The German fund manager Aquila Capital has launched a property developer called AQ Acentor.
AQ Acentor has been created with more than 3,000 new homes under construction, of which around 500 will be handed over during the course of this year. Currently, the firm is working on residential projects in metropolitan areas, primarily in Madrid, Barcelona, Málaga and Valencia.
The creation of AQ Acentor responds to the firm commitment to the Spanish market and is backed by a pipeline amounting to €1 billion ($1.2 billion) over the next five years, according to El Economista.
The new company ends its partnership with Madrid-based real estate developer Grupo Inmoglaciar; however, both companies will continue developing their flagship project, the Residencial Parque Ingenieros, in the Madrid district of Villaverde, where both companies have an agreement since 2015 for the development of about 1,200 subsidized homes, with an investment of €200 million ($232 million).
The break is due to a change in the objectives of the two companies to continue growing in the real estate sector, according to Ignacio Moreno, CEO of Inmoglaciar.
“In this regard, we must remember that in December 2017, the Cerberus investment fund took over a majority stake in the Inmoglaciar group, so the company would no longer need the financial backing of Aquila Capital to develop new promotions,” added Moreno.
Source: IREI