We continue our series of success stories with Urbanitae’s first crowdfunding operation in Cantabria, launched in July 2021. A residential development located in the Monte neighborhood (Santander), just 1.5 km from La Maruca Beach and less than 10 minutes from the center of the Cantabrian capital. The project, promoted by Grupo Tecniobras, involved the development of a promotion of 12 single-family homes. The houses (nine of them already reserved at the time of the project launch), with an average price of 340,000 euros, have 4 bedrooms distributed over two floors, a large private garden, and a basement with a garage. The promoter is a leading company in the residential field in Cantabria with more than 18 years of experience.
The operation was supported by a capital gains strategy, which consisted of an alliance with the promoter through a vehicle company – Chelsea Desarrollos Inmobiliarios S. L. – to carry out the promotion through a capital increase. Both the promoter and Urbanitae investors participated, with 153,000 euros from the promoter and 747,000 euros from platform investors, which financed the acquisition of the land. Subsequently, the developer resorted to bank credit for the development of the work through a developer mortgage loan.
Improved Profitability
The ticket (732,000 euros) was raised thanks to the participation of 332 Urbanitae investors. It was expected that once the operation was completed, the net profit for the investor would be 24% in approximately 24-26 months. Finally, profitability was compromised by an unforeseen increase in costs, so exceptionally the promoter negotiated a bonus to mitigate the effects of the margin loss. With this concession from Grupo Tecniobras, the total return of the project was raised to 28%, four points above expectations.
Keys to Success
The promoter, Grupo Tecniobras, is a company with a trajectory of more than two decades in which it has led more than 50 real estate projects in Cantabria, Asturias, and Galicia, consolidating itself as one of the leading companies in the promotion and construction sector in northern Spain. The project is located in a unique location, very close to the beach and the center of Santander. The Menéndez Pelayo International University and the University of Cantabria are located less than 3 km from the promotion. 64% of the homes were already reserved.
Despite having an unforeseen cost overrun in the execution of the work, the project was a success thanks to the promoter’s commitment to Urbanitae investors, who saw their investment compensated with improved profitability. The Chelsea project is not only a successful case of profitability, but it is also another example of how crowdfunding opens interesting liquidity channels for real estate operations and, at the same time, brings small investors closer to interesting investment opportunities.
Second Project with Grupo Tecniobras
Grupo Tecniobras again trusted crowdfunding and Urbanitae with the launch of a new operation in 2023, also in Santander. The Tesla project involved the development of a new residential promotion that includes 80 multi-family homes with 1, 2, and 3 bedrooms, 80 parking spaces, and 36 storage rooms, and a commercial space in the Peñacastillo neighborhood. If you have missed these two opportunities, do not wait any longer to become part of the Urbanitae investor network. You have all the information on our website, and for any questions, you can contact us at contacto@urbanitae.com or by phone at 911 23 25 22.
