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It is not intended for use by members of the general public.
PLEASE SEE FOLLOWING PAGES FOR SFDR ESG & MODERN SLAVERY STATEMENTS
The Crescendo Real Estate internet site is provided as a reference and informational service to professional and institutional investors only.
No Offer or Solicitation
The information contained in this website does not constitute an offer or solicitation for the purchase or sale of any financial instrument or investment and no services are hereby offered to the United States or to US persons.
The funds described have not been, nor will they be, qualified for distribution to the public in Canada as no prospectus for these funds has been filed with any securities commission or regulatory authority in Canada or any province or territory thereof. This website is not, and under no circumstances is to be construed, as an advertisement or any other step in furtherance of a public offering of shares in Canada.
You should also be aware that the funds mentioned may not be available in your jurisdiction. Persons resident in territories other than the UK should consult their professional advisers as to whether they require any governmental or other consents or need to observe any formalities to enable them to invest in and funds or products described on this website.
Applications to invest in any fund referred to on this website, must only be made on the basis of the offer document relating to the specific investment (e.g. prospectus or other applicable terms and conditions).
As a result of money laundering regulations, additional documentation for identification purposes may be required when an investment is made. Details are contained in the relevant Prospectus or other constitutional document.
Nothing herein should be construed as investment advice or as comment on the suitability of any investment or investment service. Prospective investors should be satisfied that any investments they choose to make are suitable for them, having regard to their own personal and financial circumstances. If in any doubt as to suitability, prospective investors should take advice from their own professional advisers before making any investment decision.
The investment products and services described on this website may have tax consequences. These consequences will depend on your personal circumstances and may be subject to change in the future. You should consult your own tax adviser in order to understand these tax consequences.
Views and Opinions subject to change
CREAL has expressed its own views and opinions on this website and these may change.
CREAL reserves the right to amend this section of the website and/or this notice at any time. Your continued use of this section of the website following any changes will mean that you are deemed to have accepted all such changes.
Accuracy of Information
The contents of this site are based upon sources of information believed to be reliable. CREAL has used all reasonable skill and care in compiling the information.
However, errors or omissions in the information may occur because of a number of factors which are inherent in any Internet access system and which are not within the reasonable control of CREAL. Examples include unauthorised access to the service, or the effects of machine, software or operator error or malfunction in connection with data transmission. The service is accurate only on the date that such information is supplied by CREAL via its Internet service. The relevant date for any particular information is the date shown on the page on which the information appears.
Accordingly, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to the accuracy or completeness of this website and CREAL, its directors, officers and employees do not accept any liability or responsibility in respect of the information or any recommendations expressed herein which, moreover, are subject to change without notice.
This site may include forward-looking statements which are based on the current opinions, expectations and projections of CREAL. CREAL undertakes no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.
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In view of the above, CREAL advises you to confirm the accuracy of any information with CREAL before seeking to rely on such information.
General Risk Factors
Prospective Investors should take note of the following Risk Factors associated with investments:
The value of investments and any income generated may go down as well as up and is not guaranteed. Investors may get back less than they have invested. Past performance is not a guide to future performance. Quoted yields are not guaranteed.
Different funds have different levels of risk. Changes in currency exchange rates may have an adverse effect on the value, price or income of investments. Investors should be aware of the additional risks associated with investments in emerging or developing markets. Investors should be aware that investments in higher yielding bonds issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth.
Investors should be aware of local laws governing investments and should read all the relevant documents. Reference to any specific securities should not be construed as a recommendation to buy or sell these securities but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon.
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Crescendo Real Estate Advisors LLP (No.OC423287) is registered in England and Wales. Its registered office is Fourth Floor, 23 Old Bond Street, London, W1S 4PZ, United Kingdom.
Crescendo Real Estate Partners Ltd Limited (No.56786) is registered in Guernsey. Its registered office is at 1st Floor, 7 Bond Street, St. Helier, Jersey JE2 3NP,.
SFDR ESG Information Statement
On Website Disclosures Obligations under Articles 3, 4 and 5 of the EU Sustainability Disclosures Regulation
Crescendo Preservation & Income Fund SICAV SIF S.A.
The present statement contains, in particular, the disclosures which are required to be made on this website by Crescendo Preservation & Income Fund SICAV SIF S.A. (the "Fund") under Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (the “Sustainability Disclosures Regulation” or “SFDR”).
For the purposes of the EU Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment, prospective investors are hereby informed that the investments underlying the Fund do not take into account the EU criteria for environmentally sustainable economic activities.
The Sustainability Disclosures Regulation seeks to (i) establish a harmonised approach in respect of sustainability-related disclosures made by financial market participants to investors within the European Union's financial services sector and (ii) to achieve more transparency regarding how financial market participants integrate sustainability risks into their investment decisions and the consideration of adverse sustainability impacts into the investment process. Financial market participants include UCITS, AIFMs, investment firms and management companies, and self-managed alternative investment funds such as the Fund.
The Fund is advised by Crescendo Real Estate Advisors LLP in its capacity as the investment advisor to the Fund (the “Investment Advisor”) (references herein to ‘we’ or ‘our’ should be read as references to the Fund and the Investment Advisor collectively, or individually as the context allows).
Transparency of sustainability risk policies
(Article 3 of the Sustainability Disclosures Regulation)
The Fund views responsible investing, or the incorporation of environmental, social, and governance (“ESG”) factors into investment and management decisions as:
an important investment goal;
an indicator of financial performance; and
a method of risk management.
