Resolution Property has returned to the Spanish real estate market through a €100m joint venture targeting the residential and hotel sectors.

The UK-based investor is forming a joint venture with a private investment partner to manage a €50m portfolio of 15 value-add assets in Marbella’s Golden Mile.

The venture will invest up to a further €50m in the portfolio through distressed acquisitions and value-add asset management.

Resolution was an active investor in Spain and Portugal’s retail markets in the 2000s.

The joint venture agreement is the final investment for Resolution’s Real Estate Fund IV.

The company said it would also target Marbella for further acquisitions for its next fund, Resolution Real Estate Fund V, in which China’s Fosun Property is cornerstone investor. 

Fosun teamed up to invest in European value-add real estate last July.

Michel Nangia, director at Resolution Property, said Marbella was a “sheltered market sustained by international high net-worth individuals”.

He said the wider Spanish economy was still recovering, with declining unemployment and positive GDP growth for more than two years.

“Against this backdrop, we have the opportunity to add significant value to this portfolio through an active asset management and refurbishment programme, then grow the portfolio alongside a strong partner with access to off-market distressed opportunities on a scale enabling a future conversion into a SOCIMI,” he said.