The Spanish investment landscape has welcomed a new player. The joint venture between Grupo Lar and Azahar Inversiones Capital, named GreyMile, is preparing to make its debut on the public market. This new real estate investment fund (socimi) specializes in logistics assets and is set to begin trading on BME Scaleup, a platform for growing companies, starting on November 24 of this year. The company’s initial market capitalization has been set at €500,000.
Strategy and objectives
Although the company was established only recently, on September 17, 2025, and does not yet hold any assets in its portfolio, its business model is clearly defined. GreyMile will focus on acquiring and subsequently leasing out logistics and industrial properties. The company is primarily interested in small- and medium-sized assets, which often remain off the radar of large institutional investors. According to listing documents, priority will be given to properties priced below replacement cost, assets owned by parties seeking refinancing, and holdings from funds in liquidation. This strategy aims to provide a combination of stable rental income and the potential for asset value appreciation.
Financial outlook and geography
GreyMile is currently actively raising capital. The initial goal is to secure €20 million in equity, which, with a planned loan-to-value ratio of 50%, would bring the total potential investments to €40 million. Geographically, the company is focusing on assets located within the first and second ring roads surrounding Spain’s largest cities. Priority regions include Madrid, Catalonia, the Basque Country, as well as the provinces of Valencia and Malaga. The exit strategy is well defined: the plan is to sell the entire portfolio to a major institutional investor in five years, with an option to extend the holding period by an additional two years at the discretion of Grupo LAR Management. GreyMile’s ownership is split equally between the founders: Grupo Lar Inversiones Inmobiliarias (the Pereda family) and Azahar Inversiones Capital (Juan Conesa). José Manuel Llovet Barquero has taken the position of president, and the board of directors includes representatives from both founding companies.
