Íbero CM buys a residential development in Valencia for €40M

Íbero CM buys a residential development in Valencia for €40M

Walter de Luna, CEO of Íbero CM

The acquisition of the Residencial Gran Canet implies the entry of Oak Hill Advisors, which is the company that provides funds to Íbero CM, as developers and managers of the project.

The Residencial Gran Canet is a residential complex with 288 apartments amongst which are 36 premium penthouses with more than 100 sqm each and their delivery is estimated for the Summer of 2022.

With this operation, Íbero CM carries out investments both in debt and in property, and finances the entire developing project, from the terrain acquisition until finalising the construction works and marketing the project.

The company has already invested 120 million euro in different residential development projects, which feature a total of more than 900 dwellings. To this should be added two lines of credit under negotiation for 100 million euro each. The management company has, in this way, compromised 220 of the 400 million euro it got from Oak Hill Advisors.

For Ibero CM’s managing director, Walter de Luna, «the Valencian Community’s market represents a great opportunity for real estate investment. We have seen how multiple projects have been developed in the Alicante area and we believe that the province of Valencia has a similar or even higher potential».

Íbero CM’s CEO, highlighted that «we chose the project Residencial Gran Canet, because it combines the more attractive characteristics of the Spanish residential market: multiple services, premium houses, location close to the coast and high-quality common areas».

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