Credo Sterling Properties UK Limited ("Fund I") was established to provide investors with an opportunity to invest in a diverse portfolio of commercial properties in the United Kingdom. Fund I has targeted an IRR of 12% p.a. 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 £8.6m has been generated, providing a cash yield of almost 50% on the initial equity invested


• £16m (94% of the initial capital invested) has been returned to shareholders

Fund I holds a stake in the following properties:

• 130 car parking facilities let to National Car Parks


• 85 Volkswagen showrooms


• An industrial warehouse in Wellingborough let to Cummins Diesel


• An office investment in St Austell, Cornwall

• Deptford - IRR 13%


• Wembley - IRR 29%


• Bournemouth - IRR 32%


• Bradford - IRR 27%


• Telford - IRR 10%


• London & Edinburgh Inns - IRR 61%


• Cardiff - IRR 25%