The manager of this opportunity is TOP GESTIÓN, a real estate management company specializing in the development of residential projects. The company currently manages a portfolio of more than 2,300 homes and a business volume of over €1.175 billion, with property development as its core activity. Its team comprises professionals with extensive experience in the design, management and execution of projects at different stages. In the area, it has a track record of more than 450 homes developed, either already delivered or currently under development.  

In addition to its developments in Higuerón, TOP GESTIÓN is also active in other Costa del Sol markets, such as Marbella and Málaga. The company also operates in other key real estate markets, including Ibiza, Alicante, Córdoba, Murcia, Madrid and Guadalajara. In line with its growth strategy, it plans to continue expanding its presence in prime locations in Andalusia, Madrid and Guadalajara, focusing on the development of sustainable, efficient homes with high standards of quality and design.

Project Kala is the third development financed by TOP GESTIÓN together with Urbanitae, following the Higuerón TB51 and Higuerón TB65 projects.

The project follows a capital gains strategy, which involves partnering with the developer to carry out the development. Urbanitae investors’ contributions will be pooled in the project company CARRARA PROPERTIES 5, S.L. , which will subsequently make a capital increase in the project’s development company, DSA REAL ESTATE, S.L.

The project involves the construction of 52 single-family homes distributed across 7 independent blocks. Their layout has been designed to adapt to the slope of the land, allowing most homes to enjoy sea views. The development is located in the municipality of Fuengirola, Málaga. All homes have a similar layout: 3 bedrooms spread across the basement, ground and first floors, as well as a private garden. The communal areas will include two outdoor swimming pools, green areas, a gym, a multipurpose room and coworking space.

The development will be divided into two phases. Phase 1 will involve the development of the 4 front blocks, comprising 31 homes, and the communal areas. Phase 2 will then complete the construction of the remaining 21 homes, distributed across the 3 rear blocks.

However, the development will share some common costs during its launch, as this is more efficient in terms of sales and construction. For this reason, the Phase 1 investment will be settled upon delivery of some of the homes in Phase 2. In other words, delivery of Phase 1, scheduled for months 28–32 of the project, will enable Urbanitae investors to recover the capital committed to the project and part of the expected return from the development. This will be completed upon delivery of Phase 2, which is expected to be finished in months 40–44.

The land on which the entire development is being built was acquired in September 2025 by DSA REAL ESTATE, S.L., the project’s development company, using funds raised in the first campaign and the land tranche of the bank loan. The purchase was formalized with part of the price deferred, and it is precisely this deferred payment that will be covered by Urbanitae investors’ contributions in this second phase, together with the development’s operating expenses.

As for financing, the project has already been granted and drawn down a land loan tranche from one of the country’s leading banks. This loan will be amended and increased to finance the construction work once the sales threshold required by the bank has been reached.

From a sales perspective, the development’s elevated location within El Higuerón ensures that most homes will have sea views. The manager has extensive experience in the immediate area, with more than 450 homes marketed in Higuerón, 150 of which have already been delivered. Sales for the project are already underway, and the first unit has been reserved. Sales were initially planned under a global agreement between the developer and a sales agency, which ultimately did not materialize. Sales have therefore been entrusted to ON3, a company with a strong presence in the area. The sales outlook at this early stage is better than that envisaged for Phase 1.

The building permits for Phases 1 and 2 have been granted, and the project has made significant technical progress. The tendering process for the construction work has already begun, and the contractor responsible for carrying it out will be selected through this process. The companies consulted include Alza Obras y Servicios, which has extensive experience in the area and is responsible for more than 500 homes developed by TOP GESTIÓN in Higuerón, both completed and under construction.

The project launch has been delayed somewhat compared with the initial schedule for two reasons. The first is commercial: the framework agreement between the developer and a sales agency did not materialize, so another company had to be appointed. The second is technical: geotechnical studies revealed a significant volume of fill on the plot, requiring the foundation design to be adapted. Both issues have now been resolved, and their impact has been incorporated into the schedule and business plan presented in this campaign.

STRUCTURE

Like the first phase, this second phase is structured through a capital increase, under which both the manager and Urbanitae investors will contribute capital to the project company. The development company has already been granted external financing by a leading bank. This financing includes one tranche for the acquisition of the land—which has already been drawn down—and another for the construction phase. Urbanitae investors’ contribution in this second phase will amount to €1,800,000.

