This strategy pursues investments in fee simple real estate, leaseholds, and mortgages, especially in cases where entitlement, development, leasing, and addition of management expertise can add value. Farallon invests across a broad range of asset types and at all points in the capital structure. Investments typically involve the purchase of assets that we believe are undervalued or inefficiently managed or financed, in particular assets that are valued at a significant discount to replacement cost or can be developed to higher and better use. Our activities include purchasing, selling or developing office, industrial, retail and residential properties.