Project update

Update from the originator: The originator is awaiting for the last apartment to be duly signed; the buyer was on a business trip outside Spain, and the signature is scheduled for July 15th; afterward, in approximately 15 days' time, the originator will be prepared to return the funds to investors. The originator is anticipating a lesser return than expected, due to the unexpected increase in materials costs.

Update from the originator: Albacete is close to being liquidated, possibly in June. The originator understands that return will be a bit less than estimated, due to the raise in construction costs.

Update from the originator:

The Albacete project has already completed the works and obtained the First Occupation License. Throughout the month of April, the four homes will be delivered to their respective clients. The works have been carried out within the estimated budget, although there have been delays due to problems in the material supply chain.

When the four deliveries will be made, the settlement process will begin. These types of processes are not automatic and the steps and milestones established by the Capital Companies Law must be respected.

When the originator estimates the duration of the projects, the originator usually anticipates 2-3 months from the moment the work is finished until the effective settlement of the investment.

The originator's current forecast is that taking into account that we are entering the Easter period, the originator will be in a position to transfer the funds to investors throughout the month of May. The originator does not yet have precise information on the final return on investment, although the originator estimate that it will be in line with what was announced: 14% of the capital invested.

Update from the originator: 

October update on the project's progress has been added to the documents section.

Update from the originator:

The August Report has been added to the documents section.

Update from the developer:

During this month of March, there has been little progress in the execution of the work because the contractor company in charge of the execution of the structure had to stop the work since it had an unavoidable commitment to another public work. This does not suppose any delay regarding the foreseen deadlines since this small stop had already been agreed upon with the construction company.

1. On March 1, 2021, the columns of the second slab are executed.

2.On March 04 the formwork of the second slab is finished.

3.On March 10, the second floor was finished concreting.

4. From March 10 to March 29, the works are suspended due to the aforementioned.

5. On March 29 the works are resumed and the pillars of the third floor are assembled.

6.On March 30 the pillars are concreted and on March 31 work begins on the third floor.

Regarding the commercialization of the properties, during this month of March the contracts that were pending signature were finished, that is, the first floor and the attic, with which all the properties are already signed.

As the developer progresses in the execution of the work, the developer will inform you promptly.

A new document containing pictures of the progress has been added.

Update from the developer:

Following the developer's policy of transparency and transmission of information related to the project of Albacete, GARAJES YTRASTEROS C / JORE GUILLEN 10/12, the developer will now detail the progress achieved during the month of February:

1. On February 8, 2021, the demolition project of the existing building on the site began.
2. On February 9, the demolition of the existing building was completed and the site was left ready to start the construction works of the future property and the construction company and technicians of the foundation work proceeded to stake out the earthworks for the foundation.
3.On February 12, the foundation works began and were finished on February 16.
4.On February 17, the floor of the ground floor was executed.
5.On February 18 the developer began the assembly of the pillars of the ground floor and they were finished on February 19.
6.On February 20, the works for the execution of the first forging began.
7.On February 26, the first floor was finished and the pillars of the second floor were assembled.

As we progress in the execution of the work, we will inform you promptly.

A new document containing pictures of the progress has been added.

Update from the developer:

Based on this commitment to transparency, the developer is pleased to inform you of the different milestones achieved to date in the development of the project:

1.On January 26, 2021, the shareholders' agreement and the capital increase were signed, thus finding the company fully capitalized and operational.
2.On January 27, 2021, the deed of sale of the lot on which the project will be developed was signed.
3.On February 8, 2021, the execution of the demolition project of the existing building on the site began.
4.On February 9, the demolition of the existing building was completed and the site was left ready to start the construction works of the future property, and the construction company and technicians of the foundation work proceeded to rethink it.

Today February 9, the earthworks for the immediate execution of the foundations of the future building begin, whose completion we expect next Friday so that the structure works can begin next Monday. Between tomorrow and the day after tomorrow, the developer will begin the signing of the purchase and sale contracts with the clients.

As we progress in the execution of the work, the developer will inform you promptly with any news.

A new document with pictures of the progress has been added.