Direct-hold framework
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docs(entity-naming): retire WCP from investments/ body prose — Phase 4 batch 2
@@ -40,7 +40,7 @@ The Direct-Hold framework removes the pool. Each property is its own legal and f ## Legal isolation Strict legal separation is structural. Each asset ledger is isolated as an independent vehicle, so a financial event affecting one asset — vacancy, litigation, refinancing — cannot propagate to the investor's equity in a different asset. Legal title to each property is held by a separate WCP Titleco nominee company that is beneficially owned by the applicable direct-hold vehicle, ring-fencing the property from obligations of any other entity in the structure. Strict legal separation is structural. Each asset ledger is isolated as an independent vehicle, so a financial event affecting one asset — vacancy, litigation, refinancing — cannot propagate to the investor's equity in a different asset. Legal title to each property is held by a separate Woodfine Titleco nominee company that is beneficially owned by the applicable direct-hold vehicle, ring-fencing the property from obligations of any other entity in the structure. The isolation is a property of the architecture rather than of a contractual promise. An investor evaluating one asset's risk does not have to model the rest of a portfolio. @@ -56,7 +56,7 @@ In each direct-hold vehicle, the governing entity — a general partner in Canad ## The bottom line The Direct-Hold framework replaces the commingled fund with asset-specific equity: each investor holds units in a vehicle constituted around a single named property, with legal title held by a separate WCP Titleco nominee company, rather than participating in a pooled vehicle. Because every asset is its own legal and financial unit, isolation is a property of the architecture and cross-asset contagion cannot occur, so an investor evaluating one asset's risk need not model the rest of a portfolio. With transfers executing directly between private parties, the structure carries no pooled redemption obligation and no fund-manager discretion over an investor's capital. The Direct-Hold framework replaces the commingled fund with asset-specific equity: each investor holds units in a vehicle constituted around a single named property, with legal title held by a separate Woodfine Titleco nominee company, rather than participating in a pooled vehicle. Because every asset is its own legal and financial unit, isolation is a property of the architecture and cross-asset contagion cannot occur, so an investor evaluating one asset's risk need not model the rest of a portfolio. With transfers executing directly between private parties, the structure carries no pooled redemption obligation and no fund-manager discretion over an investor's capital. ## See also