and Swiss Finance & Property (SFP) have joined forces to launch a joint venture focused on acquiring hotel assets in Spain and Portugal.
The move follows the first close of a fund managed by SFP that has indirectly taken a majority stake in Redevco鈥檚 Next Gen Stays value-add strategy comprising a seed portfolio of six assets across Iberia, in Spain Lisbon, Porto, Bilbao, Malaga and Seville.
The strategy is targeting a net levered internal rate of return of 15%-plus over a five-year period and aims to build up a portfolio of around 鈧�300m, Redevco sources said.
Hannah Evans, investment director at Redevco, said: 鈥淥ur value-add Next Gen Stays strategy is an excellent example of Redevco鈥檚 focus on repurposing assets to create vibrant places in urban locations.
鈥滲y acquiring and redeveloping strategically located and under-exploited real estate with local character, we create an attractive investment product and make cities more sustainable.鈥�
Patrick Brenninkmeijer, business development director at Redevco, said: 鈥淩edevco and SFP will now be working to capitalise on the resurgence and growth in the youth tourism and experience travel market and we look forward to creating a professionally managed hospitality portfolio in key cities in the Iberian Peninsula together.鈥�
Philipp Braunwalder, CEO Swiss Finance & Property UK, said: 鈥淲orking alongside Redevco on yet another project tailored for the younger demographic has been both fulfilling and inspiring. We are excited to venture into the hospitality sector with a trusted partner by our side.
鈥滱t SFP, our commitment to providing innovative real estate solutions for future generations remains steadfast, while prioritising community enrichment and sustainable development.鈥�
He added that the SFP fund will look to increase its stake in the joint venture through further capital raises to acquire additional pipeline assets.
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