Michel Van Geyte, CEO of Nextensa; Lisette Van Doorn, ULI Europe CEO; Nicola Bearelle, Executive Chairman of Revive

The Conference marked a new milestone for ULI in the region, as Nicolas Bearelle, Executive Chairman of Revive, was formally announced by Lisette Van Doorn as the new Chair of ULI Belgium & Luxembourg.

Nicolas succeeds Michel Van Geyte, CEO of Nextensa, whose leadership has laid a strong foundation for future growth and collaboration as we look ahead to the next chapter under Nicolas’s leadership. Nicolas’s vision is to strengthen the integration of the National Council into Urban Land Institute‘s local, pan-European, and global networks, drawing on both local and international expertise to enhance the programme and value proposition for members.

He will continue to optimise and develop ULI’s Product Councils, which are thought leadership peer groups dedicated to specific sectors of the real estate market, as well as foster discussions on capital markets and decarbonisation in Belgium.

Women Leaders in Real Estate Discussion

The Women Leaders in Real Estate breakfast focused on gender equality in career opportunities, addressing challenges, lessons learned, and why some countries lag behind while others advance faster.

The panel featured prominent female leaders, including Suzy Denys, Country Director for BELUX at ATENOR SA and Member of the Board at CBFI – Cercle Belge des Femmes de l’Immobilier; Nathalie Charles, CEO of IKKOU SAS; and Cristina Garcia-Peri, Senior Partner and Head of Business Development and Strategy at Azora Investment Management.

Opening keynote on Geopolitics 

Keynote Presentation on Geopolitics by Ron Keller

Ron Keller, Geopolitical Expert, Macroeconomist and Former Dutch Ambassador to China, Turkey, Ukraine and Russia, set the stage with a powerful keynote on today’s complex geopolitical landscape, exploring its roots, underlying causes, and explaining the ambitions of global players. He highlighted the influence of superpowers on international events and how this shapes an environment of unpredictability and rising uncertainty. 

Looking ahead, Mr Keller emphasised that while the EU has long focused on building and connecting markets, it must now go further by strengthening its internal market, improving international competitiveness and the business climate, fostering innovation, unifying defence policy, and acting with greater decisiveness.

While businesses continue to monitor geopolitical challenges and mitigate financial risks, Mr Keller underlined the importance of international connectivity and alignment around shared interests, with technological opportunities leading the way to long-term solutions. 

Keynote on Macroeconomics  

Simon Martin, Senior Partner – Chief Investment Strategist and Head of Research at Tristan Capital Partners

Simon Martin, Senior Partner – Chief Investment Strategist and Head of Research at Tristan Capital Partners, opened his keynote presentation by exploring the real estate cycle and its connection to macroeconomic trends and secular change.

Among the key takeaways are as follows:

Real estate cycles can follow two paths: V-shaped recoveries driven by rate cuts, and U-shaped recoveries driven by operating cash flows. Today, we are more likely to face the latter – a slower, cash-flow-led recovery. 

Structural shifts are reshaping portfolios, with smaller allocations to office and retail, and growth in thematic strategies such as logistics, hospitality, and infrastructure. 

Private credit is increasingly filling the financing gap left by banks, offering stable returns and reshaping how investors balance equity and debt. 

In summary, Simon emphasised that the recovery will not be quick or rate-driven. Instead, it will hinge on fundamentals – operating cash flow, thematic allocation, and the continued rise of private credit.

Capital Markets Discussion

At the panel discussion on capital markets, we gained perspective from European developers on the major transformation underway across European real estate.

Panel Discussion on Capital Markets

The speakers’ line-up included Cristina Garcia-Peri, Nathalie Charles, Jean-Philip Vroninks, Marcin Juszczyk and Nicolas Bearelle.

The speakers concluded:  

Operational real estate, such as student housing, hospitality, and flexible offices, can attract more capital as returns shift from passive yields to active management. Boosting NOI (net operating income) and operational efficiency will define performance in the next cycle. 

Debt and equity alike are chasing higher returns, forcing a shift from dividend-driven models to value creation and income growth. Real estate players must prove their ability to deliver sustainable risk-adjusted performance. 

With limited population growth and changing use patterns, refurbishment and adaptive reuse will shape Europe’s built environment. Real value will come from transforming existing assets, not creating more of the same. 

In conclusion, the experts state that the future of real estate isn’t about waiting for interest rates to decrease but about learning to operate smarter. 

Closing Fireside Chat on enhancing the attractiveness of cities by addressing challenges in mobility, real estate, and infrastructure

The day concluded with an insightful conversation with Anna König Jerlmyr, CEO of the Arwidsson Foundation and former Mayor of Stockholm, discussing how the city approaches technology, climate action, leadership, and multi-stakeholder collaboration to achieve long-term urban impact. 

Anna König Jerlmyr, CEO of the Arwidsson Foundation and former Mayor of Stockholm

Key insights from the conversation:

On AI and Technology
Stockholm integrates AI, data transparency, and real-time monitoring to make urban management more innovative and more proactive. For example, AI-driven energy and ventilation systems have reduced energy use by up to 30% in apartments and public schools, cutting costs, improving indoor environments, and helping to maintain rent affordability. The city also ensures alignment across the region’s 26 municipalities through shared data platforms and joint frameworks covering housing, transport, and safety, showing how regional collaboration can overcome administrative complexity.

On Climate Action
Stockholm has implemented a climate budget that runs alongside its financial budget, ensuring every department tracks emissions and delivers measurable sustainability outcomes. The city has already reduced its carbon emissions by more than 60% since 1990 while maintaining strong economic growth, demonstrating that environmental progress and competitiveness can go hand in hand. She also shared that they succeeded in reducing CO2 emissions by 20 per cent during the four years she was mayor.

On Affordable Housing
Anna highlighted the example of Finland, and particularly Helsinki, as a well-designed model for inclusive housing. The city allocates a share of new developments for cost-based or social housing, with regulated pricing that limits profit margins for developers for a certain period. Rather than designating specific areas for low-income housing, Helsinki integrates different housing types across all neighbourhoods. This approach prevents segregation, promotes social inclusion, and embeds affordability within the broader urban fabric. 

(A special thank you to Andrea Carpenter for moderating the discussion).

Nicolas Bearelle, ULI Belgium & Luxembourg Chair

In his closing remarks, the newly appointed Chair, Nicolas Bearelle, highlighted the need for innovation and collaboration across both private and public sectors. He noted that while the VUCA framework – volatility, uncertainty, complexity, and ambiguity – has helped interpret global challenges for over 30 years, it must now evolve to include artificial intelligence (AI). This transformative force will undoubtedly shape our world for generations to come, highlighting an urgent need to innovate faster.

We’d like to thank the ULI Belgium & Luxembourg corporate and conference sponsors for their generous support: Nextensa, Baker McKenzie, Agoria, IMMOBELL, AG REAL ESTATE, Revive, PwC and ICN Development & Investment Management.

While we plan for the 2026 ULI Belgium & Luxembourg Conference, please do stay connected and reach out to ULI Belgium & Luxembourg to discuss future opportunities.

A big thank you to our Sponsors and Partners for their continued support. See you next year!