The Concrete Investing portal has launched a $3.74 million (€3.3 million) real estate equity crowdfunding campaign: this is the highest offered by the portal to date.
The campaign, which to date has already raised over $1.7 million (€1.5 million), will finance the Washington Building project: a new residential development of over 13,000 square meters that will be built in the former production plant Officine Fratelli Borletti in Piazza Irnerio in Milan, signed by the architecture firm DFA&Partners, promoted by Al.si.co Srl. (Matteo Albarello, Federico Consolandi, Ambrogio Silva).
The funding is open to professional and retail investors and provides an expected annual rate of return (IRR) of 13.6%, an overall return on investment (ROI) of 40.4% and a holding period of 32 months.
If you want to find out more details about the latest real estate equity crowdfunding campaign launched by Concrete Investing and to read more about other successful campaigns already completed, download the Born2Invest mobile app. Read the latest finance news in the world and stay on top of the market with our companion app.
The property is expected to be delivered in the third quarter 2022
The project consists in the renovation, with partial demolition and reconstruction, of the former production plant Officine Fratelli Borletti. The original industrial complex, built between 1912 and 1916, is composed of a main nucleus in eclectic style overlooking Piazza Irnerio, to which were added, until the 1950s, some accessory volumes in rationalist style.
The intervention foresees the development of a building of 5 floors above ground and two further backward floors to crown it. The complex has three underground floors, used as a garage, technical rooms and cellars, and on the ground floor, there are a series of additional services: gym, spa, delivery room and a lounge area available to condominiums. The project foresees about 100 housing units of various types, 70% of which have already been sold.
Concrete Investing has completed 7 crowdfunding real estate campaigns so far
This is the eighth collection for Concrete Investing which, to date, has already successfully completed 7 crowdfunding real estate campaigns for prestigious residential projects promoted by the most important players in the market such as Impresa Rusconi, Immobiliare Percassi, Bluestone, Borgosesia. The total capital raised on the seven transactions is $11.66 million (€10.3 million).
Last June, Concrete raised $2.83 million(€2.5 million) for the Colonne di San Lorenzo – Gate Central project in Milan. The campaign was financed in just 14 days by 190 investors, with an average ticket of $14,700 (€13,000), thanks to which it achieved the maximum collection target, with an overfunding of 167% compared with the minimum target of $1.7 million (€1.5 million).
Last February, the Concrete Investing portal had collected the same amount in 24 hours in the campaign for the realization of the Bluestone real estate project in Milan, which had received over 150 adhesions. As the maximum funding for this operation was set at $2.27 million (€2 million), Concrete Investing was able to receive a large part of the adhesions by reimbursing the excess investments.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [1xBet Affiliate Program]
Wanna discover one weird sports betting niche with plenty of low-hanging fruit just waiting for you to exploit? Then read...
Which Are the Most Important Fintech News from February 2024
Monite secured $6 million in a top-up financing round, bringing its total seed-stage funding to $16 million. The funds will...
Spanish Pharma Listed Companies Reduce Their Profits by 37% in 2023
Of the Spanish pharma listed companies, PharmaMar has suffered the most significant drop in profits due to generic drug competition...
How Much Does Europe Invest in Sustainability
Europe is moving rapidly towards a renewal of the regulatory framework for sustainability , with the obligation for almost 50,000...
The German Medical Cannabis Market Could Be Worth Three Billion
Currently, the German medical cannabis market serves a relatively small part of the population, with approximately 28,000 patients, or less...
Crowdfunding1 week ago
Why the Growth of Real Estate Crowdfunding in Mexico Slows in 2023
Africa2 weeks ago
Global Economic Growth in 2024: Eleven African Countries in the Top 20, According to AfDB Report
Fintech5 days ago
BitForex Exchange Suddenly Disappears and No Longer Responds to Users
Mining & Energy1 week ago
Argentina Lithium & Energy Leading the Charge as Demand for Argentine Lithium Grows