Pere Viñolas, CEO of Colonial SFL, at Esade Matins: “France already accounts for two thirds of our business”
“At present, Colonial is more active outside than inside Spain: one third of our business takes place in Spain and two thirds in France,” said Pere Viñolas, CEO of Colonial SFL, during the first Esade Matins session of the academic year, entitled “Today’s real estate industry: the case of Colonial.”
The company, which originated in Barcelona, recently completed the takeover of Société Foncière Lyonnaise (SFL), one of the most prestigious firms in the French office-space market. According to Viñolas, the group’s success is due to its “long-term focus” and its staunch commitment to the office-space segment: “Colonial SFL concentrates mainly on the office-space sector, one of the most liquid real estate markets. It has fewer regulatory obstacles and institutional clients. We’re not a passive company: we operate in the prime sector, with city-center locations and the best offices.”
In this respect, the CEO emphasized that “70% of the buildings have been built from scratch or completely renovated.” Viñolas mentioned such outstanding buildings as the Mandarin Oriental Hotel in Paris and the Fondation Cartier pour l’art contemporain, and highlighted projects in Spain including the new hospital in a partnership with Sanitas and Mapfre in District 22@ in Barcelona, and the transformation of the old IBM headquarters in Madrid into a modern mixed-use building.
Property business focused on city real estate
“The property business concentrates mainly on cities, where investments are more liquid and entail less risk,” said Viñolas. “We focus on locations with a deep market that make robust, stable wealth management possible.” The CEO outlined the recent evolution of the real estate sector: “Between 2008 and 2014 the market shrank, whilst the 2015-2020 period was characterized by growth and high returns, particularly in Spain – the number one market where increases in rental income were far higher.”
“During that period, Colonial pursued a strategy of investing in France,” he added, “but the onset of Covid in 2020 and 2021 forced us to reconsider the future of work. However, the truth is that Colonial and other similar companies have had higher occupancy rates than ever, with more than 90% occupancy in Spain and 100% in France”, explained the Esade Matins keynote speaker.
Esade Matins, organized by Esade Alumni with the sponsorship of CriteriaCaixa, are a benchmark meeting point where business leaders can share their experiences, strategic challenges and vision of the future. In this session, Pere Viñolas was accompanied by Jordi Fabregat, professor in the Esade Department of Economics, Finance and Accounting, and Patricia Valentí, director of Esade Alumni.
