Core Realty — For Investors

01The Opportunity

This is not an office. It is the infrastructure of the market.

Ten calls to ten people, three weeks of legal review, a designer who arrives after the deal closes. The buying process hasn't changed since the nineties. Core Estate Hub closes the entire chain under one roof — one address, one process, one system.

Single flow

Customers concentrate at one entry point. Traffic is generated and owned by Core's marketing engine.

Full cycle

Every need of the transaction closes inside the hub — broker, legal, mortgage, renovation, management.

Monetization

Revenue is captured at every stage of the funnel, not only at the point of sale.

Key meaning

We don't earn on square meters.
We earn on turnover and deals.

2–5%

Purchase

Commission on the sale transaction

0.5–1%

Mortgage

Financing arrangement fee

10–20%

Renovation

Margin on design & fit-out

5–10%

Management

Recurring share of rental flow

One client = four to five revenue streams. It is not a deal — it is lifetime value.

02Proven Traction

We scale a model that already works — not a hypothesis.

From 24.6M to 1.42B AED in transaction volume in three years — a 58× climb. The brokerage platform is profitable, accelerating, and the foundation the hub is built on.

1.42B

AED GMV · 2025

×58 since 2022

50.5M

AED revenue · 2025

×51 since 2022

+1.92M

AED EBITDA · 2025

profitable at scale

100+

Active brokers

→ 1,000 within 18–24 mo

15,661CAC · AED per broker

3.2 moPayback per broker

7.6×LTV / CAC · 24 months

+53%Company dollar · 2026 YoY

2024 was the only loss year — a deliberate investment in team and infrastructure. 2025 delivered the return. The first four months of 2026 are ahead of 2025 on every metric.

03The Returns

26% cash yield. Four-year payback.

A business centre rents space and returns 6–8%. Core Estate Hub does something different — the investor co-owns the asset and a share of the operating platform. Rent plus turnover.

A plain business centre

6–8%

Rental income only. The investor earns on square meters and waits for the property to appreciate.

Core Estate Hub

26% cash

Rental income from the hub plus a share of the operating platform's turnover. Payback in approximately 4 years — backed by the real estate asset throughout.

The investor takes 100% of the PropCo (the real estate) and a stake of up to 40% in the OpCo (the platform and operations). Income comes from rent and from a slice of the brokerage turnover the hub generates — on top of property appreciation. Core carries the entire operational burden.

1 hub · 202765.3M AED

1 hub · 2028108.2M AED

1 hub · 2029127.0M AED

EBITDA peak · 50% margin~63.5M AED

04How You Invest

One hub. One company. Your asset, isolated.

Each hub is held in its own SPV — isolated risk, a liquid share, and the ability to choose your location. No operational burden: Core runs everything.

~100M

AED · Real estate, fit-out, equipment, furniture (3,000 m²)

~20M

AED · IT platform, CRM, operations build-out

~10M

AED · Marketing, launch, first-year reserve

Total CAPEX per hub · ~130M AED

PropCo — Real estate (asset)

Investor 100%

The physical asset sits under the investor. Downside protection — real estate beneath the platform.

OpCo — Platform & operations

Investor up to 40%

A share of the operating turnover — the brokerage engine, services and ecosystem revenue. Core retains operational control.

Capital protection through real estate

The investor holds 100% of the PropCo — the real estate asset — until it is fully repaid by Core from operating cash flows. Throughout the entire repayment period the asset backs the investment in full. Dividends are paid from day one: rental income from the hub and a share of OpCo operating profit. Once the real estate is fully repaid, it transfers to Core. The investor retains their equity stake in the OpCo and continues receiving dividends — now backed solely by the operating business, with no further asset encumbrance.

Phase 1 · until full repayment (~4 years)

Real estate secures
the investment

Investor holds PropCo 100% as security. Dividends: rental yield + OpCo profit share. Core repays from cash flows.

Phase 2 · after repayment

Property transfers
to Core

Real estate moves to the Holding. Investor retains equity in the OpCo. Dividends continue from operating profit.

