Club Meeting in BarcelonaBarcelona, 17 October


GRI Club members gathered last Tuesday at the summit of Barcelona’s Torre Glories (an iconic city landmark) to share views on ongoing investment and development opportunities within the Innovation District aka [email protected]

Discussion flowed positively despite the current situation in Catalonia. After the meeting, guests enjoyed an exclusive site visit of Torre Glories led by the host of the meeting, David Brush (CIO, Merlin Properties). Everyone was able to visit different floors of the building where they saw on going refurbishment works, the finished office floor space on level 10 and the auditorium. 

Among topics discussed were:

  • Participants were in agreement of the ambitious scale of the [email protected] urban project; with almost 200 hectares of industrial land in the Poblenou area to be turned into an innovation district the project has potential to position Barcelona as a European tech hub.

  • Club members spent a lot of time comparing Barcelona to Madrid. There was some debate around how [email protected] and Madrid’s Operacion Charmartin will drive the cities’ economies; while [email protected] is on a smaller scale than the latter project, is is further advanced and has better supporting infrastructure. 

  • Office space was a key area of focus; much of the city’s office portfolio is outdated and all agreed this needs attention. There will also be important residential development in the [email protected] area.

  • So far the innovation district has managed to attract internationals such as Amazon and WeWork. The European Medicine Agency is a potential tenant for Torre Glories (in refurbishment that adapt to needs of tenants such as the EMA).

  • CATEXIT - The current political situation is driving investment sentiment and development strategies; there is obvious concern from all players around the unfolding crisis. Due to uncertainty many investors have frozen activities in Catalonia until the situation becomes clearer.


Attendance is reserved exclusively for GRI Club Members.

Membership is available to senior investors, lenders and developers in real estate.

Non-members can enquire here to become a member and join the club meeting.

Advisory Board Members
Andrés Pan De SoraluceAndrés Pan De SoraluceCEOOHL Desarrollos
Brian BetelBrian BetelManaging PartnerASG Iberia Advisors
Cristina García Peri Cristina García Peri General ManagerHispania Activos Inmobiliarios
Cristina PérezCristina PérezManaging DirectorKennedy Wilson
David BrushDavid BrushCIOMerlin Properties
Dilip KhullarDilip KhullarManaging DirectorCadena Spain
Jesús Valderrama MartínJesús Valderrama MartínCo-Founder & Managing PartnerIBA Capital Partners
Jordi Sans DomenechJordi Sans DomenechGeneral ManagerVolumetric
Jorge Pérez de LezaJorge Pérez de LezaCEOMetrovacesa
Pedro Abella LangaPedro Abella LangaPrincipalH.I.G. Capital
Rafael Avilés UruñuelaRafael Avilés UruñuelaSenior Advisor - SpainAres Management
Andrés Pan De Soraluce
OHL Desarrollos
Under Andrés' leadership, OHL Desarrollos is developing Ciudad Mayakoba, consisting of 408 hectares for multi-segment RE. Through OHL Desarrollos, he is co-investor and developer of the Canalejas Project, one of the largest hotel and RE projects in Spain. The project covers over 70,000sqm, which will be transformed into the first Four Seasons hotel in Spain, 30 branded residences, an exclusive shopping centre and car park. In addition, in December 2015 OHL Desarrollos acquired, in consortium with co-investor, the 250-year leasehold of the Old War Office, 57 Whitehall in London, former Ministry of War of Great Britain during the I and II World War. The asset will be re-developed into a high-end international hotel with branded residences.
Brian Betel
Managing Partner
ASG Iberia Advisors
Segment: PERE Value Add
Brian has worked for 25 years in the RE sector investing and managing assets in 6 countries covering a wide range of products in Private Equity RE including CRE value add, turnarounds and residential, hotel and resort development in addition to alternative asset classes. Brian has a further specialty in debt and NPL acquisitions and workouts navigating insolvency processes to unlock value in distressed special situations. He spent 14 years in North America and Europe at a major PE fund with his final position as MD in Spain before opening the ASG Iberia office in Spain as the Managing Partner and setting up ASG Homes Propcorp as a Founding Partner currently developing multifamily residential projects in ten cities throughout Spain.
Cristina García Peri
General Manager
Hispania Activos Inmobiliarios
Cristina Pérez
Managing Director
Kennedy Wilson

Ms Perez Liz, based in Madrid, is the Managing Director of Kennedy Wilson Spain and has almost 20 years of investment banking, real estate and capital markets experience throughout Spain and the rest of Europe. Prior to joining Kennedy Wilson, she was a Managing Director of Banco Santander’s restructuring unit for medium size corporates, and had previously played different roles at PwC, and Goldman Sachs and JP Morgan in London . Over her career, Ms Perez has intervened in the completion of more than 25bn in European real-estate related transactions, including equity, direct lending, mezzanine, securitisation, and restructuring work.

