Colonial is founded in 1946 by Banco Hispano Colonial to manage major real estate assets from banks and private clients. By the 1960s, it launches Barcelona 2: over 1,000 rental homes and commercial spaces that help reposition the city’s Central Business District and set a benchmark for urban development.

Colonial builds a stronghold in the Spanish property sector, steadily expanding its portfolio and reputation. These are years of strategic growth and professionalization that cement its presence in Madrid and Barcelona’s key business districts.

A new chapter begins as “La Caixa” acquires a majority stake and injects over 500,000 m² of assets. A new management team reorients the company toward prime office rentals. In 1999, Colonial debuts on the stock exchange, backed by strong investor interest and a sharpened strategy.

Colonial expands beyond Spain. It acquires SFL in 2004, doubling the group’s assets and entering Paris’s top real estate market. In 2005, it brings in Mutua Madrileña as a strategic partner, strengthening its Madrid presence with high-quality, centrally located office assets.

Grupo Inmocaral announces a takeover of Colonial, gaining control and merging operations. The deal is financed with substantial bank debt and shifts the focus from stable rental income toward more speculative development, marking a major pivot at the peak of Spain’s real estate boom.

The global financial crisis unfolds. Colonial undergoes a major financial restructuring, with banks taking control. A new leadership team steps in, refocusing the business on its core strength: long-term office rentals. By 2010, a pioneering debt refinancing plan gives the company financial breathing room and a clearer path forward.

Colonial returns to profit, driven by a clear focus on core office rentals and disciplined financial restructuring. The rental market regains balance in Madrid and Barcelona, while Paris shows steady recovery. With key write-offs behind it and investor confidence building, Colonial is in a prime position for a full-scale recapitalization.

Colonial closes a €1.26B capital increase with the support of long-term, high-caliber investors. The move helps stabilize the company’s finances and lays the foundation for a new chapter focused on prime office spaces in Europe’s core cities.

A pivotal year. Colonial becomes the first listed Spanish real estate group to earn an Investment Grade rating (BBB- from S&P), opening the door to a €1.25B bond issue. The company starts acquiring again in the best parts of Madrid and Paris — and launches its first Decarbonization Plan, signaling a shift toward long-term environmental accountability.

Another capital raise accelerates investment in top-tier buildings across Paris, Madrid and Barcelona. Colonial secures its place on Spain’s IBEX 35 as a listed SOCIMI, with a business model rooted in long-term value and sustainable urban presence.

Colonial sharpens its focus: prime offices in the heart of major cities. It also acquires Utopicus, bringing flexible workspaces into the mix, and taking a strategic step toward anticipating how work and space will evolve.

Colonial successfully completes the takeover of Axiare, consolidating its leadership
in prime office real estate. It also raises €416M to fund new acquisitions and
ambitious retrofits. A fresh investment cycle begins, focused on creating future-ready
spaces through energy upgrades and long-term rental resilience.

The strategy matures. Colonial keeps upgrading its prime portfolio while breaking ground on Madnum, a bold mixed-use campus in Madrid. Designed for global firms, Madnum blends sustainability, urban integration, and design-forward thinking.

In a year defined by disruption and global uncertainty, Colonial holds its ground. Occupancy remains high, new international clients come on board, and the shift to digital accelerates. A year of resilience not retreat that demonstrates the company can adapt and not just weather the storm, but stay quietly ahead of it.

The 2030 Net Zero Plan launches, approved by SBTi and aligned with 1.5ºC climate targets. Colonial becomes one of Europe’s first real estate groups with validated science-based goals (ESG) now fully embedded in business strategy.

Colonial converts 100% of its debt into green bonds, a first on the IBEX 35, and earns the highest climate score from CDP for the third year straight. The company’s environmental leadership becomes a defining part of its identity.

The Alpha X strategy kicks off: a new focus on urban regeneration, science-led innovation districts, and mixed-use hubs designed for evolving cities. A new phase begins, moving beyond growth to transformation.

Colonial cuts emissions by 55% compared to 2021. Almost the entire portfolio is now LEED or BREEAM certified. Recurring profit climbs 12%, assets reach €11.6B: a clear signal that high-quality, sustainable real estate isn’t just the future it’s delivering here and now.

Colonial merges with SFL, forming a pan-European real estate group. It invests €200M in Deeplabs, Spain’s pioneering science and innovation leader, and partners with Stoneshield Capital to expand the platform across Europe. The strategy accelerates, targeting key cities like Paris, Berlin, Lisbon, Amsterdam, and Cambridge.