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Describes the risk profile of the investment strategy adopted by an investment vehicle - there are three commonly used industry terms: core, value-added and opportunistic.
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Target percentage non-income producing investments
The target percentage of investments in non-income producing investments with the aim of generating future income after (re)development, refurbishment or re-letting activities. Note: Income producing investments are investments in assets for which construction work has been completed and which are owned for the purpose of letting, producing a rental income that is negotiated at arm’s length with third parties. Non-income producing investments are investments in assets (either properties or land) that at the time of investment are not producing any rental income and for which either (re)development, refurbishment or re-letting activities have to be undertaken before rental income is possible.
Target percentage of (re)development exposure
The percentage of overall vehicle target GAV at any point in the life of the vehicle. Development exposure includes any development or redevelopment activities but excludes refurbishment.
Target return derived from income
Percentage of target return derived from rental income that a vehicle is able to pay out on an annual basis.