— investment.
— profit.
— months.
A 120-unit residential tower in Timișoara, 86.7% complete. We are looking for a forward partner for the final stretch. We stay alongside — 25-40% stake — and finish the project together. Secured by the asset.
120 units. A building with 70% nature.
Str. Aurel Pop 13, Timișoara. The only residential complex in Romania built on the principle "30% living, 70% nature, sun, air, community" — validated by BREEAM Excellent 80.8% certification, the highest preliminary residential score on record in the country.
Why it sells differently — and at a premium.
It doesn't compete with standard apartment blocks in Timișoara. It competes in a new category: living integrated with nature. Every unit has a suspended garden and private terrace. Indoor-outdoor flows seamlessly.
For you, the project starts at zero.
Honest context, in brief. The pandemic, the inflation that followed, and the war in Ukraine that amplified it hit the market simultaneously. We had multiple projects in progress and made a disciplined choice — to prioritize execution, not dispersion. We allocated budget and reserves to the prioritized projects.
24.3M EUR already invested in VVV — these are our costs, we own them fully. They are not part of today's discussion.
What we discuss today: a forward partner for the final stretch. 18.3M EUR forward investment · 25.7M EUR forward revenue · 16 months. For you, the project starts at zero. The rest is history — ours, not yours.
— investment. — profit. ROI —
The forward figures — what goes in, what comes out — on a single page. No paid penalties, no historical costs, no land mortgage (which is our separate deal).
Money Out — forward costs
Money In — forward revenue
Bank-verified budget. Every line item was meticulously prepared for CEC Bank and independently audited by a third-party reviewer assigned by the bank for accuracy. Most cost positions are still at quote stage, not negotiated — further reductions are realistic and already under discussion. Management overhead will also be optimized; the current potential is not yet reflected in these numbers.
Every assumption is a slider. Move it.
We don't ask you to believe us. We ask you to test. Sales 10% below plan? Costs 1M higher? Stake 55% or 100%? Numbers recalculate instantly. The break-even point is always visible.
Net profit / equity invested
(equityIn / equityOut)1/years − 1
Money out — costs
Bank-verified budget. Every line was meticulously prepared for CEC Bank and audited by a third-party reviewer. Most positions are still at quote stage — further reductions are realistic and already under discussion.
Money in — revenue
Forward-looking inflows only. Paid penalties excluded. 41 units already sold (1.80M receivables pending).
Credit financing · 9.3M bank loan
Context: the facility is actually 14.3M EUR, but 5M is used to release a land mortgage on a separate deal —
that amount is not part of this model and is a bonus for whoever partners with us. Net financing
available for VVV: 9.3M EUR, active and drawable.
Bullet loan · interest-only until maturity (31.08.2027). Principal repaid in full at maturity (most likely extendable).
Using this credit increases return on equity — every EUR borrowed is one EUR of partner equity freed.
Investment credit · 2.1M
Signed on 16.04, same maturity as the bank credit (31.08.2027). Can be used if the 9.3M facility is active — drawn only after partner equity is first deployed on construction. Linear drawdown assumption based on monthly construction spend. Another lever to increase return on partner equity.
VAT revolving credit · 2.0M
Revolving facility in RON — also available and usable. VAT paid to suppliers on construction and non-salary soft costs is refunded by the state after 3 months; this line bridges the timing gap. ROBOR 3M + spread. Requires the 9.3M bank credit to be active. When off, partners must lock up equity to cover VAT cash flow. Yet another lever — increases return on partner equity.
Retention · good-execution guarantee 5%
Works exactly like a credit. Withhold 5% of construction costs from suppliers as a good-execution guarantee. Returned from sales ~1.5 years after project end — it's not cash the project keeps, it's a timing offset that reduces equity required during construction. Another mechanism that raises return on partner equity.
Revenue optimization · buyback & resell
Buy back already-sold apartments at roughly contract price, then resell at current list price — capturing the 2019-to-today price uplift.
Negotiation range: contract price ±10%.
−10% (discount): some early buyers are already concerned about the delay — a softer exit discount is realistic.
+10% (premium): for clients who need to be actively released from the contract, we pay a premium above contract — still profitable given the resale uplift.
Either way, the economics work: the uplift between 2019 contract prices and 2026 list prices covers both directions comfortably.
External investor stake
Our intent: 60-75% external partner, 25-40% Vox Property Group. The slider allows exploration of any scenario — everything has a price, every deal has its negotiation. What does not change: we stay in the project.
Concrete pipeline. Not hypothetical.
41 units already sold at an average price of 2,972 EUR/sqm — market validation before completion. 79 units remaining with contractable value of 23.9M EUR. Two absorption backstops already arranged.
We've done it before. With the same team.
The remaining 13% is fit-out and finishing — the most predictable part of any construction. No structural risk, no permitting risk. Operation, not construction. With the team that delivered Vox Technology Park.
National Architecture Biennale 2018
Commercial project delivered by the same team — winner of the National Architecture Biennale 2018, 100% occupied, operational for years.
VVV concept award
Real Estate Professionals Gala award for the architectural concept — validated by the market before construction.
Real Estate Magazine
Residential project of the year in Romania — the second independent recognition of the concept.
We're not selling the project. We're inviting a partner.
We stay 25-40%. We finish together.
The structure is simple and aligned: proportional contribution to Money Out, proportional returns from Money In. No promote, no management fee, no hidden waterfall. Everything is transparent — exactly as calculated in the simulator above.