01
Licence granted
The building licence is stated as granted in the study canon (4 November 2026). The PDF is not published here: the diligence list marks it as a document pending.
Althara
A residential promotion in Inca, with the licence granted.
Ninety dwellings on planning unit UA-18. Half protected, half free market. Modular execution. The figures of the operation are in the data room.
Information only. Not an offer of securities.
Inca · MallorcaPlanning unit UA-1890 dwellings · 45 VPL · 45 free market
Request accessThe opportunity
A promotion for capital. Not a home-sales portal.
This page is for banks, family offices and entrepreneurs looking at the financing. It sets out the asset, the roles and the process. Land price, sales strategy, build cost and the partner’s result sit in the data room, behind a password.
02
Modular window
Reference construction is modular, within eight months, with demolition running in parallel with module fabrication. That is a programme target, not a signed contract.
03
Published VPL ceiling
The maximum price of protected housing in Inca is published in the BOIB. The study assumes an energy label. That label is pending confirmation.
Asset and product
Ninety dwellings. Two regimes.
The product is residential, in Inca (Mallorca), on planning unit UA-18. The mix is half protected and half free market. Ancillaries — garages and storage — are not in the model.
- Location
- Inca, Mallorca
- Dwellings
- 90 dwellings · 45 VPL · 45 free market
- Reference area
- 102 m² · 86.4 m²
- Licence
- Granted
Planning unit UA-18.
VPL is price-capped protected housing, as this study uses the term. Free market is the unrestricted half.
The base case takes 102 m² built per dwelling. Reference useful area is 102 / 1.18, which the canon states as 86.4 m². Pending confirmation that 102 m² is the contractual built area.
Stated as fact in the canon. Document not yet filed here.
Published maximum price
Official VPL ceiling in Inca.
Maximum sale prices, not prices a buyer has signed. The free-market price strategy is not published on this page.
| Label | €/m² useful | In the scenario file |
|---|---|---|
| A | €3,794.27/m² | Yes |
| B | €3,660.40/m² | Yes |
| C-D | €3,366.42/m² | Yes |
| E | €3,098.89/m² | No — public table only |
Source: BOIB no. 24, Govern council resolution of 20/02/2026. Scope used in the canon: Inca, group A, type 2, euros per useful square metre. Label A is a base-case assumption, pending confirmation.
Execution
Three roles. One of them is open.
The builder is not the capital partner. This page does not give Ecomodular an investor’s seat.
01
Promoter
Althara Ventures SLU, of the Althara / GDP group. It promotes. At a high level it carries demolition and the architectural and engineering team. The euro detail of those costs sits in the model, not itemised on this page.
02
Builder
Ecomodular (Balearic Islands), the modular builder. It builds. It is not the capital partner. The price and the builder’s financing are pending confirmation: no signed building contract is published here.
03
Capital partner
The seat is open. The partner provides capital for land, soft costs and development, drawn against milestones and certifications. The share of the result is agreed in the term sheet.
Process
From invitation to term sheet.
- 01
Non-disclosure
The figures follow an NDA. This site does not replace that agreement.
- 02
Data room
Sources and uses, capital calls, the VPL and free-market mix, and the model’s sensitivities. It opens with a password Althara issues.
- 03
Questions
What is marked pending confirmation is the agenda: land, energy label, ICIO, VAT, the building contract, ancillaries.
- 04
Term sheet
Share, calendar and security are written there. Nothing on this page is that document.
Capital structure
The partner funds the development. The builder builds.
The canon describes a partner providing the full capital for land, soft costs and development, drawn against certifications. Amounts, the land price, the payment calendar and the share stay in the data room because the land contract is not closed.
Use of proceeds
Land, soft costs and development of the promotion. The euro split is in the data room and does not yet close a sources-and-uses statement.
Who obliges
The promoter in the study is Althara Ventures SLU. A different company, if the operation were housed in one, is still to be agreed. This page does not claim that vehicle exists.
Security
To be agreed. This page does not treat a mortgage, a pledge, a guarantee or a retention of deposits as granted.
KYC contact
info@althara.es. Corporate documents are on the diligence list, as a document pending.
Result
A range from the file. The table is in the room.
The partner file of the internal model (4 November 2026) varies duration, free-market price, VPL label and share. What follows is the envelope of that file, not the base case and not a target.
- Annualised ROI, file extremes
- 23.33% – 69.35%
- MOIC, file extremes
- 1.2333× – 1.5779×
- Rows in the partner file
- 36
The upper reading is an outer case of the file. It is not the base case, not a forecast and not a promised return. The base case and the full table are in the data room.
Definition used
Annualised ROI = (MOIC − 1) × 12 / months held. A simple annualisation. Not a discounted IRR.
The envelope mixes 10-month and 12-month holds, depending on the case. The partner file has no deposit-rate axis: that point is explained inside.
Who it is for
Three readings of the same operation.
