Why bunkers, why now
Bunkers are one of the few real-world assets whose replacement cost is massively disconnected from market price. We acquire and upgrade rare, high-spec Swedish bunkers—turning illiquid, misunderstood infrastructure into a curated, investable asset class.
You can't conjure new granite mountain bunkers on demand.
In urgent-demand regimes, immediate access exceeds build cost.
Mispriced because they're weird, bureaucratic, and operationally non-trivial.
Governments and defense actors increasingly value hardened facilities.
Two initial assets: Tierp (flagship build-out) and Alingsås (granite mountain site)
$60M
Replacement value
~$1.2M
Total deployed
50×
Replace ratio
Flagship Build-out
Uppsala County, Sweden
The flagship facility: a two-floor underground Cold War bunker designed for long-duration occupancy with independent critical systems. Being modernized with redundant power, air handling, and monitoring into a fully documented, productized asset.
~$700K
Acquired for 7.6M SEK
$10M
Replacement cost · 3 yrs to build
93% below replacement cost
~1 hr
to airport
~1.5 hrs
to Stockholm
Cold War
Era
2
Floors
Build-out
Phase
Granite Mountain
Västra Götaland, Sweden
A true granite mountain bunker with ~50m overburden and 1,200 m² of interior space. 1960s military-era construction with blast doors, carbon filtration, and independent water capability. The highest-conviction asset in our thesis.
~$500K(evaluating)
Acquired for 5.35M SEK
$50M
Replacement cost · 5 yrs to build
99% below replacement cost
~40 min
to airport
~40 min
to Gothenburg
1,200 m²
Floor area
~50 m
Granite
1960s
Era