Direct exposure to Portuguese residential development through Terrae SPVs. Disciplined underwriting, full transparency, target net returns in the 25–30% range over the project cycle.
There is no algorithm, no exotic financial product, no offshore vehicle. The thesis is old: acquire developable land in growth corridors near Lisbon, finance and build with established Portuguese partners, sell directly through our own mediation. Margin comes from underwriting and execution, not from leverage.
Each development is held in a Special Purpose Vehicle. Capital ring-fenced, accounting isolated, exit independent.
Os Caetanos, Lda invests its own capital in every SPV. No project is launched on outside money alone.
Antas da Cunha ECIJA (law), F. Simões (architecture), Linhas Gerais (construction). Track record matters.
Quarterly investor updates: works progress, cash position, pre-sales, deviations vs plan.
Two developments, 62 apartments. Lisbon metro area, southern axis.
18 T2/T3 apartments in Quinta do Anjo (Palmela), between the Arrábida natural park and Lisbon. 30 minutes from Lisbon centre. Building permit approved, works in progress. Fixed price in CPCV from €322,000. Delivery October 2027.
44 apartments in Vila Franca de Xira, 30 minutes from central Lisbon along the A1 corridor. Vila Franca de Xira is a growing municipality with established rail connection to Lisbon, an emerging riverside regeneration zone, and prices still substantially below the southern arc.
Licensing in advanced stage. Commercial launch scheduled for December 2026 / January 2027. Investor brief and capital structure available on request.
All vehicles in EUR. No FX hedge required for Eurozone investors.
Portuguese SPV is the taxable entity. We work with experienced Portuguese tax counsel; we'll connect you with one before you commit.
Discussed on a per-project basis. Ranges typically aligned with apartment unit price (the SPV ticket is structured to match one underlying unit).
Investment information provided on this page is for context only. It does not constitute an offer of securities or financial products. Each Terrae SPV is governed by its own subscription documents, term sheet and accompanying due diligence pack, which are made available to qualified investors after an introduction. Target returns are indicative and not guaranteed. Real estate development carries execution, market and timing risk.