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. Its business model integrates multiple activities within the sector to offer a comprehensive approach to its projects.

The group stands out for integrating innovation, advice and efficiency, focusing on personalized service and adapted to the needs of its 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 reforms of residential buildings, changes of use and land development in the region of Galicia, 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 of great added value. The Auria Project is the second project to be financed on the Platform after the successful financing of the Pizarro - Vigo Project.

The project consists of the partial financing of the purchase and comprehensive reform of two assets located in Ourense and Cangas with a change of use license in force for the development of 8 and 3 homes respectively. 

The asset in Cangas was acquired in July 2024 and on the asset in Ourense the promoter has signed a Purchase Option and the formalization of the Purchase and Sale Deed is scheduled for January. 

As of today, the manager has invested own funds (Equity) in the project amounting to € 423,000, destined for the purchase of both assets and the start of the reform of the Cangas asset.

Both projects have a License for change of use from tertiary to residential and rehabilitation for the development of 8 homes in the case of Ourense and 3 homes in Cangas.

It is estimated that the reform works of the Ourense asset will begin at the end of January once the sale is completed, and that they have an execution period of 12 months. In the case of the Cangas asset, the works began in June 2025 and are 50% complete. It is estimated that the works will be completed in the next 6 months.  

Urbanitae investors will enter the project through the granting of a mortgage loan committed in a single tranche, to partially finance the purchase of the asset and the reform costs of both projects.

The loan amount will be up to € 1,010,000, with a fixed annual rate of 10.55%, a term of 18 months, and the possibility of a 6-month extension at maturity. Likewise, a minimum return of interest equivalent to 12 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. The project has aroused considerable interest and in the case of Cangas, it has a pre-sale level of 67% (2/3 units). The marketing of the Ourense project will begin in January 2026, once the manager acquires the asset. 

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a fixed rate loan to the company PLAYA DE COVELO, S.L.

The total gross loan amount will amount to up to € 1,010,000, to be financed in its entirety by Urbanitae investors. The total loan will be structured in a single tranche, whose main characteristics are as follows (you can consult more information in the document "Fundamental Data of the Investment"):

• Simple annual fixed interest rate of 10.5%.

• Total profitability of 15.75%. 

• Loan term: 18 months with possible extension of 6 months in month 18.

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

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

Total early repayment will be allowed at any time, subject to a minimum return of interest equivalent to 12 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 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.

• Sweep of future income generated by the sales of both projects. 

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 Ourense and Cangas (Pontevedra), 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 reform and change of residential use.

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

• Change of use and works license granted for both projects.

• Strong expected commercial traction: The high demand for renovated homes in the center of Ourense, together with the scarce supply, supports strong absorption and high potential for presales for the set of 8 units. In addition to the commercial reception of the Cangas project, with 2/3 units already sold. 

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

• Annual return of 10.5%, with a minimum return equivalent to 12 months of interest.

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 18 months with a possible extension of 6 months in month 18.

• January 2026, loan grant by Urbanitae investors and formalization of the purchase of the Ourense asset.

• First quarter 2026, start of reform works and marketing of the Ourense project, as well as the continuation of the Cangas project works.

• Second quarter 2026, completion of the reform works and delivery of the homes of the Cangas project.

• Second quarter 2027, completion of the reform works and delivery of the homes of the Ourense project 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, 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 renovation works. To mitigate this risk, a standard loan term of 18 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 Galicia, which helps to reduce uncertainty in execution.

• Risk of deviations in construction costs arising from unforeseen contingencies. In the event that contingencies not contemplated in the business plan occur, these will be committed by the manager. 

• Possibility of change of agreed conditions. This risk includes potential substantial changes that take place 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 can in no case be considered as investment advice 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 the Internal Code of Conduct of Urbanitae, these investors are obliged to internally communicate these operations.

Once the investment in the project is closed, Urbanitae will provide information in the project 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.