seanmartin, Author at Green Street https://www.greenstreet.com/author/seanmartin/ Definitive Leaders in Real Estate Analysis & Research Fri, 12 Sep 2025 17:45:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 https://www.greenstreet.com/wp-content/uploads/2025/05/cropped-favicon-32x32.png seanmartin, Author at Green Street https://www.greenstreet.com/author/seanmartin/ 32 32 North America H1 2025 Infrastructure and Project Finance Regional Report https://www.greenstreet.com/north-america-h1-2025-infrastructure-and-project-finance-regional-report/ https://www.greenstreet.com/north-america-h1-2025-infrastructure-and-project-finance-regional-report/#respond Wed, 20 Aug 2025 16:51:01 +0000 https://gstreetstage.wpenginepowered.com/?p=13732 The first half of 2025 saw a decrease in North America’s infrastructure finance activity compared to 2024, with transaction activity led by the oil and gas, telecoms, and power sectors. According to IJGlobal data – at the time of publication, but subject to change as more data becomes available – the value of infrastructure finance […]

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The first half of 2025 saw a decrease in North America’s infrastructure finance activity compared to 2024, with transaction activity led by the oil and gas, telecoms, and power sectors.

According to IJGlobal data – at the time of publication, but subject to change as more data becomes available – the value of infrastructure finance transactions in H1 2025 reached $434.78 billion, an 8.7% decrease from the $476.16 billion recorded in the same period last year.

For clarity, “infrastructure finance” is a catch-all category from the IJGlobal database that is designed to incorporate all private investment into infrastructure and energy, including primary finance and refinance. It takes in all project finance, broader debt vehicles as well as all equity invested across the infra/energy sectors.

Compared to H1 2024, global infrastructure finance declined to $916.89 billion, with North America accounting to $454.78 billion, or 47% of the total value.

Despite the overall decline in the market, there is a concentrated growth in high-value strategic sectors, such as digital infrastructure which is being driven by large-scale corporate transactions and focused project finance investments. While refinancing slumped and bond issuance weakened, the data shows a notable uptick in M&A and primary financing.

On the market activity front, deal flow in H1 2025 is also consistent with the downward trend, with 671 deals closing, demonstrating a significant 26.9% drop from the 918 deals closed in H1 2024.

IJGlobal favours project finance as a more honed dataset and across North America, the decrease in overall infra finance was tempered by an increase in PF activity. In H1 2025, project finance values in the region came in at $166.91 billion, highlighting a modest increase of 1.67% compared to the H1 2024 value of $164.15 billion.

North America’s increase was in stark contrast to global project finance values in H1 2025, which declined by 10.87% reaching $348.79 billion, down from $390.47 billion in the same period of 2024, according to IJGlobal data.

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IJGlobal Regional Report – The European Prospective https://www.greenstreet.com/ijglobal-regional-report-the-european-prospective/ https://www.greenstreet.com/ijglobal-regional-report-the-european-prospective/#respond Wed, 20 Aug 2025 16:39:45 +0000 https://gstreetstage.wpenginepowered.com/?p=13730 Europe saw a downward trend in infrastructure finance activity in the first half of 2025 amid global uncertainty, with transaction activity led by the renewable energy and transport sectors. According to IJGlobal Data – accurate at the time of publication, but subject to change as more data become available – infra finance transactions decreased by […]

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Europe saw a downward trend in infrastructure finance activity in the first half of 2025 amid global uncertainty, with transaction activity led by the renewable energy and transport sectors.

According to IJGlobal Data – accurate at the time of publication, but subject to change as more data become available – infra finance transactions decreased by 33% in H1 2025 as $251.27 billion worth of deals closed, compared to H1 2024 which saw $376.13 billion worth of deals close.

For clarity, “infrastructure finance” is a catchall category from the IJGlobal database that is designed to incorporate all private investment into infrastructure and energy, including primary finance and refinance. It takes in all project finance, broader debt vehicles as well as all equity invested across the infra/energy sectors. On a global perspective, the $251.27 billion worth of infrastructure finance deals across Europe accounted for 27.41% of the $916.89 billion closed worldwide in H1 2025. Looking at market activity, the number of deals closed in H1 2025 decreased by 33.8%, as only 711 deals were closed in H1 2025 versus 1,074 in H1 2024.

