Altamar, KKR team up on €650m Costa del Sol development site

Spanish private equity firm Altamar Capital Partners has partnered with U.S.-based investor KKR and local developer Single Home to invest up to €450 million ($tk million) in the development of a luxury resort in Casares near Malaga, on the Spanish Costa del Sol region.

Single Home will maintain a majority stake in the joint venture, which will integrate the residential project with assets valued at more than €200 million ($227 million), and will invest more than €450 million ($511 million) in the coming years.

The project, Finca Cortesín, has an area of ​​215 hectares and has a hotel and a golf course. The residential project will will include a wide variety of villas and apartments that offer services to guests and panoramic views of the sea and the golf course.

KKR formalized its investment through its Real Estate Partners Europe fund, while Altamar tapped its vehicle society Olivo Residential Program SICC.