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Spanish Bank Creates Real Estate Vehicle to Invest €50 Million in Portugal
26 September 2017
Andbank España, a financial institution that specialises in private banking, has just launched a real estate investment vehicle, whose objective is to invest fifty million euros in the Portuguese market, especially in prime assets in the Lisbon area. Albatross Iberian Re Renovation Fund I aims to achieve 12% returns within six years, with the possibility of extending it for another two and is aimed at qualified investors, requiring a minimum investment of 250,000 euros.
The Spanish bank said in a statement that it formed a partnership with Quantico, “a Portuguese real estate company founded by Carlos Vasconcellos – which has a extensive portfolio of building renovation projects in Portugal – and Albatross, the investment management company led by Carlos Mallo, with vast experience in the generation, execution and administration of investments throughout the Iberian Peninsula, over the last 20 years,” for the development of the vehicle.
Who is Andbank and why did it choose Portugal now?
Andbank justifies its bet on the Portuguese real estate market by citing the country’s tax incentives in urban renovation, stable investment regimes after the last reform of the lease law, along with the vast supply of buildings that are suitable for renovation and the high demand of both domestic and foreign buyers.
With 85 years of experience in the integral management of large assets, Andbank has increasingly bet on the real estate market. Since 2013, through three real estate funds, AKM Inversión Inmobiliaria was able to raise 100 million euros from 150 investors to acquire devalued residential buildings in the centres of Madrid and Barcelona for later renovation.
Original Story: Idealista
Translation: Richard Turner