Metrovacesa S A : 13/05/2020 – Results Presentation 1Q FY2020 (PDF)

Results 1Q2020

May 13th, 2020

Serenity Collection (Estepona, Málaga)

Disclaimer

This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA ("Metrovacesa"). This Presentation, as well as the information included therein, neither constitutes nor forms part of (i) any contract or commitment of purchase or subscription of shares in accordance with the Securities Market Law, or (ii) an offer of purchase, sale or exchange of shares, or a solicitation of any type of voting rights in the jurisdiction of Spain, UK, USA or any other. "Presentation" refers to this document and any part or content of this document; any oral presentation, brainstorming session and written or audio material processed or distributed during the meeting related to the Presentation or in any way associated with the Presentation. The Presentation and the information contained in the Presentation may not be reproduced, used, distributed or published, in whole or in part, in any case, except with regard to the information extracted from the Presentation and used for the preparation of analysts' reports in accordance with the applicable regulations. The breach of this obligation may result in a violation of the legislation applying to the securities market and this may lead to civil, administrative or criminal liability. In addition to information related to historical facts, this Presentation may contain forward-looking statements relative to Metrovacesa's sales and results and to other issues such as industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital investment, own resources and other operational and financial information. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are not about historical facts. The terms "foresee", "expect", "anticipate", "estimate", "consider", "may" and other similar expressions may identify forward-looking statements. Other forward-looking statements can be identified based on their context. Forward-looking statements are based on numerous hypotheses and assumptions relating to Metrovacesa's present and future business strategy, as well as the environment in which Metrovacesa expects to operate in the future. Forward-looking statements include and involve known and unknown risks, uncertainties and other material factors that may affect the actual results and performance of Metrovacesa or the industry. Therefore, the result and the actual performance may differ materially from those expressed or implied in these statements. None of the forward-looking statements, expectations, or perspectives included in this Presentation should be construed as a prediction or a promise. Neither should it be understood that the forward-looking statements involve any demonstration, promise or warranty whatsoever of the accuracy or completeness of the assumptions or hypotheses which such forward-looking statements, expectations, estimates or forecasts are based on, or, in the case of the assumptions, their full inclusion in the Presentation. Numerous factors may cause Metrovacesa's results or actual performance to be materially different from any future results or performance expressly or implicitly included in any of the aforementioned forward-looking statements. In the event that one or several of the aforementioned risks or uncertainties were to materialise, or in the event that the assumptions prove incorrect, actual results may be materially different from those described, anticipated, expected or projected in the Presentation. Therefore, the recipient of this presentation should not unduly rely on these forward-looking statements and their ability to predict future outcomes. Present and future analysts, securities brokers and investors must operate based on their own judgement as to the suitability and adequacy of the securities in terms of the achievement of their particular goals, having taken into consideration what is specified in this notice and the public information available and having received all the professional advice, or of any other type, deemed necessary or merely convenient in these circumstances, without having relied solely on the information contained in the Presentation. The dissemination of this Presentation does not constitute advice or recommendation by Metrovacesa to buy, sell or trade with Metrovacesa shares, or with any other security. Analysts, securities brokers and investors should take into account that the estimates, projections and forecasts do not guarantee the performance, result, prices, margins, exchange rates and other facts relating to Metrovacesa, which are subject to risks, uncertainties or other variables that are not within Metrovacesa's control, in such a way that the future results and the actual performance could be materially different to that anticipated, projected and estimated. The information contained in this Presentation which is not intended to be all-inclusive, has not been verified by an independent third party and shall not be updated. The information of the Presentation, including the forward-looking statements, refers to the date of this document and does not imply any guarantee for future results. Metrovacesa expressly disclaims any obligation or undertaking to disseminate any updates or revisions of the information, including financial data and forward-looking statements. In this regard, Metrovacesa shall not publicly distribute any revision that may affect the information contained in the Presentation that is derived from changes in expectations, facts, conditions or circumstances on which is based the forward-looking statements, or any other change that occurred on the date of the Presentation or after this date. The data relating to the industry, the market and the competitive position of Metrovacesa contained in this Presentation that are not attributable to a specific source have been extracted from the analyses or estimates made by Metrovacesa and have not been independently verified. In addition, the Presentation may include information related to other companies operating in the same sector and industry. This information comes from public sources and Metrovacesa provides no express or implied representation or warranty, nor assumes any responsibility for the accuracy, completeness or verification of the aforementioned data. Certain statistical and financial information contained in the Presentation are subject to rounding adjustment. Therefore, any discrepancy between the total and the sum of the amounts reflected is due to this rounding off. Some of the indicators of financial and operational management included in this Presentation have not been subjected to a financial audit or verification by an independent third party. In addition, certain figures of the Presentation, which have not been subject to financial audit either, are pro forma figures. Metrovacesa and its employees, executives, directors, advisors, representatives, agents or affiliates assume no liability (for fault or negligence, direct or indirect, tort or contract) for damages that may arise from the use of this Presentation or its content or that, in any case, are related to this Presentation. The information contained in this Presentation does not constitute legal, accounting, regulatory, tax, financial or any other type of advice. The aforementioned information has not been prepared taking into consideration the needs or particular situations nor the investment, legal, accounting, regulatory, tax, or financial goals of the recipients of the information. Solely recipients shall be responsible for forming their own judgment and reaching their own opinions and conclusions with respect to these matters and the market, as well as for making an independent assessment of the information. Solely recipients shall be responsible for seeking independent professional advice in connection with the information contained in the Presentation and any action taken based on such information. No one takes responsibility for the information or for any actions taken by any recipient or any of its directors, executives, employees, agents or associates on the basis of the aforementioned information. Neither this presentation nor any part thereof are contractual in nature, and may not be used to form part of or constitute any kind of agreement. Upon receipt of or attendance to the Presentation, the recipient declares its conformity and, therefore, to be subject to the restrictions specified in the preceding paragraphs

