747806774.

xlsx

GMRED DEVELOPMENT APPRAISAL

Land area (sqm) 2,221 Units sqm/unit TOTAL sqm % use

Buildability ratio 9.14 Dwellings (1R2R&3R) 203 100 20,300 100.0%
Buildability area (sqm) 20,300 Retail 0 150 0 0.0%
Assignments to the Town Hall 0% Parking Spaces 244 20 4,872
Net Buildability area (sqm) 20,300 Storage room units 203 8 1,624

Sale price increase ratio 2.00%

Costs increase ratio 3.00%

CONSTRUCTION COSTS SALES REVENUE

€/sqm €/sqm or €/unit
Dwellings 1,500 30,450,000 Dwellings (1R2R&3R) 4,700 95,410,000 https://www.idealista.com/sala-de-prensa/informes-precio-vivienda/venta/madrid-comunidad/madrid-provincia/madrid/tetuan/
Retail 700 0 Retail 0 0 https://www.idealista.com/inmueble/103686900/
Parking 600 2,923,200 Parking 2,400 584,640 https://www.idealista.com/inmueble/103686900/
Storage room 600 974,400 Storage room 1,000 203,000 https://www.elconfidencial.com/vivienda/2018-01-02/suelo-adif-burbuja-precios_1499305/
Total Costs 34,347,600 GDV 96,197,640

Hard Costs Soft Costs Total Costs

Averag Cost per Unit 182,399 25,240 207,639
€/sqm 1,824 252 2,076

PERIOD TOTAL 1 2 3 4 TOTAL

Fees - Soft Costs TOTAL 1 2 3 4 TOTAL

Architect 3.50% 1,202,166 123,823 382,613 459,774 338,262 1,304,472
Surveyor 1.25% 429,345 44,223 136,648 164,205 120,808 465,883
Project manager 2.00% 686,952 70,756 218,636 262,728 193,293 745,413
Utility Connections 0.15% 51,521 0 0 0 57,988 57,988
Topographical Survey 6,000 6,000 6,180 6,180
Building Permit & Horizontal division 2.50% 858,690 884,451 910,984 938,314 966,463 3,700,212
Construction insurance 0.55% 188,912 19,458 60,125 72,250 53,155 204,989
Technical Proyect Monitoring 0.45% 154,564 15,920 49,193 59,114 43,491 167,718
Building and activity License 4.50% 1,545,642 1,592,011 1,592,011
Total Soft Costs 13.84% 5,123,792 2,756,822 1,758,200 1,956,384 1,773,460 8,244,865

Other costs TOTAL 1 2 3 4 TOTAL

Construction costs 34,347,600 3,434,760 10,931,811 13,136,392 9,664,632 37,167,595
Contingencies 5.00% 1,717,380 176,890 546,591 656,820 483,232 1,863,532
Commercialization and Marketing 1.00% 961,976 247,709 0 0 812,035 1,059,744
37,026,956 3,859,359 11,478,401 13,793,212 10,959,898 40,090,870

TOTAL COSTS 42,150,749 6,616,181 13,236,601 15,749,596 12,733,358 48,335,735

Dwelling sales 96,197,640 4,906,080 0 0 92,577,225 97,483,305

Retail unit sales 0 0 0 0 0 0
TOTAL REVENUES 96,197,640 4,906,080 0 0 92,577,225 97,483,305

