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With this stage we are refinancing the 1st stage of this project, as the implementation of the project requires more time. Read more about it from the "Investment case".
Construction of 5 residential units on a plot of land in the municipality of San Antonio, Spain. The land plot will be owned by our SPV (RE24 ESP SL) and the residential units will be fully developed and managed by Reinvest24, in partnership with an experienced construction company – Kirsan.
San Antonio municipality is a highly valued suburban area, situated 16km from Valencia city center. Great connection with Valencia through highway CV-35, allows the residents of San Antonio to reach Valencia with just 10-15min drive. Also, the bus station is close by, it takes 30-40min to reach Valencia with public transportation. In the neighborhood you can also find shopping and leisure centers, public and private schools, everything needed for comfortable living.
It is a perfect location for a dream family house. The location offers a good balance between being in the city and having your own house and privacy with reasonable price. Good neighborhood and active growth makes this area attractive for development and for living. The demand is coming from Valencia - it's the third largest city in Spain with a population of 5.5 million and has the largest port on the Mediterranean Western coast, which generates 51% of Spain’s GDP.
The land plot is located in Calle Segura, 1, Montsà, Spain, with cadastral number 3640506YJ1734S0001XF. The total area of the land plot is 2532 sqm, which will be divided into 5 separate pieces and 150-180 sqm family house will be built on each plot. 2 units will be a bit bigger with luxury feel and they will have an outdoor pool in the yard. All units will have a separate driveway and enough privacy.
The increasing demand and growing prices in that area make this project even more attractive. The market price of the newly built houses in that area is between 2200 and 2400 per sqm. Our estimates are that we will be able to finish the construction with costs about 1600-1700 per sqm, which gives us plenty of safety and profitability to implement this project.
What is a development project?
Real estate development projects are the projects that are implemented by Reinvest24 team or the team of our partners. The project can be geared, secured with mortgage or secured with other collateral. In this case the interest paid to the investors is usually calculated into the costs of the project and is being paid from the profit the project generates.
This object has passed Reinvest24 risks assessment and is secured by Collateral Agent mortgage.