The manager of this opportunity is TOP GESTIÓN, a real estate management company specialized in the development of residential projects. Currently, the company manages a portfolio of more than 2,300 homes and a business volume exceeding 1.175 billion euros, with real estate development as its main activity. Its team is composed of professionals with extensive experience in the design, management, and execution of projects in different phases. In the area, they have a history of more than 450 promoted homes, both already delivered and in the process of development.  

In addition to the developments in Higuerón, TOP GESTIÓN also has a presence in other markets on the Costa del Sol such as Marbella and Malaga. The company also operates in other key points of the real estate market, such as 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, with a focus on promoting sustainable, efficient homes with a high level of quality and design.

The Kala Project is the third promotion financed by TOP GESTIÓN in conjunction with Urbanitae, following the Higuerón TB51 and Higuerón TB65 projects.

The project has a capital gains strategy, which consists of an alliance with the developer for the development of the promotion. The contributions of Urbanitae investors will be grouped in the vehicle company CARRARA PROPERTIES 5, S.L. which will subsequently make a capital increase in the project's promoting company DSA REAL ESTATE, S.L.

The project contemplates the construction of 52 single-family homes distributed in 7 blocks independent whose arrangement has been designed to adapt to the unevenness of the terrain, allowing most of the homes to enjoy sea views and located in the municipality of Fuengirola, Malaga. All homes have a similar configuration: 3 bedrooms distributed on the basement floor, ground floor, and first floor, as well as a private garden. As for the common areas, the project will have two outdoor pools, green areas, gym, multipurpose room, and coworking.

The promotion will be divided into two phases. During Phase 1, the development of the 4 front blocks, which add up to 31 homes, and the community areas will be undertaken. Subsequently, Phase 2 will complete the execution of the remaining 21 homes, distributed in the 3 rear blocks.

However, the promotion will share some common expenses during its start-up, as it is more efficient in terms of commercial and constructive development. For this reason, the liquidation of the investment in Phase 1 will occur with the delivery of some of the homes corresponding to Phase 2. That is, the delivery of Phase 1, scheduled during months 28-32 of the project, will allow Urbanitae investors to recover the capital committed to the project and part of the expected return from the promotion, and this will be completed with the delivery of Phase 2, with a forecast of completion in months 40-44.

The land on which the entire promotion is developed was acquired in September 2025 by DSA REAL ESTATE, S.L., the project's promoting company, with the funds raised in the first campaign and the land tranche of the bank loan. The sale was formalized with a part of the price deferred, and it is precisely this deferred payment that will be attended to with the contribution of Urbanitae investors in this second phase, along with the current expenses of the promotion.

As for financing, the project has a land tranche already granted and arranged by one of the main national banking entities. This loan will be renewed and expanded to finance the execution of the construction works, once the percentage of commercialization required by the banking entity is reached.

From a commercial point of view, the high location of the promotion within El Higuerón guarantees sea views for most of the homes. The manager brings extensive experience in the immediate environment, with more than 450 homes marketed in Higuerón, of which 150 have already been delivered. The marketing of the project is already underway and has the first unit reserved. Initially, it was planned within the framework of a global agreement of the developer with a marketer that has finally not materialized, so the sale has been entrusted to ON3, a company with a solid presence in the area. The sales prospects that this commercial start-up throws are higher than those contemplated in Phase 1.

The construction licenses for Phases 1 and 2 are granted and the project has advanced significantly at a technical level and the bidding process for the work has already begun, from which the contract responsible for the execution will emerge. Among the companies consulted is Alza Obras y Servicios, with extensive experience in the area and responsible for more than 500 homes promoted by TOP GESTIÓN in Higuerón, both completed and in progress.

The start of the project has accumulated some delay compared to the initial schedule for two reasons. The first, of a commercial nature: the framework agreement that the promoter had with a marketer did not materialize and it has been necessary to hire another company. The second, of a technical nature: geotechnical studies have revealed the presence of a significant volume of fill on the plot, which requires adapting the foundation solution. Both circumstances are already resolved and their impact has been incorporated into the schedule and business plan presented in this campaign.

STRUCTURE

This second phase is structured, just like the first, via capital increase, where both the manager and Urbanitae investors will make a capital contribution to the vehicle company of the operation. This promoting company has external financing already granted by a top-level banking entity, which includes a tranche for the acquisition of the land —already arranged— and another for the construction phase. The contribution corresponding to Urbanitae investors in this second phase will be equivalent to 1,800,000 euros.

The manager is dedicated to the integral management of the promotion and invests his own capital in the operation. In the first campaign, closed in September 2025, the contribution was distributed 80%-20% between Urbanitae investors and the manager respectively. In this second phase, planned from the beginning and activated when the project reached a higher degree of maturity, Urbanitae investors contribute 1,800,000€, third-party investors 1,200,000€ and the manager 750,000€, maintaining an 80%-20% structure between investors and manager in this capital tranche.

