Business Update | August 2026 🗞️

404 Capital

404 Capital

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Business Update | August 2026 🗞️
Even our 404 backpack is tanning in August on the beach!

🔴 Platform & Operations ⚙️

  • August marks our eighth full month of operations. A quieter month given the Spanish holiday period, but the team remained fully operational and used the time well.
  • Our vertically-integrated model, combining investment management with in-house operational expertise, is starting to show its edge.

🏗️ Investments & Execution 🏢

  • Our first transaction, a student housing operation in Granada, is currently under exclusivity. We are structuring it as a club deal with a group of smaller private HNW investors rather than a single anchor. This is a deliberate decision: we want to build lasting relationships with (U)HNW capital, and the capability and tools to work with qualified private investors. The firm was partly founded with the long-term ambition of innovating on the fundraising front and allowing a broader universe of qualified investors to assess the same opportunities that large private equity funds unlock.
  • The team conducted a site visit to the asset in Granada with the architect and construction company, giving us greater confidence on the capex assumptions underpinning the deal.

☎️ Investor & Network Engagement 💰

  • Besides larger real estate funds and capital allocators, 404 works with a private circle of qualified investors.
  • We continue to build our network across the Spanish student housing sector, investors, operators and advisers alike, and welcome introductions.

🌎 September Trips 🧳

  • Big news! Vlad (Founder & CEO) is now permanently relocating from London to Madrid with his family from September and will be fully on the ground in Spain. This demonstrates a commitment to the strategy and the market, and the all-in approach that 404 sees as crucial for success. Good opportunities in Spain are not found, and good deals are not done, from a desk in London.
  • The team will also be in Granada in September.

This update is sent for information only. It is not an offer, invitation or inducement to invest in any security, fund or investment vehicle, and no investment opportunity is being offered through this communication.

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