INVESTORS CELEBRATE THE MAIN ACHIEVEMENTS OF IBERIAN REAL ESTATE ACTIVITY IN 2024

The winners of the Iberian Property Investment Awards 2024 were announced at an impressive ceremony in Madrid, which brought together more than 300 Iberian real estate professionals, coinciding with the first day of the Spain Real Estate Summit.

This prestigious award, which is judged by an outstanding panel of 51 leading real estate professionals in Spain and Portugal, highlights diversity and excellence in the Iberian market, underlining the importance of innovation, sustainability and corporate social responsibility in the sector.

The Iberian Property Investment Awards, now in their third edition, play a crucial role in highlighting and celebrating successes and best practices within the Iberian real estate sector.

Maintaining its scope with around 50 applications received between 8 categories, it is worth highlighting that these applications were made by a variety of players: Asset Managers, Investment Funds, Private Equity Firms, SOCIMIs, Real Estate Consultants amongst others.

With9 nationalities represented the applications involved projects worth more than €3 billion – a very significant share of the real estate activity in 2024.

In Q4 2024, Helios RE—a joint venture between Hines European Real Estate Partners III and Grupo Lar—launched a €700 million voluntary takeover of Lar España, Spain’s leading listed retail real estate firm. The deal, Spain’s largest real estate acquisition of the year, valued Lar España at €1.339 billion GAV and €700 million NAV. The offer, initially set at €8.10/share and later raised to €8.30, attracted backing from major shareholders including Grupo Lar, Brandes, and Castellana Properties, representing over 50% of capital.

By December 16, 92.18% of shareholders had accepted the offer, leading to full ownership via a squeeze-out in February 2025 and Lar España’s delisting. The acquisition was funded with €700 million in equity and €651 million in debt from Morgan Stanley and Banco Santander. Regulatory approvals from CNMC and CNMV were secured efficiently, and top-tier advisors such as Freshfields, Garrigues, and AZ Capital guided the transaction.

Helios RE was drawn by Lar España’s strong fundamentals: a €1.3 billion portfolio of 12 retail assets with 97% occupancy and €1.048 billion in tenant sales in 2024 (+6.3% YoY). The company’s 10-year history of asset revaluation (+73%) and top ESG credentials made it a standout investment. Grupo Lar will continue managing the portfolio, aligning with Helios’ strategy to lead in premium retail amid Spain’s resilient retail environment and limited new supply.

Also recognized as finalists were two standout transactions reflecting strong investor conviction in Spain’s residential and urban transformation sectors. AEDAS Homes completed a €169 million acquisition of a 46-plot land portfolio from Habitat Inmobiliaria—the country’s largest residential land deal in 2024. With capacity for over 2,800 homes, 70% of which are ready-to-build and 88% located in the Madrid Region, the deal reinforces AEDAS’ leadership in a fragmented market. It also significantly boosts its affordable housing pipeline and future delivery capacity, supporting both urban growth and social impact.

The second finalist, Besant Capital and Blasson Property Investors, acquired the iconic Alcalá 44 building in central Madrid from Zurich in an off-market deal presented by CBRE Spain. The historic asset, nestled between Plaza de Cibeles and Puerta del Sol, will undergo a landmark conversion into a high-end mixed-use development. The project exemplifies a strategic vision to reposition heritage buildings into next-generation urban destinations, underscoring global investor appetite for legacy assets with transformative potential in Spain’s prime city centers.

In Q2 2024, Tikehau Capital, alongside Quest Capital, acquired five plots in Alameda das Antas, Porto, for €180 million (including land and CAPEX), marking one of Portugal’s largest residential transactions of the year. The project, known as Antas Atrium, spans over 100,000 sqm of gross construction area and will deliver up to 1,150 units through a combined Build-to-Sell (BTS) and Build-to-Rent (BTR) strategy. Positioned just minutes from Porto’s city centre and airport, the development targets completion in 3.5 years and aims to address both ownership and rental housing needs.

Construction of the first BTS phase began in March 2024, with over 100 units sold early—exceeding expectations and confirming strong local demand. The initial 168 units, ranging from studios to four-bedrooms and priced between €194,000 and €916,000, are tailored to compact, efficient living, appealing to over 20% of Portuguese households by income. The project responds directly to Portugal’s housing shortage, following a decade of limited new supply.