01
Banks
- Use of proceeds: land, soft costs and development, against certifications. The euro detail is in the data room.
- Promoter in the study: Althara Ventures SLU. A different vehicle, if any, is still to be agreed.
- Security package: to be agreed. No security is represented as granted.
- KYC and documents: info@althara.es. The data-room list says which piece is missing.
02
Family offices
- The first draw is tied to the land contract, which is not signed. Calendar and amount are in the data room.
- Reference construction runs up to eight months, with demolition in parallel with fabrication. There is no signed building contract.
- The exit contemplated is the sale of the ninety dwellings. The model’s hold is shown case by case in the data room.
- There is no coupon. The model’s result is an indicative multiple on the capital of the case.
03
Entrepreneurs
Five sentences, with no return figure.
- 1Althara Ventures SLU is promoting 90 dwellings in Inca, unit UA-18: 45 protected and 45 free market.
- 2The building licence is granted. The land contract is not signed.
- 3Construction is planned as modular, within eight months. Ecomodular builds; it is not the investor.
- 4The partner funds land, soft costs and development, drawn against certifications.
- 5The figures are behind a password. This is not an offer of securities.
Risks and assumptions
What is not yet closed.
Each point is qualitative. Where the model quantifies it, the figure is in the data room. Where the model does not reach, the page says so.
- 01
Land close
The sale contract is not signed. Terms are being renegotiated. Pending confirmation.
- 02
Construction cost
There is a reference quote from the builder. There is no signed building contract and no signed financing facility. Pending confirmation.
- 03
Sales pace
The free-market price in the model is a commercial hypothesis, not a contracted pre-sale.
- 04
Energy label
The VPL ceiling depends on the label. The base case assumes label A. Pending confirmation.
- 05
ICIO
The licence exists. The municipal construction tax may still fall due when works start. Pending confirmation. The scenario file does not restate the account with ICIO.
- 06
Interest rates
The builder’s quote includes a financing reference. The rate is not closed, and the rate environment is not hedged on this page.
- 07
VAT on land
The VAT treatment of the land acquisition is pending confirmation.
- 08
Areas and ancillaries
The study takes 102 m² built and a derived useful area. Garages and storage are not modelled. Pending confirmation.
- 09
Buyer deposits
How they interact with calls on the partner is a modelling choice, described in the data room. Pending confirmation that it is the intended treatment.
Diligence
A list for a committee. No invented files.
These titles are the index. There is no PDF, certificate or download on this site. When a document exists in the room, it will replace the card. Today every one of them is pending.
01
Document pending
Planning and licence note
The licence is stated as granted. The supporting file is not uploaded.
02
Document pending
Draft land sale contract
Not closed. Terms under renegotiation.
03
Document pending
Builder’s quote
A reference price. Signed contract and signed facility still pending.
04
Document pending
Financial model
The scenario extract is built into the data room. The workbook is not attached as a file.
05
Document pending
Sales assumptions
Prices and pace are a study strategy, not signed reservations.
06
Document pending
Althara corporate documents
For KYC. Request them at info@althara.es. No certificate is simulated here.
Glossary
The words the study uses.
- VPL
- Price-capped protected housing, as this study uses the term. The BOIB publishes the maximum sale price by municipality, group, type and energy label.
- UA-18
- Planning unit 18 in Inca. The planning boundary of the promotion, not a postal address.
- Useful and built
- The base case starts from 102 m² built per dwelling. Reference useful area is that figure divided by 1.18. The canon rounds it to 86.4 m².
- Certifications
- Construction milestones that release capital. The partner draws against those milestones. The actual calendar is still to be written in the term sheet.
- Arras
- Buyer deposits on the price. The percentage, the split and the effect on partner calls are in the data room.
- MOIC
- Multiple on the capital of the case: model distributions divided by that case’s capital commitment. Indicative.
- Annualised ROI
- (MOIC − 1) × 12 / months held. A simple annualisation. Not a discounted internal rate of return.
Contact
Correspondence comes through one mailbox.
The primary channel is info@althara.es. The secondary, info@gestiondelpapeleo.com, is there if a copy to the GDP group is useful. There is no CRM behind this form: it opens an email with the text you write.
info@althara.es
Secondary copy: info@gestiondelpapeleo.com
Notice
What this page is, and what it is not.
Althara publishes this site as information for financing counterparties of the Inca UA-18 promotion. It is not an offer of securities, not an invitation to subscribe for, buy or sell a financial instrument, and not personal advice.
Figures are indicative. Where they appear, they come from Althara’s internal model of 4 November 2026, from the canon of that study, or from the published VPL price table cited on the page. They are not a valuation, not a commitment to sell, and not a guaranteed result.
The operation is subject to contracts, to the parties’ diligence, and to Spanish and European Union law. The land sale contract is not closed. Several assumptions are marked pending confirmation. Nothing on this page binds Althara Ventures SLU or any third party.