Koushan — required lease rate for target IRR
Required lease rate
Average lease / yr (35 yrs)
NPV at fair WACC
Misk — project IRR at Misk’s proposed rate
Misk’s lease rate
Average lease / yr (35 yrs)
NPV at fair WACC
| Key results — per school | Koushan required | Misk proposal | Gap |
|---|
| Development cost breakdown — per school | SAR | Per sqm BUA | Share |
|---|
Lease rate schedule — required vs Misk
Required lease (Koushan target IRR)Lease at Misk’s rateRequired averageMisk average
Total development cost per school · scale effect below
Net cash flow to Koushan, year by year
Positive — Misk’s rateNegative — Koushan funds the gapNet cash at Koushan’s required rate
Schedule — table SAR per school · lease years 1–35 (construction 2027–28, lease from 2029)
| Lease yr | Year | Required lease | Lease at Misk rate | Land rent | Debt service | Opex | Net cash — Misk rate | Net cash — required rate | Cumulative (Misk rate) |
|---|