Pierre & Vacances Property Investments have announced that they are guaranteeing UK and Irish investors the choice of a 5% constant or 4.5% index-linked net return (except property tax) for up to 30 years, for their latest Spanish residential development, Terrazas, located in Manilva on the Costa del Sol.

Once complete, the development will consist of 328 one, two and three-bedroom apartments with large terraces ranging from 10 to 35 square metres, overlooking the Mediterranean and Gibraltar.

Nick Leach of Pierre & Vacances told PIN: " Investors are buying the freehold of the property and signing a commercial lease with Pierre & Vacances to manage and rent the property for them so the ownership status is secure from the beginning. As with any rental guarantee this guarantee is only as strong as the company making it. Pierre & Vacances are listed on the French stock market with an annual turnover of €1.2 billion. They guarantee the returns irrespective of occupancy with income generated form the 6.6 million tourist clients that stay at their 200+ resorts across Europe every year."