Bulk sale to institutional investors
Disposal of residential schemes, new-build districts and larger developments as a whole — to institutional real estate funds, insurers, family offices, housing companies and international investors.
Asset classes · Development
Development projects
Fox Capital advises developers on the bulk sale of residential schemes, new-build districts and larger real estate developments to institutional and international investors — with a focus on residential schemes from around 50 units and larger commercial developments.
Our services
Bulk sales, forward deals and project financing
Forward deals
Forward purchase and forward funding: the buyer secures the scheme early, the developer gains planning and financing certainty — with clearly structured security arrangements and instalments tied to construction progress.
Project financing
Structuring and arranging senior debt, whole loans, mezzanine and equity partners — aligned with the project phase, capital requirement and planned exit.
We also consider projects with planning consent still outstanding, construction delays or financing gaps. Whether and on what terms a project can be marketed or financed only becomes clear from a case-by-case review.
We work with developers on both sides: the capital structure for delivery and the exit to the end investor. The two usually belong together, because a secured forward sale is often what makes the financing possible in the first place.
The market has sorted itself out. Buyers still pay decent prices but demand certainty: fixed-price main contract, robust costs, pre-letting, completion guarantee. Documenting these points improves the prospects of a sale. Leaving them unresolved can lead to discounts that materially reduce the developer's profit.
Our job is to pick the right moment to sell and to present the scheme exactly the way the other side's investment committee wants to read it.
What we look at first
- Planning status and outstanding conditions
- Cost plan, main contract and variation risk
- Pre-letting level and anchor tenant credit
- Capital structure, equity share and interest cover
- Programme with realistic float
Key figures
- Volume
- EUR 10 – 400m
- Exit points
- Consent, start on site, completion
- Typical buyers
- Funds, insurers, family offices, housing companies, international investors
- Structure
- Forward funding or forward purchase
- Capital side
- Senior, mezzanine, equity
Value drivers
What moves the price here
Cost certainty
A fixed-price contract with a creditworthy contractor is the strongest single lever a developer holds.
Pre-letting
Every signed lease lowers the buyer's risk deduction — far more so in commercial than in residential.
Timing of exit
Selling after consent brings capital quickly; selling on completion brings margin. Which fits depends on your liquidity.
Capital structure
Clean senior, mezzanine and equity tranches allow larger volumes for the same equity outlay.
Process
How a sale runs in this segment
- Step 01
Project review
Planning, costing, programme, letting status and existing finance examined.
- Step 02
Exit strategy
Timing and structure fixed — forward funding or sale on completion.
- Step 03
Materials
Investor memorandum, cash flow model and sensitivities prepared for investment committees.
- Step 04
Investor approach
Suitable end investors approached in parallel, alongside the financing side where needed.
- Step 05
Negotiation and completion
Instalments against progress, security arrangements, completion guarantee and warranties agreed.
From practice
What we see in real deals
Exit timing is a case-by-case decision
Exiting at resolution stage gives away a substantial part of the value created. Whether waiting or an early exit fits better depends on liquidity, risk capacity and market conditions — mezzanine can be an alternative to an early sale, but must be costed per project.
Budget for variations
Hardly any scheme runs without them, and buyers know it. A realistic, project-specific cost contingency is more credible than a budget without adequate reserves.
The buyer also assesses you
Track record, reference schemes, SPV balance sheet, site manager experience — in a forward deal the investor is buying your ability to deliver.
Questions
What owners ask us
The points owners raise before a mandate — answered the way we would in a first call.
When is the right moment to sell?
That depends on the individual case. The point after consent is granted and the build contract is secured is often attractive, because a major risk is out of the project while the margin has not yet been given away. Liquidity, market conditions and risk capacity can also argue for an earlier or later exit.
Do you sell part-built schemes?
Yes, including stalled sites. Then it is about cost-to-complete, warranties and a buyer who can take over operationally.
Can you arrange the financing too?
Fox Capital structures and arranges suitable financing through banks and alternative capital providers. We do not act as a lender ourselves.
Asset classes
What we cover
We advise on real estate and corporate transactions from EUR 20m across Europe, with a clear focus on the DACH region. Every asset class has its own buyer universe – these are the segments we work in most often.
Thinking about selling in this asset class?
Send us the key figures — you get an honest read on price and buyer universe.