The manager is responsible for the comprehensive management of the development and invests its own capital in the project. In the first campaign, which closed in September 2025, contributions were split 80%–20% between Urbanitae investors and the manager, respectively. This second phase, planned from the outset and activated once the project reached a more advanced stage, involves contributions of €1,800,000 from Urbanitae investors, €1,200,000 from third-party investors and €750,000 from the manager, maintaining an 80%–20% investor-to-manager structure for this capital tranche.

The remuneration model is designed to protect investors’ capital through a preferred return structure. Project proceeds will be distributed strictly according to the following payment waterfall:

1. Return of capital:

Full repayment of the initial contributions made by all partners (Urbanitae investors and the Sponsor).

2. Preferred return for Investors (12% IRR):

Payment of a net annual return of 12% (IRR) exclusively to investors (excluding the Sponsor).

3. Return for the Sponsor (12% IRR):

Payment of a net annual return of 12% (IRR) to the Sponsor.

4. Pro rata distribution (up to 15% IRR):

Once the above amounts have been paid, the project’s remaining net margin will be distributed in proportion to the capital contributed by each party, until all partners achieve a net annual IRR of 15%.

5. Sponsor’s success fee (promote):

Once all partners have exceeded the 15% annual IRR threshold, the Sponsor will receive a promote on the excess profits. The percentage will depend on the project’s total sales volume:

≤ €60.26 M: 33% promote

≥ €62.40 M: 40% promote

(Note: For sales volumes in between, the percentage will be calculated on a strictly proportional basis.)

6. Risk premium for Phase 1 Investors:

To compensate for the greater risk taken by investing at the project’s initial stage, Phase 1 investors will receive an additional promote. Once the 15% IRR has been exceeded and the Sponsor’s promote deducted, Urbanitae investors in Phase 1 will receive 40% of the excess profits that would otherwise have been allocated to Urbanitae investors in Phase 2 within Urbanitae’s share.

Separate from the profit distribution waterfall, the project manager’s remuneration is structured as a fixed base fee of €2,134,180. Payment of this amount is linked to achieving a target profit before tax (PBT) of €10,697,405. If the project exceeds the target PBT, the manager will receive 100% of the additional profit, up to a maximum cap of €500,000. This incentive does not affect the order or percentages of the payment waterfall detailed above in any way.

WHY INVEST?

There are several reasons to invest in this project:

• The project manager is Top Gestión, a developer with extensive experience in the area and nationwide, with more than 450 homes in Higuerón, including those already delivered and those under construction. 

• An investment opportunity in a new-build project already underway: the land has been acquired, permits for Phases 1 and 2 have been granted, the project is well advanced and sales have begun.

• Building permits for Phases 1 and 2 have been granted.

• Sales, handled by ON3, are already underway, with the first unit reserved and a sales outlook that exceeds the projections for Phase 1.

• Financing has been granted by a leading bank, which will increase the existing land tranche to cover construction costs.

• The project manager invests its own capital, aligning the interests of all parties involved in the investment.

FINANCIAL SCENARIOS

According to the CNMV’s criteria, in addition to the base (favorable) scenario proposed by the manager and reviewed by Urbanitae, equity projects must publish two additional scenarios showing potential variations in the business plan.

1. FAVORABLE

The base, or favorable, scenario reflects the revenue and expense estimates proposed by the manager, verified by Urbanitae and corroborated by BASICO REAL ESTATE’s valuation report. For this project, total projected revenue amounts to €61,260,000, while estimated total costs for completing the development amount to €55,483,280.

2. MODERATE

The moderate scenario assumes an increase in the construction costs estimated by the manager. For this project, a 25% increase in construction costs has been assumed, bringing total costs to €57,684,669 € (reduced by the manager’s promote, which would not be payable).

3. UNFAVORABLE

The unfavorable scenario assumes an increase in construction costs and a decrease in sales prices large enough to result in a loss, with a partial loss of the capital contributed. For this project, a 25% increase in construction costs and a 10% reduction in sales prices have been assumed. This would result in total revenue of €55,134,000 and total costs of €55,613,714 (lower than in the moderate scenario, as corporation tax and the manager’s promote would not be payable in the event of a loss).

