{"id":60866,"date":"2025-04-16T18:00:48","date_gmt":"2025-04-16T16:00:48","guid":{"rendered":"https:\/\/blog.urbanitae.com\/glossary\/"},"modified":"2025-06-02T12:50:08","modified_gmt":"2025-06-02T10:50:08","slug":"glossary","status":"publish","type":"page","link":"https:\/\/blog.urbanitae.com\/en\/glossary\/","title":{"rendered":"Glossary"},"content":{"rendered":"\t\t
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Glossary<\/span><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Accredited investor<\/h6><\/i><\/div>

An investor who meets the requirements established by financial regulations to participate in certain restricted investment opportunities. These requirements are often related to income level, net worth, or previous investment experience. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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ACPR (Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution)<\/h6><\/i><\/div>

ACPR (Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution): the ACPR is the French authority responsible for supervising and regulating the activities of financial institutions and insurance companies to ensure the stability and soundness of the financial system in France. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Acte de b\u00e9n\u00e9ficiaire effectif (Effective Beneficial Actions)<\/h6><\/i><\/div>

The Beneficial Ownership Act is a document that identifies and registers the individuals or legal entities that have effective control over an entity or asset, thereby revealing the true ownership behind an investment or property. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Active management<\/h6><\/i><\/div>

It is an investment management approach in which managers make active decisions to buy and sell assets with the goal of outperforming the market returns. Active fund managers conduct analysis and make decisions based on their own judgment and strategy.Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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AER<\/h6><\/i><\/div>

Stands for Annual Equivalent Rate. It is a standardized measure that represents the annualized cost or return of a financial product, considering both interest and other associated costs. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Alternative investments<\/h6><\/i><\/div>

These are investments that deviate from traditional forms of investment, such as stocks and bonds. Alternative investments include assets like real estate, commodities, hedge funds, and other unconventional financial instruments.\u00a0Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Appreciation<\/h6><\/i><\/div>

Appreciation refers to the increase in the value of an asset, such as a real estate property, over time. Appreciation can result from factors such as market demand, location improvements, or favorable economic conditions. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Articles of association of a company<\/h6><\/i><\/div>

They are the internal rules and regulations governing the operations of a company. The articles of association establish the governance structure, rights and obligations of shareholders, and other legal provisions of the company. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Asset allocation<\/h6><\/i><\/div>

An investment strategy that involves distributing resources among different asset classes, such as stocks, bonds, real estate, etc., with the aim of diversifying risk and maximizing returns. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Bank of Spain<\/h6><\/i><\/div>

The Bank of Spain is the country\u2019s central bank and financial supervisor. It\u2019s also part of the Eurosystem, which means it helps shape eurozone monetary policy. It keeps an eye on credit institutions, promotes financial stability, issues banknotes together with the ECB, and analyzes economic data to support the health of the financial system. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Bonds<\/h6><\/i><\/div>

Bonds are debt securities issued by government entities, corporations, or other organizations. Investors who purchase bonds are lending money to the issuer in exchange for periodic interest payments and the return of the invested capital on a specific date. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Business angel (angel investor)<\/h6><\/i><\/div>

A business angel \u2014 also known as an angel investor \u2014 is someone who provides funding and know-how to early-stage startups with high growth potential, in exchange for equity. These investors often step in at the very beginning, offering not just money but also strategic advice to help the business grow. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Cap rate or capitalisation rate<\/h6><\/i><\/div>

The cap rate is a measure used in real estate investment to determine the potential return of a property. It represents the capitalization rate, i.e., the percentage of expected net income from a property in relation to its market value. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Capital call<\/h6><\/i><\/div>

Refers to a request by an investment fund to its investors to contribute additional capital to the fund. Capital calls typically occur when additional funds are needed to finance specific investments or projects. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Capital Gains Projects<\/h6><\/i><\/div>

Capital gains projects are a type of real estate investment where investors earn returns through the appreciation of an asset. In these types of projects, the main objective is to buy, develop, or transform a property and then sell it at a higher price, thereby generating a profit that is shared among the partners.Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Capital increase<\/h6><\/i><\/div>

