The heightened competition is also moulding lender strategies, with logistics taking the forefront as the preferred asset class, closely trailed by the living sector. Emerging sectors like life sciences and data centres are also catching investor interest as they look for ways to diversify and drive returns.

Despite recent macroeconomic uncertainties, the debt markets have displayed resilience, remaining 'open for business'.

Yet recent market movements hint at a potential shift in financing trends. While refinancing dominated the scene last year, there's been an uptick in new acquisition financing and heightened bidding activity.

"Last year saw a ratio of 90/10 in favour of refinancing, with very little new acquisition financing but recent developments suggest a change, with strong bidding and competition emerging in the market," Ramsey explains.

Private equity firms are driving this resurgence and taking a more entrepreneurial approach.

"Private equity played a pivotal role in leading us out of the previous downturn and remains highly active in Europe, primarily driven by US funds.”