PROJECT DESCRIPTION

Aspire Unique Living is a Portuguese developer (founded in 2022 in Porto) specializing in the premium residential segment, with a strategy focused on “Unique Living” assets: projects that combine prime locations, strong architectural identity and differentiated typologies. The company was born from Aulder, an American real estate group founded in New York in 2012, which began its activity on the East Coast of the US and landed in Portugal in 2018. Its promotions focus on urban regeneration and the repositioning of existing assets into modern and design residential product. It has developed 10 projects in Porto, 5 of them in Matosinhos, with about 260 homes and about 80 M€ of total investment. Among its reference projects are Oceam 1 (35 studios and duplex studios with coworking, cafeteria and common gardens), Oceam 2 (300 m from the metro and 350 m from the beach) and Almada 109 (12 exclusive homes in the heart of Porto).

The project has a capital gains strategy and consists of an alliance with the manager to develop, after the acquisition and conversion of a set of existing buildings, a residential complex in Matosinhos (Porto), composed of 101 homes of typologies from studio to 3 bedrooms, 7 commercial premises on the ground floor, 11,168 m² of built area and 76 parking spaces on two basement floors.

The contributions of Urbanitae investors will be delivered to the manager via capital increase to the vehicle company that will group Urbanitae investors: ATLAS OPPORTUNITIES 1, S.L. This company will later enter the Portuguese project development company, BHME, LDA. The manager is processing the development bank financing, amounting to 17,676,914 € (42% LTV), whose approval will be a condition for Urbanitae's entry.

The contribution of Urbanitae investors and co-investors will go, via capital increase in BHME, LDA, mainly to the acquisition of the property and the construction of the asset, as well as to provide the company with liquidity to support the project costs not covered by the manager, the partners, the financing or the down payments from the buyers, until the sale of the property.

The acquisition of the property is scheduled for November 2026. As of the launch date of this project, the PIP (prior project approval) was approved in August 2026, which allows the construction to start automatically under the Comunicação Prévia regime. The start of the work is scheduled between 2 and 4 months after the acquisition, once the construction has been tendered, with an estimated duration of 24 months.

The marketing of the homes is already underway: since its launch in May 2026 35 of the 41 units put up for sale have been reserved, and the developer has temporarily paused the marketing to maximize the value. The reservations will be converted into promise of sale contracts after the deed, with an initial payment of 20% and an additional 10% at the end of the infrastructure works. The average sale price forecast in the business plan for the residential part is 7,169 €/m², which, together with the 7 commercial premises (620 m² at 4,500 €/m²), represents a total estimated sales amount of 42,495,094 €. This amount already excludes the homes that will be delivered to the current landowner as part of the acquisition price (swap), so these units are not counted as project income. The sale prices of the business plan have been contrasted with the comparables in the area and with the commercial due diligence.

STRUCTURE

The operation will be structured via capital increase, where Urbanitae investors will make a capital contribution to the vehicle company of the operation, which in turn will increase capital in the project development company. The manager is processing the development bank financing with top-level entities in Portugal, amounting to 17,676,914€ (42% LTV) to cover the cost of the work, which will be completed with 7.1 M€ of down payments from the buyers; Urbanitae's entry will be conditioned to its approval.

The manager will contribute 26% of the total equity (1,745,548€) and Urbanitae investors and co-investors the remaining 74%. A capital distribution has been agreed with the Developer that incentivizes him to optimize the return on invested capital. The distribution of profits is made in tranches, depending on the IRR achieved by the project:

• Up to an IRR of 15.0%: all capital is remunerated pari passu and profits are distributed according to the capital structure of the company;

• Above an IRR of 15.0%: the manager receives 50% of the excess generated as variable remuneration, and the remaining 50% is distributed among the partners according to the capital structure.

The manager, Aspire Unique Living, will be dedicated to the integral management of the promotion.

WHY INVEST?

There are several reasons to invest in this project:

• Project with approved PIP and work ready to start. The PIP was approved in August 2026 and allows the start of construction under the Comunicação Prévia regime. Urbanitae's entry will be conditioned on the approval of bank financing and a minimum of contracted down payments, which places the project in an advanced phase regarding its launch.

• Marketing with very good traction. Since the launch in May 2026, 35 of the 41 units put up for sale have been reserved. The business plan incorporates €7.1M in down payments, equivalent to 56% of pre-sales, a conservative level considering the expected sales pace.

• Sale prices validated by comparables. The average residential price of the business plan, €7,169/m², has been revised in line with Savills' commercial due diligence and current market prices. Matosinhos Sul is a premium submarket with limited stock, where new construction sales in the municipality multiplied by 2.6 between 2020 and 2025.

• Promoter with local experience and committed own capital. Aspire Unique Living, backed by the Aulder group, has developed 10 projects in Porto, 5 of them in Matosinhos. The promoter will invest 26% of the total equity, which directly aligns their interests with those of Urbanitae investors.

• Prime location in Matosinhos Sul (Porto). The asset is located on Rua Dr. Afonso Cordeiro, a short walk from the beach, the metro and the main services, and about 15 minutes from the center of Porto, in an area with high demand and limited new construction supply.

ECONOMIC SCENARIOS

According to the CNMV's 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 income and expense estimates proposed by the manager, verified by Urbanitae after the technical and commercial due diligence and contrasted with the comparables in the area. In this project, the total revenue forecast amounts to €42,495,094, while the estimate of the total costs for the execution of the promotion corresponds to €37,578,455.

2. MODERATE

The moderate scenario contemplates a 20% upward deviation of the construction costs estimated by the manager, which raises the total cost forecast to €39,160,922, keeping the income at €42,495,094.

3. UNFAVORABLE

The unfavorable scenario contemplates an increase in construction costs and a decrease in sale prices. In this project, a 20% increase in construction costs and a 10% reduction in sale prices have been considered compared to the favorable scenario, which means a total income figure of €38,245,585 and total costs of €37,731,580.

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 (€42,495,094) minus EXPENSE FORECAST (€37,578,455) divided by the total Equity (€6,720,548). The result of this quotient multiplied by 100 will be the percentage of profitability on the capital contributed in 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 validate the sale prices proposed by the manager. Savills' commercial due diligence identifies Matosinhos Sul as a premium submarket with limited supply, in which new construction sales in the municipality went from 433 units in 2020 to 1,126 in 2025, with an average price of €5,742/m² and with T1-T2 typologies concentrating 83% of new sales. According to Savills, the premium positioning of the sale price is based not only on the prime location, but also on the architectural concept, the quality of the finishes and the common areas of the project. The prices of the business plan (€7,169/m² on average in residential) are in line with the closest comparables in the same micro-location, such as Golden View, Docks and SUL 560, and the already started marketing (35 of the 41 units reserved) supports the assumed values.

The project has been subject to a commercial due diligence carried out by Savills.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated duration of this project is 30-34 months.

• November 2026 – Capital investment and closing of the property acquisition

• First quarter 2027 – Start of construction (2-4 months after acquisition, once the construction has been tendered and the property vacated)

• First quarter 2029 – End of construction (estimated duration of 24 months)

• July 2029 – Completion of sales, use license and exit from the company

It is important to bear in mind that in all real estate developments, 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.

• 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.

• Commercial risk: although 35 of the 41 units put up for sale are reserved, the reservations have not yet been converted into promise of sale contracts (CPCV), and the rest of the homes and commercial premises remain to be marketed.

• Increase in the deadlines set in the project, due to delays in the estimated months of 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 investment contract, in which case the project would be cancelled and the investment 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 in no case can it 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 the project's 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 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 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.