Infill Capital Partners — Seed Round 2026 | European Urban Infill Hospitality

"The hospitality industry is one of the last giant sectors that hasn't been rebuilt by technology from the ground up. We don't believe in adding AI to broken operations — we believe in building operations that are AI-native from day one."

Founding Conviction

The Problem

Three broken markets. One structural opportunity.

European hospitality is trapped between unaffordable luxury and commoditised budget. The middle — premium, accessible, tech-enabled — doesn't exist at scale. Meanwhile, cities are full of empty buildings, and operators are drowning in manual processes. Nobody has connected these three failures.

14.5%

EU Office Vacancy Rate (2025)

>£200

London ADR — All-Time High

68%

GenZ: Price is #1 Barrier

0

AI-Native Hotel Platforms

🧳

The Traveller Problem

280 million European city trips per year — and the options are binary. Pay €200+/night for a boutique hotel, or sleep in a 12-bed hostel dorm. Millennial and Gen Z travellers want premium sleep quality at accessible prices — but the product doesn't exist.

The generation that spends $200 on a pair of sneakers will not pay $300/night for a hotel room. But they refuse to share a bathroom with 11 strangers. They want private, curated, tech-enabled sleep at a price that makes sense.

Result: 68% of 18–35 travellers cite price as the #1 barrier to upgrading from hostels. A €60–90/night sweet spot is massively underserved across every European gateway city.

🏚️

The Real Estate Problem

Millions of m² of vacant commercial space across London, Paris, Milan, and Munich. Post-pandemic office retreat, retail collapse, and regulatory uncertainty have created a structural glut. Owners are stuck — tenants won't return, but conversion is complex.

This isn't cyclical — it's structural. Remote work has permanently reduced office demand by 15–30%. Retail footfall in city centres is down 20–40% vs 2019. Landlords are sitting on depreciating assets with no clear path to re-tenanting.

Result: Prime city-centre assets trading at 30–40% below replacement cost. Change-of-use planning pathways exist but require specialist knowledge that most buyers lack.

⚙️

The Operations Problem

Hospitality is the last major sector untouched by AI. Hotels still run on manual check-in, static pricing spreadsheets, and fragmented distribution. Every new property requires proportional headcount. Margins are structurally capped by labour costs.

Fintech automated banking. Logistics automated warehousing. Travel automated booking. But the hotel itself? Still a call centre, a front desk, and a manager with a spreadsheet. Nobody has rebuilt the operating system of a hotel from scratch — everyone bolts AI onto legacy processes.

Result: The average European hotel spends 35–45% of revenue on labour. No incumbent has built operations that are AI-native from day one — they all retrofit.

The Price Gap — where €60–90/night lives

Hostels

€15–35

Lume · Sweet Spot

€60–90

Underserved

Mid-range

€100–180

Boutique / Luxury

€200–500+

The €60–90 price band has the highest demand and lowest supply in every European gateway city. Hostels are below it. Hotels are above it. Nobody owns it.

City-by-City: The distressed asset pipeline is structural

City	Office Vacancy	Retail Decline	Avg Conversion Discount	ICP Pipeline
🇬🇧 London	12.8%	–25% footfall	30–35% below replacement	Shoreditch · Live
🇮🇹 Milan	14.1%	–18% footfall	25–40% below replacement	Via Richini · Live
🇫🇷 Paris	9.2%	–22% footfall	20–30% below replacement	CDG · ADP · Diligence
🇩🇪 Munich	11.4%	–15% footfall	N/A (lease model)	Airport · Closing

The Generational Shift No One Is Serving

72%

of Gen Z prefer experiences over possessions

4.7×

more trips/year than Boomers at same age

83%

book mobile-first, expect keyless entry

€65

median willingness to pay per night (18–35)

This generation travels more frequently, for shorter stays, with lower budgets. They don't want a minibar, room service, or a concierge desk. They want a great mattress, fast WiFi, a clean bathroom, and a neighbourhood that feels alive. The entire legacy hotel model is built around needs they don't have.

