Founder's Story
She Hit the Ceiling—So She Built Her Own Empire: Sheelam Chadha’s Bold Move to Reshape Europe’s Real Estate | Ep. 207
Thu, 24 Apr 2025
Sheelam Chadha discusses her bold journey from two decades in corporate real estate to launching her own firm, Dry Capital, symbolically founded on International Women’s Day 2025. Driven by the desire to break the glass ceiling and leverage her extensive experience in the volatile European real estate market, Sheelam shares insights into navigating uncertainty, the importance of trust, and the power of strategic networking.Key Discussion Points:From Corporate to Founder:The motivation behind launching Dry Capital after encountering limitations in the traditional corporate structure.How Sheelam turned professional frustrations into entrepreneurial opportunity by creating a company aligned with her vision and values.Navigating Market Volatility:Insights on how major events—like Brexit, COVID-19, and recent interest rate hikes—have reshaped the European commercial real estate landscape.Why traditional bank financing is increasingly limited, and how Dry Capital provides alternative private capital solutions to help companies navigate prolonged market challenges.Challenges and Advice for Women Entrepreneurs:The barriers faced by women in traditionally male-dominated industries and how Sheelam overcame criticism by cultivating resilience and self-belief.Practical advice on why women should embrace risk, leverage supportive networks, and pursue their entrepreneurial visions without hesitation.Strategic Networking and Building Trust:How critical building and maintaining a professional network has been throughout Sheelam’s career.Advice for young professionals: proactively attend industry events, build genuine relationships, and cultivate trust that can last decades.Valuable Corporate Experience:How experiences during economic downturns and corporate restructuring periods provided Sheelam with invaluable insights and resilience.Why challenging times offer greater learning opportunities compared to periods of easy growth.Key Takeaways:Embracing discomfort and uncertainty can drive significant personal and professional growth.Genuine trust and integrity within professional relationships can be a key differentiator and asset throughout one's career.Courage, belief in oneself, and leveraging past corporate experiences can empower entrepreneurs to launch and scale their own businesses successfully.Our Sponsors:* Check out Avocado Green Mattress: https://www.avocadogreenmattress.com* Check out Indeed: https://indeed.com/FOUNDERSSTORY* Check out Northwest Registered Agent and use my code FOUNDERS for a great deal: https://northwestregisteredagent.com* Check out Plus500: https://plus500.com* Check out Rosetta Stone and use my code TODAY for a great deal: https://www.rosettastone.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
Chapter 1: Who is Sheelam Chadha and what inspired her to start Dry Capital?
And Shilam, I'm very excited to talk to you because I am very curious about the state of real estate investing in Europe because we've had so many guests on about the US and I've been very interested to learn more about what's happening in Europe, the state of things. And I'm excited that what you are working on
So let's go back to you just created this company on International Women's Day 2025, which seems like a great day to launch something like this. But before this, you had over two decades experience in real estate and investing. So what made you want to start Dry Capital and why now?
Yeah, no, thanks for the question. I think it's interesting. You know, and when I speak to a lot of women who start their own companies, a lot of them have probably come through situations that, you know, after accumulating a lot of experience, they encountered sort of frustrating situations where they got a little bit tired of kind of what they call, you know, the glass ceiling.
And I decided to launch my own company. I mean, I have a lot of experience in commercial real estate and institutional transactions in Europe. Although I'm based here in Brussels, I speak to a wide range of international investors and I've always held kind of leadership positions in listed companies.
And I just got to a situation where my experience and what I wanted to do was not always in line with the situation around me at the company.
And rather than doing what sometimes we all do, which is looking for a new job or situation, I decided to create something that I totally believe in, which is recapitalization into commercial real estate, because I don't think I need to explain the economy is bad.
a little bit volatile right now and um when you really believe in your idea and you have true conviction and you have experience uh especially as women you kind of tend to be a little bit fearful and so i just decided to go through with it and just start my own thing and it's purely coincidental that i announced it on on international women's day but it was probably uh something subconscious that happened um
And I think that it would be fantastic if if more women, you know, take courage to just go for what they believe in. And so that's why I started it.
Yeah, that's amazing. And I've experienced that as well, where, you know, the the corporate environment or the job environment wasn't fit to what I wanted. So why not go off and start something on your own? It's like the saying of we make everyone else rich. Why not just apply those things to ourselves? You mentioned about the volatility in the market.
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Chapter 2: What challenges has Sheelam faced transitioning from corporate real estate to entrepreneurship?
And then all of a sudden we had COVID and that puts the brakes on the, the investment market for probably about a year. And then markets started again and they got even hotter for probably less than a year. And all of a sudden then the interest rates went up from one to 5% or something in like two years. And so you had a huge segment of the market, whether that's investors or,
And developers who got locked out because, I mean, if you, you know, if you take five times your interest rates, your financial charges explode and it becomes impossible to either continue financing any investment or project. So that coupled with still the effect of COVID, which is the trend of homeworking and out-of-city offices, which is now investors don't want to touch anymore.
That work through with all of this real estate that's sitting on balance sheets is going to take a huge amount of time to get worked out. And so what we're seeing now is... For the first year to two years, you kind of just say, okay, I'll figure out a solution. I'll sell this building. I'll find another project to refinance. But we're now in 2025. I'm almost mid-25.
So we're talking about three, four years now where this crisis has hit. With the U.S. elections now, we've seen in the beginning of March, beginning of April, huge volatility in the stock markets. So there's still a lot of uncertainty. And I think that a lot of investors in Europe thought, okay, this year's survived to 25.
And actually what's happened is that a lot of owners are still seeing that it's going to be complicated for the years to come. So what dry capital is doing is we're placing private capital into companies that are looking for alternative ways to finance because the traditional bank financing is no longer, well, I won't say no longer available, but it's, let's say, a lot more limited.