The BTR component—designed by OODA and advised by Global Apartment Advisors—will introduce Portugal’s first large-scale rental community, offering around 500 units with premium amenities. Prioritising smaller formats and competitive pricing, the scheme aims to capture growing rental demand in urban areas. With strong fundamentals, central location, and integrated lifestyle features, Antas Atrium positions itself as a transformative urban living hub in Porto.

Emilio Velasco, Head of Real Assets Iberia, Tikehau Capital, commented: “We are honoured and proud to receive the Deal of the Year in Portugal for our Antas Atrium project. This landmark transaction reinforces our commitment to the Portuguese residential market, where we have established ourselves as a key player with c. 5,000 residential units under management, and highlights our deep expertise in residential real estate and long-standing focus on sustainable urban development. We are grateful to Iberian Property for this distinction and to all our advisors, without whom this deal would not have been possible. A special thanks to our colleagues at Quest Capital, our long-standing partners in the Portuguese market. This award marks a meaningful milestone in Tikehau Capital’s ongoing investment journey in the region.”

Also recognized as finalists were two standout transactions reflecting the diversity and dynamism of Portugal’s living and hospitality sectors. In Óbidos, Azora acquired the prestigious Praia d’El Rey Resort for over €50 million on behalf of its European Hotel and Lodging Fund. The asset includes a 177-room 5-star Marriott hotel, two of Portugal’s top-rated golf courses, and around 90 serviced apartments, all set along the Atlantic coast with direct beach access. With a value-add capex plan and continued Marriott branding, the acquisition strengthens Azora’s Southern European portfolio, bringing its Portuguese hotel holdings to eight and reinforcing its focus on prime leisure destinations.

In Lisbon, M&G Real Estate invested €46 million in The Yard, Portugal’s first purpose-built flex living development. Located in the well-connected Olaias district, the 259-unit project targets young professionals, students, and digital nomads with compact units and a wide array of amenities including coworking spaces, a rooftop pool, and communal kitchens. Scheduled for delivery by H1 2027, The Yard is part of a larger €81 million scheme alongside M&G’s student housing project, The Mile. Designed to achieve LEED Gold certification, the development underscores M&G’s strategy to expand sustainable residential assets in high-demand European cities.

In Barcelona’s financial district, Hines completed a landmark transformation of Diagonal Vertical, the city’s first high-rise building, into a next-generation office space. Originally built 55 years ago, the tower underwent a full refurbishment from 2021 to 2024, preserving its architectural heritage while integrating cutting-edge technologies. A standout feature is the new photovoltaic glass façade, which maintains the historic look while cutting energy consumption by 60%.

The 24-storey building now offers 17,460 sqm of flexible, smart-enabled office space across its floors, complemented by amenities such as a skylobby, restaurant, gym, rooftop terraces, and landscaped outdoor areas. Smart Building systems enhance energy efficiency and user comfort, while the dual orientation provides abundant natural light and panoramic views. The redesign prioritizes wellness and collaboration in a modern, people-centered environment.

Sustainability is central to the project, which runs entirely on green electricity and features a 1,235 sqm photovoltaic façade generating 110 MWh annually. Heating demand was cut by 90%, cooling by 19%, and water-saving systems further minimize environmental impact. Targeting top-tier certifications including LEED Platinum and WELL, the project was delivered while keeping the building operational. Diagonal Vertical now stands as a benchmark for sustainable refurbishment in Southern Europe, bridging legacy with future-ready design.

Also recognized as finalists were two standout renovation projects that exemplified sustainability, innovation, and respect for heritage in the built environment.

Refundos Explorer’s renovation of Penha Longa Resort in Sintra brought new life to a centuries-old luxury destination, modernizing all 187 rooms and corridors while preserving the estate’s historic 14th-century structures. The project emphasized environmental responsibility, using sustainable materials, minimizing demolition, and achieving Green Key certification. Set on a 220-hectare estate rich with heritage, the renovation balanced comfort, efficiency, and tradition—securing the resort’s position as a leader in luxury hospitality with a deep-rooted cultural legacy.

