While identifying and maximising opportunities regardless of the cycle is central to what Invel does, fundamental issues in Europe need to be properly addressed, with Spain the most recent European country to experience a nationalist surge.

Arnaud Plat

We hope governments across Europe will provide adequate responses to the rise of populism and nationalism. Like many, we want to see a resolution on Brexit and whether that means another referendum or a Norway-style arrangement, political squabbling needs to be put aside to ensure a minimal adverse economic impact. We expect that 2019 will bring a general economic slowdown across Europe.

We have been living in a somewhat benign economic environment in recent years, with debt both available and affordable, but there are accumulating signs that this is ending. The challenge will be to identify the opportunities and ensure that they are correctly priced. Local knowledge and a willingness to take on complex deals will be key.

Resolution: To keep embracing complexity, and, in what may be a turbulent year, to continue being opportunistic in our approach.

Arnaud Plat, senior partner at Invel Real Estate Partners

2019 forecasts: what lies ahead