Roy March and the senior dealmakers bridging US institutional capital into European real estate

US investors deployed a record €17 billion into European residential real estate in 2025, according to JLL. The figure captures the accelerating momentum of a transatlantic capital corridor that has, in recent years, moved from opportunistic plays to structural portfolio allocation. Behind these flows stand senior principals whose relationships, institutional credibility, and market knowledge determine where billions land.

Figures such as Roy March, the longtime chief executive of Eastdil Secured, and Roger Orf, partner and head of real estate for Europe at Apollo Global Management, represent the archetype of the relationship-driven dealmaker whose influence on capital deployment far exceeds any single transaction. Their careers illustrate how US institutional capital finds its way into European markets, and why the corridor is poised for further expansion in 2026.

European investment volumes signal renewed confidence

Investment into European real estate climbed to €241 billion in 2025, a 13% increase compared to 2024, according to CBRE. The United Kingdom accounted for 30% of that total, reaching €73 billion, reinforcing its position as the primary gateway for cross-border capital entering Europe.

The recovery reflects a convergence of factors. Favorable interest rate spreads between the European Central Bank and the US Federal Reserve have created lower relative borrowing costs for dollar-denominated investors entering euro-zone markets. Pricing corrections in several European sectors have improved entry yields, and the depth of institutional-grade product across logistics, residential, and office repositioning continues to attract large-ticket allocators.

Savills projects European real estate investment volumes will rise by a further 25% in 2026. JLL forecasts that investment in the European residential sector alone will exceed €70 billion in 2026. These projections suggest the current cycle is still in its early expansion phase.

Who is Roy March and why does his role matter for transatlantic capital flows?

Roy March built Eastdil Secured into the preeminent capital advisory firm in US commercial real estate over more than two decades as its chief executive. The firm became the go-to intermediary for the largest and most complex investment sales, financings, and recapitalizations in the American market, advising sovereign wealth funds, pension systems, and institutional investors on transactions that frequently exceeded a billion dollars.

In March 2026, Savills completed its acquisition of Eastdil Secured for $1.1 billion, as reported by the Commercial Observer. Roy March transitioned from CEO to executive chairman of Eastdil Secured as part of the deal. The acquisition price alone signals the extraordinary value the market places on the firm's advisory relationships and its capacity to move institutional capital across borders.

The Savills-Eastdil combination creates a platform with deep origination capabilities on both sides of the Atlantic. Savills brings granular European market coverage across the UK, Germany, France, Spain, the Netherlands, and the Nordics. Eastdil Secured contributes its unmatched network of US institutional investors, including pension funds, endowments, insurance companies, and private equity firms. Roy March's role as executive chairman positions him as the senior figure connecting these two networks at the highest level.

The strategic logic is clear: US institutional investors seeking European exposure require trusted intermediaries who understand both the capital formation process in New York and the localized complexities of individual European markets. Senior principals with decades of transactional history provide the credibility that unlocks allocation committee approvals.

How does Roger Orf exemplify the US-to-Europe investment thesis?

Roger Orf has invested in European real estate markets since 1991, according to GRI Institute records. As partner and head of real estate for Europe at Apollo Global Management, he oversees one of the largest pools of private capital targeting the continent. His career trajectory, from early-cycle European investing through multiple downturns and recoveries, represents the deep institutional knowledge that distinguishes successful cross-border allocators.

Orf is a prominent figure within GRI Real Estate networks, where senior principals gather to exchange intelligence on market conditions, regulatory developments, and deal flow across European jurisdictions. Platforms such as GRI Club serve as critical connective tissue for the transatlantic investment community, enabling the kind of direct, confidential dialogue between capital providers and local operators that formal conference settings rarely achieve.

Apollo's European real estate strategy reflects a broader trend among US alternative asset managers. Rather than relying solely on local partners or fund-of-funds structures, firms like Apollo have built dedicated European teams led by principals with multi-decade track records in the region. This approach allows for direct underwriting, faster execution, and greater control over asset management, all of which become more important as ticket sizes grow.