Testa Homes’ Green Path initiative in Madrid marked a major step forward in residential energy transition. Between 2021 and 2024, the company rolled out a comprehensive plan across over 200 buildings, integrating solar PV, aerothermal systems, LED retrofits, and energy-efficient façades. Partnering with REPSOL for 100% green electricity and prioritizing collective self-consumption, the initiative delivered over 875 tCO₂e in emissions savings. With more than €10 million invested, Testa Homes stands out as a pioneer in large-scale sustainable retrofitting, putting tenants at the heart of its climate-forward transformation.

Mutua Madrileña’s landmark leasing agreement with leading law firm Garrigues has positioned Torres Colón as one of the most strategic and high-profile office transactions in Spain in recent years. Signed before the building’s full redevelopment was even completed, the 12-year mandatory lease reflects Garrigues’ confidence in both the asset and its long-term vision. The agreement grants Garrigues exclusive occupancy of all 20,298 sqm across 30 floors, underscoring the enduring value of prime office locations—not just as workspaces but as symbols of corporate identity and talent retention.

Originally conceived in the 1970s by renowned architect Antonio Lamela, Torres Colón has undergone a complete transformation led by Luis Vidal + Arquitectos in collaboration with top engineering firms like Hugo Corres, Calter, and Dragados. The renovation preserved the building’s iconic silhouette while introducing four new floors, 360-degree views, and standout amenities such as 2,000 sqm of terraces and a landscaped auditorium. With its striking architecture and people-centric design, the tower now stands as a next-generation workplace in the heart of Madrid’s Golden Mile.

Crucially, Torres Colón is also a beacon of sustainability. It is Spain’s first business tower to be certified as a Nearly Zero Energy Building (NZEB), with a 60% reduction in energy use and complete emissions offset through renewable energy and state-of-the-art insulation. The asset holds LEED Gold certification and is targeting WELL Platinum, cementing its role as a leader in environmental performance and occupant well-being. This deal not only elevates Mutua Madrileña’s real estate portfolio but sets a new benchmark for the future of work in Madrid.

Also recognized as finalists were two standout leasing operations that reflect the evolving demands of corporate occupiers and the strategic role of real estate in supporting business transformation. In Madrid, BNP Paribas Real Estate advised Moeve on the relocation of its headquarters to the Arroyo Building, a 22,731 sqm sustainable office campus developed by Monthisa. Designed by Allende Arquitectos and tailored to Moeve’s energy transition ambitions, the space brings together 2,000 employees under one roof, fostering collaboration through horizontal design, expansive green areas, and a range of on-site services. With LEED Platinum and WELL Gold certifications in sight, the building exemplifies next-generation workplace standards, aligned with Moeve’s ESG-driven strategy.

Meanwhile in Portugal, Merlin Properties achieved a landmark logistics lease at Lisboa Logistics Park (PLLN) with electronics retailer Worten. Spanning 122,500 sqm across two facilities—one newly built and another custom-developed—this is the largest logistics operation ever signed by Worten in the country. Located strategically near Lisbon and key motorway connections, the agreement consolidates the retailer’s supply chain in a state-of-the-art hub. With a 99.4% occupancy rate and several other pre-leased projects in the pipeline, Merlin continues to lead Iberia’s logistics market through tailor-made, sustainable development—cementing PLLN’s role as a pivotal logistics gateway on the peninsula.

DE-CIX’s groundbreaking report, A New Generation Megahub, has established the Iberian Peninsula as a leading global digital node, transforming it into a strategic digital hub comparable to Northern Europe’s established FLAP markets (Frankfurt, London, Amsterdam, Paris). This first-of-its-kind study, promoted by DE-CIX and authored by Serge Radovcic and Paul Rendek from Dstream Group, positions Spain and Portugal as critical players in the global data infrastructure landscape. The report emphasizes the Peninsula’s rapid evolution from a digital peripheral region into a central gateway for both North-South and East-West data flows, highlighting the substantial opportunities for future investment in digital infrastructure.

The report proposes a distributed digital megahub, integrating multiple Iberian metropolitan areas—Madrid, Lisbon, Barcelona, Bilbao, and Sines—into a robust, interconnected ecosystem that will support data centers, logistics, energy, and technical land. By focusing on decentralization, interoperability, and sustainability, the study not only provides a comprehensive analysis of the Iberian region’s digital potential but also outlines how these cities can collaborate to enhance global connectivity and resilience in digital infrastructure.

