all rights reserved 2011 © rjce aledo senior golf resort4,3 21,7 14,3 6,5 10,9 6,5 15,9 4,5 17,5...
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DE EMPRESASCONSULTORIA
Aribau, 198 (Diagonal) José Abascal, 56 08036 Barcelona 28003 MadridTel. 93 240 60 20 - Fax 93 240 60 21 www.rjce.net Tel. 91 781 97 60 - Fax 91 781 97 64
ALEDO SENIOR GOLF RESORT
October 2011
BRIEF INFORMATION MEMORANDUM
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1. EXECUTIVE SUMMARY 2
2. LOCATION 3
3. TARGET POPULATION 6
4. PROJECT DESCRIPTION 7
5. INCOME PROJECTION 14
6. IRR CALCULATION 15
INDEX
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1. EXECUTIVE SUMMARY
NIMONTER SL is a company solely focused on the development of a fully integrated Senior Resort,with the goal to be a worldwide reference in “Senior Wellness”, targeting senior citizens from theEuropean Union.
The Resort will be developed by phases, according to confirmed demand evolution, which will set thepace of construction and commercialization, both for housing and the rest of related operatingconcessions (care homes, hotels, fitness, spa, golf, etc.), all of them with a medium-high standingand top services.
The second and third investment modules of the project aim to obtain the necessary resources forthe planning and construction of the initial housing (apartments and bungalows) with services carehomes, as well as later development of all Phases.
NIMONTER SL has two plots of land in Murcia with a privileged location, amounting to 7.1 M sq.meters of land and full license to build 681,670 sq. meters of ceiling. The property has a total of 3.1 Msq. meters devoted to landscaping, gardens and streets and 4.0 M sq. meters, given its landscape andenvironmental value, as “Lugar de Interés Comunitario (LIC)” (European Environmental Interest Site).
In order to enhance the international image of the Resort it will include a University PostgraduateCenter and a Research and Congress Center that should become world references in the medicaldisciplines of "Elderly Care".
Income forecast for the complete project, spanning from today until 2022 amounts to 1.2 Bn€,yielding an IRR of 33.4% (as estimated in specific financial hypothesis)
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2. LOCATION2.1 Murcia Region
The region is the largest producer of fruits,vegetables and flowers in Spain.
It has important vineyards close to thetowns of Bullas, Yecla and Jumilla, whichhave Guarantee of Origin.
Its territory is warm and its traditionalagriculture is irrigated land. The highestpeak in the region is in the Revolcadoresmassif, with 2,015 m.
It has more than 200 Kms of warm beachesfacing the Mediterranean sea.
Calasparra
Jumilla
Yecla
Moratalla
Caravaca
Mula
Alcantarilla
Abanilla
MURCIA
Alhama
TotanaALEDO
Lorca
Águilas
MazarrónCartagena
San Javier
Bullas
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The Region of Murcia is very well connected:
Currently the construction of theInternational Airport, which occupies 306hectares, is at an advanced stage ofconstruction. It will have capacity for 15,000aircraft operations annually. It will beinaugurated in December 2011 replacing SanJavier airport.
Daily trains and buses operate to/fromMadrid, Barcelona, Alicante and Valencia. Theregion has an extensive network of highwaysand roads. The project for the AVE (highspeed train) is approved, and it is planned toarrive in Murcia by 2014.
2. LOCATION2.2 Transport & Network Communications
ALEDO
VALENCIA
MADRID
Moratalla
Mula
Bullas
ALICANTE
LaManga
Cieza
Archena
PuertoLumbreras
Lorca
Águilas
CartagenaMazarrón
Totana
AlhamaSan Pedro
Fortuna
Yecla
Jumilla
Caravaca
Calasparra
MURCIA
San Javier
MOTORWAY ROAD AIRPORT
HIGHWAY HIGHWAY UNDER CONSTRUCTION HARBOUR
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The plot is located in the historicalmunicipality of ALEDO, 500 meters abovesea level facing the Natural Park Sierra deEspuña, characterized by its diversity ofnatural ecosystems and its historical andcultural content, recognized as a “naturaljewel” of the Region of Murcia.
