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Privately financed and maintained serviceperson accommodation and estate under long government contracts (military housing privatisation and accommodation PPPs). Not weapons or operations but a housing and estate availability asset: build and maintain the accommodation, then earn a contracted, inflation-indexed availability charge per unit for keeping it available, for decades, with no demand risk. Choose one of the six real examples below to see the estate, the contract and a working returns model.
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Drag the sliders to see what earns the money: the number of accommodation units, the availability charge on each, and how fully available the estate is (not how it is used).
Military / defence estate is serviceperson accommodation and the working estate around it: housing blocks, barracks, messes and facilities, built or refurbished and maintained under a long government contract (military housing privatisation or an accommodation PPP). The defence ministry pays a contracted, inflation-indexed availability charge per accommodation unit over a very long concession, often 25 to 50 years, covering capital, financing, lifecycle and facilities management in one payment. The revenue does not depend on how the estate is used: it is an availability payment, paid in full so long as the accommodation is available and maintained, cut only by deductions for unavailability or performance failures. What earns the money is therefore the count of units and how available they are, behind a strong, housing-allowance-backed or covenanted government counterparty: a long, government-backed, indexed, demand-risk-free annuity that anchors a core portfolio and reprices in the secondary market.
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See also the Defence estate availability simulator, which plays the availability PPP year by year, and the Cash-flow & DCF model.