Automatic Invest - Technology Transfer Centre III

1. Executive Summary

Automatic Invest S.R.L., operating under the automatic.ro brand, is a Romanian distributor and manufacturer of industrial automation components based in the Miroslava Industrial Park, Iasi County. This is the company's third public offer on stock.estate. The first offer, opened on 10 August 2026, subscribed EUR 49,615 from 24 investors, and the second offer, closed on 30 September 2026, subscribed EUR 20,399. Together, EUR 70,014 from 35 investors is carried into the present campaign as already committed. The company now opens a follow-on offer with a funding target of EUR 170,014 in total over a 24-month term, of which EUR 100,000 is new funding. The maximum value of the offer is EUR 270,014, that is up to EUR 200,000 of new funding: amounts subscribed above the target and up to this maximum are accepted on the same terms.

The project, which covers the fit-out and stocking of the new depot, showroom and retail location in Bucharest, the replenishment of the Iasi stock, working capital and digital infrastructure, was pre-financed through a pre-financing round. The investors who pre-financed it are repaid from this round, pro rata to the amount each of them pre-financed. New funding therefore first repays the pre-financing, and the borrower's total exposure does not increase by the full amount of this offer.

Investors receive a progressive interest rate between 10.00% and 16.00% per annum, fixed at the moment each investment is signed according to the invested amount, within an interest pool of 6.00 percentage points above the 10.00% floor rate. Interest is paid monthly and the principal is repaid in a single instalment at maturity. No cashback and no investor-facing fees apply. The loan is secured by a first-rank mortgage already registered in favour of the investors over the company's Technology Transfer Centre in Bratuleni, independently appraised at EUR 1,030,000. On the borrower's total secured facility of approximately EUR 450,000, this represents a collateral coverage of 229% and a loan-to-value ratio of 43.69%.

2. Location Analysis

The collateral and the company's headquarters are located in the village of Bratuleni, Miroslava commune, Iasi County, Romania, within the Miroslava Industrial Park. The site sits in the Iasi metropolitan area, which comprises the city of Iasi and 19 neighbouring communes and had an estimated functional urban population of 507,775 inhabitants as of 1 January 2018 according to Eurostat, making it one of the largest urban agglomerations in Romania.

Miroslava is one of the founding communes of the Iasi metropolitan association, established in 2004, and has been among the fastest-developing localities in the county. The industrial park hosts manufacturing and distribution operators and offers the fiscal framework applicable to industrial parks under Romanian Law 186/2013. Access to the property is from the county road DC27A. The site is connected to natural gas, electricity, municipal water and public sewerage, and is served by public bus transport.

Iasi is the principal economic centre of the Moldova region, with a concentration of technical universities, including Universitatea Tehnica Gheorghe Asachi, and a growing industrial and IT base. For an industrial distribution business, this positions the Bratuleni site within reach of the region's manufacturing customer base, while the Bucharest location extends coverage to the south of the country.

3. Developer Profile

Automatic Invest S.R.L. is a Romanian limited liability company registered on 18 May 2009 under registration number J22/960/2009, tax identification code RO25566189. It is wholly owned by a single shareholder, who is also the sole administrator, with an unchanged ownership and management structure since 2016. Subscribed and paid-up capital is RON 500,000.

The company operates under the automatic.ro brand and a second domain, pro-cnc.ro. Its business model is mixed: it acts as an importer and distributor of industrial components, as a manufacturer of its own equipment, and as an integrator of automation solutions. The company states that it sells in its own name and does not operate as a commission-based marketplace listing third-party products.

Operational profile:

• 17 years of trading history under the current legal entity
• 14 employees (2025 average), up from 9 in 2019
• Product catalogue of over 7,000 items across pneumatic, mechanical and electrical components
• Physical store and showroom at the Bratuleni headquarters, alongside the online channel
• Imports from China and Vietnam; distribution partnerships including HIWIN, LS Electric, TBI Motion, Rexroth, JELPC, EMAS, Rtelligent and WON
• Recurring public-sector sales through the Romanian public procurement system (SICAP), with contracts awarded to national research institutes, universities, water utilities and transport operators through July 2026
• In-house CNC machining, metal fabrication, assembly and commissioning of custom industrial equipment

In November 2025 the company opened the Automatic Industry Technology Transfer Centre at the Bratuleni site, developed as a European-funded project alongside private partners and Universitatea Tehnica Gheorghe Asachi Iasi. The company states that the centre is officially accredited in the information and communications technology field and listed in the national register of innovation and technology transfer infrastructures.

Turnover has grown in every one of the last ten reported years, from EUR 372,875 in 2016 to EUR 1,223,069 in 2025, a 3.3-fold increase.

4. Project Overview

The asset serving as collateral is the Automatic Industry Technology Transfer Centre, a purpose-built industrial and commercial building completed in 2025.

