On April 14 2021, ULI Spain NEXT, the transition-to-leadership group for members aged between 35 and 45, held its first national activity virtually with a new series entitled “Real Estate capital flows”. In this format, a very small number of members discuss cross-regional capital flows with a key figure from a non-European real estate market.

The first call featured Gonzalo Robina, DGA of Fibra Uno – Mexico’s largest FIBRA (REIT) with 10.5 million square meters in their portfolio. The conversation also included Ismael Clemente, President of Merlin Properties SOCIMI and member of ULI’s Executive Committee in Madrid.

During the opening section of the meeting, and based on questions from participants, Robina and Clemente brought up the dilemma of REITs geographic diversification which investors tend to perceive as specialists in one or several specific markets. Other topics mentioned were the difficulties of incorporating small individual shareholders in these structures, the rapid growth of logistics investment in both countries and the light industry in northern Mexico, due to e-commerce and proximity to the United States.

‘Real Estate capital flows’ will continue to reach other major markets in the coming months, such as the Middle East and Asia-Pacific, exclusively for Spain’s ULI NEXT members.