<p La real estate investment manager BWRE, short for Hortensia Bermejo and Wynn Williamson, the two founding partners, is seeking opportunities to grow its portfolio in Spain. Currently, BWRE oversees 800 million euros in real estate assets and is pursuing new investment avenues. “We manage roughly a portfolio of offices valued at 250 million, 200 million in rental housing, and another 350 million in mixed-use land and a major hospital project. Our capital comes from foreign institutional investors, mainly American and Anglo-Saxon, with some Middle Eastern backers and a few Spanish family offices,” explains Tamara Rodriguez, BWRE partner, in an interview.
BWRE’s investment philosophy focuses on sociological trends to forecast demand and identify assets that will be sought after in the future. “We don’t just consider yield or rents; we look at how a property’s appeal might shift over time,” says Rodriguez. The firm plans to expand, especially in the residential sector, across all formats, including traditional rental housing, flexible accommodations like coliving, and properties offered at affordable rents.
BWRE, the brain behind the Paseo de Extremadura reform
One of BWRE’s notable Madrid investments is in properties along the Paseo de Extremadura in the Latina district. The firm owns 22 small buildings and around 300 homes under the The Madlyn Riverside brand. “After the Calderón operation, Wynn Williamson identified an opportunity in urban regeneration in Puerta del Ángel. We attracted foreign capital and bought properties to rehabilitate and redevelop, enabling life and activity in the neighborhood, not just for profit,” notes Tamara Rodriguez, who says she worked with the Madrid City Council to pedestrianize streets and revive the central market.
Rodriguez adds that the neighborhood has changed markedly in the past five years, with fewer street dangers and a growing population with a steadier lifestyle. The company’s activity has drawn attention from neighborhood activists concerned about gentrification. “We bought buildings and waited for leases to expire before upgrading them. As a result, we faced vandalism at some sites. Most rental units in the area are ours, whereas previously there were few or poor conditions,” she explains.
In addition to this investment, BWRE runs the REIT Matritense, listed on BME Growth. The company owns five buildings, mainly in central Madrid, with 131 apartments, 11 retail spaces, and 24 parking spots. The value at the end of 2022 was 45.7 million euros, as reported to the regulator. The residential portfolio also includes properties for private investors in central Madrid, focused on the luxury segment in Chueca, Lavapiés, Malasaña, and Chamberí.
Maintaining a stake in office real estate
BWRE is also pursuing two office projects. The first is a building exceeding 26,000 square meters in the Manoteras area, near the BBVA and Telefónica campuses, featuring more than 10,000 square meters of gardens, terraces, and event spaces. “Technically, it’s the best building in Madrid,” says Tamara Rodriguez. The second project is a 10,000-square-meter property in Fuente del Berro, adjacent to the Ventas square.
Rodriguez notes that office markets in cities like Paris and London have been hit harder because commuting times are longer, while cities such as Brussels and Madrid continue to demand central, well-connected locations with strong services in a mid-to-low density ecosystem. BWRE remains focused on acquiring central Madrid assets and repositioning them as state-of-the-art offices.
Mixed-use developments
One of BWRE’s major investments is a large mixed-use complex at the convergence of the towns of Boadilla del Monte, Pozuelo de Alarcón, and Majadahonda, near Puerta del Hierro and the Banco Santander’s City Campus. The project spans more than 90,000 square meters and includes a 30,000-square-meter private hospital, a 7,000-square-meter shopping center, rental apartments on tertiary land, and flexible office spaces. “It will be a distinctive and singular project,” Rodriguez concludes.