Timbercreek Real Estate Fund (RCS No. B )

Transcription

1 Timbercreek Real Estate Fund (RCS No. B ) SOCIÉTÉ D INVESTISSEMENT À CAPITAL VARIABLE FONDS D INVESTISSEMENT SPÉCIALISÉ ALTERNATIVE INVESTMENT FUND (AIF) ACCORDING TO THE LUXEMBOURG LAW OF JULY 12, 2013 SEMI-ANNUAL REPORT AS OF JUNE 30, 2017 COMPANY: TIMBERCREEK REAL ESTATE FUND

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3 Timbercreek Real Estate Fund (RCS No. B ) Sub-fund: Timbercreek Real Estate Fund US REIT Fixed Income SEMI-ANNUAL REPORT AS OF JUNE 30, 2017 The Key Facts, At a Glance, Classification of Investments a.o. 3 Statement of net assets 6 Notes to the Semi-Annual Report 9 Partners 10 1

4 This Semi-Annual Report does not constitute an offer or an invitation to purchase shares of the Company. Statements on future performances cannot be made on basis of this Semi- Annual Report. The subscription of shares is based on the most recent version of the Prospectus, the Statutes of the Company and the latest Annual Report. The Prospectus is available free of charge at the Company, at the Depositary and at the paying and distribution agents mentioned in this Report. A list of portfolio changes including the subscriptions and redemptions during the reporting period is available free of charge from the Company and the paying agencies and any of the distributors.

5 THE KEY FACTS Investment policy debt securities of U.S. real estate investment trusts (REIT) or REIT preferred stock that take priority over REIT common share owners German Security Code A d Shares 1) A0RCW5 A a Shares 2) A1W0RW B d Shares A1W0RX B a Shares (EUR) A1W0RY B a Shares (CHF) A2AEE6 B a Shares (USD) A2AEE7 ISIN-Code A d Shares 1) LU A a Shares 2) LU B d Shares LU B a Shares (EUR) LU B a Shares (CHF) LU B a Shares (USD) LU Incorporation date Fund currency EUR Initial subscription date A d Shares A a Shares 2) - B d Shares B a Shares (EUR) B a Shares (CHF) B a Shares (USD) Financial year Reporting period First offering price A d Shares 100,00 EUR A a Shares 2) - B d Shares 101,00 EUR B a Shares (EUR) 101,00 EUR B a Shares (CHF) 101,00 CHF B a Shares (USD) 100,00 USD (incl. 1,00 % sales charge in respect of any B Shares) (For Class B a Shares (USD), there will be no sales charge.) Value at issue A d Shares 100,00 EUR A a Shares 2) - B d Shares 100,00 EUR B a Shares (EUR) 100,00 EUR B a Shares (CHF) 100,00 CHF B a Shares (USD) 100,00 USD 1) All shares have been redeemed with effect ) The share class has not been active yet as at the end of the financial year. THE KEY FACTS (CONTINUED) Minimum initial subcription A d Shares A a Shares B d Shares B a Shares (EUR) B a Shares (CHF) B a Shares (USD) Sales charge A d Shares A a Shares ,00 EUR ,00 EUR ,00 EUR ,00 EUR 1.000,00 CHF 1.000,00 USD none none B d Shares up to 1,00 % B a Shares up to 1,00 % (For Class B a Shares (USD), there will be no sales charge.) Management fee p.a. A d Shares up to 0,80 % A a Shares up to 0,80 % B d Shares up to 0,80 % B a Shares up to 0,80 % Operational and Administration fee p.a. or minimum fee A d Shares up to 0,14 % A a Shares up to 0,14 % B d Shares up to 0,14 % B a Shares up to 0,14 % Depositary fee p.a. or minimum fee A d Shares up to 0,08 % A a Shares up to 0,08 % B d Shares up to 0,08 % B a Shares up to 0,08 % Distribution related service fee p.a. A d Shares A a Shares or minimum fee none none B d Shares up to 1,00 % B a Shares up to 1,00 % Redemption fee up to 0,50 % Conversion fee up to 0,50 % Dividends A d Shares none A a Shares accumulating B d Shares ( ) 0,67911 EUR ( ) 1,53110 EUR ( ) 2,58180 EUR ( ) 2,56079 EUR ( ) 1,10776 EUR B a Shares accumulating The accompanying notes form an integral part of these financial statements. 3

