PROJECT DESCRIPTION

Osborne+Co is a global developer and investor specializing in high-quality sustainable projects in office, industrial, and mixed-use sectors. With over 30 years of experience, it focuses on innovation, sustainability, and strong partnerships with occupants and investors. Its team has led more than 50 international projects, maintaining a constant commitment to transparency and integrity.

The project has a capital gains strategy and consists of a partnership with the manager to develop an office complex in Porto, Portugal, composed of office spaces, auditoriums, co-working spaces, other commercial spaces, and 180 parking spaces.

The contributions from Urbanitae investors will be delivered to the manager via a capital increase to the vehicle company that will bring together Urbanitae investors: BAYAZ PROPERTIES 4, S.L. This company will later enter the project's promoter company, COLINA METAFÓRICA, LDA. The manager has the bank financing planned to cover the project's construction costs.

The contribution from Urbanitae investors will go to a capital increase in COLINA METAFÓRICA, LDA and to provide the company with liquidity to support the project costs not covered by the manager, partners, or financing, until the building is sold.

The land was acquired in June 2025. As of the launch date of this tranche, the project has the approval of the architectural project already granted (April 2026) and the specialties project is in the process of being presented to the Porto City Council, scheduled for June 2026. The risk of licenses is therefore very low. The start of construction is scheduled for July 2026.

Once construction has started, the surface will be marketed for rent, with the aim of maximizing occupancy and stabilizing rents before the asset is sold. The spaces will be marketed in a multi-tenant format, with an estimated operation period of approximately 12-18 months. The sale of the asset is estimated with a yield of 6%. The rental and sale prices present in the promoter's business plan have been verified by a Savills market report.

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 has planned bank financing from a leading bank in Portugal, to cover the cost of the development of the work.

The manager, Osborne+Co, will be dedicated to the comprehensive management of the promotion, with the support of its partners.

We have agreed with the manager that the profitability of Urbanitae investors is preferential. Specifically, it has been agreed that Urbanitae investors have a preferential remuneration of 15% per annum (IRR) on their contributed capital. That is, the promoter will not receive profits or be able to recover its contributed capital until Urbanitae investors have recovered their investment and obtained an annual return of 15%.

WHY INVEST?

There are several reasons to invest in this project: 

• Preferential return. Urbanitae investors have a priority remuneration of 15% IRR per annum on their contributed capital. Neither the promoter nor its partners will recover their investment or receive profits until Urbanitae investors have been fully paid.

• Project underway with virtually eliminated licensing risk. Architectural approval has already been granted and the engineering project is ready for presentation in June 2026. The start of works is scheduled for July 2026, which places the project in a very advanced execution phase compared to its launch.

• Only new office offer in Porto's CBD in 2028. Francos Workplace will be the only new construction office project available in the Porto CBD market in 2028, in an environment where 70% of the office projects currently under construction in the city are already marketed. The vacancy rate in Porto's CBD is between 5% and 7%, reflecting a demand much higher than the available supply.

• Market rents above original projections. Average market rents in the area reach €21/m², according to recent market reports, already exceeding the estimates of the original business plan. This positive evolution reinforces the commercial viability of the project and the potential for capital gains in the sale.

• Top-level promoter and builder with committed own capital. Osborne+Co has over 30 years of experience in international office projects. Both the promoter and the MAP builder have invested their own capital in the project, which directly aligns their interests with those of Urbanitae investors.

• Prime location in Porto's CBD (Boavista). The asset is located next to the Francos Metro station, in a consolidated urban area with high demand for quality workspaces.

• Protected downside. Both the capital contributed and the return of Urbanitae investors have a preferential character over the promoter's capital.

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 scenario, or favorable, contemplates the revenue and expense estimates proposed by the manager, verified by Urbanitae and contrasted by the Savills market report. In this project the total revenue forecast amounts to € 85,142,729, while the estimate of the total costs for the execution of the promotion corresponds to € 71,959,928

2. MODERATE

The moderate scenario contemplates a 25% upward deviation of the construction costs estimated by the manager, which raises the total cost forecast to € 72,977,620, keeping revenues at € 85,142,729. The impact of this cost deviation is mitigated by the preferential nature of the capital of Urbanitae investors, so the impact on investors is almost nil.

3. UNFAVORABLE

The unfavorable scenario contemplates an increase in construction costs and a drop in sales prices wide enough to obtain a negative result for Urbanitae investors, with partial loss of the contributed capital. In this project, a 25% increase in construction costs and a 35% reduction in sales prices have been considered compared to the favorable scenario, which represents a total revenue figure of € 56,655,061 and total costs of € 56,792,881. The positive impact of the preferential capital of Urbanitae investors is included in the costs.

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 (€ 85,142,729) minus EXPENSE FORECAST (€ 71,959,928) divided by the total Equity (€ 23,163,628). The result of this quotient multiplied by 100 will be the percentage of profitability on the capital contributed from this scenario..

Forecasts are mere estimates and are subject to variations that may 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 sale and rental prices proposed by the manager are reasonable. According to recent data from Cushman & Wakefield, the average market rent in the CBD of Porto is € 21/m², a level that exceeds the estimates of the original business plan of the promoter. This positive market evolution reinforces the solidity of the project's projections.

There is information available about the market in the attached documentation "Savills Report", where you will find a list of comparable assets in the area and the complete market study carried out by Savills.

WHEN WILL I RECOVER THE INVESTED MONEY?

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

• June 2026 – Capital investment / Presentation of specialties project

• July 2026 – Start of work

• Second quarter 2028 – End of work and start of operation

• Second quarter 2029 – Sale of the asset and exit from the company

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. We detail the clearest risks we have identified for this project: 

• Increase in the expected timelines of the project, due to delays in marketing.

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

• Delays in the sale, and/or need to lower its price to attract customers.

• Increase in the expected timelines of the project, due to delays in the estimated months of work.

• Possibility of changing the agreed conditions. This risk includes potential substantial changes that take place from the start of the funding campaign until the formalization of the loan contract, in which case the project would be canceled and the investment 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;

• 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, on 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's 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.