Disciplined decisions, made for the long term.
How we tend to think about an opportunity, from first look to long-term ownership.
How we work
A way of thinking, not a checklist.
We try to understand an opportunity fully before we commit to it: the place, the building, the people involved and what could change. The stages below show how that thinking usually unfolds. Every opportunity is different, so they describe how we tend to work, not a fixed process.
Investment lifecycle
How an opportunity tends to unfold.
- 01
Identifying opportunities
Opportunities reach us through our own research and through relationships with owners, developers, operators and advisers. We pay closest attention to the markets and types of asset we understand well.
- 02
Evaluation
We start with the fundamentals: location, the quality of the building, and whether demand for it is likely to last. We also ask what we could add, and whether we are the right owner for it.
- 03
Due diligence
We examine the legal, technical, financial and planning detail, with the help of experienced advisers. The aim is to understand what could go wrong as clearly as what could go right.
- 04
Structuring
We consider how an investment should be held and financed, and who we should partner with. The structure should suit the asset and the plan for it, not the other way round.
- 05
Development and asset enhancement
Where there is a clear case for it, we develop, refurbish or reposition, working closely with architects, builders and operators. Design and day-to-day operation get as much attention as cost.
- 06
Long-term ownership or realisation
We generally acquire with the intention to hold, and we look after what we own. Where selling all or part of an asset is the better course, we weigh it with the same care as buying.
A building is bought once, then looked after for a long time. We try to decide with both in mind.
What guides us
The themes that run through every stage.
Disciplined capital allocation
We commit capital selectively, and only where we understand both the asset and the plan for it.
Risk-aware decisions
We consider what could go wrong first, and shape each decision with it in mind.
Long-term fundamentals
Location, building quality and lasting demand matter more to us than short-term market movements.
Creating value through design and operations
Considered design and the right operator can change how a building is used and experienced.
Strategic partnerships
We work with developers, operators and advisers whose expertise complements our own.
Operational improvement
After acquisition, we keep looking for practical ways to run each asset better.
Partnerships
Partnerships built on shared vision.
If you are a property owner, developer, hospitality operator or joint venture partner considering an opportunity, we would be glad to hear from you.