Pan-European investor ActivumSG has announced plans to develop two prime residential sites on on Spain’s Costa del Sol for a total cost of around €50 mln.
Through its newest vehicle, ActivumSG Fund V, the firm has acquired two plots in Marbella and Estepona from private vendors for luxury condominum developments.
'These projects increase our exposure to the Costa del Sol residential markets, where supply is tight and there is significant pent-up demand,' commented Saul Goldstein, founder and managing partner of ActivumSG. 'These two projects continue our strategy of targeting locations in Spain that are outperforming in terms of economic growth and where the imbalance in the residential market is highly supportive of pricing.'
The two projects comprise the development of up to 40 luxury condominiums on a 1.3 hectare site in the Sierra Blanca neighbourhood of Marbella, as well as a 119-unit condominium development with rooftop swimming pool in downtown Estepona.
Both plots are located in the Province of Málaga, one of southern Spain’s major tourist destinations.
ActivumSG’s Spanish affiliate ASG Iberia advised the fund on the purchase, while Ismael Mérida Arquitectos is assisting it on the project.
