ASG fund to develop prime residential projects on Spain’s Costa del Sol at a total cost of circa €50 million
Jersey (UK), January 5th, 2017 – The newest fund established by ActivumSG Capital Management, the turnaround firm focused on European real estate investments, has acquired two sites in Spain’s Costa de Sol for prime residential developments. The total cost of ActivumSG Fund V’s projects in Marbella and Estepona, including the purchase of the land and construction, will be approximately €50 million.
Saul Goldstein, Founder and Managing Partner of ASG, said: “These projects increase our exposure to the Costa del Sol residential markets, where supply is tight and there is significant pent-up demand. These two projects continue our strategy of targeting locations in Spain that are outperforming in terms of economic growth and where the imbalance in the residential market is highly supportive of pricing.”
The two projects are:
- A 1.3-hectare site in the exclusive Sierra Blanca neighborhood of Marbella purchased from a private vendor. The project involves the development of up to 40 luxury condominiums, with communal gardens and underground parking
- A 119-unit condominium development with a rooftop swimming pool on a plot in downtown Estepona, the beach resort 20 kms south of Marbella and only 400 meters from the water
Both plots are located in the Province of Málaga, one of southern Spain’s major tourist destinations due to its favorable climate and the high quality of its beaches, golf courses, hotels, restaurants and other attractions. Well-served by international airports and high-speed rail, the area is also a magnet for secondhome owners.
ASG’s Spanish affiliate ASG Iberia advised the fund on the purchase, while Ismael Mérida Arquitectos is assisting it on the project.