The investment strategy of the Partnership consists on: 

The acquisition of real estate assets linked to tourism and leisure, such as hotels, tourist apartments, short-term serviced apartments and agro-tourism leisure centers, located in Europe (mainly in Spain, Andorra and Portugal). 

The Eligible Assets must be subject to a RICS type real estate valuation, following the standards offered by this international organization or a similar appraisals conducted by an independent expert and supervised by an appraisal company approved by the Bank of Spain, under the provisions of Ministerial Order ECO 805/2003.

The Investment Manager will aim at purchasing the Eligible Assets at a price below the market value (maximum half of the current assessment value, plus property management fees for 2 (two) years and purchase intermediation fees). 

The Partnership will then value them and sell them within a maximum period of 2 (two) years from the date of purchase. 

Due to the type of property targeted and its characteristics, the Partnership may find itself with the possibility of seizure of its assets (by a state, regional administration, bank, etc.). 

Such assets may have as their first rank charge a bank mortgage (or other types of similar charge). In this case, the option would consist of purchasing the bank mortgage (or other charge) and seizing the property, which would the acquisition of a property at a very advantageous price. 

Then the Partnership would continue the same valuation and sale process described above. 

More generally, the Partnership may carry out all activities linked directly or indirectly to, and deemed useful and necessary for the accomplishment of its object remaining always within the limitations set forth by the AIFM Law.

Eligible Assets:

The Partnership will invest in the following Eligible Assets:

- Real estate assets
- Mortgage back securities related to real estate assets.
- Loans collateralized by real estate assets.
 

In the case, of excess liquidities either temporarily or permanent, the Partnership shall invest such funds in the following eligible assets:

- Investment grade sovereign bonds and obligations,
- Investment grade corporate bonds,
- Money market instruments,
- Gold denominated assets including physical gold.

Eligible Investors

Any investor who is considered, or may be treated on request, as a Professional Client as defined in MIFID, the Markets in Financial Instruments Directive (EU Directive 2014/65/UE). 

The General Partner is authorized to accept or reject any Limited Partner at its own discretion.

Partnership Maximum Size:

EUR 100.000.000,00 or equivalent in other currencies

Minimum Commitment by Limited Partners

The minimum amount of subscription of Interests per investor is EUR 20.000,00. 

The minimum amount of subscription may be waived at the sole discretion of the General Partner.