Capital increase refers to the increase in the amount of a company’s share capital through the issuance of new stocks. This can be done to finance investment projects or strengthen the company’s financial structure. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Cash-on-cash returns<\/h6><\/i><\/div>

An indicator that compares the cash flows generated by a real estate investment with the amount of capital invested. It is used to evaluate the relative profitability of different investments. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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CNMV<\/h6><\/i><\/div>

CNMV (National Securities Market Commission): The CNMV is the regulatory authority responsible for supervising and inspecting financial markets in Spain, including real estate crowdfunding and other forms of investment. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Collateral<\/h6><\/i><\/div>

Collateral: A tangible asset or guarantee offered as backing to ensure compliance with a financial obligation. In real estate, it often refers to a property used as collateral to support a loan or investment. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Commercial Register<\/h6><\/i><\/div>

It is a public register where companies and commercial societies are recorded. The commercial register provides information about the formation, structure, and business activities of companies, as well as acts and documents related to their operations. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Committed capital<\/h6><\/i><\/div>

Committed capital refers to the funds that investors have agreed to invest in a project or company. Although they have not yet been disbursed, these funds are reserved and available for use according to the terms of the investment agreement. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Compound interest<\/h6><\/i><\/div>

It is a type of interest applied to an investment or loan that is calculated on the initial capital and previously accumulated interest. As the interest is reinvested, compound interest allows the generated interest to be added to the original capital, resulting in exponential growth. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Concentration risk<\/h6><\/i><\/div>

It is the risk associated with having a large portion of the investment or portfolio concentrated in a single asset, sector, or geographic region. The concentration of risk increases exposure to events or conditions that may negatively affect that asset, sector, or region. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Conflict of interest<\/h6><\/i><\/div>

It occurs when a person or entity has conflicting interests that may affect their impartiality in decision-making. In the real estate investment field, it is important to avoid conflicts of interest to ensure transparency and investor protection. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Contingency fund<\/h6><\/i><\/div>

A component in the budget of a project or investment intended to cover unforeseen expenses or contingencies that may arise during its execution. The contingency reserve is set aside to address unplanned situations and mitigate risks. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Convenience test<\/h6><\/i><\/div>

An evaluation conducted on investors to determine if financial products or services are suitable for them based on their knowledge, experience, financial situation, and investment objectives. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Core strategy<\/h6><\/i><\/div>

Refers to a real estate investment strategy that focuses on acquiring and holding stable and high-quality real estate assets in prime locations. The objective is to generate regular income through long-term rentals. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Core-plus strategy<\/h6><\/i><\/div>

It is a real estate investment strategy that combines elements of the core strategy with the pursuit of value-added opportunities. In addition to acquiring stable assets, it seeks improvements or enhancements that can increase long-term returns. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Create and Grow Act<\/h6><\/i><\/div>

Law 18\/2022, known as the Create and Grow Act, is legislation in Spain aimed at promoting the growth and development of businesses and entrepreneurs. The Create and Grow Act includes measures to facilitate financing, reduce regulatory burdens, and encourage business innovation. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Crowdfunding<\/h6><\/i><\/div>

It is a model of collective financing in which multiple individuals contribute small amounts of money to fund a project. In the real estate context, crowdfunding allows investors to participate in real estate projects through small investments. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Crowdinvesting<\/h6><\/i><\/div>

It is a general term that encompasses different models of collective investment, including crowdfunding. It involves multiple individuals investing their money in a project or company, usually through online platforms. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Currency<\/h6><\/i><\/div>

It is a foreign currency used as a medium of exchange. In the real estate investment context, it can refer to the currency in which financial transactions are conducted and real estate assets are valued. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Debt projects<\/h6><\/i><\/div>

These are investment projects in which investors provide capital in the form of loans or debt. These projects involve the payment of periodic interest and the repayment of the loaned capital within a specified time frame. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Developer<\/h6><\/i><\/div>
The developer is the individual or legal entity that decides, drives, schedules, and finances a construction project, assuming responsibility for its execution and compliance with applicable regulations. They are one of the key agents in the construction process, as established by Law 38\/1999, of the Building Regulation (LOE). Learn more-><\/span><\/a><\/div>\n\t\t\t\t\t<\/div>
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Distribution<\/h6><\/i><\/div>

