Commercial real estate («CRE») remains an intensely cyclical business. We have always believed that the greatest arbitrage opportunity is not, as is commonly believed, the difference in price between asset A and asset B. Rather, it is the difference between the price of asset A at the bottom of the market and the price of asset A at the top of the market.
Investment Return by Annual Income Company (IRAIC) is the strategy when we can invest in companies (Small, Medium Companies) but with tangible real assets.
