Asset evaluation protocol

@@ -2,7 +2,7 @@
schema: foundry-doc-v1
title: "Asset evaluation protocol"
slug: asset-evaluation-protocol
short_description: "How the co-location ranking matrix drives Woodfine's commercial asset acquisition targeting: the tier classification as the entry criterion, deterministic scoring on public location data as the verification method."
short_description: "How the co-location classification matrix drives Woodfine's commercial asset acquisition targeting: the tier classification as the entry criterion, deterministic scoring on public location data as the verification method."
category: site-selection
index_group: before-land-is-bought
type: reference
@@ -18,29 +18,29 @@ paired_with: site-selection/asset-evaluation-protocol.es.md
cites: []
---

Woodfine's asset acquisition process begins with the [[co-location-investment-thesis|co-location]] ranking matrix. A candidate site must achieve a minimum tier classification before capital evaluation proceeds. The tier score is the entry filter — it removes subjective judgment from the initial qualification stage and establishes a reproducible basis for comparing candidate sites across geographies. Sites that clear the filter subsequently enter the Direct-Hold framework under the interest coverage discipline.
Woodfine's asset acquisition process begins with the [[co-location-investment-thesis|co-location]] classification matrix. A candidate site must achieve a minimum tier classification before capital evaluation proceeds. The tier classification is the entry filter — it removes subjective judgment from the initial qualification stage and establishes a reproducible basis for comparing candidate sites across geographies. Sites that clear the filter subsequently enter the Direct-Hold framework under the interest coverage discipline.

## Key takeaways

- The tier score is a binary entry filter: a site either meets the minimum classification and advances to capital evaluation, or it does not — no exceptions are made for other site characteristics.
- The ranking matrix evaluates three anchor layers (Primary Target, secondary operators, tertiary civic infrastructure) within defined catchment radii, producing a tier classification that rests on public location data rather than on a market view.
- The tier classification is a binary entry filter: a site either meets the minimum classification and advances to capital evaluation, or it does not — no exceptions are made for other site characteristics.
- The classification matrix evaluates three anchor layers (Primary Target, secondary operators, tertiary civic infrastructure) within defined catchment radii, producing a tier classification that rests on public location data rather than on a market view.
- Passing the tier threshold is a necessary but not sufficient condition for acquisition; asset-specific analysis covering condition, lease structure, title, and debt service follows in the capital evaluation stage.

## Tier score as entry criterion
## Tier classification as entry criterion

A site that does not reach the minimum tier threshold is not considered for acquisition, regardless of other characteristics. The threshold is binary at the qualification stage: a site either qualifies for capital evaluation or it does not. This discipline prevents the evaluation process from beginning with advocacy for a preferred site and working backward to justify it.

The tier score is a necessary but not sufficient condition for acquisition. A site that passes the threshold enters capital evaluation; it does not receive a commitment.
The tier classification is a necessary but not sufficient condition for acquisition. A site that passes the threshold enters capital evaluation; it does not receive a commitment.

## The ranking matrix
## The classification matrix

The matrix evaluates three layers of anchor presence within defined catchment radii:

**Primary Target anchor.** A Walmart Supercentre in North American markets, or IKEA in European markets, within the site's primary trade area. The Primary Target anchor is the single most significant weighting factor in the matrix. A site without a committed Primary Target anchor cannot reach a tier classification sufficient to enter capital evaluation.

**Secondary anchors.** Large-format home improvement and warehouse club operators within the site's secondary catchment radius. Each confirmed secondary anchor within that radius adds to the tier score. The count and proximity of secondary anchors are what separate adjacent tier classifications within the same primary trade area.
**Secondary anchors.** Large-format home improvement and warehouse club operators within the site's secondary catchment radius. Each confirmed secondary anchor within that radius advances the tier classification. The count and proximity of secondary anchors are what separate adjacent tier classifications within the same primary trade area.

**Tertiary civic infrastructure.** Hospitals and post-secondary institutions within a wider civic catchment radius. Civic anchors generate consistent, recession-resistant traffic that supplements retail-driven foot traffic. Their presence in the catchment contributes to the tier score but does not substitute for retail anchor presence.
**Tertiary civic infrastructure.** Hospitals and post-secondary institutions within a wider civic catchment radius. Civic anchors generate consistent, recession-resistant traffic that supplements retail-driven foot traffic. Their presence in the catchment contributes to the tier classification but does not substitute for retail anchor presence.

The combined assessment across the three layers produces a single tier classification. A minimum tier for capital evaluation is set at the platform level and applied uniformly to every candidate site.

@@ -60,11 +60,11 @@ A site that passes the minimum tier threshold enters capital evaluation. Capital
- Current market rental rates relative to in-place rents
- Debt service capacity and financing terms

Capital evaluation produces an investment recommendation; the tier score produced the candidate set. Neither step can substitute for the other. Approved acquisitions are placed under fiduciary data custody from the moment of closing.
Capital evaluation produces an investment recommendation; the tier classification produced the candidate set. Neither step can substitute for the other. Approved acquisitions are placed under fiduciary data custody from the moment of closing.

## The bottom line

The Asset Evaluation Protocol disciplines the acquisition funnel by enforcing an objective entry filter before any capital analysis begins. The tier score eliminates advocacy-driven deal origination: if a site does not independently qualify under the co-location matrix, evaluation does not proceed. Once a site clears the threshold, conventional capital analysis applies — property condition, lease structure, title, and debt service capacity are assessed on their own terms. Neither the qualification stage nor the capital evaluation stage can substitute for the other; both are required before Woodfine commits to an acquisition.
The Asset Evaluation Protocol disciplines the acquisition funnel by enforcing an objective entry filter before any capital analysis begins. The tier classification eliminates advocacy-driven deal origination: if a site does not independently qualify under the co-location matrix, evaluation does not proceed. Once a site clears the threshold, conventional capital analysis applies — property condition, lease structure, title, and debt service capacity are assessed on their own terms. Neither the qualification stage nor the capital evaluation stage can substitute for the other; both are required before Woodfine commits to an acquisition.

## See also