Investment Capabilities
Real Estate
We buy assets where supply is structurally constrained and hold them through cycles others exit.
$9.1B
Deployed
14
Countries
200+
Assets
Global Real Estate Equity and Debt
We invest across the capital structure in commercial and residential real estate markets worldwide. Our focus is on assets where structural supply constraints — geographic, regulatory, or physical — create pricing power that endures across economic cycles.
We are not passive investors. Every asset we own has an Aurion professional involved in its governance. We make operational decisions that a passive REIT never would — and that's where the returns come from.
What We Look For
Supply Constraints — Markets where new development is limited by land, zoning, or cost
Demand Durability — Assets that serve needs that don't disappear in a downturn
Operational Upside — Situations where active management unlocks value a passive owner misses
Capital Structure Flexibility — Ability to invest as equity, preferred, or senior debt depending on risk/return
Exit Clarity — Multiple exit paths (sale, recap, IPO) visible at entry
How We Work
Our Approach
Market Selection
We enter markets based on structural thesis, not momentum. A market that's rising because of fundamentals is different from one rising because of capital flows.
Asset Underwriting
Every acquisition begins with a 10-year discounted cash flow built from actual leases, not market rents. We stress-test cap rate expansion, vacancy, and capex before we model the upside.
Active Asset Management
Post-acquisition, we run a 100-day plan covering leasing, capex, and governance. We track every asset monthly against plan and make operational decisions accordingly.
Value Creation
Lease-up, repositioning, renovation, or development. The specific path depends on the asset. The goal is always the same: improve the cash flow durability before we consider exit.
Exit Optimization
We don't sell into a deadline. We sell when the thesis is realized and the forward return is no longer compelling relative to reinvestment alternatives.
Track Record
Select Real Estate Investments
European Logistics Portfolio
Germany, France, Netherlands
40-asset industrial logistics portfolio acquired in 2019 at 15% discount to replacement cost. Leased to 12 pan-European e-commerce operators on 7-12 year terms.
2.8x MOIC, 24% IRR
Manhattan Office Recapitalization
New York, USA
Preferred equity investment in a Class A midtown office tower undergoing a capital structure restructure. Senior debt refinanced; preferred equity provided bridge to recapitalization.
Realized. 16% yield
Australian Residential Land Bank
Sydney & Melbourne
Land banking strategy targeting residential development land in supply-constrained inner-ring suburbs. 12-site portfolio assembled 2021-2023 for staged development.
Unrealized. On plan.
Get in Touch
Invest in Real Assets
Our real estate team is available to discuss portfolio construction and direct investment opportunities.