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404 Capital

investment approach

Builders of real estate platforms. We identify supply-starved sectors, own the operational build, and run every link in the value chain from origination to operations.

Thesis-Led Sector Selection

We invest where supply is structurally short of demand. Sector selection is anchored in long-term demographic and economic shifts — not cyclical mispricing or short-term arbitrage. When we commit to a sector, we commit to building the operational platform to dominate it.

Vertical Integration

Every platform we build owns its full value chain — origination, repositioning, operations — under one roof. By owning the operating company alongside the assets, we control the operations, aligning our economics directly with our investors'.

Hyperlocal Origination & Operations

A hyperlocal network of expert agents, advisers, and partners gives us proprietary access to off-market opportunities and ground-level operational intelligence. We win through depth — going where local knowledge runs deep, where competition runs thin, and where pan-European investors focused on breadth cannot reach.

Institutional Discipline, Entrepreneurial Speed

Institutional underwriting standards. Disciplined governance. Founder-team decision-making. A focussed, technology-enabled team moves with the speed and conviction of an entrepreneurial operator, while applying the rigour of an institutional investor.

Our focus is Spain —
specifically, Spain's living sector through our first platform, Cuatro Living.

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