The judges selected Enpam as a joint winner for its significant institutional evolution and increasingly sophisticated real estate strategy. The fund has successfully transformed its platform from a traditional direct ownership model into a diversified structure of institutional funds, improving governance, transparency and flexibility. Particularly notable is the integration of real estate within a broader asset liability management framework, aligning investments closely with pension obligations. Strategic disposals, including the landmark Via Montenapoleone transaction, demonstrate disciplined execution and strong market awareness. Combined with enhanced governance and active portfolio rationalisation, Enpam has strengthened its institutional positioning while maintaining resilience in the domestic market.

The judges selected Mapfre as a joint winner for its disciplined and consistently executed real estate strategy across Southern Europe. The portfolio combines direct investments with indirect exposure, creating a balanced platform supported by strong asset quality and active management. Mapfre has demonstrated impressive transactional capability, particularly through acquisitions and redevelopment activity in Spain and Italy, while maintaining a clear focus on prime office assets in core locations. The strategy is underpinned by capital preservation, stable income generation and proactive value creation. Expansion into hospitality and continued geographic diversification further strengthen an already well-structured and commercially effective investment approach.