximise value and performance. By following a standard, you inherit agreed methods, thresholds, and evidence that the market recognises and can verify.

Raising the Bar on Value Creation

Compared to previous years, conversations felt more grounded. Investors are focusing on liquidity, valuation, and the financial impact of sustainability measures. Thet doesn’t mean enthusiasm has faded – it means expectations have grown. Internally sustainability is often seen as maintenance and compliance, but that shift creates space for a sharper business case.

The task now is to connect actions to the financial questions investment committees and lenders ask. Will it reduce liquidity risk, protect the exit cap rate, or support better refinancing conditions? Those able to demonstrate that link are the ones turning sustainability from a compliance exercise into a clear driver of financial performance.

Deals are Back – Cautiously

A few transactions have closed since last year’s EXPO, suggesting that capital is beginning to move again, albeit selectively. Notably, funds deploying previously raised equity or trading to unlock capital for new opportunities. It’s not yet a rebound, but after a long pause, even isolated deal completions signal improvement.

Following a time of uncertainty, the European Real Asset Industry is showing signs of stabilisations. The market activity isn’t yet “healthy”, but the return of deal flow signals a tentative recovery.

If you want help placing effort where value is won – what to measure, what to fix, and what to stop doing – let’s talk. We help real asset teams cut noise, direct CapEx, and turn sustainability into higher confidence in value – today and at exit.