Private equity firm Cogress has opened its first office in Spain in an effort to take advantage of the country’s growing economy and property market.
The firm, which has raised £130m of equity for 40 development projects in the UK, said the move was the latest step in its strategy to expand across Europe.
Spain’s property market grew by 14.4% in the first quarter of the year amid falling interest rates and accelerating GDP growth.
Diego Gormaz, who was previously at Citibank and Lehman Brothers, will head Cogress Spain as leading local partner.
The move mirrors steps other companies have taken in boosting their exposure to the Spanish property market. AEW opened an office in Madrid earlier this year after buying four assets for €153m (£134.5m), while Savills Investment Management bought its first retail warehouses in San Sebastian in March.
Tal Orly, founder of Cogress, said: “Cogress’s commitment to making property investment accessible and transparent coupled with the vibrant Spanish market, is a proposition that is set to unlock opportunities for our network of investors.”
He added that the property market was “much healthier” with oversupply in the biggest cities disappearing after years of dwindling demand caused by the financial crisis.
Cogress was launched in Israel in 2009 and has since expanded into the UK and the US. It has invested in more than 250 projects globally and has a combined asset value of £1.5bn.
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