1. Objective of the SICAV-FIS

The objective of the Company is to offer to a limited number of Well-Informed Investors the possibility to invest in a diversified portfolio specialised in quality real-estate.

The real estate investments can be of any nature, but currently focus upon offices and commercial property. The portfolio can include:
  • real estate registered in the name of the Company
  • participations in real estate companies (as well as claims on such companies) and Luxembourg or foreign undertakings for collective investment, the purpose of which and the exclusive goals of which are the acquisition, development, rental and/or sale of real estate, under the condition that those participations realize their investments in line with the investment policy of the Company for real estate held directly by the Company
  • rights giving long-term tenure on real-estate such as surface rights, emphyteutic leases and options on real-estate values
  • real estate certificates or the shares of investment funds that invest in real estate and are listed on stock exchanges or negotiated in another markets of a country.
The Company’s investment policy is oriented towards the long term. Repeated purchase and sale of Real Estate is not foreseen. However, the Board of Directors can sell Real Estate from the Company, at its discretion at any moment, taking into consideration future perspective for those assets and the market.

The Company can temporarily place the assets not yet invested in Real Estate in transactional accounts, term deposits or other savings such as treasury deposits, or short/ medium term instruments such as certificates of deposits or bonds.

2. Investment restrictions

The Company will not invest more than 30% of its total assets in any one Real Estate asset; this limitation being applicable at the time of acquisition of the asset. Due to economic variability of said assets, should a single asset appreciate in value to a level that surpasses this threshold, this 30% asset value restriction will not apply to that asset. The Company does not foresee any geographic concentration restrictions in its investment policy.

The Company shall not hold net long or net short positions equivalent to more than 30% of its assets in securities of the same type issued by the same issuer. This restriction is not applicable to securities issued or guaranteed by a member State of the Organisation for Economic Cooperation and Development ("OECD") or its local authorities or by public international bodies with a European Union ("EU"), regional or worldwide scope.

3. Property valuation

An External Valuer (or more), is appointed by the Board of Directors for the purpose of valuing the properties comprising the Real Estate portfolio which will be valued by the external property appraiser on the basis of a full valuation each year with physical inspection as may deem appropriate.

Each new property acquisition will also be valued by an External Valuer and any disposal of properties is only allowed provided that those properties have been valued by the External Valuer just prior to their disposal unless the disposal takes place within six months after the last valuation thereof.

Furthermore, acquisition prices may not be materially higher, nor sales prices materially lower, than the relevant valuation except in exceptional circumstances which are duly justified. In such case, it must be justified in the next report to Shareholders.