In the context of real estate investment, distribution refers to the periodic payments that investors receive as part of the returns generated by a real estate project. These payments can come from rents, sales, or profits. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Diversification<\/h6><\/i><\/div>

It is an investment strategy that involves spreading capital among different types of assets, sectors, or geographies. The goal is to reduce risk by not relying solely on a single investment. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Dividends<\/h6><\/i><\/div>

They are periodic payments that a company makes to its shareholders as part of the profits earned. These payments represent a share in the company’s earnings. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Dollar-cost averaging<\/h6><\/i><\/div>

Dollar-cost averaging is an investment technique that involves making periodic and consistent purchases of an asset, such as stocks or investment funds, regardless of the current price. This allows the investor to acquire more units when prices are low and fewer units when prices are high, thus averaging the investment cost over time. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Due diligence<\/h6><\/i><\/div>

It is a process of thorough investigation and analysis conducted before making an investment. It involves a detailed evaluation of the financial, legal, operational, and commercial aspects of a project or company. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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EBITDA<\/h6><\/i><\/div>

Acronym for earnings before interest, taxes, depreciation, and amortization. It is a financial measure that indicates a company’s operating profit before taking into account financial costs, taxes, and asset depreciation; in other words, it reflects the gross operating result. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Electronic wallets<\/h6><\/i><\/div>

Applications or online services that allow storage, sending, and receiving of electronic money. Electronic wallets are used to securely and conveniently conduct online transactions. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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ELTIF<\/h6><\/i><\/div>

ELTIF (European Long-Term Investment Fund): ELTIFs are a type of collective investment vehicle that allows investors to provide capital to companies and projects in need of long-term financing. They are aimed at fund managers who wish to offer long-term investment opportunities to institutional and retail investors across Europe, for example, in infrastructure projects. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Equity Investments<\/h6><\/i><\/div>

It refers to a class of financial assets that do not have predetermined periodic payments and whose returns fluctuate based on market performance. Equity includes stocks and shares in investment funds. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Equity Projects<\/h6><\/i><\/div>

An equity project is a form of collective investment where investors contribute capital in exchange for a share of the profits generated by a real estate development. At Urbanitae, equity projects consist of two main types: capital appreciation projects and rental projects, which differ in their return strategy. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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ETF<\/h6><\/i><\/div>

ETF (Exchange-Traded Fund): An exchange-traded fund is a type of investment fund that replicates an underlying index or basket of assets. ETFs are traded on the secondary securities market and offer investors diversified exposure to different markets or sectors. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Experienced investor<\/h6><\/i><\/div>

An experienced investor is an individual or legal entity that, under Regulation (EU) 2020\/1503, possesses the experience, knowledge, and financial capacity necessary to understand and assume the risks associated with investments in crowdfunding platforms, without exposing themselves to excessive financial consequences. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Family Office<\/h6><\/i><\/div>

A family office is a private entity that offers financial management and advisory services to wealthy families. Family offices are responsible for managing investments, estate planning, and other financial aspects to preserve and grow family wealth. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Financial advise<\/h6><\/i><\/div>

Financial advisory involves providing guidance and recommendations to investors on how to manage their personal or corporate finances, including aspects related to real estate investment and strategic financial decision-making. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Financial asset<\/h6><\/i><\/div>

A financial asset is an instrument or contract that represents an ownership right or a debt. It may include stocks, bonds, deposits, or investment fund shares, among others. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Fixed income<\/h6><\/i><\/div>

Refers to a class of financial assets that generate predetermined periodic payments, such as interest, dividends, or coupons. Fixed income securities include bonds, promissory notes, and other debt instruments. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Fund of funds<\/h6><\/i><\/div>

It is an investment fund that invests in other funds rather than directly in individual assets. The purpose is to diversify the investment through a portfolio of different funds. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Funding round<\/h6><\/i><\/div>

