We scale logistics where fundamentals are clearest: proximity to national corridors (N1/N3/N2), intermodal nodes (City Deep, Dube TradePort), and dense urban catchments for last-mile. We prefer modern specs, 10–15m clear height, FM2 floors (≥5t/m²), 30–40m yards, sprinklered, dock levellers, and ≥1MVA power—with genuine expandability on site. We acquire stabilized assets with reversionary potential and forward-fund select developments with pre-lets ≥50% GLA to national/blue-chip covenants. Equity checks range R100–R400m; leverage at 50–60% LTV with long-dated amortizing profiles to lock in DSCR >2.0x on CPI-linked, triple-net leases (5–10 year terms, renewal options, structured annual escalations). 

We underwrite stabilised cap rates around ±9.0–10.5% depending on node and covenant, and we avoid spec unless supply pipelines are demonstrably thin. Operationally, we push rooftop PV, LED, and water harvesting to cut service-charge drift and improve tenants’ total occupancy cost. Portfolio construction is key: we cap single-tenant exposure at 20% and balance long-haul DCs with urban infill assets (Midrand, Jet Park, Montague Gardens, Springfield Park) to blend WALE and growth. Exit paths include sale to logistics-focused funds or refinancing into a perpetual hold. Target returns: core-plus to value-add, with levered IRR low- to mid-teens and high cash yield from year one.