TOTAL 54,046,891 -1,710,101 -13,236,601 -15,749,596 79,843,867 49,147,569

Construction rate 10% 30% 35% 25% 100%

Sales rate 25% 0% 0% 75% 100%

Acquisition costs 4.07% SENSITIVITY ANALYSIS

Land Value (Net) Market Value 19,801,227 Trasfer Tax 0.00% Sales - Costs (€/sqm) -10% -5% 0% 5% 10%
LAND VALUE (Gross) 20,641,329 Stamp duty 1.50% 19,801,227 1,350 1,425 1,500 1,575 1,650
€/ buildability sqm 1,017 Registry 0.04% 4,200
€/ land sqm 9,294 Notary 0.03% 4,400
% (€buildability sqm) / (€sqm dwelling sal 21.63% Legal Fees 0.50% 4,600
Developer Profit (over sales) 29.24% Brokers Fees 2.00% 4,800
Cash on Cash 27,220,575 5,000
Total SC+HC 48,335,735 LAND VALUE 20,700,000
Total Costs + Land 68,977,065 DISCOUNT RATE 18.00% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
GDV 96,197,640 DEBT COSTS 5.50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
IRR unleveraged 18.00% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
IRR leveraged 22.07% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0 1 2 3 4
CF unleveraged 28,506,240 -20,641,329 -1,710,101 -13,236,601 -15,749,596 79,843,867

% of financing in land acquisition LTV 0%

Repayment of principal 0 0 0 0 0
Interest payment 0 0 0 0

% of financing VAT 100%

Repayment of principal 4,158,258 0 0 4,158,258
Interest payment 228,704 228,704 457,408

% of financing in construction LTC 100% 6,616,181 13,236,601 15,749,596 12,733,358

Repayment of principal 48,335,735
Interest payment 363,890 1,091,903 1,958,131 2,658,465

CF leveraged -20,641,329 4,542,190 -1,091,903 -1,958,131 41,583,024

Página 1
 747806774.xlsx

GMRED DEVELOPMENT APPRAISAL

Land area (sqm) 500 Units sqm/unit TOTAL sqm % use

Buildability ratio 2.40 Dwellings (1R2R&3R) 11 105 1,200 100.0%
Buildability area (sqm) 1,200 Retail 0 150 0 0.0%
Assignments to the Town Hall 0% Parking Spaces 14 20 274
Net Buildability area (sqm) 1,200 Storage room units 11 8 91

Sale price increase ratio 3.00%

Costs increase ratio 3.00%

CONSTRUCTION COSTS SALES REVENUE

€/sqm €/sqm or €/unit
Dwellings 900 1,080,000 Dwellings (1R2R&3R) 5,500 6,600,000
Retail 700 0 Retail 0 0
Parking 500 137,143 Parking 0 0
Storage room 500 45,714 Storage room 0 0
Total Costs 1,262,857 GDV 6,600,000

Hard Costs Soft Costs Total Costs

Averag Cost per Unit 127,575 16,989 144,564
€/sqm 1,215 162 1,377

PERIOD TOTAL 1 2 3 TOTAL

Fees - Soft Costs TOTAL 1 2 3 TOTAL

Architect 3.50% 44,200 4,553 18,757 24,149 47,459
Surveyor 1.25% 15,786 1,626 6,699 8,625 16,949
Project manager 2.00% 25,257 2,601 10,718 13,800 27,119
Utility Connections 0.15% 1,894 0 0 0 0
Topographical Survey 6,000 6,000 6,180 6,180
Building Permit & Horizontal division 2.50% 31,571 32,519 33,494 34,499 100,512
Construction insurance 0.55% 6,946 715 2,947 3,795 7,458
Technical Proyect Monitoring 0.45% 5,683 585 2,412 3,105 6,102
Building and activity License 4.50% 56,829 58,533 58,533
Total Soft Costs 13.32% 194,166 107,313 75,027 87,972 270,312

Other costs TOTAL 1 2 3 TOTAL

Construction costs 1,262,857 126,286 535,906 689,979 1,352,171
Contingencies 5.00% 63,143 6,504 26,795 34,499 67,798
Commercialization and Marketing 2.00% 132,000 13,596 42,012 86,544 142,152
1,458,000 146,385 604,713 811,022 1,562,120

TOTAL COSTS 1,652,166 253,698 679,740 898,994 1,832,432

Dwelling sales 6,600,000 135,960 420,116 6,145,440 6,701,516

Retail unit sales 0 0 0 0 0
TOTAL REVENUES 6,600,000 135,960 420,116 6,145,440 6,701,516

