European Value-Add Fund I · SCSp RAIF

Halcyon

Modern logistics is the backbone of the European economy, and there is not enough of it.
Halcyon Real Estate Partners
LP Data Book · Strictly Private & Confidential
€300MTarget
1.8xNet multiple
13%Net IRR
Fund at a Glance

A €300M value-add fund, built on tangible assets

VehicleLuxembourg SCSp (RAIF), EUR
Target / Hard cap€300M / €400M
GP commitment3% of commitments (€9M)
Term8 years + two 1-year extensions
Investment period4 years, then 4-year hold
Fees1.5% mgmt · 20% carry · 8% pref
WaterfallEuropean, whole-fund
First closeQ1 2027
1.8xNet multiple
13%Net IRR
5.5%Stab. yield-on-cost
~60%LTV at stabilisation

Capital returned early through stabilised refinancings, so distributions begin in year 3 and the J-curve is shorter than a typical develop-and-sell fund.

Tangible assets. Structural undersupply. Buy, fix, refinance.
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Why Now

A repriced entry into a structurally short market

Supply

Grade-A is scarce

Modern, EPC A/B logistics is under 15% of standing stock in target metros. Vacancy sits below 4%, and prime last-mile rents have risen about 6% a year.

Demand

E-commerce compounds

Online penetration is pushing past 19%. Every €1bn of online sales needs an estimated 70,000 sqm of logistics space, and supply chains are reshoring.

Timing

Yields have reset

Prime logistics yields moved out roughly 150 bps from the 2022 trough. A 2027 vintage enters at a cyclical reset, not a peak, with green retrofit the value lever.

Deep dry powder chases core. The scarce skill is executing the retrofit, lease-up and refinance loop at asset level.
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The Investable Universe

Last-mile and light industrial across Northern Europe

We invest where population density, e-commerce and reshoring collide with a shortage of modern space: the Benelux ports, the German industrial heartland and the Nordic capitals.

8Target metros
<4%Vacancy
~70%Stock below EPC C
Benelux · Germany · Nordics
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Strategy

Buy, fix, refinance

01

Buy below replacement cost

Acquire ageing but well-located stock off-market, at a discount to what it would cost to build it new today.

02

Fix the building and the tenancy

Retrofit to EPC A/B, upgrade clear heights and yards, and lease vacant or under-rented space to modern occupiers.

03

Refinance at stabilised value

Once income is secured, refinance to return a large share of capital to LPs early, then hold the asset for stabilised cash yield.

Value is made inside the building, not bought from the market.
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Our Edge

Why Halcyon wins the assets and the returns

01

Off-market origination

Three partners, 49 combined years and direct owner relationships. About 70% of pipeline is off-market or bilateral.

02

Operational value

In-house asset management runs leasing, capex and retrofit. We create value, not just underwrite it.

03

Refinance discipline

Capital returned early through stabilised refinancings, lifting DPI from year 3 and shortening the J-curve.

04

ESG as underwriting

Every asset underwritten to an EPC A/B exit. Green stock leases faster, finances cheaper and sells to more buyers.

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Origination Engine

A wide funnel, a narrow gate

We track the whole market and underwrite deeply, but buy roughly one in twenty assets we screen. Discipline on price, covenant, ESG pathway and exit liquidity is the filter.

Tracked market€3.2bn
Actively underwritten€900M
Live pipeline (5 assets)€184M
~1 in 20 screened is acquired
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Investment & Underwriting Process

From sourcing to stabilised income

Stage 1

Source & screen

Off-market, bilateral and lender-led situations. Red-line screen on location, covenant and ESG pathway.

Stage 2

Underwrite

Business plan, capex and retrofit budget, exit yield and financing. Independent IC review and vote.

Stage 3

Execute

Acquire, deliver the capex plan, lease vacant space and retrofit to EPC A/B on a fixed programme.

Stage 4

Refinance & hold

Refinance at stabilised value, return capital, then hold for cash yield to a planned exit.

An independent Investment Committee approves every acquisition, disposal and financing.
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Portfolio Construction

Diversified across 12 to 16 assets

40%Germany
30%Benelux
20%Nordics
10%Flex
Assets12 – 16
Avg equity ticket€18M – €30M
Max single asset15% of commitments
SectorLast-mile & light industrial
Asset-level leverage≤ 65% LTC
Portfolio leverage~60% LTV at stabilisation
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Risk Management & Downside

Underwritten for the downside first

Market

Cap-rate expansion

Base case holds exit yields flat. Downside stresses +50 bps and still returns 1.4x net; entry at a repriced basis is the buffer.

Leasing

Slower lease-up

Assets bought with in-place income or pre-lets where possible. Six-month lease-up delays are modelled in the downside.

