Pre-opening | Sego Real Estate to Publish the Estepona VPO Project with an 18% Total Return

26/12/2025 – ⏱ 3 min

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

Sego Real Estate breaks into the Social Housing (VPO) market with the launch of its most ambitious opportunity to date: the Estepona Project. This is a debt operation intended to finance the land acquisition for the development of 120 protected homes in one of the most exclusive areas of the Costa del Sol.

The fundraising phase begins today, Friday, December 26th.

Financial Structure and Yield

The project is structured under a bullet loan model, with repayment of principal and interest at maturity, offering a highly competitive return within the residential debt segment:

• Loan Amount: €500,000
• Annual Nominal Interest: 12%
• Estimated Total Yield: 18% after 18 months
• Investment Term: 18 months
• Guarantee: Triple guarantee scheme including a pledge of shares, personal guarantee, and joint and several liability

Metric Analysis and Project Security

The Estepona VPO Project stands out for its exceptionally robust investor protection framework, combining real collateral, equity commitment, and institutional validation.

Triple Real and Personal Guarantee
The operation includes a pledge over 65% of the parent company’s shares, which directly owns land valued at over €1,000,000, providing tangible collateral well above the requested financing amount. This is reinforced by the joint and several liability of three promoting entities and the personal guarantee of the founding partners.

High Alignment of Interests
The developer has committed to injecting €2,000,000 of equity within the first six months. This level of commitment is proportionally higher than that observed in other recent operations, such as Extremadura 13–17 (36% equity) or Madrid Nova Este (58% equity), demonstrating strong alignment between developer and investors.

Institutional Backing
The project benefits from a letter of intent from Triodos Bank for financing exceeding €17 million. This preliminary institutional validation significantly reduces refinancing risk for subsequent construction phases and provides a higher level of certainty compared to projects still awaiting banking interest.

Market Value
The estimated real market value of the completed development amounts to €30,415,394, highlighting the scale of the project relative to the initial debt tranche.

The Asset: VPO in a Strategic Enclave of Estepona

The development will be located in the natural surroundings of Parque Los Reales de Sierra Bermeja, near La Resina Golf & Country Club. In a market where the average residential price in Estepona has reached €4,057/m², with annual growth of 13.3%, the availability of social housing (VPO) is extremely limited.

This structural scarcity creates sustained demand and minimal competitive pressure within the affordable housing segment, making VPO developments particularly defensive in the current economic environment.

Realty Investor: Your Ally in Debt Analysis

In a market where funding speed has become critical—as demonstrated by recent record closings such as Madrid Nova Este in 55 seconds—having access to comparative and standardized data is essential.

At Realty Investor, we provide the tools to analyze operations like Estepona VPO with professional rigor:

• Guarantee Comparison: Understand why a 65% share pledge offers stronger coverage than other collateral structures.
• VPO Tracking: Monitor a defensive, high-demand housing segment aligned with current social and regulatory priorities.
• Developer Experience: Access verified track records of groups such as Scandinavian Living Developments and the Nubuis Group, with more than 30 years of experience in the real estate sector.

Join our early access list and receive one month of free access to discover how projects like Estepona VPO balance risk, social impact, and profitability.

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