The Iberian Property Investment Awards, organised by Iberian Property, are gearing up for the awards ceremony of the third edition of these awards, which will take place on the 6th of May in Madrid. The winner will be know in a Gala Dinner that forms part of the oficial program of the SPAIN REAL ESTATE SUMMIT.
These awards recognise and reward the most outstanding players and projects in the real estate investment sector in Spain and Portugal throughout 2024. One of the awaited categories is "Green Asset Initiative of the Year", which recognises initiatives (all over Iberia) related to an existing asset in the context of a requalification, a deal, a new outstanding asset development, or any action related with assets under management - the common requirement is that such initiative shall demonstrate outstanding energy performance or improvements in aspects such as energy consumption, waste, water, mobility, etc.
The Finalist projects and players competing in this category are:
HINES – DIAGONAL VERTICAL
LOCATION: Barcelona, Spain.
SECTOR: Offices
RENOVATION DATE: 2021-2024
INNOVATION: 60% reduction in energy consumption of Barcelona's first high-rise building.
Located on Barcelona’s Diagonal, Diagonal Vertical is one of the city’s most iconic buildings. Hines’ ambitious refurbishment transformed this 55-year-old skyscraper—Barcelona’s first—into a next-generation, multi-tenant office space while preserving its historic character. The renovation modernized the façade, interior layout, and design, combining heritage preservation with innovation. Key upgrades include the conversion of the original façade into a photovoltaic glass structure, reducing energy consumption by 60% while maintaining the building’s protected architectural appearance.
The building now spans 24 floors above ground and six underground levels, offering 17,460 sqm of office space enhanced with Smart Building technology. This system improves operational efficiency, energy use, and occupant comfort. Interior spaces take full advantage of the building’s dual orientation, offering 360-degree views and premium amenities, including a skylobby, restaurant, fitness center, rooftop terraces, and landscaped outdoor areas. These flexible, people-centered environments support collaboration, wellness, and productivity.
Sustainability is at the heart of the project. The building is fully electrified, powered by 100% green electricity, and features a 1,235 sqm photovoltaic façade that generates 110 MWh annually. Energy efficiency measures led to a 90% reduction in heating demand and 19% in cooling demand. A comprehensive life cycle assessment guided material reuse and carbon footprint reduction, while water-saving fixtures and recycled water irrigation for a green wall address local water scarcity. The project aims to achieve Platinum-level LEED, WELL, WiredScore, and SmartScore certifications.
Community engagement and design excellence were central to the process. Hines partnered with Batlle i Roig and Buckley Gray Yeoman to balance innovation with historical preservation. The building remained operational throughout the works, with surgical interventions like the internal refurbishment of the Bank’s former Presidential Office on the 22nd floor. Guided by Hines’ ESG Development Brief, Diagonal Vertical is now a benchmark for sustainability, design, and performance in Barcelona’s financial district—bridging its legacy with a bold, future-ready identity.
REFUNDOS EXPLORER – PENHA LONGA
LOCATION: Sintra, Portugal.
SECTOR: Hotels
RENOVATION DATE: 2024
INNOVATION: Renovation of the 187 rooms and corridors, while preserving 14th century structures.
The refurbishment of the Penha Longa Resort, led by Refundos Explorer and Carlyle, was driven by a clear ambition: to elevate the guest experience and ensure the resort maintains its position in the competitive luxury hospitality market. The modernisation—carried out by Vector Mais—not only enhanced comfort and innovation but also reinforced a deep commitment to sustainability, earning the prestigious Green Key certification. The update brings the resort in line with industry trends while preserving its distinctive heritage, securing a long-term competitive edge.
The 187 rooms and corridors were renovated with a focus on environmental responsibility, beginning with the creation of two model rooms to test sustainable design solutions. The project incorporated reuse of existing elements and the selection of durable, low-impact materials. Every decision was made with the resort’s sustainability goals in mind, from sourcing FSC-certified wood furniture from local suppliers to reusing natural stone in bathrooms. Vector Mais executed the project with meticulous planning, minimising demolition and ensuring waste and safety management within the standards of ISO 9001, 14001, and 45001 certifications.
Balancing innovation with tradition was the central challenge. Located on a 220-hectare estate dating back to 1355, the resort integrates centuries of history, including a 14th-century monastery, ancient mills, chapels, and aqueducts—surrounded by protected flora and fauna. The recent renovations preserved this cultural legacy while improving the resort’s energy, thermal, and acoustic efficiency, enriching the overall guest experience.
The result is a modernised resort that continues to reflect its timeless charm. Highlights include the restoration of the hotel, monastery, and church to their original historic pink tone, and a series of ongoing forest management initiatives. Positive guest feedback underscores the success of the project, boosting satisfaction and loyalty, and ensuring Penha Longa’s continued relevance as a leader in luxury, heritage, and sustainability.
TESTA HOMES – GREEN PATH
LOCATION: Madrid, Spain.
SECTOR: Residential
RENOVATION DATE: 2021-2024
INNOVATION: Energy transition of large existing buildings through self-consumption (photovoltaic).
Guided by 2019 Materiality Matrix, Testa Homes prioritised Energy Transition and built a robust Sustainability Plan structured across four strategic pillars to reduce its carbon footprint.
1. Clean Energy Production - In 2024, launched solar PV systems across 63 assets, with a total installed power of 2.1 MWp. This initiative avoids 402 tCO₂e in annual emissions—the equivalent of planting over 16,000 trees—through an investment of €4.8M.
2. Decarbonisation Measures - Installed nine aerothermal systems to replace fossil-fuel heating in over 780 homes and are converting a 302-unit building from natural gas to full electric heating. These efforts are projected to save 134 tCO₂e, with a €480K investment.
3. Energy Efficiency - Installed LED lighting in 69 assets, saving 1.2 GWh annually and reducing emissions by 289 tCO₂e. In a 107-dwelling building, are upgrading façades with ETICs for better thermal insulation (€1.1M Capex), expected to save 50 tCO₂e. A €3.06M investment is planned in 2025 for façade improvements in 52 more homes.
4. Green Electricity for All - Through a strategic deal with REPSOL, 100% of electricity in common areas across fully-owned assets now comes from certified green sources—amounting to 1,176 MWh. Over 6,800 tenants have also opted in, extending the impact beyond Testa Homes direct footprint.
Testa Homes rejected superficial greenwashing in favour of meaningful, long-term actions. The company uses market-leading software and expert in-house teams to manage environmental data across more than 200 residential assets, making them pioneers in collective self-consumption in multifamily buildings and one of the few in Spain tackling large-scale retrofitting with a strong environmental lens. Furthermore, the design was consumer centric: by lowering energy demand, reducing tenant costs, improving air quality, and encouraging sustainable mobility with EV chargers and bike racks.
Results – Testa Homes Sustainability Plan has already led to 875 tCO₂e in total emissions savings. Over €10M in investment has been mobilised across 215 multifamily residential assets throughout Spain.
More categories in the Iberian Property Investment Awards:
Full details of the other finalists will be announced in the coming days for the other categories that mark the premiere of these awards, which are:
- Deal of the Year in Spain
- Deal of the Year in Portugal
- Green Asset Initiative of the Year
- Social Impact Initiative of the Year
- Research Report of the Year
- Commercial Leasing of the Year
- Marketing Initiative of the Year
- Financial Innovation of the Year