The Group considers key criteria such as: ability to conduct business in hard currency, repatriation of funds, political risk, land tenure and debt raising ability in the first instance before proceeding further with any investment opportunity

Investment opportunities are then  assessed against Investment Guidelines as indicated below

Sector
Office
Retail
Other
Tenant

Blue-chip or multinational

Min. 70% A-Grade tenants / nationals / anchors

Blue-chip or multinational

Vacancy (GLA)

Max. 5%

Max. 10%

Max. 5%

Lease Term (Main Tenant)

Min 5 Years

Anchors – Min. 10 years (at Inception) with min. 5 years unexpired
9 years in Morocco

Min 5 Years

Lease Currency

USD only*

Min. 70% USD *#

USD/EUR only*

Min. Return on capital deployed

7%

8%

8%

* -or where the ability to hedge local currency can be done at minimal cost
# -the Group will minimise exposure to local trading currencies and mitigate risk by only investing in centres with high trading densities and where USD income is prevalent e.g. expat communities

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