Next Tuesday, 6 October at 16:00 h (UTC+2), we will open the Afonso Cordeiro project for investment, a new capital appreciation opportunity in Matosinhos, Porto, to participate in the conversion and development of a residential complex with 101 homes.
The project has a ticket of 1,000,000 euros and an estimated term of 30-34 months. It is located in Matosinhos Sul, a consolidated residential area close to the beach, the metro and the main services.
- Opening for investment: Tuesday, 6 October at 16:00 h (UTC+2)
- Project webinar: Monday, 5 October at 16:00 h (UTC+2)
- Ticket: 1,000,000 euros
- Estimated term: 30-34 months
101 homes and seven commercial units
Afonso Cordeiro involves the acquisition and conversion of a set of existing buildings to develop 101 homes and seven commercial units, with a total built area of 11,168 m².
The residential offer combines different typologies: 27 studios, 38 one-bedroom homes, 26 two-bedroom homes and 10 three-bedroom homes. The homes will have terraces or balconies, communal areas and 76 parking spaces distributed over two basement levels.
The asset is located on Rua Dr. Afonso Cordeiro, in Matosinhos Sul, around 15 minutes from the centre of Porto and within walking distance of the beach and the metro.
A project with advanced permitting
One of the main milestones achieved is the approval, in August 2026, of the PIP – Pedido de Informação Prévia, equivalent to prior urban planning approval for the project.
Thanks to this milestone, construction may begin under the Portuguese Comunicação Prévia regime, which allows works to move forward once the corresponding administrative requirements have been met.
The acquisition of the property is scheduled for November 2026 and the start of works between two and four months later, once the tender process has been completed. The estimated construction period is around 24 months.
The manager: Aspire Unique Living
The project manager is Aspire Unique Living, a Portuguese developer specialising in premium residential assets and founded in Porto in 2022.
The company originates from Aulder, a US real estate group founded in New York in 2012 and present in Portugal since 2018. Aspire focuses its strategy on the regeneration and repositioning of urban assets in prime locations.
It has developed 10 projects in Porto, five of them in Matosinhos, with around 260 homes and approximately 80 million euros of investment.
The manager will also contribute 26% of the project’s total equity, reinforcing alignment of interests with investors.
35 of the 41 homes put on the market already reserved
Commercialisation began in May 2026 and has shown strong progress: 35 of the first 41 homes put on the market have already been reserved.
The developer has temporarily paused sales with the aim of preserving potential revaluation as the project progresses. After the acquisition of the asset, the reservations may be converted into promissory purchase and sale agreements.
The average residential sale price included in the business plan is 7,169 euros/m². These assumptions have been cross-checked against comparable assets in the area and with a commercial due diligence carried out by Savills.
Investment structure
Afonso Cordeiro is structured as a capital appreciation transaction through a capital increase.
Total equity amounts to 6.72 million euros. The manager will contribute approximately 1.75 million, equivalent to 26%, while Urbanitae and other co-investors will contribute the remaining 74%.
In addition, the manager is arranging bank financing for the development amounting to 17.68 million euros. Urbanitae’s entry will be conditional on the approval of that financing.
The expected loan represents around 42% of the asset value – LTV –, meaning that less than half of the project’s reference value would be financed through bank debt.
Profits will be distributed pari passu among the partners until an IRR of 15% is reached. Above that level, the manager will receive 50% of the excess generated as variable remuneration.
Why invest in Afonso Cordeiro
We believe that Afonso Cordeiro presents several particularly relevant elements: a prime location in Matosinhos Sul, a project with advanced urban planning progress, commercialisation that has already demonstrated traction and a developer with direct experience in the area and committed own capital.
The main highlights include:
- Approved PIP and a project ready to move towards the start of works.
- 35 of 41 homes reserved since the beginning of commercialisation.
- Location in Matosinhos Sul, close to the beach, the metro and Porto.
- Developer with five previous projects in Matosinhos.
- 26% of the equity contributed by the manager.
- Sale prices validated through commercial due diligence by Savills.
- Bank financing in progress, the approval of which will be a condition for Urbanitae’s entry.
What return can I obtain?
In equity projects, crowdfunding platforms cannot communicate a specific estimated return. Therefore, different economic scenarios with income and cost assumptions are published on the project page.
In Afonso Cordeiro’s favourable scenario, forecast income amounts to 42.50 million euros and estimated costs to 37.58 million, based on total equity of 6.72 million.
You can consult the favourable, moderate and unfavourable scenarios on the project page, as well as all documentation and investment risks.
Estimated timeline
The expected term is 30-34 months.
The main milestones are:
- November 2026: capital investment and acquisition of the property.
- First quarter of 2027: expected start of works.
- First quarter of 2029: estimated completion of construction.
- July 2029: expected completion of sales, occupancy permit and exit from the company.
As in any real estate development, these timeframes may vary depending on the actual progress of the project.
Do you have questions about the project?
The opening for investment of Afonso Cordeiro will be on Tuesday, 6 October at 16:00 h (UTC+2).
You can ask your questions in the webinar on Monday, 5 October at 16:00 h (UTC+2).
You can also write to us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
