INVESTMENT ANALYSIS

REPORT

DEVELOPED BY

SARAIVA 636 PROJECT

DOCUMENT REFERENCE

DOC20240023
CONFIDENTIALITY NOTICE: This document is classified as Confidential,
according to the information classification policy, from URBAN RISE's LDA
Information Security Management System, with limited distribution.

DOCUMENT HISTORY
DATE VERSION AUTHOR MOTIVE
2024-02-16 0.1 Nuno Initial version
Camilo
2024-02-19 1.0 Nuno Validation
Camilo
2024-02-22 1.1 Nuno Revision to the table of areas
Camilo

AUTHORING AND REVIEWING

AUTHORED BY

Name: Nuno Camilo

REVIEWER

Name: António Lagartixo

 CB Saraiva 636
Areas

Plot Area sqm

TOTAL 409

Old construction sqm

TOTAL 30

Parking below ground sqm

TOTAL 306

GCA above ground sqm

TOTAL 641

Residential # Units Typology Unit Total sqm GCA

Apartments 1 T1+2 80,5 81 96
Apartments 3 T3 119,5 359 427
Apartments 1 T3 99,3 99 118

TOTAL 5 - 81 538 641

Common areas sqm

Pool 38,80
Terraces 17,95
Balconies 37,34
Pateo 23,30
Backyard 200,00
TOTAL 317

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Acquisition 202 830

Building Price Value % (if applicable)

TOTAL 200 000 €
CPCV 40 000 20%
Deed 160 000 80%

Acquisition Stamp Duty 1 600 0,80%

IMT - 0,00%

Acquisition Fee 1 230 0,50%

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Hard Costs VAT 6%

Demolition 9 450 € 10 017 €

Demolition Value 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 9 000 € 0% 100% 0% 0% 0% 0% 0% 100% 9 540 €
Cost/sqm 300 €

Demolition Contigency Value % (if applicable) 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 450 € 5% 0% 100% 0% 0% 0% 0% 0% 100% 477 €

Common areas 53 000 € 56 180 €

Pool Value 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 27 000 € 0% 20% 80% 0% 0% 0% 0% 100% 28 620 €
Cost per pool 27 000 €

Backyard Value 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 26 000 € 0% 20% 80% 0% 0% 0% 0% 100% 27 560 €
Cost/sqm 130 €

Construction 1 691 929 € 1 793 445 €

Parking below ground Value 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 229 500 € 0% 100% 0% 0% 0% 0% 0% 100% 243 270 €
Cost/sqm 750 €

Construction Value 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 1 345 750 € 0% 60% 40% 0% 0% 0% 0% 100% 1 426 495 €
GCA Apartments 641
Cost/sqm Apartments 2 100 €

Terraces Value 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 7 180 € 0% 60% 40% 0% 0% 0% 0% 100% 7 611 €
Cost/sqm 400 €

Balconies Value 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 24 271 € 0% 60% 40% 0% 0% 0% 0% 100% 25 727 €
Cost/sqm 650 €

Pateo Value 1 2 3 4 5 6 7 YEARS Value (incl. VAT)

TOTAL 4 660 € 0% 60% 40% 0% 0% 0% 0% 100% 4 940 €
Cost/sqm 200 €

Construction Contigency Value % (if applicable) Value (incl. VAT)

TOTAL 80 568 € 5% 1 2 3 4 5 6 7 YEARS 85 402 €
0% 60% 40% 0% 0% 0% 0% 100%

TOTAL HARD COSTS 1 754 379 € 1 859 642 €

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Soft Costs VAT 23%

Soft Costs 231 356 261 560

1 2 3 4 5 6 7
Value %/€ (if applicable) Value (incl. VAT)
Notarial deeds & registries (%/ asset value) 1 500 10% 0% 90% 0% 0% 0% 0% 100% 1 500

Architecture & engineering (%/ construction) 26 316 1,50% 70% 30% 0% 0% 0% 0% 0% 100% 32 368