The regulatory landscape shaping capital deployment

US institutional investors entering Europe must navigate an evolving regulatory environment that varies significantly across jurisdictions. Two recent developments at the European Commission level deserve particular attention.

The European Affordable Housing Plan, presented on December 16, 2025, establishes a comprehensive framework to boost housing supply and mobilize public and private investment through a pan-European investment platform. The plan also aims to simplify permitting procedures for real estate development. For institutional investors, particularly those targeting the residential sector, the plan creates both opportunity and complexity. New capital mobilization vehicles may channel investment toward affordable and workforce housing at scale, but compliance with affordability criteria and potential rent regulation must be factored into underwriting.

Separately, new short-term rentals regulation will become applicable from May 2026, requiring mandatory registration and data sharing between digital short-term rental platforms and national authorities. The measure addresses housing pressure and market speculation, particularly in tourism-heavy cities across Southern Europe. Investors with exposure to hospitality-adjacent residential strategies will need to assess how enforcement affects operating models and yields.

These regulatory shifts reinforce the value of experienced local partners and advisory networks. Navigating permitting reform in Spain differs materially from structuring compliant residential platforms in the Netherlands or Germany. The senior dealmakers who bridge US capital into Europe serve, in part, as translators of this regulatory complexity.

The US domestic context fuels outbound allocation

US commercial real estate investment activity is expected to increase by 16% to $562 billion in 2026, according to CBRE. While this domestic growth might seem likely to absorb capital domestically, the opposite dynamic is also at work. As US markets recover and pricing tightens, institutional investors seek relative value abroad. European markets, where pricing corrections arrived later and recovery is less advanced, offer spread advantages that large allocators find compelling.

The interest rate differential between the ECB and the Federal Reserve amplifies this dynamic. Dollar-funded investors can access euro-denominated debt at lower costs, enhancing levered returns on European acquisitions. This structural advantage is a primary driver of the record residential capital flows observed in 2025 and projected for 2026.

What distinguishes the American institutional corridor from other cross-border flows?

The US-to-Europe capital corridor differs from Middle Eastern, Israeli, or Latin American flows into European real estate in several fundamental respects. American institutional capital tends to be larger in scale, longer in duration, and more concentrated in core and core-plus strategies. Pension funds and endowments allocate to Europe as part of diversified global portfolios with return targets measured over decades. This patient capital favors sectors with predictable income streams, such as residential, logistics, and life sciences.

The advisory infrastructure supporting US institutional investors is also more formalized. Firms like Eastdil Secured, now under the Savills umbrella, provide dedicated capital markets execution that connects allocation decisions in New York, Boston, and San Francisco with asset-level opportunities in London, Berlin, Madrid, and Amsterdam. The senior principals who lead these efforts, figures like Roy March and Roger Orf, function as the critical nodes in a network that institutional capital requires before it moves.

GRI Institute has consistently served as a convening platform where these principals engage with European operators, developers, and co-investors. The club model, built on direct peer-to-peer exchange among senior leaders, mirrors the relationship-driven nature of cross-border real estate investing itself.

Outlook for 2026 and beyond

The data points toward a deepening of the US-to-Europe capital corridor. European investment volumes are forecast to grow 25% in 2026, per Savills. The residential sector alone may absorb over €70 billion, according to JLL. And the structural incentives, from rate differentials to pricing gaps, remain intact.

The senior dealmakers who have built their careers bridging these two markets are positioned at the center of this expansion. Roy March's transition to executive chairman of Eastdil Secured, within a global platform now integrated with Savills, signals that the transatlantic advisory model is scaling up. Roger Orf's continued leadership at Apollo and engagement with GRI Real Estate networks reflects the institutional depth of US commitment to European markets.

For European operators and developers, the message is direct: American institutional capital is arriving in larger volumes, with longer time horizons, and through more sophisticated channels than ever before. The principals who facilitate these flows carry significant influence over which markets, sectors, and partners receive allocation. Understanding their priorities is no longer optional for any serious participant in European real estate.