ERAM Real Estate operates an institutional-grade investor relations function from day one. This page brings together what current and prospective co-investors need: our investment thesis, the capital structure of the platform, the reporting cycle, governance, the calendar of upcoming events, and a single point of contact.
ERAM Real Estate is establishing a real-estate investment and development platform in the Republic of Kosovo, with the strategic optionality to extend the same operating model across the Western Balkans, the European Union, Switzerland, the Nordics and the United Kingdom in subsequent phases.
The platform is built on a strictly equity-only capital framework and a dual-class share structure that engineers sponsor operational control independently of economic ownership. The defining strategic decision is the exclusion of senior bank debt at both holding and project level, in favour of fully-equity-financed project SPVs, with co-investor participation through a regulated Investors Portal.
The full Investment Structure and Operating Model (v2.0) is available to onboarded investors via the Investors Portal. The public-facing summary is on the Investment page.
Each project is developed under its own ring-fenced Project Special Purpose Vehicle (SPV), defaulting to the Kosovo joint-stock-company (Sh.A.) form. The Holding owns the brand, the platform and Class A shares in every SPV; co-investors hold Class B shares with pro-rata economic rights and 1:1 voting. The full Sponsor Control Architecture (seven layers) is disclosed in each project's Information Memorandum.
Owns brand, technology platform, Investors Portal and proprietary processes. Houses executive team, deal origination, structuring, asset management, marketing and IR. Holds Class A shares in every SPV.
Joint-stock company per project. Owns land, permits, construction contracts, units. Capitalised through Class A (Sponsor, 10:1 voting) and Class B (Co-investors, 1:1 voting). No debt at any time.
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.
Detailed capital-structure mechanics, the seven-layer Sponsor Control Architecture, the equity waterfall and the Decision Matrix are set out in the Investment Structure and Operating Model (v2.0), available to onboarded investors via the Investors Portal.
Operational control sits with the sponsor at the SPV level — through a layered architecture of dual-class voting, board appointment rights, Managing Director lock-in, Sponsor Services Agreement, golden share, transfer restrictions and brand-IP retention. Co-investors retain robust protections on material matters: dilutive capital increases, related-party transactions above threshold, sale of the project below the reserve price, amendments to fundamental terms, and removal of the sponsor for cause.
Mixed internal and independent membership. Approves project launches, capital raises, related-party transactions above threshold, and material deviations from approved budgets and pricing. Conflicted directors recused from related-party decisions.
Independent non-executive directors on each SPV board (or a designated independent observer for smaller pilots). Fiduciary oversight and minority-investor protection.
Single point of contact for the Class B co-investor block, elected by Class B shareholders. Sits on the SPV board, attends meetings, channels co-investor concerns, signs on behalf of the block on routine matters.
Board-approved COI policy applicable to every SPV. Related-party transactions logged in a register, reviewed by the Investment Committee and independent director, and disclosed in the SPV annual report. Sponsor recusal where applicable. Read the COI policy.
ERAM project SPVs engage four Kelmendi Holdings affiliates — KST Institute (design & supervision), Contech Group (lead contractor), APIS, ERAM Group and Virtual Era (consortium members). All affiliate engagements are benchmarked to external market prices, approved by the Investment Committee with conflicted directors recused, and verified annually by the project SPV's independent statutory auditor. Affiliates are listed publicly with their corporate identities on the Partners page.
Class B co-investors receive structured reporting on a quarterly cycle for the life of each project, supplemented by an annual audited financial statement at SPV level. All reporting is delivered through the Investors Portal alongside the share register, capital-call schedule and the project document vault.
The calendar of capital-raise openings, reporting dates and investor events. Dates are confirmed in writing through the Investors Portal as each item approaches. The schedule below is indicative and reflects the Foundations / Pilot roadmap.
Indicative calendar based on the Phased Roadmap in the Investment Structure & Operating Model (v2.0). Confirmed dates are published through the Investors Portal.
Documents available to the general public are listed below. Project-specific Information Memoranda, capital-call notices, quarterly investor reports, audited annual financial statements and the SPV document vault are accessible only to KYC-verified Class B shareholders through the Investors Portal.
Platform news, press releases, market notes and ERAM Perspective essays are published in the Insights section. Press enquiries are handled through the IR contact below.
All news & pressFor all matters relating to existing or prospective co-investment in ERAM Real Estate project SPVs — including portal onboarding, KYC, subscription documents, capital-call queries, distribution statements and AGM logistics — the single point of contact is below.