6 AT A GLANCE Total Net Assets (EUR million) 84,55 Shares outstanding - B d Shares ,000 Bid price - B d Shares 99,912 (EUR per share) Offering price - B d Shares 100,911 (EUR per share) Shares outstanding - B a Shares (EUR) ,266 Bid price - B a Shares (EUR) 115,107 (EUR per share) Offering price - B a Shares (EUR) 116,258 (EUR per share) Shares outstanding - B a Shares (CHF) ,000 Bid price - B a Shares (CHF) 100,698 (CHF per share) Offering price - B a Shares (CHF) 101,705 (CHF per share) Shares outstanding - B a Shares (USD) ,000 Bid price - B a Shares (USD) 101,216 (USD per share) Offering price - B a Shares (USD) 101,216 (USD per share) DEVELOPMENT OF THE NET ASSET VALUE (IN EUR) B d SHARES Highest net asset value per share in the reporting period ( ) 101,495 Lowest net asset value per share in the reporting period ( ) 98,629 Performance during the reporting period *) 3,18 % Performance since inception *)**) 8,40 % Performance over the last 3 years 6% DEVELOPMENT OF THE NET ASSET VALUE (IN EUR) B a SHARES (EUR) Highest net asset value per share in the reporting period ( ) 115,641 Lowest net asset value per share in the reporting period ( ) 112,387 Performance during the reporting period *) 3,17 % Performance since inception *)**) 15,11 % Performance over the last 3 years 20% 17,67% 10% 3,17% 0,16% 0% -2,26% -10% Performance*) of the reporting periods in % DEVELOPMENT OF THE NET ASSET VALUE (IN CHF) B a SHARES (CHF) Highest net asset value per share in the reporting period ( ) 105,402 Lowest net asset value per share in the reporting period ( ) 100,698 Performance during the reporting period *) -1,71 % Performance since inception *)**) 0,70 % Performance over the last 3 years 4% 2% 2,45% 0% 4% 2% 4,48% 2,86% 3,18% -2% -1,71% % -2% -4% -2,23% Performance*) of the reporting periods in % Performance*) of the reporting periods in % *) calculated according to BVI Bundesverband Investment und Asset Management e.v. **) Performance calculated from initial subscription day to end of reporting period. Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares. 4 The accompanying notes form an integral part of these financial statements.

7 DEVELOPMENT OF THE NET ASSET VALUE (IN USD) B a SHARES (USD) Highest net asset value per share in the reporting period ( ) 101,292 Lowest net asset value per share in the reporting period ( ) 97,512 Performance during the reporting period *) 4,55 % Performance since inception *)**) 1,22 % Performance over the last 3 years 6% 4% 4,55% 2% 0% -2% -4% -3,19% Performance*) of the reporting periods in % *) calculated according to BVI Bundesverband Investment und Asset Management e.v. **) Performance calculated from initial subscription day to end of reporting period. Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares. GEOGRAPHIC CLASSIFICATION OF INVESTMENTS % of net assets USA 96,28 96,28 CURRENCY CLASSIFICATION OF INVESTMENTS % of net assets USD 96,28 96,28 SECTOR CLASSIFICATION OF INVESTMENTS % of net assets Real Estate Investment Companies 96,28 96,28 The accompanying notes form an integral part of these financial statements. 5

