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What we do

OUR BUSINESS IDEA

MIRIS develop, finance and execute real estate projects all over Norway, with focus on three main sectors in growth; Edge Data Centers, Positive energy buildings and Smart Homes.

We execute projects of high quality with solid returns by sharing early phase real estate development with investors and the owner of the property. MIRIS develop projects in three phases. In the first phase, we find the best suited properties and evaluate the project through a risk analysis. When the risk picture is clear to us, we decide if the project meets our criterias and if its a project that we want to go further with, or not. In the next phase, we map all relevant information about the property and negotiate economical terms and conditions. If everything goes well we sign the contract and start to develop the project and negotiate contracts with partners and subcontractors. Before we start the actual work, we are putting together a financing package in cooporation with a bank. The business model has the intention to insure investor that the project will be executed according to the plan and that it gives a good return.

 

Quick exit and low risk 

MIRIS, the property owner and investors normally own 1/3 of the project, each. This tripartite allows us to execute real estate projects of high quality in shorter time than normal. When the property is realized and the value creation is made, the investors are the first to get their returns. In this way, MIRIS wishes to maintain an ethical foundation in which we get satisfied investors, high returns and limit the period of investment. We will take new technology and new building methods in use to be able to position into new growth areas and to be able to build valuable competence.

Have a look at our projects here (in Norwegian).

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Seed phase

An important part of our value chain is search and acquire of new land areas in Norway that meets our criterias and that can be prepared for further processing. In the real estate industry this is characterized as the seed phase. This phase refers to the work of finding new projects and entering intentional agreements with landowners and farm owners. In MIRIS we look for new opportunities both close and distant, and we focus on flexible and smart solutions tailored to each individual project. Each project is assessed based on a defined set of criteria, and only those who meet the criteria are continued. Our goal is to find up to ten such projects each month.

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Development phase

The potential projects are assessed thoroughly. We make sure we have the total financial view of each project and make analyzes for expected returns. Each project must deliver a good return after two years. We do not proceed with projects that do not meet the expected return. Regulatory conditions and soil conditions are two important aspects that are thoroughly reviewed before we move to next step in the process.

 

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Funding phase

MIRIS will get the necessary funding as soon as a project has been developed and it is decided to implement the project. Then the issue rate is set, sales period and other financing is decided. The sales period is usually finalized within 2-4 weeks. Once the funding is in place, the project is transferred to the project manager for development and implementation. In some cases, MIRIS chooses to dispose the project before construction, if it is possible to make good returns after development of the project.

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Bulding, Sale/Rent phase

When the project is completed, we will begin the sales and/or operate/maintain the building, in line with our shareholders' regulations, to achieve the best possible return. One solution may be to sell everything as soon as it is completed, another could be to partly sell out and partly lease out. Mainly our business model is to sell after completion, and give our shareholders, partners and MIRIS the opportunity to liberate capital that can be used in new and exciting projects.

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More information?

CONTACT US

Do you have questions about our projects or MIRIS in general? 

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