Why incumbents can't solve this

Legacy tech debt

Marriott, IHG, Accor run on PMS systems from the 2000s. Retrofitting AI onto Oracle Opera is architecturally impossible. You have to start from zero.

Wrong cost structure

A 100-room boutique hotel needs 40+ FTEs. A 100-pod Lume needs 8–12. Incumbents can't cut staff without cutting service — their model requires it.

Brand positioning lock-in

Hilton can't launch a €65/night capsule brand — it would cannibalise Hampton Inn. Generator can't go premium — they're trapped at the budget end. The middle is a no-man's-land.

No adaptive reuse playbook

Major chains build new-build. They don't know how to navigate PD rights, change-of-use, or sui generis classification. Conversion requires a fundamentally different skillset.

💡

The Insight

These three problems are the same opportunity. Distressed real estate provides the asset. Compact capsule design provides the product. AI-native operations provide the margin structure. Nobody has connected all three because nobody has built the platform to do it. That's what ICP is.

The Solution

Adaptive reuse × premium brand × AI-native ops

ICP acquires distressed commercial assets at 30–40% below replacement, converts them to high-density lifestyle hospitality under the Lume brand, and operates them with an agentic AI stack that inverts the traditional cost curve. The result: premium RevPAR at structurally lower operating cost.

€8–12B

Total Addressable Market

30–40%

Discount to Replacement

15–22%

Target Portfolio IRR

–35%

Labour Cost vs Legacy

🏗️

Adaptive Reuse

Distressed acquisition via PD rights and change-of-use planning. 30–40% below replacement cost. High-density room models: 40–100 keys per 400–800m² deliver superior revenue per square foot.

🏨

Lume Brand Premium

+15–25% RevPAR vs unbranded equivalents. Mobile key, automated check-in. F&B, wellness & rooftop activations. Neighbourhood-embedded, designed to age — not to trend.

🤖

AI-Native Operations

Agentic AI across front-of-house and back-office. Claude-powered guest services, dynamic pricing, automated investor reporting. Zero-marginal-cost scaling of operational intelligence across the portfolio.

Active Pipeline

Four projects in execution — closing within 6 months of funding

Each project has been sourced, diligenced, and structured. Capital committed now captures the full pipeline momentum.

Pre-Dev + Planning

🇬🇧 London

262 Old Street — Shoreditch

Adaptive reuse · JV with Vaux/Regal · Sui Generis

~80–120

Keys

20%+

Target IRR

PropCo/JV

Structure

25yr

Lease Term

In Diligence

🇫🇷 Paris

Paris CDG Airport — ADP

Aéroports de Paris (ADP) · Airport sleep lounge · JV / Lease

ADP

Partner

TBC

Target IRR

JV / Lease

Structure

Pre-opening

Capital

Airport sleep lounge concept within Paris Charles de Gaulle in partnership with Aéroports de Paris (ADP) — Europe's largest airport operator. High-frequency, short-stay capsule model serving 75M+ annual passengers.

Opening Q2 2026

🇮🇹 Milan

Largo Richini 8 — Milan

Near Duomo · PropCo acquisition + CapEx · 60 units

60

Units

15–20%

Target IRR

€4.5M

All-In Cost

18 mths

Debt Refi

Investment Close

🇩🇪 Munich

Munich Airport — Hallbergmoos

Long-term lease · Munich, Germany · 197 units

197

Units

~25%+

Target IRR

€1.1M

FF&E Cost

Lease

Structure

Take-Private · Project Silo

🇬🇧 UK-Wide

Project Silo — SafeStay PLC Take-Private

AIM-listed · 7 UK hostels + 1 international · Scheme of Arrangement

700+

Beds

25%+

Target IRR

£18–25M

Enterprise Value

Scheme

Structure

Platform acquisition of AIM-listed SafeStay PLC via Scheme of Arrangement. Immediate rebrand to Lume. AI-native ops rollout across 7 UK properties. Transforms ICP from single-asset operator to pan-European portfolio platform overnight.