Refers to a specific stage in which a company seeks external financing to fuel its growth or finance its operations. During a funding round, investors may contribute capital in exchange for shares or equity in the company. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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HVWI<\/h6><\/i><\/div>

HNWI: High-net-worth individual. Refers to a person or family with a high level of wealth, typically defined by a specific threshold of financial assets or net worth. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Hedge Funds<\/h6><\/i><\/div>
These are private and unregulated investment funds that seek to generate returns through various investment strategies. Learn more-><\/span><\/a><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Inflation<\/h6><\/i><\/div>

It is the sustained and general increase in the prices of goods and services in an economy over time. Inflation reduces the purchasing power of money, which means that over time, more money is needed to buy the same amount of goods and services. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Inflation risk<\/h6><\/i><\/div>

It is the risk that inflation will reduce the purchasing power of money over time. When the inflation rate is high, investors face the risk that their real returns will be lower than inflation, which reduces their purchasing power. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Infrastructure<\/h6><\/i><\/div>

Refers to the facilities and physical structures necessary for the functioning of a society, such as roads, bridges, airports, transportation networks, power plants, and telecommunication systems. Investment in infrastructure involves financing and developing these assets. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Intangible assets<\/h6><\/i><\/div>

Intangible assets are those that do not have a physical form but possess economic value. In the real estate context, they may include intellectual property rights, trademarks, patents, or lease contracts. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Internal Return Rate (IRR)<\/h6><\/i><\/div>

Internal Return Rate (IRR): A measure used to evaluate the profitability of an investment. IRR is the discount rate that represents the present value of the investment’s future cash flows with the initial capital invested. A higher IRR indicates a higher investment return. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Invested capital<\/h6><\/i><\/div>

Invested capital refers to the funds that investors have disbursed and committed to a specific investment. It is the actual amount of money that has been allocated to a company, project, or real estate asset.\u200b Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Investment agreement<\/h6><\/i><\/div>

An investment agreement is a contract that establishes the terms and conditions of an investment made by an investor in a company or real estate project. These agreements typically detail the participation, rights, and responsibilities of the involved parties. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Investment fund<\/h6><\/i><\/div>

It is a form of collective investment in which funds from multiple investors are gathered together to acquire a diversified portfolio of assets. Investment funds are managed by professionals and allow investors to access different types of assets. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Investment portfolio<\/h6><\/i><\/div>

It is the collection of financial assets such as stocks, bonds, investment funds, and other instruments held by an investor. The investment portfolio is diversified to balance risk and seek optimal returns. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Investment portfolio<\/h6><\/i><\/div>

Refers to the collection of investments owned by an individual or entity. In real estate investing, it includes the properties or real estate projects one has invested in.\u200b Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Inversor profesional<\/h6><\/i><\/div>

Se refiere a un inversor que posee conocimientos, experiencia y capacidad para evaluar y asumir riesgos financieros de manera m\u00e1s sofisticada. Los inversores profesionales<\/a><\/span>pueden tener acceso a oportunidades de inversi\u00f3n m\u00e1s amplias y a servicios de gesti\u00f3n especializados. Saber m\u00e1s-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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J-curve<\/h6><\/i><\/div>

Refers to a graphical representation in the form of a curve that shows the evolution of a real estate project. The J-curve indicates that initially there may be a decrease in value or profitability before experiencing significant growth. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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KYC and AML<\/h6><\/i><\/div>

KYC (Know Your Customer) and AML (Anti-Money Laundering) are processes and measures implemented by financial institutions to know their customers’ identities and assess the risks related to their financial activities. These processes are designed to prevent money laundering and terrorism financing. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Land registry<\/h6><\/i><\/div>

It is a public register where property rights over real estate are recorded. The land registry provides legal and juridical information about the property, such as the name of the owner, existing encumbrances or liens, and details of the property deed.\u00a0Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Limited Partner (LP)<\/h6><\/i><\/div>

Refers to a limited partner in a limited liability partnership, such as an investment fund. LPs contribute capital to the fund, but have limited responsibility regarding the debts and obligations of the fund. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Liquidity<\/h6><\/i><\/div>