2.

Agenda

Table of Contents

1. Highlights of the Quarter
2. Business Update
3. Financial Overview
4. Closing remarks Appendices

Today's Presenters

Jorge Perez de Leza CEO

Borja Tejada CFO

Juan Carlos Calvo IR

3.

Residencial Amura (Valencia)

1. Highlights of thequarter

Highlights of the quarter

Continued operational progress in 1Q20

Strong financial situation, reinforced in 1Q20

Covid-19 outbreak means reduced visibility

• 3,747 units in construction (510 added in 1Q) and 5,501 in commercialisation
• Pre-salesbacklog increased to 2,248 units and €630m of future revenues
• During 1Q20: 263 units pre-sold, 146 units delivered and €49m in land sales
• Cash position of €292m in March, a substantial rise in 1Q, with net LTV of 3%
• Positive FCF of €25m generated in the first quarter
• No material debt repayments in 2020 (1) and additional debt facilities signed in April
• A disuptive event since early March. Still too soon to evaluate the impact on earnings, cashflow or timetables
• Key priorities for MVC are: cash preservation and conservative approach; business continuity to minimise the impact; health and safety preservation for all stakeholders

Note:	5.
(1) €7m debt repayment due in 2020

Covid-19: update and initiatives

Commercial initiatives		Contruction Works
• Points of sale reopened this week, after 8 weeks	• All sites are operational since April 13th.
closed	Works were halted only for 2 weeks

Employees and structure

• MVC's team is working remotely with good

productivity

• #MVC Digital: 360º virtual tours, remote signing of reservations and contracts, etc.
• #PromueveConfianza: deferral of two monthly payments for existing clients, incentives for new reservations, etc.
• #BeSafe: insurance policy covering existing clients, from Covid-related situations

• Progress is lower than 100%, due to stricter safety protocols, but it is gradually improving
• New starts: decision to commence on new projects when the development financing is in place

• Safety procedures during the restriction period

and for the gradual comeback period

• €10,160 donation to charities, half from

employees and half from MVC

• Cost-cutting initiatives: freeze on new hirings,

reduction in non-essential general expenses

Cash preservation initiatives		Corporate decisions

• Full withdrawal of the corporate loan available
• New loans signed: €30m in April
• Case-by-casereview of land capex commitments
• Prioritising the use of project financing instead of advances from clients

• Decision on dividend postponed until 2H2020 due to limited visibility
• Share buyback plan remains in place
• Guidance on 2020 free cashflow is supended, due to limited visibility
• Annual General Meeting called for May 25th, available via remote access

#PromueveConfianza campaign

MVC is reacting and it is well prepared to face the situation

#MVC Digital: virtual tours

6.

