ETERRA
№ 01 · The Raise
Mallorca
Pre-Permit Tranche.
Pre-Permit Tranche.
Platform Dossier · Series II · Confidential
The ETERRA
The ETERRA
Platform Dossier.
Eleven documents. Two formats each. The complete briefing for an admitted partner. Start with the Executive Summary; expand into the full materials once interest is mutual.
Start Here · Five Minutes
The five-minute
The five-minute
version.
One page. The entire thesis at a glance. Send this first; the rest expands on it.
ETERRA
The Active Raise · Mallorca
Pre-Permit Tranche. €10M senior secured.
Commit
€10M
All-in IRR
~18%
Term
24mo
LTV
40%
The Security
First-rank Spanish mortgage. ETERRA AG group guarantee. BNP Paribas valuation €25.1M with permit.
The Platform
Real estate · longevity · intelligence. Five pillars, €1.5bn AUM target by 2035.
Sven Bading · Founder & Chairman
sven@eterra.ch
Series II · The Materials
The institutional
Read the AI strategy →
The institutional
materials.
Each document available in two formats — mobile (A4 portrait, for phone reading) and desktop (16:9 landscape, for screen and presentation). Both carry the same content.
ETERRA
№ 02 · Overview
Europe's first longevity infrastructure platform.
ETERRA
№ 03 · Q & A
Twenty-four questions. Direct answers.
ETERRA
№ 04 · The Plan
The institutional document.
ETERRA
№ 05 · Pedigree
Forty-five years. One operator. €2.6 billion.
ETERRA
№ 06 · Governance
An invitation to shape European longevity.
ETERRA
№ 07 · Structure
The architecture. Swiss holding. Five jurisdictions.
ETERRA
№ 08 · Medical
An invitation to define European longevity medicine.
ETERRA
№ 09 · Intelligence
Three innovations. One platform.
AI Strategy№ 09
ETERRA
№ 10 · Diligence
The data room. Thirty-four items. Six categories.
ETERRA
№ 11 · Legal
Mutual non-disclosure agreement.
ETERRA
№ 14 · Overview
Company brochure — the platform in full.
Company Brochure№ 14
ETERRA
№ 15 · Capital Markets
IPO deck — the public-markets path.
IPO Deck№ 15
ETERRA
№ 16 · Summary
One-pager — the platform at a glance.
One-Pager№ 16
ETERRA
№ 17 · Structure
Corporate structure — the holding, in detail.
Structure Deck№ 17
ETERRA
№ 18 · Mallorca
Local team & track record — the Mallorca delivery team.
Local Team & Track Record№ 18
ETERRA
№ 19 · Valuation
Consolidated valuation — DCF, multiples & cap-rate.
Consolidated Valuation№ 19
New · Intelligence Layer
The AI strategy — three innovations, one platform.
The longevity data asset, AI-rated NOI, and the AI longevity companion — lifting platform EV from €430M to €580–685M.
For Pref Equity · Mezzanine · Equity
The investor
The investor
underwriting pack.
Prepared from a capital partner's perspective — not a valuation. Five linked deliverables that let a Pref Equity, Mezzanine or Equity investor follow the structure and their return, line by line — applied here to the Mallorca flagship and the platform.
01
Real Estate Underwriting
The project from a PE/investor seat — so the return is clear and verifiable.
02
Operating Cashflow
Full operating model: operator contract, FF&E, OpEx, Capex reserves.
03
Capital Stack & Waterfall
Senior · Mezzanine · Pref · Equity, with hurdle rates and promote.
04
Exit Scenario
Disposal case — timing and return for each capital partner.
05
Investor Teaser
Compressed first-approach document for family offices and private investors.
