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RESERVED · WAITLIST OPEN
Gloria Playa · Calle Ulpiano 82–84
Torrevieja · Costa Blanca
RESIDENTIAL · COMPLETION
47–74%†
Target ROC
~55%†
Target IRR
12–16 mo
Term
From €300,000
Waitlist open — 4 investors registered
Register interestSpivformaSpainEstablished 2019
Boutique residential development across Spain.
An operating general partner sourcing, building and selling residential across Spain — from the major cities to the Mediterranean coast — for a select group of qualified investors.
Est. 2019Spain
Spivforma
- Structure
- Operating GP
- Sector
- Residential · Value-add
- Geography
- Madrid · Barcelona · Costa Blanca · Costa del Sol
- Investor
- Qualified · Professional
By the numbers · illustrative
As of Q3 2026
€14M+¹
Total capital deployed
~30%¹
Weighted realised ROC
6¹
Projects delivered
20+ yrs¹
Combined team experience
¹Placeholder figures. Each value above is unverified and must be replaced before publication. Realised figures net of fees. Targets shown per-deal, not here. Past performance is not indicative of future results.
Section 03 · Current cycle
Live opportunities.
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AVAILABLE
Manilva · Calle Muro Aguilar
Manilva · Costa del Sol
RESIDENTIAL · COMPLETION
34–56%†
Target ROC
~30%†
Target IRR
18–22 mo
Term
From €500,000
25% committed
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AVAILABLE
Pau Alsina 18
Camp d'en Grassot · Barcelona
RESIDENTIAL · GROUND-UP
21–25%†
Target ROC
~10%†
Target IRR
~28 mo
Term
From €400,000
12% committed
†Target figure — illustrative and not a projection. Past performance is not indicative of future results.
Section 04 · Structure
The Model.
Spivforma is a capital-light operating GP. We source, build, and sell — investors provide equity. Structure aligns us to deliver capital back first, then a preferred return, then share the upside.
- 01Sourcing
Off-market and distressed residential — banks, servicers, private owners, brokers we've worked with for years.
- 02Execution
In-house general contracting, permitting, and project management. No fee-drag from external partners on the critical path.
- 03Preferred return + capital back
Investor capital returned first, plus a preferred return, before Spivforma earns anything.
- 04Promote split
Above the preferred hurdle, profits split — investors keep the majority, Spivforma earns the promote.
Section 05 · Market conviction
Why Spain.
Spain is a chronically supply-constrained residential market trading in a currency millions of Europeans want to hold.
Post-2008 attrition thinned the domestic developer bench. Permitting slowed. Net migration into Spain — from northern Europe, Latin America, and internally toward the coast — has continued to compound. The result is a national market with structural undersupply, resilient pricing, and a persistent gap between what buyers want and what the stock offers.
The window is specific. Distressed obra parada on the Costa Blanca and Costa del Sol. Small ground-up plots and value-add repositioning inside Madrid and Barcelona. These are the places an operating GP with in-house construction can still earn double-digit returns without competing head-on with institutional capital. It is the exact window we build into.
Section 06 · Delivered
Track record.
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†Realised ROC — range where deals were syndicated across multiple co-investors on slightly different terms. Past performance is not indicative of future results.
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Section 07 · Principals
A small team, on the ground.
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Head of Construction
J. Ferrer
In-house general contracting across Catalonia and the Levante.
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Sales Lead
L. Alcaraz
Unit-by-unit retail sales, private buyers and brokers.
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Legal & Tax Lead
M. Ribas
Structuring, permitting, and Spanish real-estate tax.
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Founder & Principal
S. Ziniakov
Deal origination, capital structuring, investor relations.
Section 08 · Contact
Reviewing an allocation to Spanish residential?
We share deal-level economics, structure, and the full model with qualified and professional investors on request.
Opportunities are shown to qualified and professional investors only. This site does not constitute a public offer or an investment recommendation.