David Brush
Merlin Properties
Segment: Acquisition & Management of Commercial R
David Brush has over 30 years’ experience as a real estate professional. He started his career at Philadelphia National Bank in 1983 and moved to Bankers Trust (now part of Deutsche Bank) as a Vice President in 1987. During his 20-year tenure at Bankers Trust/Deutsche Bank Real Estate, Mr. Brush founded the Real Estate Opportunistic investing division, where he was a Global Head and CIO of the business for 13 years. During that time, he supervised the completion of over 150 transactions consisting of real estate acquisitions, equity investments, corporate recapitalisations and distressed loan portfolio acquisitions with an enterprise value in excess of $50,000 million.
Dilip Khullar
Managing Director
Cadena Spain
Dilip is Cadena's Managing Director for Spain and in this capacity responsible for all aspects of Cadena's property development and investment activities on the Iberian Peninsula, having worked in Spain for 22 years. Prior to joining Cadena, Dilip held senior positions with US developer Hines and was Managing Director of Canadian investor and developer TrizecHahn Spain. Dilip holds undergraduate and post graduate degrees in Economics and Land Economy and an Advanced Certificate in innovation, management and technology from the MIT Sloan School of Business. He is a UK trained Chartered Surveyor, a member of the Urban Regeneration Council of the Urban Land Institute Europe and a partner of the business think tank the Círculo de Empresarios.
Félix Llorente Sanz
Segment: Inversor / Desarrollador
8000 residential units developed, 300000 m2 Logistics under development, 50000m2 retail High STREET under management, 16000m2 Houses for seniors under development, 120 Student Housing units recently open. TRAINING: • IESE - Senior Business Management Program • Bachelor of Business Administration and Management. • Technician in Business Administration and Management • Master in Financial Management • High Executive program RE Management and Valuations • High Executive degree grade: Private equity and structured finance • Executive Administration Program. PROFESSIONAL PROFILE: • General Director of Grupo Wilcox • Vice President of AEDHE • Member of the Board of Directors of CEIM • Member of ULI and ICSC.
Jesús Valderrama Martín
Co-Founder & Managing Partner
IBA Capital Partners
Co-Founder and Managing Partner of IBA Capital Partners. He graduated in Economic and Business Sciences and specialized in Finance from the University of Bayreuth, Germany. His career started at the International Department of the Eurohypo Bank. He worked for some years at the bank's headquarters in Frankfurt (Germany) and was the operations manager of the bank in Spain. Jesús started the introduction of the bank into Latin America (Mexico).
Jordi Sans Domenech
General Manager
Segment: Real Estate Developer
Jordi Sans is General Manager of Volumetric. Member of the family owners.Since 1999 leads real estate division of Grup Volumetric, and with his team of professionals has developed 270,000 sqm of land and built 437,000 sqm, mainly residential. He has also managed refurbishment projects, logistics, commercial and office buildings. In 2006 he started up partner companies in Poland, Romania and Hungary recruiting local management teams and adapting to each country the systems and working philosophy of the group. In those countries we have built 1,150 homes. Under his management Volumetric has developed projects continuously since 2000.
Jorge Pérez de Leza
Segment: Developer
Jorge P. de Leza is CEO of Metrovacesa since the end of 2016. Previously he was the Head of Europe for Grupo Lar during 12 years. Prior to that he worked at The Boston Consulting Group in the Madrid and San Francisco Offices. He is an Industrial Engineer from Comillas University and holds an MBA from the Harvard Business School.
Pedro Abella Langa
H.I.G. Capital
Segment: RE Investment Managers
Pedro is a Principal of H.I.G. Capital’s Real Estate team based in Madrid with responsibility for sourcing & executing RE transactions in Spain & Portugal. Pedro has over 30 years’ experience in the RE sector, and prior to joining H.I.G. he was in charge of the Spanish investment activities of Stam Europe, RE Fund Manager and AM. Prior to joining Stam Europe, he was the Development and Commercial Director of the French Developer Nexity in Spain for 7 years. He began his career with CBRE handling different roles.Pedro holds a diploma of Estates Management from the Alcalá de Henares University and is a Fellow of the Royal Institution of Chartered Surveyors (FRICS). He also serves on a number of boards. Pedro speaks Spanish, English & French.
Rafael Avilés Uruñuela
Senior Advisor - Spain
Ares Management

Mr. Aviles began working with AML July 2013 upon AREA Property Partners’ merger into Ares. Both at Ares, and previously at AREA since 2010, he has helped manage and originate deals in Spain and Portugal. He has over 28 years experience in real estate, including in investment and development of commercial and residential property. Mr. Aviles studied Naval Architecture and Engineering at Madrid University and has a degree from IE in Madrid. He was a MD for Grosvenor Spain and then a Director of Grosvenor Continental Europe from 2002 to 2010. Before Grosvenor, he had been a partner of JLL and MD for Procisa and Hammerson Spain during the 90’s. He is a member of the RICS.



16:30 - 17:00 Registration / Arrival

17:00 - 18:00 Discussion

18:00 - 19:00 Networking

Related Events
Loredana Carollo

Loredana Carollo

Club Director, Spain

+ 44 (0)20 7121 5065

[email protected]
Loredana Carollo
+ 44 (0)20 7121 5065
Club Director, Spain
GRI Club

Loredana Carollo is the Director Andean & Southern Cone and is responsible for the GRI meetings in Argentina, Colombia, Chile and Peru. She is Venezuelan- Italian and has lived in Caracas, Washington DC, Barcelona and London. Loredana holds a Bachelor of Social Communications from Universidad Santa María in Caracas, her hometown.

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