INVESTORS CELEBRATE THE MAIN ACHIEVEMENTS OF IBERIAN REAL ESTATE ACTIVITY IN 2025

The winners of the Iberian Property Investment Awards 2026 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 52 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 fourth 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, Insurance Companies, SOCIMIs, Developers, amongst others.

With 6 nationalities represented the applications involved projects worth more than €2 billion – a very significant share of the real estate activity in 2025.

IBA Capital Partners’ acquisition of the Prado office complex in Madrid stands out as one of the most sophisticated and structurally complex transactions executed in Spain in 2025, combining financial engineering, strategic positioning and execution capability in a single deal.

The transaction involved the corporate acquisition of a vehicle previously owned by a fund managed by AXA IM Alts, with a total portfolio value of approximately €300 million. At its core sits Prado, a prime office complex of nearly 60,000 sqm located in Méndez Álvaro, one of Madrid’s fastest-growing business districts and a natural extension of the CBD. The asset is fully occupied by top-tier tenants including Amazon, the Madrid City Council and the Community of Madrid, generating a stable annual NOI of €15.8 million.

What truly differentiates this deal is its highly complex structure. Simultaneously with the share acquisition, IBA Capital Partners executed the disposal of three non-core assets—spanning logistics, land and alternative use repositioning—to different investors through back-to-back asset deals. This approach significantly reduced equity requirements and unlocked a transaction that would otherwise have remained unfeasible for both buyer and seller.

The award was collected by Jesús Valderrama and Thierry Julienne, Co-Founders of IBA Capital Partners, who were accompanied on stage by Martin Fauchille, representing Batipart, one of the investors with whom they co-invested in this transaction.

José María García Gómez, Deputy Minister for Housing, Transport and Infrastructure at the Community of Madrid, delivered the award for Deal of the Year in Spain.

Also recognized as finalists were two standout transactions reflecting strong investor conviction in Spain’s residential and commercial sectors.

ARGIS’ acquisition of a 1,016-unit build-to-sell (BTS) residential portfolio from Acciona for €324 million stood out as one of the most significant real estate transactions in Spain in 2025, combining scale, immediacy and clear strategic intent. Comprising 11 developments across Madrid, Barcelona and Terrassa, all under construction and scheduled for delivery throughout 2026, the deal provided instant operational critical mass in a market defined by structural housing shortages and sustained demand for homeownership. What made the transaction particularly compelling is its ability to deliver immediate scale through a single portfolio acquisition. In one move, ARGIS expanded its residential pipeline to more than 3,000 units.

CBRE Investment Management’s acquisition of Parque Corredor for approximately €250 million from Redevco and Ares Management showcased one of the most significant retail transactions in Spain in 2025. Completed in Q4 on behalf of a pan-European balanced fund, the deal ranks among the largest single-asset retail acquisitions in recent years and reflects strong institutional conviction in dominant shopping centre assets. Comprising around 123,000 sqm of GLA, 141 retail units and over 3,100 parking spaces, Parque Corredor is the leading retail destination in Madrid’s Corredor del Henares. The asset benefits from a catchment exceeding 800,000 residents, 97% occupancy, over 9 million annual visitors and double-digit tenant sales growth.

Completed in the first semester of 2025, Norfin acquisition of Tróia Resort, a large-scale, mixed-use coastal leisure platform in Portugal’s Setúbal Peninsula, representing a total investment of more than 200 million, according to Iberian Property estimative. The transaction encompasses a highly diversified portfolio of assets, including more than 360 hospitality keys, over 270 touristic apartments, 3,500 sqm of retail GLA, a 190-berth marina, an 18-hole golf course, extensive sports infrastructure (football fields, padel and tennis courts, gym and spa facilities), and dedicated mobility assets including two ferries and two catamarans. The resort spans 38,500+ sqm of built area and constitutes one of the most complex integrated tourism ecosystems in Southern Europe.

The investment thesis is centred on the consolidation of a multi-asset ecosystem into a unified operational and strategic platform. Rather than a single hotel or resort, Tróia functions as a layered environment combining hospitality, residential, retail, mobility, and leisure infrastructure. The complexity of the transaction—encompassing the acquisition of more than fifteen operating companies—required advanced structuring capabilities, extensive stakeholder coordination, and a highly granular financial and tax framework.

The award was collected by Francisco Sottomayor, CEO of Norfin.

Jacinto Rey, Chairman of Grupo San José, delivered the award for Deal of the Year in Portugal.

Also recognized as finalists were two standout transactions reflecting strong investor conviction in Portugal's office and hospitality sectors.

