ERAM · Investment

Co-invest with ERAM.

Real ownership in audited project SPVs. Equity-only capital model — no debt. Dividends paid pro-rata to your shareholding. From a minimum ticket of €1,000 (retail) at €100 par value per Class B share. Onboarding and subscription run through our dedicated Investors Portal.

Investors Portal
How it works

A clear path from interest to ownership.

01

Register on the Portal

Create an account on the Investors Portal. Set your investor profile and risk acknowledgement.

02

Complete KYC & AML

Identity verification, source-of-funds declaration and qualified-investor confirmation, EU-grade standards.

03

Review & subscribe

Access the project's Information Memorandum, financials and waterfall. Sign the subscription agreement digitally.

04

Hold & receive dividends

Pro-rata dividends paid per the project waterfall as the SPV performs and exits.

Investment structure

The bankable
model behind every
project.

Each ERAM project is originated, structured and executed under a strictly equity-only capital framework. There is no senior bank debt, mezzanine, bridge or any other interest-bearing leverage at the Holding or SPV level. Project capital comes from ERAM (sponsor equity) and qualified co-investors who subscribe for shares in the project SPV.

The model operates on a dual-track concept: equity co-investors at the SPV level and end-buyers under notarised sale-purchase contracts — both within the same project, ring-fenced legally and operationally.

Three-tier architecture

Tier 1 — Holding
ERAM Real Estate Sh.P.K.

Brand, platform, investor portal, executive team, origination and asset management. Holds Class A shares in every SPV and provides services under a Sponsor Services Agreement.

Tier 2 — Project SPV
One per project · Sh.A.

A dedicated joint-stock company per project. Owns the land, permits, construction contracts and developed units until sale. No debt at any time.

Tier 3 — Unit buyers
Notarised contracts

Buyers sign notarised sale-purchase contracts directly with the SPV. Staged payments into a segregated project account. Title registered at the Kosovo Cadastre Agency on handover.

Capital structure — equity-only

Sponsor equity (ERAM)
20–30%

ERAM contributes 20–30% of project equity as Class A shares — sponsor commitment evidencing alignment with co-investors. Skin in the game on every project.

Co-investor equity
70–80%

Raised from qualified co-investors via the Investors Portal as Class B shares. Pro-rata economic rights to capital contributed.

Buyer pre-payments contribute additional working capital during construction under sale-purchase contracts and ring-fenced accounts. Pre-payments are not equity and do not confer shareholding rights.

Dual-class share structure

Economic ownership and governance control are engineered separately. Economic rights are pro-rata to capital contributed and identical across classes. Voting rights are differentiated to secure sponsor operational control.

Class A — Sponsor
10 votes per share
  • Holder: ERAM Real Estate Sh.P.K.
  • Par value: €100 per share
  • Voting: 10:1
  • Economic rights: pro-rata to capital
  • Transfer: restricted; meeting approval
Class B — Co-investor
1 vote per share
  • Holder: qualified co-investors
  • Par value: €100 per share
  • Voting: 1:1
  • Economic rights: pro-rata to capital
  • Transfer: 24-month lock-up · ROFR · drag-along

Minimum subscription

Retail
€1,000
10 Class B shares

Individuals familiar with real estate, capable of equity risk.

Standard investor
€2,500
25 Class B shares

Established individuals, professionals, small family offices.

Sophisticated / Institutional
€10,000+
100+ Class B shares

High-net-worth, family offices, institutional partners.

Sponsor Control Architecture — seven layers

Economic ownership is a measure of capital, not of governance. ERAM holds 20–30% of the economic equity and retains full operational control through a layered legal architecture. The control architecture is fully disclosed in each project's Information Memorandum so co-investors subscribe with complete visibility.

