Project update

Update from the originator: 

Regarding the First Occupation License, all the necessary documentation has already been submitted and the visit of the municipal technicians has been received, so all that remains is the notification of the concession. As for the work, some minor finishing touches are being completed and the after-sales phase has begun after reviewing the work carried out. At the end of February, the deed phase of the marketed homes began. At a commercial level, there have been no developments, there are still 23 sales of the 33 total homes. In order to achieve the necessary sales to enable the cancellation of the developer loan, it has been agreed to apply a discount on the sales price of 3-4 units.

Update from the originator: 

Work continues to progress. The construction work continues to progress, having completed the execution of the facades, which has allowed the removal of the scaffolding to begin. At the same time, tiling work is progressing according to plan. Marketing remains unchanged, with pre-sales available for a total of 23 homes. In order to reactivate the sale of the remaining units, the originator is working on the presentation of the show apartment so that future buyers can visit it.

Target closing date: 2Q 2023

Update from the originator:

The Valladolid-Adaptis project is moving forward as expected. Currently, 25% of the works are already completed, and 80% of the houses have been sold. The remaining 20% will be sold at a higher price, in order to compensate for the increase in construction costs that accrued. The originator expects to keep up with the business plan and return the investment on the 2Q of the year 2023, with a 40% return.

Update from the developer:

The progress of the project:
- Financing: closed with Banco de Santander.
- License: obtained on 03/31/2021.
- Plays:
• Award on 06/10/2021 to the company CHR.
• Stakeout Act signed 06/15/2021.
• The Project Management of the works has been contracted to the architecture studio Author of the Project.
• Progress of the works: since the beginning of the work, the works have been carried out relative to earthworks, as shown in the attached photographs.
- Planning: the works are being carried out in accordance with the approved planning.
- Sales:
• Currently 21 units of the 33 that make up the promotion.
• Of these units, 18 have the reservation signed, 2 are pending signature and 1 is in the verification of the money laundering process.

A new document regarding the progress of the project has been added to the documents section.