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Strategy

We buy situations,
not locations.

Value arises where an asset drops out of the market: broken financing, a half-finished shell, structural vacancy. Our approach is process-driven and directed at a clearly defined operational lever.

Four pillars

Disciplined deployment of capital

Every investment decision passes through the same four tests.
If one of them fails, the asset does not enter the portfolio.

Pillar I

Selective investment universe

Distressed and undervalued real estate with a residential character across Germany and Austria, nationwide, with no restriction to individual federal states.

Asset classes: housing and multi-family properties, care and healthcare, hotel and hospitality. In addition, serviced apartments, micro-apartments and student housing.

Equity tickets from € 5 M per investment, with no fixed upper limit; at up to 80 % leverage this corresponds to project volumes from approximately € 25 M per asset.

Pillar II

Opportunistic entry

Acquisition at a significant discount to replacement cost. We deliberately exploit structural inefficiencies, forced sales and market dislocations.

The minimum purchase-price discount is 25 percent. This threshold is an entry criterion, not a negotiating target.

Pillar III

Proprietary access to assets

Off-market sourcing through the General Partner's network: banks, insolvency administrators and institutional sellers.

Assets that have already been widely marketed are, as a rule, too expensive for our entry logic.

Pillar IV

Risk management

Leverage capped at 80 percent per asset, single investment capped at 15 percent of Committed Capital. A diversified portfolio of at least 10 assets. Rigorous underwriting and independent valuations.

Risk management rests entirely with the external AIFM under AIFMD Art. 15.

Value Creation

Four levers through which we create value

Operational Restructuring

Active lease management, repositioning of the tenant mix and cost optimisation to stabilise cash flows.

Development & Repositioning

Targeted capex programmes to unlock latent value reserves through physical upgrading.

Structured Exit Planning

The exit strategy is set from acquisition onward. The holding-period corridor remains flexible and follows the market cycle.

ESG Integration

ESG factors feed into every investment decision. The fund is disclosed under SFDR Article 8.

Differentiation

We know what completion costs.

An asset with broken financing and a half-finished shell cannot be restructured through financial engineering. It needs a project sponsor who completes the construction, resolves the operator question and reorders the tenant mix — and an equity provider able to judge whether that will work.

The fund provides equity only; planning, execution and building-owner responsibility rest with the project sponsor. Through the Operandis group we know planning, costing and delivery from practice. That sets us apart from distressed funds that buy and wait for market-value recovery.

Investment universe

Where we look — and where we don't

Core markets

Germany
nationwide, with no restriction to individual federal states
Austria
nationwide, with no restriction to individual cities or federal states
Access routes
Direct acquisition or indirect acquisition through property companies (SPVs). In addition, non-performing loans with a real estate nexus as well as co-investments alongside other funds or investors

Exclusions

Office properties
Structural market risk, no fit with the asset-class strategy
Tickets below € 5 M
Below the minimum equity ticket of € 5 M per investment
Conventional new build
New build in in-situ concrete or masonry; only 3D concrete printing, modular and element construction are eligible (details in the acquisition profiles)
Pure financial plays
Not investable without an operational restructuring perspective
To the acquisition profiles