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- History of the Group
- Our Approach
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RPT was established in August 2004 to invest in commercial property in the United Kingdom.
Authorised persons may log in at the top of the page and then "click here to see Annual Reporting Packs".
It made one investment, an office building in Tonbridge, Kent, before concluding (by the end of 2004, early 2005) that yields for investment property in the United Kingdom had narrowed too far for safe investing. It therefore wrote to all shareholders recommending that the mandate be changed to permit investment in Poland, for which authorisation was granted.
RPT is fully invested and holds 4 investments. They are:
1. Supermarket let to Jeronimo Martins, Nastrojowa St 7, Lodz
2. Mini supermarket let to Marcpol S.A., Podskarbinska St 4, Warsaw
3. Mini supermarket let to Marcpol S.A., Trakt Lubelski St 131, Warsaw
4. Mini supermarket let to Marcpol S.A., Pilsudskiego St 182, Marki, Warsaw
Life
Established with a 5 year life until 31 August 2009 and extended by a further 3 years until 31 August 2012 following a continuation vote. A shareholder majority of 75% is required for a further extension.
Valuation
Annually, or more frequently at the discretion of the investment adviser, First Property Asset Management (FPAM).
Dealing
It is closed to subscriptions and redemptions but a secondary market is operated by FJB Capital Advisers on a matched bargain basis. The dealing price is based on the last published net asset value (NAV), adjusted for subsequent cash movements. For all enquiries please click here.
Investors
RPT was established with £925,000 of cash commitments, including a co-investment by First Property Group PLC of £200,000, or 21.6%.
Structure
For tax purposes the holding entity (topco) is incorporated as a UK Limited Liability Company (LLC).
The company was initially capitalised by way of 10% equity and 90% non interest bearing shareholder loan. The shareholder loan has now been fully repaid (with effect 31 March 2010) from the free cash proceeds generated by the rental income of the investments. The cash used to repay the shareholder loan was not subject to income tax within the hands of the recipients.
Each investment made by the UK LLC is held via a Polish corporate entity (Sp. z o.o.) which is liable to Polish corporation tax at 19%. Following repayment of the shareholder loan the free cash generated within each Sp. z o.o. is then paid out as dividends up to shareholders in the UK LLC. Under the terms of Finance Act 2009 these dividends are received free from any further corporation tax liability within the UK LLC, even though the rate of corporation tax is higher in the UK (28%) than it is in Poland (19%).
There is no debt at topco level (UK LLC). All debt is held directly against each asset on a non recourse basis within the Polish LLC’s (Sp. z o.o.’s).
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