Field reports, macro reads, and post-mortems from the ground team. The numbers we underwrite with — and the ones that make us walk away.
Prices holding at BGN 1,500/m² with a modest 2% YoY uptick. The deepest value pockets sit on the periphery; regulatory risk is legible on page 22. Full report inside.
Three letters, three walls between your capital and any other project on the platform. What the Special Purpose Vehicle actually does, and — more usefully — what it does not.
The largest active land position in the book, quarter-by-quarter. Where the eighty per cent completion figure comes from, and what has to happen for the exit window to hold.
Currency risk gone is the obvious lift; the material change is on the capital-cost side. Term structure, mortgage spread compression, and the two SPV clauses we had to rewrite.
A candid conversation on the 360° model — design-to-delivery execution, long-term value focus, and the calls that got walked back.
Layout, materials, and the four specification choices that shifted realised yield by more than four hundred basis points across thirteen VIFLIP exits. Not taste. Yield.
Three thousand four hundred sixty-two square metres of unentitled land, acquired for €680K in 2021, run through the full entitlement cycle in-house, and exited via share sale in August 2025.
Macro plus district-level Sofia. Twelve indicators, one page, refreshed by the fifth of each month. What we look at before we write a term sheet.
One issue per month. The macro read, one deep-dive, and the projects reaching commitment stage. No syndication of realtor content. Unsubscribe with one click.
