Alternative investments

The Alternative Funds have been launched with dedicated specialist teams that we have engaged to manage the products, as well as local and strategic partners.


Our Alternative Funds business was launched in October 2006 with the raising of a South African real estate fund, South African Property Opportunities plc. In July 2007 we launched the second fund within our Alternative Funds business, PME African Infrastructure Opportunities plc. Principle Energy Limited, a renewable energy company, announced the closing of its first fund raising in December 2007. In August 2008, we announced the acquisition of 48% stake in Dawnay, Day Sirius Real Estate Asset Management Limited, now renamed Principle Capital Sirius Real Estate Asset Management Limited.    


South African Property Opportunities plc ("SAPRO") invests in real estate opportunities in southern Africa. It is a closed-end investment company traded on the Alternative Investment Market of the London Stock Exchange (Ticker: SAPO). SAPRO is managed by Proteus Property Partners, which is a joint venture between Principle Capital (52%) and our South African specialist partner, Inwezi (formerly Masazane) Capital, and two individuals, Richard Currie, the Chief Investment Officer of our South African subsidiary and Keith Wolstenholme, its Chief Operating Officer. In October 2006 SAPRO raised an initial £30 million. Thanks to the early investment of these initial funds and the quality of the pipeline of new opportunities, in May 2007 SAPRO announced a placing and raised net proceeds of £33.5 million, more than doubling its net assets to £63 million. SAPRO is now fully invested, well ahead of the time scales set out in connection with the May 2007 placing.

For further information on South African Property Opportunities plc please visit our website: www.saprofund.com


PME African Infrastructure Opportunities plc ("PMEAIO") invests in infrastructure opportunities in sub-Saharan Africa, covering the transportation, telecommunications, energy, water and sanitation and infrastructure-related real estate sectors. PMEAIO is a closed-end investment company traded on the Alternative Investment Market of the London Stock Exchange (Ticker: PMEA), following its initial fund raising of US$180 million in July 2007. Principle Capital owns 31.7% of PME Infrastructure Managers Limited ("PMEIM"), the manager of PMEAIO, alongside our strategic and specialist partners Unicos Partners LLP and Inwezi (formerly Masazane) Capital as well as Richard Bouma, the Chief Executive Officer of PMEIM.

For further information on PME African Infrastructure Opportunities plc please visit our website: www.pmeinfrastructure.com




Principle Capital

Principle Energy Limited ("PEL") is a renewable energy company, embarking on the large scale production of ethanol in southern Africa. Principle Energy aims to support the energy security and rural development of southern Africa through its production and distribution of green energy. After a year conducting feasibility studies into opportunities in the region, in December 2007, Principle Energy raised equity of approximately $50 million for its first project, in Mozambique. The project goal is to establish the delivery capacity for 225 million litres of ethanol and 13MW of green power by 2012.


For further information on Principle Energy Limited please visit our website: www.prinenergy.com

 

Principle Capital

Sirius Real Estate Limited
is a property investment company investing primarily in large mixed-use commercial real estate assets in Germany which can be (or have already been) sub-divided into flexible workspaces, offering a range of high quality managed business accommodation to local businesses, predominantly SMEs. Sirius trades on the Alternative Investment Market of the London Stock Exchange and raised €327.8 million in July 2007. The fund is managed by a JV between Principle Capital (48%), Kevin and Frank Oppenheim (48%) and senior management (4%).

For further information on Sirius Real Estate Limited please visit our website: www.sirius-real-estate.com