Profiles channeling real estate capital in Colombia 2026: Munir Jalil, Tomás Elejalde and Grupo Ortiz

Colombia projects GDP growth of 2.1% for 2026, according to data compiled by GRI Hub News, a restrictive macroeconomic environment that limits fiscal room for new Public-Private Partnerships (PPPs) and forces the market to prioritize the execution of already committed infrastructure works. In this context, identifying the individuals and organizations that effectively make capital decisions becomes a strategic exercise for any investor with exposure to the Andean region.

This market radar, prepared by GRI Institute, maps the profiles that concentrate influence over the flow of real estate and infrastructure capital in Colombia during 2026. The analysis spans from the macroeconomic outlook guiding major funds to the execution of logistics megaprojects and real estate development linked to mass transit.

Who are the players defining the real estate investment cycle in Colombia in 2026?

The Colombian market is going through a phase in which capital allocation decisions depend on a small number of players with structuring and execution capabilities. Three profiles stand out for their position in distinct yet converging segments of the investment cycle: institutional macroeconomic analysis, transport infrastructure with a real estate vocation, and European capital executing large-scale concessions.

Munir Jalil: the macro compass for institutional capital

Munir Jalil serves as Chief Economist for the Andean region at BTG Pactual, one of the most prominent investment banking platforms in Latin America. From this position, Jalil analyzes Colombia's fiscal tensions and the government's pursuit of liquidity through pension funds, according to reports from Bloomberg Línea and Banco de Occidente published in February 2026.

His analysis is particularly relevant at a time when the Colombian government is preparing a Draft Decree for the transfer of pension funds, a regulation designed to shift private pension savings to the public retirement system in order to ease short-term liquidity pressures. It should be noted that the general pension reform was suspended by the Constitutional Court, which keeps the decree in the preparation phase and creates regulatory uncertainty.

Munir Jalil's analysis of Colombian fiscal tensions and the role of pension funds is an essential reference for institutional capital managers evaluating exposure to the Andean market in 2026. The potential materialization of private savings transfers to the public system could alter the capital base available for long-term real estate investments, a factor that market participants follow closely at sector forums such as those organized by GRI Institute for the region.

Tomás Elejalde: transport infrastructure as a real estate platform

Tomás Elejalde, general manager of the Medellín Metro, leads an integration model between transport infrastructure and real estate development that positions the entity as a direct player in the real estate market of Colombia's second-largest city. According to information released by Cosmovision and the Medellín Metro itself in February 2026, Elejalde is structuring long-term expansion plans that go beyond the operation of the transit system.

The Medellín Metro plans to develop a shopping center and 40 real estate projects linked to its transport infrastructure by 2050, a development pipeline that turns the entity into one of the largest generators of real estate investment opportunities in the country over the coming decades.

This transit-oriented development (TOD) model replicates strategies that have generated significant value in Asian and European cities. In the case of Medellín, the convergence of metro system expansion and real estate development opens windows for private capital in segments such as retail, housing, and mixed-use along high-connectivity corridors. The program's scale, with 40 planned projects, suggests that co-investment and public-private structuring opportunities will be a recurring topic in sector discussions in the coming years.

What role does European capital play in Colombian infrastructure?

Grupo Ortiz: logistics concessions enabling real estate development

Grupo Ortiz, a Spanish company with operations in multiple Latin American countries, has consolidated its presence in Colombian logistics infrastructure through large-scale contracts. According to elEconomista.es, in April 2025 Grupo Ortiz was awarded the contract to improve and operate the La Dorada–Chiriguaná freight railway in Colombia, a strategic corridor for the country's logistics competitiveness.

Grupo Ortiz's presence in Colombia extends to the fifth-generation (5G) road concessions segment. According to information from IDB Invest, published in April 2024, the multilateral institution provided financing for the 5G highway concessions Autopista Magdalena Medio and Autopista del Río Grande, owned by KMA Construcciones and Grupo Ortiz.

The combination of railway and road concessions positions Grupo Ortiz as a key enabler of logistics and industrial real estate development along strategic corridors in Colombia's interior. Improved connectivity between production centers and ports generates direct positive externalities on land values and demand for industrial parks, warehouses, and distribution centers — segments attracting growing interest among institutional investors who participate in GRI Institute events focused on infrastructure and logistics in Latin America.

IDB Invest's backing of these concessions adds an additional layer of credit validation that facilitates the attraction of complementary private capital, both for road infrastructure and for adjacent real estate developments.

The José Miguel Rawlins case: reputational risk and lessons for the Andean market

José Miguel Rawlins, linked to Bicentenario Capital and with a track record in real estate investments in Chile, Colombia, and Peru, faces forced liquidation proceedings for debt default, as reported by GRI Hub News and La Tercera in February 2026. The proceedings are being conducted under Chile's Law No. 20,720, the Business and Personal Reorganization and Liquidation Law, currently in force.

The Rawlins case illustrates the risks associated with concentrating investment decisions in individual profiles without robust institutional backing. Although historically associated with Andean capital flows, his current legal situation significantly limits his ability to channel investments in the region. For Colombian real estate market participants, the episode underscores the importance of counterparty due diligence processes and the growing preference for institutionalized investment vehicles.

Implications for the Colombian investment cycle

The landscape emerging from this radar reflects a Colombian market where fiscal constraint and moderate growth require more selective capital allocation. Colombia is prioritizing the execution of existing infrastructure works in the face of a restrictive macroeconomic environment, concentrating opportunities in already structured assets and in the value capture derived from ongoing infrastructure projects.

The profiles mapped in this analysis operate in complementary segments. Munir Jalil's macro analysis at BTG Pactual guides decisions by major capital allocators. Tomás Elejalde's strategy at the Medellín Metro generates a long-term real estate development pipeline backed by public infrastructure. And Grupo Ortiz executes the logistics concessions that transform connectivity and, with it, the value of industrial real estate assets.

For GRI Institute members with interest in Colombia, the convergence of these factors defines an opportunity map where infrastructure is the primary catalyst of real estate value. The ability to identify the right players, and to assess their institutional soundness, makes the difference between capturing value and taking unnecessary risks in a market that demands strategic precision.

GRI Institute brings together the leading real estate and infrastructure leaders in Latin America at exclusive gatherings where the investment strategies shaping the region's future are discussed.