IJGlobal favours project finance as a more honed dataset and across Europe. The decrease in overall infra finance deals is also felt in project finance activity. PF values for H1 2025 are down by 12.5% with $98.12 billion of deals closed in the time period, compared to H1 2024’s $111.69 billion. When it comes to the number of PF deals closed, 260 deals were recorded in H1 2025, while H1 2024 had 338 closed deals.

For commercial lending, H1 2025 saw a drop to $100.93 billion from the $128 billion recorded in H1 2024, representing a 21.15% decrease. Bond values (for all bonds issued, regardless of type) across Europe saw a decrease of 37.24%, with $78.3 billion in H1 2025 versus $124.77 billion in H1 2024.

Despite the decrease of most numbers for the first half of 2025, DFI lending experienced a 54.69% increase to come in at $18 billion in H1 2025 against $11.64 billion in H1 2024

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Infrastructure and Project Finance Asia Pacific Regional Report – H1 2025 https://www.greenstreet.com/infrastructure-and-project-finance-asia-pacific-regional-report-h1-2025/ https://www.greenstreet.com/infrastructure-and-project-finance-asia-pacific-regional-report-h1-2025/#respond Wed, 13 Aug 2025 23:05:44 +0000 https://gstreetstage.wpenginepowered.com/?p=2274 The Asia Pacific region saw a decrease in infrastructure finance activity in the first half of 2025, when compared against the corresponding half from 2024. According to IJGlobal data – at the time of publication, but subject to change as more data become available – infrastructure finance decreased by 5.22% in H1 2025 with $125.26 […]

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The Asia Pacific region saw a decrease in infrastructure finance activity in the first half of 2025, when compared against the corresponding half from 2024. According to IJGlobal data – at the time of publication, but subject to change as more data become available – infrastructure finance decreased by 5.22% in H1 2025 with $125.26 billion worth of deals closed, compared with H1 2024 which amounted to $132.17 billion.

For clarity, “infrastructure finance” is a catchall category from the IJGlobal database that is designed to incorporate all private investment into infrastructure and energy, including primary finance, refinance and restructurings. It takes in all project finance, broader debt vehicles as well as all equity invested across the infra/energy sectors. On the market activity front, deal flow in H1 2025 is also consistent with the downward trend, with 259 transactions closing, a 34% decrease compared with the 391 closed in the same time period last year.

IJGlobal favours project finance as a more honed dataset and across Asia Pacific, the decrease in overall infra finance was tempered by an increase in PF activity. In H1 2025, project finance values came in at $45.65 billion, an increase of 13% compared to the H1 2024 value of $40.58 billion. To put that PF performance in a global perspective, the $45.65 billion of financial closes across APAC accounts for 13% of the $348.19 billion worth of PF deals to have closed globally in H1 2025.


Interestingly, a total of 92 PF deals closed in H1 2025, significantly down on the first half of 2024 when 123 closed, and H1 2023 which recorded 149. This shows that the project finance deals that made it over the line in the first half of 2025 in the region were much larger than in previous years. Back to the broader infra finance category, commercial lending against infrastructure and energy across APAC came in at $34.09 billion in the first half of 2025. This was a 9.51% decrease compared with the $37.67 billion recorded in H1 2024…

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IJGlobal Funds & Investors League Tables – H1 2025 https://www.greenstreet.com/ijglobal-funds-investors-league-tables-h1-2025/ https://www.greenstreet.com/ijglobal-funds-investors-league-tables-h1-2025/#respond Wed, 13 Aug 2025 23:02:01 +0000 https://gstreetstage.wpenginepowered.com/?p=2271 The first half of 2025 was marked by uncertainty, however, that turmoil did not deter the infrastructure fund community, with more funds reaching final close compared with years prior. With more than $112 billion already raised by infra managers across the globe to target debt and equity, 2025 is on track to eclipse previous years. […]

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The first half of 2025 was marked by uncertainty, however, that turmoil did not deter the infrastructure fund community, with more funds reaching final close compared with years prior.

With more than $112 billion already raised by infra managers across the globe to target debt and equity, 2025 is on track to eclipse previous years.

While the previous full year fundraising results were dominated by market
consolidation, H1 2025 is dominated by the sheer amount of activity in the funds
space.

