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AVAILABLE
Manilva · Calle Muro Aguilar
Manilva · Costa del Sol
RESIDENTIAL · COMPLETION
34–56%†
Target ROC
~30%†
Target IRR
18–22 mo
Term
From €500,000
25% committed
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RESERVED · WAITLIST OPEN
RESIDENTIAL · COMPLETION
Gloria Playa · Calle Ulpiano 82–84
Torrevieja · Costa Blanca
Deal terms
All figures illustrative — see footnote
47–74%†
Target ROC
~55%†
Target IRR
64%†
Base margin
12–16 mo
Term
€2.59M
Total project cost
€2.3M
Peak capital
€300,000
Minimum ticket
Share deal · 100% SL with asset
Structure
†Target figure — illustrative and not a projection. Past performance is not indicative of future results. Full model available in the data room.
Section 03 · Thesis
Why this deal.
- 01
Below appraised value · fund exit
Fund-held asset on the balance sheet for 6+ years; the seller must exit the whole lot in one deal. Entry basis €1,131/m² against a live market of €4,300+.
- 02
Not ground-up — the shell is up
Structure and façade are complete. The approved project and active licence transfer with the SL — start of works is same-day-as-closing, no permitting pause.
- 03
Most liquid coastal format
18 compact 1–2 bed apartments at ~58 m² each — the highest €/m² segment on the Costa Blanca. 300m from Playa del Cura; the buyer pool is deep.
- 04
Share-deal tax efficiency
Entry taxes ≈ €5K notary vs ~€140K for an asset deal (ITP/IVA/AJD do not apply). Structure verified by counsel; €135K saved at entry alone.
- 05
Conservative case holds 47% net
Even at €3,800/m² — a market-stress scenario — the base holds €1.23M net profit at 47% ROC. Real headroom.
Section 04 · Location
Where it sits.
Torrevieja Centro, 300m from Playa del Cura. Established beachfront submarket with Northern-European retiree demand, Spanish domestic second-home demand, and increasing LatAm cash-buyer flow. Compact format under-supplied relative to the mid-size 2-bed segment.
Indicative comparables — to be replaced with live market data
Address
€/m²
Sold
Torrevieja 1-bed 38–59 m² (top floors)
€3,800–5,950
H1 2026
Compact 1–2 bed 50–69 m² (our format)
€3,900–4,740
H1 2026
Mid 2-bed 76–108 m²
€2,500–3,260
H1 2026
Illustrative — sourced ranges from Idealista and Registro data on final publication, verified per-transaction before the data room opens.
map · static tile
Section 05 · The project
What we're building.
render — massing
render — facade
render — typical unit
- Unit mix
- 18 apartments (~58 m²) · 21 parking · 11 storage
- GFA
- 1,050 m² sellable · 300m to Playa del Cura
- Architect
- Approved project inherited (executed by fund)
- General contractor
- External · fixed budget €1,200/m² turnkey
- Sustainability
- EPC target C · modern package
- Delivery
- H2 2027
Section 06 · Economics
Sources, uses, and scenarios.
Illustrative capital structure — final quantum set per transaction
Sources
Investor equity (peak requirement)
€2.2–2.3M
Senior debt
€0 (no debt)
Pre-sale advances (bank-guaranteed)
self-funds works partway
Uses
Share deal (100% SL + 10% commission)
€1.188M
Turnkey completion (€1,200/m² × 1,050)
€1.260M
Contingency (10% of works)
€0.126M
Holding + notary (~15 mo)
€0.018M
Exit scenarios — sensitivity across €/m²
Scenario
Exit price
Net profit
ROC†
Conservative
€3,800/m²
€1.23M
47%
Base
€4,300/m²
€1.65M
64%
Optimistic
€4,600/m²
€1.90M
74%
Scenarios reflect exit-price sensitivity; construction budget, timeline and structure are held constant. Base is the underwriting case.
Section 07 · The developer
Why we can execute.
Sourcing
Off-market and distressed inventory via a decade-old broker and servicer network.
Construction
In-house GC across Spain — no external contractor markup on the critical path.
Permitting
Municipal permit management handled internally, in coordination with local counsel.
Sales
Unit-by-unit retail distribution, private buyer network + broker channel.
Section 08 · Data room
The full model.
- Investment Proposal (7 pp)Locked
- Share Deal Term SheetLocked
- Legal Due Diligence ReportLocked
- Independent Valuation (tasación)Locked
- Construction Cost Estimate (contractor)Locked
- Cashflow · Waterfall ModelLocked
- Bank Pre-sale Guarantee FrameworkLocked
Investment memorandum, business plan, sensitivity model, legal DD, independent valuation, and the full cashflow / waterfall — available to qualified investors on request.
Request data-room accessSection 09 · Enquire
Interested in Gloria Playa · Calle Ulpiano 82–84?
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Shown to qualified and professional investors only. This is not a public offer or investment recommendation.