SOKAI, Spain’s first real estate investment vehicle specialising in the life sciences sector, backed by Quercus Investments and Columbus Venture Partners, has secured €64.5 million in funding to support the development of its life sciences hub in Illunbe, San Sebastián.
The financing includes €50.5 million in senior debt, led by Banco Sabadell, with the involvement of Abanca, Banca March, Laboral Kutxa, and the Basque Finance Institute (IVF, in Spanish).
The financial structure is completed by an additional €14 million tranche in subordinated financing provided by Buenavista NextGen Urbano, a vehicle established by Buenavista Equity Partners through its Infrastructure division. Buenavista was appointed by the European Investment Bank (EIB) as a financial intermediary to channel part of the resources from the Regional Resilience Fund, included in theSpanish Recovery, Transformation and Resilience Plan and financed by NextGeneration EU. These funds are aimed at supporting economically viable projects related to affordable housing, urban development and sustainable tourism.
The funds will be used primarily for the development and construction of SOKAI Gipuzkoa Hub, the platform’s flagship project in the expansion of the Euskadi Technology Park in Illunbe. The complex will cover over 64,000 square metres of built space on a 36,700 square metre plot, and will combine research laboratories, GMP suites, corporate offices, coworking spaces and areas dedicated to biotechnology and pharmaceutical companies, as well as businesses focused on medical innovation.
The total planned investment for the development is around €80 million, with the asset expected to be partially operational at the beginning of 2027. This financing represents one of the most significant recent financial closings in Spain’s life sciences sector. The market is attracting growing interest from financial institutions and institutional investors due to increasing demand for specialised real estate infrastructure related to biotechnology, healthcare and innovation.
Joaquín Campuzano, Partner at Quercus Investments, commented, “The completion of this financing marks a decisive step forward for SOKAI’s development and demonstrates the financial market’s confidence in the potential of specialised life sciences assets. The combination of traditional banking and institutional financing provides strong backing for the project.”
Javier García, founder and partner at Columbus Venture Partners, added, “The development of biotechnology and science companies requires highly specialised real estate adapted to the sector’s actual needs. This financing will help accelerate a project designed to attract innovation, talent and high-value-added scientific activity.”
Víctor Macías, Managing Partner of Financial Instruments at Buenavista Infrastructure, said, “It is particularly rewarding for us to contribute to the development of this project through our Buenavista NextGen Urbano fund, established in part to regenerate abandoned urban spaces, such as the former Illunbe shopping centre. We are also supporting the health innovation sector, which is a strategic priority for Buenavista Equity Partners.”
Juan Agut, Regional Director for Northern Corporate Banking at Banco Sabadell, commented, “It is extremely rewarding to have led the financing of such a transformational project for San Sebastián, which stands as an example of public-private collaboration. We feel a strong connection to the region and are proud to support our clients in impactful projects that generate wealth and quality employment.”
SOKAI is promoted by Quercus Investments and Columbus Venture Partners as part of a strategy focused on developing specialised life sciences hubs in Spain. The platform currently has projects underway in San Sebastián, Madrid and Granada.
Advisors
For SOKAI: EY
For Buenavista Equity Partners: EY Madrid
For Sabadell: Gómez-Acebo & Pombo
About Buenavista Equity Partners (www.buenavistaequity.com)
Buenavista Equity Partners is an independent management company established in 1996, operating in the middle-market segment. It currently manages more than €1.3 billion through various private equity, infrastructure and venture capital vehicles. Buenavista Infrastructure is the division of Buenavista Equity Partners specialising in infrastructure asset management, with €450 million in assets under management. Its Financial Instruments team has an extensive track record, having managed, since 2011 and by appointment of the EIB, funds from European institutions focused on projects that promote sustainable urban development and energy efficiency
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