# Build-sell JV — RAK Sellout model — Namou

> For investors who want development upside without operating an asset. Capital pooled into an SPV that funds the build; exit on completion.

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## Build, presell, exit at handover

For investors who want development upside without operating an asset. Capital pooled into an SPV that funds the build; exit on completion. Run the sellout cap stack 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 — quarterly construction reports

#### Exited / distributed

Distributions through the preferred-return waterfall

### The numbers

18–22%

Target IRR

1.6×–1.8×

Equity multiple

n/a (no rental phase)

Cash-on-cash

2–3 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, parcel contributed at appraised value Partner details placeholder

#### Developer partner

Active RAK contractor with delivery track record Partner details placeholder

#### Sales partner

Marketing brokerage with active enterprise pipeline Partner details placeholder

### 30 / 40 / 30 schedule

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

### Three exit options

#### Option A

Off-plan presales kicking in at structural completion

#### Option B

Bulk sale of remaining inventory at handover

#### Option C

Refinance and rollover (rare)

### 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) | 18.5% — |

### Want the full deck?

- [Sign NDA on WhatsApp](https://api.whatsapp.com/send?phone=971569636360&text=Hi%20Namou%20%E2%80%94%20I'm%20on%20%2Fv3%2Finvest%2Fsellout%2F%20and%20I'd%20like%20to%20receive%20the%20full%20deck%20under%20NDA.)