Credit: GRI InstituteCMS Partner Benjamin Bill on the global context of European real estate
Exclusive interview with Benjamin Bill addresses trends driving transactions and challenges in cross-border investment
October 6, 2025Real Estate
Written by Helen Richards
A combination of deep local knowledge and a broad international perspective is essential to navigate today’s real estate market, as cross-border investment dynamics evolve. It is no longer enough to understand only your own jurisdiction, says Benjamin Bill, Partner at CMS.
This international view, supported by local expertise, is what unites the GRI Institute and longstanding industry partner CMS, as they share this core philosophy on the path “to bringing together the best people to create industry standards and improve the quality of the real estate sector.”
In an exclusive interview with Gustavo Favaron, Global CEO of the GRI Institute, at Europe GRI 2025, Benjamin shared his insights on the trends driving transactions in the European market - and particularly France - including the need for a transversal approach that integrates financial, operational, legal, tax, and increasingly ESG factors into investment strategies.
How is the sentiment among market players here at Europe GRI 2025 regarding the current real estate market?
For several years now, everyone has agreed that we are in a cycle where we need to be prudent and thoughtful about what kind of deals we're doing. This is due to more difficulty in financing, more regulatory restrictions, more ESG objectives to be obtained, and a shift in consumer behaviour.
We have to listen to what specialists and real experts have to say from their experiences, and from the best and worst case scenarios in their respective countries. This is what interests me personally; understanding where the market player comes from, why they are doing a specific transaction, and what they are hoping to achieve.
We are in a very responsible industry that has robust knowledge and a rather optimistic view for the years to come. We have absorbed key items like ESG and shifts in consumer behaviour which have affected retail, warehouses, offices, etc. We’re now trying to understand what people expect from this shift and where this could lead us.
You have been involved in some large transactions recently. What kind of trends have you seen in the market?
I can speak mainly for France. We have shifted from a very boring market, which was an office market for decades. This has changed and we are now seeing many asset classes that are attracting capital.
The two largest transactions in the market this year were a very large office transaction of around EUR 700 million, and a PBSA transaction, which is a totally different type of asset but attracted around EUR 600 million of capital.
Investors are broadening their view to look at many asset classes, and are flexible, which makes it more interesting for all players.
International capital was largely focused on the US market at the beginning of the year, but now seems to be moving its focus to Europe. Do you sense this in the inquiries you receive?
We have noticed very strong interest among international players in Europe, and in particular France, but also in Spain, Italy, and Poland.
This leads to the fact that when you're a service provider you need to understand the needs of your clients based abroad, who need to downstream money from wherever they are to France. Firstly, there's a higher need for understanding the various regulatory issues, secondly, for understanding tax and legal structuring, and thirdly, they rely on a very strong local expertise.
As a market player today, we cannot stay focused only on our jurisdiction or country, but we need to understand the expectations and needs of international investors that come to our country.
Middle Eastern players are showing a lot of interest in assets in France. What advice would you give to someone entering the French market?
Like many continental European countries, France is a highly regulated country, which requires a transversal approach. On top of the economics and the financial issues, you need to take into account ESG factors, regulatory issues, tax issues, legal issues, and if you're investing into operational real estate, there's also the operational part.
Foreign investors need to understand that development projects take time and often need to be coordinated with a local authority. But, apart from that, France is a very open country for foreign direct investments. We have very few restrictions and have opened up to a lot of sectors.
I would say be vigilant, have good due diligence, and look at factors such as ESG, which are very important in France.
What role does the GRI Institute play in CMS’ strategy for maintaining and building new relationships with clients?
We all have a lot of work and spend a lot of time in our offices, but at the same time, we need to meet people; we need to understand the needs and expectations of our clients and other market players.
It is fundamental for me and my CMS colleagues throughout Europe to meet people and confront ideas, projects, and difficulties that people have in their respective jurisdictions.
We are looking for the same thing as the GRI Institute, which is bringing together the best people to create industry standards and improve the quality of the real estate sector. And so, this is a partnership that really works.
Thank you for your time, Benjamin!