It is the ability to convert an asset into cash quickly without incurring significant losses. In financial markets, liquidity refers to the ease with which securities can be bought or sold without significantly affecting their price. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Liquidity risk<\/h6><\/i><\/div>

The risk of not being able to buy or sell an asset quickly without incurring significant losses. Liquidity risk refers to the difficulty in converting an asset into cash due to the lack of buyers or sellers in the market. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Loan-to-cost (LTC)<\/h6><\/i><\/div>

The ratio between the loan or financing obtained for a real estate project and the total estimated cost of the project. The LTC is used to assess the level of leverage and the risk associated with the financing of the project. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Loan-to-value (LTV)<\/h6><\/i><\/div>

The ratio between the loan amount requested for the purchase of a property and the appraised value of that property. This indicator is used to measure the level of leverage and the risk associated with the financing.\u00a0Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Make-whole<\/h6><\/i><\/div>

A clause (formally called make-whole call provision) that allows the issuer of a bond to repay the debt early before its maturity, compensating the investor for the future interest payments they would otherwise miss. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Management company<\/h6><\/i><\/div>

Refers to the entity or company responsible for the management and administration of an investment fund or other financial products. The asset manager is responsible for making investment decisions, monitoring assets, and managing risks on behalf of the investors. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Mandate agreement<\/h6><\/i><\/div>

A mandate agreement is a contract in which one person or entity grants powers and authority to another to act on their behalf in matters related to real estate investment, such as sourcing opportunities, negotiations, or property management. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Market risk<\/h6><\/i><\/div>

The risk of financial loss due to fluctuations in asset prices in the financial markets. This risk may be caused by macroeconomic factors, geopolitical events, changes in interest rates or market volatility. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Megatrends<\/h6><\/i><\/div>

Large-scale and long-term trends or changes that have a significant impact on society, the economy, and markets. Megatrends are often related to demographic, technological, environmental, social, or economic aspects. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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MiFID<\/h6><\/i><\/div>

MiFID: Acronym for “Markets in Financial Instruments Directive.” It is a European Union regulation that establishes requirements and standards for the provision of investment services and investor protection. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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MOIC<\/h6><\/i><\/div>

MOIC: Acronym for “Multiples on Invested Capital.” It is a metric used in private equity to assess the performance of an investment relative to the initially invested capital. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Mortgage guarantee<\/h6><\/i><\/div>

It is a real right that is established on a real estate property (usually a property) as collateral to secure the fulfillment of a financial obligation, such as a mortgage loan. In case of default, the lender can enforce the guarantee and sell the property to recover the borrowed capital. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Net asset value (NAV)<\/h6><\/i><\/div>

Net asset value (NAV): The total value of assets in an investment fund divided by the number of outstanding shares. Net asset value is used to determine the purchase or sale price of fund shares. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Nominal return<\/h6><\/i><\/div>

It is the financial return on an investment without taking into account inflation or other factors that may affect the purchasing power of money. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Non-accredited investor<\/h6><\/i><\/div>

An investor who does not meet the requirements established by financial regulations to be considered an accredited investor. Non-accredited investors may have limitations in terms of the investment opportunities they can participate in. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Non-experienced investor<\/h6><\/i><\/div>

A non-experienced investor is someone who doesn\u2019t meet the criteria set to be considered an experienced investor under Regulation (EU) 2020\/1503\u2014in other words, anyone who isn\u2019t classified as experienced. \u200bLearn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Operational Risk<\/h6><\/i><\/div>

Operational risk is the risk associated with deficiencies or failures in a company’s processes, procedures, systems, or operational resources. These failures can result in financial losses, operational disruptions, damage to reputation, or non-compliance with regulations. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Opportunistic strategy<\/h6><\/i><\/div>

It is a real estate investment strategy that aims to take advantage of special situations and market imbalances. Investors seek high-yield opportunities through riskier investments, such as asset restructuring or distressed property acquisitions. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Opportunity cost<\/h6><\/i><\/div>

It represents the benefit or value of the best option foregone when choosing an investment alternative. In the real estate context, opportunity cost refers to the missed benefits of choosing one investment over another. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Passive management<\/h6><\/i><\/div>

