Part 1
A ten week process to establish everything required to be in a position to raise, covering the thesis and market evidence, brand and product definition, design and sustainability standards, the business plan and model, the corporate and vehicle structure, and the full capital readiness pack.
€33,000 fixed · 10 weeks
56 service lines across 6 sections
Executive Summary
The sprint converts an intention into an institutional proposition. It establishes the demand case for new prime residential stock in the Principality, defines the target buyer, assembles the evidence base on values and absorption, and profiles the incumbent developers against whom the platform will be measured. Nothing is taken to capital before that work is complete.
It then fixes the platform itself: the brand and its architecture, the prototype building with its unit mix, area schedule and specification standard, the buyer journey and stewardship model, and the design and sustainability standards that reflect the Government's stated preference for quality and environmental performance.
It closes with the controlling documents of the raise. The business plan and integrated model define the capital requirement and its phasing; the structure work settles HoldCo, DevCo and PropCo separation with governance and counsel briefed; and the capital readiness section produces the capital strategy, the Government protocol, the investor materials, an indexed data room and a qualified target list, concluding with a documented go or no go decision at the sprint board.
Commercial Overview
Scope of Services
1A
8 lines
Preparation of the investment thesis setting the demand case for new prime residential stock in the Principality: structural scarcity, the new-build premium over resale, and the position available to a developer able to bring forward quality stock with the confidence of the Government.
Thesis paperDefinition and segmentation of the target buyer across resident upgraders, new residents, international purchasers of trophy assets and prime tenants.
Buyer definitionAssembly of the demand evidence base across transactions, pricing by district and vintage, absorption, rental levels and the depth of the resale market.
Evidence baseCompetitive profiles of the incumbent Monegasque developers and groups, recent schemes including Mareterra, and the private redevelopment record of the last decade.
Competitor profilesBenchmarking of achieved values per square metre by district, vintage and specification, and of the premium commanded by new stock over resale.
Benchmark setWhite space analysis and the positioning conclusion for the platform.
Positioning conclusionConstruction of the site typology screen across existing building redevelopment, State tenders and concessions, and landowner joint ventures, with the client providing the origination view.
Typology screenRecommendation of the product and entry sequence with supporting rationale.
Entry sequence1B
10 lines
Development of naming territories and shortlist criteria with trademark screening across Monaco, the European Union, the United Kingdom and Switzerland.
Naming territoriesDrafting of the positioning statement and brand architecture across the developer brand and the individual project brands.
Brand architectureSetting of tone of voice principles and visual direction references.
Voice and directionCompilation of the agency brief and the shortlist for issue.
Agency brief · OptionalDefinition of the prototype building: unit mix, size bands, amenity, services and the standard of specification.
Prototype buildingPreparation of the indicative area schedule and specification standard by component.
Area scheduleSetting of minimum and preferred site parameters to guide the client's origination.
Site parametersDefinition of the buyer journey from reservation to completion and the after sale stewardship model for each building.
Buyer journeyDefinition of the discretion and privacy standard applied to buyers, investors and partners.
Discretion standardDrafting of the operating principles charter.
Charter1C
5 lines
Setting of design standards for the platform, informed by the Government's stated preference for quality, environmental performance and engineering.
Design standardsSetting of certification targets by building across recognised environmental and wellbeing standards.
Certification targetsDefinition of the operational energy and carbon pathway.
Energy pathwayMapping of the Principality's environmental requirements for new construction and the evidence the platform must maintain.
Environmental mapDefinition of green financing eligibility criteria.
Eligibility criteria · Optional1D
8 lines
Preparation of the integrated business plan as the controlling narrative document for the raise.
Business planPreparation of the roll-out plan and project cadence over five years.
Roll-out planCompilation of the risk register with mitigations.
Risk registerConstruction of the HoldCo and DevCo model: fee income, cost base, capital requirement and five year view.
Platform modelConstruction of the deal level development appraisal on a redevelopment basis with Monaco assumptions for cost, value, programme and finance.
Appraisal modelPreparation of programme cash flows with sources and uses.
Programme cash flowsPreparation of sensitivity tables and the documented input sheet.
SensitivitiesDefinition of the total capital requirement and its phasing. This output sizes and sequences the Part 2 raise.
Capital requirement1E
11 lines
Analysis of HoldCo, DevCo and PropCo separation.
Separation analysisAnalysis of the Monegasque entity form for HoldCo and the Government authorisation pathway and timeline.
Entity paperAnalysis of the PropCo vehicle jurisdiction and form across a Monaco civil company, a Luxembourg vehicle and a contractual programmatic joint venture.
Vehicle paperDesign of the DevCo service and fee agreement architecture between the platform and each project vehicle.
Agreement architectureBriefing of cross border tax considerations for Monaco assets held with international capital. Stage 1 review and preparation of scope for a third party adviser.
Tax briefPreparation of the instruction brief for Monaco counsel, notary and, where recommended, fund counsel.
Counsel briefDesign of board composition, appointment rights and the reserved matters schedule.
Board designDesign of the Investment Committee: composition, thresholds and approval workflow.
Committee designDrafting of the conflicts policy for founder originated sites and related party contractors, and the KYC and AML standard.
Conflicts and AMLDesign of the management incentive and option framework.
Incentive framework · OptionalSetting of the reporting calendar and information rights.
Reporting calendar · Optional1F
14 lines
Preparation of the capital strategy and raise sequencing paper. This paper defines the tranches, their order, their instruments and their indicative sizes for Part 2.
Capital strategySizing of the HoldCo seed and anchor rounds and their use of funds.
HoldCo sizingDesign of the PropCo programmatic structure, its tranches and the terms to be offered to a cornerstone investor.
PropCo designDesign of the co-investment sleeve with minimum commitments, fees and allocation policy.
Co-investment designSetting of the debt programme approach.
Debt approachPreparation of the Government engagement strategy: stakeholder map, sequence and the proof of funds protocol that Part 2 will deliver against.
Government strategyConfirmation with counsel of private placement and marketing rules for each investor jurisdiction to be approached.
Marketing rulesPreparation of the HoldCo teaser.
TeaserPreparation of the HoldCo investment presentation.
Investment presentationPreparation of the PropCo programme information memorandum in outline.
IM outlineDesign, build and indexing of the data room with access controls.
Data roomMapping and qualification of the investor universe with routes to introduction.
Qualified listWeekly steering meeting with a maintained decision log.
Decision logPreparation of the closing board presentation with the go or no go recommendation.
Board presentation