Watch the full interview with Benjamin Bill here.
A combination of deep local knowledge and a broad international perspective is essential to navigate today’s real estate market, as cross-border investment dynamics evolve. It is no longer enough to understand only your own jurisdiction, says Benjamin Bill, Partner at CMS.
This international view, supported by local expertise, is what unites the GRI Institute and longstanding industry partner CMS, as they share this core philosophy on the path “to bringing together the best people to create industry standards and improve the quality of the real estate sector.”
In an exclusive interview with Gustavo Favaron, Global CEO of the GRI Institute, at Europe GRI 2025, Benjamin shared his insights on the trends driving transactions in the European market - and particularly France - including the need for a transversal approach that integrates financial, operational, legal, tax, and increasingly ESG factors into investment strategies.
How is the sentiment among market players here at Europe GRI 2025 regarding the current real estate market?
For several years now, everyone has agreed that we are in a cycle where we need to be prudent and thoughtful about what kind of deals we're doing. This is due to more difficulty in financing, more regulatory restrictions, more ESG objectives to be obtained, and a shift in consumer behaviour.
We have to listen to what specialists and real experts have to say from their experiences, and from the best and worst case scenarios in their respective countries. This is what interests me personally; understanding where the market player comes from, why they are doing a specific transaction, and what they are hoping to achieve.
We are in a very responsible industry that has robust knowledge and a rather optimistic view for the years to come. We have absorbed key items like ESG and shifts in consumer behaviour which have affected retail, warehouses, offices, etc. We’re now trying to understand what people expect from this shift and where this could lead us.
You have been involved in some large transactions recently. What kind of trends have you seen in the market?
I can speak mainly for France. We have shifted from a very boring market, which was an office market for decades. This has changed and we are now seeing many asset classes that are attracting capital.
The two largest transactions in the market this year were a very large office transaction of around EUR 700 million, and a PBSA transaction, which is a totally different type of asset but attracted around EUR 600 million of capital.
Investors are broadening their view to look at many asset classes, and are flexible, which makes it more interesting for all players.
Benjamin Bill gave an exclusive interview to Gustavo Favaron, Global CEO of the GRI Institute, during Europe GRI 2025. (GRI Institute)
International capital was largely focused on the US market at the beginning of the year, but now seems to be moving its focus to Europe. Do you sense this in the inquiries you receive?
We have noticed very strong interest among international players in Europe, and in particular France, but also in Spain, Italy, and Poland.
This leads to the fact that when you're a service provider you need to understand the needs of your clients based abroad, who need to downstream money from wherever they are to France. Firstly, there's a higher need for understanding the various regulatory issues, secondly, for understanding tax and legal structuring, and thirdly, they rely on a very strong local expertise.
As a market player today, we cannot stay focused only on our jurisdiction or country, but we need to understand the expectations and needs of international investors that come to our country.
Middle Eastern players are showing a lot of interest in assets in France. What advice would you give to someone entering the French market?
Like many continental European countries, France is a highly regulated country, which requires a transversal approach. On top of the economics and the financial issues, you need to take into account ESG factors, regulatory issues, tax issues, legal issues, and if you're investing into operational real estate, there's also the operational part.
Foreign investors need to understand that development projects take time and often need to be coordinated with a local authority. But, apart from that, France is a very open country for foreign direct investments. We have very few restrictions and have opened up to a lot of sectors.
I would say be vigilant, have good due diligence, and look at factors such as ESG, which are very important in France.
What role does the GRI Institute play in CMS’ strategy for maintaining and building new relationships with clients?
We all have a lot of work and spend a lot of time in our offices, but at the same time, we need to meet people; we need to understand the needs and expectations of our clients and other market players.
It is fundamental for me and my CMS colleagues throughout Europe to meet people and confront ideas, projects, and difficulties that people have in their respective jurisdictions.
We are looking for the same thing as the GRI Institute, which is bringing together the best people to create industry standards and improve the quality of the real estate sector. And so, this is a partnership that really works.
Thank you for your time, Benjamin!
Watch the full interview with Benjamin Bill here.