€5M+

Pipeline ICP Equity

€150M+

Gross RE Exposure

5

Active Projects

700+

Beds (Silo alone)

🏨 Proof of Concept — Lume Atmos Navigli, Milan

Live proof of concept opening Q2 2026. Premium capsule in Milan's prime leisure corridor. Mobile key, automated check-in, OTA distribution activated. First revenue data by Q3 2026 — the operating case study for the entire platform.

The Platform

ICP — the propco behind Lume

The structural advantage: ICP owns the brand and the capital stack. No operator-owner friction. Every valuation lever — RevPAR, EBITDA margin, exit multiple — is controlled under one roof.

Infill Capital Partners

Fund management entity. Sources, structures, and capitalises each deal. Earns fees, carried interest, and brand royalties from every project.

Revenue Streams

Sourcing & structuring fees · Fundraising fees (debt + equity) · Asset management fees (0.5% p.a.) · Carried interest (above 15% IRR) · Brand royalties & central services

Lume Hotels

The operating brand. Neighbourhood-embedded lifestyle hospitality delivering premium sleep quality at accessible price points. Tech-enabled, high-density, designed to endure.

Year 1 KPI Targets

ADR: €60–80 · Occupancy: 75–85% · RevPAR: €45–65 · NPS: 50+ · Direct booking: 30% by Q4

Competitive Landscape

Why Lume wins

The European compact hospitality market is fragmented across legacy operators. Lume is purpose-built for density, technology, and brand — a combination no incumbent offers.

Capability	Legacy Hotels	Hostels / Budget	Lume Hotels
AI-native operations	✗	✗	✓
Adaptive reuse acquisition	✗	Rare	✓ Core thesis
High-density (>80 keys / 800m²)	✗	✓	✓ Premium
Branded + design-led	✓	✗	✓
RevPAR premium vs segment	—	—	+15–25%
Cross-border platform	Partial	Partial	✓ UK · FR · IT · DE
Vertically integrated (own + operate)	✗ Split	Mixed	✓ Full stack

The Saltbox Parallel

Saltbox — co-founded by our Chairman Maxwell Bonnie — proved that technology-enabled shared infrastructure could create a new asset class in commercial real estate. Founders Fund invested at seed. Saltbox scaled to $800M+ in transactions and 10+ sites by applying tech to underserved commercial space.

Lume is the same thesis, applied to hospitality. Different vertical. Same playbook: technology-native operations, adaptive reuse of undervalued commercial assets, and a branded platform that compounds value with each new property.

Parallel Metrics

Saltbox: $800M+ txns

Target: €150M+ RE

Both: Adaptive reuse

Both: Tech-enabled ops

Both: Same Chairman

Growth Trajectory

1 → 5 → 15 → 38 properties

The seed round funds the operating platform and first deals. Each subsequent raise unlocks the next tier of portfolio scale — from proof-of-concept to pan-European platform.

1

Now

Milan PoC live
Q2 2026

5

Year 1

€3M seed
4 markets

15

Year 2–3

€50M raise
Huntsmead-led

38

Year 4–5

Project Silo
SafeStay platform

The Edge

AI-native from day one

ICP doesn't bolt AI onto legacy operations — it builds with AI at the foundation. Every property runs on agentic systems powered by Claude and Google Antigravity, creating compounding operational leverage as the portfolio scales.

Agentic Front of House

Guest-facing intelligence

Every guest interaction — from pre-arrival to post-stay — is augmented by autonomous AI agents that learn, adapt, and scale across properties without adding headcount.

Dynamic Pricing Engine — Real-time yield management via Claude agents monitoring OTA competition, local events, and demand signals. Automated rate adjustments across Booking.com, Expedia, and direct channels.
Agentic Concierge — Multilingual guest assistant handling 80%+ of pre-arrival queries, local recommendations, and service requests. Escalation to human staff only for high-touch moments.
Automated Check-in / Mobile Key — Zero-friction arrival via Mews PMS integration. AI-driven identity verification and room assignment optimisation.
Review Intelligence — Autonomous monitoring and response drafting across all review platforms. Sentiment analysis feeds back into operational playbook refinements.

