Ilanga Capital has signed a senior construction loan of 145 million euros with Real Estate at Goldman Sachs Alternatives for the development of Oakmond in Marbella, the hospitality and healthcare complex that will transform the former Incosol site.
The loan will finance part of the approximately 260 million euros budgeted to carry out the project, whilst the management company will contribute the remainder from its own funds, amounting to around 115 million. The platform has an asset and capital base in excess of 400 million, a figure that incorporates both sources of funding and the value of the properties within it, and which therefore does not equate exclusively to the cost of the construction works.
Following the completion of the design, planning and licensing phases in 2025, construction will begin in autumn 2026 and will last for around 36 months, with the opening scheduled for the third quarter of 2029.
Oakmond will be built on a plot of over 53,000 sqm in Río Real, adjacent to the future Four Seasons development. Ilanga acquired the former Incosol site in late 2022 to refurbish a complex that had been closed for a decade and restore its links to the hotel and healthcare sectors.
The property development comprises a luxury hotel with 140 rooms, 28 branded residences, fitness areas, wellness facilities and dining spaces. The clinic will occupy around 12,000 sqm.
Medical services will form the backbone of the property’s operations, whilst the hospitality component will support guests’ stays and treatments. The Marbella complex will be the first to be operated under Oakmond, the brand created by Ilanga to develop a platform specialising in preventive medicine and longevity, with a view to international expansion.
JLL has advised Ilanga on debt structuring, whilst HSFK has provided legal advice and Deloitte has acted as commercial adviser.
