How to approach this deal? (Weird red flags)

[Thierry Van Roy]

So this 'apartment building' in my market has been for sale for about 6 months now and it's very peculiar. Quick roundup, get ready for this:

1. 18 units (going from studios to huge luxury lofts) spread over the upper floors of 3 retail stores (big franchises) in the main shopping street (one entrance, 3 addresses, if you follow).
2. 95% of the construction done... And then they quit (seriously, what?). So two units are missing the façade (boarded up at the moment) but only need like 10,000 EUR each. All units are vacant. Kitchens and baths are there, though some still need to have the exhaust installed).
3. The owner, after interrogating the broker, turns out to be a 45 million EUR foreign investment fund from my other market (I invest in Liège and Maastricht, the fund is Dutch, the building is in French-speaking Belgium). Still waiting for my application at the planning bureau to find out which one.

It's as if they just suddenly lost interest or got spooked (ghosts?) and left.

They're of course trying to sell at market price: 1.5 million EUR. Their pro-forma estimates 120,000 EUR in GPR, which is wishful thinking in my opinion. They turned down two previous offers and one is pending.

So two questions:

1. What's going on here? Why would a big investment fund stop just before the finish line?

2. Any tips on negotiating with these kinds of institutions? I speak their mother tongue, but I don't know if I'll be speaking their language.

Will be doing an inspection this Friday, I have a strategy for the property but the thing is showing more red flags than a North-Korean military parade.