Claude Mews PMS SiteMinder

Agentic Back Office

Operational command layer

The back office runs on a library of specialist AI agents — each purpose-built for a domain. Deal sourcing, underwriting, investor reporting, and asset management all execute autonomously.

Deal Sourcing Agent — Scans off-market opportunities across London, Paris, Milan. Automated vendor approach drafts, LOI generation, and competitive landscape analysis.
Underwriting Agent — Builds 5-year pro formas, IRR sensitivity models, and IC memos from raw deal inputs. Three-scenario outputs (Bear/Base/Bull) generated in minutes, not weeks.
Investor Relations Agent — Automated quarterly reports, LP communications, DDQ responses, and capital raise materials. Every investor touchpoint is consistent and institutional-grade.
Asset Management Agent — Live KPI governance across the portfolio. Value creation tracking, CapEx delivery monitoring, and exit readiness scoring per property.
Brand & Communications Agent — LinkedIn content, press releases, investor narratives — all generated in ICP's voice with full brand compliance.

Google Antigravity Claude Looker Studio

Why this matters for investors

Traditional hospitality platforms hire linearly — each new property requires proportional headcount growth. ICP's agentic architecture inverts this: operational intelligence compounds while marginal cost per property decreases. By Year 3, central overhead serves 5–15 properties at the cost of running 2. This is the compounding advantage that turns a real estate play into a technology-enabled platform.

Agentic Infrastructure Stack

Layer 3 · Guest Interface

Concierge · Pricing · Reviews · Check-in · Upsell

▼ Claude Agents ▼

Layer 2 · Operations Engine

Deal Sourcing · Underwriting · IR · Asset Mgmt · Compliance

▼ Google Antigravity SDK ▼

Layer 1 · Data & Integration

Mews PMS · SiteMinder · Looker · Gmail · Google Drive · Xero

30+ specialist agent skills deployed · Multi-agent orchestration · Continuous learning loops

Standard Pod

From €59/night

Premium Pod

From €79/night

Rooftop & F&B

Ancillary revenue

Leadership & Governance

The Team

Operators who co-invest on identical terms to seed investors. EUR 500k of personal capital across the pipeline. Luxembourg S.à r.l. with independent board governance — 4 board meetings per year.

Hadi Irvani ↗

Co-Founder & Managing Partner

Originator of ICP and the Lume brand. Architect of the adaptive reuse thesis across London, Paris, and Milan. Cross-border deal experience from sourcing and zoning through to institutional exit structuring. Oversees capital raising, GP relationships, and the Lume brand P&L. 66.7% founders' stake.

Alexis Janoray ↗

Co-Founder & Operating Partner

Responsible for CapEx delivery, operator management, and hotel P&L performance across all portfolio assets. Leads the Lume operating playbook: front-line KPI governance, staff hiring, OTA distribution activation. Owns CapEx tracker, QS oversight, and contractor relationships. 33.3% founders' stake.

Maxwell Bonnie ↗

Chairman & Strategic Partner

Ex-Bridgewater Associates. Co-founder Saltbox ($800M+ in transactions, 10+ sites). Founders Fund portfolio company founder. Institutional governance, LP credibility, and operational scaling expertise. UVA (BA History), Georgia State (MPA).

Josh Wyatt ↗

Board Director

CEO Avant Gardner. Former President Equinox Hotels. Former CEO/Co-founder CultureWorks (NeueHouse, Fotografiska — $85M Series C). Co-owner & CSO Generator Hostels. Partner at Patron Capital (Hospitality & Leisure). Deep expertise in hospitality, culture, and branded real estate at scale.

