Pre-opening | Urbanitae opens the fourth equity tranche of the Francos office complex in Porto's CBD (Portugal)

29/07/2026 – ⏱ 4 min

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

The crowdfunding platform Urbanitae is preparing the fourth tranche of the Francos project, an equity-type operation consisting of participating in the management company for the development of an office complex in Porto (Portugal). This fourth tranche is being raised to complete the equity value originally planned for the project —which was not needed when the first tranche was raised in May 2025— and is presented, according to the platform, on economic terms similar to those of the previous tranches following the evolution of the project. The manager of the opportunity is Osborne+Co. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Asset Description

The complex is made up of office spaces, auditoriums, coworking spaces, other commercial spaces and 180 parking spaces, with an above-ground built area of 20,588 m². The asset is located at Rua Tenente Valadim, in Porto, next to the Francos Metro station, in the Boavista CBD area. The land was acquired in June 2025. On the planning side, approval of the architectural project has already been granted (April 2026) and the engineering (specialties) project was in the process of being submitted to the Porto City Council, expected in July 2026, with works expected to start in July/August 2026.

Structure of the Operation and Terms for the Investor

The operation is structured through a capital increase: the contributions of Urbanitae investors are channeled through the special-purpose vehicle Bayaz Properties 4, S.L., which subsequently enters the project's developer company, Colina Metafórica, Lda. The contribution is allocated to a capital increase in the developer company and to providing it with liquidity to support the project costs not covered by the manager, the partners or the bank financing, until the sale of the building; the manager has bank financing planned from a Portuguese institution to cover the works costs. It has been agreed that Urbanitae investors have a preferential return of 15% per year (IRR) on their contributed capital, such that the developer does not receive profits or recover its capital until Urbanitae investors have recovered their investment and that return. As this is an equity project, and in accordance with the CNMV criterion, no estimated profitability is communicated; the preferential return indicated is subject to investment risk, is not guaranteed and might not be obtained. The estimated term of the project is 32 to 36 months, with completion of works and the start of operations expected in the second quarter of 2028 and the sale of the asset in the second quarter of 2029. In compliance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their commitment at no cost and without justification.

Business Plan and Market

Once construction begins, the space will be marketed for lease on a multi-tenant basis, with an estimated operating period of 12 to 18 months to stabilize rents before the sale of the asset, which is estimated at a 6% yield. According to market reports by Savills and Cushman & Wakefield, the average rent in Porto's CBD is around €21/m² and the vacancy rate is between 5% and 7%. The developer Osborne+Co and the builder MAP have committed their own capital to the project, aligning their interests with those of investors.

Economic Scenarios

In accordance with the CNMV criterion, in addition to the base (favorable) scenario proposed by the manager, in equity projects two additional scenarios are published showing potential variations in the business plan. In the favorable scenario, verified by Urbanitae and cross-checked against the Savills market report, the forecast of total income amounts to €85,142,729 against estimated total costs of €71,959,928, on a total equity of €23,163,628. The moderate scenario contemplates a 25% increase in construction costs, raising costs to €72,977,620 while maintaining income, with an almost null impact on investors due to the preferential nature of their capital. The unfavorable scenario contemplates a 25% increase in works costs and a 35% reduction in sale prices, with income of €56,655,061 and costs of €56,792,881, which would result in a negative outcome with partial loss of the contributed capital. These forecasts are mere estimates and are subject to variations that may arise from the economic, social or other situation over the duration of the project.

Finally, in compliance with the regulations governing crowdfunding platforms, investors are reminded that this is a participatory financing product and 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 the invested capital. 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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