Next Tuesday, May 5 at 4:00 pm (UTC+2), we will open for investment the Nervión project, a new value-add real estate opportunity in Seville.
- 📅 Investment opening: Tuesday, May 5 at 4:00 pm (UTC+2)
- 🎙 Project webinar: Monday, May 4 at 12:00 pm (UTC+2)
In this webinar, Francisco Domínguez (Kolac Capital) and Jaime Bello (SharingCo), together with the Urbanitae team, will present all the details of the project and answer investors’ questions.
A complex of 44 tourist apartments in Nervión
The project involves the acquisition of a hospitality-use asset located in the Nervión district of Seville, to be converted into a complex of 44 tourist apartments.
The business plan includes acquiring the asset, carrying out an internal demolition, converting it into tourist units, operating it through a management agreement with a specialized operator, and ultimately selling the asset to a long-term investor.
The property is located on Santa María Mazzarello street, within a residential building but with a fully independent entrance. It comprises two floors – ground floor and first floor – with a total area of approximately 2,045 sqm.
The refurbishment will be carried out under a declaración responsable already submitted to the Seville City Council, meaning that construction works are imminent.
Nervión: a well-established and well-connected location
Nervión is one of Seville’s main districts, with a strong residential base and a high level of services. The asset is located in an area with excellent connectivity and proximity to key urban and transport hubs.
From the project location, you can reach approximately:
- 10 minutes to Santa Justa high-speed train station
- 20–25 minutes to Seville city center
- 15–20 minutes to Seville International Airport
The surrounding area also offers commercial, administrative, educational, and healthcare facilities, as well as cultural and leisure attractions such as Plaza de España and María Luisa Park. All of this enhances the appeal of the location for a flexible accommodation product in a city with strong tourist and urban demand.
Specialized partner, asset manager, and operator
Three key parties are involved in this project: the investment partner, the asset manager, and the operator.
The co-investment partner alongside Urbanitae investors is Tent Peak, S.L. Since its establishment in 2021, the company has allocated around €50 million to real estate projects, focusing on buildings located in city centers across major Spanish cities. Its activity centers on residential and office assets linked to solutions such as coworking, coliving, and short- and mid-term rental apartments.
The asset manager is Kolac Capital, a firm founded in 2016 and specialized in investment and management of real estate assets, including serviced apartments, hotels, residential properties, retail units, and office buildings. Kolac Capital has deep knowledge of the Seville market and will act as the delegated developer for the project.
The asset will be operated by SharingCo, a platform specializing in flexible living and working solutions such as serviced apartments, coliving, and coworking. Founded in 2021, it manages and develops assets in cities such as Madrid, Málaga, Seville, and Valencia. It currently operates around 225 units, with occupancy levels above 90%, and has an additional 194 units under development or in the pipeline.
Transaction structure
The transaction is structured as a capital increase. The total capital required amounts to €4,650,000. Of this:
- Urbanitae will contribute €2,325,000, representing 50% of the capital
- The partner will contribute the remaining 50%, reinforcing alignment of interests
In addition, the sponsor and partner plan to secure bank financing to cover development costs and already have indicative terms from a financial institution.
The estimated investment term is 30–34 months.
13% IRR for Urbanitae investors
The project offers a 13% preferred return for Urbanitae investors.
This structure prioritizes the return of capital and investor returns before the partner participates in excess profits, thereby strengthening investor protection within the deal structure.
Why invest in the Nervión project
Key strengths of the project include:
- Strategic location in Seville, in the well-established and well-connected Nervión district
- Flexible tourism product in a hospitality-use asset
- Highly aligned partner, contributing 50% of the required capital
- Local specialist asset manager with experience in this type of asset
- Experienced operator, with more than 225 units under management and occupancy rates above 90%
- 13% preferred return for Urbanitae investors
Estimated timeline
The estimated project duration is 30 to 34 months. Key milestones include:
- May 2026: transaction closing and signing of the management agreement
- July 2026: start of conversion works
- October 2027: completion of construction
- November 2027: start of operations
- November 2028: sale of the asset at the end of the operating period
During the operational phase, the asset is expected to generate recurring operating cash flow while held in the portfolio prior to its sale.
A value-add opportunity in flexible accommodation
The Nervión project offers the opportunity to participate in a value-add strategy based on transforming a tertiary-use asset into a tourist apartment complex in a well-established area of Seville.
The combination of an aligned partner, a local expert asset manager, a specialized operator, and a structure with a preferred return for Urbanitae investors makes this a particularly attractive opportunity within the urban flexible accommodation segment.
If you have any questions, you can raise them during the webinar on Monday the 4th. You can also contact us at contacto@urbanitae.com or by phone at (+34) 911 23 25 22.
Remember: the Nervión project opens for investment on Tuesday, May 5 at 4:00 pm (UTC+2).
