The manager of this project is LEDICIA REAL ESTATE, a Galician real estate group founded in 2022 by professionals with over 20 years of experience in the real estate and financial sector. The group covers real estate management, investment, operation of tourist apartments, marketing and real estate promotion. Their business model integrates multiple activities within the sector to offer a comprehensive approach to their projects.

The group stands out for integrating innovation, advice and efficiency, focusing on personalized service and adapted to the needs of their clients and properties. With more than 15 projects and a highly qualified team, LEDICIA REAL ESTATE consolidates itself as a reference real estate group in Galicia.

In recent years, LEDICIA REAL ESTATE has mainly specialized in comprehensive renovations of residential buildings, changes of use and land development in the Galicia region, mainly in the city of Vigo. 

With deep technical knowledge and backed by a specialized team, the manager successfully identifies and develops interesting real estate opportunities with high added value. The Pizarro Project is the first project to be financed through the platform.

The project consists of the comprehensive reform of an existing building for the promotion of 25 homes and 5 parking spaces on the ground floor that will be allocated to the homes on the upper floors. The reform project actions include the renovation of the facade, common areas, elevator, interior reform of the homes and implementation of garage use on the ground floor.  

The project manager has a signed Purchase Option, and the formalization of the Purchase and Sale Deed is scheduled for the end of December. As of today, the Equity invested in the project amounts to €395,000, destined for the payment of the deposit and various planning costs.

The manager, along with three other investor partners, will contribute €750,000 at the time of acquisition and up to €1.17 million additional to cover construction costs and contingencies during the execution of the works. Together, the total Equity committed to the project reaches approximately €2.3 million.

The already incorporated investor partners will participate as limited partners, and will have preference for the acquisition of up to three homes from the development.

Currently, the building is empty and free of tenants, forming a single registered property. Also, the process of horizontal division has been initiated, which will allow the creation of 25 independent homes, thus facilitating their marketing and optimizing the return on investment.

It is estimated that the reform works will begin at the end of January once the technical project is presented by prior communication to the Vigo City Council, and that they have a execution period between 15-18 months.  

Urbanitae investors will enter the project through the granting of a mortgage loan committed in 3 tranches, to partially finance the purchase of the asset and the project's reform costs. 

The amount of the Tranche A loan will be up to €2,290,000, intended to finance part of the asset acquisition and the reform costs corresponding to the first quarter of the project. This first tranche will have a fixed annual rate of 10.75%, a term of 24 months, and the possibility of a 6-month extension at maturity. Also, a minimum return of interest equivalent to 15 months is established. 

The exit of Urbanitae investors is expected to occur through the income generated by the sale of the homes.

The marketing of the homes will be managed by the group's real estate agency and will begin once the sale is formalized. The project has aroused considerable interest and already has several reservation promises. The manager, in addition, has just finished the reform of a similar building on the same street, which received excellent commercial reception.

STRUCTURE

This operation is going to be structured via debt, where Urbanitae Investors will grant a fixed rate loan to the company PIZARRO 50, S.L.

The total amount of the gross loan will amount to an amount of up to €4,055,000, to be financed in its entirety by Urbanitae investors. The total loan will be structured in three tranches, whose main characteristics are the following (you can consult more information in the document "Fundamental Data of the Investment"):

• Total loan amount: up to a maximum of €4,055,000, committed in three tranches:

I. A first tranche or Tranche A, for an amount of up to €2,290,000, raised by Urbanitae investors. 

II. A second tranche or Tranche B, for an amount of up to €1,085,000, raised by Urbanitae investors. 

III. A third tranche or Tranche C, for an amount of up to €680,000, raised by Urbanitae investors.

• Fixed annual simple interest rate of 10.75% for Tranche A.

• Loan term: 24 months + 6 months extension for Tranche A.

• Interest and principal of the loan will be paid at maturity (interest will begin to accrue from the moment of formalization of the loan contract).

• The part of the loan intended to finance construction works will be disposed of by the developer through monthly work certifications, subject to the favorable report issued by the Project Monitor.

Early total amortization will be allowed at any time, subject to a minimum return of interest for Tranche A equivalent to 15 months of interest. 

Regarding the loan guarantees, the following is established in the financing contract: 

• First rank mortgage real guarantee on the properties subject to the financing, with Mortgage Liability of 140%. 

• Private contract of first rank pledge on the shares of the Borrower SPV.

• Private contract of first rank pledge on the bank accounts of the Borrower SPV.

As in all debt projects, the figure of the Project Monitor is incorporated in this project, who will review the work certifications, progress in construction, possible deviations in time / cost and who will in turn approve the monthly loan disbursements.

