Real estate is the discipline the office practises with the most direct hand: acquisition, financing, and stewardship of specific buildings and specific pieces of land.
The firm takes direct positions in residential and commercial property, principally in European markets it knows first-hand. Each acquisition is judged on its own merits — location, structure, tenant covenant, and the price at which the office is willing to be a long-term owner. Real estate is treated as an operating discipline rather than a paper allocation: leases, capital plans, and refurbishments are matters the principal engages with directly.
Positions are held on the firm's own balance sheet, without pooled vehicles or blind-pool structures.
Activity is concentrated where the office has personal networks and operating history.
Buildings are underwritten to be held through cycles, not traded on sentiment.