Strategy
We are sector-agnostic investors focussing on opportunities where complexity, transition, or mispricing create potential for superior risk-adjusted returns, and where our active ownership and execution edge can materially drive performance.
‣ investment themes
Repositioning & Refurbishment
Unlocking value through leasing, targeted capex, and active asset management.
We Look For:
Properties in transition (vacancy, weak tenant mix, poor layout/spec, under-managed operations) where a clear business plan can reset income quality and defensibility.
Typical Levers:
Re-tenanting, refurbishment and reconfiguration, amenity/spec upgrades, operating cost optimisation, improved go-to-market strategy.
Special Situations
Situations requiring speed, structuring, and problem-solving, where complexity limits competition.
We Look For:
Mispricing driven by timing pressure, capital structure issues, fragmented stakeholders, or a limited buyer universe.
Typical Levers:
Creative structuring, downside-first underwriting, certainty of execution, targeted de-risking steps that unlock value and broaden exit options.
Operating
Platforms
Partnering with specialist operators to compound capability and scale high-quality real estate.
We Look For:
Repeatable strategies where operational excellence is the main edge, and aligned partnerships can build a platform, not just a one-off deal.
Typical Levers:
Playbook-driven acquisitions, operational KPI improvement, pricing and revenue management, customer experience upgrades, centralised systems and reporting, scalability through standardisation.
‣ work with us
Investors
Discuss 404 Capital, our strategy, and current opportunities.
Operators/Developers
Explore partnership structures and capital needs.
Brokers/Intermediaries
Share interesting deals and situations.
