New project with Mia Domo in Barcelona!
We’re excited to present a new investment opportunity in a residential new-build project. This time, it’s another collaboration with Mia Domo, a developer we’ve partnered with three times before. You can invest in this project starting Tuesday, December 10, at 4:00 PM (UTC+1), with a maximum investment of €10,000. Here’s everything you need to know.
The Mia Nova project involves the development of a new-build complex of 31 residential units in Vilanova i la Geltrú, Barcelona. The properties come with options for garages and storage rooms, and the community features shared amenities, including a swimming pool and landscaped areas. The project is located in Vilanova’s prime residential area, home to the city’s latest new-build developments.
Vilanova i la Geltrú is a coastal city that offers a wide range of services, excellent connectivity to Barcelona, and a pleasant environment. It’s known for its beaches, marina, and robust infrastructure, making it an ideal location for both primary and secondary residences. The city is just 25 minutes from Barcelona and its airport and 30 minutes from Tarragona.
We’ve had prior experience with Mia Domo across three projects. Notably, one of these – Mia Garden – was successfully completed, delivering investors an IRR of 10.3%. Mia Domo is led by a team with over 20 years of experience in real estate development, having contributed to the construction of more than 10,000 homes across Spain.
Building permit requested in June 2024
The Mia Nova project follows a capital gains strategy, meaning Urbanitae investors will partner with the developer to complete the 31-unit development in Vilanova i la Geltrú. The €940,000 contributed by Urbanitae investors will fund the acquisition of the development site – which will be transferred debt-free – and cover project costs until bank financing is secured.
The building permit was requested in June 2024, with approval expected in the first quarter of 2025. On the commercial side, 10 reservations (32%) have already been signed for the 31 units in the project since June. Purchase contracts will be finalized following the developer loan’s approval and in parallel with the start of construction, scheduled for the first or second quarter of 2025.
The developer will oversee the entire project and act as an investor, contributing 15% of the total project capital. An additional 33% of the capital will come from investors sourced by Mia Domo.
You can learn more about the project in this video:
Returns in 24-28 months
The project timeline is estimated at 24-28 months. According to the business plan, construction is set to begin between Q1 and Q2 2025 and will be completed by Q3 or Q4 2026. The dissolution of the project company and distribution of profits to investors are planned for Q4 2026 or Q1 2027.
A remuneration structure has been agreed upon to incentivize the developer to adhere to the proposed business plan. Once all shareholders’ initial capital contributions are returned, Urbanitae investors and Mia Domo investors will receive a preferred return equivalent to a net IRR (after corporate tax) of 9.6%. Further details about this structure can be found in the Mia Nova project brief.
As with any capital gains project, regulatory restrictions (CNMV) prevent us from disclosing an estimated return figure. However, you can calculate this return using the information in the project brief and the following formula:
(Projected Revenue – Estimated Costs) / Total Equity
Got questions?
Join our webinar on Thursday, December 5, at 6:00 PM (UTC+1) to ask questions about the project. You can also reach us via email at contacto@urbanitae.com or by phone at (+34) 911 23 25 22.
We look forward to seeing you!