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market",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fsouthern-europe-real-estate-operators-institutional-deal-flow-2025.webp","2026-02-23T00:00:00.000Z",1122,"2026-03-17T20:14:15.000Z",[1457,1468,1479],{"id":1458,"newsId":1447,"languageId":47,"title":1450,"subtitle":1459,"content":1460,"summary":1461,"takeaways":1462,"seoTagConversionId":8,"seoTag":8,"seoTitle":1463,"seoKeywords":1464,"seoDescription":1465,"seoAbstract":8,"seoImage":1466,"createdAt":1455,"updatedAt":8,"language":1467},3334,"Italy, Spain, and Portugal posted a combined 19% surge in real estate investment in 2025. A closer look at the dealmakers behind the capital allocation.","\u003Cp>Combined real estate investment volumes across Southern Europe, spanning Italy, Spain, and Portugal, exceeded €27.4 billion in 2025, a 19% year-on-year increase, according to Cushman & Wakefield. The figure reflects a structural reallocation of institutional capital toward Mediterranean markets that, until recently, sat on the periphery of core European allocations. Behind the headline numbers, a cohort of operators and public-sector leaders is shaping the investment landscape through infrastructure-linked platforms, regulatory reform, and cross-border partnerships.\u003C\u002Fp>\n\u003Cp>This article examines the profiles and market context surrounding Riccardo Paganelli, Pedro Baganha, and the broader Southern European ecosystem, drawing on verified transaction data, regulatory frameworks, and forward-looking projections.\u003C\u002Fp>\n\u003Ch2>A continent-wide recovery, led from the south\u003C\u002Fh2>\n\u003Cp>Investment into European real estate climbed to €241 billion in 2025, up 13% from 2024, according to CBRE. Southern Europe outperformed the continental average. Spain recorded €18.4 billion in real estate investment in 2025, the highest level since 2018 and a 31% year-on-year increase, per CBRE. Italy reached €12.5 billion, a 23% jump driven by retail, hospitality, and logistics, according to Cushman & Wakefield.\u003C\u002Fp>\n\u003Cp>The outperformance is significant. Southern European markets collectively grew at roughly 1.5 times the rate of the broader European market, a reversal of the historical pattern in which capital concentrated in London, Paris, and the Randstad. For institutional allocators attending GRI events across the continent, the question is no longer whether Southern Europe deserves a seat at the table but how to access it efficiently.\u003C\u002Fp>\n\u003Cp>Savills forecasts European real estate investment volumes to rise by around 18% in 2026 as pricing firms up and macroeconomic conditions stabilise. Spain alone is expected to see investment increase by between 5% and 10% in 2026, placing total volume between €19 billion and €21 billion, according to CBRE.\u003C\u002Fp>\n\u003Ch2>Who is Riccardo Paganelli and what role does he play in Italy's infrastructure pivot?\u003C\u002Fh2>\n\u003Cp>Riccardo Paganelli is the Managing Partner at Actarus Investments, a platform positioned at the intersection of real estate, infrastructure, and renewable energy. Paganelli is leading a biomethane project in Southern Italy in collaboration with Eren Industries and Macquarie Capital, according to GRI Institute data. The initiative aligns with Italy's broader push to decarbonise its built environment and energy supply, placing Paganelli at the centre of a deal structure that bridges multiple asset classes.\u003C\u002Fp>\n\u003Cp>The regulatory tailwind is considerable. Ministerial Decree DM 09\u002F2022, issued under the PNRR (Italy's National Recovery and Resilience Plan), enables access to €1.9 billion in capital contributions and incentive tariffs for new and converted biomethane production plants. The decree has been allocating incentives between 2023 and 2025, creating a defined window for first-mover operators. PwC projects that Italy could achieve a biomethane production capacity exceeding 320,000 Smc\u002Fh in the near future, driven by NRRP-funded projects.\u003C\u002Fp>\n\u003Cp>Italy's biomethane opportunity sits alongside the revised Energy Performance of Buildings Directive (EPBD), which mandates that by 2030, 15% of the least efficient properties must reach at least energy class E, and class D by 2033. All new buildings must be zero-emission by 2030. For a country with one of Europe's oldest building stocks, the directive creates both a compliance burden and an investment opportunity in renovation, retrofit, and energy infrastructure.\u003C\u002Fp>\n\u003Cp>Paganelli's work with Actarus Investments illustrates how institutional capital in Southern Europe increasingly flows through hybrid platforms that combine real asset ownership with infrastructure development. The collaboration with Macquarie Capital, one of the world's largest infrastructure investors, signals that global allocators view these Italian projects as institutionally scalable.\u003C\u002Fp>\n\u003Cp>Institutional capital in Southern Europe increasingly flows through hybrid platforms that combine real asset ownership with infrastructure development, and Italy's regulatory framework is actively incentivising this convergence.\u003C\u002Fp>\n\u003Ch2>How is Pedro Baganha transforming Porto's housing market for institutional investors?