Portfolio Construction

The Company’s portfolio is compiled with a focus on providing debt for completed institutional quality ‘fit-for-purpose’ assets, and the construction of assets in the office, retail, hospitality, residential (including residential for sale, multi-family for sale or rented), light industrial, student accommodation and logistics sectors with the potential for long-term cash flow generation.

Collateral assets will typically benefit from strengths in the following areas:

  • ​Competitive position - ability to consistently attract tenants;
  • Location;
  • Supply-constrained markets;
  • Build quality, age and condition; and
  • Marketability through investment cycles

The Portfolio comprises​ exposures to whole loans, subordinated loans and other debt instruments and a proportion consists of more structured debt products, such as development loan. It is considered that such a hybrid strategy encompassing both whole and subordinated loans delivers a better risk and return dynamic than a pure subordinated loan strategy.

Portfolio profile as at 31 December 2023

A diversified portfolio, both geographically and by sector with last LTV of 61.8%, providing a deep cushion to property markets


Maturity Profile2


Loan Type


1Excludes committed but undrawn capital. Uses FX rates as at date of funding. Figures may not sum to 100% due to rounding.

2Excludes any permitted extensions. Note that borrowers may elect to re-pay loans before contractual maturity.