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We are financing the purchase of land in Colmenar Viejo to develop a promotion of 45 homes, with a mortgage guarantee and 40% of reservations.
Ciudad Lineal is one of the 10 projects returned by Grupanxon on Urbanitae. As always, the expected term was reduced, thereby increasing the final IRR.
The project consists of developing 180 rooms and a medium-sized commercial space in Torremolinos, with a preferred return of 18% IRR.
Fifth project with Fenext (formerly Carpio Capital), which has returned two projects with Urbanitae with CoC returns of over 45%.
In the first quarter of the year, hotel investment in Spain grew by 12% annually, reaching 577 million euros, according to CBRE.
The Batres project has 50% reservations and a valid building permit. It is promoted by Fenext, a developer with an average IRR of 21% on the platform.
In the first quarter, investment fell by 68% due to rising interest rates, but it is expected to pick up again from the second half.
Despite the decline compared to 2023, consultants like CBRE point to a 10% increase in real estate investment in 2024.
According to CBRE, our country is the third largest destination for real estate investment in Europe and the eighth in the world.
We acquired an office space to transform it into 20 tourist accommodations leased to operator Alma Suites at 7.75% annually.
