Rockcastle has been established in Mauritius as a category one Global Business License company with the primary objective of investing in global real estate assets and companies that are high yielding with the prospect of capital appreciation. Its investments may comprise global real estate securities, unlisted or over-the-counter real estate securities, other instruments derived from such real estate securities, and a global portfolio of direct property assets (which the company will both own and manage), including commercial property development projects, existing properties and real estate companies.
Rockcastle’s investments comprise primarily listed real estate securities in selected developed jurisdictions including Canada, New Zealand, Australia, Singapore, France, the Netherlands, Hong Kong, the United States and the United Kingdom. It is the company’s view that the real estate investment vehicles established and listed in these jurisdictions have attractive yields and fundamentally sound property portfolios that represent attractive investment opportunities. These investments will be held directly, or via subsidiaries incorporated in various jurisdictions for the purposes of maximising the tax efficiencies of Rockcastle’s investments, a critical consideration when investing globally. Rockcastle receives regular distributions from its investment portfolio which it aggregates and pays over to investors as dividends on a semi-annual basis.
Rockcastle conducts its business from Mauritius and its board comprises a majority of Mauritian resident directors. It was established in Mauritius in order to take advantage of Mauritius’ business friendly infrastructure and tax regime and the double tax agreements that Mauritius has negotiated with many of the jurisdictions in which the company intends to invest. It is envisaged that a listing on the SEM will provide access to a global investor base of managed funds, high net worth individuals and other sources of capital who view Mauritius as an attractive investment destination.
Portfolio performance & strategy
- Focused on liquid counters in developed markets offering growth prospects
- Strategic emphasis on companies with prospects of underlying rental growth and cost containment which will drive future returns
- A prudent risk management framework for the listed portfolio has ensured defensiveness in times of extreme volatility
- Rockcastle’s underlying holdings performed ahead of their respective forecasts during the period
- Complete exit from Hong Kong and Canada and significant divestment from Singapore
- Continued bias toward developed markets particularly the retail sector in the US and UK
- No formal currency hedging of capital positions, however underlying gearing in base currencies continues to mitigate the effects of currency movements on the capital base
- Continued analysis of physical property of the listed portfolio counters – site inspections and interactions with management