The manager of this project is GRUPO ARUA, a company whose management team has over 23 years of experience in the real estate investment sector. In recent years, it has focused its activity on the premium segment of the market, specializing in projects aimed at high-income clients. Its deep knowledge of the sector and access to exclusive opportunities have allowed it to carry out acquisitions and developments obtaining high returns.

The La Algaba project represents the continuation of the Las Albercas project, a promotion of very similar characteristics that was developed and delivered by the manager with great success. In addition, the group owns 11 single-family plots in Finca Cortesín, of which 4 have already been developed and sold, thus consolidating its trajectory in one of the most prestigious enclaves on the Costa del Sol.

The asset is developed on a plot of 10,722 m² acquired by the project manager with own funds. The plot has Building License granted in October 2025 and the construction is currently underway.

The project manager maintains the commitment of own capital assumed in the project. Urbanitae investors, along with external co-investors, now enter the project through the second tranche of the mortgage loan, Tranche B, for a total amount of 2,915,000€, of which 2,525,000€ will be raised through Urbanitae investors and an additional 390,000€ will be contributed by external co-investors who join the existing debt. Tranche B will have a fixed annual rate of 10.75%, and a term of 19 months with a possible extension of 6 months.

The exit of Urbanitae investors will occur through the sale of the homes. With the amount obtained from the sale of 11 of the 19 units, we estimate that the developer will have sufficient liquidity to fully repay the loan.

The marketing of the asset is being carried out directly through the sales office of Finca Cortesín. This sales point captures all customers who access the Hotel facilities. Currently, 8 of the 19 homes are marketed (42%).

STRUCTURE

This operation is going to be structured via debt, where Urbanitae Investors will grant a fixed-rate loan to the company ARUA PROYECTOS INMOBILIARIOS, S.L.

The total amount of the gross loan amounts to up to an amount of 20,500,000 €, of which Urbanitae investors will contribute up to a maximum of 5,000,000 € per year. The total loan is structured in five tranches, whose main characteristics are as follows (you can consult more information in the document "Fundamental Data of the Investment"):

• Total loan amount: up to a maximum of 20,500,000 €, committed in five tranches:

I. A first section or Section A, amounting to up to €2,475,000, raised by Urbanitae investors and already granted in October 2025.

II. A second section or Section B, amounting to up to €2,915,000, of which €2,525,000 is raised through Urbanitae investors and the remaining €390,000 is contributed by external co-investors who join the existing debt by participating in Section B.

III. A third section or Section C, amounting to up to €2,165,000, raised by co-investors who join the existing debt by participating in Section C.

IV. A fourth section or Section D, amounting to up to €5,015,000, raised by co-investors who join the existing debt by participating in Section E.

V. A fifth section or Section E, amounting to up to €7,930,000, raised by co-investors who join the existing debt by participating in Section E.

 • Simple annual fixed interest rate: 10.75% for Section B.

 • Term of Section B: 19 months with possible extension of 6 months

 • The interest and principal of the loan will be paid at maturity (the interest of Section B will start to accrue from the moment of the formalization of the addendum to the Loan Agreement).

 • The part of the loan intended to finance construction works will be disposed by the developer through monthly work certifications, subject to the favorable report issued by the Project Monitor.

Total early repayment will be allowed at any time, subject to a minimum return of interest equivalent to 15 months of interest for Section B.

Regarding the loan guarantees, the following is established in the financing contract:

 • First rank mortgage real guarantee on the property subject to the financing, with Mortgage Responsibility of 140%.

 • Private contract of first rank pledge on the bank accounts of the Borrowing SPV intended for the project to be financed.

 • Sweep of the box for 100% of the sale amount, both total and partial, of the underlying guarantee.

As in all debt projects, the figure of the Project Monitor is incorporated into this project, who will review the work certifications, progress in construction, possible deviations in time / cost and who will also approve the monthly loan disbursements.

WHY INVEST?

There are several reasons to invest in this project:

• First rank mortgage guarantee on the underlying asset, located in the prestigious Finca Cortesín enclosure, Casares, Málaga and with access to the Hotel facilities.

• Attractive profitability with protected capital: interest rate of 10.75% per annum for Tranche B, with a minimum guaranteed return equivalent to 15 months of interest (13.44%).

• Manager's experience promoting in the area, with a close relationship with the Hotel and access to internal sales points. He has developed a very similar promotion that has been delivered with great success.

• Valid building license and construction in progress: earthworks started in September 2025 and work in progress, which is currently more than 7% complete.

MARKET

A market study has been carried out to determine if the sale prices 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 proposed prices.

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.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated timeframe for this project is 19 months with a possible extension of 6 months in month 19.

• October 2025, granting of Section A of the loan by Urbanitae investors to the developer, to refinance part of the initial costs incurred and partially finance the construction.

• September 2026, granting of Section B of the loan by Urbanitae investors and external co-investors to the developer, to continue financing the pending construction.

• Last quarter 2027, completion of the construction work.

• First quarter 2028, delivery of the homes and repayment of the loan to Urbanitae (or until the fourth quarter of 2028 in case of extension)

RISKS

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

• Commercial risk derived from a possible delay in the sale of assets, which could cause delays in debt repayment. This risk is mitigated by the developer's experience in marketing in the area and access to internal sales points of the Hotel, as well as the backing of the favorable report issued during the commercial due diligence, which validates the selling price set in the Business Plan. Also, the developer already has 8 of the homes already marketed. 

• Risk of deviations in the project deadlines due to possible unforeseen events during the construction phase. To mitigate this risk, the developer has the support of a Project Manager in charge of rigorous supervision and control of the execution schedule, ensuring compliance with established milestones. Also, it is an experienced manager in similar real estate products on the Costa del Sol.

• Risk of deviations in construction costs derived from unforeseen contingencies. This risk has been contemplated in the Loan Agreement by incorporating a condition precedent to the lifting of successive tranches of own funds contribution to cover any possible cost overrun in the work.

• Possibility of change of the agreed conditions. This risk includes potential substantial changes that take place from the start of the financing campaign until the formalization of the addendum to the loan contract, in which case Section B would be canceled and the investment returned.

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 can in no case 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 project 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 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, 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 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.