Real estate investment management · Lisbon, since 2019

Value-add real estate, managed with the discipline of an investment desk.

Calçada Investment Management sources, finances and delivers urban rehabilitation projects across Lisbon on behalf of private investors — reporting directly, on schedule, from acquisition to exit.

↓ Who we are, what we do, and what we manage
Who We Are

An independent firm focused on value-add projects and urban rehabilitation.

Headquartered in Lisbon, where we lead most of our activity. Calçada Investment Management is led by Marc Laufer and Alexandre Sanko.

Marc Laufer

A French businessman and active investor in the Portuguese economy, Marc has acquired restaurants and high-stake companies that helped bring Portugal onto the international stage — making him a trusted partner across a wide network. He brings a pragmatic view of real estate and financial discipline to how projects are financed, structured and exited.

Alexandre Sanko

Franco-American, with 15 years of real estate experience in Paris. Alexandre has led numerous residential and commercial rehabilitation projects, and is hands-on across sourcing, financing, licensing, conversion and sales — seeing each project through end to end.

What We Do

We source value-add projects and manage the asset through to exit.

Calçada Investment Management was formed from a partnership between Marc Laufer and Alexandre Sanko, built to manage real estate projects for third-party investors as transparently as possible. Marc is often a co-investor alongside the firm's clients, keeping interests aligned. We report directly and regularly to our investors on schedule and forecast.

Operating / Managing Partner

For lower-risk mandates, we open the capital of matured SPVs. For higher-return mandates, we source new projects that need more work.

Project Management

Sourcing, in-depth analysis, exit strategy, negotiation, financing, closing, and full delivery with architects and contractors through to sale.

Global Asset Services

Sourcing, negotiating, closing, appraising, marketing, capex management, financing/refinancing, exit strategy and fiscal optimization.

How a project runs

  1. Sourcing capital and projects
  2. Underwriting & due diligence, architect selection
  3. Structuring — SPV incorporation, bank financing terms
  4. Closing the acquisition
  5. Delivery — design, licensing, construction, bi-monthly reporting
  6. Exit — sale in whole, by unit, or held in a fund
  7. Distribution of net profit to investors

Fee structure

  • Base fee% of invested equity
  • Performance fee% of profit on successful ROI
  • Financing fee% of debt raised for the project
  • Value engineering fee% of costs saved on the project
Currently Under Management

Ten projects, ~17,000 m² of real estate under management.

~17,000 m²
Total area
~€107M
Face value
~€30M
Equity
55%
Weighted LTV

Anjos

Development of a 60-unit serviced apartment building · Lisbon Center
2021–2026 · €8M capex · 3,700 m²

Glória

Renovation of a commercial building · Lisbon Center
2021–2025 · €1M capex · 1,000 m²

Possidónio

Complete reconstruction of an existing residential building · Lisbon Center
2021–2025 · €2.2M capex · 1,000 m²

São Mamede

Renovation of a commercial building · Lisbon Center
2021–2025 · €4M capex · 1,800 m²

Olarias

Renovation of a commercial building · Lisbon Center
2021–2025 · €1.6M capex · 780 m²

Taipas

Renovation of an apartment · Lisbon Center
2024–2025 · €0.2M capex · 100 m²

Marvila

Construction control — development of a residential building · Lisbon, Marvila
2023–2025 · €3.5M capex · 1,500 m²

Desterro

Renovation of a residential building · Lisbon Center
2024–2027 · €2.4M capex · 1,200 m²

Sesimbra

Green-field development of 3 villas · Sesimbra
2023–2028 · €3M capex · 1,000 m²

Porto

Conversion of a residential building into a hotel · Porto Center
2019–2028 · €4.5M capex · 1,500 m²
Previous Projects

Exited projects, with real numbers.

Rua do Século

Residential building converted to boutique hotel · ~1,000 m²
€2.5M → €4M

Paris 15th

Independent office building · ~800 m² · 8 months
€3M → €8M

Paris 13th

Office (consultant role) · ~1,000 m² · 3 months
€2M → €4.8M

Rueil-Malmaison

Independent office building · ~10,000 m² · 16 months
€28M → €56M

Boulogne-Billancourt

Independent office buildings (consultant role) · ~3,500 m² · 24 months
€16M → €23M

Levallois-Perret

Independent office building · ~2,500 m² · 12 months
€4.8M → €14M