TOTAL 4,947,834 -117,738 -259,623 5,246,445 4,869,084

Construction rate 10% 40% 50% 100%

Sales rate 10% 30% 60% 100%

Acquisition costs 3.07% SENSITIVITY ANALYSIS

Land Value (Net) Market Value 2,077,998 Trasfer Tax 0.00% Sales - Costs (€/sqm) -10% -5% 0% 5% 10%
LAND VALUE (Gross) 2,143,813 Stamp duty 1.50% 2,077,998 1,350 1,425 1,500 1,575 1,650
€/ buildability sqm 1,787 Registry 0.04% 4,950
€/ land sqm 4,288 Notary 0.03% 5,225
% (€buildability sqm) / (€sqm dwelling sal 32.48% Legal Fees 0.50% 5,500
Developer Profit (over sales) 40.67% Brokers Fees 1.00% 5,775
Cash on Cash 2,623,755 479,941 6,050
Total SC+HC 1,832,432 LAND VALUE 2,200,000
Total Costs + Land 3,976,245 DISCOUNT RATE 30.00% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
GDV 6,600,000 DEBT COSTS 6.00% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
IRR unleveraged 30.00% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
IRR leveraged 36.18% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0 1 2 3
CF unleveraged 2,725,271 -2,143,813 -117,738 -259,623 5,246,445

% of financing in land acquisition LTV 10%

Repayment of principal -214,381 0 0 0
Interest payment -12,863 -12,863 -12,863

% of financing VAT 100%

Repayment of principal 436,380 0 0 436,380
Interest payment 26,183 26,183 52,366

% of financing in construction LTC 60% 152,219 407,844 539,397

Repayment of principal 1,099,459
Interest payment 9,133 33,604 65,968

CF leveraged -1,931,576 38,210 127,480 4,633,278

Página 2
 ACQUISITION Profit on cost
Price 2,000,000 Land value
Compensations 0
ITP 0.00%
AJD 2.00% Term (years)
Registry 0.03% Acquisition period
Notary 0.04% Preconstruction period
Legal advisors 0.50% Construction period
Agent fee 1.00% Sales period

PROFESIONAL FEE
Architect 4.00%
Rigger 2.00% OTHER
Quantity Surveyor 2.00% Contingencies
Building Licence 4.50% Agent fees
Obra Nueva 0.80% Cost of debt
Insurance 2.00% Commercialization

REVENUES AND HARD COSTS

### sqm Cost €/sqm Sale price €/sqm
Total 4,300 1,000 4,000
Agent fees
Total

COSTS
Land acqusition costs
Land value 2,000,000
Compensations 0
ITP 0
AJD 40,000
Registry 600
Notary 800
Legal advisors 10,000
Agent fee 20,000
Land acqusition costs 2,071,400
Construction (Hard costs)
Construction costs 4,300,000
Contingences 172,000
4,472,000
Profesional fees (soft costs)
Architect 178,880
Rigger 89,440
Quantity Surveyor 89,440
Building Licence 201,240
Obra Nueva 35,776
Insurance 89,440
684,216
Total Hard + Soft costs 5,156,216
Commercialization 344,000
Financing
Land 151,521
Hard + Soft costs 82,175
Sales period 151,169
Total financing (50%) 192,432
TOTAL COSTS 7,764,048
TOTAL SALES 16,770,000
PROFIT 9,005,952
PROFIT ON COST 116.00%

ACQUSITION PRICE 2,000,000

 116.00% 465 €/sqm (land over buidability)
2,000,000 3,900 €/sqm finished building
actual 12% Land as % of building
units x 10

0.00
1.00 20000
0.80 2
1.00

4.00%
2.50%
4.00%
2.00%

Total costs Total sales

4,300,000 17,200,000
430,000
16,770,000