The opportunity is managed by CARALCA, a leading real estate development company in Andalusia. Founded in 2018, the firm combines the dynamism of a young company with the solvency of a management team that has accumulated more than 50 years of experience in the sector. Its area of operation is strategically concentrated in the west of Andalusia, consolidating its presence in key places such as Seville, Cadiz, Huelva, and Malaga.

Currently, CARALCA manages a business volume that exceeds 475 million euros, with a constantly growing portfolio that includes more than 1,800 homes distributed in more than fifteen active promotions. Its business model stands out for its solid diversification, successfully operating in the residential, hotel, and student residence segments. This execution capacity is based on the extensive experience of its founding partners, who have a history of more than 36,000 promoted homes throughout their careers.

The Jardines del Ayra project, located in the expansion area of Alcalá de Guadaíra (Seville), marks a milestone in the collaboration between the developer and the platform, becoming the third operation jointly financed. This alliance is built on the success of its predecessors: the Alcaidesa Homes project in Campo de Gibraltar (Cadiz) and the Edificio Dante, a promotion of 260 homes in the coveted Entrenúcleos area (Dos Hermanas), both rigorously complying with their business plans and consolidating trust between both entities.

Currently, the urban strategy focuses on asset optimization through a Detail Study, managed by CARALCA in direct collaboration with the Alcalá de Guadaira City Council, to transform the use of the free housing plot to protected housing. This modification not only responds to high market demand but allows increasing utilization by 20%, increasing the value of the project. The final approval of the Detail Study, expected in the coming weeks, has been established as a Precedent Condition for the entry of investors. Once this milestone is overcome, the Building License will be requested (estimated in 4-6 months), planning the start of construction for the fourth quarter of 2026, in line with the necessary commercial pace.

Although the work has not yet been tendered, the manager brings solid experience in this type of assets. As a reference for success and mitigation of execution risk, the precedent of the Edificio Dante stands out, whose construction was awarded to Grupo San José and is currently progressing without deviations in costs or deadlines.

On the financial level, preliminary conversations have already begun with several top-tier banking entities. Given the type of product (protected housing) and CARALCA's credit history, high feasibility is expected in obtaining the developer loan. Finally, the marketing will be launched next year, a strategy designed to accumulate the level of pre-sales required by the banking entity before the start of construction at the end of 2026.

STRUCTURE

The project has a capital gains strategy, which consists of the alliance with the developer for the development of a promotion in Alcalá de Guadaira, Seville. The contributions from Urbanitae investors will be delivered to the developer via capital increase to the vehicle company that will gather all the contributions from Urbanitae investors in the project: RIVENDEL PROPERTIES 8, S.L. This company will later increase capital in the project's promoter company, LEALAS PROYECTO ALCALA, S.L.

A key point of security for the operation is that the promoter company already owns the land. Also, the project has significant advances in its technical and economic feasibility.

The management model guarantees total alignment of interests: CARALCA will not only act as the integral manager of the promotion, but will also participate as an investor in the project, committing its own capital alongside that of Urbanitae investors and subordinating part of its management fees to a minimum return for Urbanitae investors.

WHY INVEST?

There are several reasons to invest in this project:

• Potential for urban revaluation: The project includes an active management strategy (Detail Study) to change the use to Protected Housing, which allows to increase the buildability by 20% compared to the current situation. The approval of this milestone is an indispensable condition for the entry of investors.

• Top-level manager: The project is led by CARALCA, a reference company in Andalusia with more than 1,800 homes under development and a managed business volume exceeding 475 million euros.

• Consolidated alliance: This is the third project financed by Urbanitae together with CARALCA, after the successful fundraising in Alcaidesa Homes (Cádiz) and Edificio Dante (Seville), reinforcing confidence in the management team.

• Financial and constructive viability: Although it is in the structuring phase, the manager has the backing of entities such as Banco Santander (financer of the homologous project Dante) and proven experience with "Top Tier" construction companies (like Grupo San José), which mitigates execution risks.

• Defensive product: The commitment to Officially Protected Housing (VPO) in an expansion area like Alcalá de Guadaíra guarantees a high depth of demand, significantly reducing the commercial risk once sales are launched.

• Alignment of interests: The project manager not only acts as a promoter, but invests his own capital in the operation, aligning his profitability objectives with those of Urbanitae investors.

