In offices, we are selective and value-add oriented: we buy mispriced, well-located B+/A- assets in node-leading positions (Sandton fringe, Rosebank, Cape Town Foreshore, Umhlanga Ridge) where we can reposition into “flight-to-quality” demand without betting on rent inflation. 

Typical deals are R80–R300m equity with 50–60% LTV senior debt; business plans run 24–36 months and focus on capex that tenants actually pay for: air-quality upgrades, floor plate flexibility (±1,200–1,800m²), end-of-trip facilities, and reliable power (genset + PV + batteries) to guarantee uptime. We target post-capex re-letting spreads of +10–15% vs in-place, WALE >4 years, and tenant improvement structures that include clawbacks and green clauses; capex per m² is tracked tightly to sub-R6,000/m² for heavy lifts. Specialized workplaces (medical suites, education, labs, and flexible managed space) are pursued where covenants are strong and leases are triple-net or semi-gross with annual escalations CPI+1–2%. On underwriting, we require going-in yields with re-rate potential to ±10% on stabilization, DSCR >1.6x, and sensitivity tests for 200–300bps cap-rate expansion. 

Exit optionality, refi to term debt, partial strata sell-down, or sale to income buyers, is baked in at acquisition; target levered IRR low- to mid-teens with asymmetric upside from vacancy backfill and ESG-linked cap-rate compression.