Urbanflip

Project Overview

Urbanflip is an institutional-grade investment opportunity designed to capture the spread between outdated housing stock and the premium buyers pay for fully refurbished homes in Madrid’s most prestigious districts: Salamanca, Chamartín, Chamberí, Retiro, and Centro Norte. The Issuer intends to issue up to €10,000,000 of Tokenized Notes, the proceeds of which are used by Compartment Urbanflip to fund a secured loan facility to Urbanflip Capital S.L., supporting a diversified portfolio of 5–10 residential refurb-and-sale projects. Each property follows Urbanflip’s disciplined buy–renovate–sell strategy and is acquired vacant to ensure immediate refurbishment.

Investors benefit from a fixed 8.00% annual coupon, net of all fees, paid quarterly, while Urbanflip contributes 10–20% of subordinated equity to every deal, ensuring strong alignment of interests. The investment thesis rests on a fundamental imbalance: over 80% of Spain’s 26 million homes were built before 2000, and a significant share no longer meets modern standards of energy efficiency, layout, or design. Buyers, however, increasingly demand turnkey homes with new installations and efficient finishes. Urbanflip bridges this gap by purchasing below market price and executing targeted refurbishments and then reselling at 25%+ annualized project-level premiums. With more than 150 successful projects completed since 2021 and a consistent record of double-digit annualized returns, Urbanflip has proven the repeatability and scalability of its model.

This offering is now open for subscription by qualified investors and professional investors. Investors can subscribe digitally via the StegX or Vesta subscription flow, including execution of the relevant transaction documents and transfer of subscription funds.

Investment Offering Investors subscribe for Tokenized Notes issued by StegX LU S.à r.l., acting for and on behalf of Compartment Urbanflip (Luxembourg securitisation undertaking), in registered form, with a EUR 100,000 denomination and a total issuance size of up to EUR 10,000,000.

The Notes pay an 8.00% fixed coupon per annum, paid quarterly in arrears, with an Issue Date of 1 February 2026 and a Final Maturity Date of 1 February 2033 (7 years). The Notes are distributed solely by way of private placement to professional investors within the meaning of MiFID II and to qualified investors within the meaning of the Prospectus Regulation and are not available to persons located in the United States. By subscribing, investors will digitally execute the subscription documentation and investor representations referenced in the Offering Memorandum, including eligibility confirmations.

Asset & Portfolio Overview

Urbanflip systematically exploits value gaps in Madrid’s premium districts, acquiring old, under-valued apartments, executing standardized, design-led refurbishments, and reselling into a deep pool of buyers seeking modern turnkey homes. The approach emphasizes updated layouts, energy-efficiency upgrades and high-quality finishes to command premium pricing at the new market level. 

Urbanflip Madrid – Premium Districts is a revolving portfolio of residential fix-and-flip projects across Salamanca, Chamartín, Chamberí, Retiro and Centro Norte. Portfolio construction prioritizes liquidity, execution speed, and diversification, enabling multiple short-duration value-creation cycles across Madrid’s most resilient neighborhoods

Urbanflip reviews 20–30 leads per month, of which 4–6 advance to offers and 1–3 become acquisitions, ensuring disciplined deployment without compromising acquisition standards.

Investment Criteria:

●        Apartments >60 sqm, at least 2 bedrooms & 2 bathrooms

●        Exterior-facing, natural light, elevator access

●        Intermediate floors or attics preferred

●        Target acquisition: €1–2.5M per unit (pipeline up to €3.5M)

Refurbishment Strategy:

Every deal passes Investment Committee review. Budget, timeline, and EPC upgrades are monitored via monthly reports. Urbanflip co-invests 10–20% to secure alignment.  Urbanflip’s co-investment is deployed to secure deposits within 24–48 hours of sourcing prime opportunities, giving the company an edge in high-demand transactions.

Investors participate through Tokenized Notes issued by the Luxembourg securitisation vehicle. The Notes are limited recourse obligations of the Issuer, with recourse limited to the assets of Compartment Urbanflip, which include a secured loan facility to Urbanflip and the related security package, including pledges over Spanish SPV shares and project cashflow accounts. The Notes are mirrored by tokens as a digital representation, the token aspect changes the subscription and transfer process, it does not change the Borrower’s obligations under the loan agreement.

