404 Business Update | September 2026 🗞️

404 Capital

404 Capital

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404 Business Update | September 2026 🗞️

🔴 Platform & Operations ⚙️

  • September marks our ninth full month of operations and the first with 66% of the team permanently on the ground in Spain. The difference is already visible: more meetings, faster follow-ups and a stronger local network.
  • Nacho Ambel joined Cuatro Urban Living as Head of Operations on 1 October. With over 20 years in student housing and hospitality operations in Spain, his arrival marks the start of the operational set-up of the platform: processes, the Cuatro app and website, and conversations with operators of residences Cuatro could manage.

🏗️ Investments & Execution 🏢

  • Granada moved from diligence to execution, with strong support from our investor network. We held constructive meetings with the heritage authorities and the city council and agreed a clear route to the works licence, and the financing workstream is underway with several lenders.
  • The strongest month of deal sourcing this year: 18 new opportunities received, with the active pipeline more than doubling to over €100M across Madrid, Valencia, Bilbao, Alicante and Cádiz. New sourcing channels are opening up as the platform becomes more visible in the market.
  • Alongside acquisitions, we are increasingly looking at operational contracts: taking over the management of existing residences where owners want a specialist operator but are not looking to sell. In Valencia, we have proposed to the owners of an asset we had been analysing for acquisition that Cuatro operates it under a management agreement instead. Where a purchase does not work, an operating structure often can, and it lets us grow beds under the Cuatro brand with far less capital.

☎️ Investor & Network Engagement 💰

  • Investor conversations resumed after the summer and centred on Granada. Feedback continues to focus on execution rather than strategy, which is exactly where we want the conversation to be. We continue to build our network across the Spanish student housing sector and welcome introductions to HNW investors, family offices and investment funds.

🌎 October 🧳

  • Besides Madrid and London, the team will also be in Barcelona, Granada and Seville in October. Please reach out if you’d like to connect.

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