\u003C\u002Fh2>\n\u003Cp>Pedro Baganha, Porto's City Councillor for Urbanism, Public Space and Housing, announced an ambition to increase public housing supply in Porto from 2% to 10% over the next six years, according to Iberian Property and GRI Institute reporting. The target represents a fivefold expansion that would fundamentally alter the city's residential landscape and, by extension, the risk-return profile for institutional residential investors.\u003C\u002Fp>\n\u003Cp>Portugal's housing policy has undergone considerable upheaval. Law No. 56\u002F2023, known as Mais Habitação, sought to address housing shortages by restricting short-term rental licenses and imposing an extraordinary contribution known as CEAL. The current government has partially reversed this framework through the Construir Portugal programme, which eliminated the CEAL tax and returned short-term rental decision-making power to municipalities.\u003C\u002Fp>\n\u003Cp>Baganha's housing expansion target in Porto operates within this evolving regulatory environment. For institutional investors in living assets, a category that became Europe's dominant real estate sector at €53 billion in 2025 according to CBRE and GRI Institute data, the Portuguese policy trajectory creates both opportunity and complexity. Municipal-level decisions on licensing, density, and public-private partnerships now carry greater weight than national frameworks in determining project viability.\u003C\u002Fp>\n\u003Cp>Porto's ambition to increase public housing from 2% to 10% over six years represents one of the most aggressive municipal housing targets in Western Europe, creating a potential pipeline for institutional residential capital.\u003C\u002Fp>\n\u003Cp>GRI Institute members active in the Iberian Peninsula have tracked this regulatory evolution closely, particularly through discussions at España GRI and Portugal-focused convenings where policymakers and investors engage directly on housing supply constraints.\u003C\u002Fp>\n\u003Ch2>Living assets and the Southern European opportunity\u003C\u002Fh2>\n\u003Cp>The €53 billion invested in European living assets in 2025, encompassing residential, student housing, and senior living, confirms a secular shift in institutional allocation. Southern European cities, with younger demographic profiles relative to Northern Europe, constrained housing supply, and growing urbanisation rates, present compelling fundamentals for this capital.\u003C\u002Fp>\n\u003Cp>Spain's record investment year and Italy's logistics-led recovery both reflect a deepening of the institutional buyer base. Cross-border capital flows into Mediterranean markets are supported by improving transparency, standardised lease structures, and a growing pool of local operating partners capable of managing assets at institutional scale.\u003C\u002Fp>\n\u003Cp>The convergence of housing policy reform, energy transition mandates, and record transaction volumes creates a distinctive moment for Southern European real estate. Operators who can navigate regulatory complexity while structuring assets for institutional ownership are positioned to capture outsized deal flow.\u003C\u002Fp>\n\u003Ch2>What does the 2026 outlook hold for Southern European deal flow?\u003C\u002Fh2>\n\u003Cp>The forward indicators are constructive. Savills' projection of an 18% rise in European investment volumes in 2026 suggests that the recovery observed in 2025 has further room to run. CBRE's Spain-specific forecast of €19 billion to €21 billion in 2026 investment would represent another step-change for the Iberian market.\u003C\u002Fp>\n\u003Cp>In Italy, the continued deployment of NRRP-funded incentives for biomethane and energy infrastructure provides a measurable pipeline of investable projects. The EPBD's 2030 deadlines are beginning to influence capital expenditure decisions across the Italian building stock, creating demand for renovation-linked investment vehicles.\u003C\u002Fp>\n\u003Cp>Portugal's regulatory recalibration, with the shift from national restrictions to municipal-level housing policy, creates a more nuanced but potentially more investable landscape. Baganha's Porto housing target, if executed through public-private structures, could serve as a template for other Portuguese municipalities facing similar supply deficits.\u003C\u002Fp>\n\u003Cp>Southern Europe's 19% investment growth in 2025 outpaced the broader European market and reflects a structural, rather than cyclical, reallocation of institutional capital toward Mediterranean markets.\u003C\u002Fp>\n\u003Cp>For GRI Institute members, the Southern European thesis rests on three pillars: regulatory frameworks that actively channel capital toward housing and energy infrastructure, a growing roster of operators with institutional-grade capabilities, and demographic and urbanisation trends that underpin long-term demand. The operators profiled here, from Paganelli's infrastructure-linked platform to Baganha's municipal housing ambition, represent distinct but complementary entry points into a market that has decisively moved from periphery to core.