Annual cash-on-cash from year three, refinance opportunity at year five, exit on full stabilisation. Run the income waterfall live in our JV Simulator on the call
Investors commit, capital escrowed pending SPV formation
Dedicated SPV with formal governance and reporting cadence
Land transferred into SPV, NOC and trustee scheduling
Built and leased — annual reporting on occupancy and yield
Distributions through the preferred-return waterfall
12–14%
Target IRR
1.7×–1.9×
Equity multiple
6–8% from year 3
Cash-on-cash
5–8 years
Hold period
All ranges placeholder Actual targets vary by deal
Capital providers receive preferred return before sponsor promote — typically 8% pref ${placeholderFlag()}
Sponsor promote only kicks in after preferred return is paid in full. Misalignment is structural, not contractual
Modelled at base, bear, and stress cases. The deck shows what happens if sales slow, costs rise, or exit cap softens
Vetted RAK landowner Partner details placeholder
Local specialist with completed cluster track record Partner details placeholder
Property management firm handling 200+ RAK leasing units Partner details placeholder
3-tranche call. Tranche timing tied to construction milestones (groundbreaking, structural completion, fit-out)
Asset sale on stabilisation (year 5–7)
Refinance to retain
Investor secondary at fair value
| Item | Value |
|---|---|
| Total raise | AED 35M undefined |
| Land contribution | AED 12M (appraised) undefined |
| Build cost | AED 18M undefined |
| Sponsor promote (above pref) | 20% undefined |
| Target exit value | AED 52M undefined |
| Modelled IRR (base) | 12.5% undefined |