Insights   |   August 26, 2025

Iberia: A Strategic Debt Opportunity

Ignacio Ruíz Gallego, Investment Associate at Fiera Real Estate, recently spoke with Spain’s Brains Real Estate News about Fiera’s European real estate debt strategy, its expansion into the Iberian market and the attractive opportunities the region offers for well-capitalised alternative lenders.

In its European real estate debt strategy, why has Fiera Real Estate decided to focus on Spain? What variables are being identified in this market?

We like the depth of opportunity in Spain, where we can leverage our local presence and experience there to drive deal flow and partner with the best sponsors. Spain is a nascent and fragmented market with a high volume of stock that is either unfunded or needs refinancing, and in sectors which benefit from the strongest fundamentals and structural tailwinds. That’s a compelling proposition for flexible and well-capitalised alternative lenders such as Fiera.

We are sector agnostic, but we particularly like the residential-rental market, where supply-demand imbalances and demographic dynamics are overwhelmingly favourable. This part of the market is full of high-quality sponsors too, and that’s really important for us as it means we’re lending against best-in-class real estate and healthy balance sheets.

The extent of bank retrenchment is another reason to focus our efforts there. Reduced exposure to real estate holdings – in response to market uncertainty and regulatory change – is not unique to Spain, but its major banks are acutely aware of how they were affected by the GFC, so are taking an even more conservative approach than some of their European counterparts. We are stepping in to provide some of the capital solutions required to deliver Spain’s built environment.

Related Insights

Disclosures

This website is aimed at regulated financial entities and institutional investors or investment professionals whose primary function is to operate in the financial markets involving regulated financial activity as defined by their local country regulator.

Information on this website is provided exclusively for information purposes. Under no circumstances should any part of this website be construed as (i) an offer, advice, invitation or solicitation to buy or sell any investments or securities, (ii) an invitation or inducement to engage in investment activity or a financial promotion of any kind; or (iii) investment advice or recommendation.

In particular, the provision of the information in this website does not constitute an offer of securities to any person in the United States or to any U.S. Person as defined under the Securities Act of 1933, as amended. The information contained in this site about Fiera Capital and/or any of its affiliates is not directed to any person in the United States.

Neither the whole nor any part of this website may be duplicated in any form or by any means. Neither should any of this website be redistributed or disclosed to anyone without the prior consent of Fiera Capital (UK) Ltd.

It is strongly recommended that any potential investor should contact a financial adviser and, where required, a lawyer or tax adviser.  The purchase of financial instruments constitutes a high risk investment and investors may lose a substantial portion or even all of the money they invest. The value of any investments and any income generated may go down as well as up and is not guaranteed. Investors should note that past performance should not be seen as an indication of future performance.

Although the material in this website is based on information that Fiera Capital considers reliable, Fiera Capital does not make any warranty or representation (express or implied) in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed herein reflect a judgment at the date of publication and are subject to change. Fiera Capital accepts no liability whatsoever for any direct, indirect or consequential loss or damage of any kind arising out of the use of all or any of this material.

Neither Fiera Capital nor any third party content provider shall be liable for any errors, inaccuracy, delay or updating of the published content of the provided document. Fiera Capital expressly disclaims all warranties as to the accuracy of the content provided, or as to the use of the information for any purpose, as far as legally possible.

The laws and regulations of the country from which you access this website may include restrictions on the distribution of the information contained herein. This website is not directed at or intended for distribution to or use by any person or entity in any jurisdiction where (by reason of that jurisdiction’s applicable securities laws, person’s nationality, residence or otherwise) such distribution, publication, availability or use of this website or any part of its contents would be contrary to applicable law or regulation or would subject Fiera Capital or its affiliates to any registration or licensing requirement within such jurisdiction. If you are such a person or entity, you are not authorised to enter the website. It is your responsibility to ensure that your use of this website complies with any restrictions or any applicable local laws regarding use of the information on this website. Persons or entities in respect of whom such restrictions apply must not access the relevant pages on this website.

By accessing this website, personal data relating to you may be collected, processed and recorded by us in accordance with the GDPR. Please follow this link to access our Privacy Notice in relation to how your data may be collected, stored and processed by visiting this site. You must read our Privacy Notice as it forms part of the terms of use of this website.

Fiera Capital (UK) Ltd is authorised and regulated by the Financial Conduct Authority.