Portfolio economics, covenant monitoring, and SPV consolidation.
Your portfolio spans 120 assets across 8 SPVs. Revenue is contractual, occupancy is not, and your development pipeline consumes cash today for returns years later. Yet finance still consolidates it all in Excel. riicu brings those SPVs into one close, tracks covenant headroom in real time, and connects property data directly to the P&L.
Your property management system tracks leases, occupancy, and rent collection. riicu handles everything the CFO needs on top of that – SPV consolidation, covenant monitoring, fair-value accounting, and development pipeline cash flow.
Not a property management replacement. Not a generic finance tool that ignores SPV structures, IAS 40 fair value, or covenant headroom. A purpose-built financial intelligence layer for the Office of the CFO in real estate.
What Real Estate Finance Actually Looks Like
SPV Maze
Every asset sits in its own SPV. Each with its own bank account, its own loan, its own tax position. Consolidation means reconciling dozens of single-purpose entities into one group view. Every month. riicu consolidates every SPV automatically with intercompany eliminations, currency translation, and asset-specific IAS 40 treatment — in one monthly close, without manual workbooks.
Covenant Pressure
LTV, DSCR, ICR. Your lenders monitor these quarterly. Breach triggers are real. An LTV breach not flagged early enough can trigger a default event across the entire debt structure. riicu calculates covenant headroom daily and alerts when an occupancy drop or revaluation moves you closer to the trigger.
Fair Value vs Cost
IAS 40 investment property at fair value. IAS 16 owner-occupied at cost. IFRS 16 leases. Each property may have different treatment. riicu keeps the accounting treatment of each asset configured in the system. When a property reclassifies — from development to investment property — the movement is recorded with supporting documentation, without recalculating everything manually.
Development vs Operating
Operating assets generate rent. Development assets consume cash. riicu models the development pipeline with phase timelines, capex disbursements, and transfer dates into the operating portfolio — with immediate impact on consolidated cash flow and debt coverage ratios.
Finance Redesigned for Property Groups
Every Asset. Every Metric. One View.
NOI, cap rate, occupancy, WALE, rent per sqm, tenant concentration. riicu consolidates operating data from property management systems and connects it to the financial model. The CFO sees portfolio performance alongside the P&L, not in a separate report.
See it in action| Asset | NOI | Occ. | WALE | Yield |
|---|---|---|---|---|
| Torre Alterra (Office) | €1.24M | 96% | 4.2y | 6.8% |
| Residências do Parque | €680K | 98% | - | 5.2% |
| Centro Comercial Sul | €920K | 84% | 2.8y | 4.6% |
| Nave Logística Norte | €440K | 100% | 8.4y | 7.2% |
See Covenant Headroom Before the Bank Does.
In most property groups, the CFO only sees covenant ratios after the monthly close — when it is already too late to act within the quarter. riicu calculates them continuously, with occupancy and valuation data updated in real time.
LTV, DSCR, ICR computed from consolidated data. Sensitivity analysis against occupancy drops, rate increases, and valuation changes. The CFO sees the breach point and has time to act.
See it in actionBuilt for the Financial Reality of Real Estate
Portfolio Performance
NOI, occupancy, WALE, cap rate, yield by asset class. Operating data connected to the financial model in one view.
Covenant Monitoring
LTV, DSCR, ICR in real time. Sensitivity scenarios against rate increases, occupancy drops, and valuation changes.
SPV Consolidation
Consolidate dozens of SPVs automatically. Equity method, proportional consolidation, IC elimination between holding and asset vehicles.
Tenant Receivables
Track rent collection, aging by tenant, lease expiry risk. Cash application and dunning automation. Revenue forecasting by lease contract.
Development Capex
Track capex by project, phase, and contractor. Model completion timeline against cash flow. Transfer from development to operating portfolio.
IAS 40 & IFRS 16
Fair value of investment properties calculated per asset at reporting date, with gain/loss recognised in the P&L. Right-of-use assets and lease liabilities calculated per contract with amortisation schedule. Output formatted for the financial statement notes — without reprocessing data manually.
Designed Around Your Existing Property and Finance Systems.
From SAP and Oracle for large property groups to Microsoft Dynamics 365, Cegid Primavera, Sage, PHC, and QuickBooks for mid-size operators — and designed to connect to your property management platform for operational data integration on leases, occupancy, and service charges.
Ready to See Your Entire Portfolio in One Place?
See how riicu helps property groups plan, close, and report across all assets and SPVs. Book a personalised demo.