Íbero Capital Management (Íbero CM) has become a property developer with the purchase of an abandoned residential project in the Valencian municipality of Canet d‘en Berenguer. The complex will comprise 228 apartments and the total investment will amount to €40 million, including the funds needed to complete the construction work.
Work on Residencial Gran Canet was suspended after the previous developer ran out of funding. The foundations have been laid and half a floor has been built. Íbero CM expects the homes to be delivered during the summer of 2022. They will represent the firm’s debut in the Valencian market, one of its target locations.