The Financial Market Supervision Committee of the Bank of Lithuania on Tuesday approved the rules of the fund to be set up by Evernord Asset Management UAB, which will invest in real estate development in Spain. “Evernord Marbella Property Fund I intends to develop a complex of 10 plots of land with villas in Marbella, Andalusia, over the next four years.

Evernord Marbella Property Fund I, a closed-end fund for informed investors, focuses on the development and financing of high-quality assets. The fund will seek to provide investors with the opportunity to invest indirectly in residential villas developed in the Marbella region. The fund will be able to invest directly, through special purpose vehicles (SPVs) managed with partners, or through the purchase of bonds issued by developers who are building villas in the area.

“The new fund has already chosen a specific investment target, the success of which we have no doubt about, as we have studied the market in detail to find the most attractive option for investors who want to diversify their portfolios geographically. The project’s exceptional location – about 200 metres from the sea, a ten-minute walk to the Puerto Banus harbour and beach – is already ready for development. The project already has a valid building permit and connection to the utilities”, notes Jolanta Jurga, Director of Evernord Asset Management.

“Evernord Marbella Property Fund I, together with its partners, will invest a total of more than EUR 20 million.

“Evernord’s market analysis has shown that Marbella is experiencing strong and unseasonal demand for high-end properties. It is considered a prestigious region with a good climate throughout the year and, even during major crises, property prices fall much less than elsewhere and recover more quickly. This is an advantage not only for property buyers but also for investors.

The new development in Marbella has a total area of 6,400 sqm. The plots of land for villas with swimming pools, terraces and courtyards range in size from 600 to 800 sqm.

Evernord Asset Management has already been authorised by the Bank of Lithuania to manage collective investment undertakings for informed investors. The company currently manages Evernord Real Estate Fund I, Evernord Real Estate Fund II and Evernord Real Estate Fund III. The licence to manage collective investment undertakings for informed investors was granted by the Bank of Lithuania in 2017.