This allows the team to incorporate real-time market data—for example, construction costs and leasing—into investment assumptions and investment themes. The MSM occurs after the MMM and comprises the Strategy Committee, which discuss key management decisions and investment activity. Lastly, during the WRM a select number of potential acquisitions that have been modelled are presented to and reviewed by the Strategy Committee.
If the offer is accepted, Castleforge typically enters into an exclusivity arrangement with the vendor which allows for a set time to engage in detailed technical and legal diligence.
We will however consider early realisations to avoid unforeseen risks (such as downturns in a particular market) or to take advantage of unexpected accelerated realisation opportunities. We judge each potential sale independently, weighing macroeconomic, broad market and local submarket rends, unsolicited offers that may represent upside to the business plan or any possible additional returns that can be capitalised on.
We appoint an internal transaction team to each asset, combining specialist skillsets to achieve its business plan targets.
The transaction team for each project involves representation across several business areas including, asset management, leasing, legal and transactional execution functions.
Each of these functions regularly feeds information to the research and strategy function both through informal regular dialogue and through formal weekly meetings.