Acquisition review for Swiss property capital
The exposé sells potential.
Cardo does the arithmetic.
Exposé in as a PDF — within 24 hours, a memo that stands up in front of your investment committee: every figure recomputed, every source cited, every limit declared.
No sign-up, no gate · directly: david.rehrl@praeclarum.net
Cardo reviews the deal · Lot reviews the build
Apartment building, Freienstein ZH — asking CHF 2,800,000
Tenancy lawUpside legally capped, timing uncertain.
CHF 2.4–2.5m · yield 3.4–3.5%
“You buy 3.0% and bet on 4.5%.”
The constraint
Not more screening. Faster, defensible conviction.
Swiss institutional buyers plan around CHF 19.8bn of purchases for 2026 — into a market that yields roughly CHF 14bn (JLL, 2026). In that market you don't win by reading more exposés. You win by building defensible conviction within hours, the moment a dossier might be real.
A full external valuation costs a multiple and takes days — justified for the two dossiers that deserve it. Cardo is the step before: decide which two those are, and file the other fourteen with reasons. A two-person desk that underwrites like a twenty-person one.
The memo
Seven checks. IC-ready.
The input is the broker exposé as a PDF. The output is a second opinion you can put in front of an investment committee or principal:
Verified gross yield
Recomputed and cross-checked from in-place income — not copied from the exposé.
Rent upside
What Swiss tenancy law actually permits, and on what timeline — not what the exposé promises.
Tax burden
The municipality benchmarked against its neighbours.
Density reserve
Buildability and unused density: what the parcel legally still allows.
Fair entry price
The range at which the asset actually meets your mandate criteria.
Risk audit
Six categories of what the exposé doesn't say.
Counterparty check
The selling company: commercial-register status and 24 months of public filings. Companies only, never individuals.
See the finished product: read a public memo →
Method
Auditable means: every figure traceable to its source.
Cardo computes from official Swiss sources — cantonal and municipal open data — and labels every origin. No black-box estimate, no model that always says yes. Where Cardo doesn't know something, the memo says so: a verdict that has to stand up in front of an IC must declare its uncertainty.
What every figure carries
- Open calculation — recomputed from primary data, not copied.
- Cited source — official cantonal and municipal data, named in the memo.
- Declared confidence — what is certain, what is assumption, what is missing.
- Reproducible — the same dossier yields the same finding.
Declared limits
- Parcel-exact zoning currently in the City of Zurich only; zone bands elsewhere.
- Tax and rent data cover roughly 80 municipalities; coverage is expanding.
- Counterparty check applies to companies only, never individuals.
- Cardo replaces neither a formal valuation nor legal advice — it decides whether either is worth commissioning.
Buy-side only
We take no money from sellers.
No broker mandates, no listing fees, no placement interests. The memo has exactly one addressee: the party whose capital is at risk. That is why it is allowed to say no — fast, and with reasons.
Who reviews
David Emanuel RehrlFounder · praeclarum
“The pipeline computes deterministically. Responsibility for the verdict stays personal.”
A background in audit and finance, not brokerage. Cardo is deliberately a small desk: you don't reach support, you reach the person who stands behind the memo — by email or directly in the calendar.
Public analyses
Every week, one live listing. Complete, no gate.
The best way to judge Cardo is to read a finished memo. Each week we publish the full analysis of a current listing — forwarding is explicitly encouraged.
Freienstein ZH — CHF 2.8m
“Over 50% rent potential” — recomputed: 3.0% actual yield, fair entry 2.4–2.5m.
Open the memo → Teardown 001 · private mandate, CHF 1–6mSame asset, different mandate
The same review against a private acquisition profile — different verdict, same sources.
Open the memo → Teardown 002 · private mandate, CHF 1–6mRiehenring 15, 4058 Basel — CHF 3.65m, bidding process
4.0% at the top of the Basel band, in-place rent 46% below median — reversion potential, but the heritage zone and 1929/1939 building bans cap any densification. Round 1 until 31.08.2026.
Open the memo → Teardown 003 · private mandate, CHF 1–6mBuilding land Weidstrasse 12, 8302 Kloten — CHF 1.85m, bidding process
At the stated 33% utilization ratio, 654 m² yields ~216 m² GFA — an implied land price of ~CHF 8'560/m² GFA that nearly exhausts the Kloten band before build and demolition costs; airport safety-zone limits to verify. Round 1 until 31.08.2026.
Open the memo →Bidding on one of these assets? Full memo computed with your assumptions — CHF 950, within 24 hours, before your offer deadline: david.rehrl@praeclarum.net
Second product · Lot
When Cardo flags a density reserve, Lot turns it into a permit-grade answer.
Building-code review against curated Swiss requirements — every finding actual vs. required, with a citable source. From April 2027, digital permit submission is mandatory in the Canton of Zurich.
Common questions
Answered briefly.
What does Cardo need for an analysis?
The broker exposé as a PDF — nothing else. The full memo is ready within 24 hours.
Does Cardo replace a formal valuation?
No — deliberately not. Cardo is the step before: it decides within hours whether a dossier deserves the expensive machinery at all — full valuation, due diligence, legal counsel.
Where do the figures come from?
From official cantonal and municipal sources; every figure in the memo carries its origin. The limits are declared: parcel-exact zoning currently in the City of Zurich, tax and rent data in roughly 80 municipalities.
Who sees my dossier?
Only praeclarum. We work exclusively for the buy side — no broker, no seller, no sharing.
What does a review cost?
Terms on request — a fraction of an external valuation. Bring a current exposé to the call and we'll run the numbers on your case.
Access
Bring an exposé. Then we'll talk about your dossier, not the product.
Cardo works with a limited number of desks. Terms on request.