Empower asset-backed growth
through capital intelligence.

Dry Capital is an AI-backed, human-led capital firm and recap platform based in Brussels, with a strategic office in Madrid covering the Iberian Peninsula through Lake Capital and planned expansion to the DACH region. We connect institutional capital with top-tier European real estate sponsors, structuring bespoke equity and debt solutions across the capital stack.

€4.5BN+Combined deal volume
70+Deals · all asset classes
45+ yrsCombined experience
6Asset classes
Who we are

Capital intelligence,
founder-led discipline

01 / 03

Principal mindset

Every mandate underwritten like our own balance sheet. Skin-in-the-game alignment. Realistic pricing over false optimism.

02 / 03

Pan-European reach

Brussels HQ, a strategic Madrid office covering Iberia through Lake Capital, and planned DACH expansion — local relationships, continental coverage, off-market access.

03 / 03

Human-led by design

Small enough to be selective, senior enough to move fast. Founder-led from first call to close — no junior handoffs.

What we do

Capital Solutions

01 / 04
RECAP
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 / 04
DEBT
Senior · Whole-loan · Mezz

Bespoke debt solutions with institutional and private credit partners across the capital stack. Refinancing, extensions and bridge structures at market-realistic pricing.

03 / 04
EQUITY
Preferred · Co-invest · JV

Co-investment opportunities curated from Dry Capital's off-market pipeline — mid-teen net IRR profiles, clear downside protection and structural alignment with the sponsor.

04 / 04
RAISE
Platforms · Funds · Club deals

End-to-end capital formation support for platforms and seeded vehicles. SCSp / Club Deal structuring and a targeted, relationship-led introduction process — institutional and family office.

Track record

Forty-five years,
all asset classes

€4.5BN+Combined deal volume
70+Deals · all asset classes
6Core asset classes

Both partners have held front-office transaction roles and personally led acquisitions and developments across all six asset classes.

Offices
Residential
Hotel
Land &
Development
Logistics
Retail
Partners

The team
behind the platform

Dry Capital is led by two founding partners with 45+ years of combined front-office experience across European real estate — equity, debt, development and capital markets.

Sheelam Chadha

Sheelam Chadha

Founder

Sheelam is a seasoned real estate investment professional with nearly 20 years of institutional experience across Continental Europe. Her career spans senior roles at Savills, IVG, TRIUVA, PATRIZIA and Atenor — overseeing transactions exceeding €2 billion across office, residential, logistics and retail. In 2025 she founded Dry Capital to address the growing need for tailored capital solutions across Europe.

Brussels, Belgium LinkedIn
Maria Laguna

Maria Laguna

Iberia Partner · Lake Capital

Dry Capital is present in the Iberian market through its local partner Maria Laguna (Lake Capital). Maria brings over 25 years of institutional real estate investment and asset management experience across Southern Europe, having established DeA Capital's Iberian platform and led acquisitions spanning logistics, residential, office, retail and hospitality.

Madrid, Spain LinkedIn
How we work

AI-backed,
human-led

Real estate is a slow, paper-heavy, inefficient business. We are building a new platform from zero, with efficiency as the primary design constraint and every workflow rebuilt around AI from the ground up. The platform adapts to the market continuously, so capital moves at the speed of the opportunity.

Interactive decks

Investment memos published as live, interactive web decks with filterable scenarios, embedded models and permissioned investor access.

Live dashboards

Real-time position and market dashboards for every live mandate — pricing, pipeline and portfolio metrics updated continuously from source data.

Investor portals

Dedicated client-branded portals with permissioned access for each relationship — investor updates, document rooms and deal materials in one curated place.

Underwriting engine

Live cashflow models with scenario toggles, sensitivity analysis and stress tests — cap-stack and waterfall variants modelled on demand.

Deal-flow intelligence

Continuous ingest of transactions, rents and yields across our markets, with automated comps, benchmarking and sub-market signals available daily.

Document automation

OM, lease and term-sheet parsing, side-letter comparison and DDQ drafting — the document layer of every transaction handled at machine speed.

Reporting & waterfalls

Auto-generated quarterly letters, preferred-equity waterfalls and capital-account maintenance — LP-ready, auditable and aligned to the close calendar.

Sponsor & counterparty monitoring

News, filings and market signals tracked daily across every sponsor, tenant and lender in the pipeline — underwriting context maintained from deal memo through to IC.

Institutional knowledge base

Every memo, comp, model and meeting transcript indexed and searchable across the firm's history — a permanent record of underwriting and decision-making.