Each apartment is refurbished according to a standardized playbook developed over years of execution. Average renovation budgets range from €120,000–180,000 per €1 million apartment (equivalent to €1,200–1,800 per sqm), with works lasting six to nine months on average. Renovations focus on energy-efficiency upgrades, improved distribution, and modern finishes, directly increasing both liquidity and exit pricing.

Post-project reviews feed into the continuous refinement of the process, compounding operational advantages over time.

Track Record (selected assets):

Completed projects demonstrate the resilience of this approach:

Location, Duration (months) and Annualized return (%)

Alcalá 131

3 months

30.2 %

San Bernardo 66

6 months

30.4 % 

Paseo de las Delicias 63

5 months

32.7 %

Príncipe de Vergara 81

7 months

33.0 %

Francisco Silvela 76

6 months

35.4 %

Méjico 3

7 months

42.1 %

General Margallo 26

5 months

51.9 %

Naciones 14

2 months

114.9 %

General Álvarez de Castro 40

2 months

131.1 %

Urbanflip sources 20–30 qualified leads each month. Current dossiers include Marques del Vasto 11 (€1.05M) in Chamberí and O’Donnell 45 in Salamanca (€2.80M). This ensures rapid deployment of capital while maintaining strict selection discipline.

Location & Market Analysis

Madrid’s inner-ring districts inside the M30 combine deep liquidity, constrained supply, and high international demand. Salamanca, Chamartín, Chamberí, Retiro and Centro Norte are characterized by classic architecture, green avenues, excellent transport, and premium amenities.

Buyer preference increasingly favors turnkey homes due to mortgage timelines, renovation complexity, and the premium placed on immediate habitability. Refurbished apartments consistently outperform outdated stock in both absorption speed and pricing power, especially where layouts, energy performance and finishes are modernized.

Location Key Facts

• Inner-Ring Liquidity: Deep buyer pools and constrained, high-quality supply persist.

Market dynamics: 

Prime Madrid prices have risen 4-5% YoY (2024-2025), outpacing the national average. Renovated units consistently sell at a 25-30% premium to outdated stock. 

Average refurbished prices:

•         Salamanca: €12,000/sqm (top >€27,000/sqm)

•         Chamberí: €9,500/sqm

•         Chamartín: €8,000/sqm

•         Retiro: €10,500/sqm

Buyer Base:

80% of our buyers are international (60% are mainly Latin American with 20% being from other nationalities) and 20% are domestic. Around 70% of transactions in Madrid’s prime areas are cash-financed, highlighting the liquidity and resilience of this segment.

Macro fundamentals:

Spain’s GDP is projected to grow by 2.5% in 2025, with unemployment trending down to 11.5%. Mortgage rates have stabilized at around 3.5%. Foreign investment remains strong, with Madrid consistently ranking among the top three European cities for cross-border real estate capital. Government subsidies for energy-efficient renovations, linked to EU decarbonization targets, provide an additional incentive for the refurbishments Urbanflip systematically executes.

Team & Sponsor

Urbanflip Capital S.L. is a Madrid-based platform specialized in buying, renovating, and selling premium residential apartments in high-income districts within the M30. The team combines investment banking, legal, technical, and construction expertise with a proven, data-driven sourcing and execution model.

Since launch, Urbanflip has completed 150+ transformations and consistently delivered 20–30%+ annualized project returns. Operations are institutional: standardized refurbishment playbooks, competitive tendering across 3–4 trusted contractors, and monthly budget-versus-actual controls.

Management team:

Mohamed El Madani, Founder & MD

Aerospace engineer with an MBA and Master in International Business. Former banker and consultant, with over €2.6 billion in real estate assets commercialized. Leads strategy, capital formation, and execution.

Erik Olsen, COO

Master in Real Estate Development (IE University). Experienced in acquisitions and investor relations, previously Director of Finance at Daneres SAS. Oversees operations and project execution.

