Investment

Investment is where our conviction becomes a commitment of capital. We acquire assets and enter partnerships where the fundamentals support a clear business plan. Every acquisition affects a building's tenants and its street, not just its owner. We invest with all three in mind.

Our investment discipline

Price risk at the outset

Before we make an offer, we identify the risks an asset carries in leasing, construction, and financing, and we price each of them into our terms.

Location is the constant

Complexity at the asset level is a risk our work can resolve, and market risk is one no owner controls, so we accept the first and limit our exposure to the second.

Fund the full timeline

We structure each investment to fund the work from acquisition through construction, lease-up, and stabilization, with no reliance on refinancing partway through.

Areas of investment activity

Acquisitions and dispositions

Our acquisitions strategy targets income-producing and value-add real estate where we see a clear path to improved performance. We transact in both single assets and portfolios, with conviction drawn from our sector and market research.

Structures

Outright acquisition, joint ventures with capital and operating partners, forward funding of assets under construction, and forward purchase of completed assets on delivery.

Recapitalizations

Changes in interest rates and construction costs have left sound assets with capital structures that no longer fit their plans. We recapitalize those assets and platforms with fresh equity or restructured capital.

Structures

Preferred and common equity, mezzanine financing, and hybrid structures that combine elements of each to fit the capital the asset requires.

Development partnerships

Demand for new and repurposed space continues to exceed supply in many markets, and we partner with specialist local developers to meet it through ground-up and adaptive-reuse projects.

Structures

Programmatic joint ventures that cover several projects with one developer, and single-asset joint ventures for individual sites.

Platform investment

In sectors where the operator is the asset, we believe the operating business deserves the same rigor as the real estate. We provide those businesses with capital and governance.

Structures

Minority and control positions, sized to the platform’s stage and to the role we take in its governance.

Opportunities defined by a capital gap

Assets the market has mispriced

Well-located property whose ownership, capital stack, or management has held its performance below what its fundamentals support. Location and demand are sound, and new ownership can remove the constraint.

Our role

Acquire the asset, reset the business plan, and hand it to asset management for execution.

Equity partners for strong projects

Local developers with strong projects can face a capital gap that debt cannot sensibly fill. Equity, structured to the project, allows the work to proceed.

Our role

Equity is paired with oversight of design, budget, and construction, alongside the developer.

Portfolios in need of a new owner

Occupiers and institutions rationalizing their real estate holdings often decide a sale on speed and certainty of closing as well as price. For these sellers, a defined path to closing is part of the value of an offer.

Our role

Certain capital and clean execution come with a defined timetable from offer to close.

Breadth across markets and sectors

Our global reach is matched by a single standard of investment judgment.

Let’s shape the next opportunity together

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