DE-CIX’s report stands out as a forward-thinking piece of research, blending analytical rigor with real-world impact. It considers vital aspects such as infrastructure, regulatory environments, talent pools, corporate ecosystems, and capital flows, making it a critical resource for urban planners, investors, and stakeholders. The study’s insights have already begun to shape long-term investment strategies, positioning Iberia as a key player in Europe’s digital economy, while also underscoring the importance of regional coordination for future connectivity.

Also recognized as finalists were two standout reports:

Cushman & Wakefield’s Marketbeat Portugal report has been the go-to source for real estate market insights in Portugal for over two decades. Published biannually, the report covers a broad spectrum of sectors, including offices, retail, industrial, hotels, residential, and investment. Now in its 43rd edition, the report consistently provides market participants with data-driven analysis on key trends, economic indicators, and sector-specific developments. With the inclusion of a dedicated sustainability section since 2023, the Marketbeat continues to evolve, offering both in-depth analysis and an interactive digital format to engage readers and improve environmental efficiency.

CBRE España’s Sectorial Trends series has redefined how real estate market reports are presented in Spain. Expanding beyond its flagship annual "Trends" event, CBRE now produces over six sector-specific reports per year, each focusing on key areas such as industrial & logistics, agribusiness, living, data centers, retail, and more. These events combine real-time market feedback with insights from business leaders and clients, offering clients a deeper understanding of market dynamics. With impressive participation numbers and significant media impact, CBRE’s Sectorial Trends series has become a critical resource for decision-makers in the Spanish real estate sector.

CBRE España with its 50 & Beyond initiative, launched a groundbreaking project that celebrated the company’s 50th anniversary in Spain. Over the course of five days, CBRE filmed 40 video interviews and gathered 10 written testimonials from 50 influential leaders across sectors like urban planning, business, technology, and education. These interviews explored the future of real estate, focusing on key themes such as technological transformation, urban regeneration, sustainable innovation, and talent attraction, all aimed at creating a built environment that fosters social well-being and environmental harmony.

The initiative made a significant impact with a premiere event at Madrid’s Zarzuela Hippodrome, attended by CBRE’s 1,000 Spanish professionals. Following that, the project was unveiled to clients and partners at the Reina Sofia Museum gardens. A strategic paid media campaign in national outlets, paired with international dissemination across CBRE’s global network, amplified the initiative’s reach. The campaign generated organic engagement across social media and digital platforms, reinforcing CBRE’s position as a thought leader in the real estate sector.

Achieving an impressive audience reach of over 3.47 million, 50 & Beyond was not just an anniversary celebration but a tribute to the future of real estate. The project culminated with a royal acknowledgment, as His Majesty the King of Spain received a CBRE committee, further highlighting the initiative’s success and importance in shaping the future of the built environment.

The two other finalists in this category are split between Spain and Portugal.

Fidelidade's Entrecampos initiative is set to redefine Lisbon’s business district through a groundbreaking urban regeneration project. Although still under construction, the development has already gained international recognition with strategic marketing efforts that increased global visibility. By achieving significant certifications such as the LEED for Neighbourhood Development pre-certification and the WiredScore Neighbourhood certification, the project earned credibility and positioned itself as a benchmark for sustainable urban development. Fidelidade’s standout achievement came when Entrecampos won the prestigious “Best New Mega Development” MIPIM Award, marking the first time a Portuguese project received such an honor and doubling its online following and visibility.

Nhood’s Zenia Boulevard refurbishment campaign successfully turned a challenging period of construction into a marketing triumph. Despite ongoing work for 16 months, Nhood’s strategy focused on community engagement and transparent communication, keeping visitors and tenants informed. The highlight of this effort was the RevoluZion Partyreopening event, which attracted thousands and reinforced Zenia Boulevard as a premier leisure destination. The marketing campaign led to a 6% sales increase to €329 million and a 3% rise in footfall, surpassing 19.5 million visitors. With over 200 events held during the refurbishment, Nhood solidified Zenia Boulevard as a model of customer-focused innovation, blending strategic marketing, community relationships, and operational excellence.

tuTECHÔ – Techo Hogar SOCIMI, a groundbreaking initiative that is transforming social housing in Spain, had a double coronation. Launched in April 2024, tuTECHÔ is Spain's first social SOCIMI (Real Estate Investment Trust) and has already made a significant impact by acquiring 350 properties across 12 cities. These properties are rented to over 70 social organizations working to address homelessness. What sets tuTECHÔ apart is its unique approach: instead of relying on subsidies, it attracts private impact investment to repurpose vacant homes, creating dignified housing for those in need. This model, which combines financial sustainability with social impact, has been profitable from day one and is proving to be scalable across the country.

