We focus on generating attractive risk-adjusted returns, made up of a combination of yield and capital appreciation, by investing in a diversified portfolio of properties

Profile of Underlying Investments

  • Focus on commercial assets (existing or to be developed)
  • Geographically located in the SEE/CEE with a primary focus on Romania
  • Most of the income to be derived from multinational corporates and financial institutions
  • Long, triple-net and annually indexed leases, with corporate guarantees where possible

Investment Themes

  • Distressed investments
    • Acquisition of unfinished or partially-let commercial buildings at prices below replacement cost
  • Restructuring
    • Acquisition of real estate owned by financial institutions or others seeking to restructure their balance sheets through monetisation
  • Developments with pre-lettings from high quality tenants
  • Arbitrage opportunities
    • Acquisition of properties which by securing multinational tenants on long triple-net leases can create an arbitrage between the acquisition yield and the cost of structured financing

Borrowing / Dividend Policy

  • Loan-to-value ≤ 60% at Group level
  • Intention to distribute 90% of available profits represented by recurring net free cashflow from the underlying investments in cash on a semi-annual basis