UMICO
Real estate & financial structuring
Development equity, and the structuring of capital in situations that do not fit standard financing.
Real estate
We take project-level equity positions in development and redevelopment, working alongside developers and operators who bring the local execution.
Assets with a reason to exist. Locations where demand is structural rather than cyclical, and where the finished asset would be difficult to replicate.
Complexity we can underwrite. Mixed-use redevelopment, planning-constrained sites, capital structures with several classes of investor. This is where returns are earned, provided the analysis is done properly and the downside is modelled honestly.
Aligned terms. We invest alongside sponsors with their own capital committed, on waterfalls that reward performance rather than presence.
Financial structuring and restructuring
Some situations are sound businesses or sound assets wearing the wrong capital structure. Debt maturing against an asset that is not ready. A shareholder group that has stopped agreeing. A transaction where the price is not the obstacle but the terms are.
We work on these directly: designing the structure, modelling it properly, and where appropriate putting our own capital into it. Our background is in Dutch tax and corporate law and in transaction structuring, which means we can build the solution rather than only fund one.
How we work
Each project is held in a separate entity with its own capital structure and its own investor group. We underwrite in-house — full financial models, sensitivity analysis and downside cases before any commitment. We invest deal by deal. We do not operate a blind pool and we do not manage third-party money.