ActivumSG (ASG) has acquired a development site in an up-and-coming commuter town near Madrid as the maiden investment for its sixth and latest fund. The project is part of a secured pipeline of special investment opportunities in select European real estate markets projected to commit €120m of the fund’s equity and to close by the year-end.
Located in San Sebastian de los Reyes, the site will comprise 290 loft-style rental apartments. The total cost of the project, including the plot’s purchase, development finance and construction, is around €40m. This build-to-rent project lifts the number of rental homes under development or to be built by ActivumSG funds to more than 1,500 units. All of the funds’ residential developments, including projects to deliver 4,000 apartments for sale, are concentrated in supply-constrained sub-markets of Spain’s fastest-growing cities.
Saul Goldstein, ActivumSG’s Founder and Managing Partner, said: “We’re putting our investors’ capital to work rapidly with a strong pipeline of investments. This is the advantage of having experienced teams on the ground to source opportunities - often that are complex or have been overlooked by others - and then to manage the assets so they generate attractive returns. Demographic themes are a strong feature of our funds’ investments and we are exploring fresh ways to apply our expertise in the residential sector and in assembling business platforms of scale. Another focus is on markets where there are severe supply-demand imbalances, such as Spain’s booming hotel sector. We’re always looking to evolve our strategies to keep ahead of the pack and our growing team enables us to explore new avenues for the benefit of our investors.”
