Pre-opening | Urbanitae finances the development of a retail park in Sanxenxo (Pontevedra) through a €1,800,000 capital increase

06/08/2026 – ⏱ 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 Nantes project, a real estate investment opportunity structured as an equity investment in Sanxenxo (Pontevedra). The operation involves the acquisition of a commercial plot in the Nantes Business Park for the development, marketing and subsequent sale of a retail park comprising five retail medium-box units, with an approximate buildable area of 3,000 square metres. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The operation is structured through a capital increase of €1,800,000 in total, of which Urbanitae investors will contribute €1,260,000 (70% of the equity) and the developer the remaining €540,000 (30%). In addition, the project will have senior bank financing of approximately €2,500,000, for which several proposals from banks have already been received. Investors' contributions are channelled through a capital increase in the special-purpose vehicle Rivendel Properties 10, S.L., which in turn participates in the project's developer company Parque Comercial Nantes S.L.

Asset Description, Marketing Status and Sponsor

The project is located in the Nantes Business Park in Sanxenxo, a retail area that already hosts operators such as Mercadona, Aldi and Lidl. The park will have a leasable area of 2,950 square metres and expected rent equivalent to €10.5/sqm/month. According to the documentation, marketing is advanced, with 60% of the leasable area committed — three of the five units — by operators that have submitted letters of intent and are in an advanced stage of contract negotiation. The planned lease agreements are long-term, with an average duration of 15 years or more and an average lock-in of 5 years.

The sponsor is Espiga 4 Capital, a real estate investment and management platform that integrates investment, development and project management capabilities, according to the information provided. The developer contributes 30% of the project's equity and will carry out the works through its affiliated construction company, Bespi, under a turnkey contract. The land has been secured through the deposit (arras) and the building licence application has commenced. To validate the business plan assumptions, Urbanitae has commissioned an independent consultant, which has issued a commercial and technical due diligence report.

Economic Structure, Distribution of Returns and Scenarios

As this is an equity project, and in accordance with the supervisor's criteria, the platform does not communicate an estimated return. Distributions of returns will be made between the developer and Urbanitae investors in proportion to their respective contributions until both parties reach an IRR of 15%; beyond that point, the excess return will be distributed 80% to the developer company's investors and 20% to the developer. In accordance with the same criteria, three economic scenarios are published: in the favourable scenario, total expected income amounts to €5,397,686 and total estimated costs to €4,621,881, on a total equity of €1,800,000; the moderate scenario contemplates an 18% reduction in income (€4,448,961, with costs of €4,384,700), in which investors would still fully recover the capital contributed; and the unfavourable scenario assumes a 30% reduction in income (€3,701,841), below development costs, in which investors would incur losses on the capital invested. 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.

The estimated term of the project is 22-26 months, with the formalisation of the land acquisition expected in the third quarter of 2026, the obtaining of the building licence in the fourth quarter of 2026, the completion of the works in the third quarter of 2027, the start of the operation and stabilisation period from the first quarter of 2028 and the divestment expected in the third quarter of 2028.

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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