It is an investment management approach that seeks to replicate the performance of a specific benchmark index rather than trying to outperform it. Passive management funds, such as index funds, invest in a portfolio of assets that reflects the composition of the benchmark index. Learn more-><\/span><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Payment entity<\/h6><\/i><\/div>

It is an authorized and regulated financial institution that provides payment services such as fund transfers, direct debits, and card issuance. In the context of real estate investment, payment institutions can facilitate transactions between investors and real estate developers. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Payment gateway<\/h6><\/i><\/div>

A service that facilitates and manages electronic payments between buyers and sellers online. The payment gateway provides a secure and efficient platform for processing financial transactions. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Payment gateway fee<\/h6><\/i><\/div>

It is a fee charged for using an electronic payment gateway. Payment gateways facilitate electronic transactions and offer secure and efficient payment processing services. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Placement (fundraising)<\/h6><\/i><\/div>

Refers to the process of raising capital to finance a project or investment. In the real estate context, it involves seeking investors interested in participating in a specific project. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Political, social and regulatory risk<\/h6><\/i><\/div>

The risk that changes in the political, social or regulatory environment will adversely affect an investment. This may include changes in government policies, political instability, social tensions or changes in regulations that negatively impact business. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Portfolio rebalancing<\/h6><\/i><\/div>

Periodic adjustment of the assets in an investment portfolio to maintain the desired asset allocation. This involves buying or selling assets to restore the target percentages for each asset class. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Private debt<\/h6><\/i><\/div>

Private debt refers to loans or credits provided by private investors or companies specialized in financing, rather than traditional financial institutions. In the real estate context, private debt can be used to finance projects by real estate developers. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Private markets<\/h6><\/i><\/div>
Refer to markets in which financial assets that are not available to the general public are traded and are primarily intended for institutional or accredited investors. Learn more-><\/a><\/div>\n\t\t\t\t\t<\/div>
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Private equity<\/h6><\/i><\/div>

Private capital refers to funds provided by private investors or specialized investment firms that are not listed on public markets. These resources are used to finance projects in sectors such as real estate, technology, or energy, with the goal of generating returns through the growth and development of the businesses or assets being invested in. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Private equity funds<\/h6><\/i><\/div>

These are investment funds that invest in non-publicly traded companies, usually through the acquisition of majority or significant stakes. These funds seek to generate long-term profits through the improvement and growth of the companies in which they invest. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Professional investor<\/h6><\/i><\/div>

Refers to an investor who possesses knowledge, experience, and the ability to evaluate and take on financial risks in a more sophisticated manner. Professional investors may have access to broader investment opportunities and specialized management services. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Proptech<\/h6><\/i><\/div>

It is a term that combines the words “property” and “technology.” It refers to companies that use technology to innovate and transform the real estate sector, improving processes such as buying, selling, renting, and managing properties. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Provider of Participatory Financing Services (PPFS):<\/h6><\/i><\/div>

A Provider of Participatory Financing Services (PPFS) is an authorized entity that connects promoters in need of financing with investors who wish to participate in their projects through a digital platform. This can be done via loans (debt crowdfunding or crowdlending) or through capital contributions (equity crowdfunding or crowdequity). Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Public markets<\/h6><\/i><\/div>

Financial markets where financial assets are traded and are available to the general public. These markets are regulated and offer greater liquidity and access for retail investors. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Real economy<\/h6><\/i><\/div>

It refers to the part of the economy related to the production, distribution, and consumption of tangible goods and services. In the real estate context, investment in the real economy refers to the acquisition and development of physical assets, such as real estate properties. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Real estate<\/h6><\/i><\/div>

Real estate refers to properties, including land, buildings, homes, commercial premises, and others. Real estate investment involves the acquisition, management, and sale of these assets with the aim of obtaining financial returns. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Real estate crowdfunding<\/h6><\/i><\/div>

Real estate crowdfunding is the application of crowdfunding to the real estate sector. It allows investors to participate in real estate projects by contributing capital. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Real estate crowdlending<\/h6><\/i><\/div>