Technical Studies (%/ construction) 8 772 0,50% 100% 0% 0% 0% 0% 0% 0% 100% 10 789

Operative Management & Inspection (%/ construction) 43 859 2,50% 50% 40% 10% 0% 0% 0% 0% 100% 53 947

Marketing (%/ sales) - 0,00% 0% 0% 0% 0% 0% 0% 0% 0% -

Project Facility costs (%/ construction) 8 772 0,50% 0% 100% 0% 0% 0% 0% 0% 100% 10 789

Insurance (global) 15 000 - 0% 100% 0% 0% 0% 0% 0% 100% 15 000

Closing Costs & Lawyers (global) 15 000 - 30% 0% 70% 0% 0% 0% 0% 100% 18 450

Licenses & Taxes (%/ construction) 33 333 1,90% 90% 0% 10% 0% 0% 0% 0% 100% 33 333

TRIU Tax 50 000 0% 100% 0% 0% 0% 0% 0% 100% 50 000

IMI TAX (%/ property acquisition) 200 0,05% 0% 100% 100% 0% 0% 0% 0% 200% 200

AIMI TAX (%/ property acquisition) - 0,00% 0% 100% 100% 0% 0% 0% 0% 200% -

Development fee (%/ total development) 28 604 1,50% 50% 50% 0% 0% 0% 0% 0% 100% 35 183

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 CB Saraiva 636
Sales

Apartments 3 175 970 €

Apartments Value Racio/GSM

Gross Sales 3 175 970 €
Area to be delivered - TRUE 0,1 0,35 0,55
Total sqm sales 538 84,0%
€/sqm sales 5 900 1 2 3 4 5 6 7 YEARS
0% 25% 50% 25% 0% 0% 0% 100%

Net Sales 2 961 116 €

Sales Comissions 195 322 Pay %
Disposal Fee 19 532 - 40% 20% 40% - - -
- - 60% 40% - - -
- - - 100% - - -
- - - - - - -
Unit gross sale 398 958 €

Sales €
- 317 597 158 799 317 597 - - -
- - 952 791 635 194 - - -
- - - 793 993 - - -
- - - - - - -
TRUE TOTAL 3 175 970 € - 317 597 1 111 590 1 746 784 - - -

5,0% Sales Comissions

- 24 415 24 415 - - - -
- - 97 661 - - - -
- - - 48 831 - - -
- - - - - - -
TRUE TOTAL 195 322 € - 24 415 122 076 48 831 - - -

0,5% Disposal Fee

- 2 442 2 442 - - - -
- - 9 766 - - - -
- - - 4 883 - - -
- - - - - - -
TRUE TOTAL 19 532 € - 2 442 12 208 4 883 - - -

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P&L

Value
Acquisition
TOTAL Acquisition 202 830 TRUE
Building Price 200 000
Acquisition Stamp Duty 1 600
IMT -
Acquisition Fee 1 230
Hard Costs
TOTAL Hard Costs 1 859 642 TRUE
Demolition 9 540
Parking below ground 243 270
Condominium room -
Padel court -
Pool 28 620
Terraces 7 611
Balconies 25 727
Pateo 4 940
Backyard 27 560
Demolition Contigency 477
Construction 1 426 495
Construction Contigency 85 402
Soft Costs
TOTAL Soft Costs 261 560 TRUE
Notarial deeds & registries 1 500
Architecture & engineering 32 368
Technical Studies 10 789
Operative Management & Inspection 53 947
Marketing -
Project Facility costs (%/ construction) 10 789
Insurance (global) 15 000
Closing Costs & Lawyers 18 450
Licenses & Taxes 33 333
TRIU Tax 50 000
IMI TAX 200
AIMI TAX -
Development fee 35 183

