1. Executive Summary

AB.TO SRL, a Torino-based real estate development company, is completing a residential renovation at Via delle Rosine 15–17 in central Turin. The project involves the conversion and finishing of large-format residential units across a building with a gross commercial area of approximately 1,200 m² on the floors subject to sale. All units have been pre-sold; the outstanding step before deed transfers can be executed is the final authorisation from the Soprintendenza Belle Arti e Paesaggio (the heritage authority overseeing works in the historic centre) which is expected within approximately 3 months. Because buyer funds cannot be released prior to that clearance, the developer is seeking bridge financing to cover the cost of completing the remaining works in the interim. Total project costs amount to €2,230,000 (acquisition €1,200,000, construction €1,000,000, financing €30,000), against projected revenues of €3,200,000, yielding an estimated gross profit of €970,000. The campaign seeks to raise €450,000, offering investors a fixed annual return of 14% over a 3-month term, with principal repaid in full at maturity and interest on a monthly basis, from the proceeds of the unit sales.

2. Location Analysis

The property is located at Via delle Rosine 15–17, in the historic centre of Turin (Torino), the capital of the Piedmont region in northwestern Italy. Turin is Italy's fourth-largest city by population, with approximately 850,000 residents in the municipality and over 1.7 million in the metropolitan area. The Via delle Rosine address sits within the San Salvario / Centro Storico district, one of Turin's most sought-after central residential areas, characterised by 19th-century architecture, walkable streets, and strong demand from both owner-occupiers and investors.

The area benefits from proximity to major urban infrastructure including the Porta Nuova railway station (approximately 800 m), connections to the Turin Metro (Line 1), and easy access to the city's main commercial and cultural arteries including Corso Vittorio Emanuele II and Piazza Carignano. The neighbourhood is served by schools, universities (University of Turin faculties are within walking distance), restaurants, and green spaces.

Turin's residential property market has experienced sustained price recovery following the 2012–2019 correction period. The city centre and historic districts are among the fastest-appreciating submarkets in the metropolitan area, driven by urban regeneration investment, growing short-term rental demand, and the relative affordability of Turin's prime product compared to Milan and Rome. Central Turin currently commands among the strongest sale prices per square metre in the Piedmont region.

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3. Developer Profile

Legal entity: AB.TO SRL Registered office: Via Sant'Antonio da Padova 1, 10121 Torino (TO) REA number: TO – 1338034 Tax code / Company registration: 13086410019 Corporate form: Società a Responsabilità Limitata (S.r.l.) Date of incorporation: 14 June 2024 Registered capital: €10,000 fully paid in PEC (certified digital address): ab.to@pec.it

AB.TO SRL is managed by Sole Administrator Zaharia Petru Alin (born 23 May 1991, Romanian-born Italian citizen, resident in Moncalieri, TO), who holds all powers of ordinary and extraordinary administration. The company's primary ATECO activity is Construction of residential and non-residential buildings (code 410000), with a secondary activity in Purchase and sale of own real estate assets.

Prior to the formation of AB.TO SRL, Zaharia Petru Alin operated as a serial residential developer in the Turin area, having completed and delivered more than 10 projects of comparable scale and typology. No adverse findings, legal disputes, or delivery failures have been identified in connection with those prior projects.

The company filed its first statutory balance sheet for the fiscal year ending 31 December 2024, reporting total revenues of €296,545, a net profit of €30,965, inventory assets of €661,590 representing the current project under development, and liquid assets of €176,820. Total balance sheet assets stood at €925,715, with net equity of €40,964. As of early 2026, the total asset base of the company has grown to approximately €4,500,000, reflecting the ongoing development and pre-sold pipeline. The company operates without group affiliation and has received no public subsidies.

4. Project Overview

Property type: Multi-storey residential building – large-format apartments, one per floor Address: Via delle Rosine 15–17, 10123 Torino (TO), Italy Total gross commercial area (floors subject to sale): approximately 1,200 m² Unit configuration: One apartment per floor; large format (significantly above average residential unit size for the city)

Disposition of units:

• Ground floor (piano terra): pre-sold
• First floor (piano primo): pre-sold
• Upper two floors: already in third-party ownership prior to this development; excluded from the scope of this campaign

Current status: All units within the campaign scope are pre-sold. Construction works are in the final phase. The transfer of deeds to buyers is pending final authorisation from the Soprintendenza Belle Arti e Paesaggio, the Italian heritage authority responsible for approving works in protected historic zones. This approval process is standard for renovation projects of this type in central Turin and is expected to be granted within approximately 3 months. Bridge financing is required because buyer funds cannot contractually be drawn down prior to receipt of this clearance.

Key features:

• Central Turin location within walking distance of major transport, retail, and educational infrastructure
• Large-format floor plans designed for owner-occupier and premium buyer segments
• Full residential renovation within a pre-existing building envelope
• Building permits in order; the renovation classification facilitated a straightforward permitting process
• Expected completion and deed transfer: approximately 3 months from campaign close, subject to Belle Arti authorisation

5. Market Analysis

Turin's residential real estate market has undergone a structural recovery since 2020, with central districts leading price appreciation. According to data published by the Agenzia delle Entrate and monitored by OMI (Osservatorio del Mercato Immobiliare), average asking prices in the Centro Storico and adjacent districts of Turin range from approximately €2,500 to €4,500 per m² for renovated or newly completed residential product, with premium large-format units in high-demand streets commanding premiums at or above the upper end of this range.