• Address: Str. Mihail Sadoveanu no. 36, Bratuleni village, Miroslava commune, Iasi County, Romania
• Land registry: building recorded under CF 85828-C1 Miroslava, cadastral number 85828-C1; land recorded under CF 85828, cadastral number 85828
• Building configuration: ground floor plus partial first floor (P+1E)
• Footprint: 990 sqm at ground level
• Gross built area: 1,738.2 sqm
• Usable area: 1,580.8 sqm
• Parking: 10 spaces
• Plot: 2,000 sqm, fully enclosed

Internal configuration:

• Production hall of 645.9 sqm with overhead travelling crane
• Showroom of 82.4 sqm
• Conference room of 98.7 sqm
• 12 offices across both levels
• Storage areas, technical rooms and sanitary facilities

Technical specification:

• Reinforced concrete structure with masonry and AAC infill
• Non-accessible flat roof with bituminous membrane
• PVC joinery with thermal insulating glazing
• Dual heating system: natural gas boiler plant combined with heat pumps
• Underfloor heating throughout
• Photovoltaic panels installed on the roof
• Connections to natural gas, electricity, mains water and public sewerage
• Epoxy flooring in the production area, ceramic tiling in offices and technical rooms

Regulatory and completion status:

• Building permit no. 338 of 17 June 2022, issued by Miroslava Town Hall
• Certificate of construction completion no. 102020 of 25 November 2025
• Works acceptance report no. 87634 of 18 November 2025
• Registered in the land book at 100% completion on 2 December 2025
• Energy performance certificate issued in October 2025
• Technical condition assessed as very good by the independent appraiser, with no defects identified and no seismic risk classification

Title structure. The company holds full freehold ownership of the building, recorded in its own land book (CF 85828-C1), at a 1/1 share. The underlying 2,000 sqm plot is owned by Miroslava Commune within its private domain, not its public domain, and is administered by Miroslava Industrial Parc S.R.L. Automatic Invest holds two registered real rights over the land: a 49-year right of superficies established by notarial deed no. 2237 of 27 September 2023 and registered on 28 September 2023, and a 49-year concession right registered on 31 July 2020. Both are recorded in the land book. The right of superficies has approximately 46 years remaining.

5. Market Analysis

The independent appraisal, prepared by Appraisal & Valuation S.A., the valuation division of NAI Romania and a corporate ANEVAR member since 2010, dated 10 February 2026, establishes the following market parameters for the Miroslava industrial micro-location:

The appraiser assessed the property's marketability as medium and applied the income approach as the primary valuation method, on the basis that comparable transaction data for purpose-built industrial and technology facilities in the micro-location is limited. The cost approach produced a net replacement cost for the building alone of EUR 1,610,331, against which the market value of EUR 1,030,000 represents 64%. The difference reflects the leasehold structure of the land and the yield required by the market for this asset class.

The Iasi metropolitan area has recorded sustained development activity in recent years, supported by public infrastructure investment and by the concentration of technical education and industrial employers. For an owner-occupied industrial facility of this type, the relevant market driver is the depth of the regional manufacturing base rather than residential price movements.

6. Financial Analysis

This is a working capital and expansion transaction. There is no property acquisition and no resale, so no projected sale price or development margin applies.

Use of proceeds, new funding at the funding target

If the offer reaches its maximum value, the new funding rises to EUR 200,000 and both lines scale proportionally (EUR 8,000 and EUR 192,000). Net new proceeds available at drawdown are EUR 96,000 at the target, up to EUR 192,000 at the maximum, and are applied first to repay the pre-financing, so the borrower's total secured facility through the platform remains approximately EUR 450,000. The EUR 70,014 subscribed in the first two public offers was disbursed under those offers and is carried into this campaign under the same security.

The pre-financed project covers: fit-out and equipping of the leased Bucharest premises, shelving, commercial furniture and display systems, logistics equipment, tools and testing apparatus, the constitution of a local stock for faster delivery to customers in the south of the country, replenishment of the Iasi stock, recruitment and training, commercial promotion, and modernisation of the company's digital infrastructure including the online store, product catalogue, stock synchronisation between the two locations and a CRM system.

Collateral coverage

Company financials

Turnover grew by 2.9% in 2024 and 6.7% in 2025. Net profit declined over the same period, from EUR 296,805 in 2023 to EUR 30,878 in 2025, as the company absorbed the depreciation and financing cost of the Technology Transfer Centre investment, which was commissioned in 2025 and which increased total assets from EUR 1.8 million in 2022 to EUR 6.17 million in 2023. The solvency ratio, measured as total assets over total debt, stood at 265.84% at the end of 2025.

