PROJECT DESCRIPTION

The manager of this opportunity is RTV GRUPO INMOBILIARIO, a real estate development company founded in 1999. The Group is divided into four business lines: Real Estate Private Equity, Real Estate Consulting and Capital Markets, Real Estate Development Management, and Real Estate Asset Management. Since its founding, RTV GRUPO INMOBILIARIO has developed more than 25 residential projects, delivering over 500 homes, mainly in the city of Barcelona and its surrounding areas, as well as on the island of Ibiza.

Through its other business lines, RTV GRUPO INMOBILIARIO has advised on the purchase and sale of commercial real estate assets worth more than €600 million, structured, invested in and divested from real estate assets valued at over €115 million, and manages third-party real estate assets.

Cornellá Riera will be the eighth project financed by RTV GRUPO INMOBILIARIO through URBANITAE, following the Passeig de la Pau and Parc Can Fluixà developments (both located in Santa Eulalia del Río), Residencial Labritja (Sant Joan), Roca Llisa (Roca Llisa development), Vista Alegre (Vista Alegre development), and Residencial Priorat and Soler i Cortada, also located in Cornellà de Llobregat.

Residencial Priorat involves the development of 68 homes, with purchase and sale agreements already signed for 64 units and construction approximately 40% complete. Soler i Cortada, meanwhile, has sold 25 of its 33 units and is approximately 35% complete. RTV has therefore recorded 89 sales out of 101 units (88%) in the same municipality over the last two years. In addition, the manager has direct experience processing building permits in Cornellà.

The loan is scheduled to mature after 12 months, although it provides for a possible single extension of 6 months, up to a maximum of 18 months.

The developer is granting a €220,000 bridge loan, executed simultaneously and on the same terms as the Urbanitae loan, with equal ranking and maturity, and to be repaid pro rata alongside it.

The amount of committed equity in the project is €2.3 million (€2.06 million contributed by the co-investors and €0.24 million by the developer).

Urbanitae investors will participate in the project by granting a fixed-rate bridge loan of up to €480,000, intended to temporarily provide the company with the liquidity needed to launch the development.

Urbanitae investors will exit through repayment of the loan using funds from the second drawdown of the development loan, which is conditional on obtaining the building permit and achieving 40% in presales.

STRUCTURE

This transaction will be structured as debt, with Urbanitae investors granting a fixed-rate bridge loan to ES VEDRA SPV I, S.L.

Total project financing amounts to €10,133,445 and is structured as follows: €2,300,000 in equity; €480,000 from the Urbanitae investors’ bridge loan; €220,000 from the manager’s (RTV’s) bridge loan; and €7,133,445 in bank financing (development and customer loans, including the land tranche).

The total gross loan amount will be up to €480,000, with the following main features (for more information, see the “Key Investment Information” document):

•   Total loan amount: up to a maximum of €480,000.

•   Fixed annual simple interest rate: 12%.

•   Loan term: 12 months, with the option of a single 6-month extension (up to month 18).

•   Interest and principal will be paid at maturity (“bullet” repayment), with interest accruing from the date the loan agreement is executed. Full or partial early repayment is permitted, subject to payment of a minimum of 6 months’ guaranteed interest from the date the loan is granted.

•   The loan will be drawn down in a single tranche and disbursed in full on the date the financing is granted.

With regard to the loan guarantees, the financing agreement provides for the following:

•   Development loan signed: Urbanitae investors’ financing will be signed simultaneously with the bank development loan, which ensures Urbanitae investors’ exit once the required building permit and presales have been obtained.

•   Subordination of any shareholder loans or other debt to the Urbanitae loan, except for (i) bank financing (the land loan and development loan), which will rank senior, and (ii) the bridge loan granted by the developer, which will have the same terms, ranking and maturity as the Urbanitae loan and will be repaid pro rata alongside it.

•   Unlimited liability of the borrower company, which is liable for fulfilling its obligations with all its present and future assets, giving investors recourse against its assets.

