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Disclaimer
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The value of investments and any income will fluctuate (this may partly be the result of exchange-rate fluctuations) and investors may not get back the full amount invested. Underlying real estate can be difficult to sell, hence potentially having a negative impact on the real estate loans they guarantee for. The value of the underlying real estate is generally a matter of an independent valuer’s opinion and may not be realised; the value of the real estate loan is significantly influenced by the underlying real estate. Changes in rental yields for the underlying real estate, interest rates and general economic conditions may result in fluctuations in the value of the real estate loans and of the portfolio and potentially (floating-rate loans) in the cash-flows generated; fixed-rate loans with long maturities are more exposed to values fluctuations. Real estate debt investments and portfolios may be exposed to counterparty risk, which is the risk that a counter party is unable to deal with its obligations. Many Real Estate debt investments are illiquid, meaning that they may not be sold quickly at a fair price and may need to wait until maturity before having the investment recovered. The strategy may use derivatives (complex instruments) and borrowings, which may result in the portfolio being significantly leveraged and this may cause large fluctuations in the value of the portfolio. Real estate debt investments can be exposed to new sustainability-related regulatory requirements that may negatively affect the value of those investments which are not compliant and can envisage significant costs to be invested to comply or to simply improve their sustainability profile. In addition, real estate debt investments can be also significantly exposed to negative economic effects stemming from climate change, natural disasters and the general preference of investors for investments with better sustainability features. Real estate loans are typically non listed on regulated markets and need to be valued via the application of appropriate models (potentially applied by independent experts): this may lead to inaccurate valuations which may not be reflected into transaction prices. Real estate debt portfolios are exposed to credit risk which is the risk of inability of the borrower to repay the interest and capital on the scheduled dates and at maturity. Loans or loans’ tranches with lower seniority (mezzanine, junior) bear a higher credit risk as those loans falls behind more senior ones in the repayment queue; the risk may be exacerbated in times of stress. Commercial mortgage lending is generally viewed as greater risk than residential mortgage lending since the repayment typically depends upon the successful operation of the underlying properties.
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This website is for Professional Clients & Qualified Investors only. Data as at 31 December 2021, unless otherwise stated. Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice. This document is marketing material and is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.
The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities. This document does not form part of any prospectus. It contains general information only and does not take into account individual objectives, taxation position or individual financial needs. It does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Nor does it constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.
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