Citrea (Málaga)

2. Business update

Mirador de Montserrat (Barcelona)

Key operational data as of March, 2020

Business

8,054 activeunits	€307k/unit		5,501 unitsand
active	ASP (1)		93 developments under
134 developments			commercialization

Sales Backlog (2)

2,248 €630m

Sold units €280k/unit ASP (1)

3,747

units under construction

146

units delivered in Q1

59

developments under construction

€255k/unit	263	€255k/unit
ASP (4)	units sold in Q1(3)	ASP

€49m

Land Sales

Financials

6.0 million sqm			c.36,500			81.1%(6)
Buildable			buildable				Fully
area			units (5)				permitted
€2.7Bn		€17.90 per share			3%
GAV Dec. 19		NAV Dec. 19			LTV

Increase of 1.2% /GAV due to Arpo land plot (Madrid)

Notes:

1. Average Selling Price, not including future HPA
2. Defined as cummulative pre-sales (reservations + contracts) minus deliveries
3. Reservations + contracts signed in the period, net of cancellations
4. Excluding some units from the historical portfolio
5. Estimated number of units may vary in time depending on the type of projects and maximum buildability
6. Current percentage, calculated on Dec 2019 appraisal values

8.

Residential pre-sales: 263 units sold in Q1, backlog of 2,248 units

Pre-sales in the period: 263 units in 1Q20				Sales backlog split by province
# units
						Rest	Madrid
					31%	11%
						Seville	Barcelona
		1,511			6%	15%
512	888					Valencia
				9%
		263
FY17	FY18	FY19	1Q20				Málaga
			28%
Under commercialization:					Sales backlog:

• 1Q pre-sales: comparatively stronger figures in January and February, followed by a weak March, already impacted by Covid-19
• Improved visibility in the pre-salesbacklog: 2,248 units with €630m of future revenues. A growing proportion of the total portfolio in commercialization (41%).

5,501 units (ASP of €300k), 41% is already pre-sold		2,248 units (ASP €280k/unit)
# units	% pre-sold			# units	sales value in € m
		40%	41%
Unsold	24%	5,378	5,501	€135m	€271m		€67m	(€33m)	€630m
Sold	€597m
	3,840						263	146
		3,247	3,253
44%							2,248
					2,131
1,222	2,931			541	909
681	909	2,131	2,248	Dec. 17	Dec. 18	Dec. 19	Sales	Deliveries	Sales
541						Q1 20	Q1 20	backlog
FY17	FY18	FY19	Q1 20
					Q1 20

Note / Definitions: Pre-sales: number of reservations plus contracts signed in a period of time, net of cancellations; Sales backlog:balance of accumulated pre-sales minus deliveries at a certain date;	9.
Units under commercialisation: total number of units in projects under commercialisation, including sold and unsold units; Active units:units in projects launched internally, including projects already

under commercialisation and projects in design phase (prior to commercialisation)

Residential active units: 8,054 as of March

Active units Accum. March 2020 (1)

# units

€1,730m	€792m	(€62m)	€2,460m	€46m	(€33m)	€2,473m
	2,686		7,962	238		8,054
5,565		(289)			(146)

Active units	Launches	Deliveries Active units	Launches	Deliveries	Active units
Dec'18	FY19	FY19	Dec'19	1Q20	1Q20	Mar'20

Figures as of March 2020:

• Total active units reached 8,054 with an average selling price (ASP) of €307k/unit
• 134 active developments:
• • 93 under commercialization (5,501 units)
  • 59 under construction (3,747 units)
• Launches: 238 units launched in Q1

Active Units by Status

Active Units - Split by regional office (2)

# units		136	134
# of developments		8,054		West
	7,962		Levante
				commercialisation	Andalusia
			3,747	15%
	102	3,383	17%
	in5,501
Construction
5,575
Commercialization
Design phase	1,329
					Total
48	2,511				Center-	8,054 units
1,995			134 projects
2,141		1,754		North
			East
				24%
					Andalusia
955
	2,584				32%
267		2,563
1,735
919					Catalonia
FY17	FY18	FY19	Q120			27%

Active Units - Split by province

	Madrid
	4%
	Barcelona
Rest	17%
38%

Málaga

23%

Seville

7% Valencia

11%

Notes:

(1) Active units: units in projects launched internally, including projects already under commercialisation and projects in design phase (prior to commercialisation)

(2) Center-North: Madrid, Navarre, Galicia, Basque Country, Canary Islands and Castilla-Leon; Levante: Valencian Community, Murcia and Ibiza; Catalonia: Catalonia and Mallorca; West Andalusia: Cordoba, Seville,	10.
Huelva, Cadiz; East Andalusia: Costa del Sol and Almeria