We believe that ESG risks can affect the performance of investment portfolios, to varying degrees depending on the factors such as the asset-type and sector, over time. Investments which meet ESG standards are in principle less likely to be adversely affected by negative ESG events and are more likely to produce consistent and sustainable returns over time.
In addition to the role of ESG in investment performance, the Fund’s integration of ESG factors into our investment decision-making process is designed to ensure that the Fund is managed responsibly and that ESG risk is appropriately considered.
The Fund primarily invests in real estate assets, with the specific strategy of investing in corporate net-lease properties. Therefore, our consideration of ESG factors is predominantly focused on environmental issues regarding our investment properties, while social and governance issues are less relevant than they would be to a collective investment fund investing, for example, in stocks and shares. The real estate assets which the Fund acquires are subject to local environmental regulations and as a result, we are conscious of environmental risks associated with current as well as prior use of the real estate.
Our analysis of potential environmental and sustainability risks begins before the acquisition of an asset and is evident throughout the acquisition process.
During the acquisition phase, we follow our standard underwriting due diligence procedures which include the following:
Initial Environmental Site Assessments: We engage an independent environmental advisory firm which is qualified to perform a Phase I environmental site assessment to identify any environmental conditions or contaminations affecting the property. This includes the visual inspection of the property site, assessment of general property operations, review of historical soil data to determine the existence of contaminations or releases of hazardous substances. As part of this process, regulatory records and databases will be reviewed for any indication of environmental conditions or liabilities affecting the property. Where we have identified environmental risks, we seek to address these through additional environmental testing in the form of a Phase II environmental assessment prior to making any investment.
Seller and Tenant Interviews: We conduct interviews with representatives of the seller and personnel at the site to understand the current and past usage as well as physical characteristics of the property. We further seek to understand the tenant’s own ESG policy.
Technical Site Assessments: We engage an independent advisor to conduct a technical property condition assessment that includes information regarding sustainability practices as well as compliance with local safety standards.
Indemnification Through the Tenant: In all situations, we require the tenant to indemnify us as the Landlord against any environmental liability, foreseeable and unforeseeable, directly or indirectly arising out of the use of any hazardous materials at the site or contiguous sites prior to or during the term of the lease agreement and including (but not limited to) all matters disclosed in environmental reports.
Insurance: To prepare for any unforeseen damages to the property or the tenant’s business, including climate-related natural disasters, we often require our tenants to carry a variety of insurance covers, including fire and flood as well as other extended coverage where appropriate given the relative risk of loss, geographic location, and industry best practices.
No consideration of sustainability adverse impacts
(Article 4 of the Sustainability Disclosures Regulation)
We do not currently consider the principal adverse impacts of our investment decisions on sustainability factors in the manner set out in article 4 of the Sustainability Disclosures Regulation, which relates to adverse impacts on items such as greenhouse gas emissions, biodiversity, water, waste, and social and employee matters.
While we integrate sustainability risks into our investment process, as our investments are concentrated in the real estate sector, only some of the principal adverse sustainability factors are relevant, and information on the impact of our investment decisions on these factors is generally not readily available.
The Fund primarily invests in net-lease properties, most of them triple net-leases (“NNN Lease”). Under a NNN Lease, the tenant is responsible for operating the business conducted in the building subject to the lease, maintaining the asset and paying property-related expenses such as property taxes and insurance. Therefore, for assets under a NNN Lease, it is the tenant, rather than the Fund, which controls energy usage and decides when and how to implement environmentally sustainable practices at a given property. Likewise, it is the tenant which decides on social and governance matters relating to its business. While we do not control the business operations for assets under a NNN Lease, we recognize that the operation of commercial real estate has a meaningful impact on the environment and as such we aim to promote awareness and engage with tenants regarding sustainability practices and solutions. Our lease agreements ensure tenants are in compliance with local regulations and hold all necessary permits to operate the assets at all times. After acquisition, tenants have an obligation to inform us of any new environmental risks.
We have limited control over, and access to ESG data from, tenants and therefore would have difficulties in sourcing and publishing the information in relation to the adverse impacts of the Fund’s investment decisions on sustainability factors in the manner envisaged by the Sustainability Disclosures Regulation.
We will keep this decision not to consider the principal adverse impacts of investment decisions on sustainability factors under review, by reference to applicable market developments and the future availability of the requisite information.
Transparency of remuneration policies in relation to the integration of sustainability risks
(Article 5 of the Sustainability Disclosures Regulation)
The Fund has adopted remuneration policies consistent with its regulatory obligations, and which are designed to: (i) promote sound and effective risk management; and (ii) discourage excessive risk taking, including, without limitation, with respect to sustainability risks. A sustainability risk is an environmental, social or governance event or condition that, if it occurs, could cause an actual or potential material negative impact on the value of an investment.
We require relevant individuals to adhere to our policy and processes regarding the integration of ESG factors. The Fund may set specific ESG-related metrics for relevant individuals based on the priorities and objectives for that individual. In addition, the Fund considers ESG integration as relevant to investment performance over the long term and that our remuneration structure is therefore aligned with our focus on the long term performance of the Fund.
This Information Statement is issued for information purposes only.
This Information Statement is not intended as investment advice and is not an offer or a recommendation about managing or investing assets and should not be used as the basis for any investment decision.
The information contained herein is current as of the date of issuance and is subject to change without notice.
We do not make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors.
No risk management technique can guarantee the mitigation or elimination of risk in any market environment.
Past performance is not a guarantee or a reliable indicator of future results and an investment could lose value. All investments involve risk, including the possible loss of capital.
This disclosure is accurate as of 29th August 2022.