Andbank and partners set up real estate investment fund for Portugal

Eugenia Jiménez
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Andbank and partners set up real estate investment fund for Portugal

Andbank Spain has partnered with Portuguese real estate company Quantico and with asset management firm Albatross to launch real estate investment fund Albatross Iberian Re Renovation Fund I. 

The new fund aims to invest into the Portuguese residential property market (in particular in the prime environment of Lisbon) and seeks to achieve a return of 12% over the next six years plus two possible extensions of one year.

Albatross Iberian Re Renovation Fund I requires a minimum investment of €250,000. From the €50m the fund targets to raise, it has already amounted €37m in just two months.

Quantico is a Portuguese real estate firm founded by Carlos Vascocellos, which specialises in refurbishment of residential and commercial properties in Portugal.

Albatross by its part, is the asset management firm led by Carlos Mallo (former chief of Permira Private Equity for Spain), which has a team of professionals with more than 20 years’ experience in the asset management industry within Iberia.

Carlos Aso, CEO of Andbank Spain, said: “We are pioneering the offer of alternatives in real estate investment for our clients. This is how we aim to meet our clients’ needs of diversifying their assets in the current environment of  such a low interest rates.”

This launch raises to four the number of real estate vehicles Andbank has set up. The company partnered with management firm AKM Inversión Inmobiliaria to launch three real estate investment vehicles to acquire undervalued residential properties in the centre of Madrid and Barcelona, which would be renovated and adapted to the new distribution’s requirements of investors.