Seeking: • Hotels; Golf resorts / golf clubs; Château-hotel / heritage hospitality properties; Leisure real estate with hospitality use (villas, apart-hotels, resort portfolios) Preferred characteristics: • Freehold sale • Existing operating business (weddings, conferences, membership golf, academy, etc.) that can be retained and built on • Room to expand/develop – additional land, villas or plots to build, golf course extension potential Geography: • France; Spain; Portugal (priority order not fixed). • Other geographies may be considered Price range: • No ceiling; No fixed minimum, but deals under c.€5m are unlikely to be a good fit given the scale shown to date (c.€12–13m and €35m). Deal structure: • Open to negotiation. Historically open to agreement of a seller-stays-on transition period (up to 3 years) where relevant to continuity of the operating business. Timing: • Not seeking rushed (ex. 2-week) processes