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Transactions

Selling and buying with transaction certainty.

From valuation and buyer approach through to notarisation – we run the process so that the price achieved holds until closing.

€ 0bn

Transaction volume

0+ years

Market experience

0+

Active buyers

Off-market

Sourcing

Aerial view of an inner-city quarter at blue hour
AI-generated

Deal structures

Choosing the right structure

The structure determines tax burden, timeline and buyer universe. We assess the options before marketing starts – not in the middle of negotiations.

Asset deal

Direct purchase of the property itself. Clear liability separation and a new depreciation base for the buyer – but transfer tax applies to the full price and every asset is re-registered individually.

  • Highest legal certainty for buyers
  • Step-up in depreciation
  • Full real estate transfer tax

Share deal

The shares in the property company change hands. Contracts, financing and leases continue unchanged – in exchange for corporate and tax due diligence including legacy liabilities.

  • Existing financing stays in place
  • Corporate DD is mandatory
  • Historic risks transfer to the buyer

Off-market transaction

A discreet sale to a pre-qualified circle of buyers with no public marketing. The right choice for sensitive tenant structures, ongoing restructurings or when speed beats price maximisation.

  • No market signal, no rumours
  • Two to five vetted addressees
  • Signing often within four to six weeks

Structured bidding process

A staged process with teaser, information memorandum, indicative and binding offers. It creates price competition and makes each bidder's funding certainty comparable.

  • Clear rules and deadlines
  • Indicative and binding rounds
  • Price and execution certainty compared

Forward deal

Sale of a development before completion – as forward funding (buyer funds construction) or forward purchase (price paid on handover). Exit certainty for the developer, pipeline for the investor.

  • Exit secured before construction starts
  • Cost and completion guarantees
  • Milestone-based payments

Sale-and-lease-back

An owner-occupier sells the property and leases it back long term. Releases capital from the balance sheet without giving up the location – lease quality drives the price.

  • Liquidity without relocation
  • 10–20 year terms are standard
  • Tenant credit quality drives the yield

Portfolio & block sale

Several assets bundled into one package for institutional buyers. Lower transaction costs per unit and granular holdings become investable for funds.

  • One contract instead of many
  • Assess portfolio premium or discount
  • Exclude cherry-picking contractually

Joint venture & partial sale

A partial sale to a capital partner instead of a full exit. The seller stays exposed to the upside while bringing equity and expertise on board.

  • Governance and waterfall fixed upfront
  • Exit mechanics incl. call/put
  • Typically 50/50 to 90/10

Distressed & restructuring sale

Disposal under time pressure after a covenant breach, construction halt or near-insolvency. A clean data room, aligned lenders and buyers without financing conditions decide the outcome.

  • Alignment with the lending bank
  • Buyers with committed equity
  • Tight timeline, clear communication

Asset classes

The asset classes we cover

Reference deals

Selected transactions

High-street retail, Hesse

Off-market sale of a mixed-use property to a family office – exclusive process, four weeks to signing.

Residential portfolio, NRW

Structured bidding process for 340 units including a value-add concept for the buyer.

Logistics development

Forward funding for a new-build logistics asset with a secured institutional exit.

Hotel, southern Germany

Operator search and lease restructuring ahead of the disposal to a specialist investor.

Project development, Frankfurt

Mezzanine tranche plus senior refinancing during the construction phase.

Care home portfolio

Share deal with a healthcare investor including operator due diligence.

The route

From owner to closing

  1. 01

    Owner

    First key figures, confidential

  2. 02

    Review

    Asset, rent roll, structure

  3. 03

    Teaser

    Anonymised, full memo

  4. 04

    Investors

    Hand-picked outreach

  5. 05

    Closing

    Signing, handover

Sales process

How we sell

  1. Step 01

    Valuation & positioning

    Market-based valuation, definition of the buyer universe and the story the asset can credibly tell.

  2. Step 02

    Structure decision

    Asset or share deal, off-market or bidding process – matched to tax position, timeline and confidentiality needs.

  3. Step 03

    Documentation

    Teaser, data room and tenancy schedule prepared to institutional standards.

  4. Step 04

    Buyer approach

    Targeted, discreet approach – off-market or as a structured bidding process, depending on the objective.

  5. Step 05

    Offers & shortlist

    Comparison of price, financing certainty and timeline instead of just the headline number.

  6. Step 06

    Due diligence & closing

    Coordination of buyer, advisers and data room through to transfer of benefits and burdens.

The highest bid is worthless if the buyer cannot fund it. We test that before we shortlist.
Sabiene Münch · Managing Director, Fox Capital

FAQ

The questions we hear most

Short answers from day-to-day mandates – including when a neighbouring service is the better route.

How discreet is an off-market sale in practice?

Anonymised teaser, hand-picked addressees, NDA before any detail. Tenants, operators and competitors learn nothing until you want them to.

How long does a transaction take?

Three to six months from mandate to notarisation. Prepared documents shorten that noticeably – an incomplete data room is the most common cause of delay.

Asset deal or share deal?

Tax drives that decision, not instinct. In a share deal the buyer also acquires the company's history, which shows up in warranties and in the price. We model both.

Why talk about financing when I want to sell?

Because a buyer without secured funding is not a buyer. We test financeability early – and show you whether refinancing reaches your goal more cheaply than a sale.

When does a property sale become an M&A process?

As soon as property companies, operator contracts or a whole portfolio are involved. Then SPA logic, due diligence and M&A valuation methods apply.

Documents

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Planning to sell an asset?

Discreet, structured and quick to qualified investors – and if holding with fresh capital makes more sense, we run the financing case against it.

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