Spanish private equity firm Altamar Capital Partners is teaming up with US-based investor KKR and local developer Single Home to invest up to €450 mln in the development of a luxury resort in Casares near Malaga, on the Spanish Costa del Sol region.
Developer and landlord Single Home is taking a majority share in the new joint venture holding the development site known as Finca Cortesín.
The project, which covers a total of 215 hectares of land, comprises around €200 mln of properties which have already been developed including a 67-room luxury hotel, a world class golf course, spa & sport facilities, a beach club and a shopping area.
KKR will invest in the project through its Real Estate Partners Europe Fund. Altamar is participating through its Olivo Residential Programme.
Altamar first joined forces with KKR last summer with the launch of local REIT Elix Vintage Residencial. The platform, which also included Deutsche Finance Group and developer Elix as co-investors, is focused on the Spanish residential sector.
