Credo Properties III Limited ("Fund III") was established to provide investors with an opportunity to invest in a diverse portfolio of commercial properties in the United Kingdom and Europe. Fund III has targeted an IRR of 12% p.a. Fund III closed in November 2007, having raised equity of £20 million. The fund is listed on the Channel Island Stock Exchange. The fund is 55% invested.

Current Properties:

Fund III has made investments in the following properties:

• Wohncenter (Switzerland)


• Three properties located in Perth, Rosyth and Dundee, all currently residential (Scotland)


• Portfolio of period properties for development in Katowice (Poland)


• 20-24 Carlton House Terrace, London, SW1,the London headquarters of Anglo American Plc(UK)

• a distribution warehouse in Coventry UK, let to Sainsbury’s Supermarkets Limited - IRR 42%

(IRRs represent the return to investors net of all fees and net of carry)