Bonds: target about 3%, stress case 2.2%, base coupon 1.25%. Token: nothing.
Every yield on this page belongs to the bond door: modelled figures for a building company in a Portuguese secondary city, before holder-level tax. They are targets, not promises, and they depend on assumptions listed below. Portuguese counsel has not yet confirmed the tax assumptions. The Aldeia token has no yield to model: it funds the first-loss layer and gets nothing back.
How each lever moves the bondholder yield.
One company per building, rent 20% below market, rental income exempt under RSAA. The dashed line is the 1.25% base coupon: every case below, including the worst, stays above it. The biggest lever after tax is the 25% first-loss layer at 0%, which is what the token funds.
Source: Aldeia financial model v2.2, 14 October 2026. Bondholder cash yield before holder-level tax.
Every €1 of first loss unlocks about €4 of housing.
The token has no yield. Its measure is leverage for the mission: how much capped-rent housing each euro of first-loss capital makes financeable.
| First-loss layer | Token money | Bonds | Housing bought | Multiplier |
|---|---|---|---|---|
| 25% from the token (launch structure) | €1.0M | €3.0M | €4.0M, ~18 flats | 4× |
| 15% from the token, 10% from a concessional lender or council land lease (later) | €1.0M | €5.0M + €0.7M concessional | €6.7M, ~30 flats | ~6.7× |
| No first-loss layer | €0 | Bonds yield ~2.4% (with CIA, bought 15% below) | Hard to fund | – |
Scale decides whether affordable rent can pay anyone.
| Structure (PT secondary city, 20% rent discount, RSAA) | No CIA | With CIA |
|---|---|---|
| One company per flat (about €240k raised, about €8k a year fixed costs) | −1.3% | −0.8% |
| One company per building (about €3.5M, about €20k a year) | 1.5% | 2.0% |
| + building bought 15% below market | 1.8% | 2.4% |
| + 25% subordinated 0% first-loss loan from the token (launch structure) | 2.4% | 3.25% |
| Pooled company with the same levers (Phase 2 reference) | 2.9% | 3.7% |
| Stress: 8% vacancy, +0.5pp maintenance (per building, CIA, all levers) | – | 2.2% |
If the two tax regimes cannot be combined.
The 3.25% model assumes the RSAA income-tax exemption and the CIA property-tax relief both apply to the same building. The decree that created them (DL 97/2026) neither allows nor forbids this. It is the first question for our lawyers.
| Tax regime (per building, bought 15% below market, 25% first-loss layer) | Target | Stress |
|---|---|---|
| RSAA + CIA (assumed above) | 3.25% | 2.2% |
| CIA only, with the moderate-rent regime (about 10.5% effective tax on rental profit) | 2.9% | ~2.0% |
| CIA only, full 21% corporate tax | 2.6% | 1.7% |
| RSAA only (pay purchase and property taxes) | 2.4% | 1.45% |
€4M, one building, Coimbra or Leiria.
| Bonds (senior, EU / EEA residents) | €3M · 75% |
| First-loss loan from the Aldeia association (0%, subordinated), funded by the token | €1M · 25% |
| Sponsor co-investment in the bonds | 5%, same terms |
| Homes | ~15–18 two-bed flats |
| Example unit value | €220k |
| Market rent / our rent | €1,100 / €880 |
| Term | 10 years, indicative |
The city will be whichever of Coimbra or Leiria passes the gate first (council vote on CIA benefits), and the holders then choose. Lisbon does not work yet: capped rent there yields under 1%. If a concessional lender or a council land lease later replaces part of the first loss, each €1M of token money funds about €6.7M of housing instead of €4M.
What it costs, and who earns what.
- Crowdfunding platform: 3–7% of the amount raised (estimate).
- Tokenization setup for the bonds: €10–50k (estimate). Token offer document, legal and contract audit: €60–175k (estimate), reimbursable from the sale up to a disclosed cap.
- Legal setup: €30–80k, then €2–5k per building company (estimate).
- Building company fixed costs: about €20k a year, at or below 0.6% of capital.
- Sponsor (Pedro Correia's operating company): manages the property for a cost-based fee, disclosed as a related-party service, co-invests 5% in the bonds and fronts the launch costs.
- Sponsor promote: 20% of distributable cash above a 3% payout to holders. Below 3%, nothing.
- Team token allocation: small, one-year cliff, four-year vesting, disclosed in the offer document. No free bonds for anyone.
What the model assumes.
| Assumption | Value used | Status |
|---|---|---|
| Location | Portuguese secondary city (Coimbra or Leiria) | Pending council vote |
| Rent discount | 20% below market; at or below 80% of INE median (RSAA) | In law since 1 Sep 2026 |
| Rental income tax | 0% under RSAA | Counsel to confirm for the company |
| Purchase and property taxes | IMT and stamp duty exempt, no IMI for 8 years, no AIMI (CIA) | Needs municipal vote and IHRU contract |
| RSAA and CIA together | Both apply | Unconfirmed: the key open question |
| Purchase price | Whole building about 15% below market | Depends on the deal found |
| First-loss layer | 25% of capital at 0%, first loss, from the token sale (or an impact anchor if the sale falls short) | No sale and no anchor yet |
| Bank debt | None, or concessional at 2.5% or less | Policy |
| Stress case | 8% vacancy, +0.5pp maintenance | Modelled |
| Holder tax (not deducted above) | 28% withholding for Portuguese residents; 25% or treaty rate for non-residents | Current law |
How to read these figures
They come from a spreadsheet-style model, not from a building we own. The base coupon is sized to be payable in the worst modelled case, but it is not guaranteed if losses exceed it. The profit share can be zero. None of these figures applies to the token, which pays nothing. Read the risks.