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Practice, not theory.

Short, concrete articles from our day-to-day mandate work – written for developers, owners and investors.

Latest article

Mezzanine capital: equity substitute in a changed market

Banks keep loan-to-cost low and margins have stayed up. Junior capital fills the gap — at a price that has to work.

Read the full article · 6 min

Transactions

Deal structures in detail

From asset deal to portfolio sale: structure, process and the levers that move the price.

Asset deal or share deal? A decision framework

Transfer tax, liability, depreciation base and buyer universe — ask the structure question after marketing starts and you leave money behind.

Read article · 7 min

Off-market or bidding process — which delivers more?

Discretion versus price competition, compared on timeline, bidder count, abort risk and prices actually achieved.

Read article · 5 min

Forward deals: exit certainty before ground-breaking

Forward funding or forward purchase? The difference lies in the clauses on delay, completion guarantees and milestone payments.

Read article · 5 min

Sale-and-lease-back as a balance sheet tool

Release capital without leaving the site. Lease term, covenant strength and buy-back options set the price.

Read article · 5 min

Portfolio sales: premium or discount?

Bundling only lifts value when the assets fit together. Otherwise the buyer prices in the weakest location.

Read article · 5 min

Due diligence: the ten findings that cost price

Collected from 200+ processes. It is almost always the same gaps — and all of them avoidable.

Read article · 6 min

Asset classes

Segments under the microscope

Offices in transition: what is still financeable

WAULT, tenant credit, energy rating. That is the order in which the bank looks at it.

Read article · 5 min

Logistics: clear height beats yield

Access, third-party usability, roof load for PV — the hard criteria in the most sought-after segment.

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Valuing operational assets properly

Hotels, care and student housing: lease versus management agreement shifts the risk profile more than location does.

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Convenience retail: the food anchor carries it all

Indexed leases, turnover rents and conversion potential — a sober look at the retail park segment.

Read article · 5 min

Selling a residential portfolio: what the price really depends on

Buyers pay for reversionary potential and clean documentation, not for square metres. Both can be shaped before the process starts.

Read article · 6 min

Student housing: the value drivers behind the multiple

Occupancy, operator quality and the utilities model decide the valuation — not the number of apartments.

Read article · 6 min

Hotel acquisition finance: what lenders want to see now

Operator covenant, rent cover and a realistic ramp-up decide the financing — not the price per key.

Read article · 7 min

Selling a hotel: value drivers and timing

The operator contract is the real asset for sale. Remaining term, rent quality and deferred CapEx set the multiple.

Read article · 6 min

Investors

Capital & investment strategy

Core to opportunistic: setting realistic return targets

Which IRR each strategy actually supports — and where business plans break in practice.

Read article · 5 min

What investment committees really test

Ten questions that come up in every committee. Answer them in the memorandum and you save a full loop.

Read article · 5 min

Club deal instead of going it alone

Governance, waterfall, call and put rights: how several family offices share an asset without a later dispute.

Read article · 5 min

Private debt as an alternative to ownership

Running interest, security in the land register, shorter commitment — sometimes lending simply beats buying.

Read article · 5 min

Market

More from the team

M&A in real estate: consolidation in Germany and Switzerland

Who is buying whom, and why. Notably many portfolio company sales driven by refinancing pressure.

Read article · 5 min

Whole loans: speed as a competitive advantage

One counterparty instead of two, no intercreditor process. The blended rate is higher — under tight deadlines it is still the cheaper calculation.

Read article · 4 min

ESG and office refurbishment in the top seven

Poor energy performance means neither tenants nor buyers. What a repositioning costs and when it pays.

Read article · 5 min

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