Special Situations · Real Estate
Where the asset has a problem,we see the value.
Althara acquires and transforms real estate assets that others won't touch: NPL portfolios, occupied properties, unfinished developments and licensing-blocked assets. Our integrated construction capability is the differentiator that turns the problem into margin.
Method
Value where others see risk
Each type of complex asset requires a different set of capabilities. Althara has built them in an integrated way, reducing timelines and external dependencies.
NPL Portfolios
We acquire real-estate-secured debt at a discount. Legal analysis, insolvency or foreclosure proceedings and subsequent management of the underlying asset are all handled within the group.
Occupied Properties
We manage vacancy processes with legal rigour and a resolution-first approach. Recovering free use of the asset is the first step towards value creation.
Licensing & Planning
We unlock assets frozen by licensing proceedings, regularisation processes or outstanding planning matters. Technical and administrative resolution is part of our core capability.
Unfinished Development
We acquire stalled developments, complete construction and take them to market. In-house execution capability reduces cost and timeline risk.
Off-Plan Pre-Sales
On selected projects we structure pre-sales prior to completion, reducing own-capital exposure and advancing cash flow.
The group has its own construction capability that intervenes directly in Althara's project works. This eliminates dependency on external subcontractors for the most critical value levers — build cost, timeline and quality — reinforcing margin predictability.
Track Record
10 transactions. Documented margin.
July 2024 – October 2026 · Balearic Islands & mainland Spain
Figures as of 22 October 2026. Unaudited. Subject to final confirmation at the close of each transaction.
Transactions
10
Jul 2024 – Oct 2026
Total cost
€7.25 M
Capital deployed
Realised (notarised)
€1.01 M
sales · margin €507k · 100.8% on cost
Contracted (pending deed)
€5.39 M
expected margin €1.98 M (58.1%) · deposits €428k
Realised + contracted
€6.40 M
margin €2.49 M · 63.6% · 1.64×
Documented specialisms: NPL, vacancy, licensing, construction and off-plan pre-sales. All figures are gross, before financing. Net-of-financing return not published.
Pipeline
Active projects and opportunities under review
The pipeline reflects the breadth of situations in which Althara operates. Presented without acquisition prices or unconfirmed financial volumes.
Sa Pobla
RefinancingAdvanced construction
14 residential units in Mallorca with 87% of construction complete. In refinancing process to complete execution and delivery.
Inca UA-18
LandModular residential
Plot in Inca (Mallorca) with a modular residential development concept. Under analysis and structuring.
Oxygen / Malbec
NPL PortfoliosUnder review
Two real-estate-secured NPL portfolios under market review. Geographically diversified asset mix.
Plaza Mercat
ConstructionIn progress
Asset under active construction works with reservation formalised. Execution by the group's construction capability.
Santander / Langre
LOIConcept stage
Non-binding letter of intent signed. Development concept in Cantabria pending validation.
Luaña
Land deededVillas concept
Land deeded in Cóbreces (Cantabria) with a concept for four villas. In project design and preliminary marketing phase.
Pipeline cards are qualitative. Acquisition prices and unconfirmed financial volumes are not published.
Structure
Corporate transparency
Althara operates under a structure currently being consolidated. The reference legal entity for real estate activity is Althara Ventures SLU, incorporated in September 2026 as the new RE parent company within the group.
Corporate reorganisation is ongoing. Statements about structure are based on the documented position at the date of publication of this teaser. Althara Ventures SLU has no registered holdings at the date of this document. Definitive terms will be set out in the data room.
Gestión del Papeleo SL (GDP)
Group holding company. 100% owner of Althara Ventures SLU and the group's construction capability.
Althara Ventures SLU
Parent entity for real estate activity, incorporated 30 September 2026. Integration of operational vehicles under this entity is in progress (projected).
Red Horizon Capital SL (RHC)
Operational vehicle through which the track record transactions have been executed. The ownership structure is undergoing corporate reorganisation.
Group construction capability
Direct execution of construction works through a specialist group entity, without dependency on external subcontractors for critical phases.
Data Room
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We make additional documentation available to qualified investors: full track record, project sheets, corporate structure and collaboration terms. Write to us to request access.