Global asset manager AltamarCAM and Mexican real estate investment manager Terralpa have joined forces to invest in luxury homes in Spain.
The two companies will set up a new vehicle, which will be approximately €200 mln in size, to target high-end projects mainly in Madrid and other cities in Spain.
Terralpa will participate in the joint vehicle through its management company Terralpa Investments.
The aim is to take advantage of the favourable evolution of the high-end residential segment where both AltamarCAM and Terralpa Investments have extensive experience.
According to AltamarCAM, the new alliance is in line with its strategy to increase its direct investment activity in luxury real estate together with leading partners.
In recent years, AltamarCAM has invested over €750 mln in this type of vehicle in segments such as student housing, senior housing, rental residential and prime second homes, with three of the vehicles subsequently sold to leading international investors.
These include the Elix residential vehicle sold to Allianz; the student residences socimi Student Properties sold to Belgian Xior; and the senior living firm Healthcare Activos, sold to CBRE IM and the Abu Dhabi sovereign wealth fund.
For its part, Terralpa has invested €200 mln in four years in the development of 100 high-end homes in Madrid.