The management company AX Partners is going to start its first major investment in Sitges: a development of 28 luxury villas in Cala Blanca (Sitges) valued at 60 million euros, which will be marketed by Berkshire Hataway Home Services, the real estate company that formed Warren's company Buffet and the Rabassa group.
Aleix Recasens, managing partner of the manager, specializing in private equity funds that invest in property development, explains that the firm already has investment commitments of 50 million euros from 300 investors, who make contributions of more than 100,000 euros. Recasens founded the company just over a year ago with Alex Bové, both from the private banking sector, realizing that investors not only wanted financial products or venture capital but also to incorporate real estate investment into their portfolios. “We used to invest our own money together in renovation projects in Barcelona, and we decided to create a company to manage third-party funds,” he says. The company has already invested 12 million euros in building luxury villas in Eivissa and Formentera, another million in a single-family home in Golf Sant Cugat, and is now starting the Sitges project, in whose construction it plans to invest another 20 million.
AX Partners, explains Recasens, focuses on building luxury single-family homes, mainly aimed at foreign buyers. “After the pandemic, teleworking has skyrocketed, and many businessmen or senior managers work in European capitals from Tuesday to Thursday while they have their family here,” he explains. The partnership with Berkshire Hataway Home Services is intended to boost sales among US buyers. "There are daily direct flights to many cities in the United States, and with the euro exchange rate, many investors are considering selling their properties in America and buying here, since they would obtain more profitability with the rental," says Lluís Rabassa, general director of the American real estate agency in Barcelona.
AX Partners has entrusted Standal with the construction of the development, in the Vallpineda urbanization, opposite the British School of Sitges, and will build passive houses with luxury finishes and a starting price of two million euros. The promotion will have common concierge, security, leisure, swimming pool and restaurant services and a sports complex. "We are now beginning the first phase, with 12 homes: we hope to have the pilot villa ready in September and the first ones finished in December," says Recasens.