1. Acquire

We acquire individual properties, property portfolios and property-owning companies.

We consider both stabilised properties and assets that require active management, investment, renovation, conversion or development.

Our acquisition analysis includes:

• • Location and local demand.

• • Property type and use.

• • Existing rental income.

• • Occupancy and vacancy.

• • Tenant structure.

• • Operating expenses.

• • Property condition.

• • Maintenance requirements.

• • Development and conversion potential.

• • Energy performance.

• • Existing financing.

• • Legal and technical risks.

• • Long-term cash-flow potential.

We assess every opportunity individually and seek transactions where AJVESTOR can contribute capital, active ownership and a clear long-term business plan.

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2. Develop and Build

We develop existing properties and selectively participate in new construction where there is a clear commercial need and long-term demand.

Our development activities may include:

• • Renovating residential and commercial units.

• • Converting underutilised commercial premises.

• • Developing attics, extensions and unused spaces.

• • Improving layouts and property functionality.

• • Modernising technical installations.

• • Improving common areas.

• • Developing additional residential or commercial space.

• • Improving accessibility and tenant facilities.

• • Increasing energy efficiency.

• • Developing new residential, commercial or mixed-use properties.

• • Repositioning properties to better meet local demand.

Construction and development projects may be completed together with architects, technical consultants, municipalities, contractors and other specialist partners.

Each project is evaluated based on planning conditions, expected costs, financing, construction risk, additional income and long-term value.

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3. Manage

We actively manage properties to create safe, functional and attractive environments for tenants.

Our management approach focuses on:

• • Responsive tenant communication.

• • Reliable property operations.

• • Preventive maintenance.

• • Efficient repairs and service.

• • Occupancy and tenant retention.

• • Responsible rent and lease administration.

• • Cost control.

• • Energy and water efficiency.

• • Supplier management.

• • Safety and regulatory compliance.

• • Long-term maintenance planning.

• • Continuous performance monitoring.

Efficient property management is not only about reducing costs. It is about maintaining the quality of the property, supporting tenant satisfaction and protecting the asset’s long-term earning capacity.

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4. Hold

AJVESTOR primarily invests with a long-term ownership perspective.

We seek to retain properties that provide:

• • Stable and recurring rental income.

• • Strong underlying local demand.

• • Sustainable operating performance.

• • Opportunities for continued improvement.

• • A balanced relationship between return and risk.

• • Long-term relevance for tenants and the surrounding community.

Our objective is not simply to acquire and resell properties. We aim to build a resilient portfolio that can generate income and value over multiple economic cycles.

Properties may be selectively refinanced, further developed or divested where doing so supports the wider portfolio strategy.

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Our Real Estate Focus

1. Residential Properties

We invest in residential properties where there is stable demand for well-managed housing.

Our focus may include:

• • Rental apartment buildings.

• • Residential portfolios.

• • Mixed-use properties with a residential majority.

• • Properties with renovation potential.

• • Buildings with vacant or underutilised areas.

• • Residential development opportunities.

• • Property-owning residential companies.

Our objective is to provide functional homes while improving property quality, operational performance and long-term value.

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2. Development Properties

We evaluate land, buildings and property-owning companies with opportunities for:

• • New construction.

• • Conversion.

• • Extension.

• • Change of use.

• • Densification.

• • Renovation.

• • Repositioning.

• • Improved energy performance.

Development potential must be supported by local demand, planning feasibility, realistic costs and a credible implementation strategy.

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Where We Invest

We focuses primarily on larger cities and local markets with positive long-term development prospects.

When evaluating a location, we consider:

• • Population and employment development.

• • Housing and commercial demand.

• • Infrastructure and public transport.

• • Access to services.

• • Local business activity.

• • Municipal development plans.

• • Existing and future supply.

• • Rental-market conditions.

• • Financing and transaction liquidity.

• • Long-term attractiveness for residents and businesses.

Local knowledge is essential. We therefore seek to work with stakeholders who understand the specific conditions of each market.

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How We Create Value

AJVESTOR creates value through active ownership rather than relying only on general market appreciation.

1. Operational Improvement

We seek to improve property operations, cost control, maintenance planning and administrative efficiency.

2. Improved Occupancy

We work to reduce unnecessary vacancy, improve leasing processes and create spaces that respond to actual customer demand.

3. Renovation and Modernisation

Targeted renovations can improve property quality, tenant experience, operating performance and long-term competitiveness.

4. Conversion and Better Use of Space

Underutilised commercial areas, attics, storage areas and other spaces may provide opportunities for new residential or commercial uses, subject to planning and technical feasibility.

5. Energy Efficiency

Reduced energy use can lower operating costs, improve environmental performance and strengthen the long-term resilience of a property.

6. Development and New Construction

Where supported by demand and planning conditions, we may create additional value through extensions, densification and new development.

7. Financial Structuring

A suitable financing structure can support acquisitions, investments and development while maintaining adequate liquidity and financial resilience.

8. Long-Term Management

Consistent management, reinvestment and maintenance help protect rental income and property value over time.

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Our Investment Criteria

We welcome opportunities involving individual assets, portfolios and property-owning companies.

We generally looks for:

• • Residential, commercial or mixed-use properties.

• • Locations with established or growing demand.

• • Existing or identifiable future cash flow.

• • Properties with operational or development potential.

• • Opportunities for active ownership.

• • Clear and understandable legal ownership.

• • Realistic financing and capital requirements.

