The handbook, which no client ever reads.
The operational handbook is not a client document. It is an internal working basis that ensures every employee handles each type of situation according to the same documented standard. It is a system that makes operations predictable – and which, over time, eliminates the errors typically arising when a process is reinvented each time.
Lifecycle per property
Due diligence
Technical, legal and economic review. Valuation assessment. Stress test.
Acquisition
Deed issuance, financing, registration in land registry, transfer of ownership.
Fit-out phase
Potential renovation, tenant changes, energy label optimisation.
Stable operation
Tenant screening based on a scoring model, monthly follow-up, maintenance plan.
Refinancing
Typically every 5–10 years, coordinated with portfolio LTV targets.
Exit
Activated only for strategic consolidation. Typically via sale of SPV shares.
Tenant screening - the most crucial single decision
The tenant is the single variable with the greatest impact on a property's cash flow over a 10-year horizon. A good tenant pays on time, reports faults early, maintains the dwelling, and stays for an extended period. A poor tenant incurs administrative costs, legal assistance cases, and high turnover, which, over time, erodes returns.
We screen using a fixed scoring model that includes credit assessment via established Danish credit information bureaus, employment verification, and references from previous landlords. The model also weighs 'soft' parameters – for instance, household stability and time horizon – because these empirically correlate with tenant longevity.
We decline tenants who do not pass the screening. This is a trade-off we consistently implement, even if it means a dwelling remains vacant for an additional month. This cost is typically far less than the cost of a problematic tenant over 24 months.
Maintenance Cycle
The maintenance plan is developed per property with 1-, 5-, and 10-year time horizons. The 1-year plan covers acute maintenance and mandatory inspections (drainage pipes, ventilation, electrical installations). The 5-year plan covers major interior renovation, updating of common areas, and replacement of technical installations. The 10-year plan covers major structural interventions: roof, windows, facade, heating system.
Each year, an amount is set aside for maintenance equivalent to 8–12% of the gross rental income, depending on the building's age and condition. These provisions are accounted for separately and cannot be used for any other purpose without the approval of the Investment Committee.
Crisis Management
Water damage, fire, burglary, tenant dispute, or acute building defect are handled according to a documented protocol with fixed response times: first contact within 60 minutes, physical inspection within 24 hours, insurance claim notification within 48 hours, and written client briefing within 72 hours.
The protocol has been developed in collaboration with our regular insurance broker and has been stress-tested multiple times in practice. The most significant single consequence is that a minor incident very rarely escalates into a major one – because the response is swift, documented, and standardised.
"A good handbook is one that no client ever needs to hear about – because it works."
Read about our property strategy
Which properties the handbook will ultimately apply to.