Business model

Business model

Our business model is unique in that we combine the value chain of the residential real estate business, from development to construction, ownership, management and leasing to the sale of the completed property. With a dedicated team, we manage the entire lifecycle of a residential property, from zoning to leasing. In doing so, we create value for our customers, shareholders and stakeholders.

Our business model can be broken down into the following four steps:

Plot developer

In the Develop phase, we acquire land reserves and continuously develop the housing product to best meet the needs of the rental market. In land acquisition, we acquire unzoned and zoned land for residential development.

In the Develop phase, we are continuously developing our own housing product and applying for building permits on our land reserve with our own housing concept. In this phase, we make sure we have enough homes under construction, enough land for the next two years, and that our housing product is among the best in the rental market.

Property constructor

In this phase, we build all the homes ourselves. The majority of the homes to be built will be built under our own project management contracts, where our development organization subcontracts the construction of the homes to our established network of subcontractors. During the Build phase, we will ensure that all properties are built to our design, with a focus on Energy Class A, and that the houses are connected to geothermal heating.

Property owner

In the next phase, we leave the built homes on our balance sheet. At this stage, we operate the properties with our own property managers, who lease and manage all of our residential properties from start to finish. We ensure that all of the company's apartments have a maintenance cost of approximately EUR 2.7 per square meter per month, a rental rate of over 98%, and a customer satisfaction rating of over 4 (on a scale of 1-5). We only operate in areas and on land where it will still be profitable to own a home in 50 years.

Property seller

In the last phase, we sell a significant portion of the completed housing production on our own balance sheet. Sales are made on a property-by-property basis or in multi-property portfolios, depending on market conditions. Some properties may be sold immediately upon completion and full occupancy, while others may remain in our ownership for several years. The goal of sales is to use and recycle capital efficiently. We want to reallocate capital from ownership to development and construction, as these are parts of the value chain where our return on capital is significantly higher.

Key figures

See our financial development


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