Next Friday, 18 September 2026 at 12:00 h (UTC+2), we will open the Kala II project for investment, the second financing phase of a residential development comprising 52 single-family homes in El Higuerón, Fuengirola, Málaga.
The operation is structured as a capital gains project and has a ticket of 1,800,000 euros, an estimated term of 40-44 months and a preferred IRR of 12% for Urbanitae investors.
Since the first campaign, closed in September 2025, the project has continued to make progress: the land has already been acquired, the building permits for both phases have been granted, bank financing is available and commercialisation has begun, with the first home reserved.
- Opening for investment: Friday, 18 September 2026 at 12:00 h (UTC+2)
- Project webinar: Thursday, 17 September at 10:00 h (UTC+2). You can register here.
52 single-family homes with sea views
Kala involves the development of 52 single-family homes, distributed across seven independent blocks and organised in two phases.
Phase 1 comprises four blocks and 31 homes, in addition to the main communal areas. Phase 2 will complete the development with another 21 homes distributed across three blocks.
All homes will have a similar layout, with 3 bedrooms distributed between the basement floor, ground floor and first floor, as well as a private garden. The approximate surface area will be around 180 sqm, excluding outdoor spaces.
The project takes advantage of the natural slope of the plot to stagger the different blocks and ensure that most of the homes enjoy sea views.
The communal areas will include two outdoor swimming pools, landscaped areas, a gym, a multipurpose room and coworking space.
The manager: Top Gestión
The project manager is Top Gestión, a company specialising in residential development with a presence in different markets across Spain.
It currently manages a portfolio of more than 2,300 homes and a business volume of over 1,175 million euros.
El Higuerón is also one of the markets where Top Gestión has accumulated the most experience. The company has developed more than 450 homes there, including units already delivered and projects currently under development.
Kala is Top Gestión’s third project with Urbanitae, after Higuerón TB51 and Higuerón TB65.
This direct knowledge of the area allows the manager to rely on its own references regarding construction costs, sales pace and the characteristics of the product demanded in the area.
Second phase of a project already underway
The first Kala campaign closed in September 2025 and enabled the financing of the land acquisition and the launch of the development.
The land was acquired by the developer company using the funds raised at that time and the land tranche of the bank loan. Part of the purchase price was deferred, and the contribution from Kala II will mainly be used to meet that payment, together with the project’s current expenses.
Since then, several relevant milestones have been achieved:
- The land has already been acquired.
- The building permits for phases 1 and 2 have been granted.
- The bank financing has been granted, with the tranche allocated to the land already drawn down.
- The construction tendering process has begun.
- Commercialisation is underway and the first home has been reserved.
The bank loan will be novated and increased to finance construction once the commercialisation level required by the financial institution has been reached.
Adjustments incorporated into the schedule
The start of the project has accumulated some delay compared with the schedule initially planned, due to two circumstances that have already been incorporated into the new business plan.
The first was commercial in nature. The global agreement that the developer had planned with a sales agency did not materialise, so the sale of the project has ultimately been entrusted to ON3, a company with an established presence on the Costa del Sol.
The second is related to execution. The geotechnical studies detected a significant volume of fill on the plot, which has made it necessary to adapt the foundation solution.
Both issues have now been resolved and their effects are reflected in the updated Kala II schedule. Commercialisation has also begun with prospects above those considered in the project’s first phase.
Ticket of 1,800,000 euros
Kala II is structured, like the first campaign, through a capital increase.
The contributions from Urbanitae investors will be channelled through a vehicle company that participates in the project’s developer company.
The main characteristics of the operation are:
- Project type: capital gains
- Location: El Higuerón, Fuengirola, Málaga
- Product: 52 single-family homes
- Urbanitae ticket: 1,800,000 euros
- Estimated term: 40-44 months
- Preferred IRR: 12%
- Manager: Top Gestión
In this second phase, Urbanitae investors will contribute 1.8 million euros, other investors will contribute 1.2 million and the manager will invest 750,000 euros.
In this way, the manager contributes 20% of the equity in this tranche, maintaining the alignment of interests structure planned from the outset.
Preferred IRR of 12%
Once the capital contributed by all partners has been returned, investors have a preferential right to an annual IRR of 12%.
The payment waterfall first establishes the return of capital, followed by the preferred remuneration of a 12% IRR for investors and, subsequently, for the manager.
Until an annual IRR of 15% is reached, the additional margin is distributed according to the capital contributed. Above that level, the manager may receive a promote whose percentage depends on the final sales volume achieved by the development.
This structure seeks to align the interests of all parties and reward the manager if the project’s result exceeds certain thresholds.
Why invest in the Kala II project
These are some of the main strengths of the operation:
- Residential project already underway, with the land acquired.
- Building permits granted for both phases of the development.
- Bank financing granted, with the land tranche already drawn down.
- Commercialisation started, with the first home reserved.
- Product comprising 52 single-family homes with sea views and extensive communal areas.
- Manager’s experience in El Higuerón, where it has developed more than 450 homes.
- Top Gestión’s third project with Urbanitae.
- Alignment of interests, with the manager contributing 20% of the equity in this second phase.
- Preferred IRR of 12% for Urbanitae investors.
What return can I obtain?
In equity projects, the applicable regulations do not allow participatory financing platforms to communicate a specific estimated return. For this reason, Urbanitae publishes three economic scenarios — favourable, moderate and unfavourable — with different income and cost assumptions.
In all of them, the calculation formula is the same: forecast income minus estimated costs, divided by total equity.
In Kala II’s favourable scenario, the income forecast amounts to 61,260,000 euros, while the estimate of total costs is 55,483,280 euros, based on total equity of 10,000,000 euros.
The moderate scenario includes a 25% increase in construction costs. The unfavourable scenario combines that increase with a 10% reduction in sale prices.
These forecasts are estimates and may vary depending on economic, commercial, technical or any other circumstances during the life of the project.
A staggered return
One of Kala’s particular features is that the development is being carried out in two phases and, therefore, the recovery of the investment may also take place progressively.
The delivery of the phase 1 homes, expected during the first part of 2029, will make it possible to begin returning capital to investors. The rest of the return will be completed as the delivery of the homes corresponding to phase 2 progresses.
The objective is for investors not necessarily to have to wait until the delivery of the last home to begin recovering their investment.
Estimated timeline
The estimated term of the project is 40-44 months.
The main expected milestones are:
- Third quarter of 2025: first capital increase, land acquisition and start of the project, already executed.
- Third quarter of 2026: second capital increase and deferred payment for the land.
- Fourth quarter of 2026-first quarter of 2027: expected start of construction of phase 1.
- Third-fourth quarter of 2027: expected start of construction of phase 2.
- First-second quarter of 2029: completion and delivery of phase 1 and start of the return of capital to investors.
- Third quarter of 2029-first quarter of 2030: completion and delivery of phase 2 and distribution of the remaining profits.
As with any real estate development, timelines may vary both upwards and downwards depending on the actual progress of the project, construction, commercialisation and market conditions.
Do you have questions about the project?
The opening for investment of Kala II will be on Friday, 18 September 2026 at 12:00 h (UTC+2).
You can register for the Kala II project webinar here.
You can also write to us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
