The Company has been established to generate capital gains through active investment in property related securities, particularly closed-ended property funds currently trading at a discount to realisable net asset value.

The Company will seek to take positions in listed securities traded at a discount to net asset value and actively seek to close the valuation gap between the share price and the underlying net asset value of Portfolio Companies. The Board believes that realisation of value may be achieved through proactive engagement with Portfolio Companies to act as a spur for corporate development and change. The Placing is expected to include a portfolio of Qualifying Securities as consideration for the issuance of Ordinary Shares.

The Company intends to be substantially fully invested within twelve months of Admission. If the Company has not made its first investment within twelve months of Admission the Company will seek to return funds to shareholders.

The Company has appointed the Investment Adviser, Spearpoint, to assist it with achieving its investment objective. The Investment Adviser will form an investment committee consisting of David Lockhart, a director of the Company and representatives of the Investment Adviser. The Investment Adviser will undertake due diligence on proposed investments, this will involve analysing the physical property portfolio and calculating a realisable net asset value. Whilst the Company and the Investment Adviser benefit from an experienced team of property, legal and fund management specialists, an independent firm, when appropriate, will be retained to value underlying property assets.

The Investment Adviser will principally invest in closed ended vehicles quoted on UK or Channel Island Stock Exchanges with the following characteristics:

- market capitalisation below �200 million;

- trading at a discount to the underlying net asset value of the Portfolio Company of greater than 25 per cent.;

- typically, although not exclusively, with an investment policy of investing in UK and European commercial property;

- where the Investment Adviser believes that there is a possibility to influence the management of the Portfolio Company; and - typically will not be property development companies.

The Company will hold a concentrated portfolio of assets, expected to be between 5 and 10 holdings, although no one holding will constitute more than 25 per cent of gross asset value at the time of acquisition.

Listing exchange: AIM

Expected first day of trading: Expected money raised: TBC