Our industrial strategy targets light manufacturing, cold-chain, and specialized processing where real economy tenants value power availability, yard functionality, and compliance. We buy or build assets 3,000–25,000m² GLA with robust specs: high floor loading, multiple roller doors, decent eaves, 3-phase power (often ≥1–2MVA with upgrade potential), and room for modular expansion. We structure leases on triple-net or FRI terms where possible, with CPI-linked escalations, maintenance responsibilities clearly allocated, and security packages (deposits, parent guarantees) aligned to tenant credit. Financially, we look for going-in yields with a path to ±10–12% stabilized, DSCR >1.7x, and landlord capex limited to value-creating items (energy, safety compliance, docks) with TI amortization where bespoke fit-out is required.

Equity per transaction is typically R60–R250m with 50–60% LTV debt. We prefer brownfield upgrades to greenfield risk unless we have a signed agreement for lease. Nodes include Ekurhuleni, West Rand, Durban South Basin, and Cape Town’s northern industrial belt, with select SADC opportunities (Namibia, Botswana, Zambia, Mozambique) where dollar-linked rentals and supply scarcity support pricing. Returns target mid-teens levered IRR, driven by rental growth from functionality upgrades and re-gearing to stronger covenants.