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Next Friday, April 24 at 12:00 (UTC+2), we open investment in the Playa de Aro project, a new value-add real estate opportunity in one of the most well-known locations on the Costa Brava, in Girona.
- 📅 Investment opening: Tuesday, April 28 at 16:00 (UTC+2)
- 🎙 Project webinar: Monday, April 27 at 16:00 (UTC+2)
In this webinar, we will explain all the details of the project and answer investors’ questions.
A new-build development near the beach
The project involves the acquisition of a plot located at Avenida de París 60, in Playa de Aro, to develop a residential project of 24 multi-family units, with parking spaces and storage units.
The development will include 2-, 3- and 4-bedroom homes, with an average built area of around 100 sqm, as well as communal areas and a swimming pool. The project also includes parking spaces linked to the homes and an additional 12 parking spaces.
The asset is located very close to the beach, in an area surrounded by services, supermarkets, schools, parks, and with direct access to the highway connecting the main towns of the Costa Brava.
One of the most attractive locations on the Costa Brava
Playa de Aro is one of the most renowned towns on the Costa Brava, offering a particularly attractive combination of coastal setting, urban services and residential demand.
Its location allows residents to enjoy proximity to the sea, while also benefiting from good connections to other towns in the region. This balance between holiday use, second homes and primary residences enhances the project’s appeal.
In addition, the development is located in an area where there is a scarcity of new-build supply in the immediate surroundings, which may support the commercial positioning of the product.
Third project with Shevat
The project sponsor is Shevat, a group that has already partnered with Urbanitae on projects such as Golf Terraces and Gavá Mar, both progressing in line with their business plans.
Shevat Holding is a real estate hub founded in 2006, with a strong track record in the sector, having developed more than 75 projects across Spain, particularly in Catalonia.
The sponsor also has specific experience in Playa de Aro: it delivered a development in 2025 and is currently developing another one very close to the asset—less than 200 meters away—with over 10% construction progress and more than 50% commercialisation achieved.
This local expertise is one of the key strengths of the project, as it provides deep knowledge of the product, demand and sales process in the area.
Current status of the project
The sponsor has signed a deposit agreement for the asset and has already paid €238,000 of the purchase price.
The entry of Urbanitae investors will allow completion of the land acquisition and cover initial development costs not financed through external funding.
The sponsor plans to apply for the building permit in May and has included an additional time buffer to account for potential delays in obtaining it.
Construction will be carried out by the sponsor’s own construction company, under a fixed-price contract reviewed by an independent third party.
Transaction structure
The transaction will be structured through a capital increase, with Urbanitae investors entering a special purpose vehicle (SPV).
Key figures of the transaction:
- Urbanitae ticket: €978,000
- Effective contribution to the project: €975,000
- Administrative and management costs in the SPV: €3,000
- Total project equity: €2,900,000
- Sponsor contribution: 25% of total investment
- Estimated term: 32–36 months
The sponsor will be responsible for the full management of the development and will retain a significant stake in the project, ensuring alignment of interests with investors.
Why invest in Playa de Aro
Key highlights of the project include:
- New-build residential development near the beach in one of the most sought-after areas of the Costa Brava
- Experienced sponsor, with over 75 projects delivered and previous collaborations with Urbanitae
- Strong local knowledge, with recent and ongoing developments very close to the asset
- Limited new-build supply in the immediate area
- Significant sponsor commitment, contributing 25% of the required investment
- Fixed construction budget reviewed by an independent third party
Financial scenarios
In line with CNMV criteria, equity projects include three financial scenarios: favourable, base and adverse. In all cases, the estimated total return is calculated as:
(Expected revenues – Estimated costs) / Total equity
In the favourable scenario, the plan assumes projected revenues of €11,112,150 and estimated costs of €9,373,429, based on the sponsor’s assumptions, verified by Urbanitae and supported by a valuation report from Grupo TR.
The base scenario incorporates deviations in both costs and revenues, while the adverse scenario assumes a cost increase of over 18% and a 15% decrease in sale prices, which could imply a partial loss of invested capital.
As always, these projections are estimates subject to the actual evolution of the project, the market and other factors during the investment period.
Estimated timeline
The estimated duration of the project is 32 to 36 months.
Key milestones:
- Q2 2026: capital contribution
- Q2 2026: application for building permit
- Q3 2026: start of commercialisation
- Q1 2027: start of construction
- Q3 2028: completion of construction
- Q4 2028: completion declaration and delivery of units
- Q4 2028 / Q1 2029: distribution of profits to investors
A value-add opportunity on the Costa Brava
The Playa de Aro project offers the opportunity to invest in a new-build residential development located in a highly attractive area of the Costa Brava, close to the beach and with limited new supply in the surrounding area.
The combination of location, sponsor experience, local expertise and alignment of interests makes this a compelling opportunity within Urbanitae’s value-add projects.
Do you have any questions? Get in touch with us or ask them during the webinar on Monday, April 27.
Remember: the Playa de Aro project opens for investment on Friday, April 24 at 12:00 (UTC+2).
