APG and Cohen & Steers are investing in Hispania Activos Inmobiliarios as it looks to raise €500m in gross proceeds from its listing on a number of Spanish stock exchanges this month.

In addition to the two firms, Paulson and Co, Quantum Strategic Partners, the Canepa Group and Moore Capital Management will also back the listing, with €314m so far committed by the initial pool.

Hispania will target Spanish multi-family residential, office and hotel real estate investments over the next three years.

Once listed, Hispania will be managed by Azora Gestión and listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges by the end of this month.

At the end of the three-year period, Hispania will liquidate the portfolio.