The firm considers entering the rental market to finance more projects and expand the alliance with its American partner Oak Hill.
Íbero Capital Management (Íbero CM), a company led by Walter de Luna and Luis Moreno, former directors of Acciona Inmobiliaria and Sareb, wants to become a clear alternative to traditional banking, with a plan to inject between 200 and 250 million euros into real estate projects by the end of 2019.
The company, backed by the American Oak Hill Advisors fund, has financed projects to build 600 homes in Spain within its first year of life. Most notably, Íbero CM recently closed financing for six residential projects of the Sankar Group to promote 400 homes in the province of Malaga, that add to the three projects financed last year in Mijas to a local developer to build 145 homes. Currently, Íbero CM is analyzing projects in the Valencian Community, Aragon, Pamplona, Andalusia, Catalonia and Madrid.
“The number of projects that we finally undertake, compared to the options that we study, is relatively low. In this period, during which we committed close to 100 million euros, we analyzed projects for more than 1,000 million euros”, explains the president of Íbero CM, Walter De Luna, to EXPANSIÓN.
Íbero CM, that until now has solely financed residential projects for sale, now opens the doors to enter developments with a build-to-rent structure as well as tertiary projects, such as hotels and commercial.
“Residential assets for rent are a trending topic. We plan to finance build-to-rent developments, which is a segment with a growing demand and a lack of progression”, he points out. “We feel very comfortable with Oak Hill. Once we have committed the full 400 million initially planned, we can raise more capital for new projects”, explains the manager.
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> Íbero CM will inject up to 250 million to promoters in 2019
