Cash out at close, cash each year to exit, and the sale. Prepared 20 September 2026.
Stated on 55% LTV — the structure this deal is being done on. Every figure comes from the same model run as the business plan — this document restates it as cash rather than as return.
What the deal costs on the day, and where that money comes from. Net cash at close is zero by construction — it is printed so it can be checked rather than trusted.
The VAT is reclaimed in full and never enters the cost base, so it does not change what the building costs. It is equity while it is outstanding: the equity rows above carry it, which is why the peak cheque is 3.035.218 € against a stated equity of 2.907.055 €.
Every column is cash. Figures in € thousands.
| Line | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total operating revenue | 895k | 966k | 1018k | 1037k | 1056k | 1076k | 1096k | 1116k | 1137k | 1158k | 10555k |
| GOP | 614k | 671k | 708k | 721k | 734k | 748k | 762k | 776k | 790k | 805k | 7330k |
| NOI | 440k | 485k | 512k | 521k | 531k | 540k | 550k | 560k | 571k | 581k | 5292k |
| Loan interest | -93k | -87k | -82k | -76k | -71k | -65k | -59k | -53k | -46k | -40k | -672k |
| Principal repaid | -189k | -194k | -200k | -205k | -211k | -217k | -223k | -229k | -235k | -242k | -2144k |
| Cash after debt service | 159k | 203k | 230k | 240k | 249k | 259k | 269k | 279k | 289k | 300k | 2476k |
| VAT reclaimed | 128k | 0k | 0k | 0k | 0k | 0k | 0k | 0k | 0k | 0k | 128k |
| Cumulative cash | 287k | 490k | 720k | 960k | 1209k | 1468k | 1737k | 2016k | 2305k | 2605k | — |
| DSCR | 1,56 | 1,72 | 1,82 | 1,85 | 1,88 | 1,92 | 1,95 | 1,99 | 2,03 | 2,06 | — |
Capitalised on the year 10 NOI.
What the cash above amounts to, once it is dated.
You are looking as an investor — a prospect the firm admitted, seeing only what was sent to them.