Our client was a big real estate fund based in London. Their strategic focus is on both acquiring sites and working with joint venture partners to develop and/ or asset manage across London and Southeast England. They were looking to acquire a new mix-use property in West London with an asking price of £15mn. Their existing models had been built years ago and while they gave them the traditional expected return over the investment period, their LPs felt that these models were not reflective enough of the current market conditions.