Risk management

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RG61

Describe the principal risks faced by the vehicle. Describe and analyse the vehicle’s current exposure to such risks. Principal risks will cover, among others, areas such as:

Market risks (yield shifts, rental income, voids, etc.);
Credit and counterparty risks (exposure to tenant debtors, financial institutions etc.);
Liquidity risks (including debt maturity, covenant breaches, redemption requests and the financing of future contractual commitments);
Interest rate risks (exposure to floating vs. fixed rate debts);
Foreign exchange risks (including details of hedging strategy and unhedged exposures);
Operational risks (tax, regulation, key employees, reliance on service providers or key advisors, etc.); and,
Physical or transition risks related to climate change.

As an integral part of the disclosure of the description and analysis of principal risks and their current status, the specific ESG considerations and risks should be included – see ESG15 of the Sustainability module.

Exposure to shareholder loans should be analysed separately from external loans.

Annual

Interim

Describe material changes

RG62

Describe the overall organisation of the risk management function and refer to key policies and procedures to monitor and mitigate exposures to key risks and uncertainties.

This description should include details of how the management of ESG-related risks is integrated into the overall risk management function.

Annual

Interim

Describe material changes

RG63

Summarise the vehicle’s current risk appetite and tolerance levels.

Describe the level of compliance with this framework and comment on any specific breaches and remedial plans.

Annual

Interim

Describe material changes

RG64

In a tabular form, give details of the overall financing structure of the vehicle. Include information such as financing costs, lender, security arrangements, recourse arrangements, maturity, and interest and loan amortisation terms. Refer to the financial statement disclosures as appropriate.