TOTAL Costs 2 324 032

Sales
Gross Sales 3 175 970
Comission 195 322
Disposal fee 19 532

TOTAL Net Sales 2 961 116 TRUE

EBIT 637 083

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Equity return

1 2 3 4 5 6 7 YEARS
01/06/2024 01/06/2025 01/06/2026 01/06/2027 01/06/2028 01/06/2029 01/06/2030
TOTAL
Acquisition
TRUE TOTAL Acquisition 202 830 202 830 - - - - - -
Building Price 200 000 200 000 - - - - - -
Acquisition Stamp Duty 1 600 1 600 - - - - - -
IMT - - - - - - - -
Acquisition Fee 1 230 1 230 - - - - - -
Hard Costs
TRUE TOTAL Hard Costs 1 859 642 - 1 194 628 665 014 - - - -
Demolition 9 540 - 9 540 - - - - -
Parking below ground 243 270 - 243 270 - - - - -
Condominium room - - - - - - - -
Padel court - - - - - - - -
Pool 28 620 - 5 724 22 896 - - - -
Terraces 7 611 - 4 566 3 044 - - - -
Balconies 25 727 - 15 436 10 291 - - - -
Pateo 4 940 - 2 964 1 976 - - - -
Backyard 27 560 - 5 512 22 048 - - - -
Demolition Contigency 477 - 477 - - - - -
Construction 1 426 495 - 855 897 570 598 - - - -
Construction Contigency 85 402 - 51 241 34 161 - - - -
Soft Costs
TRUE TOTAL Soft Costs 261 560 113 697 124 770 23 093 - - - -
Notarial deeds & registries 1 500 150 - 1 350 - - - -
Architecture & engineering 32 368 22 658 9 710 - - - - -
Technical Studies 10 789 10 789 - - - - - -
Operative Management & Inspection 53 947 26 974 21 579 5 395 - - - -
Marketing - - - - - - - -
Project Facility costs (%/ construction) 10 789 - 10 789 - - - - -
Insurance (global) 15 000 - 15 000 - - - - -
Closing Costs & Lawyers 18 450 5 535 - 12 915 - - - -
Licenses & Taxes 33 333 30 000 - 3 333 - - - -
TRIU Tax 50 000 - 50 000 - - - - -
IMI TAX 200 - 100 100 - - - -
AIMI TAX - - - - - - - -
Development fee 35 183 17 591 17 591 - - - - -

TRUE TOTAL Costs 2 324 032 316 527 1 319 398 688 107 - - - -

Sales
Gross Sales 3 175 970 - 317 597 1 111 590 1 746 784 - - -
Comission 195 322 - 24 415 122 076 48 831 - - -
Disposal Fee 19 532 - 2 442 12 208 4 883 - - -
TRUE TOTAL Net Sales 2 961 116 - 290 740 977 306 1 693 070 - - -

TRUE Unlevered Cashflow 637 083 (316 527) (1 028 658) 289 199 1 693 070 - - -

Unleveraged IRR 20,3%

Total Profits 637 083
Profit Multiple 1,5x

Bank Values
Acquisition Financing 0%
Hard Costs Financing 100,0%
Interests (spread + Euribor) 5,0%
Stamp Duty on interests 4,0%
Stamp Duty on Loan Credit 0,5%
Bank Fees 0,4%

Bank Financing
Loan 1 859 642 - 1 194 628 665 014 - - - -
Loan Repayment (1 859 642) - - (1 859 642) - - - -
% Repayment 100% 0% 0% 100% 0% 0% 0% 0%
Accumulated Loan Value - 1 194 628 - - - - -

Interests 59 731 - 59 731 - - - - -

Stamp Duty on interests 2 389 - 2 389 - - - - -

Stamp Duty on Loan Credit 9 298 9 298 - - - - - -

Bank Fees 7 439 7 439 - - - - - -

Levered Cashflow 558 226 (333 264) 103 849 (905 429) 1 693 070 - - -

Taxes+Comissions (115 976) - - (115 976) - - - -

Levered Cashflow after taxes 442 250 (333 264) 103 849 (1 021 405) 1 693 070 - - -