Demand in central Turin is supported by a combination of factors: a growing professional and academic population, strong domestic demand from buyers seeking alternatives to Milan (where equivalent product trades at 2–3× the price per m²), and increasing interest from national and international investors in the short-stay rental segment. Supply of large-format, fully renovated centrally-located apartments remains structurally constrained, given the historic building stock and limited new-build pipeline.

Transaction volumes in the Torino municipality have been recovering since 2021. The "one apartment per floor" large-format product segment in central Torino is particularly well-positioned: buyers in this segment tend to be less rate-sensitive and are purchasing for long-term use, reducing exposure to market volatility. The developer has achieved full pre-sales of all units within the campaign scope, eliminating commercial risk and confirming market demand at the project's target price points.

By comparison to national benchmarks, central Turin offers among the most favourable price-to-income ratios for prime residential product in a major Italian city, supporting sustained demand in the near term.

6. Financial Analysis

• Acquisition cost: -1,200,000
• Total construction / project costs: -1,000,000
• Financing costs: -30,000
• Total invested capital: -2,230,000
• Estimated total revenues: +3,200,000
• Estimated gross profit: +970,000
• Gross profit margin on costs: 43.5%

Notes:

• All units within the campaign scope have been pre-sold. Revenue realisation is contractually committed and dependent solely on completion of works and receipt of the Belle Arti authorisation, not on finding buyers.
• The financial figures presented cover only the floors within the scope of this campaign (approximately 1,200 m²). The upper two floors of the building, already in third-party ownership, are excluded from both cost and revenue calculations.
• Repayment of the investor loan will be funded from the proceeds of the unit sales upon deed transfer.

7. Funding and Investment Opportunity

• Total loan amount | €450,000 |
• Loan term | 3 months |
• Annual interest rate | 14% |
• Effective interest for term | ~€15,750 (14% × 3/12 × €450,000) |
• Interest payment | On a monthly basis |
• Principal repayment | At maturity, upon sale of remaining unit |
• Repayment source | Proceeds from the sale of the first-floor residential unit |
• Security instrument | Pledge (pegno) over 100% of the shares of AB.TO SRL + personal guarantee (fideiussione personale) by Zaharia Petru Alin |
• Security coverage | AB.TO SRL holds total assets of approximately €4,500,000 as of early 2026, representing a coverage ratio of approximately 10× the loan amount |

The campaign proceeds of €450,000 are earmarked exclusively for the completion of the final construction works at Via delle Rosine 15–17. All units within the campaign scope are pre-sold; bridge financing is required solely because contractual and legal constraints prevent the drawdown of buyer funds prior to receipt of the heritage authority (Belle Arti) clearance. Once that authorisation is granted (expected within 3 months) deed transfers will be executed and sale proceeds will be used to repay investors in full.

8. Risks and Mitigations

Market Risk Risk: A deterioration in Turin's residential property market could reduce the achievable sale prices for the units, compressing projected revenues. Mitigation: All units within the campaign scope are contractually pre-sold at agreed prices. Revenue is not subject to future market conditions; the commercial phase of the project has been fully concluded.

Regulatory / Administrative Risk (Belle Arti) Risk: The Soprintendenza Belle Arti e Paesaggio may delay or withhold authorisation for the completed renovation, deferring deed transfers and investor repayment beyond the 3-month term. Mitigation: The project is a renovation within an existing residential building, a typology that follows a well-established authorisation process in Turin. Building permits have been obtained without complications. The Belle Arti procedure is standard and already in progress; the 3-month term has been sized to accommodate the expected review timeline. No material grounds for refusal have been identified.

Construction / Completion Risk Risk: Delays or unexpected cost overruns in finalising the remaining works could postpone project completion and the associated authorisation timeline. Mitigation: Works are in the final phase. The loan amount of €450,000 is specifically sized to cover the outstanding construction costs, with no indication of further funding requirements. The developer has completed more than 10 comparable projects without delivery failures.

Repayment Risk Risk: Despite pre-sales being contractually in place, a buyer default or legal dispute could delay or reduce the expected inflows at deed transfer. Mitigation: Pre-sale contracts are binding under Italian law. The developer's gross margin of approximately €970,000 on the project provides substantial headroom to absorb any renegotiation or cost without impairing the repayment of the €450,000 loan. Investor exposure is further protected by the pledge over AB.TO SRL shares and the personal guarantee of Zaharia Petru Alin.

Counterparty / Developer Risk Risk: AB.TO SRL was incorporated in June 2024, giving the legal entity a limited standalone track record. Mitigation: The Sole Administrator, Zaharia Petru Alin, has operated as a serial residential developer in the Turin market prior to the formation of AB.TO SRL, having completed and delivered more than 10 projects of comparable scale. No adverse findings have been identified in connection with those projects. The company's total asset base stood at approximately €4,500,000 as of early 2026, and the FY2024 balance sheet confirms active profitable operations in the first year of trading.

Security Adequacy Risk Risk: In a distress scenario, the pledge over shares may be more difficult to enforce than a real-estate mortgage, and enforcement timelines under Italian law can be lengthy. Mitigation: The security package combines a share pledge on AB.TO SRL (asset base ~€4,500,000; coverage ~10× the loan) with a personal guarantee from the founder, providing recourse at both the corporate and personal level. The combination was structured to be proportionate to the short loan duration and the low execution risk profile of this transaction.

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).