Almost 5 years later, and after joining the US fund Perella Weinberg fund, KKH Property Investors has now spent €500 million and wants to expand its acquisition strategy in the country.
Barcelona and Baleares were the first goals of KKH, which recently entered the Spanish capital, Madrid, with the purchase of the former headquarters of the Caja Madrid Foundation, in Plaza de las Descalzas, which it is going to convert into a 170-room luxury hotel. It is currently searching for an operator. This acquisition fits perfectly into the company’s business model, which strategy lays on the increase of value through renovation and, in most cases, changes of use. Hotel, residential and business sector are their bets.
According to Spanish Real Estate Press, at the moment, the fund is studying the best way to expand the capital available to reinforce its investment strategy into this market. «Spain is internationally well positioned», stated Josep María Farré, CEO of Renta Corporación