Campaign Close | wecity completes the €900,000 raise for Phase I of the renovation of a 13-home building in Pisa (Italy)

08/07/2026 – ⏱ 3 min

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

The crowdfunding platform wecity has issued the closing report for Phase I of the fundraising round for the renovation of a building in Pisa (Italy), promoted by the company Turati 719 Srl, part of Gruppo Del Gaudio. The operation, structured through a loan secured by a first-rank mortgage, was intended to finance the first construction phase for the development of 13 apartments with parking spaces. The subscription process for this Phase I has concluded, consolidating an amount raised of €900,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Phase I started from a target of €900,000 and completed 100% of its allocation in a period of 8 days. The analysis of the flow of contributions during that interval records an average contribution ratio of approximately €78 per minute.

Financial Terms of the Operation

The total loan amounts to €2,600,000, structured in three phases, of which this call corresponded to Phase I for €900,000. The operation offers a nominal annual interest rate of 11.00% (TIN) and a total estimated return of 16.50%; this estimate is subject to investment risk and is not guaranteed. The ordinary term is 18 months, extendable by an additional 6 months, with a 6-month lock-up period and interest paid at maturity. wecity opened the opportunity from a minimum investment of €500 per user, and the asset has a credit rating of AA. 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.

Asset Description, Technical Progress and Developer

The asset is a building with a built area of 1,200 m² located at Via Filippo Turati, 7-19, in Pisa, in an area close to the city center, the Pisa Centrale station, the Università di Pisa and the airport. The project involves the renovation of the property for the development of 13 apartments with parking spaces. On the urban-planning side, the license has been processed through a responsible declaration, and marketing will begin once the developer has started the works and they show a significant degree of progress. The investors' exit is expected through bank financing.

Capital Structure, Coverage Ratios and Collateral

The funding structure combines the developer's contribution with participatory financing: the developer company has contributed €1,220,000 in equity for the acquisition of the asset, equivalent to 31.94% of the total funds required, while the wecity loan for this Phase I amounts to €900,000. According to the RYZE appraisal report, the current appraisal (ECO) of the asset amounts to €1,760,000 and the valuation under the Completed Building Hypothesis (HET) to €4,868,000; against these figures, the loan implies an LTV on the HET of 53.41% and a first-drawdown LTV of 51.14%. The collateral of the operation is a first-rank mortgage over the asset, whose constitution, management and eventual enforcement are the responsibility of a Security Agent external to wecity, with the use of funds monitored by an external monitoring firm. The project is promoted by Gruppo Del Gaudio, a construction and development company based in Florence and active in the Tuscany region.

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 principal. 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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