Smart Build Capital is a Closed-End Fixed-Capital Real Estate Investment Fund, managed by a Management Company registered with and supervised by the CMVM, dedicated to housing built using off-site industrialised construction in Portugal. Asset management is carried out by a consortium between a major Portuguese construction group and Screenproject.
We are a strategic partner for real estate investment
Many investors come to the real estate sector from other professional areas, bringing with them diverse experiences, but not always directly related to the object of investment. This often means that they face greater risks, planning errors and unexpected costs. At our company, the reality is different. We were born within the technical sector, with a founder and a team that has accumulated years of solid experience in design, project management, and construction, both in Portugal and abroad. This background allows us to offer investors something fundamental: security and confidence that every euro invested is accompanied by in-depth knowledge of the market and the construction process.
FACT SHEET
Total fund size
€200 M
Capital structure
€50 M in capital + €150 M in financing
Management company
Management Company (SGOIC registered with and supervised by the CMVM)
General Partner
Consortium between a major Portuguese construction group and Screenproject
Builder
Major Portuguese construction group
Asset type
Residential
Geography
Europe — Portugal
Term
6 years
Target annual return (IRR)
12.5%
Registration of units
INTERBOLSA
SUPPORTING BLOCKS
Regulation
Vehicle established and supervised under the Portuguese regime for collective investment undertakings.
Independence
Management company majority-owned by its management team, with decisions free from conflicts of interest.
Alignment
The General Partner subscribes Class B participation units, sharing risk alongside investors.
Objective and Strategy
According to the European Commission’s Joint Research Centre, Portugal must deliver approximately 465,000 new homes by 2035 to close a structural housing gap widened by a decade of chronic under-building.
The Fund invests in predominantly residential real estate assets, generating returns through the construction of residential buildings for middle-class clients. Investments are limited to Portugal.
STRATEGY PILLARS
Construction and Sale
Acquisition of licensed plots and sale of the completed units
2.5-year cycle
Capital rotation per project, enabling reinvestment over the life of the Fund
Target buyer
Portuguese middle class
Sale price
≤ €660,000 per unit
Tax framework
6% VAT applicable to the segment
Geography
Portugal
OPERATIONAL ADVANTAGE — INDUSTRIALISED CONSTRUCTION
Explanatory block on off-site construction: production in a controlled factory environment, on-site assembly, shorter build schedules, cost predictability and lower exposure to labour scarcity — a critical factor in a market with an estimated shortfall of more than 90,000 construction workers.
Participation Units and Subscription
The Fund comprises €50 M in equity, represented by 5,000 participation units of €10,000 each, with two distinct classes depending on the investor’s profile.
STRUCTURE
Capital
€50 M
Participation units
5,000 units of €10,000 each
Class A — General
Investors at large
Class B — General Partner
Up to €10 M
Minimum initial subscription
€250,000
Subscription fee
3%
Currency
Euro
Registration
INTERBOLSA
Capitalisation
With €10 M
Distribution and Dissolution
The Fund distributes returns through a compound-interest waterfall applied throughout its life (“Distribution”) and upon its winding-up (“Dissolution”). Both mechanisms share the same four-level cascade between Class A and Class B participation units.
DISTRIBUTION CASCADE — DURING THE LIFE OF THE FUND
Level 1
Return of Capital (ROC) — Class A
100% up to €79,000,000
Level 2
Return of Capital (ROC) — Class B
100% up to €1,000,000
Level 3
Preferred return (8% hurdle) — Class A
100% up to 8% p.a. on unreturned capital
Level 4
Final residual split — Class A / Class B
70% Class A / 30% Class B of the remaining balance
The same four-level cascade applies, preceded by settlement of liabilities and liquidation costs, and by formal cancellation of the participation units with the CMVM.
The Fund provides investors with access to an omnibus client account. Investors who prefer to open an account in their own name may choose between two alternatives.
ACCOUNT OPENING OPTIONS
Omnibus client account
Solution provided by the Fund, with asset segregation
Option 1
A bank of the investor’s choice, with registration via INTERBOLSA
Option 2
The Fund’s depositary bank, under CMVM-regulated custody