Interest payments are not solely dependent on land sales. A debt service reserve mechanism is embedded into the structure.

As funds are progressively raised from investors, a portion of each tranche is retained at the Luxembourg level to constitute a Debt Service Reserve Account (DSRA). This reserve is sized to secure interest payments during the initial periods, regardless of the project's commercial cash flow.

This structure ensures that investors benefit from predictable interest servicing, with funds already held in a ring-fenced account in Luxembourg, outside the operational risk perimeter of the project.

Full details on the DSRA allocation and mechanics will be disclosed in the final bond documentation.