Russian fund invests 200 million euros in Nueva Andalucia
11th July 2019
The recovery of the property sector is once again attracting capital from a wide variety of sources and the Costa del Sol has become highly attractive to investors again. The Velum Group investment fund, which is of Russian origin, is currently developing projects worth more than 200 million euros and has just officially presented one of them, 'Los Palacetes de Banús', consisting of luxury villas in Nueva Andalucia.
The group is in the process of building five developments in Spain, four of them on the Costa del Sol and one on the Costa Brava. It began by exploiting oil wells in the former Soviet Union but later, after the fall of the socialist system, its members invested in different sectors of the European economy, principally in finance.
It was not until three years ago that they decided to venture into the field of property, and to focus on the Spanish Mediterranean coast.
The company, which set up in Spain in 2016, is based in Marbella and has an investment plan of over 200 million euros. It has 245,000 square metres of land on which to build.
The presentation of Los Palacetes de Banús took place on the site where they are going to build eight luxury villas, all in contemporary style but all different, designed by architect Oscar García De La Peña of Estudio Arquim. Each villa will be more than 1,000 square metres in size plus another 500 square metres of terraces, porches and gardens. The prices are around five and a half to six million euros. The project already has a building licence and the properties are expected to be ready by 2021.
Published by David
