Discipline over deal-flow.
We do fewer deals than the market expects a boutique to do. Every deal has to work at entry, at base case, at downside. If it does not, it does not enter the pipeline.
Sección 01 · Socios
Un equipo reducido, sobre el terreno.
Legal, comercial, construcción — tres disciplinas que sostienen el modelo. Cada socio pone piel en el juego.
Spivforma was founded in 2019 to do one thing well: buy, build, and sell residential in Spain, at a size where discipline and hands-on execution still matter. We are not a fund, we are not a manager, and we are not a broker. We are an operating general partner — we take the deal, run the construction, sell the units, and share the outcome with the investors who backed us.
The market we chose is specific. Post-2008 attrition thinned the local developer bench. The regulatory environment slowed permitting. Institutional capital retreated to the top of the market. That opened a window for a smaller operator with in-house construction to earn double-digit returns without competing head-on with the megafunds. Distressed obra parada on the Costa Blanca and Costa del Sol, value-add repositioning inside Madrid and Barcelona, small ground-up plots where a nine-unit building is a whole deal — this is where we live.
We are capital-light by design. We do not raise blind pools. We show investors specific deals, priced and structured, one at a time. If a deal does not fit the mandate, an investor passes on that deal — not on the relationship. It is a slower model. It is the model that keeps alignment honest.
Section 02 · Principles
How we work.
Own the critical path.
Construction is the largest budget line and the greatest source of risk. We employ the team, run the schedule, and answer to the same P&L investors do.
Capital-back first.
Investors are made whole before Spivforma earns a cent of promote. We hold GP equity pari passu and take a subordinated developer fee. This is the alignment we would want on the other side.
Quiet reporting.
Quarterly written updates that read like a partner's note, not a marketing deck. No hype, no hedged qualifiers, no cherry-picked metrics. If a deal is late, the update says it is late.
Section 03 · Principals
The team.
portrait
Head of Construction
J. Ferrer
In-house general contracting across Catalonia and the Levante.
portrait
Sales Lead
L. Alcaraz
Unit-by-unit retail sales, private buyers and brokers.
portrait
Legal & Tax Lead
M. Ribas
Structuring, permitting, and Spanish real-estate tax.
portrait
Founder & Principal
S. Ziniakov
Deal origination, capital structuring, investor relations.
Section 04 · Partners & counsel
Who we work with.
Legal
[Placeholder — Spanish RE counsel]
Tax
[Placeholder — Spanish tax advisor]
Architecture
[Placeholder — architectural studio]
Banking
[Placeholder — senior bridge lender]
Placeholder — real partner and counsel names will replace these entries before publication. All are named with permission in the data room.
Sección 08 · Contacto
¿Analizando una asignación al residencial español?
Compartimos la economía por operación, la estructura y el modelo completo con inversores cualificados y profesionales bajo solicitud.
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