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Interest in the residential rental market has never been greater

Colliers International, a global leader in real estate services, brought together developers, investors and financial entities in Madrid to talk about the residential rental market and the key aspects of Build-to-Rent operations (Colliers provided consultancy services for the largest operations of this kind in the first few months of the year).

Over 150 experts met up in the Cuzco IV building, located in the Paseo de la Castellana, headquarters of Colliers in Spain. The first talk was given by Antonio Pan de Soraluce, Managing Director of Capital Markets at Colliers and responsible for the main operations carried out by the consultancy to date. Antonio Pan de Soraluce underlined how interesting this product was for market players as it is “a profitable product that provides a new kind of investor diversification with very significant market potential”.

This talk was followed by a roundtable, chaired by Mikel Echavarren, CEO of Colliers International in Spain. The panellists invited by Colliers, Jorge Pérez de Leza, Managing Director of Metrovacesa; Esther Escapa, Local Head of Development & Transactions for the Iberia region at AXA Investment Managers - Real Assets; Aitor García Bilbao, CEO of Azzam and Mario Fernández Cortés, Head of CaixaBank’s Madrid Real Estate Business Centre, talked about their experiences regarding the development, investment, management and financing of this new market.

Aitor García Bilbao, CEO of Azzam, the Azora Group's rental real estate manager, highlighted the interest in this product in secondary markets and the characteristics of an efficient management of returns.

Mario Fernández Cortés, of CaixaBank, explained the general terms and conditions of the financing of Build-to-Rent projects, of the relevant guarantees and of his entity's support for the development of rental housing in Spain.  

Esther Escapa, of AXA Investment Managers - Real Assets, pointed out the need to reach agreements that balance the risks assumed by developers and investors with the corresponding returns. She also mentioned the importance of developing a versatile product that can be sold by units in the future as a way of enhancing the liquidity potential of investments.

The Managing Director of Metrovacesa said that Build-to-Rent is a good way of accelerating developers’ business plans, especially those of listed ones, while maintaining the financial return and margin criteria of their business plans.


Mikel Echavarren, CEO of Colliers, concluded the event by saying that “this market has very significant potential, but at the same time requires complex management of the interests of developers and investors and of its financing structure. All this means Build-to-Rent is not a market for intermediaries. It demands expert consultants.

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 About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success in our Instagram, Twitter or LinkedIn accounts.


For more information:

Alejandra Folgado
Marketing & Communications Director
Colliers International Spain

T. + 34 91 579 84 00

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Mikel Echavarren

CEO Spain & Portugal


Mikel Echavarren is CEO of Colliers International Spain. He was President and CEO of irea since its foundation in 2002 until March 2018, when irea joined Colliers International. Prior to joining irea, Mikel was a partner in the Spain and Portugal real estate corporate finance division of Arthur Andersen. 

With over 30 years of experience in the real estate sector, he is an expert in strategic planning for real estate groups and in complex mortgage debt portfolio, real estate company and property transactions. He has managed financial restructurings involving over €8,000 million worth of debt belonging to real estate, construction and services companies. 


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Alejandra Folgado

Marketing & Comms. Director Spain & Portugal


As Marketing and Communications Director Alejandra is responsible for building a marketing and Comm. strategy that grows brand awareness; drives lead generation and works across business lines to support Colliers International in Spain  achieve its growth and customer acquisition goals.

She began her career at Atlas Capital Close Brothers in 2001 and joined to irea in 2006, where she was Knowledge & Organization Manager for almost 4 years. After a 5 years  of professional and personal experience in Italy, she returns to irea as Marketing & Communications Manager.

From January 2015 she has been Head of Marketing and Communications at irea until March 2018, when the spanish firm integrates in Colliers International.

Alejandra studied at Carlos III University (Madrid)  where she has a bachelor degree in Information Sciences. She holds an International Marketing and Communications Master from Polimoda Business School (Italy).

She has worked in Marketing and PR across various industries including Financing, Real Estate, Fashion and Hospitality. Alejandra  also has experience in managing and coordinating  events including conference, congress and trade fairs.

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