10 April 2018 – Press Release
The new Joint Venture plans to launch in the main cities of the Iberian peninsula to promote its primary residence homes.
The real estate project has been created with four plots of buildable land, on which construction work will begin in the next few months.
Inmobiliaria Espacio, a company that has been dedicated to property development for more than 45 years, has today announced the signing of a joint venture agreement with FS Capital, which, through funds that it advises, is planning to build more than 1,000 homes in Spain and Portugal over the next few years.
The Joint Venture is going to be carried out through Espacio Living Homes, the vehicle from which the future residential projects will be constructed. Following the completion of the operation, the funds advised by FS Capital hold 75% of the shares in the aforementioned company, and the remaining 25% stays in the hands of Espacio.
FS Capital, the commercial brand of Principal Advisor EAFI, is an investment advisory company regulated by the CNMV, which specialises in real estate and loan opportunities, amongst others, in Spain and Portugal. FS Capital advises institutional investors with assets worth approximately €300 million and has a team of highly-qualified professionals with extensive investment experience across a wide range of assets, geographies and capital structures.
Inmobiliaria Espacio, with its proven experience in the integral management of real estate assets and provision of advice in processes to plan, manage and build urban developments, as well as to coordinate and manage construction processes; will form, together with FS Capital, the perfect tandem, which will invest up to €400 million in existing land and assets for primary residences, anywhere on the Iberian Peninsula, with no geographical restrictions.
The JV has been created with four buildable plots of land in Madrid, Valladolid and Levante, on which construction work will begin in the next few months.
The process was closed after several candidates were invited to a restricted access process where most of the investors expressed interest in becoming Espacio’s strategic partner for property development. The consultancy firm Aiga Advisory has advised the process since the project began and has made the union of these two companies possible, in collaboration with PwC on the legal side, to cover the entire scope of the operation, which has been closed in record time.
With this new investment, both FS Capital and Inmobiliaria Espacio, consolidate their commitment to the recovery of the sector and to the Iberian peninsula, which they consider is one of the markets with the most potential and the best expectations in terms of development and quality of life for investing in over the next few years.
Original story: Press Release
Translation: Carmel Drake
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