According to the supervisor’s criteria, crowdfunding platforms must not communicate the estimated return on an equity project. The total return on a project is calculated as PROJECTED REVENUE minus ESTIMATED COSTS, divided by TOTAL EQUITY. For example, in the FAVORABLE scenario, the calculation would be PROJECTED REVENUE (€61,260,000) minus ESTIMATED EXPENSES (€55,483,280), divided by total equity (€10,000,000). The result of this quotient multiplied by 100 gives the return percentage on the capital contributed in this scenario.

These projections are estimates only and are subject to changes that may arise from economic, social or other circumstances over the course of the project.

MARKET

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

Information on the market is available in the “Comparable Sales” documentation, which contains a list of homes for sale in the area, and in the “Market Report,” which contains a study carried out by the commercial due diligence team. 

WHEN WILL I GET MY INVESTMENT BACK?

The estimated duration of this project is 40–44 months.

• Third quarter 2025 – first capital increase, land purchase and start of sales (already completed).

• Third quarter 2026 – second capital increase and deferred land payment.

• Fourth quarter 2026–first quarter 2027 – start of construction work on Phase 1.

• Third quarter 2027–fourth quarter 2027 – start of construction work on Phase 2.

• First quarter 2029–second quarter 2029 – completion of construction and delivery of the Phase 1 homes. Distribution of capital to investors.

• Third quarter 2029–first quarter 2030 – completion of construction and delivery of the Phase 2 homes. Distribution of profits to investors.

It is important to bear in mind that timelines for any property development may be extended or shortened. 

RISKS

All investments involve risk. The main risks identified for this project are detailed below: 

• The project may take longer than expected due to delays in formalizing presales and obtaining the developer mortgage loan.

• Deviations in the fixed costs associated with the investment, and unforeseen construction costs.

• Additional costs arising from adapting the foundation design to the fill identified in the geotechnical studies, or from the discovery of new technical constraints relating to the land.

• Delays in sales and/or the need to reduce prices to attract buyers.

• Risk that the bank may refuse to convert the developer loan into a mortgage loan for some buyers due to a subsequent deterioration in their solvency.

• The possibility of changes to the agreed terms. This risk includes potential material changes occurring between the launch of the funding campaign and the formalization of the capital increase. In such a case, the project would be cancelled and the capital contributed would be returned to investors.

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Warnings and Risks

Urbanitae Real Estate Platform (Urbanitae) is not an investment services firm or a credit institution and is not a member of any investment guarantee fund or deposit guarantee scheme. Information published by Urbanitae Real Estate Platform on its Website is for informational purposes only and may under no circumstances be considered a recommendation to investors.

Crowdfunding projects published by Urbanitae on its Website are not authorized or supervised by the National Securities Market Commission (CNMV) or the Bank of Spain. Accordingly, none of the information provided by the developer in relation to the projects has been reviewed by either of these bodies.

Urbanitae expressly states that, if the project’s full investment target is not reached, the fundraising period may be extended by up to 25%, with the same investment terms and conditions. The project may also be funded by Urbanitae once at least 90 percent of the funding target has been reached, after deducting any participation in the project held by the platform itself. All of the above is in accordance with Article 69 of Law 5/2015 on the Promotion of Business Financing.

Investing in projects published on this Website may involve certain risks, such as the risk of losing all or part of the capital invested, not obtaining the expected financial return, or a lack of liquidity. We therefore warn investors to invest only an amount they are prepared to lose and suggest that they diversify their investments to minimize and mitigate potential risks. If the developer is unable to repay or remunerate the funds received, Urbanitae will not return investors’ investments.

This project will be open to any investor registered with Urbanitae. Any of the following registered persons may invest in it:

• Urbanitae shareholders who hold at least 20% of its share capital or voting rights;

• Urbanitae directors or employees;

• Individuals or legal entities linked by control to those shareholders, directors or employees.

In this regard, Urbanitae guarantees that any investments made by these persons will be made through the platform, on the same terms and conditions as those applicable to any other investor, without preferential treatment or privileged access to information compared with other investors registered with Urbanitae. Under Urbanitae’s Internal Code of Conduct, these investors are required to report these transactions internally.

Once the investment in the project has closed, Urbanitae will provide information in the project’s investment area on the amount invested by these investors, the type of investor who made the investment and the percentage it represents of the total amount funded, while complying with the data protection policy