Real
Estate
The real estate market in Spain is full of post-crisis opportunities with potential for significant value appreciation
Approach
Eneas real estate is one of the leading and most experience teams in Spain with a track record of over 20 years. Our team employs a straightforward investment strategy consisting on targeting returns above 15% IRR on a single asset basis, concentrating on assets that are part of complex environments / scenarios. One of the team´s key strengths is their granular and in-depth knowledge of the proceedings, licensing and urban planning across the main Spanish cities which international firms lack. The partners also have significant experience across all the different type of assets from NPLs to straight forward developed assets all over Spain and are able to do deals between €5m to €25m which is a segment where there is a very limited number of institutional and experienced teams.
The partners seek to acquire assets with hidden value at a discount to replacement cost, addressing property or business issues through hands-on management and target value-added initiatives preparing for future sale of those assets.
We unlock complex solutions to outperform
Strategy
The real estate team takes a value-oriented approach and will invest in assets located in primary and secondary cities. The partners begin with an in-depth market analysis to identify asset classes, geographies and capital structure they believe will outperform in the current economic environment and generate returns above 15% IRR. For that to be achieved, they search for value-added opportunities through the acquisition of the asset or its debt (NPL).
NPL in downtown Barcelona
Sector: Residential
Location: Barcelona
Investment type: NPL
Project description: NPL management to gain control of the plot for the development of a residential project in downtown Barcelona
Date: December 2014
We have acquired the non performing loan (NPL) of a 30,000 sqm plot in the center of Barcelona, close to the Olimpic port. The primary objective is to develop a residential project with over 250 flat apartments.
LUXURY VILLAS IN SOMOSAGUAS, MADRID
Sector: Residential
Location: MADRID
Investment type: RESIDENTIAL DEVELOPMENT
Project description: ACQUISITION OF TWO ADJACENT PLOTS FOR RESIDENTIAL DEVELOPMENT TO BUILD 4 SINGLE LUXURY VILLAS
Date: SEPTEMBER 2018
Somosaguas is one of the most exclusive residential areas in Madrid, just across the prestigious “La Finca” condominium, highly regarded by the privacy conscious clients.
In September 2018, Eneas acquired 2 adjacent plots of land, which have been rearranged into 4 exclusive lots. The renowned architect Otto Medem has been made responsible for designing the 4 individual villas, which are about to begin construction.
DWELLING IN CORNELLA DE LLOBREGAT
Sector: Residential
Location: CORNELLA, BARCELONA PROVINCE
Investment type: RESIDENTIAL DEVELOPMENT
Project description: DEVELOPMENT OF A 25 APARMENT BLOCK
Date: FEBRUARY 2019
Cornellá in one of the neighborhoods undergoing a significant expansion within Barcelona’s metropolitan area, which is in a land lock between the sea and the mountains. Cornella is situated west of Barcelona, 10 km from downtown and 6 km from the airport.
In February of 2019, Eneas acquired a residential plot of land from the local council to develop a a residential building, comprising 25 apartments, targeting young middle class families looking for 2/3 bedrooms, with at least 1 parking space, a terrace and easy access to Barcelona.
SINGLE VILLAS IN FUENTE DEL FRESNO (LOS ZORZALES), MADRID.
Sector: Residential
Location: MADRID
Investment type: NPL
Project description: ACQUISITION OF 8 VILLAS (460 sqm built each) THROUGH A LIQUIDATION PROCESS.
Date: JULY 2018
Acquisition of 8 villas (460 sqm built each) through a liquidation process, designed by the prestigious architect Joaquin Torres (A-Cero), located in Fuente del Fresno, 20 minutes north of Madrid. The plan is to update and reposition each villa, rent it out for a couple of years and ultimately sell the whole complex.