PORTFOLIO: FUND V
Rose (Seville)
Apartment development in superior location in Seville
Rose is a c. €160 million project to develop 950 apartments on the few remaining infill sites in East Seville, a fast-growing district of Spain’s fourth-largest city. The superior location and size of the plots mean the condos, fronting onto or adjacent to the principal boulevard, face little competition from other developments. There is strong demand for the scarce new-build housing on the market in the neighbourhood, in keeping with the Fund’s strategy of targeting supply-constrained markets.
The investment is the result of lengthy negotiations by the local team with the City Hall and the bank that seized the six sites in a foreclosure. In a signature off-market deal, the Fund was the only buyer willing to navigate the complex legal process to gain clean title to the land at an attractive price.