Investments into FWHRE are facilitated via an Investment Mandate with FIM Capital

Investment Options

Class A (Distributing)

Class B (Accumulating)

Class C (Accumulating) Institutional Investors only

Minimum Investment Amount

 £10,000

Marriott Initial Fee

0%

Investment Management Fee

Costs are based on a sliding scale depending on investment size. Class A – deducted quarterly from income. Class B – deducted quarterly from capital via redemption from fund. Class C - deducted at fee level.

Charges

• Additional costs are deducted from the fund’s Net Asset Value (NAV) in respect of Fiduciary Custodian, Property Management, Audit and other services. Please see the Offering Document for more information.
• There are no brokerage fees or duties in purchasing units in FWHRE.

Financial Advisor Initial Fee, via the Fund's Intermediary

• Maximum 3% (excl RSA VAT). Payments processed twice a month. Deducted from consideration received.

Financial Advisor Annual Advisor Fee

• Maximum 1% p.a. (excl RSA VAT). Paid quarterly in arrears. Deducted from income quarterly
• Class A – deducted quarterly from income. Class B – deducted quarterly from capital.

Income Payments

• Class A: Income is reinvested or paid quarterly (Minimum payment of £400 applies.)
• Class B: N/A
• Class C: N/A

Client Reporting

• Biannual Valuations (28 February & 31 August)
• Income schedule produced annually

Weekly Pricing + Trading

• FWHRE is priced weekly, based on net asset value (as opposed to on a listed exchange).
• Shares can be purchased and redeemed weekly (subject to the notice periods detailed in the Offering Document).
• Instructions for redemptions need to reach the manager five clear business days before the next pricing date, for processing on that price date. Redemptions take 11-15 working days to process, once all the necessary instructions have been received.

Restrictions

• US and Prohibited Persons as defined in the Offering Document 
• Any natural person under the age of 18
• For SA companies and trusts there are SARB restrictions; a solution to this is to use the Marriott Asset Swap Capacity option. Contact Marriott for more details

Class Switches

• Switches between classes are permitted

Redemption charges

• There are no discontinuation fees in terms of redemptions from the Fund. Bank charges will be incurred by the recipient for any forex handled before crediting the amount to your bank account. There is a £35 telegraphic transfer fee for all payments made to nonUK bank accounts

Tax Clearance

SARS permits an annual foreign investment allowance of R10 million for individuals, and an annual discretionary allowance of R1 million per year. The latter does not require a tax clearance certificate.

If you have reached your individual limit for the year then you can make use of the Marriott asset swap capacity at no extra cost. Please contact the Marriott Communication Centre for more details.

Taxation of Income

The income received from FWHRE is considered a foreign dividend by the South African Revenue Service and as such is taxed at a maximum 20%. This is in most cases significantly lower than the marginal rates an investor would have to pay on local real estate income.

UK Capital Gains Tax on redemptions (effective 6 April 2019)

Non-UK residents may be subject to UK capital gains tax on gains arising from a redemption of shares in the Fund. Individual investors will benefit from annual individual UK CGT tax allowances and where applicable will also be able to take advantage of specific Double Tax Agreements in place between the UK and their respective country of residence. This will also impact trusts and corporate investors.

Registration, Nominees and Safe Custody

Certain investments in your portfolio may be registered in the name of nominee companies. Investments may also be registered in the name of appropriate eligible custodians, whose role it is to hold investments in safekeeping on your behalf, appointed by FIM Capital in accordance with the Isle of Man Financial Services Authority Financial Services Rule Book

Foreign Currencies

The base currency of the portfolio is Sterling, however investments may be made in assets denominated in other currencies. In this case, movements in currency rates of exchange can have an unfavourable as well as favourable effect on the value of your portfolio.

Confidentiality

We will use reasonable endeavours to ensure that all confidential information relating to you and your portfolio is kept confidential. However you authorise us to disclose information (confidential or not):

1. to our employees (or employees of our agents, nominees, custodians or other persons appointed by us in connection with your portfolio) on a need-to-know basis;
2. to the FSA and any other regulatory authority, to the extent that they are entitled to the information sought;
3. otherwise as may be required by law, best investment business practice, industry regulations or codes of practice.