**NEXT OPENING ON MONDAY, NOVEMBER 17 AT 16:00 (UTC+2)**

**Click HERE to watch again the Webinar "Urbanitae up close - Navia Project", which took place on Monday, November 17 at 12:00 (GMT+2) together with Felipe Martínez, General Director of Habitares Iberoamérica**

Navia Project | Vigo

• Debt project in Vigo, Pontevedra

• Single Tranche Amount: €5,000,000 // Term: 15 months

• 10.5% Simple annual interest | 13.13% Total return 

• Minimum interests equivalent to 6 months

• Loan guarantees

1.      First rank mortgage on the underlying asset of the project.

2.      First rank mortgage on the plot adjacent to the underlying asset

3.     First rank pledge on the shares and bank accounts of the borrower. 

4.      First rank pledge on the income from the Sale Contract.

5. First rank pledge on the project contracts of the Park, both the execution contracts and the operation contracts signed with the commercial operators

We present a new project that consists of the granting of a loan for the refinancing of a mortgage loan on a plot located in Vigo on which a commercial park will be developed in the city of Vigo. The loan will be used to (i) fully refinance the current loan on the plot, initially granted to finance part of the acquisition costs of the plot and part of the general costs for the development of the commercial park, and (ii) distribute a dividend to the developer. 

The Borrower has signed a private sale contract for the plot on which the medium-sized commercial park "Navia" will be developed. The buying party will acquire the Park once the repackaging is registered, the urbanization project is approved, the permits and licenses to build the asset are obtained, and at least 6 lease contracts are signed.

The plot has an area of 14,104 m² and a gross leasable area (GLA) of 10,484 m². At the urban level, the project is in the following processes: - Urbanization Project: all favorable reports have been obtained and minor modifications are pending. It is expected to be submitted for initial approval before November 20 and its final approval for Q1 2026.

- Building license: it is agreed with the municipality and its presentation is pending the payment of fees.

- Commercial License: the favorable environmental report has been received and the sectoral reports are expected to be received in the next month. The procedures are progressing favorably and its obtaining is expected in Q1 2026. 

The commercial park has 11 medium-sized stores, 1 electric vehicle charging station and photovoltaic panels as well as 470 parking spaces. The borrower will have 3 lease contracts formalized at the date of signing the loan contract and there are advanced negotiations with 4 additional operators. The formalized operators and those in negotiation today are top-tier brands from various sectors including supermarkets, pets, furniture, home among others. The estimated annual net rent generated by the park amounts to ~€1,700,000.

The asset is located in the second belt of the city of Vigo, next to the urban highway (VG-20) that surrounds the city to the south, through the First belt of the Comesaña region. This project will provide the city with a modern and sustainable commercial park, with a very diverse commercial offer, aligned with current retail trends.

Vigo is a city of almost 300,000 inhabitants located in the province of Pontevedra, Galicia. As of 2025, numerous reports place the region of Vigo as the leader of the Galician economy with a strong post-pandemic recovery. It has a functional urban area of around 540,000 people. Its geographical location is strategic due to its proximity to the port of Vigo, one of the economic engines of the city, which is in the process of qualification by the EU to become a nodal or main port of the European Union.