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Investment group buys 430 holiday apartments in Estepona for 32 million euros

Holiday apartments in the Valle Romano area, Estepona.
Holiday apartments in the Valle Romano area, Estepona. / SUR
  • Of the total acquired by HIG Capital, 290 are managed by the Meliá group, which could take over the rest of the properties.

The investment group HIG Capital has bought 430 tourist apartments in the Valle Romano area, on the west side of Estepona. The property deal, valued by sources close to the transaction at 32 million euros, also includes 390 garage spaces, storerooms and 12 business premises.

According to one of the firms that acted as an adviser in the transaction, Carlton Group, the properties purchased by HIG amount to the equivalent of 46,000 square metres and come with facilities such as swimming pools, gym, restaurants and padel courts.

Of the 430 apartments purchased, 290 are currently managed by the Meliá group under the name Tryp Estepona Valle Romano Golf. The property deal, however, paves the way for the rest of the properties to be managed by Meliá in the future.

The buildings, 18 four-storey blocks, are located next to a 60-hectare golf course.

The managing director of HIG in London, Riccardo Dallolio, pointed out that this is the firm's seventh investment in Spain in the last three years, describing this country as "a key area for our European strategy".

He also explained that the group continues to seek more small and medium scale investment opportunities to increase the presence of HIG in this market.

Just one year ago, after a 20-year wait, Valle Romano started to carry out urbanisation work to improve road links and utilities for the houses and apartment blocks that are being built in this area of real estate expansion.