01
Dual-class share structure
Class A (ERAM) carries 10 votes per share; Class B (co-investors) carries 1. At a 25% sponsor stake, this yields ~76.9% of votes to the sponsor.
02
Sponsor-appointed board majority
Default board: three ERAM, one Investor Representative, one independent non-executive director appointed by joint agreement. Articles reserve majority appointment to ERAM regardless of equity percentages.
03
Managing Director locked into Articles
ERAM (or an ERAM-nominated individual) is named Managing Director directly in the Articles. Removal requires a 90% supermajority or is permitted only for cause.
04
Long-term Sponsor Services Agreement
Project-life term covering development management, marketing, sales coordination, asset management and reporting. Termination only for material uncured cause; disputes referred to institutional arbitration.
05
Golden share with veto rights
Veto on fundamental matters: removal of sponsor, change of Managing Director, sale below reserve price, change of business purpose, dissolution before completion, dilution below 20% sponsor stake.
06
Transfer restrictions on Class B
24-month lock-up. Right of First Refusal in favour of ERAM on any subsequent transfer. Drag-along right held by ERAM at exit. No class conversion without supermajority approval.
07
Brand & IP retained at Holding
The ERAM brand, the technology platform, the investor portal and proprietary processes remain owned by the Holding. Each SPV uses them under licence, terminable on termination of the Sponsor Services Agreement.

Distribution waterfall — equity-only

Without debt at the SPV level, the waterfall is simplified. All proceeds from unit sales, ancillary income and residual disposals are applied in this order. Distributions are pro-rata across Class A and Class B by capital contributed, except in the upper tiers where the sponsor promote is paid to Class A.

1. Operating costs & taxes of the SPV.
2. Contingency reserve funding or replenishment per the Shareholders' Agreement.
3. Return of subscribed capital to all shareholders, pro-rata across Class A and Class B.
4. Preferred return to all shareholders pro-rata. Reference range: 8–10% per annum, calibrated per project.
5. Sponsor catch-up until parity with the preferred return tier is reached.
6. Profit split (promote) of any remaining proceeds. Reference range: 70–80% to investors up to a defined return hurdle, then a re-split in favour of the sponsor beyond it.

Reference terms

Capital model
Equity-only
Share par value
€100
Co-investor class
Class B
Minimum ticket
€1,000 (retail)
Preferred return
8–10% p.a.
Lock-up
24 months
Reporting cycle
Quarterly
Statutory audit
Annual

Reference terms apply across the pipeline. Project-specific economics (total shares, total raise, target IRR, target equity multiple, hold period) are set per project and disclosed in the Information Memorandum on the Investors Portal before subscription opens. Read the risk disclosure.

Indicative calculator

Estimate your share and projected return.

Select a pipeline project, set your ticket, and see indicative ownership, projected value at exit, and projected profit. All figures are indicative and based on concept-stage assumptions — they are not a guarantee of returns.

€1,000 min total raise
Projected return
€0
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Shares held
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Ownership %
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Indicative IRR
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Holding period
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Indicative only. Concept-stage assumptions. Not an offer, not a guarantee. Capital is at risk. Final terms in the project Information Memorandum.
Investors Portal
FAQ

Questions investors ask.

Who is eligible to co-invest?

Eligibility follows our KYC and qualified-investor framework, which is consistent with EU practice. Onboarding takes place on the Investors Portal.

How are dividends paid?

Each project SPV publishes a distribution waterfall before subscription. Dividends are paid pro-rata to your shareholding from net distributable cash flow.

What is the minimum ticket?

€1,000 per project for retail investors (10 Class B shares at €100 par value). €2,500 for the standard investor segment (25 shares). €10,000+ for sophisticated and institutional investors (100+ shares). Total share count and total raise are set per project at the opening of subscription.

Is my capital at risk?

Yes. Real estate investment carries development, construction, market, regulatory and liquidity risks. Full risk factors are set out in each project's Information Memorandum.

Can I exit before the end of the holding period?

Shares in project SPVs are illiquid and are intended to be held until project exit. A secondary-transfer mechanism may be offered subject to ERAM's discretion and applicable law.

Ready to co-invest

Build alongside
us.

Request investor access, complete KYC onboarding through the Investors Portal, and subscribe to the next project that fits your profile. The minimum retail ticket is €1,000.

Invest now Request access

Investment in real-estate project SPVs is subject to capital-at-risk. Read the Risk Disclosure before subscribing.