Distress −15% · paper
JVC Building
20 st · 46×1BR · 20×2BR · 11×3BR · NSA 95 000 sqft · 1 yr
On ask it doesn't pass — we bid at target
Income-hold at 95M gives IRR 6.1% — below the 8% bar. Target ~81.5M.
Package offer
AED 95.0M
112M
piece-by-piece
Price held for you
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02
Why it's in distress
Sold one by one, the 97 units are worth ~112M; the ask is 95M (−15%). Strong on paper — but income doesn't back it (section 06).
Two valuation bases. Entry priced by liquidation (68.7M — a floor); exit by income. Both above the 60M offer.
03
Asset income — rent
Net yield on offer
6.1%
net potential 5.82M ÷ ask 95.0M · under-rented −10%
NET rent by year
potential · +3%
04
Full entry — all costs
05
Exit in 3 years
Profit after exit · base · on ask
+18.7M
+18% ROI 3y
6.1% IRR/yr · fails 8%
Exit 2029 · three scenarios
Income-hold fails — 6 of 9 cells red
The base itself fails (6.1%). Value only via the 112M breakup floor or bargaining to ≤81.5M.
06
Resilience — stress test
Closing offer
We bid at the target
On the 95M ask IRR is 6.1% — we don't buy there. Our target ~81.5M (IRR 12%).
Offer valid
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