./ DRY CAPITAL
drycapital — main

Bespoke capital
across Europe’s real estate stack.

Preferred equity, debt, co-investment and recapitalisation for top-tier European sponsors — core to opportunistic, across the capital stack. Human-led, technology-backed.

$ request --investor-brief → What we do →
RecapDebtEquitySeed

◆ With Intelligence — Emerging Manager to Watch · 2026 →
€4.5BN+
Combined deal volume
70+
Deals · all asset classes
45+ yrs
Combined front-office experience
7
Core asset classes
Combined past track record of the founding partners — both heads of investment for their regions at leading institutional investors, including PATRIZIA, IVG and TRIUVA. Figures reflect transactions led prior to Dry Capital.
./ special-situations

We take on what
primary markets can't absorb.

Broken cap stacks, refinancing gaps, stretched senior, stressed positions — the situations most capital avoids, and the ones every sponsor is carrying right now. Two decades on the principal side, on deals we owned ourselves.

01 / 04Recap

Dynamic Recapitalisation Yield

Unlock liquidity trapped on sponsor balance sheets. Preferred equity, whole-loan and secondary structures that reset the cap stack without forced sales.

02 / 04Debt

Senior · Whole-loan · Mezz

Bespoke debt solutions with institutional and private credit partners. Refinancing, extensions and bridges at market-realistic pricing.

03 / 04Equity

Preferred · Co-invest · JV

Preferred equity, co-investment and JV structures sourced for sponsors from our off-market pipeline — core to opportunistic, clear downside protection, structural alignment with the sponsor.

04 / 04Seed

Platforms · Funds · Club deals

Platforms, funds and club-deal vehicles, seeded and backed alongside sponsors — long-term, relationship-led capital partnerships.

drycapital — diagnose
01 / 03 · THE SITUATION
$ Is your capital structure built for a market that has moved on?
# priced pre-2022 — now refinancing into a different world
01 / 03 · THE SITUATION
→ Most sponsors aren't. If debt cost more than doubled and the exit window closed, the structure is probably working against you.
02 / 03 · THE PRESSURE
$ Where's the pressure?
03 / 03 · THE DOOR
▸ size it in 60 seconds — run the pre-flight
or open the door directly — let's talk →
./ pre-flight

Screen your deal the way the market will
run it through the pre-flight

A major feature of the terminal, open to anyone. Seven figures in, a red / amber / green verdict out — sized, priced and read the way institutional capital reads it. Free, and anonymous until you choose otherwise.

$ run the pre-flight → 60s · free · EN · ES · FR · DE
drycapital — pre-flight
GREEN
placeable
AMBER
structurable
RED
doesn't fly
$ ./preflight --run
./ asset-backed

Asset-backed capital,
across the spectrum.

Three pillars, one discipline. Real assets with tangible collateral, underwritten across the capital stack.

Real Estate
The full property stack, across Europe's core markets.
  • Offices
  • Residential
  • Hotel & hospitality
  • Logistics
  • Retail
  • Land & development
Infrastructure
Long-duration, inflation-linked — including social infrastructure.
  • Social — schools, health, care
  • Digital — data centres, connectivity
  • Energy & transition
  • Transport
Natural Capital
Productive land and resource-based real assets.
  • Agriculture & productive land
  • Forestry & carbon
  • Water & resources
↳ if it's asset-backed, it's in scope
./ how-the-terminal-works

Days from teaser
to terms.

Market data, live transactions and investor behaviour stream in continuously. The terminal turns them into working materials; every call stays ours. See the full terminal →

$ ./receive

A deal lands

Teaser, OM, a call — deals arrive raw, at any hour.

platform
$ ./underwrite

We take it apart

Model rebuilt from source. Comps pulled. Stack stress-tested.

partners decide
$ ./build

It becomes alive

Interactive memo, live model, investor dashboard — in days.

platform
$ ./back

The right capital

Committed to the situation, tracked live. Every call stays ours.

partners decide
signal · live
The platform shows how investors engage with each deal — which sections, how long, how often — so the partners can follow up with the right material at the right time.
↳ interactive IM↳ live cashflow model↳ investor dashboards↳ deal portal↳ the weekly brief
See the full terminal →
./ the-terminal-live

See the platform
in motion.

