Business Update | March 2026 🗞️

Madrid is ready, and we are too!

🔴 Platform & Operations ⚙️

We continue building out our technological processes and managing our regulatory requirements in the UK.
Pleased to welcome a talented graduate for a work shadowing placement in our London office in the last week of March.

🏗️ Investments & Execution 🏢

Reviewed 19 opportunities across the UK and Spain this month (combined value: ~£300M), advancing 3 to active review status.
Formally selected Purpose-Built Student Accommodation (PBSA) as our Spain investment thesis — a conviction-driven decision anchored in Spain's chronic undersupply of quality student housing relative to its university population. To support this, we have initiated a search for a Head of Operations based in Madrid.
Alberto (CFO & COO) completed a first site visit to Madrid in the week of 16 March — productive sessions with local advisors, architects and brokers.
In the UK, we continue assessing flex / co-living / PBSA opportunities in London.

☎️ Investor & Network Engagement 💰

Held 28 investor/operator/broker calls or in-person meetings.
Vlad (Founder & CEO) attended MIPIM in Cannes (10–11 March) — unlocking and strengthening relationships with capital sources, lenders, brokers and advisors across Europe.
We continue to build our investor database and welcome introductions to LPs with appetite for PBSA and flex living strategies in Spain and the UK.

🌎 April Trips 🧳

Vlad and Alberto will both be in Madrid 🇪🇸 the week of 6 April — please reach out if you'd like to connect.

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! 🎉