The plot is very well connected, by road,only 10 Km from the MediterraneanHighway. The International Airport, underconstruction, is less than 20 Km from theplot.The distance to Murcia capital is 50 Km andthe beaches of Mazarrón and Águilas are 35Km away.
2. LOCATION2.3 Resort Location
Mula
Alcantarilla
MURCIA
Alhama
ALEDO
SierraEspuñaNaturalPark
NewAirport
InternationalRegión de Murcia Airport of
San Javier
Jumilla
Abanilla
Totana
Lorca
Águilas
MazarrónCartagena
San Javier
Yecla
RESORT LOCATION
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The target clients for the Resort are:
Europeans with a medium/high income level,nearing retirement age, who are interested intransferring their residence to an area with allthe advantages offered by Murcia. In theEuropean Union, 18% of the population isover 65 years old.
Senior European residents in Spain, whoalready own a house but who now need a newway of living, adapted to their older age.Currently there are 220,000 Europeans over 65years of age living in Spain.
The Resort is designed to fill the gap that currentlyexists in residential care for hundreds ofthousands of Europeans at retirement age.Conversations with insurance and mutualcompanies are currently being carried out tonegotiate large housing deals in Spain for theirclients through social tourism agreements.
3. TARGET POPULATION
8,1
12,8
4,3
21,7
14,3
6,5
10,9
6,5
15,9
4,5
17,5
3,4 3,8
14,616,7
10,3
16,3
11,2
6,1
12,1
Andalucía
Aragón
Asturias
Balears
Canarias
Cantabria
Castilla La Mancha
Castilla y León
Catalunya
Ceuta
Comunidad Valenciana
Extremadura
Galicia
La Rioja
Madrid
Melilla
Murcia
Navarra
País Vasco
Total España
1
23 4
FOREIGN POPULATION AS % OF TOTAL POPULATION 2009
Source: INE
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4. PROJECT DESCRIPTION4.1 Surface Breakdown by Use
NIMONTER SL owns two plots of land with a surfaceof 7,080,000 sq. meters, and an authorizedbuildability of 681,670 sq. meters of ceiling. Theproperty is fully licensed and includes a large LICzone.
The 3,953,880 sq. meters of land rated as “LIC”(European Environmental Interest Site) form aprotected ecosystem to assure biodiversity throughthe conservation of natural habitats, fauna and floraof the area. It is a privileged environment, facing theNatural Park Sierra Espuña.
The plot is perfectly qualified for residential andsports use benefiting from total support by Localauthorities and the Regional Government.
The plot has thermal and mineral-medical springwater emerging at 60 degrees, more than sufficientto meet all requirements for the Resort, while alsobenefiting from local irrigation facilities (Taibillachannel).
The Resort will be fully equipped with the latesttechnological advances in sustainability, renewableenergies, security, telecommunications, etc.
Total7.1 M sq.m
Building Surface0.7 M sq.m
LIC Ecosystem4.0 M sq.m
Landscape &Roads
2.4 M sq.m
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4. PROJECT DESCRIPTION4.2 Renderings: Spaces
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4. PROJECT DESCRIPTION4.3 Key Timings
CONSTRUCTIONWORKS
P.G.O.U. 2005(Plan General
de OrdenaciónUrbanística)
GRADUALACQUISITION
OF LANDS
Expected to end current revision in May 2012
P.G.O.U.ADAPTATION TO
NEW 2010 NORMS
PARTIALBUILDING
PLAN
HOUSINGAND FACILITIES
PROJECT+
May 2013
COMPLETED PHASES FINAL PHASE PRE-WORKS WORKS
The Partial Building Plan will take about ayear until final Approval.
Beginning of development works will be immediate upon approval of building projects, land subdivision and complementary.
Initial Approval: ……………..…… May 2011Pre-final Approval: ……............… December 2011Final Approval: ……….................. May 2012
With the intention to adapt this project to 2010 new town planning laws,NIMONTER SL is dealing with a General Plan Review of the Urban Planningof Aledo.
