Public debate on housing in Spain is often dominated by polarization and media immediacy, hesitating between alarm over structural supply deficits and controversy surrounding price-control measures. However, a rigorous analysis of the real estate sector requires stepping away from short-term noise to evaluate the underlying dynamics reshaping the
🔴 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 &
🔴 Platform & Operations ⚙️ * We continue working hard to progress the development of our first student housing operational platform in Spain – Cuatro Urban Living. With the ownership of an in-house operator, we have deliberately added to our investment management expertise an operational one. The aim is to deliver investors a
Spain's 2023 housing law reset the economics of residential rental. Institutional PBSA sits outside it — not through a loophole, but through a contract structure that is long-established and widely used. It is the most underpriced feature of the asset class, and the one that has to be
🔴 Platform & Operations ⚙️ * June marks our sixth full month of operations — the shift from strategy formation to execution is now firmly underway. The Cuatro Urban Living platform is taking shape. * We continue building out our technological processes, including Alpha Maps. We have posted a walk-through video of the AI-
Private capital tends to follow public capital with a lag. The handful of listed student-housing names left in Europe are pricing the next leg of the PBSA cycle now — and once you decode the appraisal lag, the read for European and Spanish private assets is largely determined. Across this
🔴 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
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
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
🔴 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
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’
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
🔴 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
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
A brief snapshot of our progress in the first month of 2026. Platform & finance * Finalised core corporate, legal and finance documentation. Investments & diligence * Reviewed 15 opportunities across the UK, Spain, Portugal and Germany; advanced 5 into deeper diligence. * Began evaluation of 2 potential operating platform investments across the
A 404 Capital outlook report on real estate in the UK and Iberia. Where the cycle sits, what is changing, and what we are watching into 2026.
Executive Summary There has been a lot of negative publicity about the UK’s Autumn Budget announced on 26 November 2025. However, it’s important to strip out the noise and focus on the key changes and their impact on the UK property market and real estate investment landscape. Having