Urbanitae has successfully completed the exit from Supermercado Getafe, a project managed by Rubica Real Estate that has enabled investors to recover their entire invested capital and achieve a total return of 24.19%. The property was sold ahead of the original schedule and above the price estimated in the business plan.
The Supermercado Getafe project has completed its investment cycle with the sale of the property and the full repayment of the capital contributed by investors. The transaction, launched by Urbanitae in January 2023 alongside Rubica Real Estate, has closed with a total return of 24.19% and an internal rate of return (IRR) of 6.36%.
The result exceeds initial expectations. The business plan envisaged a five-year investment horizon and an estimated IRR of 5%. However, a purchase offer above the projected price was received in July 2026, allowing the investment to close after 44 calendar months — 42 months on a weighted basis — 18 months earlier than expected.
Over the entire period, investors have received a total amount equivalent to 124.19% of their initial investment, including distributions made throughout the project’s lifetime and the final settlement.
A retail property with a long-term lease
Supermercado Getafe was Urbanitae’s first rental income project. The investment involved acquiring a 407 m² retail property in Getafe, leased to the Dia supermarket chain.
At the time of the investment, the operator had just signed a 20-year lease, with a three-year mandatory commitment period, and was undertaking significant expenditure to fit out the premises.
The property was located in an established area of Getafe, with a large open-plan ground-floor space, approximately 70 metres of frontage and access onto two streets. At the time, there was also no significant competition from other supermarket operators in the immediate vicinity.
The transaction was structured through an investment vehicle that raised €630,000. The investment thesis combined two sources of return: rental income and potential capital appreciation upon sale.
Rental income throughout the project
From the time of acquisition, the property began generating rental income. The business plan envisaged quarterly distributions, with an annual rental yield of approximately 5%.
Ultimately, all scheduled quarterly distributions were made as planned, allowing investors to receive early repayments equivalent to 16.25% of their initial investment in the form of share premium repayments.
The launch webinar had already explained that, although the estimated investment horizon was five years, Rubica would begin exploring the market from the third year onwards and would consider an early sale if a sufficiently attractive offer emerged.
An early exit that improves the IRR
That scenario materialised in July 2026, when an offer was received above the initially projected exit price.
Exiting the investment 18 months earlier than expected had a positive effect on the annualised return. The initially projected IRR was 5%, while the project ultimately closed with an IRR of 6.36%.
Although the final total return of 24.19% was very close to the initially estimated 25%, the shorter period for which capital remained invested led to a clear improvement in the IRR.
The growth of CRE at Urbanitae
Supermercado Getafe was an early investment in Urbanitae’s expansion into non-residential real estate. Since then, the range of commercial real estate (CRE) investments on the platform has grown in both volume and diversity.
To date, Urbanitae has launched 70 transactions classified within the commercial property segment. Excluding cancelled transactions, these represent approximately €125 million in financing.
The range now includes hotels, offices, flex living, student accommodation, senior living, self-storage facilities, tourism-related properties, branded residences and other commercial real estate formats.
These transactions are structured through different strategies, mainly debt and equity, and follow very different investment theses depending on the property, operator, financing structure and value creation strategy.
Holiday Inn Express III, open for investment
One example of this evolution is Holiday Inn Express III, an equity project to develop a newly built 210-room hotel in Madrid under the Holiday Inn Express (IHG) brand.
The investment thesis goes beyond simply building and selling: the hotel will begin operating and reach stabilisation before the exit, with the aim of increasing its exit value. The project also benefits from a fixed-price, fixed-schedule construction contract, a moderate level of debt relative to the property’s value and a location with corporate and logistics-related demand and limited hotel competition.
Following the completion of the first two tranches, which have already attracted more than 1,000 investors, Holiday Inn Express III is currently open for investment with a new €1 million tranche. The project’s estimated term is 44–48 months.
