21 December 2017 – Expansión
The Excem group, led by the second generation of the Hatchwell family, has decided to strengthen its commitment to the Spanish real estate sector, which it broke into a few months ago with the launch of several Socimis.
Now, the Hatchwell family has placed its focus on the house building sector, a booming market in Spain. To this end, the company has created a property developer specialising in luxury housing: LOV Real Estate. “Our objective is to position ourselves in the medium-high end market. For that reason, we are launching LOV Real Estate now; it is going to be the brand of our property developer for building luxury homes with a forecast return for investors of more than 20%”, says Andrés Sánchez Lozano, CEO of Excem Real Estate.
Following its creation, LOV has already chosen its first project: the building located at number 142 Calle Fuencarral in Madrid, in the heart of the Chamberí neighbourhood. There, Excem has purchased a seven-storey building and with a total investment of around €14 million, it will build 25 homes, with between 1- and 3-bedrooms and prices ranging between €400,000 and €1.5 million. “LOV RE’s commitment on Fuencarral includes design architecture, bioclimatic features and ecological mobility elements. The large garden terrace with swimming pool, gym and meeting room for residents also stands out as a unique feature in the area.
LOV Real Estate has been structured as another investment line within the Hatchwell family’s real estate business, launched at the beginning of the year (2017) with the aim of investing €600 million in homes, hostels and offices through three Socimis. Currently, two are operational: one specialising in the residential sector, which owns 27 properties after investing around €14 million and which will debut on the MAB in May 2018.
The other, specialising in hostels and tourist apartments (Situr) has invested €22 million in a single asset in the centre of Madrid.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake