This document describes a real estate redevelopment project in Lisbon, Portugal. The project involves rehabilitating an existing mixed-use building located near Avenida da Liberdade into 10 residential units and 1 store. Under a base case scenario, the project is expected to generate a profit of 1.17 million euros over a 2 year investment cycle and provide an unleveraged internal rate of return of 21% for investors. A financial analysis shows the investment requirements, estimated costs, sales prices, and projected financial performance under worst, base, and best case scenarios.

1. GLÓRIA 70 L I N C E

2. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Location
HIGHLIGHTS
 Premium location – next to Av. da Liberdade
 Residential area with international projection
 Proximity to green spaces
 Services / Transports / Commerce
 Tourist potential
GLÓRIA 70

3. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Project
EXISTING SITUATION
 AAA Location
 Mixed use building
 10 housing units (1 and 2-bedroom
apartments) + office
 Existing Building Area: ≈1195 m²
 Acquisition cost: 2,85 M€
GLÓRIA 70

4. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Project
PROJECT SUMMARY
 Rehabilitation with façade maintenance
 Target: Upper middle class
 10 units: 1 and 2-bedroom apartments
 1 store
 Building area ≈ 1385 m²
 Average Sale € per sqm: 7,5k
 Investment cycle: 2 to 2,5 years
GLÓRIA 70

5. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Business Plan
PROJECT FINANCIALS € per sqm €m’s
Average selling price 7 246 7,41
Acquisiton, other upfront costs 2 075 2,87
Sales commission 446 0,46
Construction 1 470 2,03
Project Management 59 0,08
Soft Costs (including marketing + tax) 310 0,43
EBITDA 1,44
Profit after Tax 1,17
Fund investment requirement incl construction 6,11
% of Construction funded by sales / IFFRU program 46%
GLÓRIA 70

6. Worst Case Base Case Best Case
Sales, Margin Premium(Disc) (10%) - 10%
Term (years) 2,5 2,0 2,0
ProfitProject Return in €m’s 0,43 1,17 1,91
% over total Project 7% 20% 32%
% over Rock Capital Funds 7% 19% 31%
IRR unleveraged 3% 21% 35%
IRR leveraged 4% 32% 52%
Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Financial Projection
SCENARIO ANALYSIS
GLÓRIA 70

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