Levered IRR before taxes 28,2%

Total Profits 558 226
Profit Multiple 1,5x

Levered IRR after taxes 21,8%

Total Profits 442 250
Profit Multiple 1,3x

SHA Loan
Shareholders interest 10%
Maximum value to deduct 279 113

Total Loan (550 000) (550 000) (550 000) - - - -

Project Loan Estimate (464 390)
Real Loan (550 000) (550 000) - - - - - -
Real Loan Repayment 550 000 - - - 550 000 - - -

Interests (165 000) (55 000) (55 000) (55 000) - - - -

Acumulated interests OK (55 000) (110 000) (165 000) - - - -

Levered Cashflow before interests 393 226 (388 264) 48 849 (960 429) 1 693 070 - - -

Comission on Capital Raised 5% (27 500)

Taxes (IRC+Der.Mun) 23% (88 476)

Levered Cashflow 277 250 (388 264) 48 849 (1 076 405) 1 693 070 - - -

Equity return 442 250 (550 000) - 442 250 550 000 - - -
Loan (550 000) (550 000) - - - - - -
Loan Repayment 550 000 - - - 550 000 - - -
Profit 442 250 - - 442 250 - - -

Equity IRR 26,3%

Total Profits 442 250
Profit Multiple 1,8x

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Benchmark

RE Developments AREAS Price €/SQM

Oliveira 32 953 5 965 000 € 6 259 €
T1 41 330 000 € 8 049 €
T1 54 380 000 € 7 037 €
T2 68 395 000 € 5 809 €
T2 113 685 000 € 6 062 €
T2 113 725 000 € 6 416 €
T3 126 810 000 € 6 429 €
T3 126 840 000 € 6 667 €
T2 154 895 000 € 5 812 €
T2 158 905 000 € 5 728 €

Praça do Chile 16 314 2 482 000 € 7 904 €

T0 31 243 000 € 7 839 €
T0 34 270 000 € 7 941 €
T0 37 280 000 € 7 568 €
T0 34 285 000 € 8 382 €
T0 34 290 000 € 8 529 €
T1 48 359 000 € 7 479 €
T1 48 375 000 € 7 813 €
T1 48 380 000 € 7 917 €

Maria Residences 452 4 965 000 € 10 985 €

T1 53 635 000 € 11 981 €
T1 55 635 000 € 11 545 €
T1 53 695 000 € 13 113 €
T2 138 1 470 000 € 10 652 €
T3 153 1 530 000 € 10 000 €

The Corner 526 2 745 000 € 5 219 €

T1 63 315 000 € 5 000 €
T2 86 440 000 € 5 116 €
T2 82 480 000 € 5 854 €
T2 82 450 000 € 5 488 €
T2 102 500 000 € 4 902 €
T2 111 560 000 € 5 045 €

Campo Santana 567 3125000 5 511 €

T2 96 755 000 € 7 865 €
T2 (Cave) 168 880 000 € 5 238 €
T4 (Cave) 303 1 490 000 € 4 917 €

Fontana 141 927 000 € 6 574 €

T2 141 927 000 € 6 574 €

Colina Santana 388 2 267 000 € 5 843 €

T2 115 730 000 € 6 348 €
T3 123 755 000 € 6 138 €
T3 150 782 000 € 5 213 €

Ponta Delgada 8 492 3 007 900 € 6 114 €

T2 74 465 600 € 6 292 €
T2 74 472 500 € 6 385 €
T2 81 499 800 € 6 170 €
T2 81 510 500 € 6 302 €
T3 105 660 000 € 6 286 €
T1 77 399 500 € 5 188 €

Statistics
Nº RE Developments 8
Nº Apartments 41
Average €/m2 6 801 €
Median €/m2 6 186 €
Min €/m2 5 219 €
Max €/m2 10 985 €