Construction & licenses as of March

Total units in construction (work in progress)

(# units)

Current units in construction, split by # of months from starting date

(# units)

3,747

3,383

1,329

955

FY17

FY18

FY19

March 20

1.615

		990
676		466
0 to 6	6 to 12	12 to 18 > 18 months
months	months	months

• 3,747 units (59 projects) are currently under construction (WIP & finished product)
• Total volume of contracted works is €528m, signed with 27 construction companies
• Usual lead time is 20-24 months from construction start to delivery

New construction starts

(# units)

Building licenses granted & requested

(# units)

		Requested
2,341		Granted

• In 1Q20: 394 units (9 projects)

received a building licence and

287 units (5 projects) requested

license

• 510 units initated

1,249construction works in 1Q 20

510

FY18FY191Q20

3,364	3,306	3,034
1,503
			287	394
FY 18	FY 19	1Q 20

• 2,238 units (37 projects) under

licensing process now, with

avg. of 6 months into the

process

11.

Deliveries in 1Q 2020

146 units delivered in the first quarter

• This compares to 14 units delivered in 1Q 2019, and represents the majority of the tail deliveries pending at the end of last year
• A number of units were planned for delivery in March, but they had to be rearranged due to the outbreak of Covid-19. These should be made shortly after the restrictions are lifted
• Still early to evaluate the impact of Covid-19 on the agenda of deliveries for the full year 2020

Villas de Miramadrid (Paracuellos, Madrid)

Details on 1Q deliveries

• Split by regional office: 40% in Centre-North, 38% in Easter Andalusia, 18% in Catalonia and 4% in Levante
• Average selling price (ASP) of delivered units is €255k (1), with a gross margin of 16%, a margin that is expected to improve in following quarters

Serenity Views (Estepona, Málaga)

Notes	12.
(1) Excluding a few units sold as historical stock, which are not fully comparable in terms of pricing

Land sales: € 49m in Q1 2020

Land sales (€m)

107

64		49
FY18	FY19	1Q 20

Link to Valdebebas location

An important volume of land sales completed in 1Q

• €49m revenues in 1Q20 compared to €25m in 1Q19 (+96%)
• Equals to 46% of the full-year sales in 2019
• Sale price in line with appraisal values (GAV)
• Very significant in terms of cash flow generation, although with a limited impact on earnings: book value was in line with GAV
• Two transactions made: one major plot in Valdebebas, plus one small residential plot in Logroño (€1m), a non-core location for
  MVC

Valdebebas land sale

• Land with a buildable area of 34,800 sqm for office use, sold for €48m. Located in the emerging district of Valdebebas, Madrid city, next to the subway station and close to the airport. MVC still owns an adjacent plot for 23,300 sqm
• The transaction was closed in early March, just before the Covid-19 restrictions were introduced

13.

Land management: 306 units converted to FP in 1Q

Arpo, Pozuelo de Alarcón, Madrid

45,148 sqm for 256 units (11% of total area)

• Fully-permittedstatus since January 2020
• A landmark location, since Pozuelo is Spain's higher Income-per- capita municipality. With 240 Ha, Arpo is the largest urban development project in the municipality
• MVC owns 11% of the total area, and this represents c.2% of our FP residential GAV (1)
• Current status: final rezoning plan was approved in January 2020. Urbanization plan is expected before year-end, and urbanization works should start in early 2021

Link to Arpo location

Castellar del Vallés, Barcelona

4,183 sqm for 50 units

• Converted to fully permitted in 1Q20
• Located in the municipality Castellar del Vallés, 38km North of Barcelona city
• Suitable for a senior home project

Link to Castellar location

Other milestones in 2020

Land plot	Location	Units #	Sqm	Status
Torre del Río	Málaga	241	43,722	Registration of the rezoning plan
Sotogrande	Cádiz	47	15,745	Initial approval of the urbanization plan
Calderotas	Barcelona	145	13,173	Registration of the rezoning plan

Progress on fully-permitted transformation: now 81% of GAV

Notes	14.
(1) GAV as of December 2019

Commercial assets: progress on portfolio reduction

Commercial portfolio evolution

Calculated as % of IPO GAV

2%

29%

10%

98%

61%

2017 IPO GAV	Mar'2020

Alreay sold

Turnkeys & JVs

In land portfolio

Puerto de Somport office project (Madrid)

Recent progress

39% of the initial portfolio already sold or de-risked

• 29% sold and 10% under turnkey or JV commitments

Puerto de Somport office project (24% stake)

• Phase I of 20,000 sqm already under construction, to be completed in 2H 2021.
• Top quality office complex in Madrid city, currently under commercialisation for pre-letting

Link to video - Puerto Somport project

Monteburgos II turnkey project

• A turnkey 11,250 sqm office project located in Madrid city.
• To be delivered in late 2022

Continued land sales

• Sale of land in Valdebebas in 1Q

15.

