Sabina Estates' Ibiza Development Relies on €110 Million Credit Facility and €83.8 Million in Buyer Advances

November 08, 2026

The financial structure behind Sabina Estates, the luxury villa development at Cala Tarida in Sant Josep, includes a credit facility of up to €110 million, almost €84 million in advances from property buyers and additional financing from companies within its international ownership structure.

The figures are detailed in the consolidated accounts of Sabina Estates Group Holdings Limited for the financial year ending 31 December 2025. The accounts were filed with the UK's Companies House on 14 September 2026.

The documentation provides a closer look at how the development is financed, the outstanding commitments associated with its construction and the financial arrangements supporting the different phases of the project.

One of the principal funding arrangements is a loan facility with Fiduciam, under which the group reported €77.82 million in outstanding principal at the end of 2025. The company also recorded €83.82 million in advances received from customers.

These figures represent different types of financing and financial obligations and should not be interpreted as a single outstanding debt figure.

A Credit Facility of Up to €110 Million with Fiduciam

One of Sabina's main financing arrangements is a credit facility agreed with Fiduciam, a specialist property finance provider.

The agreement was signed on 23 December 2021 by Sabina Estates Tarida SL, one of the Spanish companies involved in the development.

The facility provides access to financing of up to €110 million. However, this is the maximum authorised amount rather than the sum actually borrowed.

According to the consolidated accounts, the outstanding principal stood at €77.82 million at the end of December 2025. The same balance was recorded at the end of 2024.

The loan carries interest of 0.8% per month, equivalent to a nominal annual rate of 9.6%, before any applicable commissions or additional financing costs.

The agreement also includes security arrangements involving certain properties held within the development's inventory and shares in related companies.

One of its contractual conditions limits the loan to 50% of the gross development value established under the agreement.

Loan Maturity Extended Until December 2027

The accounts also disclose a change to the loan's repayment timetable.

In March 2026, Sabina agreed with Fiduciam to extend the maturity of the financing by one year, moving the deadline to 23 December 2027.

The agreement includes the possibility of a further one-year extension, as well as an option to increase the maximum financing facility to €150 million.

However, these are contractual possibilities. The accounts do not establish that the additional extension or increase has been exercised.

The financing arrangements also include a success fee of €3.8 million and a variable exit commission. Sabina's accounts estimate the combined commissions at approximately €5.8 million following revisions to projected repayment and completion schedules.

The published financial information does not establish that the potential additional credit has been drawn or that the maximum facility has been increased.

Property Buyers Have Advanced €83.82 Million

Another significant element of the development's financing comes from payments made by customers before the completion and recognition of their property transactions.

At the end of 2025, Sabina recorded €83,815,977 in customer advances.

The amount was divided between approximately €53.77 million classified as current liabilities and €30.04 million recorded as non-current liabilities.

At the end of 2024, the corresponding total was approximately €34.21 million. This means the balance increased by around €49.60 million during 2025.

These advances are not bank loans. They represent amounts received from buyers in connection with property transactions that remain subject to contractual obligations.

Under accounting rules, payments received before the conditions for recognising a property sale as revenue have been fulfilled can remain recorded as liabilities.

Consequently, the €83.82 million figure should not be interpreted as evidence that buyers are requesting refunds or that the company is unable to deliver the properties.

The accounts also do not establish how many individual properties are represented by the outstanding advances or how much has been paid towards each villa.

Additional Financing from the International Parent Structure

Sabina's financial arrangements also include funding provided through companies within its international corporate structure.

The group's consolidated accounts identify Sabina Estates Limited, registered in Guernsey, as the company holding the international ownership structure above Sabina Estates Group Holdings Limited.

Among the funding arrangements are two Variable Funding Notes, or VFNs, provided within the group.

At the end of 2025, the first instrument had an outstanding principal balance of €39.25 million. A second instrument recorded a balance of €18.71 million.

Together, the two instruments represented approximately €57.96 million in related-party financing.

The second instrument is associated with the financing of interest payments under the first arrangement. It is therefore important to distinguish this balance from interest simply left unpaid.

The first VFN carries an annual interest rate of 11%, with maturity extended to December 2035. The second has its own contractual financial conditions.

These arrangements illustrate how the development is supported not only by external lending and customer advances, but also by financing within its international corporate structure.

More Than €10.6 Million in Financial Costs Added to Property Inventory

The accounts also show that Sabina incorporated €10,644,861 in financial costs into the accounting value of its property inventory during 2025.

This relates to the accounting treatment known as capitalisation of borrowing costs. Under the applicable accounting rules, certain financing costs associated with the construction of qualifying assets can be added to their accounting value rather than immediately recognised as an expense.

The group's property inventory consequently reached approximately €204.98 million at the end of 2025, compared with €166.50 million a year earlier.

This represents an increase of around €38.49 million.

The inventory figure reflects accumulated accounting costs associated with properties and development activity. It should not be confused with an independent valuation of the villas or the amount the company could obtain by selling them at current market prices.

Group Liabilities Reach €236.33 Million

At the end of 2025, Sabina Estates Group Holdings Limited reported total liabilities of approximately €236.33 million, compared with €188.92 million in 2024.

This amount includes different categories of obligations, including borrowing, customer advances, related-party financing and other commercial and financial liabilities.

It is therefore not equivalent to outstanding bank debt or a sum that must all be repaid immediately.

The group also reported total assets of approximately €255.49 million and positive net assets of €19.16 million at the end of the financial year.

The accounts show that the development operates with substantial financial commitments, distributed across different funding arrangements and repayment periods.

Financial Results Provide Further Context

The financing figures follow a year in which Sabina recorded a significant reduction in recognised revenue.

The group's consolidated turnover fell from €96.71 million in 2024 to €30.43 million in 2025, a decrease of approximately 68.5%.

The reduction coincided with a fall in the number of completed villas. The group reported completing two residences during 2025, compared with ten in the previous year.

Despite the lower revenue, the group reduced its annual loss from approximately €8.24 million in 2024 to €954,911 in 2025.

The accounts also state that 19 of the 21 villas under development were presold at the end of 2025. This is a figure reported by the company and indicates committed transactions, although it does not mean that all those sales had already been recognised as revenue.

The accounts were audited by BDO LLP, which issued an unqualified opinion. The auditor did not identify a material uncertainty relating to the group's ability to continue as a going concern.

This does not remove the financial commitments disclosed in the accounts, but it is an important qualification when assessing the company's financial position.

A Complex Financing Structure Behind the Cala Tarida Development

Sabina Estates' financial arrangements combine an external credit facility, payments received in advance from property buyers and financing provided through related companies in its international ownership structure.

The 2025 accounts show the scale of these commitments, including the €77.82 million outstanding under the Fiduciam facility, €83.82 million in customer advances and approximately €57.96 million across two related-party funding instruments.

The development's financial position must be understood through these separate categories rather than by adding them together and describing the result as a single debt figure.

The accounts offer a detailed view of the funding behind one of Ibiza's major luxury residential developments, while the timing of future property completions, sales and loan repayments will remain important factors in its financial evolution.

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