Spanish private equity firm Altamar Capital Partners and KKR have created a joint venture with local developer, Single Home, to develop a residential project in Malaga’s luxurious Finca Cortesín complex. The JV plans to deploy €450M near the town of Casares in the province of Málaga.
Single Home will maintain a majority stake in the JV which will integrate the residential project along with additional real estate assets currently valued at over €200M.
Finca Cortesín is a 215-hectare estate surrounded by undisturbed nature and centred around six main pillars: a luxury hotel, high quality private residences, a world class golf course, Spa & Sport facilities, a beach club and an exclusive shopping area. The resort enjoys a privileged location near Marbella and two of the most luxurious marinas on the Mediterranean, Puerto Banús and Sotogrande.
About Altamar Capital Partners
Since 2006 Altamar’s Real Estate team has invested in opportunistic and value added strategies via property funds. Altan IV Global I.I.C.I.I.C.I.L. (“Altan IV”) was launched in 2Q 2017 with a very similar strategy to its predecessors. Altan IV has a target size of up to €400MM. It is aimed at institutional investors such us insurance companies and pension funds, and private investors including family offices and high net worth individuals. The Fund is regulated and supervised by the CNMV.
In July of 2017, Altamar announced that it had partnered with KKR, Deutsche Finance Group and Elix to invest €100 million in the Spanish residential real estate market through a new platform, Elix Vintage Residencial Socimi, S.A.