In retail we specialise in convenience and neighbourhood centres (8,000–25,000m² GLA) that capture everyday spend—grocer, pharmacy, value fashion, quick-service food, and services—plus open-air formats with strong visibility and ingress/egress. We avoid discretionary, fashion-heavy risk and focus on trade areas with resilient LSM mixes, commuter flows, and limited competing supply. Acquisition underwrites prioritise tenant quality (anchor sales health, occupancy cost ratios), turnover rental structures for fashion/value, and WALE of 4–7 years. Equity checks are R80–R300m; financing at ±50–60% LTV with amortisation that keeps DSCR comfortably >1.8x even under 10–15% gross rental stress tests. 

We target stabilized cap rates of ±9–11.5% depending on node and covenant, seek ≥95% physical occupancy, and actively manage speciality tenant churn to lift total sales/sqm. Defensive opex (solar + battery for loadshedding resilience, water security, LED, smart BMS) protects service charges and tenant profitability. Repositions often include remixing (e.g., grocer upsizes, add clinics/diagnostics, drive-thru pads), façade and parking reflows, and placemaking that grows footfall. 

Exit options include hold for income with periodic refinancing or sale to domestic REITs/long-income buyers once NOI and WALE are de-risked. Expected outcome: high single-digit to low double-digit cash yields from year one and low- to mid-teens levered IRR over a 5–7 year hold.