Merlin Estates and Colonial
Executives at the two leading Ibex-35 socimis by asset scale—Merlin Properties and Colonial—receive the largest compensation among property groups. Behind this, the promoters are known for rewarding their management teams handsomely. In this framework, the compensation patterns reveal how asset managers prioritize top leadership rewards and how deferred plans can shape total earnings over time. (Citation: industry compensation reports, 2022-2023)
At Merlin Properties, the chief executive Ismael Clemente drew 2.67 million euros in remuneration. Close behind was Miguel Ollero, head of operations, with 2.26 million. The company reportedly trimmed base salaries for the management team in the most recent year relative to 2021, yet benefited from the deferred portion of a long-term incentive plan that exceeded 4.6 million euros in that period, contributing to the overall pay package for directors. (Citation: company disclosures, 2023)
Colonial reported that its chief executive Pere Viñolas earned 1.68 million, largely in cash, a figure that was nearly halved from the 2021 level. Former president Juan José Brugera emerged as the highest-paid executive in Colonial for 2022, with total compensation reaching 3 million euros for that year. In total, Brugera’s compensation was 4.75 million euros when all components were included. (Citation: corporate filings, 2023)
Promoters
Within the promoter ecosystem, the compensation for Aedas Homes’ chief executive reached 1.1 million euros, made up of an 850,000-euro fixed salary and 255,000 euros in variable pay. The organization overseeing North American asset strategies holds a significant stake in a company with over 76,000 shares and a market capitalization near one million euros. (Citation: annual reports, 2023)
At Neinor Homes, Borja García-Egotxeaga earned about 1.05 million euros in pay. The founder-led group Lone Star maintains a stake, with the CEO holding shares valued at a little over 20,000 euros. (Citation: executive compensation summaries, 2023)
Jorge Perez de Leza, the chief executive at Metrovacesa, saw his remuneration rise by 14.35% to 1.42 million. He is widely considered the key promoter figure within the parent group that has strong ties to Santander, BBVA, and Carlos Slim, and he controls more than 180,000 company shares valued at over a million euros. (Citation: annual remuneration disclosures, 2023)
The rest of the real estate companies
In Realia, both the chief executive and the finance director did not alter their salaries. Juan Rodríguez Torres, the CEO of the Mexico-backed property group, received 225,000 euros, while the CFO, Gerardo Kuri Kaufmann, is listed at 244,000 euros. They stand out as among the lowest paid executives in the sector relative to the value of the assets they manage. (Citation: 2023 compensation studies)
Lar España, focused on shopping center acquisitions and leases, operates with a distinctive approach: it relies on a single manager instead of a traditional management team. José Luis del Valle, the head, earned 157,000 euros, up from 140,000 the prior year. (Citation: corporate disclosures, 2023)
Axiare, the socimi founded by the original leadership of Árim, increased executive compensation. Luis de Herrera Oria, who owns more than 5% of the company, saw his pay rise to 1.1 million euros, a 28% increase. The finance director, Chony Martín Vicente-Marariegos, reported a salary over half a million, up 50%. (Citation: issuer reports, 2023)
Catalan Renta Corporación improved pay for its top ranks: the CEO and chairman, David Vila, earned 481,000 euros, up 16%. Luis Hernández de Cabanyes received 462,000 euros, up 20%. The chairman holds a 14.55% stake valued at more than 10 million euros, while the CEO cluster shows a modest stake. (Citation: remuneration disclosures, 2023)
Andalusia real estate Insur reported that its CEO, Ricardo Pumar, earned 327,000 euros, about 25% less than the year before. The manager controls roughly 130,000 shares with a market value surpassing 900,000 euros. (Citation: financial statements, 2023)