Immo Financial Model

Three interlocking value propositions:

1. Sellers - Certain, fast, fee-free iBuy offer. Online offer in <2 minutes, physical inspection, fixed completion date, no hidden costs. Seller receives 100% of agreed price vs. ~92% in traditional process.
2. Residents/Renters - Professionally renovated, furnished-optional, digitally managed IMMO Homes. Sample listing: 1,590 €/month in Hamburg. Amenities: professional clean, WiFi, equipped kitchen, modernised bathroom, washing machine in unit.
3. Institutional Investors (IMMO Capital) - Aggregated SUR/SFR residential exposure at scale; stable yield, diversified, inflation-protected; ESG-qualified. Described as "transforming residential into a liquid fixed income investment experience."

Tech stack: proprietary sourcing engine (billions of € in leads), risk-return market identification model, inspection app (300+ data points), automated underwriting algorithm, live self-service portfolio reporting.

• Global residential assets: >€230 trillion
• EU28 total residential assets: ~€40 trillion
• Annual European residential transaction volume: ~€1.6 trillion (~€1.8 trillion cited on slide 7, slightly different; image reads €1.6 trillion on slide 16)
• Annual European resi transactions: +7 million
• Average transaction size (assumed by IMMO): ~€250,000
• Renters in Europe: ~175 million people; ~70 million households
• European households renting: ~30% overall; up to 85% in urban centres; >70% in major German cities
• Annual European rent pool: ~€600 billion
• Capital seeking yield: ~€130 trillion controlled by institutional asset owners; ~€15 trillion negative-yield bonds; ~€77 trillion pension/insurance assets; ~€13 trillion European bank deposits
• Only 0.1% of €175 trillion global residential assets invested in annually; 98% of consumer-market SUR/SFR transactions ignored by institutions

Three revenue streams (none with specific rates disclosed in deck):

1. Acquisition spread / iBuy margin - IMMO buys below market (covers due diligence, conveyancing; no hidden fee to seller but buys at a discount to on-market value). Spread between acquisition price and fair value constitutes unrealised gain on asset aggregation.
2. Rental income - Gross rent collected from residents. Sample data point: 1,590 €/month for a Hamburg apartment. Rental yield target range implied by scatter chart: ~2.75%–3.5% QEY.
3. Asset management / capital product fees - IMMO structures and manages residential portfolios for institutional investors (IMMO Capital). Fee structure (management fee, performance fee) not disclosed in deck.

Channels: D2C (instaimmo.de), brokers, listing platforms for deal sourcing. Lettings via own digital platform.

The deck is light on hard traction numbers. Qualitative milestones only:

• "Aggregated a successful proof case portfolio and developed a quality redefining lettings product"
• "Built out tech stack and operations to scale sourcing, lettings and management"
• "Created a highly profitable business model" - no revenue or margin figures provided
• "Successfully raised multiple levels of capital to unlock new asset class"
• "Billions of Euros in property leads analysed"
• "Tens of thousands of municipalities" analysed with risk-return model
• Sample market: Hamburg (multiple listed properties visible in app screenshots)
• Investors: Talis Capital, Fintech Collective, Surplus

No portfolio unit count, AUM, revenue, occupancy rate, or churn figure is disclosed.

• Competitive positioning: IMMO positions against: (a) traditional estate agents (opaque, expensive, 6–7% commission); (b) institutional MFH block investors (>€25m transactions, ignoring 98% of supply); (c) private unprofessional landlords (bad product, no brand).
• US SFR analogues cited: Blackstone ($6B Home Partners deal), Invitation Homes, Tricon ($5B), Pretium, Brookfield, Invesco/Mynd, Lennar/Centerbridge - framed as validation that European SFR is the next wave.
• Stated moats: proprietary sourcing engine + data; inspection app + algorithmic underwriting; first-mover in European SUR/SFR aggregation at scale; ESG positioning.
• No named European direct competitors cited.

Team (slide 3, ~23 named): CEO Hans-Christian Zappel, CIO Samantha Kempe, COO Avinav Nigam; functions span legal, strategy, country ops (DE/ES), asset services, resident/consumer revenue, portfolio finance, capital, sustainability, engineering, product, growth, data science.

