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NEW Germany 2026 market outlook — read the briefing →

M24 Sunshine
FOR DEVELOPERS

Equity to close the gap at the critical moment.

We back ready-to-build residential, commercial, and mixed-use projects in Germany, Luxembourg, and across Europe — €5m to €40m per ticket, 20–25% target investor IRR, Luxembourg-domiciled structures.

We're a fit if…

Four criteria. No grey area.

01

Project sized €5m–€40m

02

Permits secured or clearly line-of-sight

03

Germany, Luxembourg, UK, France, or Spain

04

Residential, commercial, mixed-use, or co-living

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
How we partner

Four steps.
Four to six weeks, typically.

  1. 01
    Screen
    48–72h

    We read your brief, check fit against our active mandate, and come back with a yes, no, or a pointed set of clarifying questions. We don't sit on files.

  2. 02
    Diligence
    2–4 weeks

    Joint diligence on permits, market, counterparty track record, and structuring. You work with one lead partner and one analyst. Everything runs in parallel.

  3. 03
    Structure
    1–2 weeks

    We draft a term sheet with Luxembourg-domiciled SPV governance, aligned economics, and a capital deployment schedule tied to construction milestones.

  4. 04
    Deploy
    Signing + drawdown

    Documentation close, first tranche wired to the SPV, quarterly reporting cadence established. You have one partner to call — not a committee.

What makes us different

Compared honestly.

vs. senior debt

Patient equity, not covenanted debt.

Senior lenders want belt-and-braces collateral and LTV cushion. We take equity risk and equity upside. No amortisation schedule, no cross-default triggers — we hold through delay and realise on completion.

vs. mezzanine

Aligned returns, not fixed coupons.

Mezz priced at 12–15% punishes you during slow periods and doesn't share upside. We co-invest at the equity layer — our return profile is the project's return profile. You win, we win.

vs. generalist PE

Real-estate native. Luxembourg-structured.

Generalist PE funds lack sector-specific underwrite and often force UK or Cayman structures that don't work for European developers. We are Luxembourg-domiciled, CSSF-aware, and speak your financing language.

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
FAQ

Developer questions.

Ticket, timeline, structure, exits, ownership. If you need more, it is faster to submit a brief or book a call.

  • 01 What is your typical ticket?
    Equity tickets between €5m and €40m per project. Below €5m we usually refer on; above €40m we syndicate with partner funds.
  • 02 How long from first call to term sheet?
    Two to six weeks typical. We say no quickly when it is not a fit — that is usually more valuable than a slow yes.
  • 03 Do you prefer preferred equity or straight common?
    Both, depending on the risk profile. We often structure preferred equity with participation, occasionally common with a promote waterfall. We match structure to the deal, not the other way round.
  • 04 What are the exit options?
    Sale at stabilisation is most common. We also support refinancing exits via senior debt placement, and in some mandates hold for income. Exit path is agreed in the term sheet.
  • 05 Who owns what at the SPV level?
    The SPV is Luxembourg-domiciled (SCSp or similar). Developer retains operational control and a carry; M24 takes an equity participation stake. Governance is set out plainly in the LPA — no trapdoors.
Submit your deal

Send a short brief.

We respond within 24 hours on business days. Keep it short — if there is a fit we will ask for the file.

  • i Confidential — we don't forward materials.
  • ii No NDA to start. Standard one if we proceed.
  • iii One partner, one analyst. No committee pinball.
Project stage *
Asset class

0 / 500

We respond within 24h on business days. Submissions are confidential.

WORK WITH US

Send your deal.

The fastest way in is the form above. The second fastest is a 20-minute call.

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
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