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Residential · Value-add
Chamberí Repositioning
Madrid
Delivered
Nov 2023
Realised ROC
22–25%†
Section 01 · Delivered
Track record.
Every project Spivforma has delivered since inception, with realised return ranges. Figures are illustrative pending independent confirmation.
Section 02 · Aggregate
As of Q3 2026
6
Projects delivered
€14M+
Total investor capital deployed
~30%
Weighted realised ROC¹
18 mo
Average hold
¹Weighted by investor equity, net of fees, across FUNDED projects to date. Past performance is not indicative of future results.
Section 03 · Projects
Every delivered project.
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Residential · Ground-up
Denia Obra Nueva
Costa Blanca · Alicante
Delivered
Apr 2023
Realised ROC
34–37%†
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Residential · Completion
Marbella Completion
Costa del Sol · Málaga
Delivered
Sep 2022
Realised ROC
28–31%†
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Residential · Value-add
Sant Antoni Renovation
Sant Antoni · Barcelona
Delivered
Jun 2024
Realised ROC
31–34%†
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Residential · Distressed
Torrevieja Portfolio I
Costa Blanca · Alicante
Delivered
May 2022
Realised ROC
24–27%†
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Residential · Completion
Villajoyosa Completion
Costa Blanca · Alicante
Delivered
Feb 2024
Realised ROC
27–30%†
†Realised ROC — range where deals were syndicated across multiple co-investors on slightly different terms. Case studies available to qualified investors on request.
Section 04 · Discipline
How we underwrite.
Every deal is underwritten to a base case, a downside, and a break-even. Entry basis is the first filter — if a deal only works at pricing forecast two years out, we pass. Construction is priced from in-house cost sheets, not third-party estimates. Exit pricing is anchored to the last three quarters of verified comparable transactions, not asking prices.
We do not underwrite promote at the deal-approval stage. A deal enters the pipeline only if the base-case return to the LP is compelling on its own, before any distribution to the sponsor. That is the test.
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.