In the first quarter of 2025, BPI Imofomento, an open-ended real estate investment fund managed by BPI Gestão de Ativos, completed the acquisition of Ramalho Ortigão 51, a prime office asset in Lisbon, in a transaction valued at over €60 million. This deal marks the largest investment in the fund’s 32-year history and stands as one of the most significant office transactions in Portugal in recent years. Located in one of Lisbon’s most established business districts, near Praça de Espanha and El Corte Inglés, the asset comprises more than 10,000 sqm of office space, supported by retail and storage areas, and 290 parking spaces.

Also in early 2025, Explorer Investments, through the Hospitality Fund I, completed the acquisition of a rare dual-asset luxury hospitality platform in Portugal’s Douro Valley, comprising the Douro Royal Valley Hotel & Spa (5-star, 84 keys) and the Douro Palace Hotel & Spa (4-star, 60 keys). The transaction, valued at approximately €40 million, includes 144 rooms, more than 26,000 sqm of built area, and a combined 10+ hectare estate of vineyards, forest, and heritage land, establishing one of the most significant riverfront hospitality platforms in the region. Located approximately one hour from Porto within a UNESCO World Heritage Site, the Douro Valley is one of Europe’s most supply-constrained luxury destinations, where heritage protections and environmental regulation severely limit new development.

Located in Barcelona’s first logistics ring, P3 Abrera stands as a benchmark in sustainable industrial real estate, achieving a BREEAM Outstanding certification with a score of 97.76%, the highest ever recorded in Spain across all asset classes. This milestone positions the project as a national reference for sustainability and demonstrates the potential of refurbishment strategies to outperform new developments in environmental performance.

Originally built in 2001, the asset comprises over 21,000 sqm of logistics space and has undergone a comprehensive transformation to meet the highest standards of efficiency, sustainability and operational functionality. Sustainability lies at the core of the refurbishment. The intervention delivered a 100% reduction in operational CO₂ emissions and non-renewable energy consumption, alongside a 41% reduction in energy demand and a 63% decrease in water usage. Construction processes were also optimised, achieving a 97% recovery rate of waste materials.

The award was collected by Javier Mérida, Managing Director Spain, P3 Logistic Parks.

Dominique Moerenhout, CEO of EPRA – European Public Real Estate Association, delivered the award for Green Asset Initiative of the Year.

Also recognized as finalists were a set of residential renovations and a new development project, both exemplified sustainability, innovation, and respect for heritage in the built environment.

Almond Core Centre (ACC) is a pioneering green asset initiative focused on decarbonising Madrid’s existing residential fabric through a scalable, institutional approach. Developed by Tikehau Capital in partnership with ALMOND Real Estate, the platform targets energy-inefficient apartments in central locations, carrying out deep refurbishments and integrating them into a professionally managed rental portfolio. The impact is both tangible and consistent. Refurbishments achieve average CO₂ emission reductions of around 60% and energy consumption improvements of approximately 53%, with energy ratings typically improving from E, F or G to C or D.

Representing the Portuguese market, the VISTA MIREAR Block A was also considered a benchmark green asset initiative that demonstrates how sustainability can be fully embedded into a high-quality, large-scale residential development. Delivered by SOLYD Property Developers as part of the wider MIREAR masterplan in Miraflores, Oeiras, the project contributes to the creation of a new, integrated urban centre combining environmental performance, connectivity and quality of life. Comprising 90 apartments and 6 retail units, the building reflects a holistic sustainability strategy that extends from design and construction through to long-term operation. The apartments achieve A, A+ and nZEB energy ratings.

JLL Portugal advised Teleperformance Portugal on securing 6,500 sqm at Oriente Green Campus in Lisbon, completing the largest office leasing transaction in Portugal in 2025. This landmark deal reflects both the scale and sophistication of today’s occupier requirements, as well as the growing importance of ESG-led, experience-driven workplace strategies.

The transaction represents a strong strategic alignment between landlord and tenant. For Teleperformance, a global leader in digital business services, the objective was to secure a flagship location capable of supporting operational excellence, talent attraction and long-term growth. As Lisbon’s first office asset to achieve Triple Platinum certification—LEED, WELL and WiredScore—the building sets a new benchmark in environmental performance, user well-being and digital readiness.

The award was collected by Bernardo Vasconcelos, Head of Office Leasing at JLL Portugal.

Leticia Pons, Head of Spain & Mexico at Union Investment, delivered the award for Commercial Leasing of the Year.

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.

