“Evernord Asset Management’s Evernord Marbella Property Fund I has raised EUR 8.5 million in the first fundraising round for a project in the Spanish resort region of Marbella.
The funds raised in the first phase will be used to acquire a 1.16 hectare plot in the prestigious Cascada Camojan area of Marbella. The project will divide the plot into 6 smaller plots, which will be used for the design of individual villas of approximately 1,000 square metres.
The planned size of Evernord Marbella Property Fund I is EUR 17 million.
“The south of Spain has quite quickly become one of the most desirable destinations for Lithuanian investors, so it is no longer necessary to say much about geography, climate or value drivers. On the other hand, we do not hear many success stories of Lithuanian investors from this region on a larger scale, so we had some doubts before the capital raising process. All doubts were dispelled by the strong interest and favourable evaluations from investors. The project financed at this stage is truly exceptional – the supply of plots in the central part of Marbella is very limited, so the demand for premium housing remains very high, regardless of the season or economic cycle. Investors appreciated the proposal as well prepared and very suitable for geographical diversification of the portfolio”, said Gintaras Rutkauskas, Director of Evernord Asset Management.
“Evernord is developing the Marbella project together with its Estonian partners Novira Capital, which has a 25% equity stake in the project. The project will be overseen by experienced local partners in Spain, the Marbella-based real estate brokerage company Solvila, which has already developed more than 150 projects and specialises in the sale of high-end properties.
The architectural competition was won by AMES arquitectos, a local architectural firm specialising in the design of prestigious villas. The company has completed more than 160 projects with both developers and individual clients.
“Marbella Property Fund was established in 2022 with the aim of enabling investors to invest indirectly in prestigious real estate in the Marbella region. The Fund will make its investments through a Special Purpose Vehicle (SPV), which is managed together with the project partners.
“Evernord Marbella Property Fund I is accounted for by M-Finance UAB and the custody of the fund’s assets is provided by Swedbank AB. The financial audit of the Fund will be carried out by Rosk Consulting UAB.
The Marbella region is a part of the Costa del Sol on the southern coast of Spain, with a high demand for real estate. Analysts predict that property prices on the Costa del Sol will continue to grow faster than in Spain as a whole next year.