AQS Patrimonio Hypercompute Hub Infrastructure Fund

Land Valuation Exhibit

MW-Based Comps Analysis

Land Valuation Exhibit

Subject Asset: Orlando Woods Hypercompute Campus (Florida, USA)

1. Purpose of Analysis

This exhibit normalizes recent hyperscale campus land transactions on an MW-capacity basis to establish a defensible valuation for the subject land. The MW-per-acre capacity and hyperscale suitability of the site align with comparable QTS/Blackstone acquisitions.

2. Benchmark Transactions (QTS / Blackstone)

Comparable Transaction	Land Cost	Supported MW	Implied $/MW
QTS – Atlanta Metro (2022)	~$150M	180–220 MW	$0.68–$0.83M/MW
QTS – Northern Virginia (2023)	~$300M	~250 MW	~$1.20M/MW
QTS – Chicago / Hillside	~$200M	150–200 MW	$1.00–$1.33M/MW
QTS – Phoenix Expansion	~$175M	~150 MW	~$1.16M/MW

Blended Market Midpoint (Across All Comps): ≈ $1.07M per MW

3. Subject Site Capacity (MW Basis)

Planned IT Compute Capacity:≈250 MW(Phase I–II)

Potential Expandable Capacity:up to 300 MW

Land area supports hyperscale campus density consistent with QTS, EdgeCore, and DigitalBridge layouts.

For valuation purposes, 250 MW is used as the base case.
(300 MW is treated as upside; not required for valuation support.)

4. Valuation Approaches Based on Comps

A. Conservative Case (Atlanta Low-End)

$0.68M/MW × 250 MW

= $170M

B. Target Valuation (Recommended for Auditor Adoption)

Apply a conservative discount to blended comps: $0.80M/MW

$0.80M/MW × 250 MW

= $200M

Rationale:

• Below the blended QTS comp midpoint ($1.07M/MW)
• Below N. Virginia, Chicago, Phoenix pricing
• Reflects permitting, early-stage status, and Florida's emerging hyperscale market
• Auditor-friendly and defensible

C. Comps-Based Market Value (Unadjusted)

$1.07M/MW × 250 MW

≈ $268M

D. High Case (Premium Market Analogue)

$1.20M/MW × 250 MW

= $300M

(N. Virginia / constrained-market pricing)

5. Conclusion — Supported Land Valuation Range

Scenario	Value
Conservative	$170M
Target Valuation (Recommended)	$200M
Market Comps (Blended)	≈$268M
Premium	$300M+

Recommended Valuation for Reporting Purposes:

$200,000,000

(Reflects $0.80M per MW × 250 MW of supported compute capacity)

This value is well-supported by hyperscale land comps and remains below observable $/MW pricing in established markets, providing a conservative but defensible basis for AIFMD reporting.