Pre-opening | Urbanitae Presents Mazarredo Offices Project II: A Value-Added Opportunity in Central Madrid

20/04/2026 – ⏱ 3 min

April 20, 2026 – Estimated reading time: 8 min

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

The crowdfunding platform Urbanitae announces the upcoming opening of a strategic equity project in the heart of Madrid. Next Wednesday, April 22, at 4:00 PM (UTC+2), participation will be enabled for the second tranche of the Mazarredo Offices Project II. This operation involves the acquisition of an independent office building in the Arganzuela district, with the goal of maximizing its value through active rent management and asset upgrading.

Following the success of the first €3,000,000 tranche, which has already been funded, Urbanitae has agreed with the manager to expand the ticket by an additional €1,220,000, bringing the total funding through the platform to €4,220,000.

Investment Strategy and Value Creation The project is based on a Value-Added strategy for an asset that is already generating income but has significant room for improvement. Currently, the building is leased to a global coworking space operator with a presence in over 450 locations, whose contract expires in June 2027.

The investment roadmap includes the following fundamental steps:

Acquisition: Purchase of the property located at Mazarredo 7, taking advantage of a competitive entry price below market value.

Rent Management: Renegotiation of the contract with the current tenant or formalization of a new lease at market prices once the current agreement expires.

CapEx Works: Execution of maintenance improvements and obtaining an ESG certification to optimize the building's positioning for institutional investors.

Asset Sale: Once the property is stabilized with market rents, it will be sold to a third party, with an estimated exit yield of 5.25%.

A Unique Asset in a Prime Location The property is a standalone building constructed in 1930 and fully renovated in 2017. It features a surface area of 3,967 sqm distributed across five levels (basement, ground floor, and three upper floors) and has held a tertiary/office use license since 2000.

Its location is strategic, situated next to the former Google campus and very close to the Royal Palace and the Almudena Cathedral. Furthermore, it enjoys excellent public transport connectivity, with access to multiple metro lines (Puerta del Ángel, Ópera, and Príncipe Pío) and numerous bus stops less than a five-minute walk away.

The Manager: FREO Group The operation is led by FREO Group, an international manager with a presence in Spain since 2015 and extensive experience in creating value through the active management of real estate assets. FREO will handle the comprehensive management of the project and will contribute 10% of the total investment capital, aligning its interests with those of the Urbanitae participants.

The operation is structured via a capital increase in the vehicle company EMERITA OPPORTUNITIES 9, S.L., which will invest in the project's developer company to reach a total capital of €9,100,000, complemented by bank financing that has already been pre-approved for the acquisition.

Economic Scenarios and Deadlines In accordance with CNMV regulations, Urbanitae presents three profitability scenarios based on revenue forecasts (€22,040,053 in the favorable scenario) and cost estimates (€17,942,632):

Favorable: Fulfillment of the business plan with rents and sale prices according to the current market.

Moderate: Considers a 13% reduction in the sale price and rents of €22/sqm.

Unfavorable: Contemplates a 27% drop in the sale price and rents of €20/sqm, which could lead to a partial loss of capital.

The estimated investment term is between 22 and 26 months. The planned schedule places the asset purchase in the second quarter of 2026, the contract renegotiation in early 2027, and the final sale of the owning company along with the distribution of profits in the second quarter of 2028.

Risk Factors Like any real estate investment, the project is not without risk. The main risks identified include delays in formalizing a new lease agreement, the need to adjust the estimated rental price downward to attract tenants, or potential delays in the final sale of the stabilized asset. However, the scarcity of buildings of this type within the M-30 motorway and the sustained demand for well-located office spaces act as natural mitigants to these risks.

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