Summary
Credo Sterling Properties UK Limited ("Fund I") closed in December 2002, having raised £17.2m of equity. Fund I is fully invested.
Since inception:
• gross assets of £97m have been acquired, in 11 separate transactions;
• 7 investments have been sold, resulting in a return of £7.9m of capital;
• income of £7.7m has been generated, providing a cash yield of 45% on the initial equity invested;
• £15.8m (92% of the initial investment made) has been returned to shareholders; and
• the remaining net asset value of the fund is £13.9m and the IRR is 13.7%
• the nav per share is 0.8045
As at August 2008, Fund I has generated a total return on investment of 71%.
(This return is based on the realised value to date as well as the current value of the remaining assets.)
NAV of Current Properties (Total NAV £13.9)
• UK Portfolio (tenant: National Car Parks) £7.5m
• UK Portfolio (tenant: Volkswagen UK) £3.9m
• Wellingborough (tenant: Cummins Diesel) £1.1m
• Cornwall (tenant: Cornwall County Council) £1.4m
Sold Properties
• Deptford IRR 13%
• Wembley IRR 29%
• Bournemouth IRR 32%
• Bradford IRR 27%
• Telford IRR 10%
• London&Edinburgh Inns IRR 61%
• Cardiff IRR 25%
(IRRs represent the return to investors net of all fees and net of carry)