Zaphir Capital
Club Deal
Club Deal
Vehicle focused in real estate investments made up of the equity contribution of the different investors who collectively act as an “Investment Club”
The aggregation of equity allows the investors to reduce their exposure to a single asset, therefore increasing their real estate diversification.
Legal Structure
Investors and Zaphir Capital would participate in a Spanish SA for each of the projects to be carried out.
Subsequently, Zaphir Capital and the Investment Vehicle would maintain a management contract during the lifetime of the project.
Project Management
| Identification, analysis, design and member location |
Shareholders agreements and investment |
Project management |
Divestment |
- Systematic tracking of real estate opportunities.
- Financial / real estate analysis.
- Business plan.
|
- Term-sheet agreements.
- Financing structure.
- Due Diligence.
- Asset acquisition.
|
- Business plan development.
- Active management.
- Reporting.
|
- Divestment strategy.
- Tax optimization.
- Divestment and sharing out.
|
Project Type Characteristics
|
Core |
Value Added |
Opportunistic |
| Main activity |
Asset management / Rental properties |
Tenant management / Refurbishment / Change of use |
Development / Portfolio acquisition |
| Term |
5 - 10 years |
2 - 4 years |
4 - 6 years |
| Estimated IRR (pre tax) |
10% |
15% |
> 20 % |
| Leverage (*) |
0% - 50% |
40% - 60% |
40% - 80% |
| Returns |
Via rents (dividends to the shareholder) |
Via rents and capital gains |
Via capital gains |
(*) Estimation subject to market conditions.