The initial investment mandate covers residential properties in Milan and St. Moritz. The strategy targets assets with identifiable potential for improvement or repositioning, where the expected financial outcome justifies the capital and risk involved.
Each opportunity is assessed against purchase price, total investment cost, expected return, capital requirements and holding period. Transactions must offer a credible financial case under realistic assumptions. Investment volume is not an objective in itself.
In Milan, the focus is on apartments that may benefit from renovation, improved layouts or a different market positioning. In St. Moritz, opportunities are assessed selectively, with particular attention to location, limited supply and achievable resale values. Comparable transactions and local demand provide the basis for evaluating each market.
Acquisition Advantage: securing a purchase price that leaves sufficient margin for costs, risk and return.
Physical Transformation: undertaking improvements where the expected increase in property value exceeds the required expenditure.
Strategic Repositioning: adapting an asset to the requirements of a defined buyer or tenant segment.
Capital and Exit Optimisation: choosing appropriate financing, investment duration and disposal strategies.
Underwriting considers transaction expenses, renovation contingencies, financing costs, taxes and potential delays. Alternative scenarios test the effects of higher expenditure, lower exit values and longer holding periods. Financial leverage is evaluated against its impact on downside exposure.
Future market entry will depend on transaction availability, local expertise and the resources required to operate effectively. Geographic expansion must be supported by a clear economic rationale, not by the pursuit of scale alone.
