We return to Asturias with a new debt project on Urbanitae. On Friday, June 5 at 12:00 p.m. (UTC+2), we will open for investment Project Manjoya, a transaction designed to finance the acquisition of seven fully entitled urban plots in Oviedo, backed by a first-ranking mortgage guarantee and offering a 12% simple annual return.
This is our second transaction in Asturias, following Residencial Contrueces, a capital appreciation project financed in March 2026.
- 📅 Investment opening: Friday, June 5 at 12:00 p.m. (UTC+2)
- 🎙 Project webinar: Thursday, June 4 at 12:00 p.m. (UTC+2)
During the webinar, we will explain all the details of the project and answer investors’ questions.
Seven urban plots in La Manjoya
The project consists of granting a loan intended to partially finance the acquisition of seven fully entitled urban plots within the scope of the La Manjoya-Santiago Special Plan in Oviedo.
The overall asset comprises a land area of 73,821 m² and a total buildable area of 122,992 m², of which 113,820 m² correspond to residential use and 9,172 m² to tertiary use. Altogether, the plots can accommodate between 1,200 and 1,350 homes, in addition to commercial premises.
As consolidated land, the urbanisation works were fully completed and approved by the City Council in 2006, following an investment of more than €20 million. The infrastructure is currently operational and in good condition.
La Manjoya: residential expansion south of Oviedo
The asset is located in La Manjoya, south of Oviedo, in a low-density environment and green belt situated less than 10 minutes by car from the city centre.
The area benefits from direct access to the A-66 motorway and good connectivity to healthcare services, educational facilities and major transport routes. Due to its scale, location and level of urbanisation, the area is positioned as one of Oviedo’s most promising residential expansion zones in the short and medium term.
The project thesis is also supported by the shortage of new-build supply in the city, where this type of product remains limited compared to the second-hand market.
The manager: Hispania Gestión Urbana
The transaction manager is Hispania Gestión Urbana, a multidisciplinary team with experience in residential and industrial transactions.
The company will oversee the technical, legal and commercial coordination of the plots until their phased sale. To do so, it relies on a network of specialised collaborators, including an architectural firm for technical management and a law firm specialised in legal and urban planning matters.
The project is structured as a value-add transaction involving fully entitled land, targeting both institutional and residential markets with demand for new-build product in Oviedo.
12% annual return over 12 months
The transaction is structured as a debt investment through a fixed-rate loan. The main characteristics are:
- Amount: €2,555,000
- Interest rate: 12.0% simple annual interest
- Term: 12 months
- Possible extensions: two 6-month extensions at months 12 and 18
- Minimum return: equivalent to 9 months of interest
- Repayment: bullet structure, with principal and interest payable at maturity, although partial amortisations are expected through the cash sweep mechanism linked to plot sales
The loan will be drawn in a single tranche to complete the acquisition of the plots.
The manager has already paid €453,750 as a deposit and will contribute at least €3 million of equity simultaneously with the signing of the purchase deed.
Loan guarantees
The loan benefits from a package of guarantees consisting of:
- First-ranking mortgage over the seven underlying plots, with mortgage liability covering 150% of the principal.
- First-ranking pledge over the shares of the borrowing SPV.
- First-ranking pledge over the SPV’s bank accounts.
- First-ranking pledge over the VAT account and a 100% cash sweep mechanism.
- Assignment of receivables related to the sale of plot 14, whose reservation has already been formalised by the buyer and is binding through a termination clause.
- Irrevocable collateral sale mandate and pre-emption rights, with a price floor equivalent to 50% of the appraisal value in the event of default.
The transaction also presents a gross LTV of 19.9%, calculated on the basis of a current official appraisal of €33,315,428, compared to a purchase price of €7.5 million.
Exit strategy
The expected repayment of the loan will come from the proceeds generated by the sale of the plots.
Exit visibility is particularly supported by plot 14, which already has a binding pre-sale agreement with an entity belonging to a top-tier group. The agreed price for this plot is €4.875 million and, once the transaction is completed, it would allow approximately 73% of the loan principal to be repaid.
Urbanitae will hold a pledge over these receivables, reinforcing the expected repayment structure.
Why invest in Project Manjoya
Some of the project’s main strengths include:
- Seven fully entitled urban plots in Oviedo, with urbanisation completed and approved by the City Council.
- Location less than 10 minutes from the city centre, in a residential expansion area south of Oviedo.
- Competitive entry price, with acquisition at €7.5 million versus an official appraisal exceeding €33.3 million.
- Gross LTV of 19.9%, representing a particularly conservative coverage ratio.
- First-ranking mortgage over the underlying assets.
- Strong exit visibility thanks to the binding pre-sale agreement on plot 14.
- Fixed 12% simple annual return, with a minimum return equivalent to 9 months of interest.
Expected return within 12 months
The estimated term of the project is 12 months, with two possible 6-month extensions.
Main expected milestones:
- June 2026: loan granting and execution of the public deed for the land acquisition.
- Third quarter of 2026: fulfilment of the suspensive condition for the land acquisition and formalisation of payment milestones by the buyer.
- June 2027: loan maturity, collection of the pledged deferred payments and expected repayment to Urbanitae investors.
A new debt transaction in Asturias
Project Manjoya offers the opportunity to invest in a transaction backed by fully entitled urban land, featuring a competitive entry price, a conservative LTV ratio and an exit partially supported by an already committed sale agreement.
The transaction will open for investment on Friday, June 5 at 12:00 p.m. (UTC+2).
Do you have questions about the project?
You can submit your questions during the webinar on Thursday, June 4 at 12:00 p.m. (UTC+2).
You can also contact us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
