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The real estate sector demonstrated renewed momentum in Q3 2025, with notable activity across mergers and acquisitions, private equity, and capital markets. Institutional capital remained concentrated on income-generating commercial assets, supported by regulatory developments and increased access to domestic funding. The Q3 2025 edition of the Real Estate/REITs Dealtracker presents a comprehensive overview of transaction trends, highlighting the sector’s financial depth and operational maturity. The publication outlines how capital deployment has shifted toward structured, governance-led opportunities, with REITs playing a pivotal role in expanding investor access. Commercial development and real estate operators led transaction volumes, while consultancy and real estate tech segments showed signs of strategic revival.
The sector witnessed a strong uptick in Q3 2025, witnessing a record-breaking 42 deals amounting to USD 2.9 billion, the highest quarterly deal volume to date. This growth was fueled by a buoyant M&A activity, contributing to half of the total deal volume. Capital market activity also remained robust.
Domestic transactions dominated M&A activity this quarter, with 20 deals valued at USD 838 million, marking the highest quarterly deal volume on record. A single high-value transaction (USD 641 million) drove the deal value. Barring this deal, overall deal values remained largely consistent with the previous quarter, indicating a stable underlying trend in M&A activity.
PE witnessed the second-highest quarterly deal values since Q3 2024 with 12 deals at USD 859 million, driven by three high-value deals together worth USD 694 million. Compared to Q3 2024, volumes remained nearly steady, while values more than doubled from USD 419 million.
IPO and QIPs showed signs of recovery with five IPO issues worth USD 805 million and four QIPs worth USD 344 million, respectively, a significant jump from the previous quarter’s tally of four deals totalling USD 488 million.