In addition to its financial success, tuTECHÔ has democratized impact investment by listing on BME Growth, enabling a broad range of investors to support the cause. With €40 million in assets expected by the end of 2024, shares have already appreciated by 6%, and a growing number of investors have chosen to reinvest their dividends back into the foundation. This commitment to both financial returns and social impact has positioned tuTECHÔ as a leader in the intersection of social innovation and business. Its "Recycle 2 Rent" strategy also aligns with sustainability goals by revitalizing vacant urban spaces and supporting environmental sustainability.

Beyond providing housing, tuTECHÔ fosters holistic support for its residents, helping them integrate into communities with access to job training, healthcare, and education. Its transparent governance, rigorous impact measurement, and scalable business model offer a replicable solution that can address housing challenges across urban and rural areas. tuTECHÔ’s success is a testament to the power of combining private capital with social responsibility, proving that real change can be achieved through innovative, impact-driven business models.

Also recognized as Finalists regarding Financial Innovation were:
Urbanitae – Barão Forrester Crowdfunding, a groundbreaking initiative that has redefined real estate financing in Portugal, raising €5 million for the Barão Forrester Project in Porto, the largest real estate crowdfunding operation in the country to date. The project, which involves transforming a building into a 96-unit tourist apartment complex, democratized access to high-quality investments by allowing over 1,000 individual investors to participate. With a solid lease agreement, a well-structured investment framework, and a focus on transparency, Urbanitae’s model has proven that crowdfunding can be a viable and scalable solution for real estate development, providing secure, impactful investment opportunities.

Sonae Sierra – RE Credit Joint Venture, a strategic partnership with BTG Pactual that offers a pioneering solution to the evolving real estate financing landscape in Portugal and Spain. By combining Sonae Sierra’s deep real estate expertise with BTG Pactual’s financial strength, the joint venture provides tailor-made senior secured loans for income-producing retail assets, filling the gap left by traditional bank lending. The venture’s innovative platform, which offers flexible financing structures, aims to stimulate market liquidity, support urban regeneration, and foster sustainable growth, setting a new benchmark for real estate credit strategies in Iberia.

On the Social Impact spectrum, two other noble projects were recognized as Finalists:
CBRE Portugal – Raising Awareness for Alzheimer delivered a powerful, nationwide campaign that combined art, emotion, and public engagement to highlight the often-overlooked realities of dementia. In partnership with Alzheimer Portugal, CBRE activated its network of nine shopping centers to create immersive experiences—like personalized watercolor portraits inspired by visitor memories—while amplifying the message across TV, digital, and social channels. With over 482,000 people impacted and €3.1 million in earned media value, the initiative not only raised critical awareness but also generated support for Casa do Alecrim, a care home for those with dementia. It stands as a heartfelt example of how real estate spaces can become platforms for empathy, advocacy, and meaningful social dialogue.

GRC IM – Por un Deporte para Todos turned a corporate football tournament into a high-impact, inclusive social initiative, raising funds and awareness for Fundación También’s adaptive sports programs in Madrid schools. Bringing together companies from the real estate and finance sectors, the event directly funded equipment for inclusive sports sessions across eight schools, enabling children with disabilities to experience the benefits of sport. With engaging on-site activities, notable guests, and visible corporate backing, the tournament went beyond charity—fostering team spirit, corporate social responsibility, and a shared vision for a more inclusive society. Its success has ensured the initiative's return in 2025, deepening GRC IM’s commitment to long-term social impact.

The Iberian Property Investment Awards is a high-impact initiative, with no commercial sponsorship, counting with a broad jury made up of more than 50 prestigious professionals to guarantee total independence.

Find out more about all the Winners and Finalists in the OFFICIAL AWARDS website.