Pre-opening | Urbanitae opens the final tranche of the Francos office complex in Oporto (Portugal) through a capital increase

12/08/2026 – ⏱ 3 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 to launch the final tranche of the Francos project, a real estate investment opportunity structured as an equity investment for the development of an office complex in Oporto (Portugal). This tranche is raised to complete the equity value originally planned for the project, which was not needed when the first tranche was raised, on economic terms similar to those of the previous tranches. The operation is channelled through the contribution of capital by Urbanitae investors to the special-purpose vehicle Bayaz Properties 4, S.L., which in turn participates in the developer company Colina Metafórica, Lda. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

As this is an equity project, and in accordance with the supervisor's criteria, the platform does not communicate an estimated return. The agreed structure contemplates a preferential return of 15% per annum (IRR) on the capital contributed by Urbanitae investors, so that the developer will not receive profits or recover its capital until investors have recovered their investment and obtained that return; this forecast is subject to investment risk and is not guaranteed. The estimated term of the project is 30-34 months, with the sale of the asset expected in the second quarter of 2029.

Asset Description, Project Progress and Manager

The asset is located on Rua Tenente Valadim in Oporto, next to the Francos Metro station, in the CBD (Boavista). The project involves the development of an office complex comprising office spaces, auditoriums, co-working spaces, other commercial spaces and 180 parking spaces, with an above-ground built area of 20,588 square metres. The land was acquired in June 2025; at the time of the tranche's launch, the architectural project approval had already been granted (April 2026), along with the rest of the necessary procedures and licences, so the documentation indicates that there is no licensing risk; the start of the works is scheduled for the summer of 2026. The project's strategy is one of capital gains: once construction has started, the space will be marketed for rent on a multi-tenant basis over an estimated operating period of 12-18 months before the sale of the asset, estimated at a 6% yield.

The manager of the opportunity is Osborne+Co, an international developer and investor in office, industrial and mixed-use projects, with more than 30 years of experience according to the information provided. Both the developer and the construction company MAP have committed their own capital to the project. The rental and sale prices of the business plan have been verified by a Savills market report; according to Cushman & Wakefield data, the average market rent in the Oporto CBD stands at €21/sqm.

Economic Structure and Scenarios

According to the documentation, in the favourable scenario total expected income amounts to €85,142,729 and total estimated costs to €71,959,928, on a total project equity of €23,163,628. The moderate scenario contemplates a 25% upward deviation in construction costs, raising total costs to €72,977,620, while the unfavourable scenario considers a 25% cost increase and a 35% reduction in sale prices, resulting in income of €56,655,061 and costs of €56,792,881, in which investors would incur losses on the capital contributed. The forecasts are mere estimates and are subject to variations that may arise from economic, social or other circumstances throughout the duration of the project.

In compliance with European crowdfunding regulations, it is recalled that non-sophisticated investors have a pre-contractual reflection period of four calendar days during which they may withdraw their investment offer without justification or penalty. This is a crowdfunding product and not a deposit or a guaranteed savings product. Equity investments carry risks of illiquidity and total or partial loss of the capital contributed; this project is not supervised by the CNMV or the Bank of Spain, and is not covered by the deposit guarantee scheme (Directive 2014/49/EU) or the investor compensation scheme (Directive 97/9/EC).

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