K2 Odobești Retail Park

1. Executive Summary

GOLDBACH GROUP S.R.L., the holding company of the Bucharest-based Goldbach group, a developer of retail parks and street malls anchored by Lidl, is raising a EUR 400,000 short-term bridge working capital loan over 6 months through the stock.estate platform. The funds strengthen the developer's equity in the K2 Odobești Retail Park, a Lidl store and a three-unit commercial gallery on a 9,000 sqm plot in Odobești, Vrancea County, carried out by its wholly owned project company K2 ODOBEȘTI S.R.L.

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 over the project land, a 9,000 sqm intravilan plot on Str. Libertății, Odobești (CF 62877 Odobești), owned by K2 ODOBEȘTI S.R.L., which grants the mortgage as third-party mortgagor. The reference value of the collateral is the EUR 630,000 price paid for the land under notarial deed no. 916 of 30 September 2025: against the EUR 400,000 facility this is a loan-to-value ratio of 63.49% and collateral coverage of 157.50%. The repayment source is the bank financing for the project approved by Banca Transilvania for K2 ODOBEȘTI S.R.L., expected in about three months.

2. Location Analysis

Odobești, Vrancea County. Odobești is a town in eastern Romania, about 10 km west of Focșani, the county seat of Vrancea, at the foot of the Vrancea hills and at the centre of one of Romania's best known wine-growing areas. The project site is on Str. Libertății, the town's main road, with direct frontage and visibility from the access road.

Catchment and competition. Odobești had 9,423 inhabitants at the 2021 census; according to the developer, the catchment area within 8 km includes about 18,286 residents from Odobești and the neighbouring communes. Modern grocery retail in the town is limited to one Profi and one Penny store, which supports demand for a Lidl-anchored retail park with a non-food gallery and open parking.

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
• 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
• 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. K2 Odobești Retail Park comprises a Lidl supermarket and a commercial gallery with three units, for a total gross leasable area of 3,109 sqm, with open parking, access roads, a transformer station and site works. Building permits no. 63 (Lidl) and no. 64 (commercial gallery) were issued by the Odobești town hall on 19 October 2026. The developer reports a Lidl lease signed on 21 November 2024 for 10 years from opening, Pepco and Sinsay leases signed for 5 years, and the third tenant under selection. Construction is planned from Q3 2026 and opening in Q2 2027 (developer timeline).

The collateral.

• Address: Str. Libertății, Odobești, Vrancea County
• Land book: CF 62877 Odobești, cadastral number 62877; intravilan plot of 9,000 sqm, arable land category, plot 55, parcels 1272-1281, no buildings registered
• Owner: K2 ODOBEȘTI S.R.L. (CUI 48183670), sole owner (1/1), 100% subsidiary of the borrower, acting as third-party mortgagor
• Title: acquired by notarial sale deed no. 916 of 30 September 2025 for EUR 630,000, paid in full
• Charges: the land register extract of 27 August 2026 shows no mortgage; Part III records an easement of passage of about 500 sqm in favour of the neighbouring plot (cadastral no. 62862)

5. Market Analysis

Lidl-anchored retail parks in small and mid-sized Romanian towns combine a discount food anchor with non-food tenants such as Pepco and Sinsay, and draw on the surrounding rural catchment. The Goldbach group has delivered this format in several towns, and eight such project companies were completed and exited the group in October 2025.

Collateral basis. No independent appraisal has been prepared for this offer. The reference value is the price actually paid for the land in September 2025, EUR 630,000, or EUR 70 per sqm. The value of the land with building permits issued and leases signed is not reflected in this figure.

Sensitivity. A forced-sale discount of 20% on EUR 630,000 gives EUR 504,000, which still covers the EUR 400,000 facility at a loan-to-value of about 79%. A discount of about 37% would bring the collateral value to the level of the facility.

6. Financial Analysis

This is a short bridge working capital loan to the group holding, repaid from the project bank financing.

Use of proceeds

Project budget (developer estimates)

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, 6 months after the close of the campaign. The repayment source is the bank financing for the project approved by Banca Transilvania for K2 ODOBEȘTI S.R.L., expected in about three months; because the bank is expected to take security over the same land, this loan is to be repaid at or before the bank drawdown. Alternative routes are group cash flow, the sale of the land and additional shareholder equity. 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, 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 its subsidiary. Mitigation: the mortgage is granted by the subsidiary that owns the land, and the holding reported equity of RON 6.3 million and a net profit of RON 5.2 million in 2025.
• Dependence on the bank financing. Repayment is planned from the project bank financing; a delay in the bank drawdown would delay repayment. Mitigation: the bank financing is reported as approved, the term is 6 months against an expected drawdown in about 3 months, and the mortgaged land covers 157.50% of the facility.
• Collateral basis. The collateral value is the September 2025 purchase price, not an independent appraisal, and the land is agricultural-category intravilan land without buildings. Mitigation: the price was actually paid in full under a notarial deed, building permits were issued in October 2026, and a 20% forced-sale discount still leaves the facility covered.
• Construction and leasing. Construction has not started and the third gallery tenant has not been selected. Mitigation: the Lidl, Pepco and Sinsay leases are signed, and the group has delivered similar retail parks.
• Related-party contractor. The general contractor indicated by the developer, GOLDBACH CONSTRUCT S.R.L., is managed by the borrower's administrator but no longer owned by the beneficial owners. Mitigation: this loan is repaid from the bank financing, not from construction progress.
• 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 short 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).