News / From the associates

Deloitte’s report on real estate securitization provides an overview of the Italian market, focusing in particular on the growing role of private debt as an alternative to traditional bank lending, which remains the dominant form of financing in Europe.

The evolution of the European market could align with that of the United States and the United Kingdom, where new players are complementing traditional credit. Due to both regulatory constraints—linked to Basel IV—and macroeconomic trends, banks are reducing their exposure to commercial real estate, creating strong demand for alternative financing. It is projected that, over the next three years, the sector will need to refinance approximately €500–600 billion in real estate debt, representing an opportunity for new financial instruments such as real estate securitizations.

In recent years, the securitization market has grown significantly, reaching €2.8 billion in Italy. This instrument allows investment vehicles to directly acquire real estate assets, offering advantages in terms of tax efficiency and transparent governance. Although its use is still relatively recent, over 70% of market participants anticipate significant growth in the coming years, opening new opportunities to attract capital and diversify the range of real estate services. Certainly, some challenges to the widespread adoption of this instrument persist, primarily related to regulatory complexity and limited market awareness. Finally, many operators view SPVs 7.2 (the “technical” name for securitization vehicles) as a complement to traditional real estate funds, helping to make the market more dynamic and flexible.