This section contains confidential financial information for qualified investors. Access is restricted to authorised parties only.
Incorrect password. Please contact your Atlantica representative.
By entering this section you confirm you are a qualified investor or authorised professional. This material is not a public financial offer. Atlantica / Waveport Capital SA / TAN Investments. All rights reserved.
Europe's first Wavegarden Cove 62-module resort — the largest in Portugal and continental Europe. €90M total development. Self-financing structure via aparthotel pre-sales. Institutional-grade cashflow from Day 1.
Atlantica's aparthotel week-slot memberships (SPV B) are sold pre-construction. At full sell-through, gross proceeds of €169.8M → net ~€135–145M after costs cover the full €90M wavepool investment and generate a surplus of €45–55M.
Members pre-pay before construction. By opening day, 2,000–3,000 monthly fee payers generate €2–3M/year in recurring revenue before a single surf session is sold. This eliminates the typical 3-year ramp-up curve — Atlantica reaches stabilisation in Year 3, not Year 5.
Atlantica's Aparthotel membership pre-sales (~€135–145M net) self-finance the wavepool (~€90M), making the project nearly equity-self-sufficient. Institutional investors deploying €40M in equity are targeting a 4.4× MOIC in 3 years — with membership recurring revenue, pre-committed demand, and a 7% cap rate exit on €13.7M EBITDA.
Architecture at Atlantica is a structural component of long-term asset premium — not a design exercise. The brief to lead architect Stefano Belingardi was to create a physical environment that earns a 15–25% premium over comparable Cascais development, and retains that premium as the resort matures.
Milan and Lisbon-based practice. Specialises in luxury resort architecture across Southern Europe, North Africa, and Brazil. Known for projects where landscape and built form become inseparable — where the building appears to have always been there.
At Atlantica, the design philosophy centres on three principles: materiality that deepens with age (natural stone, reclaimed timber, salt-weathered concrete); spatial hierarchy that creates distinct zones for energy and recovery; and Atlantic orientation ensuring every key unit captures prevailing light and breeze.
| Design Element | Asset Impact |
|---|---|
| 320m continuous wave viewing deck | Unique community infrastructure — not replicable by competitors |
| Natural materials (stone, timber, concrete) | Improves with age vs conventional finishes |
| Wave basin as architectural centrepiece | Creates photogenic identity driving organic marketing |
| Cascading residential wings | All units Atlantic-facing — eliminates B-grade inventory |
| Integrated coworking / F&B / spa campus | Drives year-round occupancy beyond surf season |
Renders shown are approved conceptual visuals from the architectural brief. Final design subject to planning. Construction Q3 2026.
Confidential — For Qualified Investors Only. All renders © Stefano Belingardi Studio 2026.
Full architectural documentation from Stefano Belingardi Architects. The site integrates a 62-module Wavegarden Cove, the Hub (15,986 m² GBA), and the Hotel (14,256 m² GBA) across a single coherent masterplan.
Preliminary design only — subject to final planning approval. © Stefano Belingardi Architects 2026. Confidential.
Fully viable as a standalone surf park business. €90M CAPEX funded entirely through equity and senior bank debt. Revenue from wave sessions, hotel, F&B, and day memberships. No real estate dependency.
Membership pre-sales (SPV B) fund wavepool construction (SPV A). De-risks the project, optimises returns, and reduces equity requirement. The real estate anchor makes this institutional-grade.
| Land & Planning | €8.5M |
| Wavegarden Cove 62-module | €22.0M |
| Hotel (96 rooms, 4-star) | €18.5M |
| Hub (spa, gym, coworking, F&B) | €12.0M |
| Infrastructure | €7.5M |
| Soft costs + pre-opening | €9.2M |
| Contingency (15%) | €12.3M |
| TOTAL CAPEX | €90.0M |
| Financing | Amount | % |
|---|---|---|
| Equity (Round 1 + Round 2) | €40M | 44% |
| Senior Bank Debt | €50M | 56% |
| TOTAL | €90M | 100% |
+ Potential €10M EU tourism / sustainability grant (application in progress). If awarded, reduces effective equity requirement to ~€30M.