8 STATEMENT OF NET ASSETS AS OF Price in Market value % *) of Currency Quantity Securities description currency EUR net assets Securities listed on an official stock exchange or dealt in on another regulated market REITs USD American Homes 4 Rent 16-perp. 6.35% 25, ,35 2,79 USD American Homes 4 Rent 6.50% Pfd. Shs. -D- 25, ,32 2,75 USD Ashford Hospitality Trust Inc % Pfd. Shs. -F- 25, ,32 1,73 USD Boston Properties Inc. 5.25% Cum Pfd. Shs. -B- 26, ,73 1,41 USD CBL & Associates Properties Inc % Pfd. Shs. -E- 23, ,98 2,02 USD Cedar Realty Trust Inc. 7.25% Pfd. Shs. -B- 25, ,19 2,75 USD CoreSite Realty Corp. 7.25% Cum Red Pfd. Shs. -A- 25, ,81 1,19 USD DDR Corp. 6.50% Pfd. Shs. S. -J- 25, ,68 2,64 USD DDR Corp. 6.25% Pfd. Shs. -K- 25, ,51 2,72 USD Digital Realty Trust Inc % Pfd. Shs. -G- 25, ,84 1,99 USD Digital Realty Trust Inc. 6.35% Pfd. Shs. -I- 27, ,08 1,92 USD Digital Realty Trust Inc % Pfd. Shs. -H- 27, ,49 1,23 USD DuPont Fabros Technology Inc % Pfd. Shs. -C- 27, ,05 1,99 USD GGP Inc % Pfd. Shs. -A- 25, ,86 2,73 USD Gladstone Commercial Corp. 7.00% Pfd. Shs. -D- 25, ,64 1,98 USD Hersha Hospitality Trust 16-perp. 6.50% Pfd. Shs. 25, ,18 1,24 USD Hersha Hospitality Trust 6.50% 25, ,83 1,23 Cum Red Reg. Pfd. Shs. -E- USD Hersha Hospitality Trust 6.875% 25, ,55 0,87 Cum Red Pfd. Shs. -C- USD Kilroy Realty Corp % Pfd. Shs. -H- 25, ,58 1,23 USD Kimco Realty Corp Repr. 1/1000th 24, ,33 2,22 non-cum Pfd. Shs. -K- USD Kimco Realty Corp. 5.50% Pfd. Shs. -J- 25, ,89 1,97 USD Kimco Realty Corp. 6.00% Pfd. Shs. -I- 25, ,69 2,70 USD Lasalle Hotel Properties 6.30% Pfd. Shs. -J- 25, ,88 2,68 USD Lasalle Hotel Properties 6.375% Pfd. Shs. -I- 25, ,19 1,29 USD Monmouth Real Estate Investment Corp % 25, ,59 1,61 Pfd. Shs. -C- USD National Retail Properties Inc. 13-perp. 5.70% 25, ,80 1,22 Pfd. Shs. USD National Retail Properties Inc. 5.20% 24, ,76 2,16 Cum Red Pfd. Shs. -F- USD Pebblebrook Hotel Trust 6.50% Pfd. Shs. -C- 25, ,05 2,69 USD Pennsylvania Real Estate Invest 7.20% Pfd. Shs. S. -C- 26, ,85 1,99 USD Pennsylvania Real Estate Invest 7.375% Pfd. Shs. -B- 25, ,99 1,99 USD Pennsylvania Real Estate Invest 8.25% Pfd. Shs. -A- 25, ,05 0,48 USD PS Business Parks Inc. 16-perp. 5.20% Pfd. Shs. -W- 24, ,09 2,68 USD PS Business Parks Inc % Cum Pfd. Shs. S. -V- 25, ,75 0,80 USD PS Business Parks Inc. 5.75% Pfd. Shs. -U- 25, ,14 1,21 6 The accompanying notes form an integral part of these financial statements.

