Project Torch — portfolio underwriting
8 standing assets, 16 leases, 136,374 sqm. Every figure below comes from the deterministic monthly engine — nothing is estimated.
Purchase price
€80.0m
Total cost €84.3m
Net initial yield
6.10%
Reversionary 8.35%
Levered IRR
15.77%
Unlevered 10.88%
Equity multiple
1.99x
Peak equity €38.5m
Yield on cost (UK)
8.07%
Rent €7,068,490 ÷ total cost €87.6m
Yield on cost (US)
7.90%
1.15% spread over the 6.75% exit yield
Asset level results
Price allocated pro-rata to ERV. Returns (IRR, multiple, yield on cost) are reported once for the whole deal, not per asset, because debt, costs and the exit are underwritten together.
| Asset | Market | Area | Allocated price | Year 1 NOI | NIY | Reversionary | Yr 1 occupancy | Gross exit |
|---|---|---|---|---|---|---|---|---|
| Cabanillas I | Guadalajara | 22,973 sqm | €12,936,503 | -€20,051 | -0.15% | 7.74% | 0.00% | €17,258,071 |
| Cabanillas II | Guadalajara | 17,844 sqm | €9,311,451 | €774,715 | 7.89% | 8.51% | 100.00% | €9,544,227 |
| Torija | Guadalajara | 24,752 sqm | €11,426,016 | €996,515 | 8.27% | 8.50% | 100.00% | €16,686,176 |
| Fontanar | Guadalajara | 12,076 sqm | €5,331,928 | €366,384 | 6.51% | 8.50% | 79.64% | €7,465,765 |
| Zaragoza — Unit One | Zaragoza | 20,990 sqm | €11,233,963 | €912,837 | 7.71% | 8.51% | 100.00% | €15,930,765 |
| Ribarroja | Valencia | 15,514 sqm | €11,105,500 | €868,809 | 7.43% | 8.52% | 100.00% | €14,210,886 |
| Almussafes | Valencia | 9,529 sqm | €9,650,646 | €727,753 | 7.17% | 8.53% | 99.99% | €14,147,645 |
| Ruidellots | Gerona | 12,697 sqm | €9,003,993 | €513,074 | 5.41% | 8.19% | 100.00% | €12,690,022 |
| Portfolio | — | 136,374 sqm | €80,000,000 | €5,140,036 | 6.10% | 8.35% | — | €107,933,558 |
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