Location: UNESCO-listed Southeast Sicily, with private beach access. Opportunity: A rare, fully permitted 211-hectare estate for ultra-luxury hospitality and residential development: - 88-key boutique hotel - 48 luxury villas - 3.2-hectare beach club and marina concession Development & Value: - Indicative turnkey value: €180–200M -Stabilised value: ~€180M - Total development capex: ~€100M - Clean SPV structured to acquire equity portion Execution Highlights: - Assets free of encumbrances at closing - Construction partner contracted with €70M guarantee - Project management firm appointed - International luxury hotel operator in advanced negotiations Investment Structures: - As-Is Acquisition (€50M): Full estate including beach/marina concession, all permits and authorisations in place. Immediate acquisition with full NAV upside. - Forward Purchase (€150M): 20% upfront, milestone payments through construction, balance on delivery. Why This Opportunity Stands Out: - Fully approved permits at a structural NAV discount - Integrated residential component for value creation - Strong Sicilian luxury tourism recovery with limited comparable supply - De-risked execution via independent valuations, operator interest, and construction guarantees