Income Assets

Real Estate

We acquire tangible assets that serve the real economy, investing for steady cash flow and long-term capital preservation.

A landlord's perspective

We view real estate as a service to the tenants who occupy it. Our role is to provide functional, well-maintained spaces where local businesses can operate and grow. We avoid vanity projects and speculative developments in favor of simple, well-located properties. Whether it is a warehouse moving goods or a retail center serving a neighborhood, we focus on assets that generate reliable income through all economic cycles.

Investment Criteria

Replacement Cost Discipline

We prefer to buy existing buildings for less than it would cost to build them today. This provides an immediate margin of safety and protects us against new supply.

Conservative Financing

We use debt sparingly and responsibly. We ensure that rental income can comfortably cover our obligations even if the economy slows down.

Tenant Relationships

We view our tenants as partners. We look for healthy businesses that are likely to remain in the location for the long term.

Strategic Location

We invest in growing nodes with limited supply of land. We want properties that will remain relevant and in demand for decades to come.

Replacement Cost Discipline

We prefer to buy existing buildings for less than it would cost to build them today. This provides an immediate margin of safety and protects us against new supply.

Conservative Financing

We use debt sparingly and responsibly. We ensure that rental income can comfortably cover our obligations even if the economy slows down.

Tenant Relationships

We view our tenants as partners. We look for healthy businesses that are likely to remain in the location for the long term.

Strategic Location

We invest in growing nodes with limited supply of land. We want properties that will remain relevant and in demand for decades to come.

Asset classes

We avoid luxury developments and high-vacancy office towers. We focus on functional, 'blue-collar' real estate with tenants who are unlikely to default.

Convenience Retail

Neighborhood centers anchored by essential services like pharmacies, grocers, or hardware stores. These are destinations that resist the shift to e-commerce.

Industrial & Logistics

Functional light industrial parks and distribution hubs located near major transport routes. These assets support the movement of physical goods which is the backbone of the economy.

Specialised Commercial

Properties with long-term leases to creditworthy tenants, such as medical suites, fuel stations, or educational facilities where the tenant is committed to the location.

The examples above are illustrative—not exhaustive. We work across a broad range of sectors and consider opportunities wherever we can create enduring value.