| Tier | Slots | Avg Price | Revenue |
|---|---|---|---|
| Entry (1 wk, Studio) | 780 | €7,750 | €6.0M |
| Explorer (2 wks, Studio) | 585 | €15,250 | €8.9M |
| Surf Club (2 wks, 1BR) | 780 | €22,000 | €17.2M |
| Founders (4 wks, 1BR) | 780 | €41,500 | €32.4M |
| Grand Patron (8 wks, 2BR) | 585 | €106,000 | €62.0M |
| Grand Patron Founder | 390 | €111,000 | €43.3M |
| TOTAL GROSS | 3,900 | — | €169.8M |
SPV A operational P&L. Monthly membership recurring revenue included from Y1 (pre-committed members). Hotel: 96 rooms, ADR €165→€200. Operations begin Q2 2028.
| Revenue Line | Y1 (2028) | Y2 | Y3 ★ | Y5 |
|---|---|---|---|---|
| Surf Sessions (blended €57–59) | €11.42M | €12.03M | €12.03M | €12.64M |
| Hotel (96 rooms, ADR €165→€200) | €3.88M | €4.72M | €5.58M | €6.45M |
| F&B + Lounge | €2.10M | €2.45M | €2.78M | €3.15M |
| Coworking + Events | €0.85M | €1.05M | €1.25M | €1.55M |
| Sponsorship | €1.50M | €2.00M | €2.50M | €3.00M |
| Monthly Membership Recurring | €2.00M | €2.80M | €3.75M | €4.50M |
| Retail + Other | €0.45M | €0.55M | €0.65M | €0.80M |
| TOTAL REVENUE | €22.20M | €25.60M | €29.14M | €32.69M |
| Operating Costs | €11.26M | €12.50M | €13.68M | €15.44M |
| EBITDA | €10.94M | €13.10M | €15.46M | €17.25M |
| EBITDA Margin | 45% | 48% | 50% ★ | 50% |
★ Year 3 = stabilisation target (vs. traditional Year 5 model). Pre-committed members eliminate ramp-up risk.
| Tier | Off-Peak | Shoulder | Peak | Avg Session | Notes |
|---|---|---|---|---|---|
| Non-Member (Walk-in) | €65 | €75 | €90 | €75 | 3 weeks advance booking |
| Monthly Club Member | €50 | €55 | €65 | €55 | 1 month advance booking |
| Annual Member | €45 | €55 | €65 | €55 | 2 months advance booking |
| Founding Member | €45 | €55 | €60 | €55 | 3 months advance + first-wave priority |
| BLENDED AVERAGE | — | — | — | €57.40 | vs deck target €55 ✓ |
Mix: 12% non-member | 30% monthly | 35% annual | 23% founding. Blended €57.40 is conservatively above the €55 floor. Improves to €60–62 by Y5 as brand awareness drives non-member walk-ins.
| Y1 | Y2 | Y3 | Y5 | |
|---|---|---|---|---|
| Surfers/hour (max: 90) | 59 | 61 | 61 | 63 |
| Utilisation % | 58% | 62% | 64% | 66% |
| Operating hours/day | 10 | 10 | 10 | 10 |
| Operating days/year | 340 | 340 | 340 | 340 |
| Total Sessions/Year | 200,600 | 207,400 | 207,400 | 214,200 |
| Blended Avg Price | €57 | €58 | €58 | €59 |
| Surf Revenue | €11.42M | €12.03M | €12.03M | €12.64M |
75 branded aparthotel keys × 52 weeks = 3,900 week-slots. Sold as lifetime usage rights (not deeded ownership). Members earn 50% of all rental income generated on unused weeks.
