New Project! 12% Annual Returns in Málaga

At Urbanitae we’re launching a new debt opportunity in Málaga: Project Cortijo Merino—a chance to invest in an advanced residential development with a granted building permit, strong pre-sales, and bank financing already committed.

• The project opens for funding on Monday, February 16 at 16:00 (UTC+1).
• Project webinar: Friday, February 13 at 12:00 (UTC+1).

165 Multi-Family Homes

Project Cortijo Merino consists of a subordinated loan (junior loan) aimed at financing the remaining urbanization costs and part of the general development costs of a residential project of 165 multi-family homes with parking spaces and storage rooms in the Cortijo Merino sector of Málaga.

This is Phase II of the Bulevar 360 Project, a development Urbanitae knows well. In Phase I (financed in 2024 alongside other co-investors), funding covered the acquisition and urbanization of the land until key milestones were reached: building permit granted, urbanization significantly advanced, and the senior bank developer loan entering the project.

A Particularly Strong Current Position

As of today, the project shows solid fundamentals:

• Building permit granted
• Urbanization completed by more than 90% (certified)
• 54% of pre-sales formalized, with 89 homes already reserved
• Senior developer loan approved by a top-tier banking institution

The senior developer loan will be signed prior to Urbanitae investors granting the subordinated loan—strengthening the deal’s financial structure.

A Strategic Area of Málaga

The project will deliver 165 multi-family homes, ranging from 1 to 4 bedrooms, including a fitted kitchen, a parking space, and a storage room. The residential complex will feature large terraces, swimming pools, green areas, and children’s playgrounds. It will be developed on a 7,722 m² plot with close to 17,000 m² of buildable area.

Cortijo Merino sits within Málaga’s productive axis, in a dynamic environment with direct connections to the University of Málaga, the Andalusia Technology Park (PTA), and several of the city’s main business parks. It also borders established areas such as Teatinos and Distrito Zeta, and is close to the airport and the Trade Fair and Congress Center.

In recent years, Málaga has consolidated itself as one of Southern Europe’s key growth hubs—combining quality of life, tech talent, modern infrastructure, and an ecosystem that continues attracting investment and residential demand.

28% Estimated Return in 28 Months

Urbanitae investors participate by granting a subordinated loan structured in a single tranche.

Main loan terms:

• Total amount: up to €2,700,000
• Fixed interest rate: 12% per year (simple interest)
• Standard term: 28 months, with two possible 6-month extensions (28+6+6)
• Estimated total return: 28%
• Interest and principal: payable at maturity
• Minimum guaranteed return: equivalent to 12 months of interest, even in case of early repayment

Investor Exit: How Repayment Works

The primary exit route is expected to be repayments funded through drawdowns of the senior bank developer loan, linked to construction progress and sales performance. Alternatively, the agreement allows repayment through the delivery of the homes, once the senior financing has been fully repaid.

Loan Guarantees

The project includes a broad and diversified guarantee package:

• First-ranking pledge over the borrower’s shares
• First-ranking pledge over the borrower’s bank accounts
• First-ranking pledge over economic rights derived from future dividends from a second development currently underway
• Joint and several corporate guarantee granted by the group’s parent company
• Pledge over receivables linked to equity recapitalizations coming from the senior developer loan

Expected Timeline: Returns in 2028

Planned schedule:

• February 2026: signing of the senior developer bank loan and refinancing of Phase I
• February 2026: granting of the subordinated loan by Urbanitae investors
• Q1 2028: construction completion and home handovers
• Q2 2028: repayment of the subordinated loan to investors