A new success in CRE investment! The Navia project, financed by Urbanitae investors in November 2025, has been repaid in full. Investors have received 100% of their invested capital, together with the accrued interest.
The transaction closed with a final IRR of 10.7% and a total return of 6.22%. It was completed in around 7 months, compared with the initial estimated term of 15 months. In total, the gross amount returned to investors exceeds €5.3 million.
What was Navia?
Navia was a real estate debt project linked to the development of a retail park in Vigo. The asset is located in Navia, one of the city’s expansion areas.
The loan was intended to refinance existing debt on the land. It also helped facilitate the exit of one of the developer’s partners. This formed part of a broader transaction aimed at completing the urban planning and commercial milestones required to formalise the sale of the asset.
The project involved the development of Parque Comercial Navia on a plot of more than 14,000 sqm. The planned gross lettable area exceeded 10,000 sqm. At launch, the asset already had lease agreements signed with top-tier operators. In addition, negotiations with other tenants were at an advanced stage.
A Transaction With a Defined Exit
The investment thesis was based on a clear exit: the formalisation of the asset sale once certain urban planning and commercial conditions had been met.
Key milestones included the registration of the reparcelling process, the granting of the necessary licences and the signing of lease agreements with operators for the future retail park.
During the life of the loan, the project progressed positively. The planned milestones were met and the original schedule was even brought forward. As a result, the land sale was formalised ahead of schedule and the loan could be repaid.
Final Result for Investors
The loan was formalised on 21 November 2025, with an annual interest rate of 10.50% and an initial term of 15 months. The agreement also included a possible additional extension of 6 months.
Before the final repayment, a partial repayment of the loan was made. Investors also received an early payment of the guaranteed minimum interest for six months. This took place as part of the novation of the security package approved by the lenders.
With the final repayment on 26 June, investors recovered 100% of their invested capital, together with the accrued interest.
The final figures for the project are as follows:
- Estimated term: 15 months
- Final term: 7 months
- Final total return: 6.22%
- Final IRR: 10.7%
- Total gross amount returned: €5,311,029.41
The total return is lower than initially estimated because the loan was outstanding for a shorter period. However, the final IRR is slightly above the agreed annual interest rate. This reflects the positive performance of the transaction on an annualised basis.
A Positive Closing Ahead of Schedule
Navia has closed on very positive terms. Investors have received their capital and interest in full, and the transaction has been completed well ahead of schedule.
The transaction shows the importance of structuring debt projects with an identified exit, appropriate guarantees and close monitoring of the milestones that determine repayment. In this case, the fulfilment of the urban planning and commercial objectives made it possible to complete the asset sale and repay the loan in an orderly manner.
