Choose how you participate in Andorran real estate

In a debt position you are lending capital to the project rather than owning a piece of it. In return you receive a contractual annual coupon, calibrated deal by deal and paid out at agreed intervals throughout the life of the investment. The exact coupon depends on the specific project and is shared on your call. See our current projects.

Your capital sits senior in the capital stack, which means in the event of an exit, refinancing, or wind-down, debt holders are repaid before equity holders. The loan is secured against the underlying Andorran property, providing real-asset collateral behind your return.

The trade-off is simple: you give up exposure to project upside in exchange for predictability and downside protection. Even if the project delivers exceptional returns, your return is capped at the agreed coupon. Equally, you are insulated from a material part of project execution risk.

Debt typically suits investors who want steady, contractual cash flow, want a defined exit horizon, and value capital preservation over outsized return.

A blended position — and the structure the majority of our investors choose. Your commitment is split between a debt tranche and an equity tranche, so you sit in both layers of the capital stack at once.

The debt portion pays an annual coupon — typically slightly below the pure-debt coupon, because you are also participating in the equity upside. The equity portion pays out as a share of project profit when the asset is sold or refinanced. The split between debt and equity, and the exact figures on both sides, are set per project and shared on your call. Explore our current developments.

The result is a profile that balances downside protection with full upside participation: you receive contractual income while the project develops, and you share in the gain at exit. If the project under-performs on the equity side, the secured coupon still cushions the overall return.

Most investors land here because it captures the appeal of both structures without committing fully to either. It is the most common deployment we see across our investor base.

In an equity position you take a direct ownership stake in the project entity that holds the underlying Andorran asset. You are a principal alongside Equity Partners, not a lender to us.

There is no coupon. Instead, returns are realised when the project is sold or refinanced — at which point you receive your pro-rata share of the profit. Target returns are set on a per-project basis and reflect the specific risk and lock-up profile of the deal. The target for a specific project is shared on your call; our current projects show where we invest today.

Equity sits subordinated to debt in the capital stack, meaning lenders are repaid first. In exchange, equity captures all of the upside above the debt obligations — uncapped. A project that out-performs delivers materially higher returns to equity than to debt.

Equity is for investors who can tolerate longer hold periods, no interim cash flow, and meaningful project risk, in exchange for the highest return potential of the three structures.