9 STATEMENT OF NET ASSETS AS OF Price in Market value % *) of Currency Quantity Securities description currency EUR net assets USD Public Storage 4.90% Pfd. Shs. -E- 24, ,68 1,96 USD Public Storage 4.95% Cum Pfd. Shs. of Benefit S. -D- 24, ,32 1,96 USD Public Storage 5.125% Pfd. Shs. -C- 25, ,98 1,24 USD Public Storage 5.20% Pfd. Shs. -W- 25, ,93 1,23 USD Public Storage 5.40% Pfd. Shs.-B- 26, ,49 1,96 USD Retail Properties of America Inc. 7.00% Pfd. Shs. -A- 25, ,58 2,76 USD Rexford Industrial Realty Inc. Pfd. Shs. -A- 25, ,37 2,77 USD Sabra Health Care REIT Inc % Pfd. Shs. -A- 25, ,28 1,26 USD Stag Industrial Inc % Pfd. Shs. -C- 26, ,06 2,34 USD Stag Industrial Inc % Pfd. Shs. -B- 25, ,84 1,22 USD Sunstone Hotel Investors Inc. 6.95% Pfd. Shs. -E- 25, ,61 2,67 USD Taubman Centers Inc. 6.25% Pfd. Shs. -K- 25, ,38 2,00 USD VEREIT Inc. 6.70% Cum Pfd. Shs. -F- 26, ,31 1,21 USD Vornado Realty Trust 5.40% Cum Red Pfd. Shs. -L- 25, ,41 2,54 USD Vornado Realty Trust 5.70% Cum Red Pfd. Shs. -K- 25, ,21 1,93 USD Washington Prime Group Inc % Pfd. Shs. -I- 25, ,61 1,31 USD Washington Prime Group Inc. 7.50% Pfd. Shs. -H- 25, ,95 1,82 Total REITs ,05 96,28 Total Securities listed on an official stock exchange or dealt in on another regulated market ,05 96,28 Total Portfolio ,05 96,28 Bank deposits ,82 1,43 Other assets Dividends receivable ,55 0,40 Receivables on foreign forward exchange contracts ,05 1,98 Total Other assets ,60 2,38 Total Assets ,47 100,09 The accompanying notes form an integral part of these financial statements. 7

10 STATEMENT OF NET ASSETS AS OF Price in Market value % *) of Currency Quantity Securities description currency EUR net assets Liabilities Management fee payable ,09-0,07 Depositary fee payable ,16-0,01 Taxe d'abonnement ,18 0,00 Other liabilities ,59 0,00 Total Liabilities ,02-0,09 Total Net Assets ,45 100,00 Net Asset Value per Share Number of Shares outstanding B d Shares 99,912 EUR ,000 B a Shares (EUR) 115,107 EUR ,266 B a Shares (CHF) 100,698 CHF ,000 B a Shares (USD) 101,216 USD ,000 *) The rounding down of the percentage in the calculation can result in marginal rounding differences. OUTSTANDING FOREIGN FORWARD EXCHANGE CONTRACTS AS OF Forward Unrealized Exchange result Maturity Counter- Sale Purchase rate (EUR) (Valuta) party EUR ,32 USD ,00 1, , ) USD ,00 EUR ,43 0, , ) USD ,00 EUR ,72 0, , ) USD ,00 EUR ,00 0, , ) ,05 The above-mentioned outstanding foreign forward exchange contracts were entered into with the following counterparty: 1) Sal. Oppenheim jr. & Cie. Luxembourg S.A. (Member of Deutsche Bank AG Group) No collaterals have been deposited for the above mentioned foreign forward exchange contracts. Data pursuant to EU Regulation 2015/2365 on transparency of securities financing transactions (SFTR) and of reuse and amending Regulation (EU) No 648/ Report in Section A In the reporting period there were no securities financing transactions as defined in the above-indicated legal regulation. 8 The accompanying notes form an integral part of these financial statements.

