Urbanitae opens a new investment opportunity: the Pintor Losada project, which will transform the former headquarters of the El Correo newspaper in Bilbao into a modern residential complex. The deal is structured as a capital-gains (equity) project, with a joint equity contribution from Urbanitae and the manager.
Funding will open on Tuesday, September 23 at 4:00 p.m. (UTC+2). Before that, on September 22 at 5:00 p.m. (UTC+2), we’ll host a webinar with the manager to answer any questions.
The project
Pintor Losada is a development comprising 54 new-build homes in Bilbao, all with a terrace, parking space, and storage room, plus 3 retail units. Several ground-floor homes will include private gardens, and the scheme will have three basement levels with 77 parking spaces.
The project consists of two five-story blocks located between Pintor Losada and San Joaquín streets, in the Santutxu neighborhood—a well-established area with schools, health centers, green spaces, and local shops, just minutes from the Old Town and Gran Vía.
At present, the project already has 11 homes and one retail unit reserved, reflecting strong commercial traction from the early stages. In addition, the manager undertakes to purchase the retail units if they are not sold.
The manager
Pintor Losada is led by Overview, the new brand of Grupo San Pablo, a company with 15+ years of experience and more than 40 completed developments across Spain. The group has delivered over 3,000 units in Spain and the Dominican Republic, and operates across construction, restoration, asset management, and other sectors.
This will be the third project financed with Grupo San Pablo on Urbanitae, following the Lomas del Tenis and Varadero (Málaga) projects.
Preferred return for Urbanitae investors
The transaction is structured via a capital increase. Urbanitae investors will contribute 60% of the equity, while the manager will invest the remaining 40%. The total project ticket is €3,660,000.
As with all capital-gains projects, the regulator (CNMV) does not allow us to publish an estimated return figure. It also requires two alternative scenarios in addition to the base case. In every case, the return is calculated the same way, based on the data in the project factsheet, using the formula:
(Projected revenues – Estimated costs) / Total equity
Profit distribution follows a waterfall that prioritizes Urbanitae investors:
- First, the full return of capital contributed by Urbanitae investors.
- Then, most of the manager’s contributed capital is returned.
- Next, Urbanitae investors receive profits until reaching a preferred return of 14% net IRR.
- Once those milestones are met, the developer recovers the remaining portion of its investment and also receives profits until reaching the same 14%.
- Any excess profits are distributed between investors and the manager in proportion to the capital contributed.
In this way, Urbanitae investors hold a priority position both in recovering their capital and in achieving a minimum return, before the manager completes the return of its own capital.
In this video we explain the transaction.
Why invest in Pintor Losada?
Key reasons at a glance:
- New-build project in Bilbao, a city with strong demand and limited supply in established locations.
- Preferred return for Urbanitae investors, with priority in the waterfall.
- Developer with a proven track record, totaling more than 3,000 delivered homes.
- Project with reservations already signed, demonstrating early commercial traction.
- The manager is investing its own capital (40% of total), aligning interests with investors.
Projected timeline
The estimated duration of this project is 32–36 months:
- Q3 2025 — Capital increase and land acquisition.
- Q1 2026 — Demolition of the existing building.
- Q2–Q3 2026 — Start and progress of construction.
- Q1–Q2 2028 — Construction completion and handover of homes.
- Q2–Q3 2028 — Company liquidation and profit distribution.
If you’d like to clarify any questions about the project, join the webinar next Monday. You can also write to contacto@urbanitae.com or call (+34) 911 23 25 22. And if you’re ready, don’t miss the chance to invest in Pintor Losada and take part in an exclusive residential project in Bilbao—with a preferred return for Urbanitae investors.