| Tier | Unit | Weeks/yr | Member Price | Founder Price | Monthly Fee |
|---|---|---|---|---|---|
| Entry | Studio (35m²) | 1 | €8,500 | €7,000 | €75/mo |
| Explorer | Studio (35m²) | 2 | €16,500 | €14,000 | €75/mo |
| Surf Club | 1BR (55m²) | 2 | €24,000 | €20,000 | €85/mo |
| Founders | 1BR (55m²) | 4 | €45,000 | €38,000 | €90/mo |
| Grand Patron | 2BR (80m²) | 8 | €114,000 | €98,000 | €100/mo |
| Grand Patron Founder | 2BR (80m²) | 8 | €120,000 | €102,000 | €100/mo |
Owner receives 50% of all rental income generated on unused weeks. Managed in line with international hospitality standards — consistent with how Accor, IHG, Marriott and global operators structure resort rental programmes.
| Scenario | Weeks Rented | Avg Rate | Gross Rental | Owner 50% | Cash Yield |
|---|---|---|---|---|---|
| Conservative | 4 of 8 | €2,200/wk | €8,800 | €4,400 | 3.7% |
| Base Case | 6 of 8 | €2,500/wk | €15,000 | €7,500 | 6.25% |
| Optimistic | 7 of 8 | €3,000/wk | €21,000 | €10,500 | 8.75% |
Example: Grand Patron (8 weeks / 2BR / €120,000 investment). Member keeps 2 weeks holiday; Atlantica rents remaining 6 weeks.
| Total Return Model | Conservative | Base Case | Optimistic |
|---|---|---|---|
| Cash yield (50% rental split) | 3.7% | 6.25% | 8.75% |
| Property appreciation (Cascais CAGR) | 7.5% | 9.5% | 12.0% |
| TOTAL ANNUAL RETURN | 11.2% | 15.75% | 20.75% |
Cascais residential buy-to-let baseline: 12–15% total return. Atlantica base case (15.75%) outperforms by 2–4 percentage points with zero management burden.
At base case: €120,000 → capital worth ~€175,000 in 5 years (9.5% CAGR) + €37,500 cash rental income received. Total value created: €212,500 — a 77% return on investment, conservatively modelled.
| Scenario | Y3 EBITDA | Cap Rate | Enterprise Value | Less Net Debt | Equity Value |
|---|---|---|---|---|---|
| Conservative | €11.5M | 7.5% | €153M | €30M | €123M |
| Base Case | €13.7M | 7.0% | €196M | €20M | €176M |
| Optimistic | €15.4M | 6.5% | €237M | €10M | €227M |
| Metric | Conservative | Base Case | Optimistic |
|---|---|---|---|
| Total equity invested | €40M | €40M | €40M |
| Exit equity value | €123M | €176M | €227M |
| MOIC | 3.1× | 4.4× | 5.7× |
| Gross IRR (3yr exit) | ~45% | ~65% | ~80% |
| IRR (5yr hold, lower exit) | ~22% | ~30–35% | ~42%+ |
Net debt at Year 3 reduced from €55M to €20M via Aparthotel pre-sale proceeds retiring mezzanine and senior debt. Previous model showed 4.10× MOIC over 5 years at €168M exit — corrected model with membership recurring in EBITDA delivers superior returns at earlier exit.
Even under severe stress, Atlantica outperforms a savings account. Real asset ownership provides capital protection.
| Metric | Stress Case | Base Case | S&P 500 Benchmark |
|---|---|---|---|
| Y3 EBITDA assumption | €8.5M | €13.7M | N/A |
| Enterprise value (7.5% cap) | €113M | €196M | N/A |
| Net debt at exit | €40M | €20M | — |
| Equity value | €73M | €176M | — |
| MOIC (on €40M equity) | 1.8× | 4.4× | 1.37× (3yr avg) |
| Gross IRR (3yr) | ~8% | ~65% | ~10.5%/yr |
In the stress scenario, Atlantica still delivers ~8% gross IRR — real asset ownership provides capital protection. Pre-sold membership recurring revenue (€2–3M/year from Day 1) provides a hard earnings floor not present in conventional hospitality investments.
