Cur8 UK Multifamily

Feeder Fund
Strategy: Property Backed Income

In partnership with
Regulatory Disclaimer
The content of this promotion has not been approved by an authorised person within the meaning of
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Key Investment Risks

Investing in The Cur8 UK Multifamily Feeder Fund puts your capital at risk.
The Fund will invest in small unquoted companies that holds underlying real estate. Such companies
You may lose some or all of your investment.

by nature pose a greater investment risk than public companies as there is no market in unquoted
companies’ shares, which means that the investments within the Fund will not be readily realisable.
This IM (“IM”) constitutes a financial promotion pursuant to section 21 of the Financial Services and Investors should therefore consider an investment into the Fund to be a long-term investment.

Markets Act 2000 (“FSMA”) and is issued by cur8 Limited (“Manager”) which is authorised and
regulated by the Financial Conduct Authority (FCA Number: 943736).

This IM does not constitute, and should not be considered as, an offer to buy or sell or solicitation of
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This IM should not be regarded as constituting advice relating to financial, legal, taxation, investment Kingdom.

or any other matters. All potential investors should seek specialist tax and financial advice from a
financial adviser authorised under FSMA to advise on such investments before subscribing to the It is the responsibility of each recipient (including those located outside the United Kingdom) to
Fund.­

satisfy himself or herself as to full compliance with all applicable laws and regulations of any relevant
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The Manager has taken all reasonable care to ensure that all the facts stated in this IM are true and governmental or other consent and observing any other formality presented in such territory.

accurate in all material respects and that there are no other material facts or opinions which have been
omitted, the omission of which would make any part of this IM materially misleading.
Past performance is not a guide to future performance and Investors should be aware that share
values and income from them may go down as well as up and Investors may not get back the amount
subscribed. Applications may only be made and will only be accepted subject to the Terms &
Conditions set out in the associated Investment Management Agreement.
Executive Summary

Rare access to institutional grade property investments

World Class
Property-Backed
Flexible Exit

Sharia Funds Income Options

Cur8 Capital, an IFG company, is an
established private funds platform for
sharia-compliant investors. Through our
feeder vehicles we enable investors to
access world class funds for a fraction of
the minimum investment.
The Cur8 UK Multifamily Feeder Fund (the Investors can expect to exit between 3-5 years
“Feeder Fund”) is an exciting investment when the private fund is listed on the stock
offering property-backed income through a exchange as a tax-efficient REIT. Prior to that,
tax-efficient structure. We are proud to investors can exit via secondary sales through
collaborate with Rasmala Investment Bank on Cur8. Cur8 maintains a reserve of £150,000 to
this investment strategy. The Feeder Fund will buy back exiting investors at short notice.
aim to distribute rental income on a semi-
annual basis, with dividends expected to
average 5-6% p.a. within the investment
horizon and grow in line with inflation
afterwards. Total annual returns including
capital growth and dividends are expected to
average 13.6% per annum.
Executive Summary

A compelling strategy executed by an experienced team

Investing in UK
Manage Assets Via
Vertically Integrated

Living Sector Red Apartments Platform

The Rasmala UK Multifamily Fund (the “Fund”) The Fund will manage its assets via Red Apartments Red Apartments Limited operates also a BTR business which

will invest in the UK Living sector with a focus Limited, a fully owned operator with over 20 years has recently start managing an 85 units apartment in Hemel

on Built to Rent(“BTR”) and Serviced Apartments experience of investing in the UK Living sector. This Hempstead. Investments will continue to be made in both

(“SA”). The Fund will also have an ancillary means that in addition to an active pipeline of freehold and leasehold assets, as well as in the acquisition of

exposure to Co-living, Student Housing, acquisitions, the Fund will start with an exposure to other operators and property developers to create a vertically

Affordable Housing and Later Living to achieve a approximately 400 residential units located in integrated platform. The strategy is led by a highly experienced

more stable income profile and fulfil its socially London and the rest of England. management team which will provide both property

responsible mandate. management services and lead M&A activity.

Intro to

Cur8
 ?
We are the investment arm of IFG. We help you invest in
What is world class private funds - investing’s best kept secret. We
give access to the world's best asset managers investing in
Venture, Real Estate, Sukuk and more.

