Las Lagunas de Mijas Project

• Debt project in Mijas

• Amount: €3,900,000 // Term: 12 months

• 10.5% total return 

• LTV: 55.30%  -  LTC: 39.59%

• Loan guarantees

     1. First rank mortgage on the asset.

     2. Pledge of the shares of the SPV owning the asset.

     3. Pledge of control without intervention of funds from the bank accounts of the SPV owning the asset.

We present a new project that consists of granting a loan to partially finance the acquisition of land in Las Lagunas de Mijas and the general costs accrued until obtaining the construction license and subsequent entry of the bank via a developer loan. The loan from Urbanitae investors will finance: part of the land acquisition as well as the planning and marketing costs accrued until obtaining the construction license and entry of the bank via a developer loan, which will refinance the Urbanitae loan. 

The real estate project will be developed on the plot after the following urban reorganization: the SPV will acquire plot R-11.1 with property number Mijas 97.864 in Las Lagunas de Mijas which has residential and commercial use. Aldi will acquire the adjoining plot R-11.2 - also with residential and commercial use - to be subsequently grouped with plot R-11.1. Once grouped, there will be a segregation of the plot into two: a plot with exclusively residential land - managed by Nuovit for the development of the project - and another with exclusively commercial land managed by Aldi for the development of a supermarket, thereby exchanging the second use of the land for the benefit of both parties.

The construction license is expected to be obtained from the Mijas town hall in the first quarter of 2025, 8 - 10 months after the signing of the loan. In April, the process of marketing homes off-plan begins, with the aim of reaching the level of pre-sales required by the bank to grant the developer loan. The business plan expects to reach 50% of pre-sales in the first quarter of 2025.

The Las Lagunas de Mijas project is located in Arrabal Parque Lagunas, 111R, within the municipality of Las Lagunas de Mijas. It is 1 minute from the Mediterranean Highway A-7 without directly bordering it, between Malaga and Marbella, and, 5 minutes from the urban centers of Las Lagunas de Mijas and Fuengirola. Regarding services in the area, there is a wide range of services - hospitals, schools, supermarkets - and leisure, including beaches, within a 5 kilometer radius.

Las Lagunas de Mijas, located on the Costa del Sol, is one of the main destinations in the entire province of Malaga. It has large beaches, natural spaces, golf courses, business and industrial complexes, shops and restaurants. It is attractive both nationally and to high-income foreigners.