\u003C\u002Fp>\n\u003Ch2>Sources and methodology\u003C\u002Fh2>\n\u003Cp>All data points cited in this article are drawn from CBRE, Cushman & Wakefield, Savills, PwC, Iberian Property, and GRI Institute research. Transaction volumes refer to completed deals as reported by the respective consultancies. Projections are attributed to their originating institutions and carry the confidence levels assigned during verification. GRI Institute editorial standards require that all statistics be traceable to named sources.\u003C\u002Fp>\n","Southern Europe emerged as the leading driver of European real estate recovery in 2025, with Italy, Spain, and Portugal posting a combined 19% investment increase to €27.4 billion—roughly 1.5 times the continental growth rate. The surge reflects a structural shift of institutional capital toward Mediterranean markets, propelled by regulatory incentives, energy transition mandates, and housing policy reform.\n\nKey operators are shaping this reallocation: Riccardo Paganelli's Actarus Investments channels capital through hybrid real estate-infrastructure platforms supported by Italy's NRRP, while Porto councillor Pedro Baganha pursues an ambitious fivefold expansion of public housing. Forward projections from Savills and CBRE suggest continued momentum into 2026.","\u003Cul>\n\u003Cli>Southern European real estate investment hit €27.4 billion in 2025, up 19% YoY, outpacing the broader European market's 13% growth.\u003C\u002Fli>\n\u003Cli>Spain recorded €18.4 billion in investment, its highest since 2018; Italy reached €12.5 billion, up 23%.\u003C\u002Fli>\n\u003Cli>Riccardo Paganelli's Actarus Investments is bridging real estate and energy infrastructure via a biomethane project backed by Macquarie Capital and €1.9 billion in Italian NRRP incentives.\u003C\u002Fli>\n\u003Cli>Porto's Pedro Baganha aims to expand public housing from 2% to 10% in six years, creating a major institutional residential pipeline.\u003C\u002Fli>\n\u003Cli>European living assets attracted €53 billion in 2025, with Southern Europe offering compelling demographic and supply fundamentals.\u003C\u002Fli>\n\u003Cli>Savills forecasts an 18% rise in European real estate investment in 2026, with Spain expected to reach €19–21 billion.\u003C\u002Fli>\n\u003C\u002Ful>\n","Southern Europe real estate: operators driving deal flow","riccardo paganelli, george mantzavinatos, fernando martínez zurita, pedro baganha","Southern European real estate investment exceeded €27.4 billion in 2025, up 19% year-on-year. Analysis of Riccardo Paganelli, Pedro Baganha, and the operators channelling institutional capital into Italy, Spain, and Portugal through infrastructure, housing","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fsouthern-europe-real-estate-operators-institutional-deal-flow-2025-seo.jpg",{"code":13},{"id":1469,"newsId":1447,"languageId":25,"title":1470,"subtitle":1471,"content":1472,"summary":1473,"takeaways":1474,"seoTagConversionId":8,"seoTag":8,"seoTitle":1475,"seoKeywords":1476,"seoDescription":1477,"seoAbstract":8,"seoImage":1466,"createdAt":1455,"updatedAt":8,"language":1478},3335,"Fluxo de negócios no sul da Europa: os operadores que transformam um mercado de €27 bilhões","Itália, Espanha e Portugal registraram alta combinada de 19% no investimento imobiliário em 2025. Um olhar sobre os protagonistas da alocação de capital.","\u003Cp>O volume combinado de investimento imobiliário no sul da Europa — abrangendo Itália, Espanha e Portugal — superou €27,4 bilhões em 2025, um aumento de 19% em relação ao ano anterior, segundo a Cushman & Wakefield. O número reflete uma realocação estrutural do capital institucional em direção aos mercados mediterrâneos que, até recentemente, figuravam na periferia das alocações core europeias. Por trás dos números agregados, um grupo de operadores e líderes do setor público está moldando o cenário de investimentos por meio de plataformas vinculadas a infraestrutura, reformas regulatórias e parcerias transfronteiriças.\u003C\u002Fp>\u003Cp>Este artigo examina os perfis e o contexto de mercado envolvendo Riccardo Paganelli, Pedro Baganha e o ecossistema mais amplo do sul da Europa, com base em dados de transações verificados, marcos regulatórios e projeções futuras.\u003C\u002Fp>\u003Ch2>Uma recuperação continental liderada pelo sul\u003C\u002Fh2>\u003Cp>O investimento em imóveis na Europa subiu para €241 bilhões em 2025, alta de 13% em relação a 2024, segundo a CBRE. O sul da Europa superou a média continental. A Espanha registrou €18,4 bilhões em investimento imobiliário em 2025, o maior nível desde 2018 e um aumento de 31% ano a ano, conforme a CBRE. A Itália alcançou €12,5 bilhões, um salto de 23% impulsionado por varejo, hotelaria e logística, segundo a Cushman & Wakefield.\u003C\u002Fp>\u003Cp>O desempenho superior é significativo. Os mercados do sul da Europa cresceram coletivamente cerca de 1,5 vezes acima da taxa do mercado europeu mais amplo — uma inversão do padrão histórico em que o capital se concentrava em Londres, Paris e Randstad. Para alocadores institucionais presentes nos eventos do GRI pelo continente, a questão já não é se o sul da Europa merece um lugar à mesa, mas como acessá-lo de forma eficiente.\u003C\u002Fp>\u003Cp>A Savills projeta que os volumes de investimento imobiliário na Europa subam cerca de 18% em 2026, à medida que os preços se firmam e as condições macroeconômicas se estabilizam. Somente a Espanha deve ver o investimento crescer entre 5% e 10% em 2026, colocando o volume total entre €19 bilhões e €21 bilhões, segundo a CBRE.