CapEx is no longer just a cost line. 
It’s becoming a primary driver of valuation and liquidity.

In one recent underwriting, we identified: 
• €1.4–1.9M downside vs. book value driven by ESG-related risks 
• A €4.4M retrofit requirement (~32% of GAV) shaping the investment case 
• And the key insight: value loss wasn’t driven by CapEx itself but by uncertainty around timing and regulation.

In this webinar, we’ll cover: 

• Lifecycle vs. regulatory (EPBD/MEPS) vs. strategic CapEx

• How timing & phasing can significantly shift value

• Why markets price uncertainty, not CapEx

• How to protect IRR through portfolio-level capital allocation

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