Process

Opportunities

  1. Alternative asset Class
  2. Attractive historical moment:
  • Competitive prices;
  • Disposal of assets from financial institutions;
  • Possibility to use financial leverage at historically low interest rate (only in the case of properties leased to customers with rock-solid reliability and committed to long-term contracts);
  • Traditional Financial Market particularly volatile and non-attractive Yields on Bonds Market;

 

Advantages:

  1. Access to a mid-sized real estate market for private investors;
  2. Diversification of investments by country, type of property and type of intervention (income or speculative);
  3. Low risk profile with transactions carefully selected, investments in prime areas such as financial centres or top touristic destination

Risk Management

In each investment area a pre-defined process is carried out in order to minimize the risks.

The following risk are carefully considered:

Generic Risks:

  • Country Risk ( OSCE datas)
  • Market financial Information
  • Strength of the banking/financial system (World Bank data’s)
  • Practices and legal rules in banking and credit matters
  • Taxation

 

Specific Risks:

  • Return on Investment (ROI) expectations of real estate invest in the middle term
  • extraordinary maintenance
  • critical situation with tenants
  • litigation risks
  • profitability (if purpose of the acquisition is renting)

Investments

Type of investments:

Residential static activity: Top buildings with interesting outlook of revaluation in the middle period and a good return resulting by renting;

Commercial static activity: Purchase of buildings situated in the historic centres of major European cities rented to institutional clients or similar, with good profitability and prospects of revaluation;

Dynamic activity:

  • Purchase of entire buildings of institutional and subsequent fragmentation and resale of the singles units;
  • Purchase of residential units from distressed seller (for example auctions), refurbishment and resale

In every investment area, the following standard strategy will be pursued:

  • Preliminary stage (building identification, country risk evaluation, financial market risk, taxation profiles etc.);
  • Acquisition (preliminary audit, constitution of corporate “vehicles”, closing);
  • Management (appointment to professionals to rent collection and manage the relationships with tenants, public offices and others);
  • Resale (closing of the deal, tax payments, closing of the domestic corporation).

 

Evaluation of the Real Estates assets for NAV calculation

  1. Appraisal by local professionals (independent but agree to the audit company) based on the local market RE indicators and on the specific evaluation of the asset and its possible weakness (extraordinary maintenance, critical situation with tenants, litigation risks, profitability);
  2. Consolidation of the value of the real estate asset into the balance sheet of the Fund subsidiary with the supervision of the local auditor;
  3. Drafting of the SIF consolidated financial statement and fund units new evaluation.

Please read carefully before continuing

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The content of the pages of this website is for your general information and use only. It is subject to change without notice. The information contained in this website is believed to be reliable but no warranty or representation, expressed or implied, is given as to their accuracy or completeness Your use of any information or materials on this website is entirely at your own risk, for which Pendragon Fund Sicav-SIF shall not be liable. None of the services or investments referred to in this website is available to persons resident in any country where the provision of such services or investments would be contrary to local law or regulation. If you choose to use this website it is your sole responsibility to ensure you comply with any local laws and regulations and to seek legal advice if you are uncertain as to what these are. Unless indicated otherwise, all information and images are the property of Pendragon Fund Sicav-SIF. From time to time this website may also include links to other websites, however these links are provided for your convenience to provide further information. Pendragon Fund Sicav-SIF has no responsibility for the content of the linked website(s). Pendragon Fund Sicav-SIF is regulated by the CSSF. Pendragon Fund Sicav-SIF registered Office is 2, boulevard de la Foire, L-1528 Luxembourg.
The domicile of the Fund is Luxembourg. The Representative of the Fund in Switzerland is OpenFunds Investment Services AG, with its registered office at Seefeldstrasse 35, CH-8008 Zurich, Tel +41 44 500 31 08, www.open-funds.ch. The Paying Agent in Switzerland is Società Bancaria Ticinese SA, Piazza Collegiata 3, 6501 Bellinzona (Tel: +41 (0) 91 821 51 21, http://www.bancaria.ch/). The distribution of Shares of the Fund in Switzerland must be made exclusively to Qualified Investors. The place of performance and jurisdiction for the Shares of the Fund distributed in Switzerland is at the registered office of the Representative. Publications to Swiss investors in respect of the Interests in the Fund are effected on the electronic platform www.fundinfo.com.

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