\u003C\u002Fp>\u003Ch2>Quem é Riccardo Paganelli e qual é seu papel na virada de infraestrutura da Itália?\u003C\u002Fh2>\u003Cp>Riccardo Paganelli é Managing Partner da Actarus Investments, uma plataforma posicionada na interseção entre imobiliário, infraestrutura e energia renovável. Paganelli lidera um projeto de biometano no sul da Itália em parceria com a Eren Industries e a Macquarie Capital, de acordo com dados do GRI Institute. A iniciativa está alinhada com o impulso mais amplo da Itália para descarbonizar seu ambiente construído e sua oferta energética, colocando Paganelli no centro de uma estrutura de negócios que conecta múltiplas classes de ativos.\u003C\u002Fp>\u003Cp>O impulso regulatório é considerável. O Decreto Ministerial DM 09\u002F2022, emitido no âmbito do PNRR (Plano Nacional de Recuperação e Resiliência da Itália), permite o acesso a €1,9 bilhão em aportes de capital e tarifas incentivadas para novas plantas de produção de biometano ou plantas convertidas. O decreto alocou incentivos entre 2023 e 2025, criando uma janela definida para operadores pioneiros. A PwC projeta que a Itália pode alcançar uma capacidade de produção de biometano superior a 320.000 Smc\u002Fh em um futuro próximo, impulsionada por projetos financiados pelo PNRR.\u003C\u002Fp>\u003Cp>A oportunidade do biometano na Itália se soma à Diretiva revisada de Desempenho Energético dos Edifícios (EPBD), que determina que até 2030, 15% dos imóveis menos eficientes devem atingir pelo menos a classe energética E, e a classe D até 2033. Todos os novos edifícios devem ser de emissão zero até 2030. Para um país com um dos estoques de edifícios mais antigos da Europa, a diretiva cria tanto uma obrigação de conformidade quanto uma oportunidade de investimento em renovação, retrofit e infraestrutura energética.\u003C\u002Fp>\u003Cp>O trabalho de Paganelli com a Actarus Investments ilustra como o capital institucional no sul da Europa flui cada vez mais por plataformas híbridas que combinam propriedade de ativos reais com desenvolvimento de infraestrutura. A colaboração com a Macquarie Capital, um dos maiores investidores globais em infraestrutura, sinaliza que alocadores globais veem esses projetos italianos como institucionalmente escaláveis.\u003C\u002Fp>\u003Cp>O capital institucional no sul da Europa flui cada vez mais por plataformas híbridas que combinam propriedade de ativos reais com desenvolvimento de infraestrutura, e o arcabouço regulatório italiano está incentivando ativamente essa convergência.\u003C\u002Fp>\u003Ch2>Como Pedro Baganha está transformando o mercado habitacional do Porto para investidores institucionais?\u003C\u002Fh2>\u003Cp>Pedro Baganha, vereador de Urbanismo, Espaço Público e Habitação do Porto, anunciou a ambição de aumentar a oferta de habitação pública na cidade de 2% para 10% nos próximos seis anos, segundo o Iberian Property e reportagens do GRI Institute. A meta representa uma expansão de cinco vezes que alteraria fundamentalmente a paisagem residencial da cidade e, por consequência, o perfil de risco-retorno para investidores institucionais residenciais.\u003C\u002Fp>\u003Cp>A política habitacional de Portugal passou por uma transformação considerável. A Lei nº 56\u002F2023, conhecida como Mais Habitação, buscou enfrentar a escassez habitacional restringindo licenças de aluguel de curta duração e impondo uma contribuição extraordinária conhecida como CEAL. O governo atual reverteu parcialmente esse arcabouço por meio do programa Construir Portugal, que eliminou o imposto CEAL e devolveu o poder de decisão sobre aluguel de curta duração aos municípios.\u003C\u002Fp>\u003Cp>A meta de expansão habitacional de Baganha no Porto opera dentro desse ambiente regulatório em evolução. Para investidores institucionais em ativos de living — categoria que se tornou o setor imobiliário dominante na Europa, com €53 bilhões em 2025, segundo dados da CBRE e do GRI Institute —, a trajetória política portuguesa cria tanto oportunidades quanto complexidade. Decisões municipais sobre licenciamento, densidade e parcerias público-privadas agora têm mais peso do que os marcos nacionais na determinação da viabilidade dos projetos.\u003C\u002Fp>\u003Cp>A ambição do Porto de aumentar a habitação pública de 2% para 10% em seis anos representa uma das metas municipais de habitação mais agressivas da Europa Ocidental, criando um potencial pipeline para capital residencial institucional.\u003C\u002Fp>\u003Cp>Membros do GRI Institute ativos na Península Ibérica acompanharam de perto essa evolução regulatória, especialmente por meio de discussões no España GRI e em encontros focados em Portugal, onde formuladores de políticas e investidores dialogam diretamente sobre restrições na oferta habitacional.\u003C\u002Fp>\u003Ch2>Ativos de living e a oportunidade no sul da Europa\u003C\u002Fh2>\u003Cp>Os €53 bilhões investidos em ativos de living europeus em 2025 — abrangendo residencial, moradia estudantil e senior living — confirmam uma mudança secular na alocação institucional. As cidades do sul da Europa, com perfis demográficos mais jovens em relação ao norte da Europa, oferta habitacional restrita e taxas crescentes de urbanização, apresentam fundamentos atraentes para esse capital.