For investors

Investor Brief

A concise, evolving view of how Dry Capital sees the European real estate recapitalisation opportunity — the thesis, the market signal, the operating platform, and where capital is being deployed today.

01 · Thesis

Capital dislocation,
asset-backed discipline

Europe is entering its deepest real estate recapitalisation cycle since 2011. Sponsors face maturity walls, DSCR breaches and extension fatigue — and the debt funds, banks and legacy LPs that financed 2018-2022 are no longer at the table on the same terms.

Dry Capital was built for this moment: disciplined, asset-backed capital delivered through preferred equity, whole-loan and co-investment structures with mid-teen net IRR targets and clear downside protection.

02 · Market

Where the
opportunity lives

Multiple European geographies, six asset classes. Offices, Residential, Hotel, Land & Development, Logistics and Retail — each with structural mispricing in 2025-2027 driven by rate normalisation and forced-seller technical supply.

We cover the market from Brussels, with Madrid coverage through Lake Capital for the Iberian Peninsula and planned DACH expansion — 45+ years of combined relationships in these corridors let us see deal flow earlier, underwrite more precisely, and move more decisively than platforms twice our size.

€4.5BN+Combined deal volume
70+Deals · all asset classes
6Core asset classes
03 · Platform

AI-backed,
human-led

Real estate is a slow, paper-heavy, inefficient business. We are building a new platform from zero — efficiency as the primary design constraint, every workflow rebuilt around AI, every model and memo updated daily so the platform adapts to the market continuously.

Investment materials are delivered as interactive decks, live dashboards and dedicated client-branded portals with permissioned, investor-only access — so every LP has the same real-time view of the deal as the deal team.

04 · Cases

Selected
transactions

Three representative transactions showing how Dry Capital's capital solutions have played out in live sponsor situations across the cycle.

CASE 01
Residential portfolio
Preferred equity recap

Trapped equity released for a mid-market sponsor facing a refinance cliff. Preferred equity layered above senior debt, avoided forced disposal, preserved upside for original GP.

CASE 02
Prime development
Co-invest raise

Co-investors Roadshow run alongside a leading sponsor. Aligned interests, preserved developer liquidity, de-risked entry for institutional and family office LPs.

CASE 03
Platform vehicle
SCSp / Club Deal

Legacy residential and mixed-use repositioned into a new vehicle — recapitalised at realistic valuations, blended with new acquisitions, launched to institutional and family-office LPs.

News

Press & market
activity

CRE Europe El Confidencial Secondaries Magazine Green Street Business Insider With Intelligence
Brussels · Madrid — January 7, 2026

Dry Capital expands into Iberia with Lake Capital partnership

Dry Capital has established a strategic alliance with Lake Capital, marking a significant expansion into Southern Europe and the Iberian peninsula. The partnership combines Lake Capital's expertise in sourcing, underwriting and managing assets across Southern Europe with Dry Capital's specialisation in equity and capital solutions.

Read full article →
Blogs

Views & market
memos

09 17 Mar 2026

2026 Real Estate: For Masochists Only — Or Am I Mentally Deranged?

Read memo → 08 03 Feb 2026

Madrid Calling

Read memo → 07 17 Dec 2025

Europe's Capital Magnets

Read memo → 06 10 Nov 2025

YOU'RE FIRED…

Read memo → 05 22 Sep 2025

How Many Euros Are Chasing Each Euro? The New Math of Real Estate Capital

Read memo → 04 14 Jul 2025

From Recap to Real Life: Why Capital Restructuring Might Be Your New Best Friend

Read memo → 03 28 May 2025

The Blossoming New Era of Secondaries

Read memo → 02 01 Apr 2025

Dry Capital Secondaries, Shifting Capital, and the Rising European Edge

Read memo → 01 15 Mar 2025

Survive Till 25 — We Made It. Now What? Why Dry Capital?

Read memo →
Get in touch

Let's talk capital

Direct line
to the deal team

info@drycapital.eu

Brussels · HQ

Rue des Atrébates 112
1040 Etterbeek, Belgium
info@drycapital.eu

Madrid · Lake Capital

C. del Marqués del Riscal, 2
Chamberí, 28010 Madrid
info@lake-capital.com
+34 606 418 321

DACH · Planned

Expansion into DE planned Q4 2026

LinkedIn @drycapital
Dry Capital Real Estate · Brussels · Madrid AI-backed, human-led capital & recap platform. Views, deals and market notes across European real estate.
Latest view · 17 Mar 2026 2026 Real Estate: For Masochists Only — Or Am I Mentally Deranged?
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