Next Thursday, 27 August at 12:00 h (UTC+2) we will open the Tomás Ribeiro II project for investment, a new capital gains opportunity in Lisbon, Portugal.
The transaction consists of participating, alongside the developer, in the development of a high-end residential building located at Rua Tomás Ribeiro 89, in the Avenidas Novas district, one of the most consolidated residential areas in central Lisbon.
The project involves the construction, marketing and sale of six large-format homes, with two- to five-bedroom duplex typologies, private terraces, 18 parking spaces and communal areas such as a swimming pool, gardens and gym.
- Opening for investment: Thursday, 27 August at 12:00 h (UTC+2)
- Project webinar: you can watch the Tomás Ribeiro webinar again.
Six large-format homes in Avenidas Novas
Tomás Ribeiro II proposes the development of a boutique residential building with just six homes, one unit per floor and a total saleable area of 1,697 m². The average area per home will be 283 m², well above the usual product for new-build housing in central Lisbon.
The project combines an original classical façade, which will be preserved as part of the asset’s architectural value, with a contemporary residential proposal aimed at the prime segment.
All homes will have private terraces. In addition, the building will include an outdoor swimming pool, gardens, gym and underground parking with 18 spaces, between 2 and 4 per home.
The result will be a product rarely found in Lisbon: spacious homes, with outdoor areas, communal services and parking in a consolidated urban location.
A prime location in Lisbon
The asset is located in Avenidas Novas, on the Marquês de Pombal – Avenida da Liberdade axis, one of Lisbon’s most relevant residential and business areas.
Rua Tomás Ribeiro is within walking distance of Marquês de Pombal, Eduardo VII Park and Avenida da Liberdade. The surrounding area offers shops, services, restaurants, public transport and good connections with the rest of the city.
The location, combined with the scarcity of large-format new-build housing in this area, reinforces the project’s appeal for high-net-worth buyers seeking a home in central Lisbon.
The manager: Mexto
The manager of the opportunity is Mexto, a Swiss-backed developer and investor specialising in luxury residential real estate in Portugal.
Mexto has operated in the Portuguese market since 2017, focusing on prime refurbishment and high-end new-build developments in Lisbon and its surrounding area. It has developed between 200 and 250 million euros, around 71,000 m² and more than 269 homes.
This will be the second Mexto project in which Urbanitae participates, after Castilho 3, also in Lisbon. In the webinar, the positive progress of that project, both in terms of construction and sales, was highlighted as one of the reasons for working with the manager again.
Licence granted and demolition works completed
One of the most relevant aspects of Tomás Ribeiro II is its planning status.
The project has a construction licence granted and the demolition works have already been completed. The building’s original façade is currently being preserved and will be integrated into the new development.
This removes licence risk and allows for a clearer timeline: closing of the acquisition in September 2026, start of construction in October 2026 and expected completion of construction in the third quarter of 2028.
The works are expected to last 24 months. A few additional months are added to this period for the completion of sales and the investors’ exit.
Ticket of 1,625,000 euros
Tomás Ribeiro II is structured as a capital gains project. Urbanitae investors’ contributions will be channelled through a capital increase.
The main characteristics of the transaction are:
- Project type: capital gains
- Location: Avenidas Novas, Lisbon
- Product: six high-end homes
- Saleable area: 1,697 m²
- Urbanitae ticket: 1,625,000 euros
- Estimated term: 26-30 months
- Manager: Mexto
The project has approved bank financing amounting to 14 million euros, of which 2.15 million will be allocated to the acquisition of the property and 11.85 million to construction.
Distribution structure
The total equity required to develop the project amounts to 7,160,654 euros.
The developer will contribute approximately 45% of the total capital, reinforcing the alignment of interests with investors. The remainder will be contributed by Urbanitae investors and other co-investors.
The distribution structure has been agreed by tiers:
- Up to an IRR of 15%, capital is remunerated pari passu and profits are distributed according to the company’s capital structure.
- Between an IRR of 15% and 20%, the manager receives 25% of the excess generated in that tier as variable remuneration, and the remaining 75% is distributed among the shareholders according to their stake.
- Above an IRR of 20%, the manager receives 50% of the excess and the remaining 50% is distributed among the shareholders according to their stake.
This structure seeks to incentivise the manager to optimise the return on invested capital, while maintaining a significant contribution of its own capital.
Why invest in the Tomás Ribeiro II project
These are some of the main strengths of the transaction:
- Prime location in Avenidas Novas, one of Lisbon’s most consolidated areas.
- Boutique product with just six homes, with one unit per floor.
- Large-format homes, with an average area of 283 m².
- Construction licence granted and demolition works already completed.
- Original classical façade preserved, adding uniqueness to the asset.
- Approved bank financing of 14 million euros.
- Developer specialised in luxury residential real estate in Portugal.
- Significant developer contribution, equivalent to approximately 45% of the total capital.
- Second project with Mexto, following Urbanitae’s co-investment in Castilho 3.
What return can I obtain?
In equity projects, the applicable regulations do not allow crowdfunding platforms to communicate a specific estimated return for the project. For this reason, Urbanitae publishes three economic scenarios on the page of each opportunity — favourable, moderate and unfavourable — with different revenue and cost assumptions.
In all of them, the calculation formula is the same: revenue forecast minus cost estimate, divided by total equity.
In the favourable scenario for Tomás Ribeiro II, the total revenue forecast amounts to 27,447,650 euros, while the total cost estimate corresponds to 23,675,400 euros, on total equity of 7,160,654 euros.
These forecasts are estimates and may vary depending on economic, commercial, technical or any other circumstances during the life of the project.
Estimated timeline
The estimated term of the project is 26-30 months.
The main expected milestones are:
- September 2026: capital investment and closing of the property acquisition.
- October 2026: expected start of construction works.
- Third quarter of 2028: expected completion of construction.
- January 2029: completion of sales and exit from the company.
As in any real estate development, timelines may vary both upwards and downwards depending on the actual evolution of the project, construction works, sales and market conditions.
Do you have any questions about the project?
The opening for investment of Tomás Ribeiro II will be on Thursday, 27 August at 12:00 h (UTC+2).
You can watch the Tomás Ribeiro webinar again.
You can also write to us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
