Our philosophy is to:

Focus on assets that can be acquired at below replacement cost (including land)
Focus on regional markets with a supply/ demand imbalance
Pool assets which provides greater diversification, reducing the level of risk
Focus on assets which provide a yield arbitrage of at least 500bps between stabilised yield and senior debt cost

Sector focus

Regional multi-tenanted real estate characteristics and their resulting benefits:

Regional towns rather than capital cities
Higher yields
Less cyclical and more stable rental levels
Multi-tenanted properties
Diversification of unit sizes, tenant type and credit risk
Restricted supply due to alternative use and limited development pipeline
Many assets acquired at or below replacement cost
Varied tenant base from global companies to SMEs
Resilient demand
Limited concentration and credit risk
On-line retail increasing demand for industrial and retail warehouses
Growth in tenant base and rental growth
Reduced supply and increasing demand
Strong rental growth


The current market environment presents a number of exciting opportunities across Europe.

We are seeing encouraging equity investor appetite for core-plus and value-add regional commercial real estate and have identified a pipeline of deals attractive risk adjusted returns.

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