The platform has closed its first property financing project in Asturias with a residential development comprising 132 homes in the Contrueces neighbourhood of Gijón. The transaction has raised €2,475,000 from 1,185 investors, a sum that covers 75% of the equity required for the development.
The project, known as Residencial Contrueces, involves the construction of five residential blocks, 2 of which will be subject to the regulated-price housing scheme. The development will also include garages, storage rooms, green spaces, a swimming pool and sports courts.
The developer is Grupo Tecniobras, which has previously collaborated with Urbanitae on other developments. According to the company’s forecast, construction will begin in the first quarter of 2026 and be completed in the first quarter of 2029, whilst handover of the homes is scheduled for the second quarter of that same year.
With this transaction, Urbanitae is expanding its presence in northern Spain. Although a significant part of its activity is concentrated in Andalusia and the Community of Madrid, the platform has already financed projects in Galicia, Cantabria and the Basque Country. It also has joint ventures in Portugal, France and Italy.
Diego Bestard, CEO and Founder of Urbanitae, notes that the company’s geographical expansion forms part of its growth strategy in Europe and argued that this type of operation helps to increase the supply of housing in cities facing housing affordability issues, such as Gijón and Oviedo.
