15% over 2.5 years is hardly in the too good to be true category.
I would have a few questions,
are you getting the rental income from the properties during the 2.5 years?
what are the management fees?
what does growth option only mean?
The strategy is to achieve increase in value through the securing increased rental income via the contracted rent reviews in 2021 and dispose of the asset through sale/refinance in 2.5 years’ time returning the investor capital plus fixed return.
Does this mean the return is capped at 15%,?
The properties seem to be yielding 4%, despite the blurb this seems low to me and therefore not much scope for capital appreciation.
For example the purchase price is €100 and the rent is €4, if the rent review etc gets the rent up by 10% thats a rent of €4.40 what will other investments be yielding in 2.5 years. What if they are yielding 5%, which I think they may well be. Then they will struggle to sell at €115. A rent of €4.4 if sold at 5% gives a sale price of €88.
So I would have two concerns, these things are usually structured to give the cream to the promoters, and there is at best no clarity around that. Secondly a yield of 4% seems low to me, although I haven't bought an office block recently, I have bought residential investment property and 4% would be a joke there. If I am right and a 4% yield is low then they have overpaid for the building and that reduces the scope for capital appreciation.