Expertise
- Experienced, nimble management team;
- Excellent investment track record: c17% 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 11,300m2 of vacant office space in the Group’s two directly owned office buildings in Poland;
- From investing group cash (£5.89m);
- From new fund management mandates;
- Operationally geared – can take on new business without material increases in overheads.
Strength
- Strong balance sheet (net assets £48m, gearing ratio 34% 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.
