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 July 2019

A diversified portfolio, both geographically and by sector with last LTV of 65%, providing a deep cushion to property markets

Geography

Maturity Profile2

Sector

Loan Type

Currency

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.