A live interactive investment memo, the weekly brief and the intelligence layer — the terminal, running. Click a clip to play it here.

Dry Capital — the film · 1:10
./ who-we-are

Run by the people
who do the deals.

Founder-led and human-led — Dry Capital backs top-tier European sponsors across the capital stack (debt, preferred capital and recapitalisation), builds its own technology to run the analysis, and stays on the ground: close to every deal, sponsor and call.

01 / 03Principal mindset

Underwritten like our own

Every deal underwritten like our own balance sheet. Priced against current market terms.

02 / 03Europe & UK

Europe and the United Kingdom

Based in Benelux, with a partnership office in Madrid.

03 / 03Senior team

The partners run every deal

Every deal is run by the principal team from first contact to closing.

./ track-record

Forty-five years,
all asset classes.

Between them the partners have personally led €4.5BN+ of transactions and 70+ deals across seven asset classes — as heads of investment at PATRIZIA, IVG and TRIUVA. Figures illustrative; specifics under NDA.

Sheelam Chadha
Sheelam Chadha
Founder · Dry Capital
Brussels

Nearly 20 years as a head of investment for PATRIZIA, IVG and TRIUVA. Led the liquidation of IVG’s regional fund portfolio 2011–2016. €2.5bn+ across office, residential, logistics and retail.

LinkedIn →
Maria Laguna
Maria Laguna
Partner · Lake Capital
Madrid · Iberia

25+ years across Southern Europe. Head of Iberian Transactions at IVG, TRIUVA and PATRIZIA to 2020, then built DeA Capital’s Iberian platform.

LinkedIn →
Full team & track record →
./ responsibility

ESG is
a prerequisite.

"Capital will simply not enter a project today without it. It is embedded in every business plan we prepare — because assets that fall short of minimum standards face real pricing discounts and shrinking exit options."

Embedded in underwriting — not bolted on

./ insights

Views & market
memos.

A running view of how Dry Capital sees the European cycle — written from Brussels and Madrid, roughly monthly. See all insights →

10
The Stadium Curse
16 Jul 2026
→ 09
2026 Real Estate: For Masochists Only — Or Am I Mentally Deranged?
17 Mar 2026
→ 08
Madrid Calling
03 Feb 2026
→ 07
Europe's Capital Magnets
17 Dec 2025
→ 06
YOU'RE FIRED…
10 Nov 2025
→ 05
How Many Euros Are Chasing Each Euro? The New Math of Real Estate Capital
22 Sep 2025
→
Read all posts →
./ in-the-press

What the market
is writing.

Dry Capital in the press, on the stage, and named among the managers to watch. See all press →

Unlocked · Leader Spotlight · 2026

The Power Partnership Advantage

A wide-ranging conversation with Maria Laguna & Sheelam Chadha on the forces reshaping European real estate — capital confidence, joint ventures, ESG as a liquidity driver, and building a lean firm on technology built in-house.

Conversation: Jenny Mourato · Edits: Joanna Henry

Read on LinkedIn → ↓ Full article (PDF) →
Maria Laguna & Sheelam Chadha
"The differences between us are real, but they are productive."
"Capital exists, but it is being deployed very conservatively."
"A well-structured JV creates optionality; a poorly drafted one becomes a liability."
As featured in El Confidencial Business Insider CRE Europe With Intelligence PERE Europe WIN Summit
See all press & recognition →
./ get-in-touch
A more efficient way
to recapitalise.

Request the Investor Brief

A concise, evolving view of how we see the European recapitalisation opportunity — the thesis, the platform, and where capital is being deployed today.

Opens your email app with the message ready to send — nothing is submitted to a third party. Or write to [email protected] directly.

Direct line to the deal team

./ brussels-hq

Brussels, Belgium

./ madrid-partnership

Madrid, Spain