Currently, the acquisition of the asset is linked to the final approval of the Detailed Study, scheduled for the end of February 2026. On the other hand, the urbanization project is already finished, and its immediate approval is estimated while the basic project is finished in order to process the building license for June 2026. For the execution, the guarantee of Grupo Tecniobras is counted on, which with its trajectory of more than 20 years in the north zone, mitigates the construction risks and ensures the fulfillment of the costs.

In the financial and commercial plane, the developer financing already has the confirmed interest of Caja Rural de Asturias for the granting of the mortgage loan, covering approximately 19 million euros. For its part, marketing will begin in the first month and will be supported by a consolidated network of agents and the successful sales experience of the developer in the same area with the Santa Bárbara promotion.

STRUCTURE

The project has a financial structure of Equity, which consists of the alliance with the developer for the development of a residential promotion of 132 homes in Contrueces, Gijón. The contributions of Urbanitae investors will be delivered to the project vehicle company, called EMERITA OPPORTUNITIES 4,S.L. The management model guarantees a total alignment of interests since the developer will invest 495,000 € (15% of the total) together with the 2,475,000 € (75%) contributed by Urbanitae investors. The structure is completed with an injection of 330,000 € (10%) by additional partners, reaching a total of 3,300,000 € of contributed capital.

An agreement has been made with the developer in which the cash flows will be distributed, in the first place, 100% to the Partners until the total reimbursement of their capital and the obtaining of an IRR of 13.5%. Once this threshold is reached, 100% of the flows will be attributed to the Developer as Catch-up until proportionally matching the capital and the 13.5% return received by the Partners. The surplus flows will be distributed 50% between Partners and Developer until the former consolidate a net IRR of 16.75%. From this milestone, any remainder will be distributed in a proportion of 15% for the Partners and 85% for the Developer.

WHY INVEST?

There are several reasons to invest in this project:

• Experienced developer: Grupo Tecniobras is a reference in the north zone with more than 20 years of experience, more than 50 projects to its credit and has a successful track record in previous collaborations with Urbanitae.

• Advanced processing: The Detailed Study will be approved with the entry of investors, the Urbanization Project is written and will be presented immediately for the approval of the detailed study and the basic project is planned for March, in order to process the building license.

• Confirmed bank support: The project already has the validated interest of Caja Rural de Asturias for the granting of the developer mortgage loan.

• Competitive product: The project offers attractive prices that make it an excellent option for its quality-price relationship in the environment, including a good typological mix with a strong weight in 2-bedroom homes that fits with the current demand.

ECONOMIC SCENARIOS

According to the CNMV criterion, in addition to the base (favorable) scenario proposed by the manager and contrasted by Urbanitae, in Equity projects two 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 market study.

In this project the total revenue forecast amounts to 31,334,780 €, while the estimate of the total costs for the execution of the promotion corresponds to 28,806,241 €.

2. MODERATE

The moderate scenario contemplates an upward deviation of the construction costs estimated by the manager.

In this project, a 15% increase in construction costs has been considered, which raises the amount of total costs to €29,866,488, reduced compared to the favorable scenario as the payment of Corporate Tax and success management fees are reduced for not having achieved the profitability objective.

3. UNFAVORABLE

The unfavorable scenario contemplates an increase in construction costs and a drop in sales prices wide enough to obtain a negative result, with partial loss of the contributed capital.

In this project, a 15% increase in construction costs and a 7% reduction in sales prices have been considered, which would result in a total revenue figure of €29,141,346 and total costs of €29,377,058, reduced compared to the favorable and moderate scenarios as the payment of Corporate Tax and the manager's success fee are avoided 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 REVENUE FORECAST minus the COST ESTIMATE, divided by the TOTAL EQUITY.

As an example, in the FAVORABLE scenario, the calculation would be REVENUE FORECAST (€31,334,780) minus EXPENSE FORECAST (€28,806,241) divided by the total equity (€3,300,000).

The result of this quotient multiplied by 100 will represent the profitability percentage on the contributed capital of this scenario.

The forecasts are mere estimates, and are subject to variations that could arise from the economic, social or other situation throughout the duration of the project.

MARKET

There is information available about the market within the "Sales Witnesses" documentation, where you will find a list of houses for sale in the area, and in the "Basic Real Estate Report", where you will find a study conducted by Basic Real Estate.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 40-44 months.

• First quarter 2026 – Approval of the Detail Study, acquisition and entry of Urbanitae investors and start of marketing.

• First quarter 2027 – start of construction.

• First quarter 2029 – end of construction.

• Second quarter 2029 – delivery of houses, liquidation of the company and distribution of profits to investors.

It is important to bear in mind that in any real estate promotion, 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:

• Promoter risk: Insolvency, fraud or incompetence of the promoter. Risk mitigated by the solvency of Grupo Tecniobras and its 20 years of experience.

• Licensing risk: Refusal of the City Council to grant the license or delays. Mitigated thanks to the fact that the Detail Study is approved/submitted and the promoter's experience in managing procedures in the same city council.

• Cost increase risk: Mitigated by experience in similar promotions and a budget made with margin.

• Commercial risk: Risk in deviation of sale prices mitigated by the interest of the entity, the study validated by Básico Real Estate and the commercial experience of the promoter.

• Possibility of change of the agreed conditions: This risk includes potential substantial changes that take place from the beginning of the financing campaign until the formalization of the capital increase, in which case the project would be cancelled and the capital contributed by the investors would be returned.

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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 investment of the project, 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;

• Directors or employees of Urbanitae;

• Natural or legal persons linked to these partners, directors or employees by control.

In this sense, 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, nor privileged access to information regarding 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 in the project investment area information 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.