Business Update | February 2026 🗞️

Dark long days but there is light at the end of the tunnel.

Platform & Finance ⚙️

Progressed core operating (legal and accounting service partners) and regulatory setup (FCA compliance).
Set up internal tech work streams and tested various AI tools. We strive for 404 to be an innovative real estate investment management firm.

Investments & Execution 🏗️ 🏢

Following January’s five opportunities moving into deeper diligence, we advanced one priority transaction with the aim of being in a position to submit an offer — coordinating key workstreams across equity, debt, advisors and consultants.
Continued preparing our Spain investment strategy, including deeper work across priority themes and sector focus.

Investor & Network Engagement 💰☎️

Held 48 investor/operator/broker calls or in-person meetings.
Continued expanding our investor database and welcome further capital introductions to the 404 platform.
Have attended the ULI UK Capital Markets Roundtable and ULI UK Annual Conference.

March Trips 🌎

Vlad (Founder & CEO) will be in Cannes 🇫🇷 for MIPIM (10–12 March 2026) — please reach out to connect.
Alberto (CFO & COO) will be in Madrid 🇪🇸 (16–19 March) — likewise, reach out if you’d like to meet.

Spanish PBSA Series: Sub-markets – where Spanish PBSA returns are actually earned

A national provision rate of 8% is the headline 0. The returns are in the gaps between the national average and the specific district-level conditions that drive PBSA economics. This is part of 404 Capital’s series on Spanish PBSA. In our first piece we set out the national thesis

Business Update | April 2026 🗞️

🔴 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

Spain PBSA: The most capitalised undersupplied market in Continental Europe

Why Spain sits near the top of institutional PBSA allocations going into 2026 — and what the numbers actually say. This is the first piece in a 404 Capital series on Spanish PBSA. In subsequent posts, we will cover the regulatory structure that distinguishes Spanish PBSA from residential rental, Spanish cities’

New Addition to the Team! 🎉

Excited to welcome Max Okunev to 404 Capital as Investment & Technology Consultant! Max will be focused on building out an AI toolkit to analyse the Spanish PBSA market — supporting our investment strategy as we continue to develop our presence in Spain. At 404, we want to be at the

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Spanish PBSA Series: Sub-markets – where Spanish PBSA returns are actually earned

Business Update | April 2026 🗞️

Spain PBSA: The most capitalised undersupplied market in Continental Europe

New Addition to the Team! 🎉