Board & Governance

Luxembourg S.à r.l. — incorporated in Luxembourg for tax-efficient European fund structuring.
4 board meetings per year — quarterly governance cycle with formal IC review of pipeline, portfolio KPIs, and capital allocation.
Independent board oversight — Maxwell Bonnie (Chairman) and Josh Wyatt (Director) provide institutional-grade governance alongside the founders.

Governance

4× Board meetings/yr

2 Independent directors

Lux S.à r.l.

LAB Legal counsel

Strategic Partners & Consortium

Role	Partner	Status
Luxembourg Legal Counsel	LAB Partners · Luxembourg	● Appointed
UK Legal Counsel	Brown Rudnick	● Selected
Debt Partner	Aareal Bank	● Engaged
Equity Co-Investor	Stanhope	● Engaged
Capital Advisor	Huntsmead	● Engaged
Anchor Investors	A&O Capital · FernRidge	● Committed

Capital Structure

Seed round economics & investor terms

EUR 3M seed for 75% of ICP. Two tranches. Milestone-linked deployment. Board control to investors.

Round Structure

Total Raise	EUR 3,000,000
Tranche 1	EUR 2,000,000 — immediate deployment
Tranche 2	EUR 1,000,000 — milestone-linked
Post-Money EV	EUR 4,000,000
Founder Retention	25% (co-invest on identical terms)
Founder Co-Invest	EUR 500,000
Minimum Ticket	EUR 200,000
Domicile	Luxembourg S.à r.l.

Waterfall Architecture

Tier 1 Preferred return — 10% p.a. hurdle to all LPs before any carry. 10% p.a.

Tier 2 20% promote split above 10% pref up to 14% IRR. 20% promote

Tier 3 30% promote split above 14% IRR up to 17% IRR. 30% promote

Above 17% 50/50 promote — maximum alignment at peak performance.

Investor Protections

Board: 3 of 5 seats to non-founder directors — approval rights on all key investment decisions. Founder comp: EUR 7,500/month per founder (Year 1), subject to board approval. Budget cap: EUR 500k non-project expenditure per governance rules. Co-invest rights: Participate in each SPV at the project level — access to 15–22% project IRR and promoted returns.

GP Fee Stacking — How Seed Investors Earn

Key Value Driver

Seed investors own 75% of ICP — the GP entity. Every fee layer below accrues to ICP, compounding across the portfolio. This is the structural advantage: fees stack on each deal, and each new deal adds another layer.

Layer 1 · Sourcing & Structuring Fees

Paid on each deal close. Typically 1–2% of gross project cost.

€50–100k / deal

Layer 2 · Fundraising & Capital Arrangement

Debt arrangement fees + equity placement fees on each raise.

1–2% on capital

Layer 3 · Asset Management Fee

Recurring annual fee on gross asset value. Compounds as portfolio scales.

0.5% p.a. on GAV

Layer 4 · Lume Brand Royalties

Brand licensing fee charged to each SPV. Recurring, scales with revenue.

3–5% of revenue

Layer 5 · Central Services Recharge

Tech platform, AI agents, group procurement, HR, legal. Charged at cost + margin.

At cost + 15%

Layer 6 · Carried Interest (Promote)

20–50% promote above 10% pref hurdle. Pure upside on portfolio performance.

20–50% above pref

Illustrative Year 3 (5 properties, €50M GAV)

Stacked annual fee income to ICP GP entity

€750k–€1.2M

Annual Recurring Fee Income

The compounding effect: Each new property adds all 6 layers simultaneously. By Year 5 (15 properties, €150M GAV), stacked GP income reaches €2–3M+ p.a. — before carry. Seed investors own 75% of every layer.

Holding Structure — Why Luxembourg S.à r.l.

EU + US Optimised

Investors

EU LPs · US LPs · Family Offices

▼

ICP S.à r.l.

Luxembourg · GP Entity · Tax Treaty Hub

LAB Partners (Lux Legal) · Board Controlled

▼

SPV 1

🇬🇧 Shoreditch

UK Ltd

SPV 2

🇮🇹 Milan

Italian S.r.l.

