EY Spain continues to deliver on the objectives set out in its strategic plan to lead Real Estate transaction advisory services among the Big 4. Between January and July 2025, the Firm completed 129 transactions, 104 equity deals and 25 debt deals—reaching a total advised transaction volume of €5.963 billion.
EY’s multidisciplinary Real Estate team —comprising financial consultants, architects, lawyers, engineers, and tax advisors— is also experiencing strong growth in project financing advisory across logistics, shopping centers, living, and hotel segments. The team has participated in the most significant debt transactions in these segments so far this year.
The segment where EY has had the greatest impact in 2025 is logistics, with €1.558 billion transacted across 46 deals led by major institutional funds and developers. Notable among these is the acquisition of the Flora portfolio by Mapletree from Blackstone. In the Retail segment, Intu, Castellana Properties, and L Catterton have been among the key players in the €1.090 billion transacted by the Firm between January and July. In the office segment (€657M), EY acted as multidisciplinary advisor in several deals, including the refinancing of Realia on behalf of its banking syndicate, completed in January 2025. Finally, the living sector has also seen significant activity from EY in Spain, with €1.530 billion in advised transactions. The Firm has worked with infrastructure funds in the affordable housing segment and with Greystar, among others, in alternative living.
According to EY’s partner Javier García-Mateo, Head of Real Estate in Spain, “International investors are overweighting Spain compared to other European countries, not only due to the country’s strong economic outlook, but also because they have identified the urgent need to ‘transform’ our cities. The reality of our urban landscape is an outdated and insufficient housing stock, along with a tertiary real estate sector that is not aligned with the future needs of businesses and consumers.”
New economic context
The stabilization of financing costs is enabling institutional investors to structure their acquisitions with greater certainty. In this environment, EY’s multidisciplinary real estate advisory team has emerged as a leading advisor in real estate project financing during the first half of 2025. The team has supported banks such as Natixis, Banco Santander, BBVA, Caixabank, and ING, as well as debt funds including Incus Capital, Frux Capital, and Terram Capital, in structuring alternative financing solutions, particularly within the tertiary and alternative segments.
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