Contract term
Remaining term anchors the price. Below five years it gets difficult for institutional buyers.
Asset classes · Special purpose
Special purpose & operational assets
Data centres, car parks, student housing, leisure and social infrastructure: a narrow buyer universe, but attractive returns for those who understand the operation.
Special purpose assets are not priced off comparable rents but off the operation. What counts is the cash flow the use generates and how robust the contract is that passes it to the owner.
The buyer universe is small and specialised. Targeted approach matters more here than in any other asset class — a broadly distributed teaser produces enquiries, not bids.
We know the houses that genuinely acquire in these segments and what they want to see before naming a price.
What we look at first
- Operating contract: lease, management or owner-operated
- Technical plant as the real value driver
- Grid connection, redundancy and cooling for data centres
- Permits, concessions and operating obligations
- Alternative use if the operator fails
Key figures
- Lot size
- EUR 20 – 400m
- Typical buyers
- Specialist funds, operators, infrastructure investors
- Pricing basis
- Operating result and contract structure
- Timeline
- 4 – 8 months
- Returns
- Above average, in a narrower market
Value drivers
What moves the price here
Technical plant
In data centres and car parks the value sits in the equipment, not the shell. Maintenance history and remaining life are part of the valuation.
Operator credit
A contract is only as good as the party who has to perform it. Accounts belong in the data room.
Alternative use
What happens to the building when the operation ends? Buyers price that scenario, so we answer it.
Process
How a sale runs in this segment
- Step 01
Operating analysis
Income, cost and result for three years, separated between property and operation.
- Step 02
Contract review
Operating agreement, concessions, permits and repair obligations.
- Step 03
Valuation
Income approach on sustainable operating result, with an operator-change scenario.
- Step 04
Targeted approach
Only houses actively acquiring in the segment — usually fewer than twenty nationwide.
- Step 05
Due diligence and closing
Technical review takes more room than usual, and the timetable reflects that.
From practice
What we see in real deals
The market is an address book
Reach does not decide these processes. Getting to the right five investment managers personally does.
Separate operation from property
Buyers want to know what the building earns and what the business earns. One combined figure adds weeks of due diligence.
Disclose remaining plant life
Ventilation, UPS, barrier and payment systems all run in cycles. A ten-year capex plan looks professional and prevents post-survey discounts.
Questions
What owners ask us
The points owners raise before a mandate — answered the way we would in a first call.
Which assets fall into this group?
Data centres, car parks, student housing, fitness and leisure assets, education buildings and similar operational property.
Are returns really higher?
Generally yes, because the buyer universe is smaller and operator risk larger. With long leases and solid operators pricing converges on mainstream classes.
How discreet is the process?
Off-market is the norm here. With an operation running, there is no reason to make a sale public.
Asset classes
What we cover
We advise on real estate and corporate transactions from EUR 20m across Europe, with a clear focus on the DACH region. Every asset class has its own buyer universe – these are the segments we work in most often.
Thinking about selling in this asset class?
Send us the key figures — you get an honest read on price and buyer universe.