\u003C\u002Fp>\u003Cp>O ano recorde de investimento da Espanha e a recuperação da Itália liderada pela logística refletem um aprofundamento da base de compradores institucionais. Os fluxos de capital transfronteiriços para mercados mediterrâneos são sustentados pela melhoria da transparência, estruturas de locação padronizadas e um crescente número de parceiros operacionais locais capazes de gerir ativos em escala institucional.\u003C\u002Fp>\u003Cp>A convergência entre reforma de política habitacional, mandatos de transição energética e volumes recordes de transações cria um momento singular para o imobiliário do sul da Europa. Operadores capazes de navegar pela complexidade regulatória enquanto estruturam ativos para propriedade institucional estão posicionados para capturar um fluxo de negócios expressivo.\u003C\u002Fp>\u003Ch2>O que o panorama de 2026 reserva para o fluxo de negócios no sul da Europa?\u003C\u002Fh2>\u003Cp>Os indicadores prospectivos são construtivos. A projeção da Savills de um aumento de 18% nos volumes de investimento europeu em 2026 sugere que a recuperação observada em 2025 ainda tem espaço para avançar. A previsão da CBRE, específica para a Espanha, de €19 bilhões a €21 bilhões em investimento em 2026, representaria mais um salto para o mercado ibérico.\u003C\u002Fp>\u003Cp>Na Itália, a continuidade da implantação de incentivos do PNRR para biometano e infraestrutura energética fornece um pipeline mensurável de projetos investíveis. Os prazos de 2030 da EPBD começam a influenciar decisões de investimento de capital no estoque de edifícios italiano, gerando demanda por veículos de investimento vinculados a renovação.\u003C\u002Fp>\u003Cp>A recalibração regulatória de Portugal — com a transição de restrições nacionais para políticas habitacionais municipais — cria um cenário mais nuançado, porém potencialmente mais atrativo para investimentos. A meta habitacional de Baganha para o Porto, se executada por meio de estruturas público-privadas, poderia servir de modelo para outros municípios portugueses com déficits de oferta semelhantes.\u003C\u002Fp>\u003Cp>O crescimento de 19% do investimento no sul da Europa em 2025 superou o mercado europeu mais amplo e reflete uma realocação estrutural, e não cíclica, do capital institucional em direção aos mercados mediterrâneos.\u003C\u002Fp>\u003Cp>Para membros do GRI Institute, a tese do sul da Europa se apoia em três pilares: marcos regulatórios que canalizam ativamente capital para habitação e infraestrutura energética, um número crescente de operadores com capacidades de grau institucional, e tendências demográficas e de urbanização que sustentam a demanda de longo prazo. Os operadores perfilados aqui — da plataforma de infraestrutura de Paganelli à ambição habitacional municipal de Baganha — representam pontos de entrada distintos, porém complementares, em um mercado que migrou decisivamente da periferia para o centro.\u003C\u002Fp>\u003Ch2>Fontes e metodologia\u003C\u002Fh2>\u003Cp>Todos os dados citados neste artigo são provenientes de CBRE, Cushman & Wakefield, Savills, PwC, Iberian Property e pesquisas do GRI Institute. Os volumes de transações referem-se a negócios concluídos conforme reportado pelas respectivas consultorias. As projeções são atribuídas às instituições de origem e carregam os níveis de confiança atribuídos durante a verificação. Os padrões editoriais do GRI Institute exigem que todas as estatísticas sejam rastreáveis a fontes identificadas.\u003C\u002Fp>","O sul da Europa liderou a recuperação imobiliária europeia em 2025, com Itália, Espanha e Portugal registrando alta combinada de 19% para €27,4 bilhões — cerca de 1,5 vez a taxa de crescimento continental. A alta reflete uma mudança estrutural do capital institucional para mercados mediterrâneos, impulsionada por incentivos regulatórios, mandatos de transição energética e reformas habitacionais. Operadores como Riccardo Paganelli (Actarus Investments) e o vereador Pedro Baganha, do Porto, estão na vanguarda dessa realocação. Projeções da Savills e CBRE indicam continuidade do momento em 2026.","\u003Cul>\n\u003Cli>O investimento imobiliário no sul da Europa atingiu €27,4 bilhões em 2025, alta de 19%, superando o crescimento de 13% do mercado europeu.\u003C\u002Fli>\n\u003Cli>Espanha registrou €18,4 bilhões, maior nível desde 2018; Itália alcançou €12,5 bilhões, alta de 23%.\u003C\u002Fli>\n\u003Cli>A Actarus Investments de Paganelli conecta imobiliário e infraestrutura energética via projeto de biometano com Macquarie Capital e €1,9 bilhão em incentivos do PNRR.\u003C\u002Fli>\n\u003Cli>Pedro Baganha pretende expandir a habitação pública do Porto de 2% para 10% em seis anos.\u003C\u002Fli>\n\u003Cli>Ativos de living na Europa atraíram €53 bilhões em 2025, com fundamentos sólidos no sul da Europa.\u003C\u002Fli>\n\u003Cli>A Savills prevê alta de 18% no investimento europeu em 2026; Espanha deve alcançar €19–21 bilhões.