26 October 2018 – Eje Prime
New joint venture to boost the luxury residential sector in Málaga. The funds KKR and Altamar have joined forces with the real estate company Single Homes to invest €450 million in the construction of several developments in the prime urbanisation of Finca Cortesín, located close to the Málagan town of Casares.
The plot where the residential complex is going to be built spans an area of 215 hectares and is located in the centre of the Costa del Sol, between Marbella and Sotogrande. The plan is for the joint venture to build a complex of luxury apartments and villas on this plot worth more than €200 million, according to reports from Expansión.
Single Homes is going to retain a majority stake in the company, whose long-term purpose involves launching other projects with a surface area of almost fifty hectares. The alliance with the funds will allow the real estate firm to finance and consolidate the Finca Cortesín residential complex, which already has a hotel, a golf course and two residential complexes.
The Spanish group, which has more than fifty years of experience, started to operate under the current name in 1987, following the merger of various companies. Nowadays, the company owns a portfolio of assets worth more than €450 million and land for the construction of more than 2,500 homes.
Meanwhile, with this project, KKR and Altamar are once again joining forces in Spain. In 2017, the funds teamed up with the property developer Elix to launch a Socimi specialising in the residential segment.
Original story: Eje Prime
Translation: Carmel Drake