Miguel Escudero Delgado de Robles, Director of Expansion & Investor Relations

Miguel is a lawyer and a real estate & hospitality investment professional with experience across the full investment lifecycle, including sourcing, underwriting, transaction execution, and stakeholder management. He currently serves as Director of Expansion & Investor Relations at Urbanflip Capital, where he leads growth initiatives and investor-facing strategy within a value-add residential investment platform in Madrid.

In parallel, he works as a Hospitality Counselor at Oger and serves as an External Investment Advisor to Habyt, supporting expansion and investment activity across living and hospitality-related assets. Miguel has advised and supported closings of 500+ beds, including the Alcalá Atípico Hostel deal, combining legal insight with hands-on deal execution and investor-facing coordination. He focuses on bridging capital, operators, and asset owners through clear structuring, disciplined processes, and reliable delivery.

Gonzalo Roca de Togores Pascual, COO

More than 7 years of experience in the Real Estate sector, having started his career at Savills Aguirre Newman in the Valuations department, where he supported the appraisal of large residential portfolios for clients such as Banco Santander, Testa, and Aedas. He later joined the Portfolio Solutions team at the proptech company Casafari, providing consultancy services and asset sourcing support to investors.

The Urbanflip Investment Committee combines legal, financial, and operational expertise. It reviews all acquisitions, approves budgets, and monitors risks. Renovations are supervised by the project management team, while commercialization is handled both through Urbanflip’s proprietary brokerage arm Onoma Homes and a network of 1000+ external brokers, agencies and other collaborators. This ensures high visibility and rapid absorption of finished units. Urbanflip’s governance model guarantees bi-annual reporting, project dashboards with before/after media, financial metrics, and milestone tracking. Investor updates are prepared by the Investor Relations team, reviewed by the IC, and signed off by the Founder & MD.

Financial Overview

Urbanflip provides de-risked access to Madrid’s premium residential flip cycle via a Luxembourg-issued, tokenized debt paying 8% fixed annually. Investor participation is structured through a Luxembourg securitization compartment, which provides a secured loan to Urbanflip SL. This pooled loan facility provides diversification across multiple projects over a 7-year term.

The Notes constitute direct, unsecured and limited recourse obligations of the Issuer. Recourse is limited to the assets of Compartment Urbanflip, which include the loan to Urbanflip and the benefit of the related security package. Investors should expect that any recoveries, if enforcement occurs, depend on the value and timing of realisations within the Compartment. Use of Funds: - Acquisitions: ~€7.5M - Renovations: ~€1.5M - Fees and costs: ~€1.0M Terms: - Facility size: €10M - Minimum ticket: €100k - Loan-to-Value: 70–80% - Coupon: 8% fixed - Payment: Quarterly (ACT/360) - Maturity: 7 years, bullet repayment (with rolling project exits funding coupon payments) - Co-investment: 10–20% subordinated equity from Urbanflip Project sales recycle capital within the portfolio. Proceeds do not trigger interim principal repayments unless covenanted thresholds are activated. Principal is scheduled to be repaid at final maturity, with potential early or partial redemption in specific scenarios, as set out in the Terms and Conditions.

Security is granted in favour of the Issuer (for Compartment Urbanflip) at the level of the loan facility to the Borrower. The security package includes the pledge of 100% of the Spanish SPV shares, assignment of receivables and related claims, and pledges over relevant Spanish operating accounts. Noteholders do not hold security directly, their recourse is limited to the assets of Compartment Urbanflip. A prefunded interest reserve equivalent to three months of coupons is established at inception. Covenants require maximum LTV of 80% and minimum co-investment of 10%.

Subscription Process Participation in this offering is available only after completion of StegX onboarding. Investors first complete KYC/KYB and investor classification, and provide the required representations, including non-US person status. Once approved, investors select the investment amount, submit the subscription, and execute the subscription documentation digitally. Subscription funds are then transferred in accordance with the funding instructions. Following acceptance and allocation under the offering terms, the Notes are issued in registered form, and investors receive confirmation via StegX.

The Issuer has appointed BMCP GmbH as arranger in connection with the Offering. The Notes are offered to eligible investors through BMCP GmbH’s tied agent, StegX GmbH. Neither BMCP GmbH nor StegX GmbH underwrite the Notes, the placement is on a best-efforts basis.