Our team
Behind every report we sign, three departments —Management, Indaxy Technology and Valuation— work on the same engagement. Each contributes its part; that is why the report stands up.
Who signs and answers for it
Ultimate responsibility for every report has a name. Where there is a RICS membership it sits next to the name, and it is public: any bank, auditor or committee can verify it in the regulator's official register.
Fernando Lozano Zurita
CEO · MRICS · RICS Registered Valuer
RICS professional member (MRICS) and RICS Registered Valuer, the accreditation of the RICS Valuer Registration scheme. Holds ultimate responsibility as CEO for every report meeting the RICS Red Book framework before it leaves the firm.
Pascual Ruiz
Partner & Director · MRICS · RICS Registered Valuer
RICS professional member (MRICS) since 2014 and RICS Registered Valuer. Specialist in machinery and plant valuation, with practice areas in insurance and infrastructure per the public RICS register. Partner and director of the firm in the official RICS directory.
Begoña Vegas
COO & CPO
Heads operations and product at Capital Appraisal. A background combining data analytics, credit risk, operations and product across fintech and Industry 4.0 environments. PDD from IESE Business School.
Who inspects and applies the method
The department that walks the plant and builds the figure. Where there is a RICS credential, it sits next to the name and can be checked in the regulator's own register.
Raúl Martín Álvarez
Head of the valuations team
Heads the Capital Appraisal valuations team, the department that inspects the asset on site and applies the methodology each report is built on. Educated at Universidad Pontificia Comillas (ICAI-ICADE).
Javier López Salcedo
Industrial asset appraiser · AssocRICS
RICS associate member (AssocRICS), qualified on 13 February 2026 and verifiable in the regulator's public register. Works in the Valuations department: on-site inspection of the asset and application of the RICS Red Book methodology on every engagement.
Juan Morell Gamboa
Valuation and risk assessment specialist
Specialist in the valuation and risk assessment of industrial assets. Works in the Valuations department, on the on-site inspection and the application of the methodology to each engagement.
Gonzalo Ruiz de Martín-Esteban Viguera
Valuation and risk assessment specialist
Specialist in the valuation and risk assessment of industrial assets. Degree in Industrial Technologies Engineering from Universidad Carlos III de Madrid.
Three departments, one single report
A valuation is not produced by one person: it is produced by a firm. The Valuation department inspects the asset and applies the methodology; Indaxy Technology builds the automated valuation engine and the tools that support it; Management sets the standards and assumes ultimate responsibility. Every report passes through all three.
Management
Sets the methodology and standards the firm works to, maintains relationships with banks, funds and insurers, and holds ultimate responsibility for every report. This is the department that guarantees every valuation complies with the RICS Red Book framework before it is issued.
- Firm leadership and strategy
- Corporate finance
- RICS compliance and standards
- Relationships with banks, funds and insurers
Indaxy Technology
A dedicated team that builds and maintains the Indaxy ecosystem — Asset Studio, the Valuers App and the Companies App — and the comparable database for the industrial secondary market. It brings field capture tools, automated valuation and digital data traceability to every engagement. The data is sourced from auctions, closed transactions and valuations by our own experts, and is reviewed periodically.
- Software engineering
- Data engineering and the comparables base
- Product: Asset Studio, Valuers App and Companies App
- Infrastructure and data architecture
Valuation
Delivers the engagement from start to finish: inspects the asset in the field, applies the methodology and drafts the report. It combines technical knowledge of the asset with the valuation judgement that makes the result stand up before a bank, an auditor or a court.
- Industrial engineering
- Valuation under the RICS Red Book
- Technical due diligence
- Litigation valuation
Background: Big Four, investment banking and leading insurers
The professionals on the team have trained at Deloitte, PwC, EY, KPMG, at the leading European insurers with a presence in Spain, at multinational industrial consultancies and at investment banks with a corporate focus.
Before joining Capital Appraisal, the team has signed off on more than 500 technical due diligence processes, M&A valuations with an aggregate value above 2 billion euros and litigation valuations in proceedings of high complexity — major insolvency cases, international arbitration and commercial litigation before the Audiencia Nacional.
That accumulated experience translates into a simple pattern: every engagement is approached with the technical depth of someone who knows the asset, the methodological rigour demanded by the RICS Red Book and the financial perspective of the end user of the report — bank, auditor, investment committee or judge.
Need to know the real value of your assets?
Request your valuation. First contact, scope and fees with no obligation, under the RICS Red Book standard.
No obligation · RICS-regulated firm · European coverage