Anta Asset Management and TQ Eurocredit have launched their first joint real estate financing fund following approval from the Spanish National Securities Market Commission (CNMV), registered on 5 June. The vehicle, named Anta TQ Real Estate Debt FIL, has a target size of €60 million and will be geared towards financing property developments in Spain.
The fund will be marketed through Inversis and Allfunds. Its strategy will initially focus on new-build developments, mainly in provincial capitals and on the Mediterranean coast, although it may consider transactions in other locations across the country.
Eligible projects range from residential developments in premium locations and luxury homes to developments aimed at primary residences in urban markets. According to the promoters, this strategy allows the investment to be adapted to different demand segments and to the evolution of the property cycle.
The launch comes against a backdrop of a housing shortage and high demand for new-build properties. In this context, the fund aims to channel financing towards residential projects through a model that complements traditional bank financing.
TQ Eurocredit will provide product structuring and advisory services, while Anta Asset Management, a fund manager belonging to Corporación Financiera Azuaga, will manage the fund.
The vehicle is structured as an open-ended, semi-liquid fund, with half-yearly liquidity windows. Its promoters estimate an annualised net return of 8% for investors. Compared to other instruments linked to the property sector, the fund offers a more flexible structure than is usual for certain private equity vehicles, which typically require investment horizons of more than seven years.
