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Combine the Benefits of Direct and Listed First World Real Estate

FWHRE is an Open-Ended Collective Investment Scheme which strikes a price (based on the Net Asset Value) weekly. The fund invests in a diversified portfolio comprising a combination of modern, high quality direct real estate and Real Estate Investment Trusts (REITs). These REITs are readily traded and sold on first world stock exchanges and hence provide reasonable liquidity for redemption requests. The cash and REITs provide liquidity, with cash managed to reasonable working capital levels to avoid unnecessary yield dilution.

Liquidity and Redemptions

FWHRE invests approximately 75% of its portfolio in direct real estate which can only be realised in the medium to long term. Whilst the Fund also invests in listed REIT’s to provide a reasonable level of liquidity, in certain circumstances it may be appropriate to limit redemptions to ensure the interests of existing shareholders are protected at all times. Consequently, the Offering Document allows the manager to limit the weekly redemptions to a maximum of 5% of the Fund, and also allows for the suspension of all redemptions where, at the discretion of the manager, it is considered to be in the best interests of investors. For further information, please refer to the Offering Document

Low Volatility

FWHRE property investment criteria should enhance the reliable and predictable nature of the income stream and because the direct real estate will be revalued twice annually on a rolling property by property basis, price volatility is likely to remain low.


Adjusting asset allocation to take advantage of the higher yields in either direct or listed real estate as listed prices move between premiums and discounts to net asset value, will enhance the investor’s overall return.

Positive Leverage

A portion of the direct real estate is financed by debt resulting in positive leveraging due to the differential between the cost of financing (currently under 3%) and the yields offered by direct real estate. This enhances the yield of the portfolio. FWHRE limits debt to 50% of the cost of the direct real estate on acquisition. Including the listed REITS and cash, the leverage position is lower than 50% overall. FWHRE can manage the interest rate risk by potentially reducing the overall debt ratio and/or taking out interest rate swaps to fix a portion of the interest charge, thereby enhancing the predictability of the income yield for investors.

High Income Return

Without any price appreciation, the investor may achieve a return of approximately 4.5% per annum as a result of the dividend yield (before fees). The quality of the real estate and the tenants will ensure this outcome can be anticipated with a reasonable degree of certainty.

Regulated Environment

FWHRE is an Isle of Man Regulated Fund subject to the Isle of Man Collective Investment Schemes (Regulated Fund) Regulations 2017. It has been approved under Section 65 of the South African Collective Investment Schemes Control Act 45 of 2002 which allows it to be marketed and distributed in South Africa and is listed on The International Stock Exchange (TISE) and is subject to the Exchange’s listing rules. FWHRE NAV’s and regulatory news announcements are published on the official TISE website

FWHRE is managed by FIM Capital Limited (“FIM Capital”), an Isle of Man Investment Manager and Fund Administration Company, which is licensed by the Isle of Man Financial Services Authority and authorised and regulated by the UK Financial Conduct Authority.

The fiduciary custodian of the Fund, EFG Fund Services, a division of EFG Wealth Solutions (Jersey) Limited, is licensed to act as a fiduciary custodian by the Jersey Financial Services Commission. The fiduciary custodian is responsible for ensuring that the Fund is being managed and operated in accordance with the Offering Document and regulation, as well for keeping the assets of the Fund in its safe custody.