About

Investment model

A four-step model, from underwriting to management.

Every asset follows the same four steps, in the same order, with the same documentation at each step.

Step 1 — Source & underwrite

Underwriting is where returns are decided. We look for a small number of assets where our combined property-and-equipment view shows value the market has missed.

Before any capital is committed, we work through a consistent set of questions:

  • Clinical demand first. Is there real, referral-backed demand for this room or this machine? A catchment analysis and a review of competing supply come before any yield arithmetic.
  • The operator in place — or realistically available. Who runs the clinical day here, how strong are they, and what would happen if they changed? Tenancy risk is underwritten, not assumed away.
  • The building and the machine, together. For property: plant condition, essential safety measures, compliance status and the capital works a clinical tenant will demand. For equipment: specification, age, service history and a funded end-of-term pathway.
  • Statutory position. Zoning, permits, licensing and any constraints on medical use — verified, not relied upon from a selling memorandum.
  • A hold-period plan. What we will do with the asset over years one, three and five — including the maintenance schedule and the lease events we will manage.

The output is a written underwriting we can defend line by line. If it cannot be written, the asset does not proceed.

Underwriting is where returns are decided.

Step 2 — Acquire & develop

Acquisition and development follow the written plan. Transactions keep clear price logic and conditions that reflect what the underwriting depends on.

A development or fit-out runs as one program. A day theatre is a building project and an equipment order delivered together, on a completion date the operator's list depends on:

  • Building works and equipment procurement are programmed together, so long-lead clinical items are ordered early rather than discovered late.
  • Consultants and contractors are selected for medical environment experience in compliance, hygiene and clinical workflow.
  • Commissioning is planned from the start: installation, calibration, acceptance testing and operator training are in the program before handover is claimed.
Every program begins as a written underwriting.

Step 3 — Lease & operate

Leases align the asset with the operator's clinical day. Structures let the operator invest in their practice, and the asset's obligations are explicit.

After handover, tenancy coordination, maintenance, essential safety measures and equipment servicing run to a program with named responsibility and defined response times.

Step 4 — Manage & report

Reporting makes problems visible early. Every asset carries:

  • A current asset register — building plant and clinical equipment, ages, service histories and planned replacement dates.
  • A live compliance calendar — leases, licences, inspections, essential safety measures and accreditation touchpoints.
  • A maintenance and capital plan — preventive schedules funded ahead of need, and capital works planned years out.
  • Plain-language reporting — performance, events and decisions, written so a non-specialist can follow what is happening with their asset and why.

Where an asset no longer meets our standard, we sell and say why. Disposals are part of the model.

What we decline

We decline:

  • Assets whose value depends on a speculative change of use, rezoning or a planning outcome we cannot control.
  • Property without verifiable operator demand.
  • Equipment at the end of its service life without a funded pathway, or technology we cannot service to a defined uptime standard.
  • Structures that reward us for complexity the operator or the asset cannot carry.

How the model behaves under stress

When an asset underperforms, the model has a defined response: diagnose against the register, fund the fix from the capital plan, hold the operating standard and report the episode.

Hold/sell reviews re-underwrite against the original thesis. An asset is not kept merely because it is familiar, or sold merely because a quarter was difficult. If an asset cannot meet the standard, we sell and say why.

Questions about the process

What counterparties usually want to know before working through the steps with us the first time.

Typically two to six weeks, paced by the quality of documentation. The asset register and compliance calendar are the usual bottlenecks.
The episode is diagnosed against the register, the fix is funded from the capital plan, and the operating standard is held while the fix runs.
Both. We develop where the clinical market requires configuration that does not yet exist. Otherwise we buy and manage.
In writing, at each gate: the underwriting, the program, the capital plan and the reporting calendar.

To see this model applied asset by asset, read our projects — or, if you hold or operate a medical asset, start a conversation.