ECONOMIC SCENARIOS

According to the CNMV's criteria, in addition to the base (favorable) scenario proposed by the manager and which we contrast from Urbanitae, in Equity projects 2 additional scenarios must be published that show potential variations in the business plan.

1. FAVORABLE

The base, or favorable, scenario contemplates the income and expense estimates proposed by the manager, verified by Urbanitae, and contrasted by the valuation report of Sociedad de Tasación. In this project, the total income forecast amounts to 37,094,788 €, while the estimate of the total costs for the execution of the promotion corresponds to 33,405,818 €.

2. MODERATE

The moderate scenario contemplates an upward deviation of the construction costs estimated by the manager. In this project, an increase in construction costs equivalent to 10% has been considered, which raises the amount of total costs to 34,723,796 €, reduced compared to the favorable scenario as it reduces the payment of Corporate Tax and success management fees for not having achieved the profitability objective.

3. UNFAVORABLE

The unfavorable scenario contemplates an increase in construction costs and a decrease in sales prices wide enough to obtain a negative result, with partial loss of the contributed capital. In this project, an increase in construction costs corresponding to 10% and a reduction in sales prices equivalent to 10% has been considered, which would result in a total income figure of 33,385,309 € and total costs of 33,729,444 €, reduced compared to the favorable and moderate scenarios as it avoids the payment of Corporate Tax and incurs losses and success management fees for not having achieved the profitability objective.

According to the supervisor's criteria, crowdfunding platforms should not communicate the estimated profitability in an equity project. The total profitability of a project is the INCOME FORECAST minus the COST ESTIMATE, divided by the TOTAL EQUITY. As an example, in the FAVORABLE scenario, the calculation would be INCOME FORECAST (37,094,788 €) minus EXPENSE FORECAST (33,405,818 €) divided by the total equity (6,000,000 €). The result of this quotient multiplied by 100 will be the percentage of profitability on the contributed capital of this scenario.

Forecasts are mere estimates, and are subject to variations that may arise from economic, social or other situations throughout the duration of the project.

MARKET

A market study has been conducted to determine whether the selling prices proposed by the manager are reasonable.

There is information available about the market in the "Sales Witnesses" documentation, where you will find a list of homes for sale in the area, and in the "Appraisal Society Report", where you will find a study conducted by the Appraisal Society, a company registered in the Registry of Entities specialized in appraisal of the Bank of Spain with the number 4301.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated duration of this project is 34-38 months.

• First quarter 2026 – capital increase and start of marketing and license application.

• Third quarter 2026 - fourth quarter 2026 – start of construction.

• Fourth quarter 2028 - first quarter 2029 – end of construction, delivery of homes, liquidation of the company and distribution of profits to investors.

It is important to bear in mind that in all real estate development, the deadlines can vary both upwards and downwards.

RISKS

All investments carry a risk. Below, we detail the most relevant risks that we have specifically identified for this project:

• Risk of administrative and urban planning deadlines: Possibility of delays in obtaining the Major Works License and/or in the final processing of the Detail Study. Any delay in municipal bureaucracy could delay the start of construction and, therefore, the total duration of the investment and the achievement of the expected return (IRR).

• Risk of cost increase and margin tightening (VPO): Possibility of deviation in construction costs or price increases of raw materials due to inflation until the start of works (2026). Since the project is for Protected Housing and the sale price is capped by the administration, a cost increase could not be passed on to the final price of the house, which would directly impact the project's profit.

• Risk of obtaining financing: Although there are advanced conversations, the developer loan is not signed at the time of investment. There is a risk that the final financial conditions may be less favorable than estimated or that there may be delays in formalizing the credit policy.

• Commercial risk: Despite the high demand for protected housing, there is a possibility that the sales pace (absorption) may be slower than expected or that it may be necessary to incur higher marketing costs to attract qualified customers.

• Possibility of changing the agreed conditions: This risk includes potential substantial changes that may occur from the start of the financing campaign until the formalization of the capital increase, in which case the project would be canceled and the capital contributed by the investors would be returned.

---------------------------------------

Warnings and Risks

Urbanitae Real Estate Platform (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 recommendations to 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 project investment, the deadline for fundraising 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 sense, Urbanitae guarantees that the investments of any of these people will be made through the platform, under 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.