Members pre-pay before construction. By opening day (Q2 2028), 2,000–3,000 monthly fee-payers generate €2–3M/year in recurring revenue before a single commercial surf session is sold. Historical parallel: Beyond the Club (Brazil) sold out 100% pre-opening; Praia da Grama sold out at launch. Pre-commitment eliminates the typical 3-year demand ramp. Atlantica reaches stabilisation in Year 3 — not Year 5.
Atlantica's week-slot memberships (€7,000–€120,000) are benchmarked against all comparable global fractional products. All Atlantica tiers are at or below market — pricing is conservative and defensible.
| Resort | Location | Product | Price / Week-Slot | Annual Fee |
|---|---|---|---|---|
| Quinta do Lago | Algarve, PT | 1/13 villa fractional | €35,000–€120,000 | €5K–€12K |
| Vale do Lobo | Algarve, PT | Fractional villa week | €25,000–€85,000 | €3.5K–€8K |
| Vilamoura Residence | Algarve, PT | Aparthotel week-right | €15,000–€55,000 | €2.5K–€6K |
| Terre Blanche | Provence, FR | Golf villa fractional | €22,000–€65,000 | €4.5K–€9K |
| La Reserva Sotogrande | Spain | Club golf fractional | €18,000–€70,000 | €3K–€8.5K |
| Penha Longa (Ritz-Carlton) | Sintra, PT | Suite fractional | €20,000–€60,000 | €4K–€7.5K |
Golf benchmark: €15,000–€120,000/week. Wavepools are operationally constrained (limited sessions/hour) — fundamentally scarcer → justifies pricing premium over golf.
| Resort | Location | Product | Price / Week-Slot | Annual Fee |
|---|---|---|---|---|
| Four Seasons Verbier | Switzerland | Branded ski chalet fractional | €50,000–€180,000 | €8K–€20K |
| Cheval Blanc Courchevel | France | Ski chalet 1/13 share | €40,000–€150,000 | €7K–€18K |
| Zermatt Peak Residences | Switzerland | Ski apartment week-right | €20,000–€90,000 | €4K–€10K |
| Méribel Lodge Fractional | France | Catered chalet week | €15,000–€60,000 | €3K–€8K |
| Club Med Exclusive Collection | Alps | All-inclusive ski week | €5,000–€15,000 | N/A |
| Marriott MVC (Timber Lodge) | Colorado, US | Points-based ski week | $18,000–$70,000 | $1.8K–$3.5K/yr |
Ski benchmark: €15,000–€180,000/week at branded end. Ski season = 12–16 weeks. Atlantica operates 340 days/year — 4–5× more usable weeks per year, substantially improving per-week value.
| Brand | Model | Entry Cost | Annual Fee | Key Note |
|---|---|---|---|---|
| Exclusive Resorts | Luxury residence club | $250K–$500K | $35K–$50K/yr | No property rights at all |
| Inspirato | Subscription residence club | $600K lifetime | $2,500/month | Unlimited nights if available |
| Equity Estates | Equity-share luxury homes | $350K–$1.5M | $18K–$35K/yr | Tradeable equity share |
| Marriott Vacation Club | Points-based fractional | $20K–$120K | $1.5K–$3K/yr | 200+ resorts globally |
| Aman Residences | Ultra-premium branded | $1M–$8M+ | $50K+/yr | Aman brand cachet |
Pure access clubs (no property rights) charge $250K–$600K. Atlantica provides legal usage rights + rental income + property appreciation at €7K–€120K. Transformative value advantage.
