Urbanitae doubles its funding in the third quarter
As September comes to a close, we reflect on our performance at Urbanitae. Although we have one ongoing funding project—and another announced—we can confidently say this has been our best September to date.
Without counting Salvia II Tramo II, Urbanitae’s funding in September has reached €13.9 million. This figure represents a 200% increase compared to the same month in 2023. September is typically not a particularly strong month for us, but the good news is that our performance in the previous two months has significantly boosted our quarterly figures. Between July and September, we financed €44.7 million, more than double what we raised in the third quarter of last year.
By the end of September, we will have opened six projects for funding at Urbanitae: three in capital gains, two in debt, and one in rentals—where you can invest on Monday the 30th. As for the activity segments, there are few updates: we have focused on new residential developments, except for the rental project in Palma, which is a commercial space. This month, we have already recorded over 4,400 investments.
Málaga takes center stage in September
Two of our funded projects in September are located in the province of Málaga: one in the capital and another in Marbella. Various media outlets reported on the funding of the Bulevar 360 project, in collaboration with Nuovit. In September, we completed the second tranche of this loan aimed at developing 165 homes in Málaga. With this project, we also achieved the milestone of putting over 4,000 homes in the pipeline in Spain and Portugal.
The Salvia II project, which is still open for investment, involves the development of the second phase of Salvia: a promotion of 98 homes in Marbella, in partnership with one of the most reputable developers in Andalusia, Grupo ABU. With this, we have now financed over thirty projects in the province of Málaga, making it one of our most active locations in Spain.
In September, we repeated our collaboration with Nuovit and Grupo ABU, but we also partnered with Quadratia, which is developing an entire sector—Allonbay—in Villajoyosa (Alicante) in collaboration with us. Allonbay Urban is the fourth project we have financed on the platform with this developer. Additionally, we welcomed Grupo Laseca to our roster of developers, which debuted with a prime housing project in the El Plantío area of Madrid.
On another note, in September, we completed the financing of Torre Zenit in Burgos, thanks to the participation of 1,925 investors, setting a new record.
Three returns
In September, we also closed the return of three projects. The first was Oblit 66, a residential project of nine homes in Barcelona, managed by Panonia Consulting Group. This project ultimately closed with an IRR of 7.3%, compared to a forecast of 13%. This performance is mainly due to delays in certain aspects of the construction and in the completion of the last homes. Additionally, the project’s margin was impacted by increased costs of construction materials throughout 2022. Nevertheless, investors achieved a total return of 22%, three points below expectations.
We also returned the investment from Islas Medas with Gestilar, less than a year after funding it on the platform. In this case, the project involved the development of 46 homes in the Ensanche de Vallecas (Madrid). The project reached Urbanitae with 60% of the construction completed and 20% of reservations, allowing for a short timeframe. Capital was returned to over 1,000 investors who participated, two months ahead of schedule, with a return in line with expectations—13%—and an IRR of 19.3%.
We take this opportunity to remind everyone that for all debt projects, such as Islas Medas, the IRR is calculated from the date of the loan agreement. We use this criterion because the signing of the contract marks the moment when the money is put at risk, as well as the start of interest accrual. Therefore, in Islas Medas—given the short initial term—the final IRR for investors exceeded expectations by six points.
Finally, we returned a new storage project with Grupanxon. There were few surprises, as is customary in these cases. Puerta del Ángel was completed on time and within budget, generating a total return of 12.8% over 18 months for 1,700 investors.
September has thus been a good month for Urbanitae—and it’s not over yet. You can still invest with us this month, and we will soon announce new projects. Will you join us?