PRODUCTS AND MANAGEMENT STRATEGY

RESTRUCTURING FUNDS

Square strategy to maximize real estate assets in the fund is:

Determine full potential of the asset
Estimate investment costs
Assess overall profitability and cost-effectiveness set against the context (initial value + promotions costs)
Execute the Investment plan
Placing on the market (recovering initial value + investment + margin)

CA IMOBILIÁRIO RESTRUCTURING FUND

SPECIAL OPEN-ENDED REAL ESTATE INVESTMENT FUND

CA Imobiliário fund was launched in 2005. From a close-ended investment fund it was converted into an open-ended special investment fund in 2006. Later on, in 2013, the fund was separated and resulted in Carteira Imobiliária fund, to which 199.8 Million Euros was relocated.

Technical Specifications
Up until june 30th, 2015 due taxes were withheld from investment unit values on calculation. After july 1st 2015 all investment unit values are gross and taxes are due by investors on redemption. Accordingly, results reporting to any earnings after july 1st, 2015 do not show tax due by investors.
 
Past performance is not a guarantee of future returns, since the value of the units may be increased or decreased according to the valuation of the assets of the Fund. No subscription or redemption fee included. The returns are annualized. The value of the units may increase or decrease. The risk level is classified according to the risk class ranging from 1 (low risk) to 7 (high risk). Investment in the Fund may result in loss of invested capital as there is no guaranteed capital.
 
The Prospectus/Essential Information for Investors and Management Regulations are available at the places and means of commercialization and at www.cmvm.pt.
TYPE OF FUND
Special Open-ended Real Estate Investment Fund, with indefinite duration.
2005-09-01
Start of activity
5.000 Units
Minimum class A subscription amount
100 Units
Minimum class B subscription amount
4,51 €
In 2019-04-30
Unit Value
(On the date of establishment of the fund: € 10)
COMMISSIONS:
  • • Subscription: 0%
  • • Management: Fixed: 2% per year; Variable: equal to 10% of the difference between 12-month Euribor rate plus 2% and the fund performance.
  • • Depositary: 0,25% per year
  • • Redemption:
Class A and A1: 6% on the amount redeemed;
Class B and B1: a) 3% for units held for less than 3 years; b) 1,5% for units held for more than 3 years and less than 4 years; c) 0% for units held for 4 years or over.
• Other charges: fees; judicial fees; sanitation fees; notary fees, registration and promotional costs; insurance; taxes; bank fees; condominium, etc.
Investment Policy
Rigor
Appreciation
Innovative
Solutions
Maximization
of unit value
EUR 154 million
Assets under management (31.12.2018)
13 Years of activity
The investment policy of the fund is guided by principles of rigor, profitability and risk diversification. Square AM aims to maximize unit's value through a detailed selection of mainly real estate values triggering income for the fund through rents, construction and rehabilitation projects' development and by its appreciation.

Fund Portfolio: CA Imobiliário

The fund’s current portfolio (september 30 2018) consists of properties with a total value of approximately 156 million euros. The residential segment accounts for 33% of the number of units and 33% of total value; Services represent 49% of the number of units and 51% of the value of the fund portfolio.

Segment Per Use

Units


  • Residence

  • Commerce

  • Industrial

  • Land

Volume M€


  • Residence

  • Commerce

  • Industrial

  • Land

REAL ESTATE PORTFOLIO RESTRUCTURING FUND

SPECIAL OPEN-ENDED REAL ESTATE INVESTMENT FUND

Carteira Imobiliária fund was launched on December 30th, 2013 as a result of the splitting within CA Imobiliário fund and to which 199.8 million Euros assets were relocated.

Technical Specifications
Up until june 30th, 2015 due taxes were withheld from investment unit values on calculation. After july 1st 2015 all investment unit values are gross and taxes are due by investors on redemption. Accordingly, results reporting to any earnings after july 1st, 2015 do not show tax due by investors.
 
Past performance is not a guarantee of future returns. Investment unit values may increase or decrease according to asset appreciation. No subscription or redemption fees included. Yearly returns. The value of the units may increase or decrease. The risk level is classified according to the risk class ranging from 1 (low risk) to 7 (high risk). Investment in the Fund may result in loss of invested capital as there is no guaranteed capital.
 