11 Notes to the Semi-Annual Report Timbercreek Real Estate Fund (the "SICAV") is an openended umbrella investment company with variable capital (société d investissement à capital variable) specialized investment fund (fonds d'investissement spécialisé) registered in the Grand Duchy of Luxembourg on the official list of specialized investment funds pursuant to the Luxembourg law of 13 February 2007 relating to specialized investment funds. The SICAV is to be qualified as AIF within the meaning of the Luxembourg law of 12 July 2013 on alternative investment fund managers, as amended and/or replaced from time to time. The net realized profit and loss on sales of securities is determined on the basis of the average cost of the securities sold. Unrealized profits and losses resulting from the valuation of securities are taken into account in the result. All liquid assets are valued at their nominal value. The total net assets of the existing sub-fund Timbercreek Real Estate Fund US REIT Fixed Income are expressed in EUR, the value per share is expressed in the currency of each share class. During the reporting period the following structural changes were made to the Company: The Board of Directors accepted the resignation from the mandate as member of the Board of Directors of Dr. Sven Janssen with effective date as of April 1, The Board of Directors decided to appoint Mr. Robert Blair Tamblyn as a new member of the Board of Directors of the company with effective date as of April 1, The accounting currency of the SICAV is EUR. Due to the fact that Timbercreek Real Estate Fund only consisted of one sub-fund, the Timbercreek Real Estate Fund US REIT Fixed Income, during the reporting period, the statement of net assets of Timbercreek Real Estate Fund US REIT Fixed Income corresponds at the same time to the combined statements of Timbercreek Real Estate Fund. The financial accounts have been prepared in accordance with Luxembourg regulations relating to investment funds. Securities listed on a stock exchange or traded on any regulated market are valued at the last available price on that stock exchange or market. Securities and other investments that are not listed on a stock exchange or traded on another regulated market, and for which no appropriate price can be obtained, will be valued on the basis of valuation models. Valuation models are also used for securities and other investments for which no transactions are available. All assets and liabilities not expressed in EUR are converted into EUR at the exchange rates prevailing as of June 30, Swiss Franc CHF 1, = EUR 1 US-Dollar USD 1, = EUR 1 As the payment for the depositary (up to 0,08 % p.a. or minimum fee), the remuneration of the fund administrator (management fee up to 0,80 % p.a., operational and administration fee up to 0,14 % p.a. or minimum fee) is computed on the basis of the weekly Net Asset Value calculation. These are calculated and paid at the end of each month. During the reporting period the management company received a management fee amounting to EUR ,48 (incl. operational and administration fee) and the depositary received a depositary fee amounting to EUR ,74. Under Luxembourg legislation and regulations, the fund is subject to an annual subscription tax ( Taxe d Abonnement ) of 0,01 % p.a. of the fund s net assets. An income adjustment is made in the taxable income; it includes net income accrued during the accounting period which the buyer of the shares pays in the issue price and which the seller of the shares receives by way of reimbursement in the bid price. The cost of securities is the weighted average cost of all the purchases of these securities. For securities that are priced in a currency other than the fund s currency, the average cost is calculated with the exchange rate of the purchase date. 9

12 Ihre Partner COMPANY / AIF: Timbercreek Real Estate Fund Société d Investissement à Capital Variable RCS Luxembourg: B Registered office of the AIF: 2, Boulevard Konrad Adenauer, L-1115 Luxembourg BOARD OF DIRECTORS: Mr. Gilles Dusemon 41A, Avenue John F. Kennedy, L-2082 Luxembourg Mr. Ronald Meyer 2, Boulevard Konrad Adenauer, L-1115 Luxembourg Mr. Robert Blair Tamblyn (since ) 25 Price Street, Toronto, Ontario, M4W 1Z1 Dr. Sven Janssen (until ) Schillerstrasse 27-29, D Frankfurt AIFM, CENTRAL ADMINISTRATIVE AGENT: Oppenheim Asset Management Services S.à r.l. 2, Boulevard Konrad Adenauer, L-1115 Luxembourg Capitalisation: Euro 2,7 million (status: January 1, 2017) DEPOSITARY, REGISTRAR AND TRANSFER AGENT: Sal. Oppenheim jr. & Cie. Luxembourg S.A. 2, Boulevard Konrad Adenauer, L-1115 Luxembourg Capitalisation: Euro 50 million (status: January 1, 2017) AUDITOR: KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy, L-1855 Luxembourg LEGAL ADVISOR: Arendt & Medernach S.A. 41A, Avenue John F. Kennedy, L-2082 Luxembourg INVESTMENT MANAGER: TIMBERCREEK Asset Management Ltd. 25 Price Street Toronto, Ontario, Canada M4W 1Z1 10

13 Timbercreek Real Estate Fund, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg Luxembourg Phone Fax