| Venue | Location | Product | Price | Notes |
|---|---|---|---|---|
| Surfland Garopaba | Brazil | Fractional surf residence | €11K–€91K | First wavepool fractional globally |
| Beyond the Club | São Paulo, Brazil | Founding membership | €27K–€72K | +€145–360/month; 100% sold pre-opening |
| Praia da Grama | São Paulo, Brazil | Residential unit | €365K–€1.82M | Sold out pre-launch; €2,700–5,500/m² |
| Caranbua Wind House | Ceará, Brazil | 1–2 wks/year fractional | €14.5K–€32.7K | 60–70% rental share to owner |
| Al Reserva | Brazil | Gated surf community | €150K+ residential | €91–182/month club fee |
Brazil fractional range: €11,000–€91,000. Atlantica targets the same product in a European market with 2–3× higher purchasing power parity. Pricing is conservative by international comparison.
| Atlantica Tier | Price | Closest Benchmark | Benchmark Range | Position |
|---|---|---|---|---|
| Entry (1 wk, Studio) | €8,500 | Club Med Alps / Marriott MVC | €5,000–€18,000 | At market |
| Explorer (2 wks, Studio) | €16,500 | Vilamoura / Caranbua | €14,500–€55,000 | Below market |
| Surf Club (2 wks, 1BR) | €24,000 | Sotogrande / Terre Blanche | €18,000–€65,000 | Below market |
| Founders (4 wks, 1BR) | €45,000 | Quinta do Lago / Surfland | €35,000–€91,000 | At market |
| Grand Patron (8 wks, 2BR) | €114,000 | Four Seasons / Excl. Resorts | €50,000–€180,000 | Below market |
| Grand Patron Founder | €120,000 | Verbier / Courchevel | €80,000–€180,000 | Below market |
CONCLUSION: All Atlantica tiers are at or below comparable global benchmarks. Pricing is defensible, conservative, and leaves commercial headroom.
Market sizing defined across three levels — from global opportunity to Atlantica's achievable year-5 position.
Based on Colliers (TAN) market study segmentation methodology (supporting the Atlantica development mandate). Survey of 400–600 Greater Lisbon residents; user type × distance ring segmentation.
| Segment | Distance | Population | Penetration | Addressable |
|---|---|---|---|---|
| Domestic frequent surfer | <30 min | 3,000,000 | 4.5% | 135,000 |
| Domestic occasional surfer | <30 min | 3,000,000 | 8.0% | 240,000 |
| Non-surfer (wellness/leisure) | <30 min | 3,000,000 | 22% (try once) | 660,000 |
| Domestic frequent surfer | 30–60 min | 3,000,000 | 3.5% | 105,000 |
| Domestic occasional surfer | 30–60 min | 3,000,000 | 6.0% | 180,000 |
| International tourist (surfer) | Lisbon Airport | 35.1M pax/yr | 2.5% | 877,500 |
| TOTAL LOCAL TAM | — | — | — | ~2.2M/year |
Y1 target: 410,930 annual visits (deck assumption) = 18.7% of addressable domestic market. Achievable.
| Filter Step | Population | Logic |
|---|---|---|
| HNWIs in core markets | 16,500,000 | Credit Suisse + Knight Frank 2024–25 |
| Sporty / active lifestyle HNW | 6,600,000 | 40% participate in premium adventure sports |
| Ocean / surf culture affinity | 1,320,000 | 20% of sporty HNWIs (SIMA data) |
| Qualified membership prospects | 132,000 | 10% willing to consider fractional investment |
| Atlantica Target (500 founders) | 500 | 0.38% of qualified prospects |
Atlantica requires 0.38% conversion of qualified prospects — 1 in every 264 people who are already wealthy, active, and surf-culture aligned.
As % of all surf-lifestyle HNWIs: 0.038%. As % of all HNWIs in core markets: 0.003%.
