Partners & Joint Ventures
An execution-first operating partner for complex hospitality and living assets in London and the South East.
Fenrir specialises in underperforming, constrained and politically sensitive buildings: planning constraints, enforcement history, listed buildings, fragmented titles, S257 blocks, mixed-use complications. We reposition these assets into stable, income-producing operations under proper governance.
We also deliver corporate and contractor accommodation at scale for NHS trusts, infrastructure projects, major contractors, insurers and public bodies who need blocks of safe, compliant rooms with transparent reporting and safeguarding protocols.
Our focus is risk allocation, structure and execution—not just branding rooms. We can be tenant (structured lease), operator (management agreement) or co-investor (JV), depending on asset, capital stack and counterparty risk appetite.
At a glance
- •Hospitality, living and special-situation assets across London and the South East
- •Structured leases, management agreements and profit-share JVs with explicit risk allocation
- •Counterparties: landlords, investors, developers, local authorities, lenders, receivers
- •Corporate and contractor accommodation blocks with governance and reporting built in
- •Legal sophistication for planning, licensing, enforcement and work-out scenarios
- •Comfortable with complex, politically sensitive and reputationally charged situations
Who We Partner With
Freeholders & Landlords
Sitting on a tired asset with planning baggage, enforcement history or fragmented occupation. Fenrir structures a lease or JV that allocates risk properly, stabilises income and improves optics for refinancing or disposal.
Investors & Family Offices
Need an operator that can underwrite repositioning, special situations and complex hospitality deals. Fenrir brings deal origination, structuring capability and operating discipline—not just brand and rooms.
Developers
Require a credible operator to input on design, underwrite feasibility and commit to a long lease or off-take. Fenrir works with developers on conversions, new builds and mixed-use schemes where pre-let is critical.
Local Authorities & Housing Associations
Need guaranteed, compliant decant rooms, temporary housing or key worker accommodation at scale. Fenrir provides governance-ready operations with safeguarding, reporting and local authority liaison built in.
Corporate & Contractor Clients
Large infrastructure projects, hospital expansions or corporate relocations requiring blocks of rooms under master service agreements. Fenrir delivers robust contractor-standard accommodation with predictable pricing and performance.
Managing Agents, Receivers & Special Servicers
Inheriting a non-core or distressed asset that needs stabilisation, reputational repair and improved disposal value. Fenrir acts as operating partner to de-risk the asset and create exit optionality.
Lenders & Credit Funds
Stepping into enforcement or work-out scenarios where senior or mezzanine lenders need practical control and cash flow. Fenrir operates transparently with lender reporting, covenant awareness and asset preservation focus.
How We Structure Deals
Structured Lease
- •Fenrir takes income risk, landlord retains capital structure and exit rights
- •Base rent provides downside protection; turnover or profit-linked top-up aligns upside
- •Works where landlord wants bond-like income and no operational exposure
- •Fenrir handles brand, operations, regulatory compliance and all distribution channels
Management Agreement
- •Landlord/owner retains economics and capex control; Fenrir operates for base + incentive fee
- •Suitable for institutions with appetite for operational risk and lender/rating considerations
- •Owner sees full P&L, controls major decisions and maintains strategic flexibility
Profit-Share Joint Venture / SPV
- •Fenrir and owner create ring-fenced vehicle; profits split by agreed formula
- •Capital and operational risk shared explicitly; SPV can be structured for lender or investor requirements
- •Ideal for repositions, heavy refurbs, planning-led opportunities and special situations
- •Allows both parties to align on business plan, governance and exit strategy from the outset
Fenrir can be tenant (taking income risk and paying fixed or turnover-linked rent), operator (providing brand, operations and governance for a fee), or co-sponsor / co-investor (committing capital and taking equity risk in a JV). We select the structure based on asset, capital stack, lender requirements and counterparty risk appetite—not template thinking.
