It is the second fund that Arcano launches in this asset class after the success of its first fund, ASOREF, raised and invested over a period of 18 months.
The new added value fund, which will perform the first closure at the end of March, already has €40 million committed, between national and international investors. The fund will be open to new investors during the next 15 months. It has a target of internal rate of return (IRT) of 15% and will invest in value added operations in all types of real estate assets, with a clear focus on residential and office assets in the main Spanish cities.
In addition, and opportunistically, the new Arcano fund will also have the possibility of investing in real estate assets in Portugal and Italy, although in no case will investment in these countries surpass 20% of the total fund.
The new Arcano fund is led by Eduardo Fernández-Cuesta, partner of Arcano Real Estate; José Luis del Río, CEO of Arcano Asset Management and Pablo Gómez-Almansa, investment director of Arcano Real Estate. The Arcano real estate team is also comprised of six other professionals, all of them with experience in Spanish Real Estate.
In this sense, the company has just added Diego Vizcaino as Development Director, an architect with wide experience that comes from Jacobs engineering.