Livory Capital
About Us
We support our strategic partners in the implementation of real estate investments. We take a holistic approach and have the expertise to advise them throughout the entire real estate cycle. Our core business is the design of tailor-made real estate investment strategies for professional and institutional investors – from classic individual investments and club deals to structured solutions and the associated asset management.
Together with Bayerische Versorgungskammer (BVK), we have launched a hotel fund, and with Hanse Merkur Grundvermögen, we have launched a fund for subsidized housing. Since Livory Capital was founded, we have implemented transactions with a volume of over €750 million.
Mission statement
At Livory Capital, we focus on reliability, sustainability, responsibility, and partnership.
They have a decisive influence on our actions and our business relationships. Our goal is to work with you as an investor in a responsible and transparent manner. For us, investing in durable, sustainable, and profitable real estate is directly linked to building successful, long-term business relationships.
Expertise
Livory Capital is a company with industry-specific expertise and many years of experience in the real estate sector. We offer our partners a comprehensive range of services covering the entire real estate cycle – including acquisition, project development/portfolio management, refurbishments, repositioning, and exit strategy. Our team has extensive experience in the development of real estate projects and neighborhood development.
Our focus is on achieving a sensible and sustainable balance between value appreciation and potential risks. This applies to the management of existing properties as well as the assessment of development potential. We also have comprehensive expertise in the field of subsidies, particularly in social housing. We have advised Hanse Merkur Grundvermögen and Union Investment, among others, on this topic.
Services
We support our strategic partners in the implementation of real estate investments.
We take a holistic approach and have the expertise to advise you throughout the entire real estate cycle. Our core business is the design of tailor-made real estate investment strategies for professional and institutional investors – from classic individual investments and club deals to structured solutions and the associated asset management.
We implement the investor's targets on the basis of the budget plans drawn up in advance. The ESG strategies agreed in advance with the investor are taken into account. These form the basis for modernization and development measures, as well as space and tenant restructuring, right through to the repositioning of properties. We also offer the optimization of existing contracts (e.g., green leases).
Thanks to our long-standing business relationships, we have access to a wide range of financial institutions for financing during the project development phase. This gives us excellent access to financing for your project and/or acquisition financing.
In close coordination with asset management and the KVG, we optimize all cash flow-related issues for the properties entrusted to us. For subsidized properties, we use scenario analyses to calculate the best combinations of rent reductions, subsidies, and promotional loans. In addition, we provide comprehensive reports for the KVG and the owners.
Thanks to our nationwide activities, we have extensive knowledge of subsidies, both in the area of subsidized housing construction and energy subsidy programs, such as KfW 40. The programs for subsidized housing construction vary considerably from state to state. In addition, they are continuously being developed. We would be happy to advise you on the funding opportunities available in your federal state, coordinate with the development banks, prepare the funding applications, and implement the key figures in your cash flow model.
We advise investors on choosing the right investment platform—whether as a traditional club deal or indirect capital investment solution—and develop customized concepts.
Thanks to our many years of expertise in PBSA, micro-living, and serviced apartments, we can find the best operator for every location.
The implementation of a construction project requires the use of a wide variety of resources, which must be coordinated with one another. As a general contractor, we offer you all planning, calculation, project management, and execution services from a single source. Livory has in-house architects and civil engineers with years of experience at various locations.
Our range of services includes identifying acquisition opportunities, conducting comprehensive due diligence, and purchasing/selling properties. In addition to preferred access to Livory Group project developments, we also review properties from external providers. Long-standing partnerships with relevant market participants ensure a full deal pipeline and off-market deals.
We are also happy to support you in marketing your property with our comprehensive network. For example, we advise project developers on structuring their sales processes and are available as transaction managers from investor approach to signing. We are also happy to advise you on optimizing the utilization concept for existing projects and identifying potential for value enhancement. Furthermore, we can advise you on all federal and state subsidy programs, as we have already built up comprehensive expertise through our own projects.
We offer you a comprehensive, worry-free package: we take care of your property from the initial letting to re-letting. This applies to both new projects and existing buildings. Thanks to our many years of experience, we can also offer this service for subsidized apartments. Rents are set in accordance with the respective subsidy guidelines and tenants' eligibility for subsidies is checked.
Fund
Our core competencies include fund and asset management, covering all services required for professionally managed real estate portfolios. This applies to both privately financed and subsidized residential construction as well as operator-managed properties.
BVK Hotel Fund
We are delighted to have secured the Bavarian Pension Fund (BVK), one of Europe's leading institutional investors with approximately €117 billion in assets under management, as a client for our services. In 2018, Livory (formerly GBI) launched a hotel fund in collaboration with BVK and Universal-Investment as the service KVG. This is a special fund under Luxembourg law that invests in hotels in the D-A-CH region. Livory's responsibilities here range from acquisition and management to the exit of hotel properties.
The target volume of the fund is €500 million, and assets worth approximately €350 million have already been purchased.
Motel One Hotel Frankfurt, © Livory Group
Sustainably strong: BVK hotel fund wins award
The BVK hotel fund managed by Livory Capital once again participated in the GRESB* assessment in 2024 – the leading assessment system for measuring and analyzing the sustainability performance of entire real estate portfolios according to ESG criteria. With a clear focus on comprehensive optimization of ESG criteria and data availability, the hotel fund has now achieved the coveted Green Star status. This is a remarkable achievement that underscores the fund's commitment to sustainability.
ESG guidelines of the BVK hotel fund
Hotel fund purchase profile
For our fund, we are looking for suitable projects in the following areas:
- Locations in Germany, Austria, and Switzerland
- A to B cities
- Primarily hotels in the budget to upscale category
- At least 120 rooms
- Fixed lease and rental agreements with a franchise structure
- No revenue or management agreements
- No conference and meeting hotels
- Core risk strategy
- With long-term lease and rental agreements
- With expiring lease and rental agreements
- Refurbishments
- Purchase of properties with a minor combination of retail, catering, and office space (25% of the total rent) possible
- Package purchase
- Forward deals
- Maximum lead time to completion: 32 months
- Purchase agreement can be concluded before building permit is granted
- With long-term lease and rental agreements
- Purchase of properties with a subordinate combination of retail, restaurant, and office space (25% of total rent) possible
- Package purchase
Existing funds
Residential fund
In Germany, there is an enormous demand for new housing, especially in large cities. For decades, new construction has fallen short of the target of 400,000 new apartments per year, and the number of new builds is expected to fall further to below 200,000 apartments per year. As a result, the gap between demand and supply for housing will continue to widen in the coming years, putting pressure on rents.
We are in the process of launching a fund that invests in compact apartments in cities with the highest rents, in line with the sharp rise in rents, thereby providing urgently needed housing.