**Participation in this project is limited to €5,000 per investor**

Gemini Project | Madrid

• Debt project in the municipality of Barajas, Madrid

• Loan structured in 2 tranches

• Tranche A Amount: €2,110,000 // Term: 18 months

• 10.0% annual | 15.0% total return

• Minimum interests equivalent to 6 months

• First rank mortgage on the underlying asset of the project and pledge of the VAT account with cash sweep

We present a new project that consists of the granting of a bridge loan to finance part of the purchase price of two adjoining plots located in the municipality of Barajas, Madrid. The loan also finances the total VAT derived from the purchase and part of the technical fees expected to be incurred during the project in the preparation of the Basic Project and license application. The promoter/manager will pay the remaining amount of the purchase and costs derived from the acquisition of the asset with Own Funds. The expected repayment event of the loan will occur once the bank grants the developer loan once (i) the building license has been obtained and (ii) the pre-sales threshold required by the bank has been reached. 

The acquisition of the Gemini Project plots is structured in 2 payments each for 50% of the purchase price. A first payment in September and a second deferred payment until March 2026. Tranche A will finance part of the first payment for the purchase of the plots, as well as 100% of the VAT derived from the purchase, and Tranche B will fully finance the deferred payment for the purchase of the plots in March 2026 as well as part of the estimated technical fees.

The Manager has already started conversations with the bank for the granting of the developer loan and it will occur once the following milestones are achieved: (i) obtaining the building license and (ii) compliance with the pre-sales level required by the bank. 

The project has the particularity that the Madrid Metro line 8 passes under the plot. Thus, the project has been prepared with the advice of an engineering firm and an architecture studio and has already been agreed with the city council and Metro, complying with the necessary measures to safeguard this particularity to date. Regarding this issue, there are several mitigants: (i) the level of Metro line 8 is 12 meters deep with respect to the project's below-grade and will be 6 meters below the -2 floor of the building, (ii) the type of soil is favorable and (iii) Metro line 8 is among the most modern in the network and was also built under Barajas so its development contemplated the existence of housing and real estate projects on the surface of the land. Also, a bond insurance is in place.

Once the asset is acquired, the Building License will be requested via ECU (urban collaborating entity). The building license is expected to be obtained in 10 - 12 months.

The project contemplates the development of a residential promotion of 44 homes, 44 parking spaces and 44 storage rooms distributed on the ground floor + 3 floors above ground and 2 floors below ground. With a total buildability of 3,415m², the project contemplates the development of 1, 2 and 3 bedroom homes. The sale price € / m² has been contrasted with a market study carried out by a reputable independent advisor and the estimated sale price has been set based on its conclusions. The asset is less than 300m from the metro, giving it privileged access to both the center of Madrid and the airport.

Barajas is a district located in the northeast of Madrid with a population close to 50,000 inhabitants. Its historical development as a residential nucleus has been complemented in recent decades by the presence of the Adolfo Suárez Madrid-Barajas Airport, which constitutes an economic engine and international connectivity for the city. The district is about 12 kilometers from the center of Madrid, accessible in approximately 20 minutes by car and less than 30 minutes by public transport.

The area combines consolidated neighborhoods with extensive public service facilities, green areas and a good transport network, both urban and metropolitan. Its immediate proximity to the airport (less than 10 minutes by car) and to large road infrastructures reinforces its role as a strategic area within the urban and economic structure of Madrid.