K2 Jegalia Penny Retail

1. Executive Summary

GOLDBACH GROUP S.R.L., the holding company of the Bucharest-based Goldbach group, a developer of retail parks and supermarkets let to international food retailers (Lidl, Penny, Kaufland), is raising a EUR 600,000 working capital loan over 12 months through the stock.estate platform. The funds support the development of Galerie Food Jegalia, a Penny supermarket in Jegalia commune, Călărași County, carried out by the group's project company K2 JEGALIA S.R.L. and let for 15 years to REWE International (Penny).

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 (and, where applicable, the investor's tier and any early-bird boost), 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, 12 months after drawdown (estimated on 10.11.2027). No cashback and no investor-facing fees apply.

The loan is secured by a first-rank mortgage over a separate group property, a 5,737 sqm intravilan plot at Str. Băneasa nr. 2, Târgu Mureș (CF 144792 Târgu Mureș), owned by K2 TG MURES GALLERY S.R.L., an indirect wholly owned subsidiary of the borrower, which grants the mortgage as third-party mortgagor. The reference value of the collateral is EUR 1,140,476, the purchase price plus VAT paid in December 2025 plus EUR 100,000 of permitting costs: against the EUR 600,000 facility this is a loan-to-value ratio of 52.61% and collateral coverage of 190.08%. Repayment is planned from group cash flow, the sale or bank refinancing of the group's Târgu Mureș project, or the earlier exit of other group projects such as K2 Odobești.

2. Location Analysis

Jegalia, Călărași County. Jegalia is a rural commune in Călărași County, in south-eastern Romania. The project is a stand-alone Penny supermarket on a 5,029 sqm plot in the commune.

Catchment and competition. Jegalia had 3,858 inhabitants at the 2021 census; according to the developer, the catchment area within 8 km includes about 6,354 residents from Jegalia and the neighbouring localities. Modern grocery retail in the area is limited to a single Profi store, which supports demand for a Penny supermarket.

Collateral location, Târgu Mureș. The mortgaged plot is at Str. Băneasa nr. 2 in Târgu Mureș, the county seat of Mureș County, next to existing Lidl and Kaufland stores. According to the developer, about 70,462 residents live within 2 km of the site.

3. Borrower Profile

• Legal entity: GOLDBACH GROUP S.R.L., tax code 47588919 (VAT payer), Trade Register number J2023002237409 (formerly J40/2237/2023), registered on 7 February 2023, registered office at Calea Floreasca nr. 165, One Tower, 4th floor, room 4, Sector 1, Bucharest
• Activity: holding company (CAEN 6421) of the Goldbach group, with participations in project companies and in group companies for development, design and build, consulting and solar energy
• Ownership and management: shareholders Avădanei Florentin-Claudiu (50%) and Oancea Elena (50%); administrator Avădanei Florentin-Claudiu
• Direct holdings (09.10.2026): 100% of K2 ODOBEȘTI, GOLDBACH ENERGY, MOTRU SOLAR ENERGY, K2 RETAIL PROPERTIES, K2 ASSETS and K2 BERCENI; 76% of K2 STEFANESTI; 50% of GOLDBACH DEVELOPMENT and GOLDBACH DESIGN&BUILD; 46% of GOLDBACH CONSULTING; 20% of K2 DROBETA
• Indirect holdings: 100% of K2 JEGALIA S.R.L., the Jegalia project company, and 100% of K2 TG MURES GALLERY S.R.L., the third-party mortgagor, held through K2 RETAIL PROPERTIES S.R.L.
• Track record: retail projects delivered by the group include the Lidl store in Berceni (2025), Aurora Retail Park Bacău (May 2026) and the Râșnov commercial gallery (2024); eight street-mall project companies in Moreni, Titu, Zărnești, Vălenii de Munte, Orăștie, Motru, Oravița and Huși were completed and exited the group on 10 October 2025
• On stock.estate: K2 Odobești Retail Park, a EUR 400,000 loan disbursed on 28.10.2026 and maturing on 26.04.2027, in repayment, with no instalment due yet (first interest payment on 01.12.2026). The two loans are linked by a cross-default clause (art. 7.7 of the loan agreement)
• Status: in operation, no outstanding tax debt, no court files and no insolvency records (Termene.ro report of 22 October 2026)
• Website: goldbachgroup.ro

4. Project and Collateral Overview

The project. Galerie Food Jegalia is a Penny supermarket built as Shell & Core, with a leased area of 1,274 sqm on a 5,029 sqm plot, developed by K2 JEGALIA S.R.L. The store is let to REWE International (Penny) under a 15-year lease signed in June 2026, with an extension option. Building permit no. 6 of 21.08.2026 has been issued. Construction by Goldbach Construct as general contractor started in August 2026; Shell & Core completion is planned for January 2027 and the store opening for May 2027, at the latest on 31.05.2027 (developer timeline).

The collateral.

