The real estate manager has raised two new funds to invest more than 200 million euros in housing and hotels in the next two years in Spain. To lead this growth, the company signed Rafael Bou, former director of real estate and hospitality in Spain at PwC, last October, according to Expansión.
Among the new investors of the manager are the Illinois investment bank (United States) Wedgewood Investment, a company that already has a stake in one of the manager's Socimis, and a British fund.
With these new funds, the manager seeks to invest in assets, especially in Madrid and Barcelona, that require a transformation or change of use to residential, in line with the strategy followed by the Socimi Persepolis.
To do this, the fund has already acquired an office building, located in the Fuente del Berro neighborhood in Madrid with 6,485 sqm built, which it will convert into rental housing.
The manager has also acquired an industrial warehouse of 2,612 sqm in the Guindalera neighborhood of Madrid to transform into a home. The total investment of both assets will amount to thirty million euros.
The second fund of the company will invest in the tourism segment. The manager plans to buy business hotels in cities to turn them into urban more focused on leisure and three or four-star holiday hotels located on the second or third line of the beach that have a route and improve cost efficiency, with a focus on territories like Mallorca or the Costa del Sol.