Investment Criteria
Our investment criteria reflect our current long-term strategies.
These investment profiles are based on clearly defined and developed strategies that guide asset selection, market focus, and risk positioning. While these criteria provide a clear framework, they may be adjusted depending on the specific asset and prevailing market conditions.
Residential Real Estate
CITY RESI
DEVELOPMENTS
Our urban residential development strategy prioritizes reliable developers, proven end-user demand, and the availability of bank financing to support disciplined and scalable execution.
COUNTRY: | Germany, Austria, Spain, Portugal, BeNeLux, Switzerland |
LOCATION: | Locations with proven demand |
STRATEGY: | Value Add, Opportunistic |
TYPE: | Multi-Family, Single-Family, Serviced Apartments |
STRUCTURE: | Equity, Preferred equity, Debt |
KEY CONDITION: | Experienced developer in place |
PERMITS: | In place or to be obtained shortly |
IRR: | > 15% |
TICKET SIZE: | €3-10M |
COASTAL
RESI DEVELOPMENTS
Our coastal residential development strategy targets projects on first- or second-line waterfront sites in areas with well-developed infrastructure, with a clear focus on prime location quality, permits in place , and readiness to commence construction.
COUNTRY: | Spain, Portugal, Italy |
LOCATION: | First-line waterfront sites with sea views |
STRATEGY: | Opportunistic (New development) |
TYPE: | Multi & Single-Family Communities, Apartments |
PERMITS: | In place or to be obtained shortly |
STRUCTURE: | GP Equity, Acquisition |
IRR: | > 15% |
TICKET SIZE: | €3-15M |
Hospitality Real Estate
SMALL HOTELS
Our small hotel strategy focuses on well-located assets in 2d-Tier cities and resort areas with strong local and domestic demand, targeting projects with clear positioning, manageable scale, and the potential for efficient operation without reliance on large brand operators. The strategy may include repositioning underperforming or outdated hotels into serviced apartments or residential units.
COUNTRY: | Spain, Portugal, Italy, Austria |
LOCATION 1: | 2d, 3d-Tier cities with strong domestic tourism / second home resi demand |
LOCATION 2: | Sea/Ski-resort areas |
KEYS: | 40-80 |
OPERATOR: | Non-branded / owner's management |
STRATEGY: | Value Add |
STRUCTURE: | Acquisition |
TICKET SIZE: | < €7M |
CITY HOTELS
Our city hotel strategy targets assets in key urban markets, either operating under a lease agreement or suitable for renovation, repositioning, and a potential change of operator, with a focus on enhancing operating performance and long-term value.
COUNTRY: | Spain, Germany, Austria, Portugal, Italy, Switzerland |
CITY 1: | Madrid, Barcelona, Lisbon, Milan, Vienna, Munich, Hamburg |
CITY 2: | Porto, Brussels, Zurich, Valencia, Malaga, Bilbao |
CITY 3: | Other cities depending on current tourism demand |
KEYS: | > 80 |
STRATEGY 1: | Core/Core+ (NN lease, management, hybrid: >10 years) |
STRATEGY 2: | Value Add (Reconstruction / Repositioning) |
STRUCTURE: | Acquisition, GP Equity |
YIELD: | > 5.5% |
TICKET SIZE: | < €100M Asset Value |
RESORTS
This strategy focuses on underperforming resort hotel assets in high-demand international leisure destinations, unlocking value through comprehensive renovation and a strategic operator transition, while capitalizing on destination-driven demand and seasonal upside.
COUNTRY: | Spain, Portugal, Italy |
LOCATION: | First and Second-line waterfront sites with sea views |
KEYS: | > 80 |
OPERATOR: | No |
STRATEGY: | Value Add, Core+ |
STRUCTURE: | Acquisition |
TICKET SIZE: | > €30M |
Office Real Estate
PRIME OFFICES
We target core prime office properties located in the most established and resilient business districts. The strategy is built around long-term leases with high-quality tenants, ensuring stable income and long-term value protection.
COUNTRY: | Spain, Portugal, Germany, Austria, Italy, France |
LOCATION: | Metropolitan regions, very good to good micro/macro locations |
STRATEGY: | Core, Core+ |
CONTRACT: | Long Term Lease |
TENANCY: | Multi- Tenant: min WAULT 3 years / Single Tenant: WAULT over 7 years |
YIELD: | > 5.5% |
TICKET SIZE: | €10-50M |
Retail Real Estate
SHOPPING MALLS
Our shopping mall strategy is centered on value creation through repositioning, selective redevelopment, and active asset management. We target underperforming or outdated malls with strong locations and upside potential.
COUNTRY: | Germany, France, Spain, Portugal, Belgium, Italy, Austria |
LOCATION: | Prime urban and regional retail locations |
STRATEGY: | Value Add, Core+, Core |
AREA: | > 7000 sqm |
TENANCY: | Single/Multi-Tenant |
YIELD: | > 7.0% |
TICKET SIZE: | > €30M |
PBSA & Flex Living
STUDENT RESIDENCES
Our PBSA strategy focuses on high-demand university cities with growing student populations and structurally limited supply. We prioritize well-located assets with strong transport connectivity and proximity to major campuses to ensure resilient occupancy and stable long-term income.
COUNTRY: | Spain, Portugal, Italy |
LOCATION: | Prime university cities and established submarkets. |
ROOMS: | > 70 |
STRATEGY: | Value Add, Core+ |
STRUCTURE: | GP Equity, Acquisition |
OPERATOR: | Yes |
IRR: | > 18% |
TICKET SIZE: | €3-15M |
Industrial Real Estate
DATA CENTERS
We focus on core and core+ small-scale data center assets supported by a strong and diversified client base.
COUNTRY: | All Europe |
LOCATION: | Prime and emerging European data center markets. |
STRATEGY: | Core/Core+, optionally Value Add |
SCALE: | 2-15 MW IT capacity with expansion potential |
PERMITS: | Secured grid access, advanced permitting status |
TENANCY: | Existing / Pre-leasing or anchor commitments from creditworthy tenants. |
STRUCTURE: | GP, LP Equity |
IRR: | > 15% |
TICKET SIZE: | €5M - €50M |
SOLAR FARMS
Our solar strategy focuses on assets located in high-irradiation regions with strong and predictable generation profiles. We selectively target markets characterized by elevated power price levels, limited available capacity, and constrained permitting or grid allocation frameworks, where scarcity dynamics and supportive regulation underpin long-term revenue visibility and attractive risk-adjusted returns.
COUNTRY: | Spain, Portugal, Italy, Germany |
LOCATION: | High-irradiation regions with favorable climate and strong power price environments |
STRATEGY: | Opportunistic (New Development) |
PERMIT & LICENCE: | In place |
STRUCTURE: | GP, LP Equity |
IRR: | > 20% |
TICKET SIZE: | < €5M per project |
Logistics Real Estate
WHAREHOUSES
Our logistics strategy targets high-quality logistics assets across Europe, with a clear focus on strategic locations, strong transport connectivity, and close proximity to major consumer markets. We invest selectively in assets that meet our return criteria, combining prime positioning with operational efficiency to generate stable income and compelling long-term value.
COUNTRY: | All Europe |
LOCATION: | Pan-European. Prime logistics locations |
STRATEGY: | Core, Core+, Value Add , optionally Opportunistic |
STRUCTURE: | GP equity, Acquisition |
TENANCY: | Single Tenant |
CONTRACT: | NNN lease (>10 years) |
YIELD: | > 6.5% |
TICKET SIZE: | €5-50M |