New project with RTV Grupo Inmobiliario in Barcelona!
On Monday, November 4th at 4 p.m. (UTC+1), we are opening a new investment opportunity. This time, it’s a new project with RTV Grupo Inmobiliario, with whom we have already worked six times. We are also returning to Cornellá de Llobregat, very close to the Residencial Priorat project. Here are all the details.
The Soler i Cortada project consists of developing a new residential complex with 33 two-, three-, and four-bedroom apartments located in Cornellá de Llobregat, with communal areas and parking. The project is less than 300 meters from Residencial Priorat, another development by RTV Grupo Inmobiliario that we financed on October 11th and which already has over 60% of its units reserved.
This is also a well-located residential area, surrounded by green spaces and amenities in the Fontsanta neighborhood of Cornellá. The development will be only 100 meters from the Fontsanta station of the Trambaix (tram), providing easy access to the center of Barcelona in less than 30 minutes.
As for the developer, RTV Grupo Inmobiliario is a family-owned company founded in 1999. It has developed over twenty residential projects and delivered more than 400 homes, mainly in Barcelona and surrounding areas, as well as on the island of Ibiza. Additionally, the company has advised on the purchase and sale of real estate assets valued at over 600 million euros. This is the seventh project that we have financed with RTV on Urbanitae.
Building permit requested
The Soler i Cortada project follows a capital gains strategy, which involves partnering with the developer for the promotion’s development. Urbanitae investors will contribute a total of 2,610,000 euros. This investment will go toward purchasing the plot and covering initial project costs until the developer loan is granted.
Currently, RTV has an offer from a bank to finance the development, which also includes a land loan tranche that will allow investors to recover part of their committed capital before the project’s final liquidation, thus improving the annualized return on investment. The developer is also contributing its own capital.
Although the project does not yet have a permit, it has been requested, and we expect it to be granted between Q4 2024 and Q1 2025. Notably, RTV has recent experience with the Residencial Priorat project, which received its construction permit just a few days ago.
The project’s sales phase has not yet started, so there are no pre-sales. However, the developer has successfully sold over 60% of the units in the Residencial Priorat project, which is currently underway and consists of 68 homes of similar quality to those in the Soler i Cortada Project, so they have first-hand knowledge of the market.
In this video, our Real Estate Director, Sergio Arana, explains the key aspects of the project together with the developer.
Returns expected in 28-32 months
As with all our capital gains projects, regulations prevent us from providing the estimated returns upfront. However, they can be calculated from the project’s factsheet using the following formula:
(Expected Revenues – Estimated Costs) / Total Equity
The estimated timeline for this project is 28-32 months. The land acquisition is expected to be completed by the end of the year. Construction should begin between Q1 and Q2 2025 and finish between Q4 2026 and Q1 2027. Starting in April 2027, the company will be liquidated, and profits will be distributed to investors in proportion to their contribution.
Do you have questions? We will host a webinar on Thursday, October 31st at 12 p.m. (UTC+1) with the developer, where you can ask any questions you may have about the project. You can also reach us by phone at (+34) 911 23 25 22 or at contacto@urbanitae.com. We look forward to seeing you!