Next Tuesday, 14 July at 16:00 (UTC+2), we will open Francos III for investment. This is a new capital appreciation opportunity linked to the development of a new-build office complex in Porto, Portugal.
The project continues a transaction already known to Urbanitae investors. Francos, initially presented in April 2025, marked the entry into a prime office asset in Boavista, Porto’s main financial district. Later, Francos II made it possible to increase the equity ticket planned for the project. Now, Francos III completes that same investment line with a new €1,000,000 ticket and an estimated term of 32-36 months.
The transaction includes a 15% preferred IRR for Urbanitae investors, who have payment priority over the developer and its partners.
- 📅 Opening for investment: Tuesday, 14 July at 16:00 (UTC+2)
- 🎙 Project webinar: you can rewatch the Francos II webinar.
An Office Complex in Porto’s CBD
Francos III offers the opportunity to participate in the development of an office complex located on Rua Tenente Valadim, next to Francos metro station, in the Boavista area, considered Porto’s main financial district.
The project includes 20,588 sqm of above-ground built area, distributed across office spaces, auditoriums, coworking areas, other commercial spaces and 180 parking spaces.
The location is one of the key strengths of the transaction. It is a consolidated urban area, with good connectivity, services and relevant demand for high-quality workspace.
The Manager: Osborne+Co
The opportunity is managed by Osborne+Co, a global developer and investor specialised in high-quality sustainable projects in the office, industrial and mixed-use sectors.
The company has more than 30 years of experience and has led over 50 international projects. Its activity focuses on large-scale commercial and residential developments, with an emphasis on quality, sustainability and collaboration with occupiers and investors.
In this project, both Osborne+Co and the contractor, MAP, have committed their own capital. This aligns their interests with those of Urbanitae investors.
Project Underway and Reduced Licensing Risk
Since the first opening, the project has achieved relevant milestones. The land was acquired in June 2025 and architectural approval was granted in April 2026.
In addition, the specialty engineering project is in the process of being submitted to Porto City Council, with construction expected to begin in July 2026. These advances significantly reduce licensing risk.
Once construction begins, marketing of the rental area will start. The objective will be to maximise occupancy and stabilise rents before the asset is sold.
15% Preferred IRR
The transaction is structured through a capital increase. The main characteristics of the Francos III project are:
- Project type: capital appreciation
- Location: Porto, Portugal
- Asset: new-build office complex
- Urbanitae ticket: €1,000,000
- Estimated term: 32-36 months
- Preferred IRR: 15%
The agreed structure grants Urbanitae investors a preferred return of 15% annual IRR on their contributed capital. This means that neither the developer nor its partners may recover their investment or receive profits until Urbanitae investors have fully recovered their capital and obtained that preferred return.
In addition, the special purpose vehicle has planned bank financing from a leading bank in Portugal to cover the development cost of the works.
Why Invest in Francos III
These are some of the main strengths of the transaction:
- Prime location in Porto’s CBD, next to Francos metro station.
- New-build office project in a market with limited supply.
- Architectural approval already granted, with construction expected to begin in July 2026.
- International developer specialised in office and mixed-use projects.
- Own capital committed by both the developer and the contractor.
- Preferred IRR of 15% for Urbanitae investors.
- Preferred capital over the developer, strengthening the protection structure for investors.
- Office market with solid fundamentals, with market rents above the original projections in the business plan.
Economic Information on the Project
In equity projects, applicable regulations do not allow crowdfunding platforms to communicate a specific estimated project return. For this reason, Urbanitae publishes three economic scenarios on each opportunity page – favourable, moderate and adverse – with different assumptions for revenues and costs.
In all scenarios, the calculation formula is the same: forecast revenue minus estimated costs, divided by total equity.
In the favourable scenario for Francos III, total forecast revenue amounts to €85,142,729, while estimated total costs amount to €71,959,928, based on total equity of €23,163,628.
The forecasts are estimates and may vary depending on economic, commercial, technical or any other circumstances during the life of the project.
Return in 2029
The estimated term of Francos III is 32-36 months.
The main planned milestones are:
- July 2026: capital investment and submission of the specialty engineering project.
- July 2026: expected start of construction.
- Second quarter of 2028: completion of construction and start of operations.
- Second quarter of 2029: sale of the asset and exit from the company.
As with any real estate investment, timelines may vary, both upwards and downwards, depending on the actual progress of the project, commercialisation and market conditions.
A New Opportunity in Porto’s Office Market
Francos III offers the opportunity to participate in a new opening of an already initiated capital appreciation transaction linked to the development of a prime office complex in Porto.
The combination of location, progress in permitting, international developer, planned bank financing, committed own capital and 15% preferred IRR reinforces the appeal of this opportunity.
The opening for investment will take place on Tuesday, 14 July at 16:00 (UTC+2).
Do You Have Questions About the Project?
You can rewatch the Francos II webinar.
You can also write to us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
