Pre-opening | Urbanitae to Publish the Martinica Project with a 15% Preferential IRR

24/12/2025 – ⏱ 3 min

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

Urbanitae has announced the upcoming opening of one of its most prominent Equity (Capital Gain) operations for the close of the fiscal year: the Martinica Project. With a funding target of €3,025,000, investors will participate as partners in the development of a large-scale residential promotion comprising 150 homes in Jerez de la Frontera (Cádiz).

The investment phase will begin on Monday, December 29th at 4:00 PM (Spain time).

Financial Structure and Preferential Return

Unlike short-term debt operations, the Martinica Project is structured through a capital increase, meaning investors participate directly in the project’s equity alongside the developer. The structure incorporates a Preferential Return mechanism designed to protect minority investors and align incentives:

• Strategy: Capital Gain (new residential development)
• Preferential Return: 15% IRR per annum for Urbanitae investors
• Estimated Term: 32–34 months
• Total Investment Ticket: €3,025,000
• Profit Distribution: After the 15% preference, remaining profits are distributed 70% to the manager and 30% to investors

This structure ensures that Urbanitae investors recover a significant portion of the project’s profitability before the developer participates in upside returns.

Metric Analysis and Market Validation

The Martinica Project presents maturity and alignment indicators that stand out when compared to other equity developments recently analyzed:

Outstanding Commercial Traction
More than 50% of the homes are already reserved, with sales activity ongoing since January 2025. This level of pre-sales aligns with the best-performing equity projects on the platform and supports the achievement of banking milestones required for senior financing.

Administrative Certainty
The building license has already been requested, and its approval is expected in the coming weeks, in parallel with the entry of investor funds. This reduces exposure to prolonged administrative delays, a key risk factor in many early-stage residential developments.

Alignment of Interests
The project manager, DIMA Gestión, contributes 45% of the total required capital, a level of co-investment significantly above the typical 20–30% equity contribution observed in many market transactions. This high capital at risk strengthens alignment between developer and investors.

Yield Comparison
The 15% Preferential IRR positions Martinica as one of the highest-yielding opportunities currently available on a risk-adjusted basis. It surpasses short-term debt returns such as Valencia – La Cañada III (12%) and Barcelona – Premià de Dalt III (11%), compensating investors for the longer investment horizon of 32–34 months.

The Asset and Environment: Jerez de la Frontera

The project consists of the development of 132 multi-family homes and 18 semi-detached houses, totaling 150 residential units, located in a strategic area with direct access to the main transport arteries of Jerez de la Frontera.

With a population of approximately 210,000 inhabitants, Jerez is the largest city in the province of Cádiz and currently shows strong demand for new-build residential product, particularly in well-connected areas with modern housing standards.

The developer, DIMA Gestión, has more than 30 years of experience and is headquartered in Jerez itself. Notably, the company is simultaneously executing another nearby project that already has construction underway and closed bank financing, generating operational synergies and reinforcing execution credibility for Martinica.

Realty Investor: Your Ally in Equity Analysis

In capital gain projects with horizons exceeding 30 months, such as the Martinica Project, continuous monitoring of construction, sales, and financial milestones is essential. At Realty Investor, we are building the tools designed to support investors throughout this lifecycle:

• Scenario Comparison: Evaluate optimistic, base, and stress scenarios using standardized metrics.
• Developer History: Access verified track records of managers such as DIMA Gestión.
• Opportunity Centralization: Compare Urbanitae’s equity IRRs with other capital gain projects from a single platform.

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