The Iberian Property Investment Awards, organised by Iberian Property, are gearing up for the awards ceremony of the second edition of these awards, which will take place on the 6th of May in Madrid. 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 "Deal of the Year in Spain", which recognises exceptional Real Estate investment operations carried out in Spain.
The Finalist projects and players competing in this category are:
AEDAS HOMES – LAND BANK PORTFOLIO
LOCATION: mainly Madrid (88%)
SECTOR: Residential (+2,800 units)
DATE: Q4 2024
BUYER: AEDAS Homes
SELLER: Habitat
INVESTMENT: €169M
In December 2024, AEDAS Homes executed the largest residential land acquisition of the year in Spain, consolidating its leadership in a highly fragmented market. The €169 million deal with Habitat Inmobiliaria involves a 46-plot portfolio with capacity for approximately 2,800 primary residence units, 70% of which are ready-to-build and 88% concentrated in the Madrid Region—the most dynamic residential market in the country.
This transaction marks a pivotal step in AEDAS Homes’ long-term strategy to deepen its footprint in Madrid, particularly in the high-growth Southeast Expansion Area, including Ahijones, Berrocales, and Valdecarros. Around 960 of the units are zoned for affordable BTS housing, bringing the company’s affordable pipeline to nearly 6,400 units, reinforcing its commitment to housing access and social impact.
The structure of the deal reflects prudent capital management: 50% of the purchase price was paid at closing, with the balance deferred for 12 months, enhancing total expected returns while preserving investment flexibility. Deliveries from this new portfolio are set to begin in FY 2027, significantly increasing AEDAS Homes’ revenue visibility.
With this acquisition, AEDAS Homes now manages a land bank exceeding 23,400 units, ~70% of which is active, underscoring the liquidity and development readiness of its assets. Following prior strategic acquisitions—including Áurea Homes (2021) and Inmobiliaria Espacio (2024)—this latest move cements AEDAS’ role in sector consolidation.
The deal also received strong market recognition, with over 140 media mentions, reaching an audience of more than 33 million globally. This visibility not only reflects investor confidence in AEDAS’ model, but also helps broadcast a bullish outlook for Spain’s residential sector amid structural supply shortages.
In a context where Madrid alone is expected to welcome 575,000+ new households by 2039, this acquisition directly contributes to tackling the housing gap, supporting job creation, urban development, and energy-efficient construction. Above all, it affirms AEDAS Homes’ mission to deliver sustainable, high-quality homes that create lasting value—for people, cities, and investors alike.
BESANT | BLASSON – ALCALÁ 44
LOCATION: Madrid
SECTOR: Offices (to convert into Living)
DATE: Q3 2024
BUYER: Besant + Blasson
SELLER: Zurich
INVESTMENT: <€100M
(presented by CBRE Spain on behalf of the buyers)
In what is poised to be one of Spain’s most transformative real estate operations of 2025, Besant Capital and Blasson Property Investors, in partnership with a select group of Latin American investors, have successfully acquired Alcalá 44, a landmark building in the heart of Madrid. This off-market transaction marks a significant milestone, showcasing the investors’ commitment to prime assets with historical relevance, urban prominence, and transformative potential.
Located between Plaza de Cibeles and Puerta del Sol, Alcalá 44 has a rich heritage dating back to the 17th century. Its current form, designed in the 1930s, served multiple institutional uses before becoming an office building in the 1990s, hosting international tenants such as Ashurst and the Generalitat de Cataluña. The challenge: reimagining this historic site into a world-class, ultra-luxury mixed-use asset, while preserving its architectural legacy.
The acquisition was advised and structured by CBRE, who originated the off-market opportunity and guided both seller and buyers through a complex, long-maturing transaction. This deal exemplifies CBRE’s Multistrategy approach—leveraging deep market insight, access to global capital, and advisory excellence to deliver exceptional outcomes for forward-thinking investors.
For Besant Capital and Blasson, the project aligns perfectly with their investment thesis: iconic assets in Tier 1 cities, primed for repositioning and long-term value creation. The planned transformation of Alcalá 44 will introduce a new level of luxury and prestige to Madrid’s CBD, attracting high-end tenants and setting a new benchmark for urban regeneration in Spain.
This acquisition underlines the strong interest from global capital in Madrid’s prime real estate, and the ability of visionary investors to unlock its full potential. More than just a transaction, Alcalá 44 is a legacy investment—one that will leave a lasting mark on the city’s architectural, cultural, and commercial landscape.
HELIOS RE – LAR ESPAÑA PROJECT
LOCATION: Multiple Spanish cities
SECTOR: Retail (12 assets)
DATE: Q4 2024
BUYER: Hines + Grupo LAR
SELLER: Several shareholder entities
INVESTMENT: €700M
(GAV of €1.339 billion)
In a standout transaction, Helios RE—a joint venture between Hines European Real Estate Partners III and Grupo Lar—launched a €700 million voluntary takeover bid for Lar España, Spain’s top listed retail real estate company, marking the country’s largest real estate acquisition of 2024 (NAV: €700M, GAV: €1.339B).
Announced on July 12, 2024, this rare retail sector bid came at a time of renewed international interest in Spanish retail. Helios RE’s offer, initially set at €8.10/share, was raised to €8.30/share in October, offering premiums of up to 35% over 12-month VWAPs. It was backed by major institutional shareholders—Grupo Lar, Brandes, and Castellana Properties—who together held over 50% of Lar España’s capital.
The deal was structured transparently and swiftly, with key approvals from CNMC and CNMV secured by November. The acceptance period ended on December 16 with 92.18% uptake, and full ownership was achieved through a squeeze-out by February 2025. Lar España was subsequently delisted and joined the BME Scaleup segment.
The acquisition was financed through €700 million in equity and €651 million in debt from Morgan Stanley and Banco Santander. Advisors included Freshfields, Garrigues, AZ Capital, and Morgan Stanley.
Strategic Rationale – Helios RE saw strong fundamentals: Lar España manages a €1.3 billion retail portfolio across 12 prime assets (97% occupancy, 500,000 sqm), with 2024 tenant sales reaching €1.048B (+6.3% YoY). The company has a 10-year track record of asset revaluation (+73%), and industry-leading ESG performance (EPRA & GRESB gold ratings).
Grupo Lar’s continued management ensures operational excellence and tenant loyalty, reinforcing Helios’ vision to grow Lar España as a leader in premium retail experiences. Spain’s strong in-person retail culture, dominant centers, high yields, limited new supply, and favorable asset pricing further boosted the deal’s appeal.
This landmark deal confirms the retail sector’s resilience and signals the start of a new phase of consolidation and innovation—anchored by Helios RE’s strategic vision for the future of retail in 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