Sokai, the investment vehicle backed by Quercus Investments and Columbus Venture Partners, has secured €64.5 million in funding to drive the development of its science and innovation centre in Illunbe, San Sebastián.
The transaction includes €50.5 million in senior financing led by Banco Sabadell, with participation from Abanca, Banca March, Laboral Kutxa and the Basque Institute of Finance (IVF).
The financing structure is completed by an additional €14 million tranche of subordinated financing provided by Buenavista NextGen Urbano, a vehicle created by Buenavista Equity Partners through its Infrastructure division.
This vehicle has been designated by the European Investment Bank (EIB) as a financial intermediary to channel part of the resources from the Regional Resilience Fund, included in the Recovery, Transformation and Resilience Plan and financed by NextGeneration EU. These funds are intended to promote economically viable projects linked to affordable housing, urban development and sustainable tourism.
This funding will support the construction of the Sokai Gipuzkoa Hub, the platform’s flagship project for the expansion of the Basque Country’s technology park in Illunbe.
The complex will cover more than 64,000 sqm on a 36,700-sqm site and will combine research laboratories, GMP rooms used by medical and pharmaceutical manufacturers to ensure a controlled environment, corporate offices, conference rooms and co-working spaces.
The total investment planned for the development is around €80 million, and the asset will be partially operational by early 2027.
EY acted as advisor to Sokai and Buenavista Equity Partners, while Gómez-Acebo & Pombo advised Sabadell.
Sokai Hub Spain will complement this development with a property in Tres Cantos, Madrid, leased to AdvanThera Solutions, a firm specialising in gene and cell therapies and regenerative medicine. The property, spanning over 3,200 sqm, is fully operational.
The third planned asset is currently being acquired in the Granada Health Technology Park and is designed to house laboratories, offices and spaces for specialised production.
