Pre-opening | Urbanitae opens a new tranche for the development of a luxury residential building in Lisbon (Portugal) through a capital increase

23/08/2026 – ⏱ 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 a new tranche of the Tomás Ribeiro project, a real estate investment opportunity structured as an equity investment for the development of a high-end residential building in Lisbon (Portugal). The operation is channelled through the contribution of capital by Urbanitae investors to the special-purpose vehicle Terracota Opportunities 9, S.L., which in turn participates in the Portuguese developer company Mexto QCO, Unipessoal 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 distribution of profits is structured in tranches based on the IRR achieved by the project: up to a 15.0% IRR, all capital is remunerated pari passu; between 15.0% and 20.0%, the manager receives 25% of the excess generated in that tranche and the remaining 75% is distributed among the partners; and above 20.0%, the manager receives 50% of the excess and the remaining 50% is distributed among the partners. The project's total equity amounts to €7,160,654, of which the developer will contribute 45%; this forecast is subject to investment risk and is not guaranteed. The estimated term of the project is 26-30 months, with the completion of sales and the exit from the company expected in January 2029.

Asset Description, Project Progress and Manager

The asset is located on Rua Tomás Ribeiro 89, in the Avenidas Novas district of Lisbon, on the Marquês de Pombal – Avenida da Liberdade axis. The project involves the development of a high-end residential building comprising 6 homes (typologies from 2 to 5 bedrooms in duplex, with an average area of 283 square metres), with large terraces, 18 parking spaces and communal areas such as a pool, gardens and a gym. The acquisition of the property is scheduled for September 2026; at the time of launch, the building licence has already been granted and demolition works are completed, so the documentation indicates that the licensing risk is eliminated. The start of the works is scheduled for October 2026, with an estimated duration of 24 months. The project's strategy is one of capital gains: once construction has started, the homes will be marketed, with an expected average sale price of €16,174/sqm of saleable area and a total estimated sales amount of €27,447,650.

The manager of the opportunity is Mexto, a Swiss-capital developer and investor specialising in the luxury residential segment in Portugal, active since 2017 with a project volume of between €200 and €250 million, according to the information provided. The manager has approved bank financing of €14,000,000 (€2,150,000 for the acquisition of the plot and €11,850,000 for construction) and already co-invests with Urbanitae in the Castilho 3 project. The operation has been subject to a commercial due diligence carried out by Básico.

Economic Structure and Scenarios

According to the documentation, in the favourable scenario total expected income amounts to €27,447,650 and total estimated costs to €23,675,400, on a total equity of €7,160,654. The moderate scenario contemplates a 20% upward deviation in construction costs, raising total costs to €25,067,893, while the unfavourable scenario considers a 20% cost increase and a 10% reduction in sale prices, resulting in income of €24,702,885 and costs of €24,814,797, in which investors would incur losses on the capital contributed. As a specific risk, the documentation notes that at the time of launch pre-sales have not begun, so visibility over the absorption rate is still limited. 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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