Business Update | May 2026 🗞️

Valencia city centre from the plane.

🔴 Platform & Operations ⚙️

May marks our fifth full month of operations and a decisive shift — from strategy formation to execution. The Cuatro Living (“Cuatro”) platform in Spain is now the sole focus.
We continue building out our technological processes and managing our regulatory requirements. As part of this, we are building one of the most innovative tech stacks for deal sourcing and market research in the Spanish student flex living space.
We are in the process of incorporating our Cuatro vehicle in Spain — a key structural step as we move from platform formation to active deployment.

🏗️ Investments & Execution 🏢

Deal sourcing accelerated materially in May — we are currently reviewing 4–5 very interesting value-add investments across Madrid, Valencia, Barcelona and Granada. We target off-market buildings for conversion to student flex living — offices, residential blocks, hotels or land plots — of c. 2,000–4,000 sqm in well-connected locations near universities. If you have something that fits, drop us a message.
The team visited Madrid and Valencia in May to tour a number of assets that could fit the Cuatro strategy — productive on-the-ground sessions with local brokers, partners and vendors.

☎️ Investor & Network Engagement 💰

With the strategy settled, investor relations resumed as a formal priority in May. The Cuatro Living presentation and financial model were completed and investor meetings commenced mid-month.
50+ investors have been approached to date — generating encouraging early engagement across Spanish family offices and London-based real estate private equity firms.
The feedback on the unique Cuatro Living positioning has been positive — investors appreciate the city-central, very differentiated approach to student flex living.
We are looking to deploy €100M over the next 18 months into our strategy. We continue building our investor database and welcome introductions to LPs with appetite for flex living for students and young professionals in Spain.

🌎 June Trips 🧳

The team will be in Madrid and across several Spanish cities mid-June 🇪🇸 — please reach out if you'd like to connect.

PBSA Series: What the listed market already knows

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Spanish PBSA Series: Built for scale, missing the centre

Five institutional platforms run c. 40,000 beds across Spain. The model they share — scale-driven, outskirts-located, and almost always ground-up — leaves a specific central premium segment structurally unoccupied. This is the third piece in 404 Capital's series on Spanish PBSA. The first set out the

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

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

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PBSA Series: What the listed market already knows

Spanish PBSA Series: Built for scale, missing the centre

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

Business Update | April 2026 🗞️