European real estate. And alternative investments.

Property is the firm's main business. It is physical, financed, taxed and regulated locally, and no two buildings are alike — which is exactly why the price of one is never quite right, and why the work of understanding a single asset still matters.

It is also slow. Value comes from planning, capital works, letting and management over years, not from catching a moment in the market. That suits an owner who can commit capital for that long and would rather the outcome depended on work than on the cycle.

Alongside property, and run as its own activity, the firm invests in alternative and non-traditional assets: holdings outside listed equities and bonds, where price is not set by a screen and liquidity is not the point.

These are held rather than traded, valued by what they produce and what it would cost to replace them, and they reward capital that can be committed for years rather than quarters. The two mandates are underwritten separately, on their own terms.

Europe is not a single real estate market. Planning law, tenancy regulation, tax treatment and building standards change at every border, and often between cities within the same country. That fragmentation is a barrier to capital looking for scale quickly — and an advantage to anyone willing to underwrite one market at a time.

Spain sits inside that picture with its own rules, its own cycles and its own patterns of demand, and with the rest of the continent within reach.