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Gemini II Project | Barajas

•          Debt project in the municipality of Barajas, Madrid

•          Loan structured in 2 tranches

•          Tranche B Amount: 1,325,000€ // Term: 12 months

•          9.875% annual | 9.875% total return

•          Minimum interests equivalent to 6 months

•          First rank mortgage on the underlying asset of the project

We present the second tranche (Tranche B) of a loan formalized in September 2025 to finance part of the purchase price of a plot located in the municipality of Barajas, Madrid. The acquisition of the Gemini Project land was structured in 2 payments, each equivalent to 50% of the purchase price. The first payment was made in September 2025, for which the Tranche A of the Urbanitae loan financed 50% of the amount and 100% of the VAT derived from the purchase. Tranche B will finance 53% of the deferred payment of the land purchase, as well as part of the costs associated with the acquisition.

The promoter/manager has paid the remaining amount of the purchase and costs derived from the acquisition of the asset through Own Funds, reaching a total of c. € 2.5m already invested. The expected loan repayment event will occur once the bank grants the developer loan once (i) the building permit has been obtained and (ii) the pre-sales threshold required by the bank has been reached.

The Manager has already started conversations with the bank for the granting of the developer loan and it will occur once the following milestones are achieved: (i) obtaining the building permit and (ii) compliance with the level of pre-sales required by the bank.

The project has the particularity that line 8 of the Madrid Metro passes under the plot. Thus, the project has been prepared with the advice of an engineering firm and an architecture studio and has already been agreed with the city council and Metro, complying with the necessary measures to safeguard this particularity. Regarding this issue, there are several mitigating factors: (i) the level of Metro line 8 is 12 meters deep with respect to the project's ground level and will be 6 meters below the -2 floor of the building, (ii) the type of soil is favorable and (iii) Metro line 8 is among the most modern in the network and was also built under Barajas so its development contemplated the existence of housing and real estate projects on the surface of the land. Also, a surety insurance is in place.

The building permit was applied for in December 2025 via ECU (urban collaborating entity), and the promoter expects to obtain it between Q2 and Q3 of 2026.

The project contemplates the development of a residential promotion of 44 homes, 44 parking spaces and 44 storage rooms distributed on the ground floor + 3 floors above ground and 2 floors below ground. With a total buildability of 3,415m², the project contemplates the development of 1, 2 and 3 bedroom homes. The sale price € / m² has been contrasted with a market study carried out by a reputable independent advisor and the estimated sale price has been set based on its conclusions. The asset is located less than 300m from the metro, giving it privileged access to both the center of Madrid and the airport.

Barajas is a district located in the northeast of Madrid that has a population close to 50,000 inhabitants. Its historical development as a residential nucleus has been complemented in recent decades by the presence of the Adolfo Suárez Madrid-Barajas Airport, which constitutes an economic engine and international connectivity for the city. The district is about 12 kilometers from the center of Madrid, accessible in approximately 20 minutes by car and less than 30 minutes by public transport.

The area combines consolidated neighborhoods with extensive public service facilities, green areas and a good transport network, both urban and metropolitan. Its immediate proximity to the airport (less than 10 minutes by car) and to large road infrastructures reinforces its role as a strategic area within the urban and economic structure of Madrid.