Record-breaking October at Urbanitae: over 24 million euros funded!
We closed the tenth month of the year with our best financing figures to date, totaling slightly more than 24.5 million euros, including the Golf Terraces project, funded just today.
Equity projects took center stage at Urbanitae in October, consistent with our historical trend. However, there was also room for rental projects. On October 1st, we completed the funding for Local Comercial Palma, our fifth project with Rubica Real Estate, involving the purchase of a commercial property in the Mallorcan capital leased to the Rossmann drugstore chain.
Following this, we financed four value-added projects, totaling nearly 12 million euros. We partnered again with Grupo Abauco to develop a residential complex with between 22 and 24 homes on Calle López de Hoyos in Madrid. Additionally, we returned to Portugal to fund a luxury residential project in Lisbon with Vogue Homes: 22 multi-family homes with gardens, private terraces, and rooftop pools.
First project in France
October was also significant due to our entry into France. The Marjolin project marks our expansion into the largest real estate crowdfunding market in Europe. The operation involved the purchase of an office building in Levallois-Perret, close to Paris. An ambitious venture, we invested 2.5 million euros alongside a French bank and additional investors to maximize the property’s return and sell it within three years.
With RTV Grupo Inmobiliario, we financed another residential project in Barcelona, our eighth in the province, where we’ve now exceeded 14 million euros in real estate investments. With a 2.9 million euro ticket size, Residencial Priorat entails developing a complex of 68 homes in Cornellà de Llobregat, which has recently obtained its building permit.
€10 million in minutes
One of the highlights of the month was, undoubtedly, the funding of two projects worth 5 million euros each, within less than five days. These projects are Balcón del Sur and Ribera del Pinar, both located in Navalcarnero and featuring affordable housing units. Both developments are managed by Urbanismo y Gestión, a company with nearly 40 years of experience in the sector.
Located near each other, the projects—featuring 144 and 268 homes, the largest ever financed through Urbanitae—attracted high interest from our investor base. In just minutes, nearly 1,900 investors contributed the five million euros required for the Balcón del Sur loan. A few days later, we broke our investor record, with more than 2,300 participants in the debt financing—also set at 5 million euros, the maximum amount permitted by law—for Ribera del Pinar.
Over €50 million in returns
In October, we also completed the return of three projects to our investors. The first, Montesano, closed with a final IRR of over 22%, as the developer—Viviz—repaid the loan three months ahead of schedule. We would like to remind investors that for debt projects, the IRR is calculated from the loan’s formalization date.
We also returned investments from a Grupanxon project, the twelfth in our lineup. As usual, the results were in line with our estimates, although there was a one-month delay, offset in the total returns and IRR. Finally, we completed the return for General Cabrera, with a delay of four months and a final IRR of 12.1%, nine-tenths below our estimate.
Everything suggests that the end of the year will be even more eventful at Urbanitae. If you haven’t invested with us yet, your next opportunity is on Monday, November 5. We look forward to seeing you there!