Residencial Oasis (Algeciras, Cádiz)

3. Financial Overview

Financial Accounts: highlights 1Q 2020

	Profit & Loss
	Total revenues: €81.4m
	Residential deliveries:		Land Sales:
Villas de la Calderona (Bétera, Valencia)		€48.8m
€32.6m
	• 146 units		• 98% commercial
	• Gross margin: 16%		• 2% residential

EBIT: €(2.7)m

Net Profit: €(6.2)m

Mirador de Montserrat (Barcelona)

Financial situation

LTV ratio: 3%

Net debt: €90m

Cash: €292m

• €209m fully available
• €83m advances from clients

not considered for net debt

17.

Net Debt: a very sound financial situation

Net Debt of €90m, small change vs YE19

7890

Dec2019Mar2020

Net Debt

A very sound financial situation

• Low LTV ratio of 3%
• Cash position of €292m at March 2020, up from €139m at Dec2019
• No significant debt maturies in the near term (€7m in 2020)
• The corporate loan expires in Dec.2022

Cash preservation measures recently taken

• Full withdrawal of the remaining unused corporate loan facility
• €30m of new loans signed in April (€18m project loans and €12m corporate loan)
• The total amount of available project loan facilities is €325m in March

Cash position of €292m				Gross Debt of €302m
					292								302
						152				76
139			209
					54				226
72
		83				99
67
									Dec 2019			Mar 2020
Dec2019	Mar2020
		Cash restricted		Cash unrestricted						Corporate loan		Developer loans

18.

Free Cash Flow for shareholders

Free Cash Flow available for shareholders: a simplified definition consistent with our FCF guidance

	1Q 2020 (€ m)
+ EBITDA	(2.5)
+ Book value of land sold	49.3
+ Book value of land in residential deliveries	10.5
- Net financial expenses paid	(1.7)
- Corporate taxes paid	(0.0)
- Contractual repayment of corporate debt	(7.3)
- Other working capital changes	(22.9)
= Adjusted Free Cash Flow	25.4

Comments

• Cash recovered from land sales, not included in Ebitda
• Land component in the cost-of-goods-sold. It represents cashflow generation assuming no need to replenish the land bank
• Based on the corporate loan agreement, 15% of land revenues will be used to anticipate repayment of this loan
• Includes €34.2m in deferred collection of land revenues, to be collected in 2020, and the cash collection of some sales booked in 2019
• Free cashflow available for shareholders. It is before capex in construction WIP (€48m in 1Q) or capex in land urbanization (€3m in 1Q), which are financed with other sources: clients' advances and developer loans (non-recourse)

19.

Residencial Novolérez (Pontevedra)

4. Closing remarks

Closing remarks

MVC is setting the ground for a solid post-Covid performance

• A prudent management approach during the pandemia period focused on preserving liquidity
• • Containment of operational risks
  • Cash preservation policies

• Strong financial situation
• • Low LTV ratio (3%) and €292m in cash
  • No significant debt maturities this year
  • Positive cash flow generation and good access to financing
  • No need to finance land purchases to secure projects for following years

▪ Large and high-quality land bank: greater flexibility	▪ Asset-backed values
▪ Well-diversified geographical presence: c.70% located	▪ Current stock price values our land portfolio at
in the top 6 provinces and 81% fully-permitted	just c.€140 per sqm or 7% of the GDV (1),
▪ Addressing multiple buyer profiles and price ranges	compared to 23% in the appraisal value
▪ Exposure to the commercial office segment
▪ Active management in land transformation

Spain's housing market has more solid fundamentals this time

▪ No apparent imbalances in the housing market

▪ Developers and banks are in better shape

• House prices are 30% below previous peaks with adequate affordability ratios
• New construction volume is contained

• Developers have generally lower debt levels than in previous cycles
• The banking sector has liquidity and solvency

