At Urbanitae, we continue to grow and broaden our horizons. After consolidating our position as the leading co-investment real estate platform in the residential sector, we are taking the next step in our diversification strategy: strengthening investment in tertiary assets—offices, retail, hospitality, logistics, and student housing—while launching a new Transactions Division.
Leading this division is Gonzalo Navarro, a professional with more than ten years of experience in real estate investment. Navarro began his career in New York and, in Spain, has worked at top-tier companies such as CBRE, in the Capital Markets area, and Generali, where he headed the investment division for Spain and Portugal.
A Diversification Strategy
With his arrival, Urbanitae reinforces its commitment to offering investors a broader and more diversified portfolio, opening up opportunities beyond the residential sector: non-residential assets today account for nearly 80% of real estate investment in Spain.
In line with this, the new Transactions Division will oversee the rotation of tertiary assets once this portfolio of projects has been consolidated, optimizing the timing of sales after stabilization to maximize investor returns. This is a key step in consolidating Urbanitae as a comprehensive real estate investment platform, capable of supporting both investors and developers throughout the entire asset lifecycle.
In Spain, non-residential assets represent a fundamental share of real estate investment. In 2024, total investment in the sector reached €14 billion, of which more than two-thirds corresponded to tertiary assets, with particular dynamism in retail—doubling its volume compared to the previous year—offices, and logistics. This growing share confirms that the non-residential market is already a key pillar of the country’s real estate investment strategy, alongside residential.
Experience in the Tertiary Sector
To date, Urbanitae has financed more than €240 million in non-residential asset projects, with operations in Spain, Portugal, and France. Highlights include the acquisition of the Hotel Occidental Roca Negra in the Canary Islands, co-investment in a retail unit on Madrid’s Golden Mile, the conversion of a building into tourist apartments in Porto, and entry into the flex living segment with the Oceánika project in Torremolinos (Málaga).
Around one-third of these operations have been structured via equity as rental projects, in which investors participate in income-producing assets with yields of 5–6% IRR and quarterly income distributions.
Incorporating tertiary assets into the portfolio also provides a strategic advantage for investors. On one hand, it brings risk diversification, since these assets follow cycles and dynamics different from residential. On the other, it offers exposure to structural trends transforming the sector, such as digitalization, the growth of e-commerce, and the demand for new flex living formats and specialized residences. Finally, it strengthens ties with the institutional world: funds, family offices, and professional investors are showing growing appetite for this type of asset, making it easier to co-invest and attract capital for larger-scale operations.
