Retail continues to attract the interest of investors, who are closely examining its opportunities in a context marked by significant operations, new consumer habits and the transformation of commercial formats. Against this backdrop, the Spain Real Estate Summit 2025, to be held on 6 and 7 May at La Finca UZalacaín (Madrid), will host a session that comes at a decisive moment for the market: 'Where is the return on retail investment?' The debate will take place on 7 May, from 09:30 to 10:45, with the participation of experts from CBRE, Union Investment, Hines Spain and Grupo Lar, who will address the most effective investment strategies, the evolution of consumer behaviour and the outlook for retail in Spain.
Organised by Iberian Property, in collaboration with CBRE and JLL, the event will bring together more than 350 international leaders and investors to analyse the positioning of Spain as a priority destination for real estate capital. The event has established itself as a strategic platform to examine the economic trends and financing formulas that are redefining the future of the sector.
The retail session is particularly relevant following the acquisition of Lar España by Helios RE, the joint venture formed by Hines and Grupo Lar. The transaction, announced in July 2024 and valued at €700 million, became the largest retail transaction recorded in Spain that year, reinforcing renewed investor confidence in this market segment.
The panel will be moderated by Paul Santos Robson, Director of Retail Iberia at CBRE, who has more than 15 years of experience in the real estate sector. Since joining the firm in 2011, he has held various positions until assuming his current responsibility, leading a management platform that covers more than 50 shopping centres on the Iberian Peninsula. His experience has been key in significant transactions, such as the acquisition of the Salera shopping centre, considered an indicator of the new investment cycle in this type of assets in Spain.
Laura Roll, senior investment manager retail at Union Investment, responsible for a diversified portfolio of 87 retail assets valued at more than 9 billion euros and distributed in 16 countries, will participate as co-moderator. Roll highlights the resilience of dominant retail destinations, underlining that stabilising yields and strong operating indicators have renewed the attractiveness of shopping centres to investors. He also highlights Union Investment's commitment to ESG criteria, through due diligence processes that assess more than 100 sustainability factors in each acquisition.
Among the speakers at the session will be Vanessa Gelado, senior managing director and head of Hines in Spain, from where she oversees all of the firm's activities in the country, including acquisitions, developments and asset management in different segments of the real estate market. He played a key role in the creation of Helios RE and the subsequent acquisition of Lar España, an operation that reinforces Hines' strategic commitment to the retail sector in Spain. Throughout his career he has held senior positions in companies such as Neinver, Tishman Speyer and Drago Capital, and holds an MBA from Columbia Business School.
José Manuel Llovet, CEO of Commercial Real Estate at Grupo Lar, with more than 30 years of experience in the Spanish real estate sector, will also be speaking. Since joining Grupo Lar in 2015, he has managed portfolios worth more than 5,000 million euros in gross assets, leading operations exceeding 4,000 million euros. His involvement has been key in the acquisition of Lar España by Helios RE, which highlights his experience in managing complex retail investments.
Retail, the driving force behind real estate investment in Spain
Moreover, interest in the sector is not only strategic, but also quantifiable. According to JLL, investment in retail assets in Spain reached 2,645 million euros in 2024, 147% more than the previous year. Shopping centres alone accounted for 57.6% of the total (1,524 million), followed by retail parks and high street premises. So far in 2025, the segment has exceeded 600 million in operations, with the entry of international capital through SOCIMIs and funds from South Africa, France, the United Kingdom, Ireland and Luxembourg. This activity makes retail the third most dynamic sector in Spanish real estate, with the capacity to capture up to 20% of total investment this year, according to CBRE.
This session will offer attendees a detailed overview of the current situation and future prospects for investment in retail assets in Spain, providing relevant clues as to where returns can be found in a market in transformation. Consolidated as one of the sector's main meeting points, the event is shaping up to be a must-attend event for those seeking to understand where real estate investment in Spain is heading. Check out the full programme and register for the Spain Real Estate Summit 2025.