Corso Susa 134

1. Executive Summary

IBIMMOBILIARE SRLS is raising €220,000 from investors on stock.estate, in addition to €430,000 already committed by the developer in the project (acquisition €230,000 and works €200,000), for total project funding of €650,000. The funds raised are working capital to complete the renovation and change of use of the building portion the company already owns at Corso Susa 134, Rivoli (TO), Italy. The company bought the property with own funds on 7 August 2026 for €230,000 and has already invested €200,000 of own funds in works. The project converts a former workshop, shop, warehouse and canopy into 4 residential apartments with 317.20 m² of gross residential floor area, garages and a private courtyard, under building permit file PdC 13/2023 of the Comune di Rivoli. The projected aggregate sale value is €850,000-€900,000.

Investors receive a progressive interest rate between 10.00% and 16.00% per annum, fixed at the moment each investment is signed. Interest is paid monthly and the principal is repaid in a single instalment at maturity, 12 months after the close of the campaign. No cashback and no investor-facing fees apply. The loan is secured by a first-rank mortgage on the whole property, registered at the notarial session at which the funds are released. This is the company's second project financed on stock.estate, after Via Cernaia 3 in Moncalieri.

2. Location Analysis

Rivoli is one of the largest municipalities of the Turin metropolitan area, about 15 km west of Turin at the entrance of the Susa Valley. The town is known for the Castello di Rivoli, a former Savoy residence that houses the Museum of Contemporary Art and is part of the UNESCO World Heritage site of the Residences of the Royal House of Savoy. Corso Susa is the town's main east-west axis, linking the historic centre with Corso Francia and Turin. The property is located on Corso Susa next to the municipal library and Parco Salvemini, within walking distance of shops, schools and public transport.

Rivoli is connected to Turin by Corso Francia, the Turin ring road and the A32 motorway, and the western extension of Turin Metro Line 1 towards Cascine Vica (Rivoli) is expected to further improve access to the city.

3. Developer Profile

Legal entity: IBIMMOBILIARE SRLS, an Italian società a responsabilità limitata semplificata incorporated on 21 November 2023, registered at the Turin Chamber of Commerce under VAT/Tax Code 12967020012, REA TO-1329693, with registered office in Via Piero Gobetti 8, Orbassano (TO). The company's core business (ATECO 68.11.00) is the acquisition, renovation and resale of residential properties on its own account.

Sole director and shareholder: Iuliana Boghian, who operates a residential renovation business in the Turin metropolitan area. The FY2024 accounts report revenues of approximately €430,000, total costs of €369,455 and a net profit of €60,544, the company's first full year of activity.

Track record on stock.estate: in April to June 2026 the company raised a total of €500,510 on the platform for the acquisition and renovation of the 14-unit Via Cernaia 3 project in Moncalieri. The short-term private tranche has been repaid in full and the two public loans are in repayment, with payments up to date.

4. Project Overview

• Property: portion of building with land of 402 m² (Catasto Terreni Foglio 10, mappali 109 and 260), Corso Susa 134, interni A, B, C and D, Rivoli (TO)
• Cadastral units (Catasto Fabbricati, Foglio 10): particella 299 sub 1 (C/3 workshop, 104 m²), particella 300 sub 9 (C/1 shop, 98 m²), particella 300 sub 10 (C/2 warehouse, 100 m²), particella 300 sub 11 (C/7 canopy, 70 m²); sole owner IBIMMOBILIARE SRLS
• Acquisition: notarial deed Rep. 60611 of 7 August 2026, Notary Sandra Beligni, Turin, price €230,000, paid with own funds; the seller guaranteed the property free of mortgages and charges
• Project: renovation and change of use to residential (PdC 13/2023, designer Geom. Antonio Olivastro)
  • Building A, ground floor: Apartment 1, three rooms (living room with kitchenette 32.80 m², double bedroom 16.00 m², single bedroom 11.45 m², bathroom), 106.30 m² gross
  • Building A, first floor: Apartment 2, three rooms (living room with kitchenette 32.80 m², double bedroom 16.00 m², single bedroom 11.85 m², bathroom), 100.22 m² gross
  • Building B, first floor: Apartments 3 and 4, two rooms each, 110.68 m² gross in total
• Total gross residential floor area: 317.20 m²
• Parking: garages of 96.00 m² plus an outdoor space in the courtyard (107.25 m² in total)
• Outdoor areas: private courtyard of 146.80 m²; the central canopy of 73.87 m² is demolished
• Works: new roof (344 m²), new floors and screeds, partitions, PVC windows, internal doors, and new electrical, plumbing and gas heating systems for the 4 units
• Status: €200,000 of works already executed with own funds; the €220,000 raised finances the completion

5. Market Analysis

Recent asking prices for residential property in Rivoli average €1,920-€2,116/m² (Wikicasa, September 2026: €1,920/m²; Immobiliare.it, July 2026: €1,999/m², +5.0% year on year; RealAdvisor, October 2026: €2,116/m² for apartments, +2.7% year on year). In the historic centre, average asking prices are €2,087-€2,247/m². Rents average €8.8-€9.3/m² per month, up 1.0% to 8.6% year on year depending on the source.

Average figures are dominated by older stock. New and recently built apartments in central Rivoli are listed at higher levels:

Source: Casa.it listings, Rivoli Centro Storico, October 2026.

Pricing. The projected aggregate sale value of €850,000-€900,000 for the 4 apartments, garages and courtyard corresponds to about €2,365-€2,520/m² of gross residential floor area, with the garages valued at about €100,000. This is in line with the recent new builds in Via Mazzini and Via Viotti (€2,214-€2,725/m²) and below the premium segment of the historic centre.

6. Financial Analysis

Collateral. The developer has invested €430,000 of own funds in the property (acquisition €230,000 and works €200,000), equal to about 195% of the loan amount. On the projected sale value of €850,000-€900,000 the loan-to-value is about 24-26%.

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. Once signed, the rate of an investment does not change for the life of the loan.

Repayment. The principal is repaid at maturity through, in order of preference:

1. Sale of the 4 apartments, progressively as they are completed;
2. Bank refinancing secured on the completed apartments;
3. Additional developer equity;
4. A follow-on stock.estate facility.

Platform. The campaign is conducted by stock.estate, a European Crowdfunding Service Provider authorised by ASF (Romania) under licence PJR28FSFPR/400002, in accordance with Regulation (EU) 2020/1503 (ECSPR).

8. Risks and Mitigations

Market risk - Sale prices or timing may differ from projections. Mitigation: the projected value of €850,000-€900,000 is in line with recent new builds in central Rivoli, and the units are small and medium-sized apartments, the most liquid segment of the local market.

Construction risk - Cost overruns or delays could postpone sales. Mitigation: the property is already owned and works are under way, with €200,000 already executed; the remaining scope is the completion of 4 units, and the developer is also carrying out the renovation of Via Cernaia 3 in the same area.

Repayment risk - Repayment depends on the sale or refinancing of the completed units within 12 months. Mitigation: four repayment paths (unit sales, bank refinancing, additional equity, follow-on facility) and a loan-to-value of about 24-26% on the projected sale value.

Permitting risk - The change of use to residential is carried out under PdC 13/2023, subject to the payment of urbanisation charges. Mitigation: the project drawings of the permit file are attached to this campaign.

Variable rate at signing - The contract rate of each investment depends on the amount invested. 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.

Collateral and disbursement risk - The mortgage is registered at the notarial session at which the funds are released, so investor capital is never unsecured.

Full borrower and risk disclosures are set out in the Key Investment Information Sheet (KIIS) in the Documents section.

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).