\u003C\u002Fli>\n\u003C\u002Ful>\n","Imobiliário no sul da Europa: operadores e negócios","riccardo paganelli, pedro baganha, investimento imobiliário sul da europa, actarus investments, mercado imobiliário espanha, mercado imobiliário itália, habitação porto, biometano itália, PNRR, living assets europa","O investimento imobiliário no sul da Europa superou €27,4 bilhões em 2025, alta de 19%. Análise de Riccardo Paganelli, Pedro Baganha e dos operadores que canalizam capital institucional para Itália, Espanha e Portugal via infraestrutura, habitação e transi",{"code":18},{"id":1480,"newsId":1447,"languageId":5,"title":1481,"subtitle":1482,"content":1483,"summary":1484,"takeaways":1485,"seoTagConversionId":8,"seoTag":8,"seoTitle":1486,"seoKeywords":1487,"seoDescription":1488,"seoAbstract":8,"seoImage":1466,"createdAt":1455,"updatedAt":8,"language":1489},3336,"Flujo de operaciones en el sur de Europa: los operadores que redefinen un mercado de €27.000 millones","Italia, España y Portugal registraron un aumento combinado del 19% en inversión inmobiliaria en 2025. Un análisis de los protagonistas de la asignación de capit","\u003Cp>El volumen combinado de inversión inmobiliaria en el sur de Europa —Italia, España y Portugal— superó los €27.400 millones en 2025, un incremento interanual del 19%, según Cushman & Wakefield. La cifra refleja una reasignación estructural del capital institucional hacia mercados mediterráneos que, hasta hace poco, ocupaban la periferia de las asignaciones core europeas. Detrás de las cifras globales, un grupo de operadores y líderes del sector público está configurando el panorama de inversión a través de plataformas vinculadas a infraestructura, reformas regulatorias y alianzas transfronterizas.\u003C\u002Fp>\u003Cp>Este artículo examina los perfiles y el contexto de mercado en torno a Riccardo Paganelli, Pedro Baganha y el ecosistema más amplio del sur de Europa, basándose en datos de transacciones verificados, marcos regulatorios y proyecciones a futuro.\u003C\u002Fp>\u003Ch2>Una recuperación continental liderada desde el sur\u003C\u002Fh2>\u003Cp>La inversión en inmobiliario europeo ascendió a €241.000 millones en 2025, un 13% más que en 2024, según CBRE. El sur de Europa superó la media continental. España registró €18.400 millones en inversión inmobiliaria en 2025, el nivel más alto desde 2018 y un incremento interanual del 31%, según CBRE. Italia alcanzó los €12.500 millones, un salto del 23% impulsado por retail, hotelería y logística, según Cushman & Wakefield.\u003C\u002Fp>\u003Cp>El desempeño superior es significativo. Los mercados del sur de Europa crecieron colectivamente a aproximadamente 1,5 veces la tasa del mercado europeo general, una inversión del patrón histórico en el que el capital se concentraba en Londres, París y Randstad. Para los asignadores institucionales que asisten a eventos del GRI en todo el continente, la cuestión ya no es si el sur de Europa merece un lugar en la mesa, sino cómo acceder a él de forma eficiente.\u003C\u002Fp>\u003Cp>Savills prevé que los volúmenes de inversión inmobiliaria en Europa aumenten alrededor de un 18% en 2026, a medida que los precios se consoliden y las condiciones macroeconómicas se estabilicen. Solo en España se espera que la inversión crezca entre un 5% y un 10% en 2026, situando el volumen total entre €19.000 y €21.000 millones, según CBRE.\u003C\u002Fp>\u003Ch2>¿Quién es Riccardo Paganelli y qué papel desempeña en el giro infraestructural de Italia?\u003C\u002Fh2>\u003Cp>Riccardo Paganelli es Managing Partner de Actarus Investments, una plataforma posicionada en la intersección del inmobiliario, la infraestructura y la energía renovable. Paganelli lidera un proyecto de biometano en el sur de Italia en colaboración con Eren Industries y Macquarie Capital, según datos del GRI Institute. La iniciativa se alinea con el impulso más amplio de Italia para descarbonizar su entorno construido y su suministro energético, situando a Paganelli en el centro de una estructura de operación que conecta múltiples clases de activos.\u003C\u002Fp>\u003Cp>El impulso regulatorio es considerable. El Decreto Ministerial DM 09\u002F2022, emitido en el marco del PNRR (Plan Nacional de Recuperación y Resiliencia de Italia), permite el acceso a €1.900 millones en aportaciones de capital y tarifas incentivadas para plantas de producción de biometano nuevas o reconvertidas. El decreto ha asignado incentivos entre 2023 y 2025, creando una ventana definida para operadores pioneros. PwC proyecta que Italia podría alcanzar una capacidad de producción de biometano superior a 320.000 Smc\u002Fh en un futuro próximo, impulsada por proyectos financiados por el PNRR.\u003C\u002Fp>\u003Cp>La oportunidad del biometano en Italia se suma a la Directiva revisada de Eficiencia Energética de los Edificios (EPBD), que establece que para 2030, el 15% de las propiedades menos eficientes debe alcanzar al menos la clase energética E, y la clase D para 2033. Todos los edificios nuevos deben ser de cero emisiones para 2030. Para un país con uno de los parques inmobiliarios más antiguos de Europa, la directiva genera tanto una carga de cumplimiento como una oportunidad de inversión en renovación, rehabilitación e infraestructura energética.\u003C\u002Fp>\u003Cp>El trabajo de Paganelli con Actarus Investments ilustra cómo el capital institucional en el sur de Europa fluye cada vez más a través de plataformas híbridas que combinan la propiedad de activos reales con el desarrollo de infraestructura. La colaboración con Macquarie Capital, uno de los mayores inversores en infraestructura del mundo, señala que los asignadores globales ven estos proyectos italianos como institucionalmente escalables.