Equora Capital

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Transforming market sentiment into long-term value.

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Equora Capital is a Luxembourg-based investment firm primarily focused on leveraging negative market sentiment to identify and capitalize on commercial and residential real estate opportunities across Europe and other selected markets.

relationships cultivated by its management team (Dr. Murat Ay, Executive Board member and owner, and Jose
Lopez, Director and
Board member).

These offerings are primarily directed toward EU and Swiss private banks, asset managers, and real estate investment funds, drawing on the well-established professional

to participate alongside the firm, creating a shared-growth model that strengthens long-term collaboration. To support the financing of selected projects, Equora Capital arranges tailored junior funding solutions. This includes the private placement of project-specific bonds, designed to meet the needs of sophisticated investors.

lifecycle, sourcing the right partners, shaping the investment structure, and committing its own capital to ensure full alignment of interests. In addition to its direct investments, Equora Capital opens the door for its network of clients

Equora Capital positions itself as a strategic partner in the real estate market, focusing on building strong relationships and identifying high-quality development opportunities. The firm takes an active role throughout each project’s

Jose Lopez

Having notable experience in fund administration from his prior roles, Jose is often engaged to prepare and oversee accounting in investment projects for Real Estate investment firms and funds, as well as to provide financial governance for private clients. Jose has a unique profile with strong numerical and social skills. This combination of skills helps him solve complex financial and accounting topics for his clients. He has been part of a working group for the Luxembourg Private Equity Association, focusing on Fund Administration to help modernize the Fund industry in Luxembourg. Jose is based in Luxembourg. He is a native Spanish speaker and fluent in English and Polish. He has a good command of French.

Is an economist and chartered accountant by background with in-house and consulting experience. He started his career in the banking sector in Spain, then moved to Poland to work in accounting services, and thereafter to Luxembourg, where he developed a big part of his career at Ernst & Young, serving Real Estate firms and funds. Over the last 15 years, Jose has focused on providing integrated accounting and financial services across multiple jurisdictions for his clients. Jose holds a Master’s degree in Business Management and Economics from the University of Extremadura (Spain). He is a Chartered Accountant and the member of the Luxembourg Ordre des Experts-Comptables (OEC) and the Spanish-Luxembourg Chamber of Commerce.

Dr Murat Ay

Is a seasoned professional with over 25 years of experience in real estate and more than 18 years in investment banking and structured finance. He previously held senior leadership roles at Bank Julius Baer, where he built and led the Cross Asset Risk Trading (CART) platform. His expertise includes designing and executing bespoke cross-asset structured products, including real estate-linked transactions across Europe, the Middle East, and Asia. In addition to his core banking and finance experience, Murat Ay has acted as a private investor and structural/finance advisor in various real estate projects in Switzerland, Germany, the UAE, Turkey, and the UK—notably the 2024 comprehensive conversion of an office space into retail near Zurich’s Paradeplatz, with a total valuation of nearly CHF 70 million.