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NEW Germany 2026 market outlook — read the briefing →

M24 Sunshine
Private equity European real estate

Build with conviction capital.

M24 Sunshine partners with European developers on high-quality residential, mixed-use, and logistics schemes — from land stage through realisation. Institutional governance. Decisive cheques. No committee pinball.

€73.2m
Across active mandates
22%
Avg investor IRR
4
Active deals
4
Jurisdictions
Sector focus
Residential Mixed-use PBSA & co-living Logistics
Deal profile
€5m – €40m cheques · 18 – 48 month holds · ready-to-build & programmatic JVs
In market Germany United Kingdom France Luxembourg
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Built with
Capricornus GmbH CSSF-framework compliant SFDR Article 8 aligned Basel IV considered ECB SREP aware ESG-reported Capricornus GmbH CSSF-framework compliant SFDR Article 8 aligned Basel IV considered ECB SREP aware ESG-reported
Deal qualifier

Is M24 the right capital partner for you?

Four questions. One straight answer. No follow-up spam unless you want it.

  • i We respond within 24h.
  • ii No NDAs to start the conversation.
  • iii You own your submitted materials. Always.
  1. 01
  2. 02
  3. 03
  4. 04
Where is your project located?
01 / 04
What we do

Three strategies.
One discipline.

All strategies

Equity financing

Flexible equity to close the gap at the critical moment — from land acquisition through construction to realization. We take a participation stake, align on returns, and stay with you from permit to hand-over.

  • Participation stakes from 20% to majority
  • Aligned returns, not fixed coupons
  • Long-hold patience through realization

Ready-to-build capital

Capital specifically for projects that are permit-in-hand, planning-cleared, and site-secured. We evaluate speed, market, and counterparty — not paperwork cycles — so you can break ground without refinancing limbo.

  • Permit-in-hand underwrite
  • 2–6 week term-sheet turnaround
  • Transparent, developer-friendly terms

Joint ventures

Co-development structures with aligned skin-in-the-game. We bring capital, deal-structure literacy, and Luxembourg-fund governance; you bring the ground-truth, local relationships, and execution.

  • Luxembourg-domiciled SPV governance
  • Co-GP economics for repeat partners
  • ESG and SFDR reporting handled
Selected deals

Four active mandates.
Real returns.

View all
Berlin
Mixed-use
Planning
Berlin · Germany

Berlin — Residential + Medical

Cost
€25m
ROI
22%
IRR
20%
Mixed-use · 36 months
Munich
Mixed-use
In construction
Munich · Germany

Munich — Residential & Commercial

Cost
€24m
ROI
28%
IRR
23%
Mixed-use · 30 months
Reckenthal
Co-living
In construction
Reckenthal · Luxembourg

Reckenthal — Co-living

Cost
€13.2m
ROI
33%
IRR
21%
Co-living · 36 months
Stuttgart
Residential
In construction
Stuttgart · Germany

Stuttgart — Residential

Cost
€11m
ROI
38%
IRR
24%
Residential · 30 months
Insights

From our desk.

All insights
ESG & regulation
Pan-European
M24 · Desk
Pan-European 21 Apr 2026

The ESG Alpha: Turning Regulation into Returns in 2026

ESG has crossed the threshold from compliance cost to alpha driver. The brown discount is now a financing cost, the green premium is a liquidity differential, and manage-to-green is the cleanest single strategy in European real estate.

Market outlook
Luxembourg
M24 · Desk
Luxembourg 6 Apr 2026

Luxembourg 2026: A Flight to Quality in the Grand Duchy

A corrected pricing level, 1.5% annual population growth, and a secondary-market liquidity shift have opened the cleanest Luxembourg entry window in nearly a decade. Our view on where that capital should land.

€73m+
Across active mandates
22%
Average investor IRR
31 months
Average project duration
4
Jurisdictions · DE · LU · UK · FR
In conversation

Partners on record.

“M24 showed up with capital-structure clarity on day one. They understood our permit risk better than our bank did.”

Managing Partner
Developer GmbH, Munich

“Clean governance, Luxembourg-domiciled, and actually responsive. Rare combination in European RE equity.”

Head of Real Assets
Family Office, Zurich

“Structured equity that lets us break ground without waiting for refinancing windows. That’s the product.”

Partner
Residential Developer, Luxembourg

Illustrative attributions for design preview. Replace before launch.

FAQ

Common questions.

Straight answers on size, geography, structure, and speed. If you need more, book a call.

  • 01 What’s your minimum deal size?
    Typical tickets fall between €5m and €40m of equity per project. Below €5m we’ll usually refer; above €40m we syndicate with partner funds.
  • 02 Which countries do you invest in?
    Germany is our deepest market. We also deploy in Luxembourg, the UK, France, and Spain for the right counterparties. We do not invest in emerging markets or jurisdictions without reliable foreclosure regimes.
  • 03 Do you take the lead or co-invest?
    Both. We structure participation between 20% and majority depending on risk profile and partner track record. We prefer repeat developer relationships with skin in the game.
  • 04 How long from first call to term sheet?
    Two to six weeks typical. Land-stage equity can move faster if the developer brings a complete file. We say no quickly when it’s not a fit.
Start a conversation

Have a project that meets our criteria?

A 20-minute call clarifies fit faster than a 200-page OM.

Stay informed

Market notes from our desk —
monthly.

Short, sharp briefings on European real-estate equity flows, Basel IV, and deal structure. No fluff.

  • i Capital flows and equity structure across Germany, UK, France, Spain, Luxembourg.
  • ii Regulatory notes — Basel IV, CSRD, SFDR — what actually matters to deal structure.
  • iii Select case notes from our ready-to-build pipeline.
Ships month-end ~8 min read
ISSUE 18 · APR 2026
Latest in your inbox

“Why the German residential stack is re-pricing — and which ready-to-build windows close first.”

Partner note Capital structure

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