Engel & Völkers Capital has set up a real estate fund with a target fund volume of €300m to finance projects in Spain.
The Hamburg-headquartered manager has marked its entry into the Spanish real estate development market with the launch of the EVC-REDF Umbrella Fund, which is expected to raise €50m to €60m at first close.
The EVC-REDF Umbrella Fund is focused on investing in a diversified asset portfolio in the residential, logistics, office and alternative real estate sectors in the European market, particularly in Spain, the manager said.
The loan volume per project is ideally between €5m and €20m.
Engel & Völkers said it recently financed for a 42,00sqm logistics park in Madrid and a micro-living property with 257 student apartments in Barcelona.
Tomasz Kalemba, head of portfolio and investment management Engel & Völkers Capital, said: “We are entering the Spanish development market with tailor-made financing solutions structured through Luxembourg and/or Germany.”
Engel & Völkers Capital focuses on stable and profit-oriented portfolio diversification in terms of asset classes, locations and solid project developers, Kalemba said.
“Our goal is to finance real estate projects in Spain with a project volume of more than €300m in the next two to three years.”