Strategic Value finances Spanish residential giant
Global investment firm Strategic Value Partners has financed two luxury residential developments in Spain: Intempo Residential in Benidorm and Paraiso Pueblo in Marbella.
Intempo Residential in Benidorm (pictured above), is the tallest residential development in Europe and comprises 256 luxury apartments on 45 floors. Paraiso Pueblo, Marbella, is a development of 206 apartments.
Both projects were equity funded to completion and apartment units are currently being marketed for sale. The debt financing was provided by Alliance Bernstein to refinance acquisition and development costs.
Strategic Value Partners provided financing on behalf of funds that it manages and which were advised by CBRE.
Iñigo Laspiur Oteiza, senior director, debt & structured finance, CBRE Spain, said: “This is another complex transaction where CBRE has reached its client’s expectations through a cross-border collaboration to obtain a debt recapitalisation of the assets. It confirms the market appetite from international players to enter into the Spanish residential sector through debt or equity.”