Pre-opening | Atilec and Re-Aviva drive the refurbishment of a Telefónica building in Hortaleza (Madrid) for 46 homes

28/07/2026 – ⏱ 3 min

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

A real estate investment opportunity is being prepared in Madrid, structured as an equity-type operation. The operation consists of the acquisition from Telefónica of a building located at Calle Miranda de Arga, 1, in the Hortaleza district, for its refurbishment, extension and subsequent sale in a residential project of approximately 46 homes and 51 parking spaces. The project is driven by the managers Atilec and Re-Aviva. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Asset Description

The property currently has two floors above ground and allows for three additional ones to be built, reaching approximately 4,784 m². The acquisition price amounts to €6.5M, equivalent to a land cost of €1,360/m². The project contemplates the transformation of the asset to residential use through refurbishment and a possible three-floor extension, whose urban-planning feasibility has been previously analyzed by the management team and, according to the operation's information, is compatible with the regulations in force.

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 capital of the operation through a joint contribution of €595,000, which partially aligns their interests with those of 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 contemplates a total occupancy of 18 months, during which it will pay a 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 the definition of the project, the processing of permits and the tendering of the works progress. The company that will execute the project is newly created and carries out no other activity. In accordance with the CNMV criterion, as this is an equity-type operation, no estimated profitability is communicated; the business-plan figures are mere estimates, are subject to investment risk, and might not be achieved.

Business Plan and Timeline

According to the manager's business plan, the project estimates total sales of €30.8M and a gross result of close to €6.4M; these figures are estimates subject to variation. The planned timeline contemplates the start of project development to apply for the permit in October 2026, the building permit application in December 2026 and its approval in October 2027, the start of marketing in November 2027, the start of works in December 2027, completion of works in May 2029, the application and approval of the first-occupancy license in June 2029, and the delivery of homes in July 2029. It should be borne in mind that in any real estate development timelines may vary both upwards and downwards.

Risks and Considerations

Among the identified risks are 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 established timeframes; legal risk, relating to permits, licenses and possible litigation; and construction risk, arising from technical contingencies, cost deviations or execution delays. 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.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer at no cost and without justification. It is also warned that this is a participatory financing 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 supervised by the CNMV or the Bank of Spain, and the information provided has not been reviewed by these institutions. Likewise, the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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