In brief
Dry Capital, a Brussels-based real estate finance firm launched in March 2025, says it has begun roadshows with international partners and is seeing early demand for its recapitalization work. The company focuses on structured recapitalizations of mid- to large-cap European real estate projects, including office, living, residential and build-to-rent properties. It says these assets are valued between €30 million and €150 million and that owners are seeking liquidity, joint ventures or long-term partners amid tighter financing and reduced bank exposure. Founder Sheelam Chadha brings nearly 20 years of European commercial real estate experience, according to the release. The company says it uses a proprietary network to source off-market opportunities and describes its strategies as offering more than 10 percent returns. Dry Capital aims to establish itself as a recapitalization partner for European sponsors.
Key takeaways
- Dry Capital says it began roadshows with international partners within its first month of operation.
- The firm focuses on structured recapitalizations of European real estate projects, including office, residential and build-to-rent assets.
- It targets properties valued between €30 million and €150 million, according to the release.
- Founder Sheelam Chadha has nearly 20 years of experience in European commercial real estate, the company says.
Dry Capital, founded by Sheelam Chadha, transforms European real estate finance via structured recapitalizations of ESG assets. Using a proprietary network and deep market insight, it bridges liquidity gaps and anticipates tenant demand in strong-performing markets.
Brussels, Belgium, June 5, 2025 -- Dry Capital, a Brussels-based start up real estate launched in March 2025 has reported a strong early traction, conducting roadshows with international partners within its first month of operation, which focuses purely on structured recapitalizations of mid-to large-cap ESG projects via holding companies.
Chadha, 43, a British, Canadian and Belgian national, having worked on the principal side for almost 20 years in the European commercial real estate markets, brings firsthand knowledge of entry and exit, tax structuring, and optimal capital and operational strategies. The firm’s model focuses on structured corporate recapitalizations of office,living, residential, and build-to-rent properties valued between €30 million and €150 million where the demand from owners, mainly developers, is extremely high.
Tightening financing and lending conditions, geopolitical issues and lower liquidity reserves had led to a high demand from owners seeking to either JV, recap or seek new long-term partners. Real Estate, which since the Ukraine war, has not recovered and is going through a huge disruption.
“Since Covid and the onset of the Ukraine war, we've seen a fundamental shift in real estate demand, from office spaces and the impact of AI to residential living. Today, the key is to anticipate the needs of tomorrow, especially looking beyond 2030. Unfortunately, not every player in the market has the luxury of time to make that pivot alone. They need the right partners to step in. At Dry Capital, we’re building a strong, forward-looking pipeline of high-potential deals, offering more than 10 percent returns through creative structuring and alternative financing strategies.” says Chadha.
Dry Capital’s early traction reflects pent-up demand for liquidity solutions as European banks scale back real estate exposure and the traditional M&A markets are still difficult. Leveraging founder Sheelam Chadha’s decades-long experience in European markets, the firm accesses off-market opportunities through a proprietary network built on longstanding relationships.
Chadha’s commitment to inclusion extends beyond the boardroom. At KU Leuven, a leading university in Belgium, she co-founded and teaches a pioneering private equity course tailored for young professionals navigating the intersection of real estate and capital markets. She is also a member of the Forte Foundation, supporting gender equity in finance across the Atlantic.
Chadha’s tri-national background: Belgian, British, and Canadian, shapes Dry Capital’s cross-border strategy. With regular presence in London and upcoming keynotes at both the PERE Europe and Americas Summits, she positions the new firm as a trusted bridge between global capital and projects within Benelux and Western Europe’s stable markets.
Within its first year, Dry Capital aims to solidify its role as a preferred recapitalization partner for mid-to large cap real estate sponsors across Europe, bridging international capital with future-ready assets and setting the standard for a more inclusive, agile, and resilient real estate finance model.
About Dry Capital
Dry Capital specializes in GP-led secondary transactions and strategic recapitalizations across Europe. Founded in 2025, the firm focuses on mid-cap ESG-compliant assets requiring operational repositioning.
Contact Info:
Name: Sheelam Chadha, Founder
Email: Send Email
Organization: Dry Capital
Address: Blvd Saint Lazare 4-10 Brussels, Belgium 1210
Website: https://www.drycapital.eu/
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Questions around this news
What kinds of real estate transactions does Dry Capital focus on?
The release says the Brussels-based firm focuses on structured recapitalizations of mid- to large-cap real estate projects through holding companies. Its stated areas include office, living, residential and build-to-rent properties, particularly ESG-compliant assets that may need operational repositioning. It also describes its work as including GP-led secondary transactions and strategic recapitalizations across Europe.
What is a real estate recapitalization?
A recapitalization changes the mix or structure of a property investment’s financing, such as the relative roles of debt and equity or the ownership interests involved. It can provide liquidity to existing owners, bring in new capital partners, or support a change in a property’s business plan without necessarily requiring a full sale of the asset.
What is a GP-led secondary transaction?
A GP-led secondary is a transaction in which a fund’s general partner arranges a sale or transfer of one or more assets from an existing fund, often into a new vehicle. Existing investors may be offered a choice to sell their interests or continue investing, while new investors can provide capital for the assets’ next phase.