Repayment source

The principal is repaid in a single instalment at the end of month 24. The borrower's stated primary repayment channel is bank refinancing secured on the same asset. The company holds existing banking relationships and has already obtained, in March 2026, the written agreement of Miroslava Commune to the registration of a mortgage over its right of superficies in favour of a commercial bank, confirming that the collateral structure is bankable. Monthly interest is serviced from operating cash flow.

7. Funding and Investment Opportunity

How the progressive rate works

Each investment receives its own annual contract rate, fixed at the moment it is signed. The rate starts at the 10.00% floor and rises within the 6.00 percentage point interest pool according to the amount invested, following the rate bands published on this campaign page. No early-bird boost applies to this campaign. The borrower pays 16.00% per annum on the whole facility; the part of the pool not allocated to investors is the platform's fee. Once signed, the rate of an investment does not change for the life of the loan.

Capital stack and funding plan

The offer is a single-tranche facility on top of the amounts subscribed in the first two public offers. The project was pre-financed through a pre-financing round, and the investors who pre-financed it are repaid from this round, pro rata to the amount each of them pre-financed. Because new funding first repays the pre-financing, the borrower's total exposure does not increase by the full amount of this offer and remains approximately EUR 450,000. The first-rank mortgage over the Technology Transfer Centre is already registered in favour of STOCKESTATE CROWDFUNDING S.R.L., acting on behalf of the investors of the previous offers and of this offer, so there is no window in which investor capital is unsecured.

Named repayment channels, in order of preference:

1. Bank refinancing secured on the same asset, the borrower's stated primary channel
2. Operating cash flow from the expanded distribution business across the Iasi and Bucharest locations
3. Additional shareholder equity
4. A follow-on stock.estate facility, subject to the collateral coverage requirement in force at the time

Platform

stock.estate is a European Crowdfunding Service Provider licensed by the Autoritatea de Supraveghere Financiara of Romania under licence PJR28FSFPR/400002, operating under Regulation (EU) 2020/1503 (ECSPR).

8. Risks and Mitigations

• Repayment risk at maturity. The facility is repaid as a single principal instalment at month 24, which requires the borrower to have either refinanced the exposure or accumulated sufficient liquidity by that date. Mitigation: the loan-to-value of 43.69% leaves substantial headroom relative to the appraised value, the borrower has confirmed that the underlying collateral structure has already been accepted as bankable by a commercial bank, and the platform holds a registered first-rank mortgage enforceable independently of the borrower's cooperation.
• Profitability trend. Net profit declined from EUR 296,805 in 2023 to EUR 30,878 in 2025 as the company absorbed the cost of a large industrial investment before the new capacity generated corresponding revenue. Mitigation: turnover grew in each of those years, the investment is complete and commissioned, and the loan is secured on the resulting asset rather than on earnings.
• Execution risk on the Bucharest expansion. The new location is leased and under fit-out, with opening estimated by the borrower in September 2026. New fixed costs precede the revenue they are intended to generate. Mitigation: the premises are leased rather than purchased, limiting fixed cost and capital commitment until the location is validated commercially; the existing Iasi operation and the online channel continue to generate the majority of revenue.
• Collateral enforcement. The building is owned outright by the borrower, but the land beneath it is owned by Miroslava Commune and held by the borrower under a right of superficies and a concession. Enforcement therefore requires that a successful bidder be able to succeed to those rights. Mitigation: the land belongs to the commune's private domain rather than its public domain; the right of superficies is a registered real right with approximately 46 years remaining and is capable of being mortgaged; and Miroslava Commune has confirmed in writing that a successful bidder at enforcement may be subrogated into the borrower's rights and obligations.
• Valuation risk. The appraised value derives from the income approach, applying a 9.50% capitalisation rate to a notional rental income, since comparable transaction data for this asset class in the micro-location is limited. Mitigation: the resulting value of EUR 1,030,000 is 64% of the appraiser's own net replacement cost estimate for the building alone (EUR 1,610,331), and the total secured facility is set at 43.69% of the appraised value.
• Currency risk. The loan is denominated in euro while the borrower's revenue is generated predominantly in Romanian lei. A depreciation of the leu increases the local-currency cost of servicing and repaying the facility. Mitigation: part of the borrower's cost base is also denominated in foreign currency through its import activity, providing a partial natural offset.
• Variable rate at signing. The contract rate of each investment depends on the amount invested and on the conditions in force at signing, so two investors in the same campaign may receive different rates. Mitigation: the rate is displayed before signing, is fixed for the life of the loan once signed, and can never fall below the 10.00% floor.
• Illiquidity. Loans concluded through the platform are not admitted to trading on a regulated market and no secondary market is guaranteed. Investors should be prepared to hold the investment to maturity.

The project owner declares that, to the best of their knowledge, no information has been omitted or is materially misleading or inaccurate. The project owner is responsible for the preparation of the key investment information sheet (see Documents).