The remuneration model is designed to protect the capital of investors through a system of preferential profitability. The distribution of the project's income will strictly follow the following payment waterfall:

1. Return of capital:

Total reimbursement of the initial contributions made by all partners (Urbanitae Investors and Sponsor).

2. Preferential 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 points are covered, the remaining net margin of the project will be distributed proportionally to the capital contributed by each party, until all partners reach a net annual IRR of 15%.

5. Sponsor's Success Commission (Promote):

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

≤ 60.26 M€: 33% Promote

≥ 62.40 M€: 40% Promote

(Note: For intermediate sales volumes, the percentage will be calculated strictly proportionally).

6. Risk Award for Phase 1 Investors:

To compensate for the higher risk assumed when entering the initial stage of the project, Phase 1 investors will receive an additional promote. Once the IRR of 15% is exceeded and the Sponsor's promote is deducted, Urbanitae's Phase 1 investors will take 40% of the excess profits that, within Urbanitae's participation, would originally correspond to Urbanitae's Phase 2 investors.

Apart from the profit distribution waterfall, the project manager's remuneration is structured as a Base Fixed amount of €2,134,180. The collection of this amount is linked to the achievement of a target Profit Before Taxes (PBT) set at €10,697,405. If the project exceeds the target PBT, the Manager will receive 100% of that improvement, with a maximum limit (cap) of an additional €500,000. The application of this incentive does not alter at all the order or percentages of the payment waterfall detailed above.

WHY INVEST?

There are several reasons to invest in this project:

• The manager of this project is Top Gestión, a promoter with extensive experience in the area and nationally as it has more than 450 homes in Higuerón, among those delivered and those in progress. 

• Opportunity to invest in a new construction project already underway: land acquired, licenses for Phases 1 and 2 granted, advanced project and marketing started.

• The construction licenses for Phases 1 and 2 have been granted.

• The marketing, carried out by ON3, is already underway, with the first unit reserved and sales prospects higher than those contemplated in Phase 1.

• The financing has been granted by a top-tier banking entity, which will extend the current land tranche to cover construction costs.

• The project manager invests his own capital, which aligns the interests of all parties involved in the investment.

ECONOMIC SCENARIOS

According to the CNMV criteria, 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 BASICO REAL ESTATE. In this project, the total revenue forecast amounts to €61,260,000, while the estimate of the total costs for the execution of the promotion corresponds to €55,483,280.

2. MODERATE

The moderate scenario contemplates an upward deviation of the construction costs estimated by the manager. In this project, a 25% increase in construction costs has been considered, which raises the amount of total costs to €57,684,669 € (reduced by the manager's promote that would not be charged).

3. UNFAVORABLE

The unfavorable scenario contemplates an increase in construction costs and a decrease in sales prices wide enough to obtain a negative result, with partial loss of the contributed capital. In this project, a 25% increase in construction costs and a 10% reduction in sales prices has been considered, which would result in a total revenue figure of €55,134,000 and total costs of €55,613,714 (reduced compared to the moderate scenario as the payment of Corporate Tax and the manager's promote is avoided by incurring losses).

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 (€61,260,000) minus EXPENSE FORECAST (€55,483,280) divided by the total equity (€10,000,000). The result of this quotient multiplied by 100 will be the profitability percentage on the contributed capital of this scenario.

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 whether the selling prices proposed by the manager are reasonable. 

There is information available about the market in the "Sales Witnesses" documentation, where you will find a list of houses for sale in the area, and in the "Market Report", where you will find a study carried out by the commercial DD. 

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated timeframe for this project is 40-44 months.

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

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

• Fourth quarter 2026 - first quarter 2027 – start of the execution of the Phase 1 construction work.

• Third quarter 2027 - fourth quarter 2027 – start of the execution of the Phase 2 construction work.

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

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

It is important to bear in mind that in any 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 project's planned timelines, due to delays in formalizing pre-sales and obtaining the developer mortgage loan.

• Deviation of the associated fixed costs to the investment, unforeseen construction events.

• Overcost derived from the adaptation of the foundation solution to the presence of fill detected in geotechnical studies, or the appearance of new technical soil conditions.

• Delays in sales, and/or the need to lower their price to attract customers.

• Risk of the bank refusing to subrogate the developer loan into a mortgage for some buyers, due to a situation of insolvency.

• Possibility of changing the agreed conditions. This risk includes potential substantial changes that occur from the start of the financing campaign until the formalization of the capital increase, in which case the project would be canceled and the capital contributed by the investors would be 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 promoter 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 period for raising funds 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. All this as established in Article 69 of Law 5/2015 on Business Financing Promotion.

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 promoter 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;

• Directors or employees of Urbanitae;

• Individuals or legal entities linked to these partners, directors or employees by control.

In this regard, Urbanitae guarantees that the investments of any of these individuals 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 Conduct Regulation of Urbanitae, 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 policy of protection of d