SPV 3

🇫🇷 Paris CDG

French SAS

SPV 4

🇩🇪 Munich

German GmbH

🇪🇺

European Investors

EU Parent-Subsidiary Directive

0% withholding on dividends from EU subsidiaries to Luxembourg holdco. Eliminates double taxation across all four markets.

Participation Exemption

Capital gains on SPV disposals exempt from Luxembourg tax. Full proceeds flow through to investors. Key for exit returns.

AIFMD Passporting

Luxembourg domicile enables marketing to professional investors across all EU/EEA member states under a single regulatory framework.

VAT Grouping

Lux holdco enables efficient management fee structuring. Intra-group services exempt from VAT under grouping rules.

🇺🇸

US Investors

Lux–US Double Tax Treaty

Reduced withholding rates: 5–15% on dividends (vs 30% without treaty). Interest payments at 0%. Luxembourg has one of the strongest US treaty networks.

No FIRPTA Exposure

US investors hold shares in a Luxembourg entity, not direct US real estate. FIRPTA (Foreign Investment in Real Property Tax Act) does not apply to non-US real estate investments.

Blocker Entity Compatibility

Tax-exempt US investors (endowments, foundations, IRAs) can invest via Luxembourg without generating UBTI. S.à r.l. acts as natural corporate blocker.

FATCA/CRS Compliant

Luxembourg fully FATCA-participating and CRS-reporting. US investors get clean K-1 equivalent reporting. No regulatory friction.

Why Luxembourg specifically? 80+ bilateral tax treaties (including US, UK, France, Italy, Germany). No capital gains tax on qualifying participations. EU-regulated jurisdiction with AAA sovereign rating. The global standard for real estate holding structures — used by Blackstone, Brookfield, and every major institutional RE fund operating in Europe. LAB Partners provides Lux-domiciled legal, compliance, and substance requirements.

Return Analysis

Three-scenario return profile over 5 years

Bear Case

<10%

<1.5× equity MoM

Occupancy –5% vs base. ADR flat. Delayed CapEx rollout. Exit at 8× EBITDA. Fee income below projections.

Base Case
Target
15–20%
2.0–2.5× equity MoM
Occupancy +3%, ADR +12%, RevPAR +€8–10/night. Exit at 10× EBITDA. 5× ROI for seed investors over 5-year hold via fee income, co-invest carry, and Lume brand valuation at exit.

Bull Case

>25%

>3.0× equity MoM

Occupancy +7%, ADR +18%. Strong Lume brand traction. EBITDA +400bps. Exit at 12× EBITDA. Project Silo (SafeStay take-private) executed — 23-asset European platform.

Exit Multiple Sensitivity — Equity MoM / IRR

Exit Multiple	Bear	Base	Bull
8.0×	1.2× / ~4%	1.6× / ~10%	2.1× / ~16%
10.0× — Base	1.5× / ~8%	2.2× / ~17%	2.8× / ~23%
12.0×	1.8× / ~12%	2.7× / ~22%	3.5× / ~28%

Use of Proceeds — Tranche 1 (€2M)

40%

Deal Pipeline & Co-Investment

10% co-invest alongside LP capital in each project. FF&E deposits and pre-opening capex.

30%

Due Diligence & Deal Sourcing

Legal, technical, financial DD. London planning pre-application and RIBA Stages 1–2.

20%

Platform Build-Out

Central team hires. Tech stack (Mews, SiteMinder, Looker). AI agent deployment. Brand standards.

10%

Reserve & Working Capital

12 months founder compensation, operating contingency.

Why Fund Now

The team has sourced and secured projects worth potentially EUR 5M of ICP investment — delivering several hundred thousand euros in fees — closing within 6 months of funding. Capital committed now captures the full pipeline momentum.