\u003C\u002Fp>\u003Cp>El capital institucional en el sur de Europa fluye cada vez más a través de plataformas híbridas que combinan la propiedad de activos reales con el desarrollo de infraestructura, y el marco regulatorio italiano está incentivando activamente esta convergencia.\u003C\u002Fp>\u003Ch2>¿Cómo está Pedro Baganha transformando el mercado de vivienda de Oporto para inversores institucionales?\u003C\u002Fh2>\u003Cp>Pedro Baganha, concejal de Urbanismo, Espacio Público y Vivienda de Oporto, anunció la ambición de aumentar la oferta de vivienda pública en la ciudad del 2% al 10% en los próximos seis años, según Iberian Property y reportes del GRI Institute. El objetivo representa una expansión de cinco veces que alteraría fundamentalmente el panorama residencial de la ciudad y, por extensión, el perfil de riesgo-rentabilidad para los inversores institucionales residenciales.\u003C\u002Fp>\u003Cp>La política de vivienda de Portugal ha experimentado una transformación considerable. La Ley nº 56\u002F2023, conocida como Mais Habitação, buscó abordar la escasez de vivienda restringiendo las licencias de alquiler a corto plazo e estableciendo una contribución extraordinaria conocida como CEAL. El gobierno actual ha revertido parcialmente este marco a través del programa Construir Portugal, que eliminó el impuesto CEAL y devolvió la capacidad de decisión sobre alquileres de corta duración a los municipios.\u003C\u002Fp>\u003Cp>El objetivo de expansión de vivienda de Baganha en Oporto opera dentro de este entorno regulatorio en evolución. Para los inversores institucionales en activos de living —categoría que se convirtió en el sector inmobiliario dominante en Europa con €53.000 millones en 2025, según datos de CBRE y GRI Institute—, la trayectoria política portuguesa genera tanto oportunidades como complejidad. Las decisiones municipales sobre licencias, densidad y colaboraciones público-privadas ahora tienen mayor peso que los marcos nacionales a la hora de determinar la viabilidad de los proyectos.\u003C\u002Fp>\u003Cp>La ambición de Oporto de aumentar la vivienda pública del 2% al 10% en seis años representa uno de los objetivos municipales de vivienda más ambiciosos de Europa Occidental, creando un potencial pipeline para capital residencial institucional.\u003C\u002Fp>\u003Cp>Los miembros del GRI Institute activos en la Península Ibérica han seguido de cerca esta evolución regulatoria, particularmente a través de las discusiones en España GRI y en encuentros centrados en Portugal, donde responsables políticos e inversores dialogan directamente sobre las restricciones en la oferta de vivienda.\u003C\u002Fp>\u003Ch2>Activos de living y la oportunidad en el sur de Europa\u003C\u002Fh2>\u003Cp>Los €53.000 millones invertidos en activos de living europeos en 2025 —incluyendo residencial, vivienda para estudiantes y senior living— confirman un cambio secular en la asignación institucional. Las ciudades del sur de Europa, con perfiles demográficos más jóvenes en relación con el norte del continente, oferta de vivienda restringida y tasas de urbanización crecientes, presentan fundamentos atractivos para este capital.\u003C\u002Fp>\u003Cp>El año récord de inversión de España y la recuperación de Italia liderada por la logística reflejan una ampliación de la base de compradores institucionales. Los flujos de capital transfronterizos hacia mercados mediterráneos se ven respaldados por una mayor transparencia, estructuras de arrendamiento estandarizadas y un creciente grupo de socios operativos locales capaces de gestionar activos a escala institucional.\u003C\u002Fp>\u003Cp>La convergencia de la reforma de políticas de vivienda, los mandatos de transición energética y los volúmenes récord de transacciones crea un momento singular para el inmobiliario del sur de Europa. Los operadores capaces de navegar la complejidad regulatoria mientras estructuran activos para propiedad institucional están posicionados para captar un flujo de operaciones superior.\u003C\u002Fp>\u003Ch2>¿Qué perspectivas tiene el flujo de operaciones del sur de Europa en 2026?\u003C\u002Fh2>\u003Cp>Los indicadores prospectivos son constructivos. La proyección de Savills de un aumento del 18% en los volúmenes de inversión europeos en 2026 sugiere que la recuperación observada en 2025 aún tiene recorrido. La previsión de CBRE para España, de €19.000 a €21.000 millones en inversión en 2026, representaría otro salto cualitativo para el mercado ibérico.\u003C\u002Fp>\u003Cp>En Italia, la continuidad del despliegue de incentivos del PNRR para biometano e infraestructura energética proporciona un pipeline cuantificable de proyectos invertibles. Los plazos de 2030 de la EPBD están comenzando a influir en las decisiones de gasto de capital en el parque de edificios italiano, generando demanda de vehículos de inversión vinculados a la rehabilitación.\u003C\u002Fp>\u003Cp>La recalibración regulatoria de Portugal —con el cambio de restricciones nacionales a políticas de vivienda a nivel municipal— crea un panorama más matizado pero potencialmente más atractivo para la inversión. El objetivo de vivienda de Baganha para Oporto, si se ejecuta a través de estructuras público-privadas, podría servir como modelo para otros municipios portugueses que enfrentan déficits de oferta similares.