21 November 2018 – Eje Prime
Excem is increasing its commitment to the luxury residential sector. The company owned by the Hatchwell family has set itself the objective of promoting 5,000 luxury homes on the Costa del Sol and Murcia, within the context of the development of its LOV Real Estate division. To launch these homes, which will follow in the footsteps of a development on Calle Fuencarral in Madrid, Excem has created the brand Solomon Homes.
Excem’s plans with LOV Real Estate involve starting to promote its entire land bank in 2019. The first projects to be commercialised in the south include four promotions in Condado de Alhama, one of the best resorts on the Costa Cálida. In that complex, LOV has already started work on the construction of Villa Primavera, Villa Amapola and Villa Atardecer, as well as Edificio Poniente. The company plans to hand over those homes next summer.
Further south, on the Costa del Sol, the property developer is finalising the signing of several projects with “the same model of avant-garde and unique architecture” in the area, on the fashionable coastline of the Spanish residential market. The company expects to achieve a return of more than 20% in each of its projects.
The starting point for luxury
Nevertheless, Excem’s starting point with LOV Real Estate will be a 25-home development on Calle Fuencarral in Madrid. The group’s first development will involve an investment of €14 million and will be located at number 142 of the Madrilenian street, right in the heart of the Spanish capital.
The company has already started work and its pre-sales amount to 80% with just four homes left to market. The buyers include investors and architects, explain sources at Excem (…).
The property developer plans to handover those homes, which will have between one and three bedrooms, before the end of 2019. The homes will have surface areas ranging from 55 m2 to 175 m2, and prices starting at €400,000, and going up to €1.5 million (…).
Excem: true to its roadmap
The last investment vehicle launched by Excem Real Estate, the real estate division of the Excem Group, was Siwork, specialising in co-working and for which the group has partnered with WeWork, as Eje Prime revealed. With Excem Capital Partners Siwork, the group stays true to its roadmap: to be present in the Spanish real estate sector with three Socimis, diversified by type of asset and focused on millennial clients.
The first of the three companies launched by the Israeli family in Spain was Excem Capital Partners Sociedad de Inversión Residencial. Specialising in rental housing aimed at millennials, the company debuted on the Alternative Investment Market (MAB) in July worth €17 million. Currently, the company owns 28 assets in Spain and has several shareholders ranging from private investors to business people and family offices.
Besides Excem Capital Partners Sociedad de Inversión Residencial, the Hatchwell family also operates in the Spanish real estate sector with Situr, a firm specialising in tourist properties such as apartments and hostels. The investment target for this second Socimi is approximately €250 million between now and the rest of 2018. The company has set itself the objective of having 3,500 beds in a dozen buildings, located primarily in Madrid and Barcelona, as well as in other tourist cities around the country.
With the activation of Siwork, the plans for this new company involve carrying out an investment of €200 million to acquire a dozen buildings in Spain’s main cities.
The Hatchwell family’s links with the real estate world date back to the beginning of the 1970s, when Mauricio Hatchwell Toledano founded the group, specialising first in cement and later in technology and real estate. Nowadays, the company is led by his children David, Philip and Kareen Hatchwell Altaras.
Original story: Eje Prime (by J. Izquierdo)
Translation: Carmel Drake