Investment Capital Required: USD 36 Million
What Investors Receive: Other Investment Structure
Investment Terms: Sole capital provider of the project company (no dilution), structured capital return with an 8% preferred return p.a., followed by 50% of residual profits from the first euro.
Business Name: Project Fairway
Business Status: Operating Business – Already active in the market
Business Registration: Yes
Investment Project Stage: Development Stage – Project currently being developed
Country: Croatia
City: On the half island Istria
Investment Project Description
1. Project Ownership and Sponsorship
- Sponsor: LUX Value Partners Group SA (LVPG), Luxembourg (9–11 rue Louvigny), is the sponsor and developer. Fabian Nölle is CEO and sole member of the Board of Directors.
- Project company: a Croatian d.o.o. that holds the land and the existing planning rights. LVPG is acquiring it by share deal, and the investor’s capital goes directly into this project company. Its legal name and register details will be shared under NDA.
- My role: I support LVPG in sales and investor relations and am authorised to present Project Fairway. LVPG will confirm this in writing on company letterhead.
2. Development Status
- Location: Istria, on the northern Croatian Adriatic coast. The exact site will be disclosed under NDA.
- Land and rights: commercial terms with the current owner are agreed in principle, and the share purchase agreement is in negotiation. The land, the company and the full project documentation are included in the acquisition.
- Permits: a detailed zoning plan for the golf resort (UPU) has been in force since 2009, and a location permit is in place. The golf building permit has been applied for and will be issued once the municipal contribution is paid. Two conditions must be met before the main purchase price is released: the golf permit is granted, and an administrative proceeding about municipal fees is closed. According to the municipality, villa permits take 9–12 months after the golf permit.
- Partners: a local general contractor with resort experience has prepared the construction budget. A renowned European golf operator is ready to take over operations. For the branded residences and the longevity centre, several brands and operators are on a shortlist. They will be selected after acquisition and with investor approval.
3. Capital Requirement and Investment Structure
- Investors: the structure is designed for one principal investor as sole capital provider, with no dilution. A small group investing through a single vehicle can be discussed.
- Capital: the total requirement is approx. €60m, with the commitment capped at €70m and no capital calls beyond the cap. There is no minimum ticket for a principal investor; for co-investors in a group it would be agreed case by case.
- Deployment by milestones: a small first tranche is paid at signing. The main tranche (approx. €32m, the balance of the purchase price) is paid only after the golf permit is granted. Golf and infrastructure construction follows. Villas are built in phases and only after pre-sales, so there is no speculative construction.
- Preferred return: the 8% p.a. preferred return and the 50% share of remaining profit are paid by the project company, from project proceeds. The investor receives capital plus the preferred return first. LVPG takes part in the profit only after that, so its upside ranks behind the investor. The preferred return is a priority in the waterfall, not a guarantee.
- Indicative returns to the investor (pre-tax): conservative case 1.5x / approx. 10% IRR, base case 1.8x / approx. 17% IRR, optimistic case 2.8x / approx. 37% IRR. After Croatian corporate income tax, the base case is 1.7x / approx. 15% IRR. In the base case, capital plus preferred return is fully repaid in year 4. Capital and preferred return remain covered down to a sales price decline of approx. 20% versus the base price.
- Financial model: the model is LVPG’s own, built on public market data (Croatian Bureau of Statistics, CBRE, Deloitte) and the contractor’s cost estimate. No independent feasibility study or valuation has been commissioned yet. We expect one to be part of the investor’s due diligence.
4. Fundraising Readiness
- Commitments: there are no binding capital commitments at this stage. Talks with family offices are ongoing.
- Timeline: we aim to secure a principal investor in Q4 2026 / Q1 2027. Closing follows the golf permit, which we currently expect in Q1 2027.
- Documents: the teaser serves as the preliminary summary.
Next steps
We will send you our NDA shortly. Once we receive it back signed, we will send the detailed documentation that supports every point above. This includes the investment memorandum, the financial model, the permit and land register documents, data room access and LVPG’s written confirmation of my mandate.
Contact Person: Joseph Aschenbrenner
Role in the Investment Project: Broker / Intermediary
Job Title: Broker / Intermediary
Disclaimer – Let’s Find GmbH
All information in this listing has been provided by the project representative and has not been independently verified by Let’s Find GmbH.
Let’s Find GmbH does not provide investment advice or guarantee the accuracy of the information or the success of any investment.
Potential investors are solely responsible for conducting their own due diligence before making any investment decisions.