Investment Criteria
Systematic investment framework for institutional real estate acquisition. Clear parameters enable disciplined decision-making and efficient transaction execution.
Vesper Estate does not operate as an advisor, broker, or joint venture partner. We acquire full ownership positions with proprietary capital — from initial assessment through to transfer and operational management.
Coverage
Netherlands
Markets: nationwide (focus on promising urban regions and economic corridors)
Focus: Strong infrastructure, established commercial centers, good public transport connections
Germany
Markets: nationwide (focus on urban regions and corridors with real exit liquidity)
Focus: Major economic centers with stable demand and strong fundamentals
Investment Focus
Focus Areas
- Mixed-use positions: primarily residential with (limited) retail/services/parking
- Conversions into mixed-use (e.g., office/retail → residential/healthcare)
- Stalled new-build projects with (base) permits or a realistic permitting path
- Selective: healthcare real estate
- Selective: sale & leaseback
Typical Situations (Triggers)
- Project stalled or heavily delayed (typically 3–12+ months)
- Cost overruns / budget break with insufficient buffer
- Funding pressure: covenant issues, refinancing needed, repayment deadline
- Stakeholder complexity: shareholder conflict, partner split, decision-making stuck
- (Expected) claims/disputes, legal friction, estate context
- Bank/lender routes: collateral/REO, loan sale, or situations where loan-to-own makes sense
- Developer disputes or shareholder conflicts
- Time-driven sales that require quick decisions
Deal Size
- €500K – €15M equity per position
- €2M – €50M indicative gross development value (guideline)
- Principal acquisition: we take control and responsibility
What we need for first assessment (72 hours)
- Location, type, and phase (land/shell/fit-out) + current status
- Budget vs. actuals, remaining capex, key risks
- Financing: loans, security, deadlines/covenants (high level)
- Legal structure: SPV/ownership, permits/zoning status, ongoing issues
- Key contracts (contractor/architect) + any claims/disputes
- Reason for transfer + preferred timing
Timeline
Frequently Asked Questions
How fast can you assess?
Within 72 hours after we receive the core info. First we test the showstoppers: location, legal feasibility, financial logic, and transferability.
Do you cooperate with sellers (JV/co-development)?
No. We're a buyer. We buy and take over. No ongoing cooperation with the seller after closing.
Do you take on complex files with legal friction or estate context?
Yes — as long as there's enough base documentation to assess risk and the transfer is realistic. Discretion and structure matter even more in these cases.
What conditions do you use?
Like professional buyers do: normal conditions around (among other things) legal transferability, permits/zoning, financeability, technical condition, accuracy of information, and no new material facts. The more complete the file, the tighter and faster the process.
Is it confidential?
Yes. We work with a limited circle and can put NDAs in place as soon as sensitive info is shared.
