# Build-lease JV — RAK Income model — Namou

> Annual cash-on-cash from year three, refinance opportunity at year five, exit on full stabilisation.

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## Build, lease, hold

Annual cash-on-cash from year three, refinance opportunity at year five, exit on full stabilisation. Run the income waterfall live in our JV Simulator on the call

### Five steps from capital pooled to exit

#### Capital pooled

Investors commit, capital escrowed pending SPV formation

#### SPV formed

Dedicated SPV with formal governance and reporting cadence

#### Asset acquired

Land transferred into SPV, NOC and trustee scheduling

#### Built / operated

Built and leased — annual reporting on occupancy and yield

#### Exited / distributed

Distributions through the preferred-return waterfall

### The numbers

12–14%

Target IRR

1.7×–1.9×

Equity multiple

6–8% from year 3

Cash-on-cash

5–8 years

Hold period

All ranges placeholder Actual targets vary by deal

### Three structural protections

#### Preferred return

Capital providers receive preferred return before sponsor promote — typically 8% pref

#### Promote structure

Sponsor promote only kicks in after preferred return is paid in full. Misalignment is structural, not contractual

#### Downside scenarios

Modelled at base, bear, and stress cases. The deck shows what happens if sales slow, costs rise, or exit cap softens

### Who's on the deal

#### Land partner

Vetted RAK landowner Partner details placeholder

#### Developer partner

Local specialist with completed cluster track record Partner details placeholder

#### Operating manager

Property management firm handling 200+ RAK leasing units Partner details placeholder

### 50 / 30 / 20 schedule

3-tranche call. Tranche timing tied to construction milestones (groundbreaking, structural completion, fit-out)

### Three exit options

#### Option A

Asset sale on stabilisation (year 5–7)

#### Option B

Refinance to retain

#### Option C

Investor secondary at fair value

### Anonymised numbers from a comparable deal

| Item | Value |
| --- | --- |
| Total raise | AED 35M — |
| Land contribution | AED 12M (appraised) — |
| Build cost | AED 18M — |
| Sponsor promote (above pref) | 20% — |
| Target exit value | AED 52M — |
| Modelled IRR (base) | 12.5% — |

### Want the full deck?

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