Corniche: a proposed hospitality investment fund in Luxembourg
For investors
Bring capital.
Corniche is a proposed Luxembourg private capital fund for hotels, restaurants, cafés, food halls, catering kitchens and the buildings that house them.
Information about a proposed fund, not an offer.
For owners
Bring the space.
If you own a restaurant, a hotel, an empty building or a lease that could house one, you can contribute it to the venture in exchange for a share, at an independent valuation, without selling it.
For operators
Bring the concept. If you are a chef, hotelier or operator with a proven idea and no second site, we provide the capital, often the premises, and the back office.
One portfolio, two kinds of asset
Hospitality is really two businesses. One is steady and based on contracts. The other is growing and changes all the time.
On one side are leased buildings, catering contracts and care homes run by accredited operators. On the other are the restaurant group opening its third site, the hotel being renovated and the food hall at the heart of a new district. Most funds offer one or the other. Corniche is designed to hold both in one portfolio at a fixed ratio. The steady side is sized to cover the fund's costs and pay distributions, so that the growing side is not forced to sell under pressure.
The steady side
Hotels and restaurant premises on long, indexed leases
Contract catering and central kitchens serving banks, schools, hospitals and the European institutions
Senior living and healthcare buildings leased to accredited operators. We own the buildings, not the care business
Established, profitable businesses whose founders are planning succession
The growing side
Multi-site restaurant, café and bakery groups
Hotel repositioning and lifestyle conversions
Food halls and hospitality anchors for new districts: Cloche d'Or, Belval and Hollerich
Serviced residences for relocating professionals and project teams
How a contribution works
Selling a property in Luxembourg costs several percent of its value in duties before any tax. Contributing it to a venture alongside the fund is designed to cost far less, and the asset stays in the family.
Duty and tax treatment depend on the asset and the owner and are confirmed by counsel case by case.
Valuation
An independent valuer appointed under the fund's valuation policy sets the value. You see the full report. Neither you nor we choose the valuer.
Structure
Your property goes into a dedicated company. You hold the majority; the fund would invest cash for works and hold the rest. A proven operator takes a long lease from that company.
Operation
Corniche would fund the fit-out and working capital, bring in the operator and the shared services (kitchen, purchasing, staffing, marketing), and sit on the board with you.
Liquidity
Rent is designed to flow from the first month. After three years you would be able to exchange your holding for units across the whole portfolio, keep it, or sell on the basis of an independent valuation.
What can be brought: a freehold property, a lease or right to occupy, an existing business, a brand, an operating team.
Who we work with
Owners
You bring premises, a lease or a business that needs a successor. You keep most of the asset, a board seat, the rent and a way to sell later. We bring the renovation capital, an operator, the platform and the paperwork.
Discuss your propertyOperators
You bring a concept that works and the team to run it. You keep equity that vests as you hit your numbers, and you run the business your way. We bring capital, often the building, and the back office.
Partner as an operatorInvestors
You bring capital, as a well-informed investor. You get a properly governed, diversified way to own the kind of hospitality you already know as a guest.
Designed to be governed like an institution
An authorised manager
Portfolio and risk management will be delegated to a Luxembourg-authorised AIFM to be appointed. Cordis Capital will act as general partner and investment adviser.
Independent valuation
Every asset and every contribution will be valued independently under the fund's valuation policy.
Independent committee
The fund will have an advisory committee with a hospitality operator, a chartered surveyor and a finance member. Two of them will have to support every investment.
Investor consent
A limited partners' committee will consent to anything that touches conflicts, contributions or related parties.
No double fees
Acquisition fees will be fully offset against the management fee. There will be none on contributed assets, and every fee will be disclosed once a year.
Start a conversation
Tell us whether you own a space or run a concept. We reply personally, in Luxembourgish, French, German or English.