\u003C\u002Fp>\u003Cp>El crecimiento del 19% de la inversión en el sur de Europa en 2025 superó al mercado europeo general y refleja una reasignación estructural, no cíclica, del capital institucional hacia los mercados mediterráneos.\u003C\u002Fp>\u003Cp>Para los miembros del GRI Institute, la tesis del sur de Europa se apoya en tres pilares: marcos regulatorios que canalizan activamente capital hacia vivienda e infraestructura energética, un creciente número de operadores con capacidades de grado institucional, y tendencias demográficas y de urbanización que sustentan la demanda a largo plazo. Los operadores perfilados aquí —desde la plataforma de infraestructura de Paganelli hasta la ambición de vivienda municipal de Baganha— representan puntos de entrada distintos pero complementarios a un mercado que ha pasado decisivamente de la periferia al centro.\u003C\u002Fp>\u003Ch2>Fuentes y metodología\u003C\u002Fh2>\u003Cp>Todos los datos citados en este artículo provienen de CBRE, Cushman & Wakefield, Savills, PwC, Iberian Property e investigaciones del GRI Institute. Los volúmenes de transacciones se refieren a operaciones cerradas según lo reportado por las respectivas consultoras. Las proyecciones se atribuyen a sus instituciones de origen y llevan los niveles de confianza asignados durante la verificación. Los estándares editoriales del GRI Institute exigen que todas las estadísticas sean trazables a fuentes identificadas.\u003C\u002Fp>","El sur de Europa lideró la recuperación inmobiliaria europea en 2025, con Italia, España y Portugal registrando un aumento combinado del 19% hasta €27.400 millones, aproximadamente 1,5 veces la tasa de crecimiento continental. El impulso refleja una reasignación estructural del capital institucional hacia mercados mediterráneos, impulsada por incentivos regulatorios, mandatos de transición energética y reformas de vivienda. Operadores como Riccardo Paganelli (Actarus Investments) y el concejal Pedro Baganha lideran esta transformación. Las proyecciones de Savills y CBRE apuntan a continuidad del impulso en 2026.","\u003Cul>\n\u003Cli>La inversión inmobiliaria en el sur de Europa alcanzó €27.400 millones en 2025, un 19% más, superando el crecimiento del 13% del mercado europeo.\u003C\u002Fli>\n\u003Cli>España registró €18.400 millones, su máximo desde 2018; Italia alcanzó €12.500 millones, un 23% más.\u003C\u002Fli>\n\u003Cli>Actarus Investments de Paganelli conecta inmobiliario e infraestructura energética mediante un proyecto de biometano con Macquarie Capital y €1.900 millones en incentivos del PNRR.\u003C\u002Fli>\n\u003Cli>Pedro Baganha busca ampliar la vivienda pública de Oporto del 2% al 10% en seis años.\u003C\u002Fli>\n\u003Cli>Los activos de living en Europa captaron €53.000 millones en 2025, con sólidos fundamentos en el sur de Europa.\u003C\u002Fli>\n\u003Cli>Savills prevé un alza del 18% en inversión europea en 2026; España podría alcanzar €19.000–21.000 millones.\u003C\u002Fli>\n\u003C\u002Ful>\n","Inmobiliario sur de Europa: operadores y flujo","riccardo paganelli, pedro baganha, inversión inmobiliaria sur de europa, actarus investments, mercado inmobiliario españa, mercado inmobiliario italia, vivienda oporto, biometano italia, PNRR, living assets europa","La inversión inmobiliaria en el sur de Europa superó los €27.400 millones en 2025, un 19% más interanual. Análisis de Riccardo Paganelli, Pedro Baganha y los operadores que canalizan capital institucional hacia Italia, España y Portugal mediante infraestru",{"code":23},{"id":25,"color":27,"translations":1491},[1492,1494,1496],{"title":26,"slug":30,"language":1493},{"code":13},{"title":37,"slug":38,"language":1495},{"code":18},{"title":33,"slug":34,"language":1497},{"code":23},[1499,1507,1515],{"id":65,"label":1231,"translations":1500},[1501,1503,1505],{"label":1231,"slug":1242,"language":1502},{"code":13},{"label":1245,"slug":1246,"language":1504},{"code":18},{"label":1249,"slug":1250,"language":1506},{"code":23},{"id":93,"label":1253,"translations":1508},[1509,1511,1513],{"label":1253,"slug":1264,"language":1510},{"code":13},{"label":1267,"slug":1268,"language":1512},{"code":18},{"label":1271,"slug":1272,"language":1514},{"code":23},{"id":136,"label":1051,"translations":1516},[1517,1519,1521],{"label":1051,"slug":1062,"language":1518},{"code":13},{"label":1065,"slug":1066,"language":1520},{"code":18},{"label":1069,"slug":1070,"language":1522},{"code":23},[1524,1527,1529,1531,1534,1537,1539],{"name":356,"enName":356,"ptName":1525,"iso2":1526},"Alemanha","DE",{"name":797,"enName":797,"ptName":797,"iso2":1528},"ES",{"name":336,"enName":336,"ptName":336,"iso2":1530},"FR",{"name":885,"enName":885,"ptName":1532,"iso2":1533},"Reino Unido","GB",{"name":452,"enName":452,"ptName":1535,"iso2":1536},"Itália","IT",{"name":611,"enName":611,"ptName":611,"iso2":1538},"NL",{"name":689,"enName":689,"ptName":689,"iso2":1540},"PT",[1542],{"name":1543,"slug":1544,"image":8,"order":115},"GRI Institute","gri-institute",{"en":1546,"pt-BR":1547,"es":1548},"\u002Freal-estate\u002Fsouthern-europe-real-estate-operators-institutional-deal-flow-2025","\u002Fmercado-imobiliario\u002Fsouthern-europe-real-estate-operators-institutional-deal-flow-2025","\u002Fmercado-inmobiliario\u002Fsouthern-europe-real-estate-operators-institutional-deal-flow-2025",[1550,1551,1552,1553,1554,1555],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]