Risk, Governance & Alignment
Fenrir structures deals around downside protection first—for owner, lender and public stakeholders. We use ring-fenced operating companies, management entities and SPVs to segregate risk and cash flows where appropriate.
We operate within planning, licensing, housing and safety frameworks: safeguarding, HMO and fire safety, building control, local authority standards. Compliance is not an afterthought—it is embedded in design, operations and reporting from day one.
Owners, councils and lenders receive transparent reporting: performance metrics, incident logs, compliance audits and mitigation plans. We understand how large institutions think about covenant, rating and reputational risk, and we structure accordingly.
Fenrir is a small firm that understands how to behave like a large one when the situation requires it.
What We Look For
Locations
- •Greater London and key commuter nodes within M25
- •Proximity to transport hubs, hospitals, universities and major employment centres
- •Catchments with corporate, contractor, student or public sector demand drivers
Asset Types
- •Existing hotels, motels and guest houses (stabilised or turnaround)
- •Serviced apartments, S257-style blocks and corporate housing
- •Office-to-residential / office-to-hospitality conversions and repositions
- •Underlet, fragmented or politically sensitive mixed-use buildings
- •Assets with planning, licensing or enforcement history where professional, compliant operations change the narrative
Deal Profile
- •20–150 keys (block scale suitable for corporate / contractor / OTA mix, but still nimble)
- •Repositioning, rebranding, management upgrade or planning-led value creation
- •Assets where capability, structure and politics matter more than brochure aesthetics
Fenrir will pass on fully-optimised, prime hotel stock where we add no edge. We focus on assets where structure, operations, governance and local politics actually matter.
How We Work
Appraise
- •Review title, planning, physical condition, location, catchment and current income
- •Deliverable: simple, numbers-driven view of what the asset could be under different structures
Structure
- •Select lease vs management vs JV based on asset, risk profile and counterparty appetite
- •Map risk explicitly and draft heads of terms aligned with that risk map
- •Outline operating entities, SPVs and required consents (lender, freeholder, local authority)
Execute & Optimise
- •Mobilisation: brand, design, fit-out, regulatory approvals and launch
- •Governance: transparent reporting to owner / council / lender with incident logs and mitigation
- •Continuous optimisation: ADR, occupancy and channel mix (corporate, contractor, OTA, direct)
Example Mandates
Contractor Block Near Major Infrastructure Scheme
Ex-hotel near HS2/Crossrail site. Tired, underlet, reputational issues. Fenrir takes 15-year structured lease, refurbishes to contractor standard, lets blocks to Tier 1 contractors on rolling agreements. Result: landlord receives secure rent, asset repositioned for eventual disposal to institutional buyer.
Office-to-Hospitality Repositioning
Secondary office building, 80 units, near new transport node. Developer and family office co-invest in SPV; Fenrir takes 30% stake and full operational responsibility. Planning secured, conversion delivered, property launched as serviced apartments targeting corporates and mid-term guests. JV provides upside exposure and professional exit.
Special Situation with Planning / Enforcement History
Complex block, prior enforcement action, fragmented occupation. Owner needs to regularise planning and improve income. Fenrir works with owner's legal and planning advisers to secure lawful use, implements compliant layouts, operates under management agreement. Reputational repair achieved; owner refinances within 18 months.
Local Authority Temporary Housing Programme
Council-controlled property requiring professional management for decant and temporary housing. Fenrir provides governance-ready operations: safeguarding protocols, quarterly reporting, liaison with housing officers. Contract extended after initial term; council gains confidence to expand programme across additional sites.
Frequently Asked Questions
Discuss a Mandate
This is for serious, mandate-level discussions—not one-off rooms or small AST portfolios. If you are holding a stabilised asset, a complex repositioning opportunity or a politically sensitive building that needs a new story, we are happy to review it on a confidential basis. Please include: location, size, current use, ownership structure, and high-level context (stabilised / turnaround / enforcement / public sector).