Campaign Closing Report | Atilec and Re-Aviva Complete the €2,000,000 Raise for the Equity Operation to Refurbish a Telefónica Building into 46 Homes in Hortaleza (Madrid)

02/09/2026 – ⏱ 3 min · By Realty Investor Editorial Team

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

The closing report has been issued for the crowdfunding round of an equity-type operation, driven by the managers Atilec and Re-Aviva, consisting of the acquisition from Telefónica of a building located at Calle Miranda de Arga, 1, in the Madrid district of Hortaleza, for its refurbishment, extension and subsequent sale in a residential project of approximately 46 homes and 51 parking spaces. The public subscription process has concluded, consolidating a final amount raised of €2,000,000. It should be borne in mind that any reference to returns is inseparable from the corresponding risk, which is detailed below.

The fundraising was completed within 36 days of opening. Analysis of the capital flow during the round shows an approximate average contribution rate of €39 per minute since launch, with the participation of 255 investors and an approximate average ticket of €7,843 per investor.

Structure of the operation and exit strategy

The estimated total investment amounts to approximately €24.4M, financed through €4.77M of equity, alternative financing during the lease period and bank financing for the CAPEX. The managers Atilec and Re-Aviva participate in the operation's capital through a joint contribution of €595,000, which partially aligns their interests with those of the investors. Following the purchase, Telefónica will remain as tenant for an initial period of 12 months, with two possible six-month extensions; the most likely scenario envisages a total occupancy of 18 months, during which it will pay rent equivalent to 5.5% per year —rent received by the operation in its capacity as landlord, and not a return communicated to the investor— while progress is made on defining the project, processing the licences and tendering the works. The company that will carry out the project is newly created and has no other activity. In line with the CNMV's criterion, as this is an equity-type operation, no estimated return is communicated; the business plan figures are mere estimates, are subject to investment risk and may not be achieved.

Asset description and business plan

The building currently has two floors above ground and allows three more to be built, reaching approximately 4,784 m². The acquisition price amounts to €6.5M, equivalent to a cost of €1,360/m² of buildable area. According to the manager's business plan, the project estimates total sales of €30.8M and a gross profit of close to €6.4M; these figures are estimates subject to change. The planned timeline envisages the start of work on the project designs to apply for the licence in October 2026, the start of works in December 2027, completion of works in May 2029 and delivery of the homes in July 2029, although in any real estate development timelines may vary both upwards and downwards.

Risks and considerations

The risks identified include developer risk, linked to the solvency and execution capacity of the management team; commercial risk, linked to the ability to sell at the expected price and within the planned timeframes; legal risk, relating to permits, licences and possible litigation; and construction risk, arising from technical contingencies, cost overruns or delays in execution. As mitigating factors, the operation is subject to legal and technical due diligence and to external Project Monitoring, and the managers have proven experience in refurbishment and repositioning operations, including similar operations with Telefónica.

Finally, in compliance with Regulation (EU) 2020/1503, it is recalled that non-sophisticated investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer at no cost and without having to give reasons. It is also pointed out that this is a crowdfunding product —not a deposit or a guaranteed savings product— and that real estate investments carry specific risks, such as illiquidity, the risk of not obtaining the expected return or the partial or total loss of principal. This crowdfunding project is not authorised or supervised by the Spanish National Securities Market Commission (CNMV) or by the Bank of Spain, and the information provided has not been reviewed by those institutions. Furthermore, the capital invested is not covered by the Deposit Guarantee Fund (Directive 2014/49/EU) or by the investor compensation scheme (Directive 97/9/EC).

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