The biggest fund to reach final close in the first half was EQT Infrastructure VI,
which reached final close in March at its €21.5 billion hard cap.
This was the biggest fund to close in 2 years and drove EQT and all its advisers to
the top of the rankings…

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IJGlobal Funds & Investors Report – H1 2025 https://www.greenstreet.com/ijglobal-funds-investors-report-h1-2025/ https://www.greenstreet.com/ijglobal-funds-investors-report-h1-2025/#respond Wed, 13 Aug 2025 22:59:16 +0000 https://gstreetstage.wpenginepowered.com/?p=2266 Fundraising within the infrastructure fund space was extremely active in the first half, with activity far outpacing that of years prior as infrastructure shows resilience against market turmoil, delivering investors consistent returns in uncertain times. IJGlobal tracks key market indicators across fundraising and M&A activity that shine a light on performance, identifying trends as the […]

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Fundraising within the infrastructure fund space was extremely active in the first half, with activity far outpacing that of years prior as infrastructure shows resilience against market turmoil, delivering investors consistent returns in uncertain times.


IJGlobal tracks key market indicators across fundraising and M&A activity that shine a light on performance, identifying trends as the market evolves on a quarterly basis. Primary data points include time taken for infra funds to raise capital – from launch to final close. Infrastructure funds that reached final close in the first half of 2025 raised $112.05 billion, according to IJGlobal CAPITAL RAISED ($m) & NUMBER OF FUNDS AT FINAL CLOSE data. This was a significant increase compared with H1 2024, which saw inflows of $57.85 billion.

The strong start to the year almost eclipsed the total amount seen for all of 2024 – $125.2 billion. This was the best H1 since 2022, which recorded $151.87 billion.


IJGlobal data show that 57 funds reached final close in the first half, a 21.7% increase compared with H1 2024, which saw 46 funds reach final close, and a significant 43.58% increase on H2 2024, where data recorded 39 funds achieving final close. The buoyancy of the numbers shows that infrastructure is a safe haven in volatile times. There is also a trend of asset managers broadening their product options, offering a range of infrastructure strategies with different risk/return profiles for their investors.


There has also been a trend of exploring new fund structures, whether that be continuation vehicles, co-investments and sector-specific funds providing LPs with more bespoke investment opportunities. Industry insiders have said the first half was some of the busiest times of their careers with funds seemingly looking to reach final close to outpace increased uncertainty…

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Infrastructure and Project Finance League Table Report – H1 2025 https://www.greenstreet.com/infrastructure-and-project-finance-league-table-report-h1-2025/ https://www.greenstreet.com/infrastructure-and-project-finance-league-table-report-h1-2025/#respond Wed, 13 Aug 2025 22:53:06 +0000 https://gstreetstage.wpenginepowered.com/?p=2259 Infrastructure finance was down in the first half of 2025, compared with previous years, continuing a downward trend. In a first half marred by economic and geopolitical uncertainty, global infra finance decreased 18.97%, to $916.89 billion, compared to the $1.13 trillion recorded in H1 2024. In a first half that can be described as globally […]

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Infrastructure finance was down in the first half of 2025, compared with previous years, continuing a downward trend. In a first half marred by economic and geopolitical uncertainty, global infra finance decreased 18.97%, to $916.89 billion, compared to the $1.13 trillion recorded in H1 2024.


In a first half that can be described as globally unstable it comes as
little surprise that infrastructure financing deals that reached financial
close were down 30% on deal count to 2,008 compared with 2,887
H1 2024.


For clarity, “infrastructure finance” is a catch-all category from
the IJGlobal database that is designed to incorporate all private
investment into infrastructure and energy, including primary finance,
refinance and restructurings. It takes in all project finance, broader
debt vehicles as well as all equity invested across the infrastructure
and energy sectors.


Project finance values in H1 2025 decreased by 10.87% to $348.79 billion compared to H1 2024, which came in at $390.47 billion, according to IJGlobal data, correct at the time of publication but subject to change as more data become available. Of the total infra financing deal count, 782 were project finance or 38.94% of deal count. However, this is not the bad news story it may appear to be. According to the data, apart from a spike year in 2024, H1 2025 numbers are high compared with…

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Commercial Property Price Index: July, 2025 https://www.greenstreet.com/commercial-property-price-index-july-2025/ https://www.greenstreet.com/commercial-property-price-index-july-2025/#respond Fri, 01 Aug 2025 04:32:40 +0000 https://gstreetstage.wpenginepowered.com/?p=1282 Price Appreciation Remains Subdued Newport Beach, CA, August 6, 2025 — The Green Street Commercial Property Price Index® decreased 0.1% in July. Over the past twelve months, the all-property index has increased 3.2%. “High interest rates and economic uncertainty—it’s been one or the other this year, and often both—have kept a lid on property pricing,” […]

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Price Appreciation Remains Subdued

Newport Beach, CA, August 6, 2025 — The Green Street Commercial Property Price Index® decreased 0.1% in July. Over the past twelve months, the all-property index has increased 3.2%.

