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White papersDelivering sustainable alpha over long term time horizons
Chris Hohn’s TCI made headlines last year by delivering record profits and building on the firm’s track record as one of the leading global capital allocators. TCI runs a concentrated portfolio, with a limited number of companies held for long time horizons. Out of the vast global opportunity set, Spanish airports group Aena made TCI’s shortlist, which it has now held for over a decade.
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White papersPractical Thought About Southern Europe PBSA
Taking inspiration from the late Charlie Munger’s problem solving frameworks, we will apply some of his mental models to a relatively simple question: Where should long-term investors look to allocate capital in European real estate today? The short answer would be to look to provide capital to the sectors in most need (those with the greatest demand/supply imbalance), at the most attractive price point, which would subsequently reward investors with the most stable and growing cashflows over a long period of time. Through this lens, the PBSA market in Southern Europe looks to be a leading contender.
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White papersIdentifying opportunity and delivering student accommodation at scale in Europe’s most undersupplied markets
PBSA continues to offer an attractive yield premium compared to the private rental sector, despite offering enhanced growth.
