Fund Manager - Stac - Westbrooke

Overview

Westbrooke Stac (‘Student Accommodation’) is a fully tax-deductible investment into a portfolio of property-backed student accommodation operations situated in strategically located student hotspots across South Africa. The investment aims to provide investors with a return in excess of c. 17% per annum (after fees and investor exit tax). Westbrooke Stac has deployed over R300 million into 8 student businesses across South Africa, with investor returns having been in line with targets to date. Westbrooke Stac has a strong pipeline of opportunities across a variety of partners for the deployment of future capital.

Key investment
highlights

100% tax deductible in the year of investment

A portfolio of income-generating student accommodation properties in partnership with established and reputable student accommodation operators that have proven track records in the industry

A c. 10% – 11% dividend yield based on the net investment (paid semi-annually)

A strong capital growth underpin driven by c. 5% per annum rental escalations in the underlying properties (as a conservative base-case assumption), as well as the potential for yield-compression on exit

A defined exit after 5 years, through either a listing, sale to a REIT or open-market disposal

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	Investment Strategy	Targeted investment returns¹	Targered consistent dividend	Targeted dividend yield p.a.	Targeted capital growth	Investment term 5 – 6 years	Upfront fees	Annual fees 2%	Westbrooke S12J diversified portfolios
	Investment Strategy	Targeted investment returns¹	Targered consistent dividend	Targeted dividend yield p.a.	Targeted capital growth	Investment term 5 – 6 years	Upfront fees	Annual fees 2%	Income Portfolio	Balanced Portfolio	Growth Portfolio
aria / Alternative Rental Income Assets	Movable asset rentals	15% p.a.		9%²			Nil		40%	34%	20%
read more	Movable asset rentals	15% p.a.		9%²			Nil		40%	34%	20%
stac / Student Accommodation	Student Accommodation	> 17% p.a.		10%²			Nil		20%	33%	40%
read more	Student Accommodation	> 17% p.a.		10%²			Nil		20%	33%	40%
aria plus/ Alternative Rental Income Assets Plus	Movable asset rentals and renewable energy infrastructure	> 20% p.a.		9%²			Nil		40%	33%	40%
read more	Movable asset rentals and renewable energy infrastructure	> 20% p.a.		9%²			Nil		40%	33%	40%

Does a section 12J investment carry risk?

As with any private equity investment, an investment in a Section 12J company carries risk. It?s important, therefore, to assess the investment strategy of the Section 12J company to ensure you understand the associated investment risk as well as the expertise and track record of the asset manager.

What is a Section 12J company?

A Venture Capital Company as described in Section 12J of the Income Tax Act, which came into operation with effect from 1 July 2009. Section 12J is a tax-based incentive designed to encourage individual and corporate investors to invest in a range of small and medium size companies by investing through Section 12J.

The aim of the incentive is to create a pooling mechanism of passive investors who get an upfront tax deduction for stimulating the South African economy.

Overview

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Can I use debt or gearing to make an investment into a S12J company?

What is the size of the S12J industry?

How long does the S12J incentive last for?

What is the term of my investment?

Does a section 12J investment carry risk?

What is the annual limit per investor for subscriptions into a Section 12J company?

Can the tax relief be recouped by SARS?

What do I need to give SARS or my Tax Advisor to claim the deduction?

How can I obtain my tax relief?

When can the tax deduction be claimed?

What is a Section 12J company?

Overview

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Key investment
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