Real estate crowdlending is a form of financing in which multiple individuals or investors lend money to real estate developers. The developers use these loans to fund construction or property development projects. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Real estate investor<\/h6><\/i><\/div>

A person or entity that specifically invests in real estate assets, such as residential properties, commercial properties, or land. The real estate investor seeks to generate profits through property acquisition, rental income, sales, or development. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Real return<\/h6><\/i><\/div>

It is the financial return on an investment adjusted for inflation or any other factor that affects the purchasing power of money. Real return takes into account the impact of currency value loss or gain. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Recap<\/h6><\/i><\/div>

A term used in real estate to refer to the recapitalization of a property or project, which involves the restructuring or refinancing of existing debt and the incorporation of new capital. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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REIT<\/h6><\/i><\/div>

REIT (Real Estate Investment Trust): A real estate investment trust that allows investors to participate in real estate projects by purchasing shares of the company. REITs offer tax benefits and usually distribute a portion of the income generated by the real estate assets to shareholders. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Rental projects<\/h6><\/i><\/div>

These are investment projects in which investors receive periodic income from the rent generated by an asset, such as the rental of a property. Rental projects aim to generate regular income for investors. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Representation agreement<\/h6><\/i><\/div>

A representation agreement is a contract in which one party designates another to represent them in certain real estate investment transactions or negotiations. The representing party acts on behalf and in the interest of the represented party. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Required capital<\/h6><\/i><\/div>

Capital required is the amount of money needed to carry out a real estate project. It represents the minimum investment needed to take part in an investment opportunity, whether it\u2019s for acquiring, developing, or improving a real estate asset. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Retail investor<\/h6><\/i><\/div>

Refers to an individual investor who participates in financial markets and makes investments with their own resources. Retail investors typically have less experience and lower investment capacity compared to institutional investors. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Return of capital<\/h6><\/i><\/div>

The process by which investors receive back the capital invested in a project once it has been completed. Capital return may include the reimbursement of the principal invested and the generated returns. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Return on investment<\/h6><\/i><\/div>

It is the financial performance or yield obtained from an investment. Return on investment is generally expressed as a percentage and can be calculated in different ways, such as total return, annualized return, or cumulative return. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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ROIC<\/h6><\/i><\/div>

ROIC: Acronym for “Return on Invested Capital” (Retorno sobre el Capital Invertido). It is a financial measure that indicates the profitability generated by a company in relation to the capital invested in it. ROIC is used to assess the efficiency and profitability of capital investment. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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SDG<\/h6><\/i><\/div>

SDG: Acronym for “Sustainable Development Goals.” These are 17 goals established by the United Nations to address global challenges such as poverty, climate change, gender equality, and environmental protection. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Secondary market<\/h6><\/i><\/div>

This is a market in which financial assets that have already been issued previously in the primary market are traded. In the real estate context, the secondary market may refer to the buying and selling of shares in real estate funds or existing properties. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Secured lending<\/h6><\/i><\/div>

A loan in which the borrower offers an asset as collateral to support the loan. In case of default, the lender can execute the collateral and recover the value of the asset to cover the loan. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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SGIIC<\/h6><\/i><\/div>

SGIIC stands for “Sociedad Gestora de Instituciones de Inversi\u00f3n Colectiva” (Collective Investment Scheme Management Company). It refers to a regulated entity responsible for managing and administering investment funds or other collective investment vehicles. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Shareholders' agreement<\/h6><\/i><\/div>

An agreement or contract among the shareholders of a company that sets out the rules and conditions of their relationship and collaboration. The shareholders’ agreement addresses aspects such as decision-making, obligations and rights of the shareholders, and dispute resolution. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Shareholdings<\/h6><\/i><\/div>

Refers to the ownership units in a company or investment fund. Units of ownership represent the proportional ownership stake that an investor has in the entity. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Simple note of the commercial register<\/h6><\/i><\/div>

It is a document that provides basic and updated information about a company registered in the commercial register. The simple note includes data such as the company name, directors, corporate purpose, and annual accounts. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Socimi<\/h6><\/i><\/div>

