IBA Capital Partners

What IBA Capital Partners does

IBA Capital Partners is an independent, Madrid-based real estate fund and asset management firm founded in 2013 by Jesús Valderrama and Thierry Julienne. The company provides full-cycle investment management, asset management, and divestment services to large institutional investors and family offices, focusing on core+ and value-add strategies in the Spanish office and retail markets, with stated interest in logistics, hotels, student housing, and co-living. The firm operates as both asset manager and co-investor, aligning interests with its capital partners, and manages a portfolio of approximately €1.8 billion including properties such as Novus Building, Vodafone Building, Nodo Building, Preciados 9, Plaza Catalunya 23, and Ramírez de Prado 5.

IBA's business model is built on two revenue streams: asset management fees charged for overseeing real estate investment vehicles on behalf of institutional investors and family offices, and performance-based returns generated through value-add repositioning, refurbishment, and eventual sale of properties, with returns measured by IRR and equity multiples. The company also founded and continues to manage Zambal Socimi Spain, S.A., a Spanish REIT listed on BME Growth that ranks among the top six SOCIMIs by capitalization. Distribution is relationship-based, targeting enterprise clients through direct engagement rather than product-led marketing, with strategic alliances in the value-added segment alongside CBRE Global Investors, Angelo Gordon, Bankinter, Banca March, and family offices such as Naropa (Fermoselle family). Documented realized outcomes include 37% leveraged IRR on Preciados 9, 22.1% leveraged IRR (2.1x equity multiple) on the Nodo Building, and 13% net unlevered IRR (1.8x equity multiple) on Plaza Catalunya 23.

Name

IBA Capital Partners

Legal name

IBA CAPITAL PARTNERS S.L.

Website

https://iba-capitalpartners.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

IBA Capital Partners is a Madrid-based independent real estate fund and asset management firm managing approximately €1.8 billion for large institutional investors and family offices via core+ and value-add strategies across Spanish office and retail assets.

Ownership category

akta.pro rank

Product category

Real Estate Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA)

akta.pro secondary industry

Investment Management Advisory (RIA) (FSAEAAAB)

Keywords

• Real estate fund management
• Asset management services
• Property investment management
• SOCIMI management
• Real estate divestment services

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Asset Management Fees: Management fees charged for overseeing real estate investment vehicles and assets on behalf of institutional investors and family offices.
2. Performance-based Returns: Returns generated through value-add asset management, refurbishment, and repositioning of real estate assets, with returns measured by IRR and equity multiples.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

IBA Capital Partners is an independent real estate fund and asset management company operating in the Spanish market. It offers a unified suite of investment management services structured around three core offerings: Investment Management Services (covering the full investment cycle from sourcing to deal closing), Asset Management Services (daily management of assets, vehicles, and SOCIMIs), and Divestment Services (sale process management and asset rotation). The firm also founded and manages Zambal Socimi Spain, S.A., a BME Growth-listed REIT.

Product overview

IBA Capital Partners is an Independent Real Estate Fund and Asset Management Company operating in the Spanish market. The company offers a unified suite of investment management services structured around three core offerings: Investment Management Services (covering the full investment cycle from sourcing to deal closing), Asset Management Services (daily management of assets, vehicles, and SOCIMIs), and Divestment Services (sale process management and asset rotation). The company manages Zambal Socimi Spain, S.A., a BME Growth-listed REIT that is one of the top 6 SOCIMIs by capitalization. The company primarily focuses on office and retail real estate assets while actively considering opportunities in logistics, hotels, student housing, and co-living sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Management Services Full-cycle investment management services for Spanish real estate assets, covering sourcing and pre-screening of target opportunities, due diligence, negotiation, structuring, financing, and deal closing. Designed for large institutional investors and family offices.
• Asset Management Services Daily management of assets and investment vehicles, including business plan monitoring, property manager supervision, refurbishment strategies, refinancing, reporting coordination, and SOCIMI (Spanish REIT) management. Provided to institutional investors and family offices.
• Divestment Services Analysis of divestment options based on business plans, management of sale and negotiation processes through to deed finalization, and proactive asset rotation based on market evolution. Offered to institutional investors and family offices with Spanish real estate exposure.
• Zambal Socimi Spain, S.A. Spanish REIT (SOCIMI) listed on BME Growth, focused on long-term investment in consolidated first-rate Spanish markets; founded and managed by IBA Capital Partners, it is one of the top 6 SOCIMIs by capitalization in BME Growth.

Quantifiable outcome

• €1.8 billion portfolio under management
• +4 more outcomes

Named customers17 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Azora: Spanish independent asset manager operating real estate funds (including hospitality and residential strategies) for institutional investors. Comparable to IBA in being a Spain-headquartered, founder-led fund/asset manager serving institutional LPs across commercial real estate strategies.
• Grupo Lar: Spain- and Latin America-focused real estate investment and asset manager with institutional capital, active across office, retail and logistics. Directly comparable given overlapping Iberian geographies and institutional asset-management model.
• Drago Capital: Madrid-based independent real estate investment and asset manager focused on Spanish value-add and opportunistic strategies. Directly comparable to IBA given its Iberian real estate focus, value-add track record, and similar institutional LP base.

Regional players

• Merlin Properties: Spain's largest listed SOCIMI (IBEX 35), focused on office, retail, logistics and data centers in Iberia. Comparable as a Madrid-headquartered institutional vehicle investing in Spanish tertiary real estate, overlapping IBA's office/high-street focus.
• Grupo Catalana Occidente / Inmosi (Catalana Occidente real estate arm): Spanish insurance-linked real estate investor active in Iberian commercial property. Regionally comparable as a competing source of long-duration Spanish real estate capital that intersects with IBA's institutional LP universe.

Broad incumbents

• Angelo Gordon (TPG Angelo Gordon): Large alternative asset manager with significant real estate value-add and debt capabilities in Europe; named by IBA as a strategic alliance partner in Spanish value-add. Comparable institutional value-add strategy and Spanish deal flow.
• AEW Capital Management: Global real estate investment manager with European core/value-add strategies serving institutional LPs. Comparable as a competing source of Spanish mandates with broader geographic and sector reach than IBA.
• LaSalle Investment Management: Global real estate investment manager (subsidiary of Jones Lang LaSalle) with deep European value-add, core+ and debt strategies. Competes with IBA for institutional Spanish allocations and offers adjacent Iberian product depth.
• DWS Group (RREEF Real Estate): Large global asset manager with significant European real estate capabilities under the RREEF brand. Comparable as a pan-European institutional real estate manager offering both core+ and value-add Spanish products.
• CBRE Investment Management (CBRE Global Investors): Global real estate investment management arm of CBRE Group with broad value-add, core+ and core strategies. Listed by IBA as a strategic alliance partner in Spanish value-add — directly comparable client base and product overlap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/iba-capital-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IBA Capital Partners