Building value in
Northern European
Living

A specialist real estate investment group focused on transformative impact

About Ailon

Value-add and development.
One integrated platform.

Ailon is an independent, partner-owned real estate investment manager focused on Northern Europe. Our living-sector expertise and integrated investment, development and asset management capabilities underpin a track record of strong investment returns.

Driven by structural growth trends and tenant demand, we acquire, develop, refurbish, reposition and manage residential properties – shaping the next generation of Living assets and building long-term value for our investors.

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c.€5.5bn

Investment and transaction experience

c.250

Properties across completed value-add strategies

c.7,500

Units in current and recent projects

c.30 years

Founding partners’ average real estate experience

Investment strategies

Two strategies, one sector

We invest in supply-constrained urban markets where structural demand and evolving tenant needs create opportunities to improve existing assets and deliver new living space. Our rental strategies span mid-market housing, student accommodation, co-living, flex-living, senior living and other alternative living formats.

Traditional London residential buildings

Residential value-add

UK

AI-generated illustration of an industrial-style communal living lounge

Living development

Northern Europe

How we create value

One discipline. From acquisition to realisation.

We create new living space, bring underutilised buildings back into productive use and strengthen operating performance. Planning, development and active asset management are integrated to improve asset quality, strengthen income and position assets for long-term ownership or sale.

01 / Investment

Origination and underwriting

Identify mispriced assets, obsolete buildings and under-managed portfolios. Underwrite the entry price, capital structure and business plan before committing capital.

02 / Transformation

Development and conversion

Establish the right use and specification, secure planning and change-of-use consents, and manage design and construction through to marketing, lettings and stabilisation.

Refurbishment and repositioning

Modernise and reposition existing accommodation, improve energy performance and professionalise operations to support sustained income growth and long-term asset value.

03 / Operations

Income and operating performance

Integrate lettings and property management, strengthen procurement and use technology to improve service, control costs and grow net operating income.

04 / Realisation

Realisation and capital recycling

Align financing with business-plan progress. Assess continued ownership and refinancing alongside asset, portfolio or platform sales, balancing further value creation with the release and recycling of capital.

Responsible investing

Responsible investing is embedded in our investment process, from acquisition to realisation.

Environmental, social and governance criteria inform investment screening, design specifications, capital expenditure plans, operating controls and exit reporting. Certification schemes are selected for their relevance to each market.

Our responsible-investing approach
Selected projects

Our approach in action.

These selected investments span planning-led development, industrial conversion and residential aggregation. Each shows the investment rationale, the work undertaken and the outcome.

Commercial Road

London
Development and conversionStudent accommodation and co-living350 units

Opportunity

Off-market acquisition of a former brewery and car park, with a limited bidder pool and scope to create value through planning and design.

Delivery

Secured planning consent for a mixed student accommodation and co-living scheme, then delivered a 15,000 sq m conversion alongside an 18-storey new building.

Outcome

Pre-let the campus to Hult International Business School, achieved BREEAM Excellent and sold the stabilised assets to an institutional investor.

Northern Portfolio

North East England
Value-addResidential832 units

Opportunity

Acquired and aggregated 832 residential and co-living units across Newcastle and the wider North East, creating scale for integrated operations.

Delivery

Modernised accommodation, improved energy performance and repositioned assets, bringing property management, lettings and operations onto one platform.

Outcome

Portfolio valuation was c.22% above aggregate acquisition value after an average holding period of two years, alongside rental growth and improved occupancy. Refinanced in 2026.

Trinity Portfolio

London
Value-addStudent accommodation110 units

Opportunity

Two vacant freehold residential buildings in Farringdon, with scope to create a managed university accommodation portfolio.

Delivery

Refurbished the apartments, established operations and secured a long-term lease with a leading US university.

Outcome

Gross asset value increased by more than 28% following refurbishment and leasing. Refinanced in 2025.

Residential value-add platform

Berlin region
Value-addMulti-family aggregation158 assets

Opportunity

Fragmented ownership of 158 centrally located, under-rented assets across the Berlin region, acquired below replacement cost with scope to add density and create an institutional-scale portfolio.

Delivery

Aggregated the portfolio over 18 months, with targeted renovation, active rental management and c.50 densification projects, mainly attic conversions and additional floors. Introduced institutional property management, financial controls and reporting.

Outcome

Renovated c.32% of units, increasing rents on those units by c.30%. Cleared maintenance backlogs and reduced vacancy and operating costs. Sold the portfolio in a single institutional transaction.

Transformator verkstaden

Stockholm
ConversionFlex-living and co-living140 units

Opportunity

A 1940s industrial building in Hammarby Sjöstad, central Stockholm, with scope to convert approximately 7,000 sq m into flexible accommodation and workspace while preserving its architectural character.

Delivery

Converted the building into 140 furnished studio and loft apartments for short- and extended-stay accommodation, alongside co-working facilities, meeting rooms and shared amenities, including a café, lounge, gym and rooftop terrace. Repurposed the former transformer hall into a contemporary workspace, retaining its 10-metre-high ceilings, large industrial windows and original structural features. The design prioritised energy efficiency, material reuse and waste reduction.

Outcome

Created a mixed-use living and working environment that preserved the building’s industrial character and contributed to the regeneration of Hammarby Sjöstad.

Brännaren

Malmö
DevelopmentRental housing and aparthotelc.360 units

Opportunity

A former petrol station and car park in central Malmö, acquired for mixed-use residential redevelopment as part of the regeneration of Malmö’s former industrial district.

Delivery

The c.360-unit scheme combines more than 100 rental studios for young adults with an aparthotel occupying approximately two-thirds of the property. Shared amenities include a staffed reception, lounge, co-working and reading areas, games room, gym and communal laundry, complemented by a ground-floor deli and café.

Outcome

A mixed-use living environment combining permanent housing and flexible accommodation, with shared amenities and active ground-floor spaces. Varied building forms and façades incorporating recycled brick reflect the district’s industrial heritage, contributing to the regeneration of Norra Sorgenfri.

Tretårnet

Helsingør
ConversionSenior living and care160 units

Opportunity

A vacant former hospital of approximately 15,000 sq m in Helsingør, acquired for conversion into senior rental housing and care accommodation.

Delivery

Converted the seven-storey building into 95 senior rental apartments, 58 care units and seven guest apartments, with a 15-year care-operator pre-let. Retained the existing structural frame and introduced shared amenities, including communal lounges, fitness facilities, rooftop terraces with an orangery and landscaped outdoor areas.

Outcome

A DGNB Gold-certified senior living development combining independent rental housing with professionally operated care accommodation. Reuse of the existing structure reduced the need for new construction materials.

Project archive

All projects

Explore Ailon's wider investment and development experience.

News & insights

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Our markets

Local insight. Regional reach.

Across the UK, the Nordics and Germany, investment decisions are made locally. Market knowledge shapes where we deploy capital and how we structure each business plan.

London · Stockholm · CopenhagenOffices and local teams across our target markets.
20+ yearsSenior deal-team experience on the ground.
Long-standing relationshipsSponsor and counterparty relationships broaden access to high-quality deal flow.
Contact our offices
Northern European investment footprintAbstract Northern European investment map with Ailon offices in London, Copenhagen and Stockholm.LondonCopenhagenStockholm