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WOODYER CAPITAL

Portfolio Acquisition Intelligence

Acquisition at the level of the book.

Some buyers acquire a building. Others acquire a book. When the object is a portfolio, the risk is not in any one asset — it is in what the assets do to each other. We read the whole book as a single position, and hand you the picture the seller would rather you assembled after completion.

Put a portfolio in front of us What we read

Programme 02 Portfolio Acquisition Intelligence

01 · What You Are Buying

Not a building.
A book.

A portfolio is sold as a single number and a clean spreadsheet. Underneath sit dozens of separate assets, leases, covenants and title positions — and a web of dependencies between them. One weak lease, one over-let tenant, one asset carrying the yield, and the whole book moves. We take the portfolio apart to the asset, grade every line, then put it back together as one defensible position.

Asset ×N

Every asset read
to the same standard

7

Chapters, in a
fixed order

A–D

A grade on
every claim

1

Position.
Not a stack of listings.

Structural facts of the programme. Not performance claims.

01The Mandate

The Mandate

Before a single asset is priced, the shape of the deal is established. What is actually for sale, how it is wrapped, and the one question the acquisition has to answer.

  • Asset deal or corporateProperty line-by-line, or shares in the entity that holds it — a different risk, a different price.
  • The perimeterExactly which assets, leases and liabilities are in, and which the seller has quietly carved out.
  • Objective & constraintsYield, growth, break-up or hold. The mandate is written down before the work starts.
  • The 60-second positionPursue, restructure, reprice or pass — with the single biggest risk in the book named.
02The Assets

The Assets

Every asset in the book is read to the same standard we apply to a single acquisition. No line is taken on trust because it sits inside a bigger number.

  • Asset-by-asset dossierSpecification, tenure, condition and location, graded, for each holding in turn.
  • The carriers and the dragsWhich assets carry the return, and which are quietly diluting it.
  • Title & tenure across the bookFreehold, leasehold and ground rents reconciled — the position, not the summary.
  • Capex & complianceEPC and MEES exposure, deferred maintenance and the cost the guide price hides.
03The Income

The Income

The rent roll is where a portfolio is won or lost. We test the income the way a lender will, not the way a broker presents it.

  • Rent roll & arrearsPassing rent against ERV, collection history and the arrears the summary rounds away.
  • Covenant strengthWho actually pays the rent, read from the accounts — not the trading name on the lease.
  • WAULT & the maturity wallWeighted lease term, breaks and expiries mapped — and where they cluster.
  • Reversion & voidsThe upside on renewal, and the cost of the space that is empty or about to be.
04Concentration

Concentration & Correlation

The risk unique to a portfolio: what the assets share. One tenant, one town, one sector, one break date — and a book that looks diversified fails together.

  • Tenant concentrationExposure to a single covenant across multiple assets, and what its failure removes.
  • Geographic & sector clusteringWhere the book is really placed once the map is drawn, not the headline spread.
  • Correlated break datesThe expiries and breaks that land together — the quiet cliff edge in the cash flow.
  • The domino linesWhich single events move the whole book, ranked by the damage they do.
05The Number

The Number

What the book is worth as a book — and whether the whole should trade at a premium to its parts, or a discount. Both happen. We show which, and why.

  • Asset-level to portfolio valueEach holding valued on its own evidence, then reconciled into one range.
  • Blended yield & allocationWhere the price is really being paid, and the assets carrying the headline number.
  • Premium or break-upWhole-book value against the sum of the parts sold individually — the real choice.
  • Sensitivity & stressWhich assumption moves the portfolio most, tested across the intended hold.
06Structure & Debt

Structure, Debt & Tax

How the book is held changes what you are buying and what you owe. The wrapper is read as carefully as the assets inside it.

  • Ownership structureSPV, corporate or direct — and the liabilities that travel with shares.
  • Existing debt & cross-collateralFacilities, covenants and the cross-charges that tie the assets together.
  • Tax & transferSDLT, VAT and structure-driven cost, priced before the offer, not after.
  • Warranties & the gapsWhat the seller will stand behind, and the exposure left uncovered.
07Strategy & Exit

Strategy & The Next Move

A portfolio is bought to be managed and, eventually, sold. The programme ends with the plan for both, and the full trail behind every word.

  • Hold, release, restructureWhat to keep, what to sell, and the order that protects value while it happens.
  • Business plan & capex sequenceThe work each asset needs, costed and timed against the income it defends.
  • Exit routes & liquidityWhole-book, tranche or asset-by-asset — who buys it next, and at what tone.
  • DD list, offer logic & source logThe request list, offer analysis and every claim traced to a dated source.

03 · The Trust Mechanic

Every line carries a grade.

The same A-to-D evidence system runs through the whole book. Across dozens of assets, you always know which numbers are documented and which are still a judgement — before you stand on them.

ADocumentedPrimary source. The register, the signed lease, the audited accounts.
BCorroboratedStrong secondary evidence and consistent comparables.
CIndicativeReasonable and sourced, but thinner. Flagged to verify.
DAssumptionAn estimate, stated as one. No guess dressed as a fact.
See how the truth gets made →

04 · Built To Be Challenged

Every asset,
back to a source.

A portfolio dossier is only as good as the weakest line inside it. Every figure, on every asset, traces to a dated, named source in the log. Put your solicitor, your surveyor and your lender across the whole book — it holds up to all three.

  • RegisterTitle, tenure and charges for every asset in the book.
  • Leases & Rent RollsPassing rent, breaks and arrears, tied to the documents.
  • Companies HouseCovenant strength read from each tenant's accounts.
  • ComparablesRent and sale evidence, dated and adjusted, per asset.
How the evidence is built →
By discussion · portfolio mandates

Bring us the book.
We’ll read every line.

Put a portfolio in front of us

The most complex acquisitions get the most disciplined intelligence.