Honestly, I think there's a lot of people saying that it might not be towards the end of 2020 that we're going to see normal M&A activity coming back. That's a huge amount of time to work through your projects. Usually, real estate, you don't keep it on your books often. Unless you're an investor and you're holding long term for more than three years.
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Chapter 3: How has market volatility like Brexit, COVID-19, and interest rate hikes impacted European real estate?
So, yeah, it's going to be a little bit of a complicated decade. And so our company is just here to help provide solutions to give owners breathing time for that, this complicated period.
Yeah. Thank you for, for sharing that. It seems very, a complex situation when we don't always know what's going to happen and we don't have the crystal ball. Like you said, it could be many years from now. And so, you know, we still need to move forward and figure things out with the limited information that we do know, but changes, it seems like almost every minute daily basis. So yeah,
I know there's other women out there that might watch this and say, I'm also in a male-dominated industry. I want to get ahead and I want to start my own company. What advice do you give to them? And then what challenges have you had to overcome?
Yeah, I mean, look, it's every I mean, everybody has their own personal situation. And I don't like to always generically talk about women or men. And but I think that what I've experienced is that you tend to as a woman get a lot more criticism and have to prove yourself a lot more often. And it takes quite some thick skin to be able to go through that criticism and
because you often start questioning your capabilities and your capacities, which in turn makes you question whether you're capable at all or not. And I think that when we compare with, you know, maybe certain types of male situations, that's just part of the game. And of course, you know, men and women are completely different.
What I would say to women is that you need to go for it and take the risk and fight for what you believe in and have the courage. Um, and if anyone doubts you, you know, that's just part of the game. But if you have belief in yourself, you should, you should do your, do your thing that you believe in because otherwise you're waiting and you're waiting and you're waiting.
And I think, you know, like, uh, I have good people around me that really support me and that encourage me. And it's really important to have a very strong
Yeah, we had a we had a Harvard professor on previously and she talked about how professors who are men would submit an, you know, a substantially larger amount of papers to to Harvard because, you know, once they got the 50 percent complete, they would submit for women. had to wait till they were 80% complete other professors who are women.
And I found that very interesting that they had to, they were seeking more perfection where men were okay with things being actually perfect. So hopefully that will change though. But thank you. I mean, hey, there's, we need more people like you to inspire others. When it comes to what Dry Capital is looking at in the next few years, I know you had mentioned earlier about
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Chapter 4: What solutions does Dry Capital offer in the current European real estate financing environment?
And a lot of these people I still speak with to this day because, you know, the world is small and the European commercial real estate market, as big as it is, the network is quite small. And you see a lot of people that you worked with that are at different companies and back and forth. And, you know, it's all about communication. an ecosystem.
And I, I've highlighted it several times is that your personal network and your, the trust that people have in you is the most important, valuable tool you can have. And, and when you break that trust or you, you know, you do things that are probably not in line with your ethos. Um, you don't want that.
So I would say when you're young today, go to as many events as you can try and speak to as many people as you can learn from as many mistakes as you can. Because I mean, if everything went well for me in the past 20 years, maybe I'd still be working in big corporation and doing that thing. So I'm very grateful for all the things that I've learned and even the complicated situations.
But I'd say get out of your comfort zone because when you stay within your comfort zone, you're never going to do anything more than what you're comfortable with.
So I like that. I like the, the, what you said about trust. It's not just about who, you know, it's about who trusts you. Uh, I think that that is a critical point. Um, So my last question is, you gained this 20 years of experience in the corporate environment.
And I am a big proponent of working in a corporate job to gain a ton of experience and then going and doing your own thing versus just doing your own thing and never working for so-and-so. What's one or two things that you look back and say, well, I learned these things because I worked in that corporate environment that I can now apply to my own company?
Well, a lot of what I learned and why I'm doing this, it's funny. I ended up in a lot of situations at companies that had been going through, let's say, work throughs because, you know, when I started, when I was 28 years old, the company had some financial problems and they were being delisted. And so I had to go on this exercise to sell every single project or company or land that we had owned.
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Chapter 5: What advice does Sheelam have for women entrepreneurs in male-dominated industries?
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And I was young and I was super excited and I was motivated to do it. But I kept thinking I want to be able to buy again. I mean, it would be nice to be able to buy. And actually, I learned a lot more in the difficult times than I did in the good times.
Because I always say, you know, buying in real estate, you know, you could be a sheep and you put a sign on your neck and you say for sale and it'll get sold. I mean, it's not so complicated. But yeah, the complicated situations that I've been in were the ones I learned the most. And again, like I say, you know, a lot of people I did deals with when I was 30 years old, I'm doing deals with today.
And they're the ones that have helped me the most because we had so much trust with each other. And so I'm really grateful for that. And so I'd say, you know, we all have our business hats on and we all have to do things with a little bit of values. And so, yeah, no, I think the work through periods in the companies I worked with in the past were the ones where I learned from them.
Well, this has been great. I was super excited for Dry Capital and all the things you have going on in the future. I was very curious about how everything is happening in Europe. So thank you for sharing about that. And I can't wait to have you back on in a year, two years, and then see what's happening with the markets.
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Chapter 6: How important is networking and support for professional growth according to Sheelam?
I mean, it is a wild ride to be in the real estate investing industry, I imagine, right now. But if people want to get in touch with you, they want to find out more information, how can they do so?
Well, look, you can go to the website. You can see my contact details there. You can connect with me on LinkedIn. I'm available. I'm open to discussing with anyone. And thank you.
Well, thank you for joining us today on Founders Story.
Thank you very much, Daniel.
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Chapter 7: What is Sheelam’s vision for Dry Capital’s growth in the next five years?
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