01 · Real Estate Underwriting
The project, from the capital partner's seat.
| Metric | Value | Basis |
|---|---|---|
| Present value | €12.0M | BNP Paribas, present state |
| Value with permit | €25.1M | BNP Paribas, permit issued |
| Total project capitalisation | €30.0M | indicative |
| Stabilised value | €45.0M | indicative, on stabilised NOI |
| Senior LTV at permit | 40% | €10.0M / €25.1M |
| Profit on cost | ~50% | indicative |
02 · Operating Cashflow — stabilised year
Proof the asset works operationally.
| Line item | €M / year |
|---|---|
| Residences & clinic revenue | 6.5 |
| Hospitality & wellness revenue | 2.5 |
| AI companion (SaaS) revenue | 1.0 |
| Gross revenue | 10.0 |
| Less — operator management contract | (0.4) |
| Less — FF&E reserve | (0.3) |
| Less — operating expenses (OpEx) | (3.8) |
| Less — Capex reserve | (0.5) |
| Net operating income (NOI) | 5.0 |
| Less — senior & mezzanine debt service | (1.8) |
| Distributable to Pref & Equity | 3.2 |
03 · Capital Stack & Waterfall
Senior · Mezzanine · Pref Equity · Equity.
| Tranche | Amount | Target return | Position |
|---|---|---|---|
| Senior secured | €10.0M | ~17–18% all-in IRR | First-rank mortgage |
| Mezzanine | €5.0M | ~14–16% | Second lien |
| Preferred equity | €8.0M | 10–12% pref + upside | Pref return + participation |
| Common equity | €7.0M | 20%+ / 2.0×+ | Residual + promote |
| Total capitalisation | €30.0M |
| Waterfall tier | Hurdle | Split — investor / sponsor |
|---|---|---|
| I — Return of capital (Senior → Mezz → Pref → Equity) | — | By priority of capital |
| II — Preferred return | to 10% IRR | 100 / 0 |
| III — Catch-up & promote | 10–15% IRR | 80 / 20 |
| IV — Super-promote | above 15% IRR | 70 / 30 |
04 · Exit Scenario
Timing and return, per capital partner.
| Tranche | Exit / repayment | Target IRR | MOIC |
|---|---|---|---|
| Senior secured | Permit-driven refinance · ~24 mo | ~17–18% | ~1.3× |
| Mezzanine | Refinance at stabilisation · ~36 mo | ~15% | ~1.5× |
| Preferred equity | Platform exit · ~2030 | ~12% + upside | ~1.7× |
| Common equity | Platform exit · ~2030 | 20%+ | 2.5×+ |
05 · Investor Teaser
The document that opens the conversation.
A single investor-ready page — the underwriting, cashflow, capital structure and target return distilled onto one sheet for the first approach to family offices and private investors, interlocked with the full pack behind it.
Figures are indicative and prepared for discussion only, pending the final underwriting and cashflow model. They do not constitute an offer, investment advice, or a guarantee of returns; capital is at risk. The €10M senior tranche reflects the executed term sheet; the mezzanine, preferred and common-equity layers, operating figures and exit values illustrate the intended structure and will be confirmed in the full model.
Reading Order · Three Paths
Where to start.
The order depends on the conversation. Three suggested paths, from a first impression to full due diligence.
I
First Read · 4 Minutes
Executive Summary
№ 00. One page. The entire thesis at a glance — for a first introduction to a tier-1 LP.
II
Serious · 45 Minutes
Term Sheet + FAQ
№ 01 & 03. The economics, the security, and the twenty-four answers — including the difficult ones.
III
Full Due Diligence
Business Plan
№ 04. The institutional document, plus structure, track record, and the data room.
Access · Sequenced
Beyond the dossier. The data room.
Counter-sign the mutual NDA (№ 11) and the institutional data room opens: 34 items, six categories. Discovery diligence on request. A visit to Mallorca optional.
By Invitation · Direct Contact
SB
WM
The conversation. One email.
Forty-five minutes by call or in person. A mutual NDA on file enables the data room. Site visit to Mallorca optional. No pitch.
SB
Founder & Chairman
Sven Bading
ETERRA AG · Steinhausen, Switzerland
sven@eterra.ch
+49 151 6156 6664
WM
CIO & CAIO
Wencke Mühlenberg
ETERRA AG · Steinhausen, Switzerland
wencke@eterra.ch
+49 176 4389 6696
Office
ETERRA AG · Sumpfstrasse 15 · CH-6312 Steinhausen · Switzerland