Our investment strategy focuses on value creation through identifiable and executable asset-level initiatives: securing additional power capacity, re-leasing, repositioning or changing a building's use. Each initiative must have a defined scope, cost, timeline and execution plan, and we underwrite these explicitly rather than relying on market appreciation to generate returns.
Every investment is evaluated against a defined execution plan, with identified costs, milestones and delivery risks across leasing, capital works, power procurement and repositioning. Power procurement and permitting are often on the critical path of project execution, and they are among the items most frequently underestimated at acquisition.
Technological change often affects the valuations of operating companies before its full implications are reflected in the underlying infrastructure. We analyze end-user demand to identify where that gap is emerging. We favor assets supported by identifiable counterparties, contractual cash flows and measurable downside protection; in development and transitional assets, we seek verifiable demand before committing capital.
Financing conditions and energy regulation are among the most significant external factors affecting our underwriting. We size leverage against refinancing risk and closely monitor regulatory developments affecting asset viability, since a change in grid rules can delay a project that is otherwise fully permitted.
