Charlotte Fogel has built over seven years of experience in the real estate industry, where she quickly gravitated towards the investment side of the business.
Now, as Senior Transactions Manager at Savills Investment Management, she plays a key role in sourcing and executing cross-border transactions across Spain and Portugal, with a focus on the fast-evolving living sector. This gives her a unique perspective on how deals come together.
We spoke to Charlotte about her career journey, what it takes to manage complex transactions, and the trends shaping real estate investment today.
Q: How did you first get into real estate investment, and what attracted you to the transactions side of the business?
I did my degree in ICADE and then began my career in 2018 as part of the valuations team at Savills. After four years, I decided I wanted to be the person doing the deals, so I moved to the investment side of the business.
I needed a new challenge where I could grow and have a greater impact, and the transactions side of the business provided exactly that. It’s demanding, requires initiative, and continually offers opportunities to learn. My role involves every aspect of the transaction, and that makes it very dynamic and rewarding.
Q: Were there any key moments or deals that shaped your career?
My first transaction was definitely a key moment. I was involved in the acquisition of a Build-to-Rent (BTR) multifamily asset in Valencia, comprising 209 units for €66 million. It was our European Living funds’ first acquisition in Spain, so it was a pivotal opportunity to demonstrate to our global investors that the Spanish residential sector was both robust and becoming more institutionalized. At the time, very few deals were getting closed, especially in Valencia, so this one really mattered.
It was a steep learning curve for me, as I was involved at every step, from the analysis of the underwriting to the due diligence and negotiation of the contracts. I was lucky to be surrounded by talented professionals who guided and supported me throughout the deal.
That experience not only boosted my confidence but also positioned me as the go-to person internally for opportunities in the living space, including multifamily, purpose-built student accommodation (PBSA), and flexible living, which is my main focus.
Q: What does your role as a Senior Transactions Manager actually involve day-to-day, and how has that evolved?
I lead the sourcing, underwriting, and execution of new investment opportunities. I’m responsible for managing the internal process and driving transactions through to closing. My day-to-day involves managing relationships with brokers and counterparties, coordinating the internal teams, and ensuring that each deal aligns with our fund strategy and long-term asset management plans.
Over time, my role has evolved from analyzing deals to executing them. I also help shape the team’s sourcing strategy, as I’m the main point of contact for acquisitions for the fund management teams in the living sector. I’ve also taken on more leadership responsibilities, such as mentoring junior team members and representing the team on internal committees and at industry events.
Q: Real estate deals often span legal, financial, and local market dynamics. How do you manage all those moving parts?
I specialize in the Iberian markets, which means I need to stay abreast of local dynamics, from regulatory changes to market sentiment. That’s particularly important for international investors who may not have that local knowledge.
An institutional investment manager typically relies on specialized internal teams and my role is to act as a central coordinator. I have to ensure that all the workstreams proceed in sync and that each aspect of the deal aligns with our investment strategy. To do that effectively, I need a solid understanding of each part of the process, not just the commercial side, but also how it integrates with the legal, financial, tax, and ESG requirements. That 360 perspective is key to ensuring a smooth execution.
Q: How would you describe the current mood in the real estate market — are deals getting done, or is there still caution?
There is still an impression of caution, with quiet optimism. Investors are in no rush to deploy capital, particularly in the core space, where the spread between the risk-free rate and property yields is still relatively unattractive compared to previous years. This is especially true in the living sector, where achieving target returns for core investors has become more challenging.
That said, deals are getting done, but they’re taking longer. We’re seeing more competitive processes run by agents and a slight increase in activity compared to last year, which suggests growing interest, even if capital remains selective.
Overall, it’s a sector-driven market, which is not completely on pause. Spain, in particular, has become the second most targeted market in Europe for investors, highlighting its resilience and appeal despite the challenging macroeconomic context and ongoing uncertainty.
Q: Which real estate asset types are attracting the most investor interest?
Right now, the living sector — particularly PBSA and flexible living — is attracting strong interest from international investors, many of whom are looking to build or scale platforms. These sectors face a shortage of supply, rising demand, and greater flexibility in zoning and legal matters compared to multifamily BTR properties, offering investors attractive risk-adjusted returns.
Multifamily BTR is very much still on the radar, but it’s more challenging: returns are harder to achieve, mainly for core capital. That said, we expect some interesting portfolios to come into the market. We’re also seeing a shift in some markets towards unit sell-down strategies and a renewed interest in build-to-suit (BTS) strategies.
Logistics also continues to be a focus, though transaction activity has slowed because of macroeconomic uncertainty, yield compression, and a shortage of available core products. That said, investor confidence is gradually returning, though investors remain cautious and selective. Everyone is expecting to see a rebound in activity next year as pricing adjusts.
Q: Given the current climate, are you seeing much cross-border activity, and have there been any notable shifts in how deals are being structured?
I primarily deal with cross-border activity, specifically international capital entering the Iberian market. In recent market processes, most of our competitors have been either international investors or local entities backed by international capital, which highlights how active and interested this equity remains in the region.
At the same time, I’ve noticed clear shifts in deal structuring: there’s been a rise in joint ventures, more sales of specialist platforms, and a greater use of alternative debt instruments in Spain compared to a couple of years ago. These changes reflect a more flexible and strategic approach by investors, as well as the continued institutionalization of the market.
Q: It’s been great hearing about your experiences and insights. Is there anything else you’d like to share before we wrap up?
I’m passionate that the industry should continue to support young talent, especially women, in real estate. I’ve recently joined WIRES “Women in Real Estate Spain”, which lets me connect and share experiences with women across the industry. I believe it’s important to identify strong role models early in your career and understand the paths others have taken to reach leadership positions.
I particularly want to encourage more women to explore the transactions side of the business, where we’re still underrepresented, and to be ambitious in forging their own path. We need more female voices at the decision-making table, and that starts with building confidence, visibility, and the right support early in your career.
