Tag: AKM

Dextra Corporate Launches Residential Fund Focusing on Galicia

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

Restaura’s Former Directors Launch A €60M Fund

16 August 2016 – Expansión

AKM is transforming itself into an investment entity manager, regulated by the CNMV, and is finalising the September launch of a fund amounting to €60 million, which aims to buy and renovate residential buildings in Madrid and Barcelona.

The firm is led by Xavier González, who was executive Vice President of Restaura. One of its other founding partners is Fernando Conde Arriera, who was Commercial and Marketing Director of the same real estate company. The executive management team of the new management company also includes Lorenzo Abascal and Stephen Koen, both former Directors of Andosins, a holding company owned by the Cerqueda family, which in turn owns the Andorran bank Andbank, together with the Ribas family.

Since 2013, AKM has launched three funds with a combined capital value of almost €63 million and its portfolio contains a dozen real estate assets in Madrid and Barcelona. In the capital of Spain, the firm owns, amongst others, residential buildings located on Calles Francisco Silvela 65 and Menéndez Pelayo 41, as well as a complex of 14 properties on Arganzuela-Santa María de la Cabeza, containing 214 homes, 31 premises and 224 parking spaces.

Original story: Expansión (by J. Orihuel)

Translation: Carmel Drake