The manager of this opportunity is SHEVAT, a manager with whom we have previously worked on the Golf Terraces project and in Gavá Mar, committed to excellence in real estate development. They have a great track record in the sector, having developed more than 75 real estate projects in various parts of Spain, mostly in Catalonia. SHEVAT Holding is a Real Estate Hub founded in 2006. It is made up of a team of professionals dedicated to the design, management, and construction of projects in all areas. (Manager's website link)

The project has a capital gains strategy, which consists of an alliance with the developer for the development of a project of 24 homes in a multi-family building, with a parking space. In addition, the project will have large common areas and 12 additional parking spaces.

The contributions from Urbanitae investors will be delivered to the developer via a capital increase to the vehicle company that will bring together all the funds from the investors: EMERITA OPPORTUNITIES 10, S.L. This company will later enter the project's promoting company, NETSAJ INVESTMENTS 5786, S.L. with a contribution of €795,000. The contribution from Urbanitae investors will be increased by €3,000, included in the total to be financed from the platform, which will be kept in the vehicle company to cover administrative and management expenses.

The manager maintains 25% of the necessary investment to carry out the project.

The promotion materializes in the development of a building of 24 multi-family homes in the municipality of Playa de Aro, Gerona. The homes will have 2, 3, and 4 bedrooms and an average built area of about 100 m², as well as common areas and a swimming pool.

The manager has signed a deposit contract on the asset and has already disbursed €238K of the purchase price. The remaining payment for the land will be faced with the entry of Urbanitae investors, as well as the initial costs of the promotion not covered by the banking entity. 

The manager's construction company will be in charge of the work. They have a closed budget, reviewed by an independent third party. They plan to apply for a license in May, a margin has been included in the license application period to cover possible delays on the manager's planned schedule.

From a commercial point of view, the promotion is located in a unique area where new construction promotions are currently scarce in the immediate area. A commercial report has been carried out, prepared by an external company where the estimated sale prices for the project are checked and validated.

The manager is currently developing another project in the same location, which is progressing favorably. They have more than 50% of the homes sold, closed financing with a first-rate entity, and construction work has begun.      

STRUCTURE

The operation will be structured via a capital increase, where Urbanitae investors will make a capital contribution to the vehicle company of the operation. This vehicle company plans to go to external financing for the development of the work. The contribution corresponding to Urbanitae investors will be equivalent to €975,000 (plus the €3,000 that are contributed and kept in the vehicle company). The total capital of the project amounts to €2,900,000 where Urbanitae investors will enter together with the Co-Investors and the manager.

The manager will be dedicated to the integral management of the promotion and their contribution amounts to 25% of the total value of the investment.

WHY INVEST?

There are several reasons to invest in this project: 

• Investment opportunity in a new construction promotion project.

• The project has to apply for a building license in the month of May.

• The project will be promoted by SHEVAT, a manager with high experience in the area, with whom we have already worked on the Golf Terraces and Gavá Mar projects.

• Synergies with the project in development in the same location by the manager.

• The project manager invests their own capital, which aligns the interests of all the agents participating in the investment.

ECONOMIC SCENARIOS

According to the criteria of the CNMV, in addition to the base scenario (favorable) 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 revenue and expense estimates proposed by the manager, verified by Urbanitae, and contrasted by the valuation report of Grupo TR. In this project, the total revenue forecast amounts to €11,112,150, while the estimate of the total costs for the execution of the promotion corresponds to €9,373,429.

2. MODERATE

The moderate scenario contemplates an upward deviation of the construction costs estimated by the manager, which raises the amount of the total costs to €9,445,328, as well as a downward deviation of the revenue forecast, with the total being €8,857,965.

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, an increase in construction costs corresponding to more than 18% and a reduction in sales prices equivalent to 15% has been considered, which would mean a total revenue figure of €9,445,328 and total costs of €9,469,279 (reduced compared to the favorable and moderate scenarios since the payment of Corporate Tax is avoided by incurring losses).

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 (€11,112,150) minus EXPENSE FORECAST (€9,373,429) divided by the total Equity (€2,900,000). The result of this quotient multiplied by 100 will be the percentage of profitability on the capital contributed in 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

A market study has been carried out to determine if the sales prices proposed by the manager are reasonable.

There is information available about the market within the "Sales Witnesses" documentation, where you will find a list of homes for sale in the area, and in the "Market Report", where you will find a study carried out by Grupo TR.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 32-36 months.

• Second quarter 2026 – capital contribution.

• Second quarter 2026 – application for building license.

• Third quarter 2026 – start of marketing work.

• First quarter 2027 – start of construction work

• Third quarter 2028 – end of construction work

• Fourth quarter 2028 – Declaration of new construction and delivery of homes

• Fourth quarter 2028 / First quarter 2029 – Distribution of profits to investors.

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

RISKS

All investments carry a risk. We detail the clearest risks we have identified for this project: 

• Increase in the deadlines set in the project, due to delays in marketing or provision of external financing.

• Deviation of the fixed costs associated with the investment, unforeseen events in construction. 

• Delays in sales, and/or need to lower their price to attract customers.

• Possibility of changing the agreed conditions. This risk includes potential substantial changes that take place from the start 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 of 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 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 investment made by the investors.

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, 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 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's 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.