Real Estate Investors in Spain

Spain has become one of Europe’s most sought-after real estate markets—where southern lifestyle meets institutional-grade yield. From the coastlines of the Costa del Sol to the commercial centres of Madrid and Barcelona, investors are deploying capital into residential rental, hospitality, logistics, and increasingly, life sciences and senior living. After weathering the pandemic better than most predicted, Spain has reasserted itself as a reliable source of cash flow, scale, and value-add opportunity.

With an investor ecosystem spanning REITs (SOCIMIs), global private equity, domestic funds, and family offices, the capital base here is diverse and deep. Below is a curated list of the most active, credible, and forward-thinking real estate investors in Spain right now—across asset classes and regions.

• Merlin Properties – One of Spain’s largest SOCIMIs (REITs), listed on the Spanish Stock Exchange. Merlin owns office towers, logistics parks, and shopping centres, with major holdings in Madrid, Barcelona, and Valencia. They’ve launched a data centre JV with Edged Energy and are backing life sciences hubs in Madrid’s CTB zone.
• Hispania Activos Inmobiliarios – Now owned by Blackstone, Hispania was the first listed SOCIMI focused exclusively on hotels and vacation properties. Still active through its legacy portfolio and in co-investment partnerships, particularly along the Mediterranean coast.
• Azora – A Spanish investment powerhouse, Azora manages over €5 billion across residential, hotel, and alternative real estate. Notable for launching Spain’s first large-scale BTR platform and for co-investments in senior housing and student accommodation. Works with Canadian and Middle Eastern LPs.
• Mapfre Inmuebles – The real estate division of Spain’s largest insurer. Mapfre has a diversified portfolio including offices in Madrid CBD, logistics in Zaragoza, and JV investments with GLL and Swiss Life. Often partners with developers for asset repositioning or co-development.
• Realia Business – SOCIMI partially owned by Carlos Slim’s Grupo FCC. Realia owns landmark offices in Madrid and a substantial land bank. Recently expanding into rental residential and evaluating urban land conversion opportunities in second-tier cities.
• Lar España – A listed REIT focused primarily on retail parks and logistics. Lar is repositioning ageing commercial centres for hybrid use and targeting e-commerce-driven industrial assets in Madrid’s A2 and A42 corridors. Often co-invests with Pimco and Temprano Capital.
• CBRE Investment Management Spain – Manages institutional capital for core and value-add strategies. Recent acquisitions include PRS portfolios in Madrid and Málaga, life sciences campuses in Barcelona, and last-mile logistics near Madrid-Barajas.
• Kronos Homes – Developer and investor with a strong footprint in residential build-to-sell and now transitioning into BTR. Kronos has launched STAY, their rental housing platform, with projects in Madrid, Sevilla, and Valencia. Actively raising institutional capital for future developments.
• Greystar Spain – The U.S. multifamily giant entered Spain through student housing and has since expanded into BTR. Their RESA platform is the largest student accommodation operator in the country. New developments include large-scale PRS schemes in Madrid and Bilbao.
• Aquila Capital – Active across renewables and real estate, Aquila invests in logistics and sustainable real estate assets across Spain. Recent deals include warehouse portfolios in Valencia and solar-integrated logistics hubs in Andalusia.
• GoldenTree Asset Management – U.S. hedge fund acquiring distressed Spanish real estate loans and repositioning underlying assets. Recently active in hotel debt and REO multifamily in Valencia, Malaga, and suburban Barcelona.
• Dos Puntos Asset Management – Focused on urban regeneration and land transformation. The firm manages residential development land across Madrid and Catalonia, structured into forward-funding deals with institutional BTR buyers.
• Inbest Real Estate – Specialises in converting high-street retail and commercial space into mixed-use developments. Projects include Gran Vía Madrid and secondary retail repositioning in Málaga. Funded by Spanish private capital.
• Urbanitae – Spain’s leading real estate crowdfunding platform. Facilitates equity raises for developers on projects including BTR in Valencia, co-living in Barcelona, and boutique hotels in Ibiza. Open to co-developers and tech-savvy operators.
• Vitruvio Real Estate SOCIMI – Mid-sized listed REIT focused on cash-flowing commercial and residential properties in Madrid and Seville. Recently acquired several historic buildings for rental repositioning and ESG retrofits.
• Threestones Capital – Luxembourg-based fund investing in healthcare and senior living. Acquired nursing home portfolios in Catalonia and Valencia. Partnering with Spanish operators for long-term leaseback and expansion projects.
• Catella Asset Management Iberia – Manages residential and logistics investments across Spain. Works with German pension funds and Nordic LPs. Recent investments include mid-income rental blocks in Madrid suburbs and logistics in Guadalajara.
• Vivenio – A SOCIMI focused exclusively on rental housing. Backed by Dutch pension fund APG and Renta Corporación. Vivenio’s portfolio includes over 6,000 units in Madrid, Seville, and Palma. Continuously acquiring forward-purchase and stabilised BTR assets.
• Tander Inversiones SOCIMI – Specialises in retail and street-level commercial units in Spain’s top cities. Particularly strong in Barcelona. Now exploring hybrid high street/PRS conversions in tourist zones.
• Harrison Street – U.S.-based alternative real estate investor. Active in Spanish student housing and senior living via JVs with local developers. Acquisitions include PBSA projects in Granada, Seville, and Barcelona.

Spain’s proptech ecosystem is also gaining momentum. Madrid-based startups like Badi (co-living), ProntoPiso (iBuyer), and Tiko (fast-sale platform) are attracting venture capital and now being integrated into investor platforms for leasing, valuation, and acquisition targeting.