Commercial & Office
Well‑located, well‑built offices in Zone 1 markets, held on long leases to tenants whose covenant we have underwritten ourselves. We favour buildings we could re‑let twice over.
41Assets heldHouse No. 03 · Real Estate & Land
Ground is the one asset nobody is printing more of.
Assaf Estates buys freehold and holds it. Offices, logistics, residential freeholds and farmland across nine countries, acquired with modest debt and sold rarely — the average asset in the portfolio has been owned for nineteen years. We are landlords, not traders of buildings.
Estate under management2,140,000 m²
Mean holding period19 years
Loan to value, portfolio31%
Occupancy, income assets96.4%
Sectors
Four things we understand well enough to own forever.
We invest where the income is contractual, the tenant is solvent and the land beneath has an alternative use. Where an asset relies on a single covenant or a single planning consent to be worth anything, we decline it.
Logistics & Industrial
Distribution and light industrial around ports, rail heads and ring roads — often serving the Group's own trading house, which gives us an unusually direct read on what tenants need.
63Assets heldResidential Freeholds
Whole‑block freeholds in London, Geneva and Paris, managed directly rather than through agents. Leases are long, service charges are audited and rents are reviewed to index, not to opportunity.
28Blocks heldAgricultural Land
Arable and permanent‑crop land in Brazil and East Africa, farmed by long‑term tenant operators. Soil surveys, water rights and drainage are underwritten before price is discussed.
58,400HectaresPortfolio
A representative selection.
Ten assets from a portfolio of one hundred and ninety, chosen to show the range rather than the highlights. Yields are net initial, on the December 2025 valuation. Assets held for clients of Assaf Finance are excluded.
| Asset | City | Use | Area m² | Acquired | Yield |
|---|---|---|---|---|---|
| Rhône 62 | Geneva | Office, freehold | 11,400 | 1984 | 4.1% |
| Cannon Wharf | London | Office, freehold | 24,800 | 1991 | 5.2% |
| Maasvlakte Park A | Rotterdam | Logistics | 86,200 | 1998 | 6.4% |
| Jebel Ali Yard 12 | Dubai | Industrial | 104,500 | 2003 | 7.1% |
| Marylebone Block | London | Residential freehold | 9,300 | 2006 | 3.4% |
| Fazenda Boa Vista | Mato Grosso | Arable land | 31,600 ha | 2008 | 5.9% |
| Tuas Distribution B | Singapore | Logistics | 47,900 | 2012 | 6.0% |
| Quai des Bergues 9 | Geneva | Mixed, freehold | 6,700 | 2015 | 3.8% |
| Rue Saint‑Honoré 214 | Paris | Residential freehold | 5,100 | 2017 | 3.2% |
| Athi River Estate | Nairobi | Agricultural | 14,200 ha | 2019 | 7.8% |
Approach
How we underwrite.
The house has declined more assets than it has bought in every year since 1984. What follows is why.
i.
Freehold, or nothing
We buy the ground wherever the ground is for sale. A long leasehold is a wasting asset dressed as a permanent one, and we will not pay freehold prices for it.
ii.
Debt below a third
Portfolio loan‑to‑value has not exceeded forty per cent in forty years and sits at thirty‑one today. Leverage flatters returns in good years and removes the owner's choices in bad ones.
iii.
Managed in house
Every building is managed by our own people. Agents are paid to transact; we are paid to own, and the two produce different decisions about a leaking roof.
Contact
We buy quietly and we buy for cash.
Off‑market introductions are welcome from owners, executors and advisers. We will give a view within ten working days and will say no plainly. Tenant enquiries and estate management matters go to the managing office of the building concerned.
Assaf Estates Limited, registered in England. A wholly owned house of Assaf Industries. Portfolio figures are as at 31 December 2025 and are unaudited. The value of property can fall as well as rise.
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