What we buy
+Location. Last-mile or light industrial in the eight target metros, close to population and transport.
+Covenant. Tenants with durable credit, or a clear path to re-let at market rent.
+ESG pathway. A credible route to an EPC A/B exit through fabric, solar and electrification.
+Exit liquidity. A deep core buyer pool for the stabilised asset at exit.
+Price discipline. Entry below replacement cost, so returns are not reliant on yield compression.
Red lines
×Over-rented. Passing rents above sustainable market levels, where reversion is negative.
×No green pathway. Assets that cannot reach EPC A/B at a sensible retrofit cost.
×Weak covenant. Single-tenant risk with thin credit and no realistic re-letting option.
×Illiquid exit. Locations or specifications a core buyer would not underwrite.
×Priced for perfection. Deals that only work if cap rates compress from here.
