The keys to unlocking value in real estate
Preqin’s Q2 2025 Real Estate Quarterly carries an interview with Stefano Giardina, Managing Director Real Estate & CIO Germany at Arrow Global. Stefano observes that large U.S. allocators are rotating back into continental Europe and the UK, while ongoing geopolitical and macro-economic turbulence has sidelined many rivals, shrinking competition and enabling Arrow to lock in attractive entry prices.
Arrow can capitalise thanks to its 24 local operating platforms spread across eight Western European countries, giving it proprietary access to granular, off-market deals. The firm is directing capital toward structurally resilient segments including living, “community” retail and hotels, while avoiding overcrowded logistics and non-core offices.
Stefano explains that Arrow’s integrated model combines data-driven underwriting, conservative leverage and hands-on execution, all supported by long-standing lender relationships, and he believes this positions the firm to secure outsized risk-adjusted returns while capital remains scarce.
Key quotes from Stefano Giardina
• “We are often one of the few investors willing and able to deploy capital when markets are dislocated.”
• “Our platforms surface off-market deals that others never see.”
• “We’re staying disciplined, laser-focused on our core competencies, and we go highly granular.”
• “For us, there’s no periphery. Portugal, Italy, and Spain are as core as France, Germany, the UK, and Ireland because we have strong operating platforms in each market.”
Read the full article here
Stefano Giardina
Managing Director, Real Estate and CIO of Arrow Germany
Stefano Giardina recently joined Arrow Global to help grow the company’s real estate business in Continental Europe.
With over 20 years of experience in real estate, Stefano began his career at Citigroup Investment Banking in London and New York, where he was involved in a broad range of real estate underwriting, structuring, and deal execution across EMEA and North America. He later joined Citigroup’s real estate private equity arm, where he was responsible for originating and investing across Continental Europe. Most recently, he worked at ALTERX, a real estate operating partner backed by The Baupost Group, where he led investments and strategic asset management in the DACH region.
Stefano holds a Master of Science from ESCP Business School and a Laurea Magistrale (master’s degree level) in Political Science from the University of Turin.