Expertise

  • Experienced, nimble management team;
  • Excellent investment track record: c20% p.a. growth in adjusted net assets, including dividends paid since 2006.

Diversified earnings

  • From Group Properties and from fund management fees;
  • From mix of jurisdictions: UK, Poland and Romania = natural hedge.

Growth

  • From letting 13,900m2 of vacant office space in the Group’s two directly owned office buildings in Poland;
  • From investing group cash (£6.71m);
  • From new fund management mandates;
  • Operationally geared – can take on new business without material increases in overheads.

Strength

  • Strong balance sheet (net assets £49m, gearing ratio 37% at market value);
  • Progressive dividend policy, aligned to the free cash generation of the Group, but subject to it being covered by earnings, targeting a ratio in excess of 2.5x.

More information