The Prospectus/Essential Information for Investors and Management Regulations are available at the places and means of commercialization and at www.cmvm.pt.
TYPE OF FUND
Special Open-ended Real Estate Investment Fund, with indefinite duration.
2013-12-30
Start of activity
5.000 U.P.
Minimum Class A subscription amount
100 U.P.
Minimum Class B subscription amount
7,37 €
In 2019-04-30
Unit Value
(On establishment of the fund: € 10)
COMMISSIONS:
  • • Subscription: 0%
  • • Management: Fixed: 2% per year; Variable: equal to 10% of the difference between 12-month Euribor rate plus 2% and the fund performance.
  • • Depositary: 0,10% per year
  • • Redemption:
    • Class A and A1 Units - 6% of the amount redeemed;
Other charges: fees; judicial fees; sanitation fees; notary fees, registration and promotional costs; insurance; taxes; Bank commissions; Condominium, etc.
Investment Policy
Rigor
Appreciation
Innovative
solutions
Maximization
of unit value
154 million Euros
in assets under management (31.12.2018)
The investment policy of the fund is guided by principles of rigor, profitability and risk diversification. Square AM aims to maximize unit's value through a detailed selection of mainly real estate values triggering income for the fund through rents, construction and rehabilitation projects' development and by its appreciation.

Portfolio of the Fund: Carteira Imobiliária

The portfolio of the Fund (which includes properties under a promissory note) amounted to 113 million Euros december 31, 2018, of which the housing segment represented 56% of the number of units, and 46% of the total value, the commercial segment represented 11% of the number of units, and 19% of the total value.

Segment Per Use

Units


  • Residential

  • Commerce

  • Lands

  • Industrial

Volume M€


  • Residential

  • Commerce

  • Lands

  • Industrial

CA ARRENDAMENTO HABITACIONAL RESTRUCTURING FUND

When launching its activity the Fund held a capital share of 50 million Euros. In 2011 a share capital increase of 50 million Euros took place and another in 2013 of 18 million Euros.
In 2016 the Fund had its first capital decrease in approximately 20 million Euros ending this year with a share capital of 80,9 million Euros.
In 2017 the Fund had its second capital decrease in approximately 12 million Euros.
By December 31, 2018 the Fund capital share was of 69.95 million Euros.

Technical Specifications
Private subscription fund, intended solely for qualified investors. It consisted of an initial capital of 50 million euros, corresponding to 500,000 units with a unit value of 100 euros. It's depository and distributor is Caixa de Crédito Agrícola Mútuo.
 
Up until june 30th, 2015 due taxes were withheld from investment unit values on calculation. After july 1st 2015 all investment unit values are gross and taxes are due by investors on redemption. Accordingly, results presented do not take into account the tax that may be due by the Investors in respect to income earned in the period after 1st july 2015.
 
Past performance is not a guarantee of future returns. Investment unit values may increase or decrease according to asset appreciation. No subscription or redemption fees included. Yearly returns. The value of the units may increase or decrease. The risk level is classified according to the risk class ranging from 1 (low risk) to 7 (high risk). Investment in the Fund may result in loss of invested capital as there is no guaranteed capital.
 
The Prospectus/Essential Information for Investors and Management Regulations are available at the places and means of commercialization and at www.cmvm.pt.
TYPE OF FUND
Close-Ended Real Estate Fund for House Leasing with limited duration of ten years
2009-10-23
Start of activity
2019-07-23
End of activity
50.000 EUR
Minimum subscription amount
85,57 €
In 2019-04-30
Unit Value
(at the date of establishment of the fund: € 100)
COMISSIONS:
  • • Subscription: 0%
  • • Management: Fixed: 1% per year
  • • Depositary: 0,25% per year
  • • Refund: 0%
  • • Other charges: fees; Judicial costs; sanitation fees; notary fees, registration and promotional costs; insurance; taxes; Bank commissions; Fund supervision fee; Condominium, etc.
Investment Policy
Rigor
Appreciation
Innovative
solutions
Maximization
of the value of the units

Results: CA Arrendamento Habitacional

Fund performance is within regular values according to its asset's nature.

Leases



At the time of their incorporation in the fund, 98% of the properties were vacant. A lease-oriented policy has enabled us to achieve in recent years an average of more than one lease per day. Currently, about 81% of the properties are leased.
December 2018 – TOTAL RETURN OF THE FIIAH
FUND 1-YEAR 2-YEARS 3-YEARS 5-YEARS ASSETS VALUE (€M)
CA Arrendamento Habitacional 0,65 1,19 -1,15 -2,12 62,95
NB Arrendamento -13,6 5,19 1,17 -3,52 6,78
Montepio Arrendamento 1,56 1,31 -1,12 -1,8 81,95
Banif Renda Habitação -1 -3,46 -11,14 -10,69 33,42
GENERAL RESULTS OF THE FUND CA ARRENDAMENTO HABITACIONAL MANAGEMENT
  • Volume
  • Leased Real Estate
  • Vacant Real Estate
Fund Portfolio:
The fund consists of real estate located in Portugal intended for private housing: urban buildings and autonomous properties for leasing, building, promoting or other income sources, commerce, housing, services, industry and logistic purposes.

This page contains only general information on the mentioned Fund.
Its reading does not exclude the need for more detailed information, which can be found on the Management Regulation and on the Fund Report & Accounts with the Managing Company and with the Depository Bank. The value of the participation unit can be obtained from the above mentioned entities or on the CMVM site, where you can also find the Fund's portfolio.

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