Cur8 so far

50+
Companies

2
Exits Successful Venture Arm

£10 Million+ invested

41% We have a highly successful venture arm that has

managed to do the above in just 3 years. We have
invested alongside the most legendary funds and
net IRR entrepeneurs in venture capital, including early
investors in Facebook, Uber, Twitter and Coinbase.
Cur8 Today
A Private Funds Marketplace
Investing’s best
kept secret
Cur8 now covers all private funds, not just venture
capital. Private funds have been a go-to for institutional
investors for decades and have consistently
outperformed the stock market1. However they are
typically hard to access due to high minimum tickets
and complex legal, regulatory and tax structuring.
But through the power of technology and syndication
we have radically improved access to this world of elite
investments.
1 https://cur8.capital/references
Strong Partners
Minimum Investment
£5000 Partners
managing over
With a low minimum ticket, we radically increase $20bn
access to high quality projects that would usually
Our roster of partners manage over $20bn in assets
require millions to invest in. You can also set up a
and have decades of track record and experience.
monthly direct debit of £417 for hassle-free
saving. We also ensure we cater for UHNW clients
Whether it is aggressive strategies such as venture or
- you are better off investing through us.
property development, to more moderate strategies
such as real estate and fixed income, we curate the
best sharia-compliant private funds on our platform.
Our process is
straightforward

1 2 3 4

We source high quality funds
and deals through our
network
We diligence those funds and
deals, negotiate terms, and
structure carefully from a
legal, tax, and regulatory
perspective
We launch funds and deals
on the platform, making
relevant documents available
for investors to review.
Investors invest in the fund
from a minimum of £5000
and get access to the entire
fund's investments. You can
top up regularly - and even
set a direct debit
Rasmala Investment

Strategy & Team

Overview
UK Living Sector

Build to Rent (BtR) Serviced Apartments Co-Living

Social Housing Student Housing Later Living

Disclaimer – These photos do not correspond to the actual site photos.

UK Multifamily Fund www.rasmala.com | 3

The Right Product at The Right Time
• A combination of macro, structural, demographic and regulatory factors make the UK Multifamily Fund a good choice for investors.
Macro Factors
Resilience of UK residential
sector through prior downturns
Pro-inflationary sector due to
short-term leases
Negative real rates favor real
assets over financial assets
Weak sterling offers excellent
entry point for USD investors
Source: Rasmala Real Estate Investment Team
UK Multifamily Fund
Social & Demographic
Increasing unaffordability
Generational shift in preference to Chronic housing shortage
rent vs. buy
Work from Home trends –
customers willing to relocate
‘Hotelification’ – customers
desiring more amenities & better
service
Structural & Regulatory
Shortage of institutional capital
in UK multifamily sector
Operational real estate
Non-resident capital gains tax
introduced in 2019
REIT has become the most tax
efficient means of investing in UK
real estate
www.rasmala.com | 4
Rasmala
Team
Investment and Fund Management

Eric Swats Haroon Ahmad Ruggiero Lomonaco Adnan Adil

CEO Head of Direct Investments Head of Rasmala Real VP Direct Investments
Estate Funds

Source: Rasmala Real Estate Investment Team

UK Multifamily Fund www.rasmala.com | 6

 Real Estate Direct Deals

Since 2015, Rasmala has directly invested in commercial real estate in UK, US, Germany, Netherlands and UAE

Property Type: Distribution Facility Property Type: Distribution Facility Property Type: Data Center (Co-
Property Type: Supermarket Property Type: Distribution Facility
Location: Germany Location: Scotland investment)
Location: UK Location: Netherlands
Tenant: Amazon Tenant: Amazon Location: USA & Canada
Tenant: Tesco Tenant: Timberland Europe B.V
Acquisition Price: €115mn Acquisition Price: £54mn Tenant: Microsoft, NVIDIA, XBox
Acquisition Price: £28.6mn Acquisition Price: €51mn
WAULT*: 10.5 years WAULT: 11 years Acquisition Price: $20m
WAULT: 16 years WAULT: 8 years
Exit IRR: 18.0% Exit IRR: 8.4% WAULT: 11.6 years

Property Type: Distribution Facility Property Type: R&D Facility Property Type: Office/Research Lab Property Type: Office
Location: Germany Location: USA Location: Netherlands Location: UK
Tenant: Decathlon Tenant: Axalta Tenant: Genencor Intl. N.V (DuPont) Tenant: AbbVie
Acquisition Price: €31mn Acquisition Price: €61.2mn Acquisition Price: €31.5mn Acquisition Price: £24.5mn
WAULT: 6 years WAULT: 18 years WAULT: 17 years WAULT: 4.5 years

*WAULT means Weighted Average Unexpired Lease Term

Data as of 31 May 2021
Source: Rasmala Real Estate Investment Team

UK Multifamily Fund www.rasmala.com | 7

Rasmala Real Estate Funds’ Track Record
Rasmala North American Real Estate Income Fund – D3
• Rasmala manages around USD 1bn in Real Estate Performance
across pooled funds, separate accounts and club
deals. 30.00%
25.00%
• The strategies provide exposure to both public and 20.00%
private real estate markets. 15.00%
10.00%
• 3 flagship funds which invest in Europe, UK and
5.00%
North America in traditional and alternative sectors,
0.00%
respectively.. 2020 2021 YTD 2022
Total Return Distributions

Rasmala Long Income Fund – A USD INC Performance Rasmala European Real Estate Income Fund – D3 Performance
7.00% 16.00%
6.00% 14.00%
5.00% 12.00%
4.00% 10.00%
8.00%
3.00%
6.00%
2.00%
4.00%
1.00%
2.00%
0.00% 0.00%
2019 2020 2021 YTD 2022 2019 2020 2021 YTD 2022
Total Return Distributions Total Return Distributions

Source: Rasmala Real Estate Team & Apex Fund Services Ltd. Data as of 31st August 2022. Reported performance relate to NAREIF Class D3 USD INC, RLIF A USD INC, EREIF D3 Inc.
Past performance is not an indicator or a guarantee of future performance.

