Business Update | April 2026 🗞️

404 Capital

404 Capital

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Business Update | April 2026 🗞️
A beautiful morning in Barcelona.

🔴 Platform & Operations ⚙️

  • April marks our fourth full month of operations. Core infrastructure is firmly in place — the focus this month has been on advancing our Spain strategy and progressing key operational workstreams.
  • We refreshed our website (check it out: 404capital.io) in line with our evolving strategy — reflecting our focus on building real estate platforms rather than simply deploying capital.
  • We continue building out our technological processes and growing our team to support them. We were pleased to onboard Max Okunev as Investment & Technology Consultant, strengthening our analytical and AI capabilities.
  • In line with our commitment to innovation, we are developing an AI-based deal sourcing and market mapping tool to support our investment process in Spain.

🏗️ Investments & Execution 🏢

  • We have sharpened our Spain thesis to a flex living strategy for students and young professionals — building on the PBSA conviction established in Q1-26. As part of this, we are pleased to have secured a highly experienced Head of Operations hire for our Cuatro Living platform in Spain.
  • The team has been on the ground across Madrid, Valencia, Barcelona and Girona this month — exploring local student housing markets, meeting advisors, architects, brokers and partners, with several assets now advancing to detailed underwriting.
  • Reviewed 12 opportunities across Spain in April (combined value: ~€80M), with 3 currently under active review in Spain.

☎️ Investor & Network Engagement 💰

  • April's focus was firmly on strategy formation rather than formal LP outreach — a deliberate pause ahead of launching our full investor programme in May.
  • That said, we held a number of encouraging informal conversations with institutional investors and family offices across Europe, generating early interest in the Cuatro Living strategy.
  • We continue building our investor database and welcome introductions to LPs with appetite for flex living for students and young professionals in Spain for well-located assets of c. 80-120 beds.

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