Panattoni Park Santarém represents a landmark leasing achievement in Portugal’s logistics sector, combining product innovation, strategic location and execution excellence within a single development. Delivered in early 2026, the scheme comprises a 35,609 sqm Grade A logistics asset on a 100,000 sqm plot, with direct access to the A1 motorway, one of the country’s key distribution corridors. The project’s defining feature lies in its hybrid leasing strategy, integrating a 50% pre-let agreement with 50% speculative development.

The leasing of Subirats DC1 by Prologis to Logista Pharma stands out as a benchmark transaction in Spain’s logistics sector, redefining how value is created in highly specialised real estate. Comprising 23,416 sqm in Barcelona’s constrained logistics corridor, the asset was secured under a 15-year lease in November 2025, enabling the development of the largest pharmaceutical logistics platform operated by a third-party provider in Catalonia. What distinguishes this deal is its infrastructure-led approach - the facility integrates controlled-temperature zones (15–25°C and 2–8°C), high-security storage, automated systems, and specialised areas for pharmaceutical handling.

The Iberian Agribusiness Report 2025 is a comprehensive research publication by CBRE that analyses agribusiness as an institutional investment universe, positioning Iberia as one of Europe’s most relevant regions for natural capital and food-related real assets.

The report is addressed to institutional investors, agribusiness funds, family offices, industrial players and capital providers seeking a clear understanding of how to access agribusiness across the value chain. Rather than approaching agriculture purely from a production perspective, the study frames agribusiness as a real asset-backed investment opportunity, spanning land, biological assets, operations, processing and distribution. By mapping the food value chain from “soil to shelf”, it identifies distinct entry points for capital deployment and clarifies the associated risk-return profiles.

The award was collected by Miriam Goicoechea, Head of Research of CBRE Iberia.

Carolina Roca, President of ASPRIMA - Madrid Association of Real Estate Developers, delivered the award for Research Report of the Year.

Also recognized as finalists were two standout reports:

Prime Residential Market in Madrid is a proprietary research report published by CBRE that delivers a comprehensive analysis of Madrid’s prime and ultra-prime residential segment, providing clarity and transparency to one of the most dynamic and rapidly evolving markets in Europe. The report is primarily addressed to investors, developers and high-end residential buyers, responding to a growing need for specialized, market-driven intelligence in a segment defined by limited supply, increasing international demand and strong price differentiation.

Spain PBSA Market Perspectives 2025 is JLL’s annual research report analysing the evolution of the Purpose-Built Student Accommodation (PBSA) sector in Spain, providing a comprehensive overview of the demand, supply and investment dynamics shaping the market. The research is complemented by a market survey of investors, developers and operators representing more than 32,000 beds, providing insight into market sentiment, investment strategies and expansion plans.

The reopening of L’Illa Diagonal in 2025 stands as a benchmark marketing initiative, transforming a major refurbishment into a citywide cultural moment. Following a €32 million, three-year transformation, the challenge was not simply to unveil upgraded spaces, but to reposition one of Barcelona’s most established retail destinations for a new generation of visitors.

Built around the concept “Nova L’illa – On sempre. Com mai.”, the campaign framed the asset as something both familiar and entirely renewed. This narrative evolved into “Celebrem com mai”, shifting the tone from communication to participation and inviting the city to actively engage with the reopening. Rather than a conventional launch, the strategy embraced a festival-style format, turning the shopping centre into a distributed cultural venue.

The award was collected by Gerard Cutal, Director of L’illa Diagonal Shopping Center.

Eduardo Ceballos, President at AECC – Spanish Association of Shopping Centers, delivered the award for Marketing Initiative of the Year.

The two other finalists in this category comprise both initiatives located in Spain:

“Futuro Perfecto” by GranCasa, presented by Sonae Sierra, stands out as a strategic marketing initiative that successfully transformed a moment of retail transition into a compelling, citywide narrative. Faced with the repositioning of its commercial offer following key anchor changes, the centre used this inflection point to redefine its identity and reconnect with Zaragoza through an optimistic, forward-looking campaign. The results were both measurable and immediate. Over 30,000 visitors engaged with the installation in just 20 days, contributing to a 9.6% increase in footfall and a 5% uplift in sales. Digital performance significantly exceeded benchmarks, while the PR strategy generated €746,000 in media value and reached an audience of 44 million.

Also presented by Sonae Sierra, “Mediterraneum” by Plaza Mayor Málaga is a standout marketing initiative that redefined how sustainability can be activated as a commercial and cultural driver within retail environments. Rather than introducing new infrastructure, the project leveraged an existing ESG asset, its certified sustainable gardens, and transformed it into an immersive, high-impact visitor experience. Results were highly compelling. Mediterraneum attracted over 26,000 direct visitors and contributed to a 6.9% increase in overall footfall, with evening visits rising by nearly 9%. The campaign generated 35 media placements, over 70 million impressions and €1.4 million in PR value, alongside strong digital engagement across platforms.

