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 an initial share capital of NOK 18,6 mill (some € 2 mill.), the holding company has acquired a 13,000 m2 plot in the historic village of Mijas Pueblo, Costa del Sol. The total building size is 6,000 m2, gross, including terraces and garages, and IPI expects to build 5 villas 16 town houses and 2 semi-detached houses. Completion of construction and sales is expected to take about 2 ½ years. The project costs 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, Spain
Together with the Miraflores Group, we have recently purchased all the shares of the Boule Club, which constitutes a plot of 6,338 m2. We plan to build an apart-hotel complex with 72 freehold apartments of 68 m2 each and an office facility of 510 m2. Completion of the new facilities will take 30 to 36 months. The capital infusion of € 900 000, in order to cover costs and take the project to the construction stage, is expected to take place in mid-November 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.