• Address: Str. Băneasa nr. 2, Târgu Mureș, Mureș County
• Land book: CF 144792 Târgu Mureș, cadastral number 144792; intravilan plot of 5,737 sqm, built-up land category (curți construcții)
• Owner: K2 TG MURES GALLERY S.R.L. (CUI 51845964), sole owner (1/1), wholly owned by K2 RETAIL PROPERTIES S.R.L., itself wholly owned by the borrower, acting as third-party mortgagor
• Title: acquired by notarial sale deed no. 3624 of 17 December 2025 for RON 4,378,857.50 plus VAT (RON 5,298,417.58 including 21% VAT)
• Charges: the land register extract of 22 October 2026 records no encumbrances in Part III; building permit no. 105 of 30.04.2026 for a building with sports and commercial functions is noted in the land book
• Planned use: the group plans the Târgu Mureș 2 non-food commercial gallery on the plot (ground floor plus one upper floor, gross leasable area 3,631 sqm), with the lease under negotiation and construction start planned for Q1 2027 (developer information)

5. Market Analysis

Single-tenant discount supermarkets let on long leases to international food retailers are a core format of the Goldbach group. Goldbach Construct, the general contractor of the project, completed a Penny store and a Lidl store in 2025. In Jegalia the Penny lease is signed for 15 years and the estimated annual rent is about EUR 191,100 (EUR 12.5 per sqm per month on 1,274 sqm), according to the developer.

Collateral basis. No independent ANEVAR appraisal has been prepared for this offer. The reference value of EUR 1,140,476 is the purchase price under notarial deed no. 3624 of 17.12.2025, RON 5,298,417.58 including VAT, converted at the NBR rate of 5.0923 RON/EUR of the deed date (EUR 1,040,476), plus EUR 100,000 of permitting costs for building permit no. 105/2026. This equals about EUR 199 per sqm.

Sensitivity. A forced-sale discount of 20% on EUR 1,140,476 gives EUR 912,381, which still covers the EUR 600,000 facility at a loan-to-value of about 66%. A discount of about 47% would bring the collateral value to the level of the facility.

6. Financial Analysis

This is a 12-month working capital loan to the group holding for the development of the Jegalia project.

Use of proceeds

Project budget (developer estimates)

Financing plan

The developer plans to finance the project with 60% bank financing and 40% equity. On 01.10.2026 UniCredit Bank issued an indicative offer for a development loan of up to EUR 1,009,542 plus a VAT financing line, over 10 years. The offer is indicative and not a signed facility. Because the bank requires the equity contribution up-front, the bank loan is not a repayment source for this loan.

Borrower financials, as filed with ANAF (RON)

The holding has no turnover and no employees; its income is mainly financial income from its participations.

Group view (RON, ANAF, simple aggregation without intragroup eliminations)

Repayment source

The principal is repaid in a single instalment at maturity, 12 months after drawdown (estimated on 10.11.2027). Repayment is planned from group cash flow, the sale or bank refinancing of the group's Târgu Mureș project, or the earlier exit of other group projects such as K2 Odobești. The Jegalia store is expected to be completed by Q4 2027 at the latest. Realisation of the mortgaged land is the fallback.

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 (and, where applicable, the investor's tier and any early-bird boost), following the rate bands published on this campaign page. 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.

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

• Holding structure. The borrower is a holding company without operating turnover, while the project is carried out by one subsidiary and the mortgage is granted by another. Mitigation: the holding reported equity of RON 6.3 million and a net profit of RON 5.2 million in 2025, and the mortgage is a real security over land registered before the funds are released.
• Construction and permitting. Construction costs and timing in Jegalia may exceed the developer's estimates, and the Penny lease depends on delivery of the store by the agreed date. Mitigation: building permit no. 6 of 21.08.2026 is issued, construction started in August 2026 and the 15-year lease with REWE International (Penny) is signed.
• Indicative bank financing. The UniCredit Bank development loan is an indicative offer, not a signed facility, and the bank requires the equity contribution up-front, so the bank loan cannot be used to repay this loan. Mitigation: repayment does not depend on the Jegalia bank loan; it is planned from group cash flow, the sale or bank refinancing of the Târgu Mureș project and the exit of other group projects, with the mortgage as fallback.
• Collateral basis. The collateral is undeveloped land valued at its purchase price plus VAT plus permitting costs, not an independent ANEVAR appraisal. Mitigation: the price was paid under a notarial deed in December 2025, building permit no. 105/2026 is noted in the land book, Part III shows no encumbrances, and a 20% forced-sale discount still leaves the facility covered.
• Mortgagor with negative equity. K2 TG MURES GALLERY S.R.L. had negative equity of RON -111,612 at 31 December 2025, typical for a project company before construction. Mitigation: the security is the land itself, valued at EUR 1,140,476, and does not depend on the mortgagor's results.
• Group concentration. This is the second loan of the same borrower on stock.estate, for a total exposure of EUR 1.0 million together with K2 Odobești. Mitigation: each loan has its own first-rank mortgage on a different plot, and the cross-default clause allows the lenders to act on both loans if either is in default.
• Group leverage. In 2025 the combined debt of the group companies was about RON 59.5 million against equity of about RON 21.7 million (simple aggregation, without intragroup eliminations). Mitigation: the combined group reported a net profit of about RON 12.3 million in 2025.
• Variable rate at signing. The contract rate depends on the amount invested and on the conditions at signing. Mitigation: the rate is displayed before signing, is fixed for the life of the loan and can never fall below the 10.00% floor.
• Currency risk. The loan is in euro while the group's income is mainly in lei. Mitigation: the term is 12 months and commercial real estate in Romania is priced in euro.
• 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.

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).