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The Eaton Active Special Opportunity Property Fund

Market Update May 2009 “Market Turning”. The Eaton Active Special Opportunity Property Fund. Contents. The Current Market Opportunity The Eaton Fund - Adding Value. The Current Market Opportunity. An Abrupt Correction. 2009. Real initial yields at historic highs.

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The Eaton Active Special Opportunity Property Fund

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  1. Market Update May 2009 “Market Turning” The Eaton Active Special Opportunity Property Fund

  2. Contents • The Current Market Opportunity • The Eaton Fund - Adding Value

  3. The Current Market Opportunity

  4. An Abrupt Correction 2009

  5. Real initial yields at historic highs Inflation adjusted initial yields

  6. Property Yields v Cost of DebtHighest Since 1991

  7. Market Sentiment Changing Prime Yields Hardening

  8. The Buying Opportunity | 2009 |

  9. The Current Market – DealsExamples of current high yield investment grade propositions

  10. Significant Players Back In The Market • Mould & Vaughan (London and Stamford) • Nick Leslau (Prestbury) • John Caudwell (Phones4U) • David Whelan (JJB, Wigan Athletic) • WW Advisors (Middle East Investors) • Stenham UK Property Fund • BP Pension Fund • Moorfield • Mars Pension Fund • AFIAA (Swiss Pension Fund) • IAK (German Pension Fund) • J P Morgan

  11. The Current Market • Prime Yields may have ‘topped out’ • Investment Grade Yields available 7.5 – 9% • Market Bottoming Out • Asset Management and Planning Angles still overly discounted • Bank finance - terms easing – low fixed rates • Competition for best deals increasing • Smart Money and Institutions back in the Market

  12. The Eaton FundAdding Capital Value

  13. The Eaton Fund – Adding Value • Takes Advantage of Exceptional Market Conditions • Highly Experienced Team with Good Track Record • Adding Capital Value (not passive hold) • Asset Management Angles • Planning Consents • High Rental Yields • Cash Generative • Opportunistic but with Defensive Qualities

  14. Summary • Abrupt market correction (25-30%) • Inflation adjusted yields now at a post war high • Prime Rental Yields hardening • Bank finance easing • Smart Investors (and Institutions) back in the market • Market turning (very best deals possibly gone?) • Eaton – benefit of high rental yields and actively adding capital value

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