We have a new project! This time, we’re heading to Getafe to develop 14 multi-family homes with one of our most successful developers. You can invest next Wednesday, June 12 at 4 PM. Interested?
The Batres project is the fourth we’re undertaking with Fenext (formerly Carpio Capital). This developer is currently working on the Cervantes project, financed through our platform. Fenext has also returned two projects with Urbanitae in Cádiz, Pinares I and Pinares II, which average an IRR of over 21%.
This time we’re going to Getafe to purchase an existing building, demolish it, and construct a residential development. Specifically, we’re talking about 14 multi-family homes with 1 and 2 bedrooms, each around 85 square meters. The homes, with optional garage spaces, will be equipped with aerothermal energy and will have an energy rating of B. The Batres project is located in the center of Getafe, in a well-established area surrounded by parks, various services, and well-connected.
Fenext‘s track record with Urbanitae is well-known. This developer has a solid reputation and extensive national and international experience.
50% reservations
The Batres project has a capital gains strategy. This means that Urbanitae investors and the developer partner to carry out the project. Specifically, Urbanitae investors will contribute a total of €792,500 to purchase the building, which is about 90% of the total capital. Fenext, which has signed a purchase contract for the asset and paid 11% of the price, contributes the remaining 10%.
One of the strengths of the project is that it already has a valid building permit, which greatly reduces the timeline risk. Additionally, 7 out of the 14 homes are reserved, with signed contracts and reservation deposits paid. This means that the commercial risk is also limited. Conditions are also set for the developer loan. In fact, terms have already been agreed upon with a top-tier financial institution.
Return in 24-28 months
As with all capital gains projects, we cannot provide specific return figures. However, you can estimate our projection using the project sheet numbers: (forecast income – estimated costs) / total equity.
The Batres project timeline is estimated at 24-28 months. Therefore, construction is expected to start in the first quarter of 2025 and end between the second and third quarters of 2026. The liquidation of the company and the distribution of profits to Urbanitae investors would occur in the fourth quarter of 2026, according to the business plan.
In this video, the developer and our CEO, Diego Bestard, explain the project details.
In any case, you can ask your questions in the webinar we will hold with the developer next Tuesday, June 11th at 12:00 PM. Additionally, you can contact us anytime at contacto@urbanitae.com and at (+34) 911 23 25 22. Don’t miss the opportunity to invest in Getafe with a license and 50% reservations.
