Private Equity Real Estate
Dollerie Capital identifies, acquires and actively manages asset-heavy commercial real estate in the United Kingdom — creating institutional-grade returns for our capital partners.
Investment Thesis
We target commercial real estate assets trading below their intrinsic value — properties where active management, capital improvement, and disciplined leasing strategy can unlock meaningful reversion.
Our approach mirrors the private equity model: acquire at compressed yields, execute a value creation plan, and exit to institutional buyers at tighter yields — generating superior risk-adjusted returns for our capital partners.
We acquire assets trading at 7–9% NIY where comparable institutional product trades at 6–6.5%, creating structural yield gap on day one.
Target assets with passing rents materially below ERV, capturing contractual review mechanisms and re-letting voids at market rents.
Targeted CapEx — EPC upgrades, EV infrastructure, spec improvements — drives lease renewals, rent premiums, and a broader institutional buyer pool at exit.
Stabilised assets sold individually or as portfolio packages to listed REITs, pension funds, and sovereign wealth platforms.
How We Operate
Each acquisition follows a structured process from sourcing through to exit. We deploy a deal-by-deal co-investment structure, giving partners full transparency and allowing carry to crystallise on an asset-by-asset basis.
Source off-market and lightly marketed assets from private vendors. Target multi-let industrial, retail parks, and healthcare real estate with below-ERV rents, vacant registrations, or identifiable value-add levers.
Execute targeted CapEx: void filling, ESG upgrades, EPC improvements, ancillary income creation. Leverage contractual rent review mechanisms to capture reversion.
Build WAULT, reduce vacancy, lock in institutional-grade covenants. Create a fully income-producing asset with a clear, bankable rental growth story.
Sell individually at yield compression or accumulate into portfolio packages commanding a premium from REITs and institutional buyers seeking scale.
Target Asset Classes
Multi-let industrial estates and trade counter parks across the UK. Structural undersupply, e-commerce tailwinds, and near-record low vacancy rates are driving sustained rental growth — making this the most compelling institutional asset class in the UK right now.
Out-of-town retail parks with strong occupier demand and significant rental reversion. The UK retail warehouse market recorded £2.4bn in deal volumes in 2024, up 30% on prior year, with continued institutional appetite from REIT buyers seeking income-producing assets at scale.
Vacant and underperforming registered care homes where the real estate is sound but the operation has failed or the vendor is retiring. We acquire, stabilise with a quality operator on a long FRI lease, then exit to Healthcare REITs at tighter yields — a 200–400bps spread between distressed acquisition and stabilised exit that drives exceptional returns. Proprietary advantage through our team’s 25 years of care sector operational expertise.
Geographic Reach
We operate across the full breadth of the UK, targeting markets where entry pricing offers a structural discount to intrinsic value, occupier fundamentals are strengthening, and meaningful rental growth runway remains.
Deep operator-level market knowledge and 15 years of construction and industrial sector experience give Dollerie Capital a structural sourcing advantage over generalist platform buyers — from Scotland to the South East.
Edinburgh, Glasgow, Aberdeen and the central belt. Fastest growing regional economy in the UK outside London with institutional demand consistently outpacing supply.
Yorkshire, Tyne & Wear, Lancashire and the North West. Deep value markets with strong occupier bases and significant private vendor pipeline at sub-£10m lot sizes.
Birmingham, Bristol, the South East and beyond. Broad institutional liquidity at exit and growing occupier demand driven by logistics and urban last-mile requirements.
Selective opportunities in regeneration corridors and logistics hubs wherever rental growth evidence and institutional exit liquidity stack up — we follow the deal, not the postcode.
Get In Touch
We welcome conversations with prospective capital partners, family offices, and deal introducers operating in our target markets. All enquiries are treated with strict confidentiality.