Solventis launches into the affordable rental market. The fund manager has launched Fondviso, a fund aimed at building affordable rental housing. Solventis expects to raise €650 million for the vehicle, which would raise the investment target to €1.5 billion, adding equity and debt.
Fondvisio, which has already received the green light from the Spanish Securities and Exchange Commission (CNMV), is structured as a closed-ended collective investment fund that expects a net annual return to investors of more than 7%.
The company's plans are to build a total of 12,000 rental homes in ten years, which will be aimed at families with an average minimum income of between 28,000 euros and 45,000 euros per year. The strategy is to build assets on land owned by the public administration, which will be handed over to autonomous communities and city councils to manage.