Their first project is a 25-home building in Calle Fuencarral, Madrid
Excem Grupo, led by the second generation of the Hatchwells, has decided to take a step up in the Spanish real estate sector, an industry into which they burst a few months ago by launching several real estate investment trusts (REIT’s).
The Hatchwells are now focusing on property development, a fast-growing market in Spain. In order to do so, the corporation has established a real estate development company specialising in luxury homes: LOV Real Estate. “Our objective is to reach a medium-high position in the market. That is why we are now launching LOV Real Estate – the brand of our real estate development company specialising in luxury homes. Investors are expected to get back over 20% of their investment as profit” assures Andrés Sánchez Lozano, CEO of Excem Real Estate.
Once set up, LOV has already taken on their first project: a building located at Calle Fuencarral 142 in Madrid, in the heart of the district of Chamberí. At a total investment cost of around €14 million, Excem has purchased a seven-story building where they will develop 25 homes consisting of either one, two or three bedrooms and the price of which is expected to range from €400,000 to €1.5 million. “LOV RE’s offer in Fuencarral includes design architecture that is sustainable and ecological. Other highlights are a terrace with gardens and a pool, a gym and an event hall for the dwellers – unique characteristics in the area.”
LOV Real Estate has become another investment division within the Hatchwell’s real estate business. It was set up at the beginning of the year with the aim of investing €600 million in housing, hostels and offices through three different REIT’s. Two of these REIT’s are already operating. One of them specialises in residential properties and already owns 27 buildings after having invested around €14 million. It is expected to be listed in the MAB -Alternative Equity Market- by May 2018.
The other one, specialising in hostels and tourist apartments (SITUR), has already invested €22 million in one asset in the centre of Madrid.
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