Notes	21.
(1) Gross Development Value (GDV) refers to the current market value of a finished building, as estimated by the external appraisers

Llull (Barcelona)

Appendices

Financial accounts 1Q 2020

Other data

Profit and Loss Account

Summary P&L

A	(€m)	1Q 2019	1Q 2020
Revenues	28.9	81.4
			Residential Development	3.5	32.6
			Land Sales	25.4	48.8
			COGS	(24.9)	(76.6)
			COGs Developments	(2.5)	(27.5)
			COGs Land Sales	(22.3)	(49.0)
			Others	(0.2)	(0.1)
B			Gross Profit	4.0		4.9
		% Gross Margin	14%		6%
			Commercial Cost	(1.0)	(1.8)
			Wages & Salaries	(3.2)	(4.0)
C Overheads	(2.1)	(1.7)
			EBITDA	(2.3)		(2.6)
			(Impairment)/revaluation/ depreciation	(0.5)	(0.1)
			EBIT	(2.8)		(2.7)
			% EBIT margin	-10%		-3%
D Net financial results	(1.4)	(3.1)
			Others	0.0	(0.3)
			EBT	(4.2)	(6.0)
			Income Tax	(0.5)	(0.1)
			Net Income	(4.7)		(6.2)

Key considerations

1. Total revenues of €81m
2. • Residential revenues of €33m: 146 units delivered
   • Land sales of €49m, plot in Madrid
3. Gross margin of €5m
4. • 16% margin in residential development
5. Operating expenses rising with the increase in activity
6. • 191 full-time employees at the end of the period
7. Interest on senior debt: €3.1m

•€1.4m equity swap, and increase in withdrawal of corporate loan

23.

Balance Sheet

Summary Balance Sheet

		(€m)	Dec. 2019 (1)	Mar. 2020
		Investment property (1)	334.1	334.2
		Other non- current assets	254.0	254.1
A	Total non-current assets	558.1	588.4
Inventory	1,902.3	1,886.5
		Land	1,215.5	1,167.3
B	WIP & finished product	686.8	719.2
Cash	139.7	291.5
C	Other current assets	43.2	68.2
		Total current assets	2,090.2	2,251.6
		Total Assets	2,678.4	2,840.0
D	Provisions	10.1	9.8
Bank debt	95.0	223.0
		Other non-current liabilities	23.4	25.0
		Total non-current liabilities	128.4	257.8
		Provisions	19.0	17.8
D	Bank debt	53.5	75.0
E	Other current liabilities	136.6	154.7
		Total current liabilities	209.1	247.5
		Equity	2,340.8	2,334.7
		Total Equity and Liabilities	2,678.4	2,840.0

Key considerations

A Increase in WIP due to new launches and investment in Capex

1. Increase in withdrawal of corporate loan (€135m), plus delivery of projects and sale of land
2. Increase in receivables related to deferred collection of land sales (€47m) to be collected within the year 2020
3. Corporate loan €135m withdrawn, partially repaid (€7m), net of arrangement fees (€3.6m)

Developer loan €75m withdrawn, prioritizing its use over client

downpayments

E Increase in debt with construction companies as more projects are in WIP (45 days of avg payment period)

Share buyback update:

€3.1m invested, 335,830 shares acquired to date

Notes:

(1) Audited financial statements for December 201924.

(1) Booked at fair market value (IFRS)

Some projects examples

Residencial Aria (El Ejido, Almería)		Residencial Citrea (Málaga)		Amura (Valencia)		Pórtico Simón Verde (Sevilla)

• Complex with 5 blocks for 84 units, with terraces and views to the ocean
• In front of the beach and close to a sports
• • golf club, with shopping mallsnearby
• Common green areas with parking
  Link to Aria website

• Located in the Colinas del Limonar area, close to Playas de la Caleta
• 25 units, each comes with 2 parking spaces and storage room
• Common areas with infinity pool, spacious gardens and solárium
  Link to Citrea website

• 53 units with spacious terraces, at a close distance to the Ciudad de las Artes y las Ciencias, an expansion area of Valencia
• Malvarrosa and Arenas beaches nearby
• Swimming pool and playground area

Link to Amura website

• Located 10 min distance from Sevilla city center, the complex has a total of 78 units
• Close to shopping malls and other amenities
• Common green areas and swimming pool
  Link to Simón Verde website

25.

Sunrise Heights (Manilva, Málaga)

Q&A