Mijas Garden, Spain
In 2016, IPI Group, together with investor friends, founded Mijas Garden AS, a Norwegian holding company. With an equity of NOK 18,6 mill (some € 2 mill.), the 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 12 villas. After an unexpectedly long planning process, we expect construction to start in late summer 2019, completion of construction and sales is expected to take about 1 ½ 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 southeast parts of the Mediterranean coast; one of the most popular vacation spots for North European tourists. The project will be eco-friendly, built to Scandinavian qualities, in beautiful surroundings and with fantastic views over the crystal clear Mediterranean Sea.
IPI Eco Developers SL, Malaga, is in charge of the development process.
Mijas Garden Website
Plaza Miraflores, Spain
In 2017, IPI Group together with the prominent Spanish Miraflores Group purchased all the shares of a boule club, which owned a plot of 6,338 m2. The land is located in the 350 000 m2 Miraflores complex, on Mijas Costa, Costa del Sol. Plans are for an apart-hotel complex with 36 freehold apartments, sport and wellness club and an office facility. The Norwegian holding company PM Norge AS, managed by IPI AS, is the major shareholder. of the owning company, re-named Plaza Miraflores SL. Local government approval is expected in the spring of 2019, and the project will then be marketed for sale.
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.