Financing

Debt cost & refi

Conservative LTVs, hedged rates, and no reliance on cap-rate compression for the refinance to return capital.

1.4xDownside net multiple
8%Downside net IRR
≤65%Max asset LTC
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Track Record

€1.4bn deployed, 1.9x realised, together

Across their prior platforms the three partners jointly deployed roughly €1.4bn into 28 assets, realising a blended 1.9x at a 16% gross IRR. Two representative deals follow.

€1.4bnDeployed
28Assets
1.9xBlended gross
16%Gross IRR
Nordic Gateway · Copenhagen

Logistics estate bought €25M off-market, re-let and ESG-retrofitted, then refinanced with €8M returned to investors early. 2.0x · 17% IRR

Rhine Corridor · Düsseldorf

Vacant-heavy light-industrial estate repositioned to 96% occupancy over 30 months, exited to a core fund at €52M. 1.9x · 15% IRR

Prior track record is team-attributed and does not reflect Fund I, which has not yet begun investing.
Halcyon.11 / 18
Nordic Gateway · Copenhagen
Case Study · One

Nordic Gateway

A Copenhagen logistics estate acquired off-market at €25M, re-let and ESG-retrofitted, then refinanced with €8M of proceeds returned to investors ahead of exit.

€25MEntry
+€8MRefi proceeds
2.0xRealised
17%IRR
Halcyon.12 / 18
Case Study · Two

Rhine Corridor

A vacant-heavy Düsseldorf light-industrial estate, repositioned to 96% occupancy over 30 months and exited to a core fund at €52M.

96%Occupancy at exit
€52MExit
1.9xRealised
15%IRR
Rhine Corridor · Düsseldorf
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The Competing Field

Where Halcyon sits

Mega-funds

Pan-European core

Deep capital, but too large for €20–40M last-mile assets and focused on stabilised core, not value-add.

Core / core-plus

Yield buyers

Buy the stabilised asset we create. Our exit, not our competition, and priced off compressed yields.

Local developers

Single-market

Strong locally but sub-scale and without institutional fund infrastructure or a refinance discipline.

Halcyon

Value-add specialist

The right size for the assets, pan-European reach, and the operational team to execute buy-fix-refinance.

Deep capital chases core. Halcyon competes where capability, not cheque size, wins the deal.
Halcyon.14 / 18
Returns & Scenarios

Net to LP, across three cases

CaseNet IRRNet multipleAssumption
Downside8%1.4xCap +50 bps
Base13%1.8xPlan delivered
Upside17%2.1xCap −25 bps

Distributions begin in year 3 as the first stabilised assets refinance. Net DPI builds to roughly 0.4x by year 4 and 0.9x by year 6, reaching the full multiple at wind-up.

Yr 3First distributions
2.1xGross multiple
Model your own commitment on the LP Calc, section 5.2.
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Fund Terms & Economics

Aligned, whole-fund economics

Management fee1.5% on committed (inv. period), then invested
Carried interest20%
Preferred return8%
WaterfallEuropean, whole-fund, with GP catch-up
GP commitment3% (€9M at target)
Org costs cap€2.5M
Min. LP commitment€5M
Whole-fund waterfall

1 · Return of capital and costs  →  2 · 8% preferred return  →  3 · 100% GP catch-up to 20% of profit above pref  →  4 · 80 / 20 split thereafter.

Carry is paid only after LPs receive all their capital back plus the 8% preferred return across the whole fund, not deal by deal.

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The Team

Operators who have done this before

AL

Anna Lindqvist

Managing Partner · 16 yrs

Ex-Head of Investments, pan-European last-mile platform. €2bn+ acquired. Chairs the IC.

TW

Tomas Weber

Partner, Investments · 15 yrs

Development background. Owns origination and underwriting end to end.

IM

Isabelle Moreau

Partner, Asset Mgmt · 18 yrs

Ex-global RE investment manager. Runs leasing, capex, retrofit and refinancing.

LA

Lars Andersen

Director, Capital Markets · 12 yrs

Structures asset-level debt and the refinancing programme.

SR

Sofia Ricci

Director, ESG · 11 yrs

Owns the EPC A/B retrofit pathway and green-financing criteria.

MB

Markus Bauer

Fund Controller · 17 yrs

Fund finance, valuations oversight and LP reporting.

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The Ask

Join the first close, Q1 2027

Halcyon is raising €300M for European Value-Add Fund I, with a €400M hard cap. The GP commits 3% alongside LPs. Minimum LP commitment €5M.

€300MTarget raise
3%GP commit
Q1 2027First close
Contact

Anna Lindqvist

Managing Partner
ir@halcyonrep.com

Halcyon Real Estate Partners
2 Place de l'Étoile, L-1479 Luxembourg · Amsterdam

Full diligence pack in the Data Room. Prepared by Top Tier Advisory.
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