Resolution Property has returned to the Spanish real estate market through a 鈧�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 鈧�50m portfolio of 15 value-add assets in Marbella鈥檚 Golden Mile.
The venture will invest up to a further 鈧�50m in the portfolio through distressed acquisitions and value-add asset management.
Resolution was an active investor in Spain and Portugal鈥檚 retail markets in the 2000s.
The joint venture agreement is the final investment for Resolution鈥檚 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鈥檚 Fosun Property is cornerstone investor.
Fosun teamed up to invest in European value-add real estate .
Michel Nangia, director at Resolution Property, said Marbella was a 鈥渟heltered market sustained by international high net-worth individuals鈥�.
He said the wider Spanish economy was still recovering, with declining unemployment and positive GDP growth for more than two years.
鈥淎gainst 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,鈥� he said.