WHY INVEST?

There are several reasons to invest in this project:

•   Bank financing granted: Urbanitae investors’ loan will be signed simultaneously with the bank development loan, which ensures their exit, subject to obtaining the building permit and achieving 40% in sales.

•   Experienced manager: RTV Group, founded in 1990, has completed more than 30 projects and delivered over 500 homes, and Cornellà Riera will be its eighth project with Urbanitae. RTV has recorded 89 sales in the same municipality across the Residencial Priorat and Soler i Cortada projects, where it has also successfully processed the building permits.

•   Manager aligned with investors: the manager is granting a €220,000 bridge loan on the same terms, with equal ranking and maturity, to be repaid pro rata alongside the Urbanitae loan. In addition, committed equity in the project amounts to €2.3 million (€2.06 million from co-investors, representing 93% of the capital, and €0.24 million from the manager).

•   Location: Cornellà de Llobregat, a municipality in the Barcelona metropolitan area. Located in the established town centre, next to Riera Parc (Layetana), 0.85 km from the A-2 access point, 8.2 km from the airport and 13.6 km from central Barcelona.

•   A 12% annual return (fixed simple interest), with a minimum guaranteed return equivalent to 6 months’ interest (6%) in the event of early repayment.

MARKET

A market study was conducted to determine whether the sale price proposed by the manager is reasonable. The study, carried out in October 2026, analyses 7 new-build developments in Cornellà de Llobregat (39 homes), with average prices per development ranging from €408,500 to €701,700, an average price of €498,641 and an average value of €5,232/m². The projected price for Residencial Cornellà Riera (an average of €434,377, or €5,092/m²) is below the comparable properties’ average (−2.7%) and 3.3% below Riera Parc (€5,265/m²), the Layetana development located opposite the site.

Market information is available in the “Comparable Sales” documentation, which includes a list of homes for sale in the area.

WHEN WILL I GET MY INVESTMENT BACK?

The estimated term of this project is 12 months, with a possible additional 6-month extension (12+6, up to month 18).

•   December 2026: Urbanitae investors grant the loan, the land is acquired and the development is launched.

•   Fourth quarter of 2027, building permit granted and 40% of the development’s homes marketed.

•   December 2027: estimated loan maturity (12 months) and repayment of principal and interest to Urbanitae investors using the bank loan drawdown.

•   June 2028: maximum loan maturity (18 months) if the 6-month extension is exercised.

RISKS

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

•   Risk of delays in obtaining the building permit. Repayment of the loan is expected upon obtaining the permit and drawing down the bank development loan. Any delay could extend the maturity to a maximum of 18 months (12+6) and postpone repayment of the loan.

•   Commercial risk arising from a possible delay in marketing the percentage required by the bank to release the development loan drawdown that will enable Urbanitae investors to exit.

•   Possibility of a change to the agreed terms. This risk includes potential material changes occurring between the start of the fundraising campaign and the execution of the loan agreement. In such a case, the project would be cancelled and the investment returned.

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*Warnings and Risks*

Urbanitae Real Estate Platform S.L. (Urbanitae) is not an investment services firm or a credit institution and is not a member of any investor compensation scheme 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 an investment recommendation to potential investors.

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Urbanitae expressly states that, if the project’s full investment target is not met, the fundraising period may be extended by up to 25%, with the same investment terms maintained. The project may also be financed by Urbanitae once at least 90% of the funding target has been reached, after deducting any participation in the project held by the platform itself.

Investing in projects published on this Website may involve certain risks, such as the risk of losing all or part of the invested capital, not obtaining the expected financial return, or a lack of liquidity. Investors are therefore advised to invest only an amount they are prepared to lose, and are encouraged to diversify their investments to minimise and mitigate potential risks. If the manager 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 the 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 investments made by any of 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.

In accordance with 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 financed, always in compliance with the data protection policy.