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Grupo Lar and the ‘Impacto Andalucía’ urban development fund recently signed an investment agreement for the development of this pioneering project
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‘Impacto Andalucía’, whose funds come from the ERDF program “Andalucía ERDF 2014-2020” and from the Junta de Andalucía (regional government of Andalusia), is an investment vehicle managed by Arcano Capital
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Construction works are expected to end in the summer of 2025.
Carolina España, regional minister for Economy, Finance and European Funds at the Junta de Andalucía (regional government of Andalusia) and president of Málaga TechPark, presented last 4 September the housing building projects for the workers of the park.
The project is being managed by Arcano Capital and promoted by Grupo Lar. The project is expected to have a total investment of 22.5 million euros, from which 6.1 million come from the Urban Development Fund (FDU in Spanish). The construction works have already started and are estimated to be finished in the summer of 2025.
The building has a capacity of 105 apartments and 186 beds for housing purposes, and will have a total of five floors distributed in three interconnected blocks. The residential complex is located in an area of 7,500 m2.
The residential space will also have 54 parking lots, a swimming pool, a bar/café, a laundry, common rooms, a multipurpose room, a gym, coworking spaces, a room for social purposes with a cinema, a conference hall and a restaurant.
This is the first non-permanent housing solution aimed at workers in Málaga TechPark, the city’s main business centre. It is currently home to 653 companies from 21 different countries and more than 24,000 workers, making it the city’s main business and startup ecosystem.
International companies are increasingly setting up in the park, since Málaga Techpark is a qualified space with excellent infrastructures and services that meet the needs of companies and their workers.
“It is an example of how public-private collaboration can help us grow in a more efficient and sustainable way. The government of Juanma Moreno continues to transform Andalusia, and it does so hand in hand with companies in order to consolidate our community as a safe, stable and trustworthy space for everyone who wishes to work or invest in the park,” claimed Carolina España, president of Málaga TechPark.
“What we have presented today is a project that will not only attract business to Málaga and to the park, but will also make this space even more human, vitalising it more, if possible, as it is itself the heart of Málaga’s business ecosystem. The project will humanise this technology park. Improving the living conditions of the workers is essential for the Junta de Andalucía, since it will lead to better quality employment,” declared the regional minister.
Carolina España thanked the participating public and private institutions for their interest in the project, “a new milestone” for Málaga and for the Technology Park, as well as “a pioneering project development, which will significantly increase the park’s services and which has already generated interest,” said the regional minister.
Francisco de la Torre, mayor of Málaga, attended the event, as well as José Manuel Alba, Secretary General for Economic Affairs of the regional ministry; Felipe Romera, director of Málaga TechPark; Víctor Gómez, Development manager at Grupo Lar-, and Eduardo Fernández-Cuesta, spokesperson and partner of Arcano Real Estate.
“We have found in Impacto Andalucía a partner capable of channelling funds that share our goal of promoting sustainable development projects in locations with great potential like Málaga. It allows us to launch our first project of flexible housing spaces that also addresses the lack of accommodation in Málaga TechPark, thus offering an opportunity to workers and companies in the area. Our project will be the first complete plan of flexible accommodation spaces in Málaga, which, from the beginning, was designed following ESG standards,” said Víctor Gómez, Development manager at Grupo Lar.
“Thanks to Arcano’s experience and track record and to the cooperation of such a high-level partner like Grupo Lar, I’m sure that we will promote the consolidation of Málaga TechPark, investing in a solid aparthotel project,” explains Eduardo Fernández-Cuesta, managing partner and head of Arcano Partners Real Estate.
ERDF funds
Grupo Lar, a Spanish company specialised in investment, development and management of real estate assets, signed an investment agreement with ‘Impacto Andalucía’ urban development fund in order to develop this project. Arcano Capital SGIIC, part of the financial consulting firm Arcano Partners, is responsible for managing this urban development fund.
These funds come from the ‘Andalucía ERDF 2014-2020’ ERDF program and from the Junta de Andalucía, which delegates the management of its investment to the European Investment Bank (EIB). The EIB has chosen Arcano Capital, the business area of asset management of Arcano Partners, to manage the investment of these funds.
About Grupo Lar
Grupo Lar is a Spanish company with a strong international vocation that is exclusively specialised in the real estate sector, a sector in which the company started operating and has been doing so for over 50 years. The company focuses on the investment, development and management of real estate assets with a strategy based on risk diversification, and the development of competitive advantages through strategic alliances and technological innovation. Grupo Lar is currently in six countries, has 11,456 housing units in development and a turnover of 3.443 billion euros at the end of 2022, as well as a workforce of over 250 workers.
About Arcano Partners
Arcano Partners was founded in 2003. It is a global, independent firm with more than 20 years of experience in financial consulting and asset management. Arcano currently has four areas of business:
- Alternative asset management, with more than €9.7 billion in management and consulting services since the company started operating in 2006, and with five different asset classes: Private Equity, Credit Strategies, Real Estate, Sustainable Infrastructures and Venture Capital. Arcano is committed to sustainability and responsible investment and it is one of the leading ESG asset managers.
- Investment Banking. It provides M&A advisory services, as well as refinancing, restructuring and capital markets services to companies from different sectors. Arcano has specialised teams in every sector and it also offers transversal technological/digital approach services.
- Arcano Research provides economic, real estate and market analyses, as well as geopolitical and technological analyses of both local and global trends. These analyses are useful for optimising the decision-making of companies, especially in environments of extreme uncertainty where mistakes are severe and can be mitigated with quality analysis.
- Arcano Asset & Capital Finance, an area of business that allows investors to participate in the creation of financing solutions of real and intangible assets, under a stable regulatory framework and a solid investment structure in terms of risk protection.
Arcano has a team of over 120 professionals of more than 16 different nationalities and with seven offices in Europe and in the United States. The company has become one of the leading independent firms in the European alternative financial market.