Project update

Update from the originator:

During these last weeks, the originator has been in contact with the Promoter and the Property Administrator, but they have already confirmed that the Meeting will not be convened within the established deadline. Being consistent with what was agreed, it is time to cancel the project. And consequently:

• The amount contributed on the day is returned to the wallets of all project investors.
• The originator has negotiated with the promoter a compensation equivalent to a remuneration of 5% per year for the funds contributed as of June 30, 2021, that is, a remuneration of 8%, on which the 19% withholding will be applied.

The originator regrets that, after so much waiting, this is the final outcome of the project, and the originator would likUrbanitaee to thank all investors for their patience and understanding with an operation that has been fraught with uncertainty and has not achieved its objectives. Despite the efforts of the promoter and the originator, the internal dynamics of the Community of Owners of the garage, with more than 300 members, has turned out to be even more complex than expected.

And two final considerations:

1. The originator will not receive any income from this operation.
2. The prudence of not contributing the funds until the objective of having the firm agreement of the Community of Owners has been reliably met has made it possible to protect the investors' capital, which constitutes an essential principle in our actions.

The payment of the agreed compensation by the promoter is expected to be received in the next few days.

Update from the originator: Project liquidation has been postponed 3-4 months, but the originator is expecting to improve the return. More information will follow.

Update from the originator:

The Project has already made progress:

License approved and waiting to be able to execute the necessary works for its entry into force:
FIRST: The work necessary for the License to come into force, related to departures from
emergency, lighting, fire etc., are those exposed in the memory of this License.
SECOND: The works required by the Community of Owners and that appear in the agreement that is signed between the parties and they undertake general works throughout the garage.

NEXT STEPS
It is expected to be able to sign the Agreement agreed with the neighbours before December 31, 2021, as well as the green light of the relevant Works Commission to start the execution works in the month of January 2022.
In parallel to the beginning of the works, a list of buyers (own neighbours of the community) will be informed about the project, in order to have the commercialization process get closed prior to the completion of the works.

PROJECT COMPLETION
We expect the completion of the project to take place by April 15, 2022, which would mean counting with a month of margin (until May 15) to deal with possible setbacks, especially of a nature administrative. (Registries, Notaries etc.).

The original document containing the detailed information is added to the documents section.

Update from the originator:

Already prepared the process of execution of the reconditioning works of the garages: budget of the works, calendar of the same and all permits, including the change of use process. The license and the agreement with the Registry of the Property of Barcelona to incorporate these new squares in the global percentage of the property with its change of use. And it only remains to sanction the agreement with the Community of Owners that we hope it will not delay in any case more than this month of October. Once this is obtained, the forecast is to start immediately and finish in an estimated period of 4 months maximum.