Strategy
How We Invest & Execute
Our strategy is built around one belief: commercial real estate is a living operating business, and value is created in execution, not just acquisition.
We focus on Polish commercial real estate situations where local judgement, risk elimination and execution depth can materially change the outcome of the investment.
Our conviction
Commercial real estate is not a bond.
It is a living operating business that requires technical judgement, operational discipline and active decision-making across the full life of the asset.
PAIM was built on Polish commercial real estate experience and one conviction: the best outcomes do not come from buying paper exposure. They come from understanding the asset completely and leading the right plan from selection through exit.
That is why we partner with capital as one accountable local operator — from asset selection and risk elimination through underwriting, execution, stabilisation and monetisation.
Where we create value
We focus where execution complexity is mispriced.
We look for situations where value is not just hidden in the pricing of the asset, but in the ability to choose, structure and deliver the right operating path.
Operational repositioning
Assets where market perception, tenant appeal, leasing performance or operating friction can be materially improved through targeted repositioning and hands-on management.
Redevelopment complexity
Assets where the right answer requires deeper intervention — product upgrade, reworking, expansion, technical redesign or a broader redevelopment response.
Use change and urban reset
Assets where the highest-value future may lie in a different use, and where planning, technical, commercial and capital questions must be solved together.
Value creation framework
Three playbooks. One accountability line.
We partner with capital to choose and deliver the highest-value path for each asset.
Cashflow reset
Value-Add
We reposition the asset in the eyes of agents and tenants, improve operational performance and remove leasing friction so the market reads the building again as attractive, credible and ready to lease.
Outcome: Stronger tenant response, better rent capture and a more financeable asset.
Product reset
Redevelopment
Where cosmetic uplift is not enough, we rework, upgrade, expand or replace the product to create a real step-change in quality, rent potential and exit liquidity.
Outcome: A materially stronger product with a very different market reception.
Use reset
Conversion
We assess whether the highest value lies in a different use and identify the most capital-efficient route from the existing fabric to a new product and monetisation path.
Outcome: A new use aligned with current demand and delivered through the best available exit route.
Execution model
Underwriting built on deliverability, not optimism.
We start with pattern recognition, remove the risk, then underwrite only what can actually be delivered.
Scan the asset
We read the asset through planning, technical, commercial and locational lenses, combining market knowledge, tenant appetite and execution judgement to identify the right plan early.
Eliminate the risk
We pressure-test the main failure points before commitment — including zoning, heritage, utilities, structure, tenancy, access and administrative constraints — until they are understood, reduced or removed.
Underwrite the real plan
Only then do we build detailed underwriting around scope, phasing, CapEx, timing, rent assumptions, absorption, financing logic and exit routes.
Execute & monetise
We commit only when the business plan is real, then carry it through execution, stabilisation and sale or refinance.
Execution ownership
We do more than structure the investment.
PAIM's core contribution is execution ownership. We do not treat the asset as a static financial instrument. We actively work the levers that determine whether the business plan becomes real.
Before commitment
- Opportunity selection
- Transaction structuring
- Planning and zoning review
- Legal and technical de-risking
- Leasing and market attractiveness testing
During execution
- Business plan ownership
- Budget and schedule control
- Design coordination
- Redevelopment and conversion delivery
- Mobilisation and contractor coordination
Through stabilisation and exit
- Leasing and tenant positioning
- Operational improvement
- Refinancing readiness
- Exit preparation
- Monetisation support
Structure & governance
Flexible structure. Fixed accountability.
Structure can flex by investor preference. Accountability does not.
Whether the format is SPV, JV or LP&GP, PAIM remains responsible for underwriting, business plan ownership, execution and exit readiness.
Legal Structure: SPV / JV / LP&GP
Capital partner
Provides the majority of capital, sets return parameters and investment discipline, and approves reserved matters.
Joint decisions
Acquisition, business plan approval, financing, material CapEx changes, exit and refinance decisions.
PAIM
Verifies market, planning, legal, technical and leasing attractiveness before commitment, builds and owns the business plan, and leads execution through stabilisation and exit preparation.
"PAIM's core contribution is execution ownership, not just legal positioning."
Scope
Real estate first.
Our primary focus is real estate assets. In selected situations, we also invest in companies operating within the same commercial real estate value chain we understand firsthand. These are selective extensions of the same sector knowledge — not a separate broad private equity strategy.
Local partner in Poland
Looking for an execution-led partner in Poland?
We work with investors who need more than a local introducer. They need a partner who can read the asset, eliminate the risk, own the plan and deliver the outcome.