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/ Executive Summary

Sustainable returns through 

an added value strategy

Investment Strategy

Sustainable investments (EU SFDR Article 8) in apartment blocks and residential complexes with a maximum commercial share of up to 25%, mainly in A and B cities in Germany, with a bad energy performance in order achieve a significant reduction of the primary energy use of these buildings of at least 25% through ‘major energy-efficient renovations’ in accordance with Directive EU/2024/1275 and EU/2023/1791.

Legal Structure

AIF in the form of a Luxembourg SCSp

Targeted Investors

Professional and semi-professional investors

Target Equity Commitment

EUR 100m (first closing is to take place at EUR 50 million)

AIFM

Hauck & Aufhäuser Fund Services S.A.

Term

7 years – with option to extend 2x by 1 year

First Closing

Targeted for Q2 2025

Investment Period

36 months from the first closing

Target Fund IRR

15%

ESG

Sustainable investment (EU SFDR Article 8)

Distributions

After term and after project realizations/disposals

Advisor Fee for Sponsor

2% p.a. commitment based during Investment Period;
thereafter 1% p.a. of gross asset value (GAV)

Waterfall
1. Return of invested capital to LPs
2. Hurdle of 8% compounded annual
preferred return to LPs
3. 20% catch up for GP/Sponsor of
distributions made at II
4. 80/20 Split between LPs and
GP/Sponsor

/ Sustainable INVESTMENT OPPORTUNITY

Investment focus and

investment strategy of the Fund

Investment Focus and Strategy

  • Today buildings in the EU account for (i) 40% of final energy consumption and (ii) 36% of energy-related greenhouse gas emission in the EU. Reducing these greenhouse gas emissions – either through greater energy efficiency or reduced energy consumption –  is crucial to achieving climate neutrality in the EU by 2050.
  • More than 70% of existing residential buildings in Germany are inefficient in terms of energy and will require ‘major renovations’ in order to reduce the average primary energy use of all residential buildings in Germany by 16% by 2030 and by 20% by 2035 in accordance with Directive EU/2024/1275 and EU/2023/1791.
  • The investment focus of the Fund is to refurbish existing apartment blocks and residential complexes in the lower and medium price segment with a maximum commercial share of up to 25%, mainly in A and B cities in Germany, with a bad energy performance via a ‘major (energy-efficient) renovation’ and to achieve a significant reduction of the primary energy use of these buildings of at least 25%.
  • The Fund aims to increase the value of the Fund’s assets through (i) ‘major (energy-efficient) renovations’ in accordance with Directive EU/2024/1275 and EU/2023/1791 by using available government subsidy programs (federal, state and EU programs); (ii) the creation of additional residential space through the use of redensification potential (e.g. subsidised loft conversions, extensions, etc.); and (iii) legally permissible rent adjustments during the holding period.

Key facts

  • Size of the Fund: capital commitments of up to EUR 100 million
  • 7-year term – with option to extend 2x by 1 year
  • Maximum 70% leverage at PropCo level (including state-subsidised refurbishment loans)
  • Maximum purchase price per residential property: EUR 20 million
  • Target asset portfolio of approx. EUR 240 million – i.e. at least 11 properties
  • Focus on existing apartment blocks and residential complexes with a bad energy performance
  • Focus on A and B cities in Germany with positive population growth and good economic indicators
  • Implementation of a progressive refurbishment concept in accordance with Directive EU/2024/1275 and EU/2023/1791
  • Use of available state subsidy programs
  • Creation of additional residential space through the use of redensification potential

/ Founders

The Team Behind 

Phoenix Advisory

Danny Major

  • Born on 06.12.1982 in Lutherstadt Wittenberg
  • Trained lawyer and business law graduate
  • 2009, Diploma with honours – Business and environmental 
lawstudies at University of Applied Sciences of Trier
  • 2011 and 2104, state examination in law – University of Trier
  • Practicing as a lawyer since 2014.
  • Several years of professional experience in renowned international law firms in the areas of fund structuring and cross-border M&A with an consultancy focus on private equity funds, real estate funds and acquisition structures
  • Since 2019, responsible Group General Counsel at an internationally active asset manager
  • Responsibility for and support of deals and transactions with a volume of over USD 4 billion in the last 10 years
  • 2023 and 2024, honoured by the Legal 500 and included in the GC Powerlist

Oliver Harles

  • Master in Private Law from the Université Libre de Bruxelles in Brussels, Belgium (graduated in 2011) and Master of Laws (LLM) from the Queen Mary University of London in London, United Kingdom (graduated in 2012).
  • Practising as lawyer from 2013 to 2024 in a renowned international law firm advising (i) private equity funds, venture capital funds and real estate funds as well as (ii) HNWIs on the structuring of international transactions, private equity investments, corporate reorganisations, mergers and acquisitions, corporate finance, and private wealth management.
  • Co-founded in 2015 an open-ended investment fund specialised in buying small and middle-size companies on a “Buy & Hold” basis.

Thomas Golz

  • Born on 07.12.1986 in Düsseldorf
  • Studied economics at the Ludwig-Maximilians-University 
in Munich (graduated in 2011)
  • Since 2009 working in the property sector
  • Extensive experience in investments and expertise in property management
  • From 2009 to 2014, managing partner of GPM GmbH; management of property portfolios in the residential, office and warehouse & logistics segments in Karlsruhe, Berlin, Neuss, Duesseldorf and Bonn, among others. Comprehensive support in the areas of asset and property management. Clients have included major international banks, funds and insolvency administrators
  • Since 2015, private investments in various property projects, with a focus on existing properties and property developments in the residential properties sector. The transactions were handled by our own companies such as CICCI Invest GmbH and 7th Sense Living GmbH
  • The investment support includes Acquisition & inspection of properties/plots, development of an investment strategy, purchase negotiations & financing, ongoing asset and optimisation management or project management for new construction as well as the sale of the properties

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