01 — The Mirra Programme & Relationship of Parties
This document outlines the terms and conditions of the Mirra programme (the “Programme”) operated by Mirra LTD (“Mirra”, “we”, “us”, or “our”). The Programme offers qualified participants (the “Resident” or “you”) a structured pathway to homeownership through a combined 50-year Full Repairing and Insuring lease (the “Lease”) and a 10-year exclusive Purchase Option (the “Option”).
Participation in the Programme does not immediately transfer legal title or ownership of the property to the Resident. Instead, the relationship between Mirra and the Resident is strictly governed by the covenants of the Lease and the Option Agreement until the Purchase Option is formally exercised and conveyancing is completed.
02 — Upfront Option Fee & Vesting Rules
To secure participation in the Programme and obtain the 10-year purchase option, the Resident must pay an upfront, non-refundable Option Fee on Day 1 (typically calculated as 3% to 5% of the property's Open Market Value at inception).
This fee represents a commitment of capital that is utilised to lock in the Initial Strike Price and offset the initial transaction, sourcing, and administration costs. The purchase option vests fully at the end of Year 3 (the “Vesting Date”), at which point the Resident gains the legal right to exercise their buyout option or execute a third-party sale. The Option Fee is strictly non-refundable and will not be returned if the Option expires unexercised or is terminated due to a default under the Lease.
03 — 50-Year FRI Lease & Tenant Covenants
Residents in the Programme enter into a long-term, 50-year commercial lease structured on a Full Repairing and Insuring (FRI) basis. Under the FRI covenants, the Resident legally assumes 100% responsibility for all property maintenance, operational costs, repairs (both internal and structural), property insurance premiums, and local government charges or taxes.
This structure eliminates landlord-level operational overhead, mirroring the financial responsibilities of a standard homeowner from Day 1. The Resident covenants to maintain the property in an excellent, tenantable condition, protecting the asset's structural integrity. Any unauthorised major modifications or failure to maintain the property constitutes a material breach of the Lease and may lead to termination of both the Lease and the Option.
04 — Rent Indexation & Annual Reviews
The rental payments under the 50-year Lease are subject to annual reviews linked to inflation. Because the Lease is structured for a duration exceeding 35 years, it is structurally exempt from standard Irish Rent Pressure Zone (RPZ) rent-increase caps.
Rent escalations are calculated annually based on the Harmonised Index of Consumer Prices (HICP) or a comparable consumer price index, ensuring the real value of the landlord's income is protected. Rent reviews are transparent and calculated at commencement, removing any subjective disputes. The Resident is obligated to make all monthly rent payments in full and on time. Late payments or defaults will incur interest and will prejudice the Resident's standing to exercise their Purchase Option.
05 — Purchase Option & Synthetic Amortisation
The Programme establishes a locked purchase price (the “Initial Strike Price”) at lease inception based on the property's Open Market Value (OMV) plus any risk premium. Over the 10-year option window, the buyout price is systematically reduced on a monthly schedule (the “Adjusted Strike Price”) following a standard 50-year mortgage amortisation curve. This systematic reduction is known as Synthetic Amortisation and does not create any debt obligations or interest liabilities.
The difference between the current Open Market Value and the Adjusted Strike Price is the Resident's Synthetic Equity. Synthetic Equity does not confer any legal ownership or title prior to option exercise, but acts as a contractual price reduction when you choose to buy.
06 — Tenant Sale Option & Synthetic Equity
During the 10-year option window, the Resident has the exclusive right to either purchase the property themselves or sell the property to a third-party buyer at the prevailing Open Market Value (OMV).
In the event of a third-party sale, the property is transferred, and the Resident is entitled to receive the Synthetic Equity spread—calculated as the difference between the achieved sales price (OMV) and the contractually Adjusted Strike Price at that date. The investor receives the remaining Adjusted Strike Price portion, ensuring their capital is recycled. This mechanism enables the Resident to capture and monetise property appreciation and synthetic equity accumulated through their monthly payments, even if they choose not to become the permanent homeowner.
07 — Expiration of Option & Non-Exercise
The Purchase Option and the associated pricing caps are valid for a maximum term of 10 years from lease inception. If the Resident does not exercise the Purchase Option or execute a third-party sale within this 10-year period, the option will expire, and all pricing restrictions and strike price caps will dissolve entirely.
Upon expiration, Mirra (or its associated investment vehicle) retains full, unencumbered title to the physical asset at an uncapped open-market value, while the Resident's tenancy continues under the ongoing covenants of the 50-year Lease at market-rate rent. All synthetic equity, option fees, and strike price reductions are forfeited upon option expiration.
08 — Legal Disclaimers, Risks & Governance
Participation in the Programme involves material risks, including the risk that the Resident may be unable to secure standard bank mortgage financing at the time of exercise or that property values may decline below the Adjusted Strike Price. This programme is structured via Irish Special Purpose Vehicles (SPVs) and is governed by the laws of Ireland, with disputes subject to the exclusive jurisdiction of the Irish courts.
Mirra LTD does not provide retail mortgage loans or financial advice. Residents must obtain independent legal, tax, and financial advice before entering into the Programme. Under Irish tax laws, Residents may utilise tax-exempt schemes (such as the Rent-a-Room Relief up to €14,000/year tax-free) to support household cash flows, but are solely responsible for their own tax compliance. For support or inquiries, please contact help@mirra.ie.