About Us

Invest better together

Uniting investment & social values

Pi is about change for the better.


  • Real estate investment strategy
  • Investment returns
  • Housing standards
  • Communities and environments
  • Sustainability and energy efficiency

Established in 2006, Pi’s investment strategy focuses on making opportunistic and value-oriented investments in undervalued UK residential property.

Our objective is to generate superior, absolute and risk-adjusted returns for our clients, through a diversified portfolio of acquisitions, which provide an initial capital uplift and secure long term income.

Pi has a long track record of building value through the development and intensive management of real estate assets, with successful exits.

Investments are targeted with the aim of generating a minimum 16% gross IRR/1.5x gross equity multiple on invested capital.

Our competitive advantage:

  • Real estate expertise: Established, proven, real estate advisor and operator, with specialist experience in UK residential property and the affordable housing sector.
  • Full property investment cycle experience: Extensive experience from asset sourcing, financial analysis and reporting, development, retro fitting, carbon reduction technology, tenanting, asset management and disposal.
  • Network strength: Enables access to off market opportunities from property developers, housing associations and other institutions resulting in the opportunity to benefit from greater equity uplift upon execution and exit
  • Risk Mitigation: Insight into location demographics, specific property demand, local authority criteria and partner housing association governance, provides greater confidence in long term income and asset security during lease duration period
  • Asset Management: Experience in long term income vehicles within the residential property and affordable housing sector ensures superior income returns and flexibility to match client needs. Experience with Tier 1 and 2 contractors plus supporting frameworks underpins quality and financial discipline
  • Value Add: Experience in core plus with development additions, disposals, income uplifts to ensure assets continually perform to highest level
  • Investment Committee Expertise: Disciplined, highly detailed, risk aware investment process with premier institutional reporting. Experienced team able to assess the viability and financial robustness of all investment opportunities

Senior Management Team

Our principal directors have combined real estate and asset management experience of 42 years.

Ewan McGarrie and Anthony Day have worked together since 2006. Transacted on large-scale mixed-use UK and European residential/commercial developments, with a particular focus within the UK affordable housing sector. Extensive experience spans property development, management, acquisition and disposal.

Ewan McGarrie
+44 (0) 7538 461430
+44 (0) 207 118 56 56

Anthony Day
+44 (0) 7817 431619
+44 (0) 207 118 56 56

“By ensuring pertinent and realistic advice is given, clients have repeated their investment over multiple opportunities and years”

Ewan McGarrie



+44 (0) 7538 461430

Ewan began his professional career in the City of London, working in investor relations and financial public relations with both listed and private companies. His sector focus was within financial services and real estate, advising asset management firms and some of the largest UK real estate developers. He advised senior and board level directors on numerous contested acquisitions, capital raisings and flotations. He founded Propertyinvestment (Pi) in 2006.

Ewan is a keen outdoor enthusiast and hikes on a regular basis. He occasionally plays the bagpipes when called upon, which is thankfully not often! He was a member of the Shotts and Dykehead Caledonia Pipe Band, winning the World Pipe band champions three times, and won many other championships and solo piping competitions.

  • 22+ yrs of experience of real estate investment
  • 10+ yrs focus in affordable housing sector
  • Worked with Close Brothers, Unicredit, Santander, Taylor Wimpey, Savilles, Knight Frank, Persimmon Homes, Affinity Sutton Housing Association
  • Negotiation, acquisition, asset management and sale of large scale UK/Continental residential/commercial portfolios
  • Extensive network of UK housing associations and residential real estate developers
  • Developed and refurbished UK residential property portfolios
  • Property management and letting of large scale residential property/multi-asset portfolios
  • Experienced housing association negotiator and developer, with detailed knowledge of housing association legislation and lease agreements

Anthony Day



+44 (0) 7817 431619

After studying mathematics at St Andrews University, Anthony entered the real estate profession in 2002. He advised on residential and commercial property in sales, lettings, and property management. During which he oversaw expansion into new markets in the UK and Europe. The 2008 financial crash opened up new investment strategies in which Anthony advised major institutions and private investors on distressed asset purchase and disposal.

Outside of work, Anthony is kept busy with his family and young son. He is a keen golfer, occasional rugby player and clay pigeon shooting enthusiast.

  • 20+ yrs of experience in real estate investment
  • 10+ yrs of experience in Affordable Housing Sector inc finance, development and commercial income partnerships
  • Worked with Close Brothers, Heritable Bank, Unicredit, Wandle Housing Association, Raven Housing Trust, L&G, Barratt Homes, Taylor Wimpey
  • Extensive experience with lease income modelling, negotiations and entry/exit investment returns
  • Direct experience of management of multi-asset UK wide income portfolio/s
  • Overseen multi-property portfolio acquisition and disposals in UK and Europe
  • Experience as main contractor for Affordable Housing construction projects for both new build and retrofit assets
  • Extensive network of developers, property introducers, finance providers and housing associations

Track Record

Pi has a proven track record in investing, developing and managing UK and European residential property.

DateCity, CountryUnitsReturnComments – Pi/Manager’s Value Add
2015- PresentAdvisory on multi-property retrofit portfolios for sale and leasebackMultiple Locations, UKC400
  • Y: 6-10%
  • ROI: 20%
  • IRR: 12%
  • LTV 80%
  • FCA Regulated Sale and Leaseback Sales arranged
  • Acquired assets at prices after agreement between distress vendors and senior debt holders
  • Managed long term income return to ensure optimum balance of equity return and income
  • Manage disposal of assets to ensure maximum returns and end-to-end management
2013- PresentAdvisory on Multi-development Affordable Housing Project and LeasebackMultiple Locations, UKC1200
  • Y: 4%
  • ROI: 18%
  • IRR: 15%
  • LTV: 75%
  • Modelled 10-20-30yr investment lease returns
  • Advised on acquisition and and capital disposal
  • Matched requirements requirements for investor for mix use schemes including commercial tenants
  • Liaise with Local Authority and HA’s to ensure best tenant profile
  • Managed development schedule for client for off-plan opportunities within mixed portfolio
2012 – 2014South East and South London Housing Association Development PartnershipLondon, West Sussex. UK122
  • Y: 4%
  • ROI: 29%
  • IRR 18%
  • LTV: 70%
  • Development of 3 schemes (2 acquired in liquidation)
  • Management of construction schedule and main contractors
  • Facilitated Access to Government Funding Equity
  • Managed disposal of assets to HA and some Shared owners to match investors returns profile
2010-2022East London Refurbishment ProjectLondon, UK40
  • Y: 6.5%
  • ROI: 42%
  • IRR: 16%
  • LTV: 50%
  • Acquired property from receivership at significant discount to market value
  • Manage full refurbishment of exisiting properties, increased GDV by 32%
  • Manage tenancy and freehold interest for client ensuring statutory requirements are met and rental income optimised
  • Arranged disposal for client to realise significant gains by managing individual sales to maximise equity returns
  • Secured better quality tenants & doubled average tenancy term lengthsIncreased rental income by 26%
2006-2009European City centre investment portfolioBudapest, Hungary Warsaw, Poland480
  • Y: 6-7%
  • ROI: 3.5x
  • IRR: 13%
  • LTV: 60%
  • Capital city Regeneration Schemes aimed at PRS
  • Arranged debt facilities for investors from European banks at highly favourable rates including currency hedging
  • Managed mix use portfolio for investors securing high returns and minimising void periods
  • Arranged tax-efficient Vehicle for acquisition and disposal

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