Pre-opening | Urbanitae Opens the Afonso Cordeiro Equity Project: 101 Homes and 7 Retail Units in Matosinhos (Porto)

03/10/2026 – ⏱ 4 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Urbanitae is preparing an equity operation — not a loan — to acquire, convert and develop a residential complex on Rua Dr. Afonso Cordeiro, in Matosinhos Sul (Porto). Investors will contribute capital to the vehicle company Atlas Opportunities 1, S.L., which will subscribe a capital increase in the Portuguese developer BHME, Lda. Because this is equity, there is no interest rate and no publishable estimated return: the outcome depends on the project selling in line with the business plan, and part or all of the capital may be lost.

Total equity is €6,720,548: the manager, Aspire Unique Living, contributes 26% (€1,745,548) and Urbanitae's investors together with co-investors the remaining €4,975,000. Up to a 15% IRR all capital is remunerated pari passu; above that, the manager takes 50% of the excess. The estimated term is 30 to 34 months, with exit in July 2029. No opening date, minimum investment or internal rating is stated.

Asset description, construction progress and sales traction

These are 101 homes ranging from studios to three bedrooms and 7 ground-floor retail units, in three buildings with 11,168 sqm of built area and 76 parking spaces, a short walk from the beach and the metro and fifteen minutes from the centre of Porto.

Two milestones remain outstanding. The acquisition is scheduled for November 2026, so the asset does not yet belong to the project. And the manager is arranging €17,676,914 of bank development financing, whose approval is a condition for Urbanitae's entry, along with a minimum of contracted payments on account. The planning side is resolved: the PIP was approved in August 2026 and allows works to start under the Comunicação Prévia regime, with an estimated 24 months of construction.

The platform highlights that 35 of the 41 units put up for sale are reserved. The scope is worth clarifying: those 41 are 40.6% of the 101 homes, the reservations have not yet been converted into promissory sale contracts, and marketing has been paused "to maximise value". The fact sheet also does not quantify how many homes will be handed to the landowner in exchange as part of the price, units that fall outside the project's revenue.

The business plan's average residential price is €7,169 per sqm. Savills' commercial due diligence puts the municipality's new-build average at €5,742 per sqm, so the plan assumes a 24.9% premium, which Savills justifies by the location, the architectural concept and comparables in the same micro-location. That price does not apply to the 11,168 sqm of built area: the €39,705,094 of projected residential revenue implies some 5,538 sqm of saleable space, an area the fact sheet does not detail.

Financial structure, coverage ratios and security

As this is equity and not debt, there is no mortgage or security in the investor's favour: the €17,676,914 of bank debt — a 42% LTV according to the platform — ranks ahead of the capital. The structure is completed by €7.1m of buyers' payments on account, 56% of pre-sales.

Following the CNMV's criterion, the platform publishes three scenarios instead of a return. The favourable one projects €42,495,094 of revenue and €37,578,455 of costs: a margin of €4,916,639. The moderate one raises construction costs by 20%, to €39,160,922, with the same revenue: a margin of €3,334,172. The unfavourable one adds to that 20% a 10% fall in prices, with €38,245,585 of revenue and €37,731,580 of costs: a margin of €514,005, little more than a tenth of the base case.

That third scenario contains an inconsistency worth checking. It states that it applies the same 20% increase in construction costs as the moderate one, yet its total costs are €1,429,342 lower than those and only 0.41% above the favourable case. Getting from the moderate case's €39,160,922 down to €37,731,580 would require saving 33.6% of the revenue shortfall, hard to attribute to sales commissions and taxes alone. The file does not explain the calculation.

Aspire Unique Living is a Portuguese developer founded in Porto in 2022, part of the US group Aulder, with ten projects in the city — five in Matosinhos — and close to 260 homes declared. It will handle the development's integral management.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.