2 March 2018 – Eje Prime
The Barcelona-based corporate finance firm has created a fund manager, Swan Real Estate Management, whose first vehicle aims to acquire, renovate and sell on up to ten residential buildings in Galicia.
Dextra Corporate is throwing itself into the housing market. The Barcelona-based finance firm, led by former Deloitte employees Iker Zabalza and Stephan Koen, has created Swan Real Estate Management, a fund manager to invest in the Spanish residential market. Its first investment vehicle, Seagull Real Estate, will get going shortly with €14 million to spend and will travel exclusively to Galicia where it plans to buy up to ten buildings. For this company, Dextra has been supported by Andbank: 90% of the investment is going to proceed from Galician customers of the Andorran bank.
The aim of the project, in which the manager AKM, led by Xavier González, is also involved, is to look for assets in second-tier cities in Spain, which are still in the recovery phase. The plan is to renovate the buildings and sell them on on a home by home basis.
Seagull will focus mainly on properties in central areas of A Coruña and Vigo, which may be of interest to customers with a medium-high purchasing power, according to Expansión. The manager’s forecast is to purchase between five and ten residential buildings.
Although it is going to start off with €14.4 million, Swan hopes to increase the investment figure of its Galician vehicle to €25 million. With the addition of bank financing, the spending capacity of the fund could rise to €50 million.
For Project Seagull, Dextra has teamed up with local businessman Manuel Corbal, who has extensive experience in the Galician real estate sector, in the areas of construction and promotion.
Original story: Eje Prime
Translation: Carmel Drake