Qualitas Europe
We established Qualitas Europe in June 2026, with the acquisition of Starz Real Estate, a London-based pan-European commercial real estate debt manager. This is our first presence outside Australia and expands our addressable market by approximately five times1.
Founded in 2018, the business has originated 29 loans across ten countries and eight asset classes. Their first fund is fully realised and the second fully invested, with a combined gross internal rate of return of 13%2. In 2021 it priced the first European commercial real estate collateralised loan obligations (CLO) since the global financial crisis.
The acquisition combines in-house capability across origination, asset management and finance with institutional-grade risk, governance and compliance infrastructure, backed by global institutional capital that complements our existing investor base. The result is a mid-market lender operating to institutional standards across multiple European jurisdictions.
Our offering
Qualitas Europe is a commercial real estate lender focused on middle-market loans across Europe, including the United Kingdom. We are one of few pan-European mid-market lenders with an institutional framework that can serve borrowers and investors across multiple jurisdictions.
The opportunity is structural. Banks still provide around 78% of European commercial real estate debt against 38% in the United States, and an estimated €74 billion refinancing gap is expected across the region between 2026 and 20283. Refinancing remains the dominant source of opportunity, with hospitality, office and industrial the most actively transacted sectors.
The third fund in the series will invest in senior secured whole loans against income-producing European commercial real estate, with no construction or development exposure. Lending will be to established repeat institutional sponsors and selected family offices, with portfolios diversified across sectors, geographies and sponsors. The fund targets a 65% portfolio loan-to-value ratio and an average loan term of two to five years, supported by active covenants with quarterly value and income testing and cash-sweep protection. Unlevered and levered structures are available to align with investor leverage appetite.
Whether an acquisition or a refinancing, borrowers work directly with the team underwriting the loan. Decisions are made in-house, which means fewer parties and a shorter path to terms
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Meet the Qualitas Europe team
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Disclaimer
Notes:
1. European and UK CRE financing market size estimated based on Bayes Business School European CRE Lending Report December 2023 and Bayes Business School UK Commercial Real Estate Lending Report 2025. Australian CRE financing market size estimated based on Alvarez & Marsal Private Debt Market Review 2025 and APRA Quarterly Authorised Deposit-Taking Institution Property Exposure December 2025.
2. Based on the 19 realised loans as at 31 August 2026 and is calculated utilising the loan level cashflows on a post leverage basis but excluding fund level costs.
3. Sources: Bayes Business School, Commercial Real Estate Lending Report YE 2024; PGIM, The Long‑Term Funding Gap in European Real Estate; Mortgage Bankers Association.
Important information
This page is issued by Qualitas Realty Capital Ltd (together with its affiliates, “Qualitas Europe”), a private limited company registered in England and Wales (company number 11063149) with its registered office at 1 Red Place, Mayfair, London W1K 6PL. Qualitas Realty Capital Ltd is an Appointed Representative of Robert Quinn Advisory LLP, which is authorised and regulated by the Financial Conduct Authority (FRN 548030). Qualitas Europe is part of the Qualitas Group (ASX: QAL).
Professional investors only. The information on this page is directed only at persons who are professional clients or eligible counterparties as defined in the FCA Handbook and, in Australia, wholesale clients within the meaning of the Corporations Act 2001 (Cth). It is not directed at, and must not be relied upon by, retail clients or retail investors. The funds referred to on this page are not available to retail investors and have not been authorised or recognised by the FCA or registered with ASIC.
No offer or advice. Nothing on this page constitutes an offer, invitation, solicitation or recommendation to acquire any investment, to participate in any fund or lending strategy, or to lend or borrow funds. It is general information only, does not constitute investment, financial, legal, tax or accounting advice, and does not take into account your objectives, financial situation or needs. You should obtain independent professional advice before making any investment decision. Any offer of interests in a Qualitas Europe fund will be made only through the relevant offering documents.
Performance and forward-looking statements. Past performance is not a reliable indicator of future performance. The internal rate of return shown is calculated on the basis set out in the notes, is gross of fund-level fees and expenses, and is not a forecast or target. Target returns, target loan-to-value ratios, fund terms and other forward-looking statements reflect current intentions and assumptions, are not guaranteed and may not be achieved. The value of investments and the income from them can fall as well as rise, and investors may lose some or all of the capital invested.
Accuracy of information. The information on this page is current as at the date last updated shown above and may change without notice; Qualitas Europe is under no obligation to update it. No representation or warranty, express or implied, is given as to its accuracy or completeness. Information drawn from third-party sources has not been independently verified. To the extent permitted by law, neither Qualitas Europe nor any member of the Qualitas Group accepts liability for any loss arising from reliance on this page.
Last Updated: October 2026.