Phase 3 · IPO horizon · 2030

Equity stake
has market value

OpCo share reprices with the listing. Early investors entered before Hub 2 and Hub 3 — maximum asymmetry.

Entry formatsCash · property contribution · combination of both

Risk isolation1 Hub = 1 SPV · liquid, transferable share

Operational burdenNone — Core operates the entire hub

The Full Picture — One Hub, One Investor

Illustration: Hub 1 · entry 130M AED · 40% stake · revenue 100M AED at plateau · EBITDA 50%

Step 01 · Invest

130M AED

CAPEX in

Real estate, fit-out, IT, launch. Investor holds PropCo 100% from day one — the asset secures the full investment.

Step 02 · Recover

130M AED

Returned via dividends

Rental income and OpCo profit share repay the full 130M AED over approximately 4 years. No additional outlay required.

Step 03 · Retain

40%

Stake at zero added cost

After repayment, the property transfers to Core. The investor keeps 40% in the OpCo — fully paid by prior cash flows. Dividends continue.

Step 04 · IPO · 2030

160–300M AED

Estimated stake value

40% of Hub 1 OpCo at IPO multiple. On top of all dividends received throughout the holding period.

Hub 1 · revenue 100M AED · EBITDA 50M AED · investor stake 40% · indicative

8× conservative	160M AED	Hub 1 valuation 400M AED · 40% = 160M AED
12× base case	240M AED	Hub 1 valuation 600M AED · 40% = 240M AED
15× optimistic	300M AED	Hub 1 valuation 750M AED · 40% = 300M AED

Total at base case (12×) · capital recovered + equity at listing

130M AED returned via cash flows + 240M AED equity at IPO

370M AED

Indicative illustration only. Revenue and EBITDA are targets, not guarantees. IPO terms subject to definitive agreements.

05Structure & Governance

A clean holding. A clear path to listing.

The ADGM Holding consolidates the group and is the listing vehicle for ADX / DFM — key partners only, no external investors. Investors participate exclusively at hub (OpCo) level. The project is joined by a senior figure from Abu Dhabi whose involvement opens access to government programs, creates institutional credibility, and positions Core Realty as a trusted, established platform across the UAE — infrastructure, not a startup.

Core Realty

51%

Founder · full operational control

Strategic Partner

34%

Senior partner — public standing, networks, Abu Dhabi presence

Quazar

10%

Institutional networks, listing support

Coordinator

Director of Strategic Partnerships

The asset and the business are separated — PropCo and OpCo — removing conflicts of interest and protecting capital with a real asset underneath the platform.

06The Upside

Each round is more expensive. Early capital captures the platform.

Three hubs by listing. Group revenue near 299.7M AED a year, EBITDA around 149.9M AED. An early share reprices upward with every hub — on top of the cash yield.

2023–25

Validation
$450M GMV

2026

Hub 1
Dubai flagship

2027

Hub 2
group +97M AED

2028

Hub 3
group +210M AED

2029

IPO prep
road show

2030

IPO
ADX / DFM

At listing · EBITDA ~150M AED/year

8× · conservative

1.2B

AED group valuation

12× · base case

1.8B

AED group valuation

15× · optimistic

2.25B

AED group valuation

Estimated value of a 40% stake in one hub · peak EBITDA ~63.5M AED · indicative

Multiple

Hub valuation

40% stake

Entry · 130M AED

8× conservative

508M AED

~203M AED

investor 40%

12× base case

762M AED

~305M AED

investor 40%

15× optimistic

953M AED

~381M AED

investor 40%

Indicative only. Exact terms depend on the definitive agreement and consolidation structure. All projected figures are targets, not guarantees.

Invest in the infrastructure of the UAE real estate market.

This is not an office. It is the infrastructure of the market.

Single flow

Full cycle

Monetization

We scale a model that already works — not a hypothesis.

26% cash yield. Four-year payback.

One hub. One company. Your asset, isolated.

A clean holding. A clear path to listing.

Each round is more expensive. Early capital captures the platform.

Risks closed systematically.

The next round will be more expensive than this one.