Approach
Operator, building, capital. In that order.
Capax invests where real estate and operations meet. We back brands and teams in hospitality and living, then secure, build or reposition the properties they need, using our own capital alongside our partners’.
Thesis
We take on the parts of a deal most investors would rather outsource.
Most real estate investors underwrite a building and then outsource the operating risk to someone else via a lease or a management agreement. In hospitality and living, that is where the return is made or lost. Occupancy, rate, cost control, brand: these decide whether a yield holds. We would rather own that risk with people we know can manage it.
The same goes for construction. Development and refurbishment are where most of the value in a repositioning sits, and where most of the problems start. We have sat on the owner’s side of numerous builds, run the contracts and delivered the sales. That experience lets us take on projects others see as too complicated.
How we work
Source
Situations come through operators, lenders and owners we have worked with before. Most are complicated, off-market or both.
Underwrite
We model the operating business and the building together, then stress both. If the operator cannot carry the rent, we walk.
Build
We run design, procurement and contracts from the owner’s side, with the operator in the room from the first drawing.
Operate
We stay involved after opening: trading reviews, cost control, brand and distribution. The asset plan and the operating plan are one document.
Hold or exit
Some platforms are built to hold and compound. Others are built to sell. We decide which at underwriting, not at the end.
See how this works across our three platforms.
Our platforms