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We present Project Auria, a new debt project to finance the development of two assets in Galicia, in Ourense and Cangas. The operation offers a fixed annual return of 10.5%, with a loan amount of up to €1,010,000 in a single tranche.
- Webinar: Friday, December 26 at 12:00 (UTC+1)
- Opening: Monday, December 29 at 12:00 (UTC+1)
Two assets in Ourense and Cangas
Project Auria consists of granting a loan to partially finance the change of use from commercial to residential and the renovation costs of two assets:
In Ourense, the project involves converting an office mezzanine into residential units to develop 8 apartments with 1 and 2 bedrooms on Rúa Valle Inclán 1. The license for change of use and major renovation was granted in November 2025, and work is expected to begin after the asset purchase, with an estimated duration of 12 months. Marketing is planned after the purchase.
In Cangas (Pontevedra), a commercial space is being converted into residential units to build 3 apartments with 1 and 2 bedrooms on Avenida Ourense 19. The asset was acquired in July 2024, the license was granted in November 2024, and construction — started in July 2025 — is approximately 50% complete, with an estimated 6 months until completion. Currently, the development has 2 of the 3 units sold.
A local manager with experience in renovations and change of use
The manager of Project Auria is Ledicia Real Estate, a Galician real estate group founded in 2022 by professionals with more than 20 years of experience in the real estate and financial sectors. In recent years, it has specialized in full renovations of residential buildings, change of use projects, and value-added opportunities in Galicia.
Loan structure
The operation is structured through debt, by granting a mortgage loan committed in a single tranche, for an amount of up to €1,010,000, fully financed by Urbanitae investors. The loan offers a fixed simple annual interest rate of 10.5%, with a term of 18 months and a possible extension of 6 months. Principal and interest will be paid at maturity, with a minimum guaranteed return equivalent to 12 months of interest.
The portion of the loan allocated to finance renovations will be disbursed through monthly certifications, validated by an independent Project Monitor. Full early repayment is allowed at any time, respecting the indicated minimum return.
Project guarantees
The loan will have several guarantees for investors:
- First-rank mortgage on the assets.
- First-rank pledge on the shares and bank accounts of the special purpose vehicle.
- Cash sweep of future income generated from sales.
When will I recover my investment?
The estimated term of Project Auria is 18 months, with a possible 6-month extension at month 18. The planned schedule includes:
- January 2026: loan grant and completion of the purchase of the Ourense asset.
- First quarter of 2026: start of renovation work and marketing in Ourense and continuation of work in Cangas.
- Second quarter of 2026: completion of construction and delivery of units in Cangas.
- Second quarter of 2027: completion of construction and delivery of units in Ourense and loan repayment.
In this video, we explain the key points of the project.
Key factors to invest
Here is a summary of the strengths of Project Auria:
- Two assets in Ourense and Cangas, with change of use to residential and full renovation.
- Change of use and construction licenses granted for both projects.
- Commercial traction in Cangas, with 2 of 3 units sold and 50% of construction completed.
- Fixed annual return of 10.5%, with minimum return equivalent to 12 months of interest.
- First-rank mortgage guarantee and a package of guarantees associated with the loan.
- Marketing managed through the group’s real estate agency.
If you have any questions about Project Auria, you can ask them during the webinar on Friday, December 26, or write to us at contact@urbanitae.com or call us directly at (+34) 911 23 25 22.
