Click HERE to register for the Webinar "Urbanitae up close - Altay Residential Project" which will take place next Monday, July 20 at 12:00 hours (UTC + 2)

The manager of this opportunity is INVERSIONES BLASIAM, a manager based in Granada. It has extensive experience in the area, having completed 3 promotions in Granada and currently developing more than 100 homes between Granada, Malaga and Almeria. (Manager's website link)

The project has a capital gains strategy, which consists of an alliance with the developer for the development of the project of 33 homes in multi-family building, distributed in two blocks of ground floor + first + penthouses, with parking spaces and storage rooms. In addition, the project will have terraces and gardens on the ground floor, private pools in the penthouses, and a pool on the roof as a common area.

The contributions of Urbanitae investors will be delivered to the developer via capital increase to the vehicle company that will bring together all the funds from investors: ATLAS OPPORTUNITIES 3, S.L. This company will later enter the project's promoter company, EDIFICIO ALTAY, S.L.

The building permit was applied for in January 2026 and it is estimated that its concession will take place imminently, during the third quarter of 2026.

The marketing of the project started in November 2025 and is being led directly by INVERSIONES BLASIAM, which has already marketed 15 of the 33 homes that make up the promotion (45%). The manager has extensive experience in the area, having completed 3 promotions in Granada and currently developing another similar promotion of 35 homes in the city center (Veletto Building).

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 will enter the promoter company to acquire the plot and bear the start-up costs of the promotion. The manager will be dedicated to the integral management of the promotion and its contribution amounts to 30% of the total investment value.

The financing of the work will be subsequently supported by a bank developer loan that is already negotiated with one of the main banking entities at the national level.

A distribution structure has been established in which Urbanitae investors have priority of collection until they recover their investment plus a return of 12% IRR. Only after satisfying this preferential return, the promoter will recover its capital and the equivalent profitability. In the case of generating additional profits above this threshold, the promoter will receive 35% of the excess and the remaining amount will be distributed pro rata of the shareholding.

 WHY INVEST?

There are several reasons to invest in this project:

• Investment opportunity in a new construction promotion project in Granada.

• Urbanitae investors have a protection of preferential equity of 12%, with priority over the profit and the manager's equity.

• The building license will be granted immediately.

• Reduced commercial risk: 15 of the 33 homes are already marketed (45%).

• Manager's experience in the market: INVERSIONES BLASIAM is developing a project with similar magnitudes in Granada (Veletto Building).

• The project manager invests his own capital (30% of the equity), 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 (favorable) scenario 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 €8,731,897, while the estimate of the total costs for the execution of the promotion corresponds to €8,065,942

2. MODERATE

The moderate scenario contemplates an increase in construction costs equivalent to 10%, without modifying the sale prices, keeping the total revenues at €8,731,897 and placing the total costs at €8,347,914. Although this scenario maintains the same level of sales as the favorable one, the total cost varies due to the increase in construction costs, partially offset by items linked to the project's profit —corporate tax and success management remuneration—, which are reduced as the margin decreases. 

3. UNFAVORABLE

The unfavorable scenario contemplates an increase in construction costs and a decrease in sale 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 10% and a reduction in sale prices equivalent to 7.5% has been considered, which would result in a total revenue figure of €8,077,005 and total costs of €8,213,001. 

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 (€8,731,897) minus EXPENSE FORECAST (€8,065,942) divided by the total Equity (€890,000). 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

A market study has been carried out to determine if the sale prices proposed by the manager are reasonable. In addition, the project has a commercialization of 45%.

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 Sociedad de Tasación.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 31-35 months.

• Third quarter 2026 – capital contribution, asset purchase and granting of the building license.

• Fourth quarter 2026 – start of construction work.

• Fourth quarter 2028 – end of construction work.

• First quarter 2029 – Declaration of new work and delivery of homes.

• Second quarter 2029 – Distribution of profits to investors.

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

---------------------------------------

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, nor 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.