The manager of this project is HISPANIA GESTIÓN URBANA, a multidisciplinary team with extensive experience in residential and industrial operations, led by its general manager (an architect with 30 years of career and co-founder of a renowned architecture firm) and its sole administrator (institutionally related to an important real estate group).

The manager covers the technical, legal and commercial coordination of the lands until their scheduled sale. It has a network of top-level collaborators, including a reputable architecture studio in the Technical Direction and a law firm specialized in Legal and Urban Management to deliver a distinctive and consistent product.  

The project consists of the acquisition of 7 finalist plots ready to develop with joint capacity to house between 1,200 and 1,350 homes in multiple phases, in addition to commercial premises. It is a value enhancement project aimed at an institutional and residential market with acute shortage of new construction offer in Oviedo. Being urbanized land, future actions will be processed via minor detail studies for the redistribution of commercial uses. 

The period of technical processing and segregations is estimated in the first months, with a total disinvestment term of the land macro-lots of c.12 months. However, the loan contemplates an initial term of 12 months with two extension options of 6 additional months (12+6+6). 

The manager has already disbursed 453,750 € as a deposit and will contribute a minimum capital of own funds of 3,000,000 € (Equity Day One) simultaneously at the signing of the sale. The remaining capital to complete the transaction will be covered by the loan provided by Urbanitae investors and external co-investors. 

The rest of the loan amount will be used to finance the payment of the asset price, the corresponding VAT and the loan structuring costs. The manager will contribute with additional equity the pending technical and contingency costs of the development. 

The loan disbursements will be made in a single complete tranche at the time of the first disbursement to materialize the acquisition of the collateral. 

The ratios of the operation reflect a very solid structure: a gross LTV of 19.9% based on a current official appraisal value of 33,315,428 € issued by Sociedad de Tasación against an opportunity purchase price of 7,500,000 €. 

STRUCTURE AND FINANCIAL CONDITIONS

This operation is structured via debt, where Urbanitae investors will grant a fixed rate loan to the company MANJOYA PLAZA, S.L. 

• Gross Amount: 2,555,000 €, committed in a single tranche. 

• Interest Rate: 12.0% simple annual. 

• Term: 12 months with two extension options of 6 additional months in month 12 and month 18 (12+6+6). 

• Minimum Return (Make-whole): 9 months. 

• Amortization: "Bullet", at the maturity of the principal and interest (However, partial amortizations are expected thanks to the cash sweep clause on sales). 

Total early repayment will be allowed at any time, subject to a minimum return of interest equivalent to 9 months of interest and commissions. 

Regarding the Main Loan Guarantees, the following is established in the financing contract:

• First rank mortgage on the 7 underlying plots, with Mortgage Responsibility of 150%. 

• First rank pledge on the shares of the Borrower SPV. 

• First rank pledge on the bank accounts of the Borrower SPV. 

• First rank pledge on the VAT account and 100% cash sweep mechanism. 

• Pledge of collection right on the sale of plot 14, an asset whose reservation has already been formalized by the buyer, and is therefore binding, via Resolutive Condition, the purchase price established according to contract is 4.875m €. 

• Irrevocable sales mandate of collaterals and right of first refusal (Price floor) equivalent to 50% of the appraisal in case of default. 

WHY INVEST?

There are several reasons to invest in this project: 

• Asset Quality: 7 fully urbanized urban plots less than 10 minutes from the center of Oviedo. Minimal urban and technical risk, as it is consolidated land with basic infrastructure works completed and delivered to the City Council. All infrastructures are in perfect maintenance condition.

• Exceptional entry price, which provides a significant cushion to absorb deviations from the business plan, buying for 7.5 M€ (c. 60 €/m² buildable) finalist lands officially valued at more than 33.3 M€. 

• Experienced Sponsor: Hispania Gestión Urbana acts as an integral manager of real estate projects, successfully coordinating the technical, legal and commercial development of assets in phases, with a solid track record and specialization in the Asturias market.

• Attractive risk-return binomial. Annual return of 12.0%, with a minimum guaranteed return (make-whole) of 9 months and a solid package of guarantees among which the first rank mortgage guarantee on the underlying asset combined with an LTV ratio of 19.9% stands out.

• Exit visibility, thanks to the existing binding pre-contract for the sale of plot 14 for a price of 4,875,000 €, and on which we will have a pledge of collection rights. Once the amounts are received, our principal will be 1.750m € + the interest accrued until the exit date.

MARKET

A market study has been carried out that confirms that the block marketing dynamics 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 viability of the investment thesis due to the persistent shortage of new construction supply in Oviedo, where this modality barely reaches a quota of 8% compared to the second-hand market. 

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 12 months with two extension options of 6 months. 

• June 2026, loan grant by Urbanitae investors and public elevation of the land sale. 

• Q3 2026, fulfillment of the suspensive condition of land acquisition and formalization of payment milestones by the buyer. 

• June 2027, loan maturity, collection of the pledged deferred amounts and expected repayment of Urbanitae. 

RISKS

All investments carry a risk. Below are the main risks identified for this project: 

• Administrative risk of planning derived from deadlines for the approval of complementary commercial redistribution studies. This risk is mitigated through: The repayment of Urbanitae's debt is primarily based on Plot 14, which already has an approved and firm Detail Study. Also, after the consultations and direct conversations held by our Technical Due Diligence (DDT) with the Oviedo City Council, it has been confirmed that the real time to obtain the approval of these detail studies —which are mandatory— is usually reduced to 6 months, significantly shortening the initially planned times. 

• Technical risk derived from irregularities in the topography of the land, which will require significant earth movements and the adaptation of the projects to the existing slopes. This risk is mitigated thanks to the fact that the Technical Due Diligence (DDT) has analyzed the topographic study based on the PNOA data and has confirmed the total viability of the project. In addition, the financial security of the operation is guaranteed as it is contractually stipulated that any contingency or structural cost overrun derived from these land adaptations will be financed 100% through the equity contributed exclusively by the developer itself, completely shielding the capital from budget deviations. 

• Risk of acquisition, valuation and variability in land market prices: This risk is mitigated by having formalized the option to purchase the plots for 7.5 M€ (61 €/m²) —a price even below the cost of urbanization—, and which represents a discount of -77.5% compared to the official valuation of 33.3 M€ and provides solid coverage more than 4.5 times the value of the debt for the deed. In addition to having a deposit of 453,000 € already disbursed, the viability of the project is backed by an initial divestment contractually assured with a renowned developer and by the excellent commercial performance of the existing promotions in the area. All this is complemented by the promoter's experience in this local market, backed by a recent milestone in which he acquired a nearby land at 32 €/m² and transacted it a week later at 230 €/m², demonstrating a deep knowledge of the environment.

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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 in no case can it be considered as an investment recommendation 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 the project's 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.