When Rafael Macia, AM ALPHA’s Head of Iberia, talks about real estate, he does not start with square metres or yields, but with responsibility. He managed investment vehicles for one of Europe’s largest banks, co-investing alongside clients and treating alignment as a duty.
At AM ALPHA he recognised the same selective, long-term DNA, or – as he puts it, “the rigour of a fully regulated firm with the hands-on approach and commitment of a family office”, now combined with greater entrepreneurial freedom. And this mix that won him over in an instant.
Versatility as a discipline. Rafael describes himself as “a broad-based real estate professional”. Trained as an engineer and seasoned in investment and asset management, he operates where technical, financial, legal, commercial and ESG aspects converge. “This industry requires professionals to be highly multi-disciplinary,” he says. “You need to build experience in all the different elements of a deal.” AM ALPHA actively encourages this breadth: “A firm like AM ALPHA lets you work across the whole arc of a transaction. You are involved from the first idea to the final exit.” For Rafael, this panoramic view is a prerequisite for truly “Returning Real Value“.
Closer than core. What stands out most for Rafael is that AM ALPHA does not prioritise the safest options. While many family offices focus on low-intensity core and core-plus assets, he sees AM ALPHA deliberately choosing situations where active asset management matters. “When you’re adding value you have to stay close to the building, to the tenants and to the local dynamics,” he says. That proximity is where the real intellectual challenge of the business lies.
Tenants to term sheets. Rafael puts it clearly: “Real estate investments are not spreadsheets, they are tenants and landlords.” Models matter, he says, but the starting point is always the people using the buildings and their particular needs. A system failure may be a line item in a business plan, but for tenants, it has an impact on comfort and operations. “Our job is to improve the tenant experience and building quality so that rents and exit values follow. This is a very tangible way of ‘Returning Real Value’”. Local managers handle the day-to-day, yet Rafael and his colleagues still know key tenants personally, giving them a clear contact at AM ALPHA when it really counts.
Principles before cycles. For Rafael, discipline in capital deployment is inexorably linked to the question of what sustainable returns really mean. Rafael’s definition of sustainable means to operate on more than one level. Economically, returns must still make sense after interest rates and cycles have moved; operationally and socially, they must be underpinned by solid buildings, fair tenant relationships and credible environmental standards. “If we cut corners on the substance, be it with tenants, ESG, or building quality, we might get away with one transaction,” he says. “But the next time, people will remember. ‘Returning Real Value’ means setting a foundation that justifies the result.”
Another cornerstone for him is the tight link between investment and asset management. In many organisations, the investment team close a deal and then largely step back as asset management takes over. At AM ALPHA, by contrast, the person who championed an acquisition stays involved as the business plan is delivered. “You’re not only measured on how much you invest, but on how those investments perform.” This continuity, he believes, is one reason AM ALPHA has navigated crises while staying true to its principles: “Strategy has to be clear and stable whilst tactics can adjust. That is how you remain able to ‘Return Real Value’ even when the world shifts.”
The culture of ownership. For Rafael, AM ALPHA is an environment for people who want ownership, not just a job. “We are a very focused organisation, and we expect everyone to take responsibility,” he says. Knowing “your” assets in depth and seeing each project as part of your professional signature is, in his view, central to „Returning Real Value“, which is in turn a commitment to investors, tenants, colleagues and to yourself.
Next chapters. Rafael wants AM ALPHA to maintain its balance between Europe and Asia-Pacific, broaden its base of long-standing co-investors, and preserve its open, collaborative culture as it continues to grow. The strongest endorsement, he says, is simple: an investor who can say with conviction: “I invested with AM ALPHA and they truly delivered on ‘Returning Real Value’.”