• • Manageable technical and environmental risks.

• • A credible route to long-term value creation.

We may consider:

• • Fully occupied properties.

• • Properties with vacancies.

• • Properties requiring renovation.

• • Underperforming assets.

• • Conversion projects.

• • Development opportunities.

• • Corporate property transactions.

• • Joint ventures and co-investments.

• • Off-market opportunities.

• • Sale-and-leaseback structures.

Every proposal is subject to individual assessment, due diligence, financing and internal approval.

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How We Evaluate an Acquisition

1. Initial Review

We review basic information about the property, ownership, location, rental income, occupancy, operating costs, condition and proposed transaction.

2. Preliminary Analysis

We assess cash flow, financing capacity, potential improvements, development possibilities and principal risks.

3. Property and Management Discussion

We discuss the opportunity with the owner, broker, adviser or potential partner and request relevant supporting information.

4. Due Diligence

Selected opportunities undergo appropriate:

• • Financial review.

• • Legal review.

• • Technical review.

• • Commercial analysis.

• • Environmental assessment.

• • Tax and corporate review.

• • Financing analysis.

5. Transaction Structure

We evaluate the purchase price, financing, ownership structure, conditions, timetable and allocation of responsibilities.

6. Completion

Following final approval and documentation, the transaction is completed.

7. Ownership and Business Plan

After completion, the property is managed according to an asset-specific business plan covering operations, maintenance, leasing, investments, development, financing and sustainability.

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Who We Work With

Property Owners and Sellers

We welcomes direct discussions with owners considering the sale of:

• • Individual properties.

• • Property portfolios.

• • Property-owning companies.

• • Development projects.

• • Land and building rights.

• • Jointly owned real estate assets.

We aim to understand the seller’s objectives, preferred timetable and transaction requirements.

We can evaluate both straightforward sales and more structured transactions, subject to legal, financial and commercial assessment.

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Real Estate Brokers and Transaction Advisers

We welcome opportunities from brokers and advisers representing relevant properties, portfolios and corporate real estate transactions.

Clear initial information helps us evaluate opportunities efficiently.

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Banks and Lenders

We seek constructive, long-term relationships with banks and other financing partners.

Our objective is to present lenders with clear information regarding:

• • Property cash flow.

• • Ownership structure.

• • Business plan.

• • Capital requirements.

• • Investment programme.

• • Security structure.

• • Risk factors.

• • Repayment and refinancing strategy.

We believe financing should be proportionate to the property’s income, risk profile and long-term business plan.

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Investors and Capital Partners

AJVESTOR may work with investors, family offices and institutional capital partners through:

• • Co-investments.

• • Joint ventures.

• • Project-specific investments.

• • Property-owning companies.

• • Development partnerships.

• • Structured equity arrangements.

Each partnership should have a clearly defined investment strategy, governance structure, responsibility allocation and approach to risk.

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Municipalities and Public Stakeholders

Real estate development is closely connected to municipal planning, infrastructure and local community needs.

We aim to maintain constructive dialogue regarding:

• • Planning and development.

• • Housing needs.

• • Commercial and community services.

• • Safe and attractive neighbourhoods.

• • Energy and environmental performance.

• • Long-term property use.

• • Responsible construction and management.

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Tenants

Tenants are central to the long-term performance of every property.

We seek to provide:

• • Functional and well-maintained premises.

• • Clear communication.

• • Reliable property service.

• • Safe living and working environments.

• • Responsible handling of maintenance issues.

• • Long-term improvements that support tenant needs.

Our goal is to build durable relationships and create properties where people and businesses can remain and develop over time.

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Developers, Contractors and Technical Partners

We collaborate with experienced specialists in areas such as:

• • Architecture.

• • Construction.

• • Project management.

• • Property technology.

• • Energy efficiency.

• • Planning.

• • Engineering.

• • Environmental assessment.

• • Property management.

• • Legal and financial advisory.

Partners are selected based on capability, reliability, commercial suitability and responsible business practices.

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Sustainability in Our Properties

AJVESTOR integrates environmental, social and governance considerations into property ownership, management and development.

Our sustainability objectives include:

• • Improving energy efficiency by 2 percent per square metre annually.

• • Reducing emissions from our own operations by 50 percent by 2030, using 2022 as the base year.

• • Achieving net-zero emissions across the value chain by 2045.

• • Obtaining recognised environmental certifications for newly developed properties.

• • Increasing the proportion of green and sustainability-linked financing.

• • Maintaining zero tolerance for corruption and discrimination.

• • Supporting safe, inclusive and functional properties.

Sustainability initiatives are evaluated in relation to environmental impact, operating costs, tenant needs, investment requirements and long-term property value.

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What Stakeholders Can Expect from AJVESTOR

Long-Term Perspective

We make decisions with consideration for the long-term performance and condition of each property.

Active Ownership

We do not view properties as passive financial instruments. We seek to understand and improve their operational, technical and commercial performance.

Clear Communication

We aim to communicate relevant information clearly to sellers, tenants, lenders, investors and project partners.

Disciplined Decision-Making

Acquisitions and developments are based on structured analysis, realistic assumptions and appropriate due diligence.

Responsible Financing

We seek financing structures that the property and its cash flow can support over time.

Constructive Partnerships

We value clear responsibilities, aligned interests and long-term cooperation.

Responsible Property Management

We aim to maintain safe, functional and attractive properties for residents, businesses and surrounding communities.