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The obvious location, bearing in mind the number of flights, the offering and bearing in mind the competition, is FRA. It probably would be a sensible business proposition. On the longhaul it would be the India stations, looking at the size of the prize there, though the competition against BA is fairly weak (even taking into account the ME3). If it wasn't for Schengen getting in the way, BCN would be a good place for an IAG lounge, at the moment IAG have to pay AENA for fairly weak offerings for its 3.7 airlines operating there.
There again KEF is one of BA's best performing new routes, and there's no lounge there at all.