We make investment decisions whose results are in large part shaped by unknowable future events. Rather than trusting forecasts or attempting predictions, we prefer to look for recurring patterns and use those to achieve positive outcomes from exposure to uncertainty.

We start from the observation that attractive real estate investment markets share basic characteristics: the rule of law, as well as positive demographic and economic prospects.

We observe that cities endure even as societies change, and that some urban locations remain focal points of activity. We note that certain buildings prove flexible and adapt to changing demands over time.

We seek patterns of opportunity related to the cyclicality as well as the imperfections of capital and real estate markets.

We see risk not as a number, but as a set of potential adverse occurrences. We can never be sure of being right, but we can develop some degree of confidence in the relation between risk and opportunity, particularly if we do not make ourselves too dependent on timing.

In summary, we manage uncertainty to create investments with sustainable, growing, and high yield prospects.

Acquisitions
We are selective with respect to markets and asset quality. We are opportunistic with regard to the conditions of acquisition. We are agnostic with regard to asset class, investment volume, type of instrument, form of acquisition, and other formal criteria.

Asset Management
We add value through active management. Skills are an essential aspect of risk management and this principle, as much as cost, guides our management of internal and external resources.

Investment Horizon
Generally, we are long term investors. We believe that the right assets have the ability to exceed expectations over time. Add direct and indirect transaction costs, we find that it often – though not always – makes sense to refinance rather than to sell.