Campaign Closing Report | Urbanitae completes a €1,625,000 raise in fifteen days for the new tranche of the Tomás Ribeiro building in Lisbon

11/09/2026 – ⏱ 6 min

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

The crowdfunding platform Urbanitae has issued the closing report for the round corresponding to the new tranche of the Tomás Ribeiro project, a six-home residential building at Rua Tomás Ribeiro 89 in central Lisbon. The transaction is structured as an equity participation: investors contribute funds to a special purpose vehicle which in turn subscribes a capital increase in the project's Portuguese development company. The subscription process concluded with a final volume raised of €1,625,000. Unlike a loan, in this format the investor takes a stake in the project's capital and the return depends on the outcome of the development; any reference to return is inseparable from the corresponding risk, which is described below.

Fundraising completed in 15 days from opening. The flow of contributions across that period works out at an average of €75 per minute.

Metric Analysis of the Investor Base and Capital Distribution

The campaign concluded after recording the participation of 936 investors. Distributing the funds raised across that number of contributors gives an average ticket of €1,736 per participant.

In line with the supervisor's criteria, for equity projects the platform does not communicate an estimated return but instead three economic scenarios, set out below. Profits are distributed in tranches according to the IRR the project achieves: up to a 15.0% IRR, all capital is remunerated pari passu and profits are split according to the company's capital structure; between 15.0% and 20.0%, the manager receives 25% of the excess generated in that band as variable remuneration and the remaining 75% is split among shareholders pro rata; and above 20.0%, the manager receives 50% of the excess and the other 50% is split among shareholders. In accordance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their commitment without justification or penalty.

Description of the Underlying Asset, Planning Progress and Sponsor Profile

The project consists of developing a residential building of six homes in two- to five-bedroom duplex layouts, with terraces, 18 parking spaces — two to four per home — and communal areas including a pool, gardens and a gym. The homes average 283 square meters, a size the documentation places above the usual Lisbon product, which runs between 100 and 200 square meters.

The asset sits in a consolidated residential area of central Lisbon, on the Marqués de Pombal – Avenida da Liberdade axis, within the Avenidas Novas district. At the project's launch date the building permit had already been granted and demolition works completed, so planning risk is eliminated. Acquisition of the property was scheduled for September 2026 and the start on site for October 2026, with an estimated 24-month duration. Marketing will begin once construction is under way, aiming to build pre-sales before completion; the documentation itself warns that at the launch date pre-sales had not begun, so visibility over the absorption rate is still limited.

The business plan sets an average sale price of €16,174 per square meter of saleable area, giving estimated total sales of €27,447,650. Those prices have been benchmarked against new-build comparables in the area and against the Castilho 3 project, developed by the same manager and also co-invested by Urbanitae. The project has undergone commercial due diligence carried out by Básico.

The manager is Mexto, a Swiss-capital developer and investor specialising in the luxury residential segment in Portugal, focused on refurbishment and new build in Lisbon and its surroundings. Present in Portugal since 2017, it reports a project volume of between €200 and €250 million, close to 71,000 square meters built and more than 269 homes.

Capital Structure, Risk Indicators and Economic Scenarios

Urbanitae investors' contributions are channelled through a capital increase into the special purpose vehicle TERRACOTA OPPORTUNITIES 9, S.L., which in turn enters the Portuguese development company MEXTO QCO, UNIPESSOAL LDA. The funds go to that capital increase and to providing the company with liquidity to meet project costs not covered by the manager, the shareholders or the bank financing, until the building is sold. Total project equity amounts to €7,160,654, of which the developer contributes 45%. The transaction also has approved bank financing of €14,000,000, of which €2,150,000 goes to the land acquisition and €11,850,000 to construction.

In line with CNMV criteria for equity projects, the platform publishes three scenarios. In the favourable scenario, which reflects the manager's estimates as verified by Urbanitae and benchmarked against new-build comparables in the area, projected revenue is €27,447,650 and total execution costs €23,675,400. The moderate scenario assumes a 20% overrun in construction costs, taking total costs to €25,067,893 while holding revenue at €27,447,650. The unfavourable scenario combines that 20% cost overrun with a 10% reduction in sale prices: revenue would fall to €24,702,885 against costs of €24,814,797, producing a negative result and entailing partial loss of the capital contributed. The return on an equity project is obtained by subtracting estimated costs from projected revenue and dividing the result by total equity; all projections are estimates subject to economic, social or other variations over the life of the project.

The project's estimated horizon is 26 to 30 months, with the acquisition closing in September 2026, the start on site in October 2026, completion of construction in the third quarter of 2028 and the close of sales and exit from the company in January 2029. The platform warns that in any real estate development timescales may move up or down. The risks identified include extended timescales from delays in marketing or construction, deviation in fixed costs and unforeseen construction items, delays in selling or the need to cut prices to attract buyers, commercial risk arising from the absence of pre-sales at the launch date, and the possibility that a substantial change in conditions between the start of the campaign and the formalisation of the agreement forces the project to be cancelled and the investment returned.

As this is an equity transaction, there is no mortgage guarantee or security interest in favour of investors: the return depends on the outcome of the project and the capital may be lost in whole or in part. Urbanitae is neither an investment services firm nor a credit institution and is not a member of any investment or deposit guarantee fund. This is a crowdfunding product structured as a participation in capital, and not a deposit or a guaranteed savings product. Real estate investments carry risks of illiquidity and of total or partial loss of principal; this vehicle is not supervised by the CNMV or the Bank of Spain, and lacks the coverage of the deposit guarantee scheme provided for in Directive 2014/49/EU and of the investor compensation scheme provided for in Directive 97/9/EC. Investors may not recover the capital contributed.

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