Our Story
Started With a Question. Still Asking.
“What if nobody in Bulgarian real estate is actually solving the real problem?”
Fragmented services, misaligned incentives, zero vertical integration. We built the alternative.
“What if we killed bad deals faster than anyone else?”
Discipline became the product. The filter protects capital — not optimism.
“What if we hired for how people think — not what they've done?”
Nine domains. Each leader chosen for judgment, not just credentials.
“What if we never stopped rebuilding ourselves?”
Every quarter the system tightens. Every exit teaches. The standard only moves up.
Founding Moments
First brick, first bet — ground-up development with own capital.
Capital returned. Promise kept. First full-cycle exit delivered.
Structure for scale. Four Flows. One system.
VIG AIF registration under Bulgarian / EU AIFMD frameworks — institutional channel opens.
Leaders & Experts
Nine Domains. One Operating System.
Not a management team. A platform with a human operating system.
Investment Philosophy
Precision Before Capital.
Demand Trajectory
Capital flows before the market prices it in.
Product-Market Fit
Calibrated to absorption data — not surveys.
Downside Integrity
Must hold under stress — not just base case.
Exit Architecture
Return path defined before capital enters.
We kill more deals than we take. That’s the point.
Strategy Model & Discipline
One System. Four Stages. Zero Improvisation.
Capital-protected real estate — designed, built, managed, and exited under one platform. Every deal runs the same filter.
Four Mandatory Gates
Fail any one. Get declined.
Smart Deal Filter
Base-case net profitability clears 20%. Entry tested against Registry Agency comps, not asking prices.
Fortress Balance Sheet
6-month OpEx reserve stays intact post-deployment. HQ overhead under 25% of gross profit.
Three-Scenario Model
Base, Best, Worst submitted on every deal. Worst must remain viable under rate or velocity shocks.
Legal Clearance
No unresolved title, zoning, encumbrance, or regulatory issues. Sr. RE Lawyer signs off before commitment.
Pre-commitment screen. No exceptions.
Disciplined Real-Estate Pipeline
53 sourced. 9 deployed. 44 declined.
Opportunities Identified
53 · 100%
Off-market scouting, broker networks, institutional and bank-originated channels.
Passed Initial Screen
~40 · 75%
Deal Scout sanity check on price-vs-zoning, location viability, basic market fit.
Full Feasibility Modeled
~22 · 42%
DCF, three-scenario model, entry price tested against Registry Agency comps.
Reached IC Review
~14 · 26%
30-minute Investment Committee slot. Present, challenge, decide.
Portfolio Projects
9 · 17%
All four mandatory gates cleared. Capital deployed.
44 declined. 9 approved. Every exit point documented.
An 83% rejection rate. Every exit point documented.
Why Deals Get Declined
44 declines, by primary reason.
Price / Profitability <20%
18 · 41%
Entry price too high relative to exit value after construction and financing.
Location Risk
9 · 20%
Peripheral neighborhoods, secondary markets, weak buyer demand.
Strategic Misalignment
8 · 18%
Commercial, retail, public sector — outside the residential mandate.
Legal / Title Complexity
3 · 7%
Encumbrances, disputed ownership, zoning restrictions that resist resolution.
Counterparty / Structure Risk
3 · 7%
Unreliable sellers, consortium governance, unclear deal structure.
Execution Capacity
3 · 7%
Team bandwidth or capital requirements would compromise active projects.
Price, Location, and Strategic Fit drive 79% of declines.
Deal Selection Discipline — deep dive
Three case studies (11 August Street, H&M, Vitosha City), the full process maturation timeline, and the gated 44-row register PDF.
You don’t trust a projection.
You trust a system.