The opportunity lies in execution — demand already exists at scale. Colliers (TAN) market data confirms addressable demand well in excess of Atlantica's targets.
| Market | HNWI Count | Entry Point | Surf Affinity | Priority |
|---|---|---|---|---|
| Portugal + Spain | 450,000 | Local pride, Cascais proximity | Very high | Tier 1 — 90 days |
| United Kingdom | 2,500,000 | Portugal NHR legacy, surf tradition | High | Tier 1 — 120 days |
| Germany + Benelux | 1,900,000 | High savings, vacation property culture | Medium-high | Tier 2 — 180 days |
| Brazil | 220,000 | Cultural affinity, proven model | Very high | Tier 1 — 90 days |
| USA + Canada | 8,100,000 | CA/HI/FL surf culture; largest pool | Medium | Tier 3 — Year 2 |
Atlantica is not a speculative destination — it enters an existing high-volume demand ecosystem. The following benchmark attractions, all within 30–90 minutes of Cascais, demonstrate that Portugal's leisure market already generates the volume Atlantica requires.
| Attraction | Location | Annual Visitors | Relevance to Atlantica |
|---|---|---|---|
| Oceanário de Lisboa | Lisbon | 1,200,000+ | Premium leisure, families, international tourists — exact Atlantica profile |
| Jerónimos Monastery / Belém | Lisbon | 1,000,000+ | Validates international cultural tourism demand at scale |
| Sintra Palaces & Tourism Cluster | Sintra (15 min) | 2,000,000+ | Adjacent catchment; Cascais–Sintra corridor already established as premium destination |
| NOS Alive Festival | Lisbon | 170,000 (3 days) | Demonstrates willingness to pay premium prices for lifestyle experiences in Lisbon market |
| MEO Super Tubos (WSL CT) | Peniche (1hr) | 50,000+ event visits | Surf culture demand is established and growing in Portugal market |
| Capítulo Perfeito (Carcavelos) | Carcavelos (10 min) | ~80,000/season | Nearest surf competition — proves local surf enthusiasm in Atlantica's immediate catchment |
| Praia de Carcavelos | Carcavelos (10 min) | 1,500,000+/year | Highest-traffic beach in Lisbon metro — Atlantica's primary walk-in source |
| Praia do Guincho | Cascais (8 min) | 800,000+/year | Premium surf/kite beach adjacent to Atlantica's location — captive surf-curious audience |
Conclusion: Atlantica's Y1 target of 200,000 visits represents capturing less than 7% of the visitors flowing through Carcavelos beach alone. The demand ecosystem is not theoretical — it is already operational and within Atlantica's immediate geography.
Colliers (TAN) market study — supporting the Atlantica development mandate. Two-phase approach:
The Colliers (TAN) mandate itself signals institutional seriousness — this is not a startup pitching from a spreadsheet.
Key risks identified and mitigated. Atlantica's pre-sale structure, experienced partner network, and conservative modelling substantially de-risk the investment vs a conventional hospitality project.
Alves Ribeiro
Wavegarden (ES)
Amazing Evolution
Colliers (TAN)
Colliers International
Baker Tilly
PLMJ / CCA Law Firm
Dentsu
Thinking Adrenaline / Damon Tudor / Craig Stoddart
Atlantica represents a rare convergence of genuine scarcity, pre-sold demand, a self-financing structure, conservative pricing, and institutional-grade partners — in Europe's fastest-growing coastal property market.
€40M equity investment → €176M equity value in 3 years (base case, 4.4× MOIC, ~65% gross IRR). Even the stress scenario (60% occupancy, -15% ADR, 6-month delay) delivers ~8% gross IRR — real asset capital protection. Monthly membership recurring revenue in EBITDA. Pre-committed demand eliminates ramp-up risk.
Request Full IM & Subscription Documents →Waveport Capital SA | Luxembourg | TAN Investments | Cascais, Portugal | March 2026
This document contains forward-looking projections based on market data and operational assumptions as of March 2026. Projections are indicative and not guaranteed. All investment carries risk of capital loss. Past performance of comparable assets is not a guarantee of future results. This document is not a public offer of securities. Distribution is restricted to qualified investors and authorised professionals. Seek independent financial, legal, and tax advice before committing capital. Waveport Capital SA / TAN Investments.