In 2025, CBRE Iberia launched “Bring It to Light”, a large-scale social impact initiative aimed at raising awareness around male cancer across Spain and Portugal. Delivered through its Property Management platform, the campaign leveraged a portfolio of over 40 shopping centres to address one of the most pressing yet under-discussed health challenges in Southern Europe.

With cancer incidence among men expected to rise significantly in the coming years, the initiative focused on breaking taboos around prostate, testicular, and male breast cancer, particularly among men aged 45 and above. Communication materials were deployed across high-traffic areas including entrances, restrooms, elevators, and digital screens, while social media, apps, and newsletters extended the campaign’s reach beyond the physical space. The initiative also engaged tenant staff and on-site personnel, ensuring a comprehensive and inclusive approach.

The award was collected by Nuno Moura, Marketing & Brand Events Director at CBRE Iberia, and Greg Crespo, Head of Marketing Retail & Property Management, CBRE.

Carmen Panadero, President of WIRES – WOMEN IN REAL ESTATE IN SPAIN, and Filipa Arantes Pedroso, President of WIRE in Portugal were responsible for delivering the award for Social Impact Initiative of the Year.

The two other Finalists in the category were divided between Portugal and Spain.

In 2025, BPI Gestão de Ativos advanced its commitment to social impact through “TASSE Bem na Gestora”, an annual initiative designed to provide young people from disadvantaged backgrounds with direct exposure to the world of asset management. Each year, BPI Gestão de Ativos welcomes a group of students aged 13 to 17 for a full-day immersive experience at its offices. The programme combines financial education with practical engagement, covering topics such as budgeting, saving, investment fundamentals, risk and return, alongside interactive activities including investment simulations and team-based challenges. In 2025, the programme was complemented by the funding of five annual scholarships.

Sonae Sierra launched “Mi Viento Interior”, a nationwide social impact initiative in Spain that repositions shopping centres as platforms for childhood wellbeing, cultural engagement and community support. Deployed simultaneously across six assets, the project demonstrates how retail infrastructure can extend its role beyond commerce into meaningful social contribution. At the core of the initiative is an illustrated children’s book written by Spanish artist Tania Izquierdo, using the metaphor of an “inner wind” to explore emotional awareness, creativity and self-acceptance

Ensuring a double coronation in the Gala, the acquisition of the Prado office complex in Méndez Álvaro, Madrid, led by IBA Capital Partners, represents a highly sophisticated example of financial innovation through structuring, capital coordination and execution in a constrained investment environment. At a time when large-scale office transactions remain challenged by liquidity constraints and shifting investor sentiment, this deal successfully reactivated institutional interest through an unconventional and highly engineered approach.

The transaction was executed via the acquisition of the corporate vehicle holding four assets, immediately followed by a series of back-to-back disposals of three non-core assets to separate investors. These disposals—covering industrial, logistics development land and an office asset with conversion potential to flex living—were structured and completed simultaneously with the initial share acquisition. This approach significantly reduced equity requirements while aligning distinct investment strategies across multiple counterparties.

Financing further reinforced the complexity and innovation of the deal. A €150 million credit facility was structured in parallel, incorporating tailored hedging strategies to support the business plan and ensure predictable cash-on-cash returns.

The award was collected by Jesús Valderrama and Thierry Julienne, Co-Founders of IBA Capital Partners, who were accompanied on stage by Martin Fauchille, representing Batipart, one of the investors with whom they co-invested in this transaction, and Esther Escapa, who represented the seller, AXA Investment Managers.

Ricardo Martí-Fluxá, Chairman of ACI – Real Estate Consultants Association, delivered the award for Financial Innovation of the Year.

The other Finalist in the category was represented by a Portuguese-based initiative, although with Iberian exposure.

CA Património Crescente stands as one of the most enduring and structurally relevant real estate investment vehicles in Portugal, marking over two decades of consistent performance and investor confidence. While not a recent launch, its continued evolution and resilience position it as a compelling example of financial innovation through execution, scale and long-term accessibility.

Established in 2005, the fund has grown into the largest open-ended real estate fund in Iberia, with net assets of approximately €1.45 billion and a market share close to 27%. Its investor base, now exceeding 24,000 participants, reflects a sustained ability to attract and retain retail capital, supported by a minimum subscription threshold of just €100. This low entry point has been instrumental in democratizing access to commercial real estate, well ahead of more recent trends such as crowdfunding or tokenisation.

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.