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The house journal

Structuring & tax

One asset, one vehicle, one written governance: the house structuring discipline.

European stone staircase — method is climbed step by step

Structuring & tax

Assessing a club deal before committing: the five controls that matter

A club deal is not assessed on the brochure but on the file. Five controls, run in order, are enough to discard most bad operations — and to ask the right questions about the rest.

1 September 20265 min readChecked 1 September 2026

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Institutional inner courtyard at dusk — three ways into property

Structuring & tax

Club deal, REIT-style funds, property crowdfunding: three logics too often confused

One pools and delegates, another lends at fixed term, the third takes you into the equity of a chosen operation. Filing them under one label — "real estate" — is the most widespread reading error among private investors.

1 September 20265 min readChecked 1 September 2026

Stone facade of a European institutional building, seat of an investment vehicle

Structuring & tax

The real estate SPV: what it is for, how it is set up, what it changes

One company for one operation: the SPV is not sophistication, it is discipline. What it isolates, what it locks, and why its jurisdiction is derived from the asset — never the reverse.

1 September 20264 min readChecked 1 September 2026

Working table at dusk, files of a real estate operation in preparation

Structuring & tax

What is a real estate club deal? Definition, mechanics, points of vigilance

A small circle of investors, a single operation, a dedicated vehicle: the club deal is the most legible form of private real estate investing — provided you understand its governance before committing a euro.

1 September 20264 min readChecked 1 September 2026

Detail of raw concrete and brass — assembled materials

Structuring & tax

Club deal governance: who decides what, and when

A successful club deal is not an addition of capital, it is a distribution of decisions. Routine acts, major acts, conflicts of interest, information: governance is written before the first euro — never after the first disagreement.

15 January 20263 min read

Architect drawings, brass plumb bob and stone sample on a site table

Structuring & tax

One SPV per operation: what it changes, concretely

Ring-fencing each operation in its own vehicle is not legal vanity. It is what protects one investor from the troubles of others — and what makes honest reporting possible.

18 November 20252 min read