Socimi stands for “Sociedad An\u00f3nima Cotizada de Inversi\u00f3n en el Mercado Inmobiliario” (Listed Public Limited Company for Investment in the Real Estate Market). It is a legal figure in Spain that allows companies to invest in real estate assets and be listed on the stock exchange. Socimis offer tax advantages and focus on investment in the real estate sector. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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SPV (Special Purpose Vehicle)<\/h6><\/i><\/div>

An SPV (Special Purpose Vehicle) is a legal entity created for a specific project or investment. SPVs are commonly used in real estate crowdfunding to structure investments and separate the assets and liabilities of the project from other entities. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Startup<\/h6><\/i><\/div>

A term that refers to companies in their early stages of development and growth. Startups are often innovative, technology-based, and have high growth potential, but they also come with a higher level of risk. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Stock market<\/h6><\/i><\/div>

An organized market where financial securities such as stocks and bonds are bought and sold. Stock markets facilitate the trading and liquidity of financial assets among investors. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Stocks<\/h6><\/i><\/div>

Stocks are ownership securities issued by a company and represent a portion of its share capital. Investors who own shares become shareholders and are entitled to receive dividends and participate in the company’s decision-making. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Subscription<\/h6><\/i><\/div>

The act of investing in or acquiring shares in an investment fund or stock offering. By subscribing, an investor commits to contributing capital and participating in the profits and risks of the fund or offering. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Suitability test<\/h6><\/i><\/div>

A more detailed evaluation conducted on investors to determine if financial products or services are appropriate and suitable for their specific needs and investment profile. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Tangible assets:<\/h6><\/i><\/div>

Tangible assets are those that have a physical form and can be touched or quantified. In the real estate field, tangible assets refer to physical properties such as buildings, land, commercial premises, or houses. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Top quartile<\/h6><\/i><\/div>

Refers to the upper quartile or group of best results in a dataset. In the context of investing, the top quartile is used to refer to funds or investments that have achieved the best returns compared to their peers. Learn more-><\/a><\/span><\/p><\/div>\n\t\t\t\t\t<\/div>

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Track record<\/h6><\/i><\/div>

It is the performance history or record of a fund manager, company, or project over time. The track record is used to evaluate the consistency and ability to generate returns based on past results. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Traditional investment<\/h6><\/i><\/div>

Refers to conventional forms of investment, such as buying stocks, bonds, or investment funds in traditional financial markets. Traditional investments typically have a more conservative approach and are based on more liquid and widely traded assets. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Uncorrelation<\/h6><\/i><\/div>

It is the lack of relationship or dependence between two variables or financial assets. In the real estate context, decoupling refers to the ability of real estate investments to behave independently from other assets, such as stocks or bonds. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Unicorn<\/h6><\/i><\/div>

In the business context, it refers to a startup that has reached a market valuation of at least one billion dollars before going public. Unicorns are considered rare and highly successful companies. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Unsecured loans<\/h6><\/i><\/div>

These are loans granted without the need to offer an asset as collateral. They are based on the borrower\u2019s creditworthiness and ability to repay. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Urbanitae commission<\/h6><\/i><\/div>

It refers to the fee or commission that Urbanitae charges for raising the agreed-upon funding for the development of a project on the platform. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Value-added strategy<\/h6><\/i><\/div>

It is a real estate investment strategy that focuses on adding value to assets through improvements, renovations, or reconfigurations. The goal is to increase income and profitability of the assets over time. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Venture capital<\/h6><\/i><\/div>

Refers to the investment of capital in emerging companies or startups with high growth potential. Venture capital typically involves investments in the early stages of development and is made in exchange for equity in the company. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Venture capital fund<\/h6><\/i><\/div>

It is a type of investment fund that invests in high-growth potential companies but also with a significant level of risk. These funds seek to profit from buying and selling stakes in non-publicly traded companies. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div>

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Volatility<\/h6><\/i><\/div>

A measure of the fluctuation or variability of asset prices or investment returns over time. Volatility is used to assess the risk associated with an investment, where higher volatility indicates greater variability and potential risk. Learn more-><\/a><\/p><\/div>\n\t\t\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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