Mijas Garden, Spain
IPI Group, together with investor friends, has recently founded Mijas Garden AS, a Norwegian holding company, dedicated to Spanish real estate investments. With a share capital of NOK 18,6 mill (some € 2 mill.) it has acquires a 13,000 m2 plot in the historic village of Mijas, Costa del Sol. The total building volume is 5,500 m2, gross, including terraces and garages, and IPI expects to build more than 20 villas and town houses. Completion of construction and sales is expected to take about 3 years. The project will be financed with equity, loan from a local bank, and pre- sales of some of the units.
The property is located on Costa del Sol, which comprises the south and the southeast parts of the Mediterranean coast; one of the most favorite vacation spots for North European tourists. The project will be eco-friendly, built to Scandinavian qualities, in beautiful surroundings and with a fantastic views over the crystal clear Mediterranean Sea.
IPI Eco Developers SL, Malaga, is in charge of the development process.
Plaza Miraflores, Costa del Sol
Together with the Miraflores Group, we have recently purchased all the shares of a Boule club, which owes a 6,000 m2 of land located in the center of the Miraflores 1 300 units leisure community in Mijas Costa. The general plan allows for construction of an apartment hotel with 78 one-bed freehold apartments and offices, and this will be operated by the Miraflores Group. Completion of the new facilities will take 30 to 36 months from start of construction, expected early 2018. We will invite investors to join in autumn 2017.
Gran Canaria, Spain
As advisors to the Spanish hotel owners and property developers Sanchez/Sonnenland Group, IPI has spent over six years on their project Arguineguin Park, Gran Canaria, Canary Islands. The project will consist of some 250 apartments in 14 blocks, located in one of the islands’ most popular destinations for holiday makers and longer-term residents. Construction started in April 2017 and completion is expected three years later. The owners have not yet decided whether to sell off-plan or operate the apartment themselves as letting units.
Ownership of the apartments will be in private hands, and IPI will be offering some of the blocks to its investors. The apartments will be let on contracts managed by a well-known hotel/leisure group and are expected to provide a good return on cash invested.