We commit equity and structured capital to residential, mixed-use, and select hospitality buildings across the principal cities of Spain and Italy. We work where we have an operational edge — where the building, the street, and the cycle reward patience and attention rather than haste.
Southern Europe is undersupplied of well-built, well-managed residential and mixed-use stock. The opportunity is to acquire, restore, and operate that supply — with patience.
Spain and Italy share two structural advantages: limited new construction in their best urban submarkets, and a deep stock of buildings worth restoring rather than replacing. The second is what most institutional capital cannot easily address.
Our edge is at the intersection of investment and development. We can underwrite a complex restoration with construction-cost confidence, and we can operate the asset to a residual standard once it is delivered. Many of our peers can do one or the other; few do both, in both countries, at our scale.
We expect the next decade to reward operators who buy carefully, build patiently, and hold long enough for cycles to do their work.
Stabilised apartment buildings in prime urban submarkets. Income in place, with a defined programme of selective capital improvement and considered tenancy work over a long horizon.
| Approach | Stabilised hold, selective capex |
|---|---|
| Horizon | Long, conditional on the building |
| Size | Discussed privately |
Historic and under-managed buildings brought back through a comprehensive restoration — structural, mechanical, and architectural — followed by a stabilised hold or, when the building is ready, a considered sale to the right next owner.
| Approach | Operational and capital-improvement programme |
|---|---|
| Horizon | Held until the work is done |
| Size | Discussed privately |
Ground-up residential and mixed-use development on conviction sites we either control or have priced into a partnership. Built to a long-hold standard, even when sold.
| Approach | Ground-up on conviction sites |
|---|---|
| Horizon | Built for the next quarter of a century |
| Size | Discussed privately |
| Geography | Spain — Madrid, Barcelona, Valencia, Málaga · Costa del Sol, Alicante, San Sebastián. Italy — Milan, Rome, Florence, Turin, Naples, Catania & Palermo. |
|---|---|
| Asset class | Residential (income & for-sale), mixed-use, branded hospitality, select office repositioning. |
| Deal size | €15M to €250M total project cost. |
| Sourcing | Off-market, principal-led origination. Direct relationships with families, fiduciaries, and lenders. |
| Capital structure | Equity, preferred equity, joint venture, programmatic ventures with institutional partners. |
| Leverage | Conservative. We do not solve underwriting problems with debt. |
| Hold horizon | 3 to 10 years, conditional on the work being done and the building being ready for its next chapter. |
Off-market sourcing through our local networks. First-pass underwriting and a clear investment memo within ten working days.
Technical, legal, environmental, and tenancy review. Construction cost validation by our in-house development team.
Investment committee approval. Capital structure finalised with co-investors. Final pricing committed.
Notarial signing in Madrid or Milan. Asset onboarded to our management platform on day one.
We co-invest with family offices, sovereign capital, institutional real estate platforms, and high-conviction private investors. Our partners share a long horizon and an aversion to forced selling.
We are equally available to act as the operating partner on transactions originated by others — particularly in markets where local execution is the binding constraint.