Operational
Investment Platform.
A real estate investment platform connecting international capital with dedicated projects in Portugal.
Mermaid Promise is your investment and management partner in Portugal. Participate through project-specific SPVs, with Mermaid Promise managing local execution.
A dedicated vehicle.
A defined project.
Mermaid Promise management.
Investors participate proportionally in a selected Portuguese Special Purpose Vehicle.
Each SPV has its own project and investment results. Investors provide the capital; Mermaid Promise structures, manages and executes the project.
01 · Analyse
Discuss investment objectives, review the project documents and compare the documented financial scenarios.
02 · Structure
Select the SPV and review ownership, fees, distribution terms and investor rights with your legal and tax advisers.
03 · Execute
After subscription and onboarding, capital is deployed within the SPV against agreed project milestones.
04 · Operate & exit
The team manages rental operations or development and sale. Reporting, governance and distributions follow the SPV agreements.
Models assume no bank financing. Capital remains at risk. The target horizon does not guarantee exit timing.
Pedro Silva
Pedro Silva manages the projects within Mermaid Promise, from acquisition and renovation to day-to-day operations.
Principal in development and rental projects, with experience across Portuguese real estate.
Two projects. Distinct strategies.
Explore the operating rental strategy in central Lisbon and the development-for-sale project in historic Oeiras.
Lisbon Medium-Term Rental
A furnished Lisbon base, near Avenida da Liberdade.
Transport, shops and restaurants are close by. The property serves professionals and other residents seeking medium-term accommodation.
The first-floor room operation is already running. The model extends it to three further room floors, plus an independent one-bedroom apartment on the fourth floor.
Property & phased opening
- Four floors for room rentals, plus one one-bedroom apartment.
- Ground floor: shared bathrooms. Upper room floors: shared and private bathroom access.
- Fourth-floor tenants pay their own utilities.
- Renovated interiors and a new elevator; phased opening underway.
Acquisition & valuation reference
Acquisition: €4,000,000. Total investment: €4,500,000. Property valuation reference: €4,500,000, calculated using independent CIR (Confidencial Imobiliário) technical reports.
Explore the return components
Compare operating cash returns and property appreciation over the documented 5- and 7-year horizons.
Project-level projections after operating costs and a 1% maintenance reserve; before IRC (Portuguese corporate income tax), sale costs and investor allocation. Unused reserve may be returned. Simple annual averages are not IRRs. Outcomes may be below either scenario.
Operating assumptions & cash yield
One floor already operating; phased opening of the remaining units. Year 1 effective occupancy: approximately 80.3%. Rental growth starts in Year 3. Costs based on current operations. No bank financing assumed.
Conservative operating cash yield: Year 1 2.46%, Year 7 3.33%. Upside: Year 1 2.96%, Year 7 4.15%. Cash yields are shown for Year 1 and Year 7 only.
Definitions & investor distributions
Operating cash return is cumulative rental operating cash flow expressed as a percentage of project capital. Property appreciation is the modelled change in property value. Total accumulated return combines these two components over the selected investment horizon.
The simple annual average divides the reported accumulated return by the horizon. It does not account for cash-flow timing and is not an internal rate of return (IRR). Investor distributions depend on costs, fees, taxes, reserves and the SPV agreements.
Oeiras Development Project
Residential redevelopment for sale in historic Oeiras.
Rua Desembargador Faria, near the palace, Town Hall and waterfront, with access to local services and Lisbon.
The existing scheme is the model reference. Design, façade retention and municipal matters remain under review before scope and timing are confirmed.
Reference scheme & current status
- 12 apartments in 6 buildings.
- Approximately 890 sqm reference construction area.
- One-, two- and three-bedroom homes; reference areas approximately 62–108 sqm.
- Approved architecture; technical and municipal matters under review.
- Construction subject to remaining approvals. Final scope subject to design and municipal review.
- ARU incentives subject to eligibility.
Reference units: types, bathrooms & areas
The original unit schedule and Building 14 plans are available in the enlarged reference drawing above. The reference areas shown are 108.10, 62.22, 66.48 (six units), 72.21, 62.21, 78.37 and 72.14 sqm. These remain reference-scheme figures, subject to scope review.
Development scenarios
Existing-model projections, subject to updated scope, costs and approvals. Project returns before taxes and investor allocation; actual timing and results may differ. Further investment cycles require separate opportunities and decisions.
Programme & model assumptions
Indicative programme: 6 months final approvals, 24 months construction and 6 months sales. Subject to scope and approvals. Model project size: €5,000,000. Appreciation assumptions: Conservative 5%; Upside 8%.
Base sales values, projected sales at completion and development profit are distinct model metrics. The detailed cost and proceeds breakdown should be reviewed during due diligence.
Shared interests.
Defined responsibilities.
90% investor / 10% management-side participation.
Investors fund the project. Mermaid Promise is their management partner and is responsible for structuring and managing execution. The documented participation structure allocates 10% to the management side, under the SPV agreements.
Management compensation
One-time setup fee, ongoing management fee and 10% equity participation in project results. SPV 1 management: 15% of gross rent + VAT.
The SPV 1 allocation includes a €131,600 setup fee. Other fee amounts and terms are to be reviewed in the SPV documentation.
From project results to distributions
Revenue less operating costs, fees, taxes and reserves determines distributable results, allocated under the SPV agreements. The project returns shown are not individual investor returns.
Reporting, rights & risk
Reporting and investor rights are set in the agreements. Models assume no bank debt. Capital remains at risk. The target horizon is 5 to 7 years; exit timing is not guaranteed.
Capital allocated
to a specific project.
Participation is assessed individually and depends on availability and subscription terms. Investors participate proportionally in the selected Portuguese SPV.
Full commitment at subscription, followed by deployment within the SPV. Exit proceeds depend on asset sales and the agreements.
Target horizon: 5 to 7 years, subject to project performance.
SPV 1 · €4,500,000
Property valuation reference: €4,500,000. The valuation calculations are based on independent CIR (Confidencial Imobiliário) technical reports.
An optional,
separate pathway.
For eligible non-EU investors seeking Portuguese residence.
Optional D2 support involves an individual Portuguese company and an independent business plan prepared with legal advisers. Eligibility and approval depend on the applicant and applicable requirements.
Investing does not guarantee residence approval. This pathway is optional and separate from the SPV investment decision.
Legal & structuring scope
- Portuguese company incorporation.
- Portuguese tax number (NIF) and Social Security registration.
- Bank account opening assistance.
- Business plan preparation.
- Residency application and authority coordination.
Estimated professional fees
Legal fees: €5,000. Administrative, government and company setup costs are additional and variable. Final costs depend on structure and family composition.
Local support around the investment.
For investors in the SPV platform, with coordination across legal, accounting, banking and operational matters.
Legal & corporate
SPV legal documentation and corporate structuring. Optional D2 support remains separate.
Accounting & compliance
International accounting coordination with investors’ home-country advisers. SPV and corporate reporting.
Banking relationships
Established local banking partners and account opening coordination.
Operational execution
Project supervision, construction and maintenance teams.
Continue the conversation.
Participation is considered individually, starting with your objectives and the selected project.
01 · Discussion
Express interest, meet individually and discuss objectives, SPV selection and availability.
02 · Due diligence
Review project documents, financial scenarios, ownership, fees and distribution terms with your advisers.
03 · Commitment
Execute the subscription agreement, verify capital and complete formal onboarding through the agreed process.
04 · Follow-up
Follow deployment against agreed milestones, with ongoing reporting and governance.
This website provides information for follow-up discussion. It does not accept subscriptions, payments or investment commitments. Projections are not guaranteed returns.