You’ve been a real estate partner at Uría Menéndez for nearly twenty years, advising on some of the highest-profile deals in the market. How has the sector evolved over that time, through all the financial upheaval we’ve seen?

It’s been 25 years since I started practising real estate law at Uría Menéndez, and change is the only constant. When I embarked on my career in 1999, it was all about investment in large shopping centres and business parks. Later, international investors brought a new sophistication to the market, on the legal side as well. Then the subprime mortgage crisis came along, bringing refinancing bids, insolvencies and all sorts of predicaments for our clients. After Sareb was created in 2012, it opened up a new space of opportunity.  Between 2013 and 2020, the market regrouped as SOCIMIs came onto the scene. COVID-19 changed everything. Suddenly, logistics, data centres and housing were crowding the spotlight. Today, offices and retail units are being approached in a new light, with sustainability as the dominant theme.

Legal and market experts play a key role in dealmaking, especially in times of uncertainty like the present. Even more than in the past, they tend to wear the hat of a trusted partner in the client’s eyes. Since the early days of your career, how has the figure of the lawyer evolved in your area of expertise, and what’s on the cards for the future?

I would venture that we are seeing the return of the lawyer as a trusted advisor, which was how it was in the 1990s when I was just starting out. Obviously, all good lawyers need a rock-solid knowledge of the law, but that isn’t enough if they want to stand out. They also need to understand the sectors in which their clients operate, show good judgement and reasoning and be able to draw on their experience to preempt obstacles and come up with solutions. They must also be willing to closely understand their client’s fears and concerns. In recent years, the lawyer’s role has drifted dangerously close to that of a “service provider”.

After a period of macroeconomic uncertainty, we are facing a geopolitical scenario that gets more complex by the day. Against this backdrop, what do you envisage for the sector moving forward?

I truly believe that we are fortunate, in that Spain is a great country with huge potential for real estate investment. We don’t give ourselves enough credit for our many incredible cities, which have so much to offer investors in residential, commercial and industrial markets. Spain probably has the best crop of major cities in Europe, some more edgy and innovative, like Madrid and Barcelona, and others that are in fashion, like Malaga and Valencia. And of course, we have our tourist industry, which pulls in millions in investment to the islands and coastal resorts.

We are living in a moment defined by a number of macrotrends, including an ageing population, greater mobility and digitalisation, all spurring rapid change in certain sectors. Some time ago, you wrote about the rise of the life science sector. Where will tomorrow’s big opportunities be found?

The real estate sector moulds itself to changing societal needs. Today, there is a lot of interest in assets linked to education and research, but my money’s on health as one of the breakout stars of the future. Society needs more care homes, more hospitals and more senior living accommodation. Having said that, data centres are definitely one to watch, given the data storage demands that go hand in hand with digital innovation. In the residential market, developments tailored to new ways of living are starting to crop up, such as apartments for single people who want to live in a community, and these models are starting to take off. Something else that will be relatively new is an influx of major investors or funds with an exclusive interest in what we’re calling “impact real estate”.

This is a decade of restructuring in the real estate market, with fewer transactions and lower volumes. Nonetheless, as we move into the age of “qualitised space”, there will be plenty of opportunity for those who know where to look. Have you seen any signs of a shift towards active management and value creation in your clients’ portfolios?

For properties to evolve and keep pace with what people want, local authorities need to streamline the process for changes of use. We are working very proactively with different local authorities to cut through red tape and get behind projects, to stop properties losing value and bring them in line with what people are actually calling for.

Thinking about your many years in the sector, are there any deals that you remember especially fondly? What are the stories that define your career?

I have a particular soft spot for a deal I worked on with CBRE in 2013, as a joint advisor to a group of Mexican clients who were acquiring a portfolio of bank branches let to a bank. In a way, for me this experience marked the return of large-scale transactions after the end of the financial crisis. Another one was representing buyers of the Neinor IPO. That was three years of hard work that placed a developer with a long and respected history into the hands of a fund that ultimately turned it around to appeal to a more sophisticated pool of investors. As for stories, I have plenty, but I’m content just to think about the times I’ve felt useful and found a way to get a deal over the line.

What makes you so passionate about real estate that you’ve made it your whole career?

I can’t really explain it; I just love everything about it. I study a lot. I read a thousand publications, not all of them in the legal field. I keep an eye on what almost everyone is up to, including my competitors. And I love talking to experts like the team at CBRE. It’s a bit of an addiction, but it’s incredible to be a part of this world and see it all up close. I think that the fact that I enjoy it so much helps me be a better lawyer and give my clients the best advice.

As the sector continues to evolve, where do you think companies like CBRE fit in?

Companies like CBRE play a crucial role thanks to your independence, autonomy and quality of service. As you know, I’m currently the secretary of the Association of Real Estate Consultants (ACI) and so I have a special insight into the wonderful work you do. By force of great talent and effort, you have brought a seriousness, rigour and sophistication to an industry that had got too used to the vagaries of our legal and economic systems. You have found a way to uphold, and even elevate at times, some truly fundamental principles that underpin our sector, such as independence, ethics, respect, honesty and decency. It’s what has made you so extraordinarily successful, and for that you should hold your heads high.