Real transaction · public sources
Smart Places Alcobendas: a documented alternative finance case
Sources from the developer, the project and the financial press document the alternative finance obtained for Smart Places Alcobendas in January 2024. The project comprises more than 15,000 square metres and represented total investment above €25 million. That figure is the project's investment, not the undisclosed loan amount.
Quick answer
Public sources document that Grupo Nido obtained alternative finance for Smart Places Alcobendas in January 2024. The project comprised more than 15,000 square metres and total investment above €25 million. Erebus Real Estate Partners provided the finance and the official project page names Jubarta under finance structuring. The loan amount and terms were not made public.
Before deciding
The questions that change the answer
Which figure relates to the project and which to the financing?
What role did each disclosed participant perform?
What complexity did the land swap introduce?
Which terms must remain unknown because they were not published?
The project
Smart Places Alcobendas is a commercial and mixed-use development at Avenida de Fernando Alonso 12 in Alcobendas, Madrid. Public information describes offices with private terraces, a healthcare clinic and common facilities designed around work, leisure and wellbeing.
The published financing
Grupo Nido announced that finance had been obtained to start the development. Published information identifies Erebus Real Estate Partners as the alternative finance provider, Jubarta as responsible for finance structuring, and Cuatrecasas and Auren as legal advisers to the parties.
What the evidence supports
The project, financing, disclosed parties, subsequent start of construction and Jubarta's role can all be checked publicly. The loan principal, pricing, leverage, tenor and security package were not published; this page neither estimates nor presents them as transaction facts.
What international sponsors can learn
A Spanish development with several uses, a material investment and land contributed through a swap structure requires coordination of title, budget, timetable, contracts, security and exit. The transferable lesson is to distinguish total project cost, finance proceeds and the structuring work with precision.
Compare before deciding
Published facts and their limits
A reliable case study keeps every claim within the evidence available from the project, developer and financial press.
| Fact | Public support | Limit |
|---|---|---|
| Project | Smart Places Alcobendas, Avenida Fernando Alonso 12 | Does not itself describe the financing |
| Scale | >15,000 sqm built area | Area of the development |
| Investment | >€25m | Not the loan principal |
| Finance provider | Erebus Real Estate Partners | Terms were not disclosed |
| Jubarta | Finance structuring | No undocumented functions are attributed |
| Execution | Construction start announced in February 2024 | Does not certify the current status of each unit |
Process
How to read a published transaction without overstating it
A real case builds trust when it preserves the boundaries of the public record.
- STEP 01
Confirm the project
Check location, use, area and developer against the official project page.
Output: Verified asset identity
- STEP 02
Confirm the financing
Use the developer's announcement and financial press to establish that finance was obtained.
Output: Documented financing milestone
- STEP 03
Map the parties
Separate developer, finance provider, structurer and legal advisers according to the sources.
Output: Clear participant map
- STEP 04
Separate the figures
Distinguish total investment, project area and finance proceeds.
Output: No false equivalence
- STEP 05
State what is absent
Explicitly identify pricing, leverage, tenor and security as undisclosed.
Output: A cautious, verifiable case study
Published transaction facts · not an offer
Public transaction record
A summary based only on information published by the project, developer and financial press.
Developer
Grupo Nido
Smart Places Alcobendas development.
Property
>15,000 sqm
Offices, healthcare clinic and common facilities.
Total investment
>€25m
Announced project investment; not loan principal.
Finance
Alternative
Provided by Erebus Real Estate Partners.
Jubarta
Structuring
Role stated on the official project website.
The case proves a real financing and Jubarta's public role without inventing the loan amount, pricing, leverage, tenor or security.
Working tool
Information required for a comparable Spanish commercial project
The public case does not reveal the private credit file. A similar financing assessment would require at least these items.
Property and title
- Title and encumbrances
- Land contribution or swap
- Permits and uses
- Areas and valuation
Cost and delivery
- Complete budget
- Building contract and programme
- Contingency
- Cost to complete
Income and exit
- Sales or rents by use
- Commercialisation pace
- Downside cases
- Amortisation or refinancing
Before signing
Red flags
They do not automatically make a transaction unfinanceable. They show where information must be reconciled, more headroom is required or the structure needs to change.
- 01
Treating total project investment as finance proceeds.
- 02
Publishing an LTV, rate or tenor that no source confirms.
- 03
Treating the term joint venture as a complete description of the contract.
- 04
Ignoring the title, consideration and priority issues created by a land swap.
- 05
Attributing lender decisions to an adviser.
- 06
Using construction start as automatic proof of completion or economic performance.
Method and sources
This real transaction is documented exclusively with public sources. They confirm the project, financing and disclosed participants, but do not reveal the loan amount or its economic and legal terms.
Public source
Smart Places · official project page
Identifies the Alcobendas project, its location and uses, and names Jubarta under finance structuring.
Public source
Observatorio Inmobiliario · Smart Places Alcobendas financing
Report on the financing, total investment, project area and disclosed parties.
Public source
Grupo Nido Capital · financing confirmation
The developer's public confirmation that finance was obtained, identifying the participating team.
Public source
Grupo Nido · construction start
21 February 2024 project update documenting construction start, total area and announced investment.
Public source
Jorge Gómez · public note on the structure
A public post identifying land contributed through a swap arrangement as a relevant feature of the financing.
Apply it to your transaction
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Share the location, stage, total cost, existing debt, invested equity, financing need and expected exit. We will assess fit before opening a process.
Frequently asked questions
Clear answers before you start
Was €25 million the loan amount?
No. Public sources state that total project investment exceeded €25 million. They do not disclose the finance principal.
What was Jubarta's role?
The official project website names Jubarta under finance structuring. Public reporting also identifies Jubarta as a specialist in transaction structuring and finance sourcing.
Who provided the finance?
Published information identifies Erebus Real Estate Partners as the alternative finance provider.
Are the interest rate, LTV or tenor public?
No. Those terms do not appear in the reviewed public sources and are not inferred in this case study.
Why is this labelled a real transaction?
Because the developer, official project website and financial press document that finance was obtained and identify the disclosed parties. This page links directly to those sources.
Can it be used as a pricing or leverage benchmark?
No. Those terms were not published. The case explains the project and roles, not the pricing of another transaction.