Execution Milestones

Q2 2026

Milan grand opening · Munich investment close · First fee income

Q3 2026

Milan Richini LOI · London planning submission · Paris underwriting

Q4 2026

Tranche 2 trigger · Milan at 75%+ occupancy · Richini investment memo

2027

Huntsmead-led €50M raise · Project Silo bid ready · 1 → 5 → 15 → 38 properties

Risk Framework

What can go wrong — and how we've structured against it

We don't pretend this is risk-free. Seed-stage real estate in a new brand carries real execution risk. Below is how we've war-gamed the key failure modes and built structural mitigants into the platform.

Risk

Planning & Permitting Delays

Change-of-use applications rejected or delayed. Sui generis classification challenged. RIBA stages overrun.

Mitigant

PD rights pre-validated on Shoreditch. Specialist planning counsel retained. Milan already operational — no planning risk. Munich is a lease, not a build. Only commit capital post-planning approval.

Risk

Occupancy Underperformance

New brand, unproven in market. Occupancy below 65% breakeven in Year 1. Seasonal demand troughs.

Mitigant

Milan live from Q2 2026 — real occupancy data before further capital deployment. Dynamic AI pricing engine optimises yield in real-time. Capsule model inherently lower breakeven (€45–55/night vs €120+ for boutique).

Risk

Key Person Dependency

Two-person founding team. Platform knowledge concentrated. Departure risk.

Mitigant

2-year founder vesting + lock-in. Board includes Maxwell Bonnie (Chairman) and Josh Wyatt (Director) — both capable of interim stewardship. Agentic AI codifies institutional knowledge into the platform, reducing single-point dependency.

Risk

Debt & Refinancing Risk

Interest rate environment. LTV covenants breached. Refinancing at unfavourable terms.

Mitigant

Conservative 55–60% LTV targets. Aareal Bank engaged (specialist hospitality lender). Munich and Milan structured as leases — no senior debt exposure. Hedging strategy in underwriting for rate movements.

Risk

Regulatory & Cross-Border Complexity

Operating across UK, France, Italy, Germany. Different planning regimes, tax treatments, labour law.

Mitigant

Luxembourg S.à r.l. holding structure (LAB Partners counsel). Local legal counsel in each jurisdiction. SPV-per-deal ring-fencing. Founders have direct deal experience in all four markets.

Risk

Technology & AI Execution

Agentic AI fails to deliver projected operational savings. Technology dependency on third-party platforms (Claude, Antigravity).

Mitigant

AI is an operational accelerator, not a dependency — properties work with or without it. Multi-vendor strategy (Claude + Antigravity). 30+ agent skills already deployed and tested on live operations. Savings are modelled conservatively in base case.

Structural risk architecture: Each project is held in a separate SPV — ring-fenced from the GP and from other projects. No cross-collateralisation. Tranche 2 (€1M) is milestone-linked — capital is not deployed until proof points are met. The board has 3-of-5 control with approval rights on all material decisions. This is seed-stage execution with institutional-grade risk governance.

Investor Access Required

European Urban Infill
Capital Partners

Three broken markets. One structural opportunity.

Adaptive reuse × premium brand × AI-native ops

Four projects in execution — closing within 6 months of funding

ICP — the propco behind Lume

Why Lume wins

1 → 5 → 15 → 38 properties

AI-native from day one

The Team

Seed round economics & investor terms

Three-scenario return profile over 5 years

What can go wrong — and how we've structured against it

We welcome conversations with
qualified investors and strategic partners.

Investor Access Required

European Urban InfillCapital Partners

Three broken markets. One structural opportunity.

Adaptive reuse × premium brand × AI-native ops

Four projects in execution — closing within 6 months of funding

ICP — the propco behind Lume

Why Lume wins

1 → 5 → 15 → 38 properties

AI-native from day one

The Team

Seed round economics & investor terms

Three-scenario return profile over 5 years

What can go wrong — and how we've structured against it

We welcome conversations withqualified investors and strategic partners.

European Urban Infill
Capital Partners

We welcome conversations with
qualified investors and strategic partners.