We are pleased to present the 2022 Annual Report ONE Real Estate Debt Fund.
In its second year of business, the ONE Real Estate Debt Fund once again exceeded expectations. The targeted return of around 5% after costs was significantly exceeded, coming in at approximately 6% (depending on the share class). Demand for the financing solutions on offer remained constant. This meant that new loans were concluded on an ongoing basis, while terms were kept at a stable level. The portfolio is also characterised by its high quality and very broad degree of diversification. No defaults have been recorded for concluded and current loans.
Performance has improved due to the selection of loans, the enhancement of processes and loan arrangements, and the improvement in the overarching conditions for the product, but also, to a minor extent, due to the rise in interest rates. The overwhelming majority of current loans were concluded at SARON-based interest rates.