Dry Capital and Lake Capital form a strategic alliance to channel European, North American and Latin American capital into real estate across Spain and Portugal, while connecting Spanish clients with northern European markets.
A new cross-border partnership is positioning itself to accelerate real estate investment across the Iberian Peninsula. Brussels-based Dry Capital and Madrid-based Lake Capital have formed a strategic alliance that aims to bring fresh capital and asset-management expertise to Spain and Portugal while opening doors for Spanish clients in northern Europe.
Dry Capital, a boutique focused on capital increases and recapitalisations, is currently mandated on several capital-raising operations across Europe. Lake Capital, founded by the former CEO of DeA Capital and rooted in Madrid, specialises in sourcing, underwriting and managing assets in Southern Europe. Together the firms say they will combine Dry Capital’s deep experience in equity and financing solutions with Lake Capital’s local market knowledge and asset-management capabilities.
The timing of the alliance is notable. Market participants across Europe are reporting a high demand for recapitalisation and refinancing solutions after years of heavy investment in acquisitions and developments. In a constrained financing environment, many existing structures need fresh equity and new strategies—needs Dry Capital says it has been created to address.
Beyond European sources of capital, the partnership will actively attract investors from North and Latin America. The alliance signals particularly strong demand from Latin American investors seeking exposure to Western European real estate, while also promising Spanish investors improved access to opportunities in northern Europe.
What this means for the market: institutional and private investors looking for Iberian exposure can expect a broader pipeline of transactions backed by tailored capital solutions and local asset management. Developers and operators in Spain and Portugal may also find new recapitalisation routes or refinancing partners as the new venture pursues mandates across the region.
Looking ahead, the two firms are likely to announce specific transactions and funds as mandates progress. For investors and market watchers, the alliance is worth tracking as it could accelerate capital flows into one of Europe’s most active real estate markets while linking southern European assets to a wider global investor base.