WHY INVEST?

There are several reasons to invest in this project:

• Prime Location in the center of the city of Vigo, with strong residential demand and limited new supply. The acquisition price offers a very attractive entry point compared to local references, which favors value creation through rehabilitation.

• Local promoter of recognized prestige, with extensive experience in comprehensive reforms of pre-existing buildings and changes of use in the region of Galicia and especially in the city of Vigo. In addition, it has its own real estate agency, which provides it with a deep knowledge of the local market. 

• Strong expected commercial traction: The high demand for renovated homes in the center of Vigo, together with the scarce supply, supports strong absorption and high potential for presales for the set of 25 units. 

• First rank mortgage guarantee on the underlying asset of the financing

• Annual return of 10.75%, with a minimum return equivalent to 15 months of interest (13.43%).

MARKET

A market study has been carried out to determine if the sale prices proposed by the manager are reasonable. In turn, a commercial Due Diligence has been carried out by an external agent who has issued a favorable report corroborating the proposed prices. 

There is information available on the market within the "Sales Witnesses" documentation, where you will find a list of homes for sale in the area.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 24 months with a possible extension of 6 months in month 24.

• December 2025, loan grant by Urbanitae investors and formalization of the sale

• First quarter 2026, start of renovation works and marketing of the homes

• Third quarter 2027, completion of renovation works

• Fourth quarter 2027, delivery of the homes and repayment of the loan to Urbanitae.

RISKS

All investments carry a risk. Below are the main risks identified for this project:

• Commercial risk derived from a possible delay in the sale of the asset, which could cause delays in the repayment of the debt. This risk is mitigated by the participation of the Ledicia group's real estate agency, which has a great knowledge of the local market that has just completed a similar project in the area, as well as the support of the favorable report issued during the commercial due diligence, which validates the sale price established in the Business Plan.

• Risk of deviations in project deadlines due to possible unforeseen events during the processing of necessary authorizations and permits for the planned actions to be carried out in the reform. To mitigate this risk, a standard loan term of 24 months has been established, which allows for potential delays to be absorbed. In addition, the manager has extensive experience in the development of similar real estate projects in Vigo, which helps to reduce uncertainty in execution.

• Risk of deviations in construction costs derived from unforeseen contingencies. This risk has been considered in the Business Plan by including a specific contingency item, configured as a third tranche of the loan, intended to absorb any cost overruns without compromising the financial viability of the project.

• Possibility of change in the agreed conditions. This risk includes potential substantial changes that may occur from the start of the financing campaign until the formalization of the loan contract, in which case the project would be cancelled and the investment returned.

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Warnings and Risks

Urbanitae Real Estate Platform S.L. (Urbanitae) does not hold the status of an investment services company, nor a credit institution and is not attached to any investment guarantee fund or deposit guarantee fund. The information published by Urbanitae Real Estate Platform on its Website is for informational purposes only and in no case can it be considered as an investment recommendation to potential investors.

The crowdfunding projects published by Urbanitae on its Website are not subject to authorization or supervision by the National Securities Market Commission or the Bank of Spain, therefore, all the information provided by the manager in relation to the projects has not been reviewed by them.

Urbanitae expressly informs that, in case of non-compliance with the total volume of investment of the project, the period for raising funds may be exceeded by up to 25%, maintaining the same investment conditions. Likewise, the project may be financed by Urbanitae when at least 90 percent of the financing objective has been reached, once the participation in the project that the platform itself may have is discounted. 

Investing in the projects published on this Website may entail certain risks, such as, the risk of total or partial loss of the invested capital, of not obtaining the expected monetary return or of lack of liquidity. Therefore, we warn investors to only invest an amount they are willing to lose and we suggest they diversify their investments to minimize and mitigate potential risks. In the event that the manager is unable to return or remunerate the funds received, Urbanitae will not return the investors their investment made.

This project will be open to any investor registered in Urbanitae, and any of the following registered persons may invest in it:

• Urbanitae partners who own at least 20% of the share capital or voting rights;

• Managers or employees of Urbanitae;

• Individuals or legal entities linked to these partners, managers or employees by control.

In this regard, Urbanitae guarantees that the investments of any of these people will be made through the platform, on the same terms and conditions as any other investor, without receiving any preferential treatment, or privileged access to information compared to the rest of the investors registered in Urbanitae. In accordance with Urbanitae's Internal Code of Conduct, these investors are obliged to internally communicate these operations.

Once the investment in the project is closed, Urbanitae will provide information in the project's investment area about the amount invested by these investors, the type of investor who has made the investment and the percentage it represents with respect to the total financed, always complying with the data protection policy.