“High interest rates and economic uncertainty—it’s been one or the other this year, and often both—have kept a lid on property pricing,” said Peter Rothemund, Co-Head of Strategic Research at Green Street.

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Commercial Property Price Index: June, 2025 https://www.greenstreet.com/commercial-property-price-index-june-2025/ https://www.greenstreet.com/commercial-property-price-index-june-2025/#respond Tue, 01 Jul 2025 04:35:08 +0000 https://gstreetstage.wpenginepowered.com/?p=1283 Elevated Rates Stifle Price Gains Newport Beach, CA, July 7, 2025 — The Green Street Commercial Property Price Index® was unchanged in June. Over the past twelve months, the all-property index has increased 3.4%. “Property pricing hasn’t changed much this year,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “Interest rates remain elevated, […]

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Elevated Rates Stifle Price Gains

Newport Beach, CA, July 7, 2025 — The Green Street Commercial Property Price Index® was unchanged in June. Over the past twelve months, the all-property index has increased 3.4%.

“Property pricing hasn’t changed much this year,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “Interest rates remain elevated, and that’s kept pricing in check.”

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European Commercial Property Price Index: July, 2025 https://www.greenstreet.com/pan-euro-commercial-property-price-index-july-2025/ https://www.greenstreet.com/pan-euro-commercial-property-price-index-july-2025/#respond Tue, 01 Jul 2025 04:10:47 +0000 https://gstreetstage.wpenginepowered.com/?p=1886 Business As Usual The Green Street Commercial Property Price Index, which measures pricing of a broad swathe of European commercial properties, trended higher in the first half of ’25, despite the uninterrupted noise on the macro front. Industrial, residential, and data centre assets keep outperforming, climbing more than one percent, thanks to gradual income growth. […]

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Business As Usual

The Green Street Commercial Property Price Index, which measures pricing of a broad swathe of European commercial properties, trended higher in the first half of ’25, despite the uninterrupted noise on the macro front. Industrial, residential, and data centre assets keep outperforming, climbing more than one percent, thanks to gradual income growth. With rates stable, the residential sector has seen some yield compression in select geographies. Retail and hotel pricing has been largely stable, with the former’s sequential price discovery improving during 1H while the latter is benefitting from continued healthy fundamentals. Meanwhile, self-storage pricing retreated ~200 bps, mostly dragged down by the U.K.’s underperformance. Office pricing signals have been mixed, albeit there are tentative signs of approaching the trough.

“Property prices have held steady year-to-date, defying continued noise and uncertainty on the macro front.” said Marie Dormeuil, Senior Analyst at Green Street. “Recent positive signals from the public REIT equity market and tightening spreads on investment-grade unsecured debt signals modest upside momentum to near-term pricing changes. Whether this manifests in bidding tents after the summer remains to be seen, albeit a growing number of transactions crossing the finish line in select geographies during the past six weeks across all sectors is a clear positive.”

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Commercial Property Price Index: May, 2025 https://www.greenstreet.com/commercial-property-price-index-may-2025/ https://www.greenstreet.com/commercial-property-price-index-may-2025/#respond Sun, 01 Jun 2025 04:36:21 +0000 https://gstreetstage.wpenginepowered.com/?p=1284 Property Pricing Holding Firm Newport Beach, CA, June 5, 2025 — The Green Street Commercial Property Price Index® increased 0.6% in May. Over the past twelve months, the all-property index has increased 4.1%. “Despite the volatility over the past couple of months, the bid for commercial properties has remained firm,” said Peter Rothemund, Co-Head of […]

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Property Pricing Holding Firm

Newport Beach, CA, June 5, 2025 — The Green Street Commercial Property Price Index® increased 0.6% in May. Over the past twelve months, the all-property index has increased 4.1%.

“Despite the volatility over the past couple of months, the bid for commercial properties has remained firm,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “Pricing is essentially unchanged this year. And unless Treasury yields continue to come in, it’s unlikely we’ll see much price appreciation this year.”

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