Residential Investment in Spain

Several cities, Spain

Acquisition of a portfolio of 29 fully permitted and partially constructed residential development projects, comprising 113,451 sqm on average 61% completed, in greater Madrid, Barcelona and other cities across Spain, where the primary housing markets are benefiting from better employment and accelerated household formation, limited new supply and improved home purchase affordability.

Implement an active asset management strategy to:

− Reactivate existing building permits

− Complete construction of the projects

− Sell approximately 1,200 units to owner occupiers or, when leased, to investors