ABOUT BLACK SALMON
Black Salmon transforms commercial real estate assets into profitable, risk adjusted returns for a select group of international investors. The firm analyzes and acquires opportunities within the office, industrial, hospitality and healthcare sectors in the United States. Although there is no overlap of the projects in which TSG and Black Salmon are involved, the two entities share decades of institutional knowledge through a common management team and staff.
INVESTMENT FOCUS
Black Salmon identifies which markets and submarkets are fueled by leading trends. Technology, as an agent of change in real estate and an engine of growth for the US economy, is the megatrend that steers Black Salmon’s business strategy.
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Black Salmon seeks out and studies opportunities in areas where population and economic growth are strongly supported by proximity to major metropolitan areas and the presence of top tier educational institutions. Together with the firm’s strong network of partners, Black Salmon has developed in-depth local knowledge of key real estate markets and how these markets interact with the different property sectors.

BLACK SALMON’S REAL ESTATE STRATEGIES:
Core Plus

Through its Core Plus strategy, Black Salmon acquires stabilized, investment grade assets which are cash flow positive from day one. Core Plus allows a lower overall risk profile.

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RISK

LOW

DIVIDEND YIELD

MEDIUM-HIGH

ANNUAL IRR

LOW-MEDIUM

LEVERAGE

HOLD PERIOD

5–7 YEARS

Offices
Senior Housing
Industrial
Hospitality
Retail
Value-Add

In the Value-Add strategy, Black Salmon acquires assets that are below average for a particular market. After physical renovations and improvements on a large scale, the assets are to be sold.

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RISK

MEDIUM

DIVIDEND YIELD

LOW

ANNUAL IRR

MEDIUM-HIGH

LEVERAGE

HOLD PERIOD

2–6 YEARS

Offices
Retail
Hospitality
Senior Housing
Industrial
Land Banking

The Black Salmon Land Banking strategy seeks to invest in land with high growth potential. After the permitting and the structuring of future developments processes are completed, the lands are either to be sold, recapitalized, or developed.

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RISK

LOW

DIVIDEND YIELD

NONE

ANNUAL IRR

HIGH

LEVERAGE

HOLD PERIOD

1–5 YEARS

Land Banking
Build to Rent

Black Salmon’s Build to Rent strategy seeks for ground-up development opportunities to build and then rent, involving the entire real estate development cycle. Disposition occurs upon stabilization of the assets.

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RISK

MEDIUM

DIVIDEND YIELD

MEDIUM

ANNUAL IRR

MEDIUM-HIGH

LEVERAGE

HOLD PERIOD

5–7 YEARS

Development & Stabilization
Opportunistic

The Black Salmon Opportunistic strategy targets sub-performing debt instruments, or undermanaged properties that are temporarily experiencing significant distress. The Opportunistic strategy usually offers the highest returns but bears the most risk.

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RISK

HIGH

DIVIDEND YIELD

NONE

ANNUAL IRR

HIGH

LEVERAGE

HOLD PERIOD

5–7 YEARS

Offices
Senior Housing
Industrial
Hospitality
Retail