• 43% women, 16 nationalities, 11 languages
• Backgrounds: Blackstone, Morgan Stanley, Goldman Sachs, Clikalia, Amazon, BlackRock, PwC, Google, IKEA, Uber, Booking.com

Investors & Advisors: Talis Capital, Fintech Collective, Surplus (VCs); Andrew Baum (Real Estate Strategist, Oxford Said), Todd Rupert (ex T. Rowe Price CEO), Tom Stafford (DST Global)

• Archetype + why: Real estate portfolio company P&L + asset roll-forward model (hybrid of a buy-to-let property company and an asset manager). IMMO is not a pure SaaS or marketplace - it takes assets on balance sheet, renovates, holds, and generates rental yield. The capital product adds an asset management fee layer. Closest comparables: Opendoor (iBuy P&L) + Invitation Homes (SFR operating model) + a thin asset management fee business. A 3-statement model with a separate property-level waterfall is appropriate.

• Forecast horizon & granularity: 5-year annual model (Y1–Y5) with quarterly granularity in Y1–Y2. Monthly is impractical without deal-flow visibility; quarterly captures renovation cycle (typical SFR turnaround: 4–12 weeks).

• Key drivers & assumptions:
• Units acquired per quarter: Start at ~20 units/quarter in Y1, scaling to ~150/quarter by Y5, subject to capital availability. Rationale: iBuyers typically ramp slowly to prove operational model before institutional capital gates open.
• Average acquisition price per unit: ~€250,000 (consistent with IMMO's own source footnote on slide 7 assuming €250k average transaction size).
• iBuy discount / acquisition margin: 5–8% below market value (industry norm for iBuyers covering due diligence costs and providing certainty premium to seller). No deck figure.
• Renovation capex per unit: €15,000–€30,000 (light-to-medium SFR refurb; IMMO emphasises "standardised refurb"). No deck figure.
• Gross rental yield (QEY): ~2.75%–3.5% target range per scatter chart on slide 21. Use 3.0% as base case on all-in asset cost (acquisition + capex).
• Average monthly rent per unit: ~€1,200–€1,600/month depending on market (Hamburg sample: 1,590 €/month); model as a function of asset value × gross yield / 12.
• Renovation period / void months: 2–3 months average between acquisition and first rent receipt.
• Occupancy rate: 92% stabilised (standard European SFR assumption; urban German markets structurally undersupplied).
• Operating costs / property management OpEx: 25–30% of gross rent (property management, maintenance, insurance, property tax). European BTL norms.
• Asset management fee (IMMO Capital): 0.75–1.0% of AUM per annum + possible performance fee. Fee structure not in deck.
• Corporate overhead / tech opex: Scale with headcount; seed at ~€3–4m/year growing with unit count.
• Capital structure on assets: 60–70% LTV debt financing on portfolio (standard institutional SFR leverage); interest rate ~4–5% (European rates at time of model build). No deck figure.
• Exit / terminal value: Portfolio exit at ~20–25x NRI (NOI) or 4–5% cap rate - consistent with European residential institutional pricing.

• Scenarios (Base / Bull / Bear - which variables flex):
• Bull: Acquisition pace 2× base; institutional capital committed early; gross yield holds at 3.5%; occupancy 95%.
• Base: Acquisition ramp as modelled above; yield 3.0%; occupancy 92%; moderate leverage.
• Bear: Slow institutional capital commitment delays asset ramp; renovation costs overshoot; yield compresses to 2.5% (rising purchase prices outpace rents); occupancy 85%.

• Required sheets / outputs:

1. Assumptions & drivers (central input sheet)
2. Deal flow & acquisitions (units acquired by quarter, avg price, renovation capex, all-in cost)
3. Portfolio roll-forward (opening/closing unit count, AUM, stabilised vs. in-renovation split)
4. Rental P&L (gross rent, vacancy, property OpEx, NOI, NOI margin)
5. Capital product / AM fees (AUM × fee rate)
6. Debt schedule (LTV-based facility drawdown, interest expense, amortisation)
7. Corporate P&L (consolidated: NOI + AM fees − corporate overhead − interest = EBITDA / net income)
8. Balance sheet (property assets, debt, equity)
9. Cash flow statement (operating CF, acquisition capex, debt draws/repayments, equity raises)
10. Scenarios tab (toggle Base/Bull/Bear)
11. Dashboard (AUM, unit count, occupancy, NOI yield, cash balance, equity value)