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A peculiar residential complex created to give light to an area of Jaén until now uninhabited. It is located in a key area of the city, with very good communications, near the University, the Hospital Universitario and the Jaén Plaza shopping center.
Short summary

PlazaNorte is an exclusive residential complex created to provide long-term residential housing in a new area of Jaén. It is located in one of the growing areas of the city, which is well-connected, closed to the University, to the Hospital Neuro-traumatológico and to the Jaén Plaza shopping centre.

PlazaNorte is a great example of the urban renewal promoted by Zertum, as it transforms an apparently forgotten area of the city into a residential area intended for leasing and as a reference in the city of Jaén.

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Investment characteristics
Start-up capital amount


Fourth quarter of 2021


1.516.240 €
First investment period


4Q of 2022 – 1Q of 2023


1,000,000 €
Second investment period
Key figures
Property value 21.0 million€
Development cost 16.17 million€
Gross operating margin 5.27 million€
Gross margin on costs (%) 33.4%
Total equity interests 7.40 million€
Bank financing 8.90 million€
Loan-to-value ratio (LTV) 43.93 %
Leasing stage
Leasing incomes 1.12 million€
Leasing costs 0.29 million€
Net operating income (NOI) 0.8 million€
Gross profitability on costs 5.10%
Intended purposes and areas

PlazaNorte is developed into two independent buildings located on adjoining plots with a height of four floors plus the ground floor and a total of 117 dwellings.

Each building has a huge independent access lobby connected to the dwellings, parking area and indoor and outdoor common areas. The modern design of the dwellings is characterized by open spaces with lots of natural light, with built-in kitchens and en-suite bedrooms.

Each building has large common areas (swimming pool, playground, gym, co-working area and solarium). All elements have been designed with the purpose of achieving the best views and sunlight in both buildings.

The residential complex will obtain the BREEAM sustainability certification, which guarantees a sustainable and environmentally friendly construction.

Units Area
Dwellings 117 10,322 m²
Parking area 123 3,875 m²
Storage room area 106 818 m²
Other areas 9 4,419 m²
Dwellings / No bathrooms Units
1 bedroom / no bathroom 35 / 1
2 bedrooms / no bathrooms 65 / 2
3 bedrooms / no bathrooms 17 / 3
Parking area and storage rooms Units
Parking lots 123
Storage rooms 106
Other areas
Swimming pool
Sport facilities
Multipurpose room
Children area
Co-working area
Development status


First approval In progress Final approval


Draft Basic Development


Not requested yet Requested Granted

Tender process

0% 50% 100%


0% 50% 100%


0% 50% 100%

Strategically located in the new urban area of Jaén emerging around the Jaén Plaza shopping centre, the University campus and the future main health area in the city, it has excellent connections and services:

  • 0.1 km from the Jaén Plaza shopping centre
  • 0.2 km from Bailén-Motril motorway (A-44 connection)
  • 0.3 km from the Jaén University
  • 0.8 km from the Hospital Universitario
  • 2 km from the train station
  • 2.5 km from the bus station
  • 3 km from the cathedral

1.52 million€

paid-up from a total amount of 7.40 million€

Being prepared

next investment period



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