Raising of EquityPhase 1
Raising of EquityRest of Phases
10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
2011 2012 2013
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PRODUCT
Housing with services
Apartments for employees
Hotels
Thermal Spa
Gym & Fitness
Care homes
Specialized services center
Resort Administration & Operations
Retail services
Golf Course (19 holes and practice area)
University Postgraduate Center & Research and Congress Center
Apartments for teachers and students
4. PROJECT DESCRIPTION4.4 Business Model for Resort
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4. PROJECT DESCRIPTION4.5 Housing for Residents
The Apartments and Bungalows are designed forresidents with a good degree of personalautonomy.
Available services include household cleaning,laundry, security and medical care.
APARTMENTS& BUNGALOWS WITH SERVICES
HOUSING TYPES BY SIZE
1 Bedroom Housing 60 sq.m
2 Bedrooms Housing 80 sq.m
3 Bedrooms Housing 100 sq.m
SALE
1 Bedroom 2 Bedrooms
3 Bedrooms
HOUSING TYPES AVAILABILITY
50%
35%
15%
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4. PROJECT DESCRIPTION4.6 Renderings: Housing
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4. PROJECT DESCRIPTION4.7 Development Phases
The Resort will offer 7,322 houses with services, leading to an estimated population of 8,800 residents. One third of the estimated 1,400 employees will be able to live in the Resort. Ratios:
Number of residents per house: 1,20 Number of employees per resident: 0,16 Available houses per employee: 0,33
BASIC HYPOTHESIS PHASE 1(2011-2014)PHASE 2
(2015-2016)PHASE 3
(2017-2018)PHASE 4
(2019-2020)PHASE 5
(2021-2022) TOTAL
Development Period 20% 25% 20% 20% 15%
Number of houses with services 1.464 1.831 1.464 1.464 1.098 7.322
1 bedroom (Apartment) 50% 732 915 732 732 549 3.661
2 bedrooms (Apartment) 35% 513 641 513 513 384 2.563
3 bedrooms (Bungalow) 15% 220 275 220 220 165 1.098
Cummulative number of houses 1.464 3.295 4.759 6.224 7.322
Cummulative number of residents 1.757 3.954 5.711 7.469 8.787
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5. INCOME PROJECTION
To Non-Recurring Income, Recurring Income from Concessions must be added, but it has not been included in this projection to simplify calculations.
INCOME (M€) PHASE 1(2011-2014)PHASE 2
(2015-2016)PHASE 3
(2017-2018)PHASE 4
(2019-2020)PHASE 5
(2021-2022) TOTAL
Sales 1 bedroom (Apartment)
Sales 2 bedrooms (Apartment)
Sales 3 bedrooms (Bungalow
Sales Total
Facilities and various services
TOTAL INCOME (Non-Recurring)
96,7
90,2
48,3
235,2
4,1
239,3
100,5
93,9
50,3
244,7
4,1
248,8
102,6
95,7
51,3
249,6
4,1
253,7
78,5
73,2
39,2
190,9
3,1
194,0
501,5
468,0
250,7
1.220,2
20,6
1.240,8
123,2
115,0
61,6
299,8
5,2
305,0
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6. IRR CALCULATION
PROJECT IRR: 33,2%
Income 1.241 M€ Project Life-span 12 years
Pay Out 350 M€ Leverage 33%
PHASE 1 INVESTMENT IRR: 42,8%
Income 120 M€ Phase 1 Life-span 4 years
Pay Out 60 M€ Leverage 33%
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For additional information, please contact with:
Mr. Ventura RupertiPartner
RJCE Consultoría de Empresas
Tel +34 932 406 020
Slide Number 1INDEX1.EXECUTIVE SUMMARY2.LOCATION�2.1Murcia Region2.LOCATION�2.2Transport & Network Communications2.LOCATION�2.3Resort Location3.TARGET POPULATIONSlide Number 84.PROJECT DESCRIPTION�4.2Renderings: SpacesSlide Number 104.PROJECT DESCRIPTION�4.4Business Model for Resort4.PROJECT DESCRIPTION�4.5Housing for Residents4.PROJECT DESCRIPTION�4.6Renderings: Housing4.PROJECT DESCRIPTION�4.7Development Phases5.INCOME PROJECTION6.IRR CALCULATIONSlide Number 17