UK Multifamily Fund www.rasmala.com | 8

Red
Apartments
Team
Red Apartments – The UK Operator

Dominic Sherry Kamran Ahmad Anna Rivers Bala Balasubramaniam Valeria Basso John Harrington
CEO Director of Head of COO Head of Revenue & Head of Real Estate
Finance Marketing Distribution

Source: Flying Butler

UK Multifamily Fund www.rasmala.com | 10

Journey of Flying Butler

• Flying Butler Apartments was founded over 20 years ago and is a pioneer in the UK corporate serviced apartment space. The business
started operating in Reading in 1999 and now operates its corporate accommodation product across approximately £250m of UK real
estate. This equates to in excess of 400 units, owned, managed, or leased across Greater London and the Southeast of England.

The ‘Flying Butler Units prioritised and

The Rasmala Group
Apartments’ brand Company undergoes streamlined during
becomes 100% shareholder
name launched a rebrand Covid-19

Original operator The Rasmala Group Flying Butler Flying Butler engages
Deep Blue founded becomes majority Apartments in first management
shareholder acquires ESA contract (35 units)

Portfolio growth
strategy of 180 new
units per year

2021 2022 2025

1999 2014 2017 2018 2019 2020 2020

50 80 180 500 530 400 400 520 910

Number of units Forecasted

Source: Flying Butler

UK Multifamily Fund www.rasmala.com | 11

Why UK
Living Sector?
UK Housing – A Resilient Sector

• UK average house prices continue to grow delivering attractive returns to investors. Prices have reliably grown by an average 5% p.a.
• As salaries have not kept pace, this has made direct ownership more challenging for first time buyers. In December 2021, the average
house in the UK stood at £270,000

300,000
£ 270,708
Cumulative Aggregate Growth Rate
250,000
Last 5 years 4.7%
Last 10 years 4.9%
200,000 Last 20 years 5.2%
Last 30 years 5.3%
GBP per unit

150,000

100,000

50,000

-
Jun-68 Jun-73 Jun-78 Jun-83 Jun-88 Jun-93 Jun-98 Jun-03 Jun-08 Jun-13 Jun-18

Source: Tradingeconomics.com – Bank of England ; Bloomberg, UK House Price Index

UK Multifamily Fund www.rasmala.com | 13

Diminishing Housing Affordability

• According to Colliers (*) the average mortgage taken out by buyers stands at £244,200 in Q2 2022, up from £222,700 in Q2 2021 and
the highest figure on record.

• The earnings to house price ratio stands at an estimated 10.6x, up from 8.9x a year ago and the highest on record. The data suggests
that house price growth continues to outperform earnings growth, making home ownership less affordable and encouraging people to
rent.

Average mortgage size (purchases) House price affordability ratio (real terms)

£300,000 12.5

£250,000
10.0
Average mortgage size in £

House price to earnings ratio

£200,000
7.5

£150,000

5.0
£100,000

2.5
£50,000

£- 0.0
Q2 2002 Q2 2007 Q2 2012 Q2 2017 Q2 2022

Source: Office for National Statistics

UK Multifamily Fund www.rasmala.com | 14

Declining Home Ownership Trends

• Millennials (born between 1981 to 2000) display a much lower percentage of home ownership relative to previous generations.

80%
Baby boomers
(1946-1965)
70% Gen X
(1966-1980) Silent gen
(1926-1945)
60%

50%

40%

30%
Millennials
(1981-2000)
20%

10%

0%
20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70

Notes: Figures for each generation are derived from a weighted average of estimates by single year of age for each single-year birth cohort within that generation; generations are included if at least five birth years are present in the data; results
from other datasets are indexed to those from the Family Resources Survey to create a consistent series over time.
Source: RF analysis of ONS, Labour Force Survey Household Datasets; DWP/ ONS, Family Resources Survey; ONS, General Household Survey; ONS, Family Expenditure Survey (IFS datasets)

UK Multifamily Fund www.rasmala.com | 15

Working From Home “WFH” & Commuter Trends

• COVID has altered demand for rental homes with certain areas strategically located along main transportation arteries emerging as
highly desirable due to a combination of pleasant surroundings and ease to access to the centre.

Source: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentand employeetypes/articles/businessandindividualattitudestowardsthefutureofhomeworki nguk/apriltomay2021

UK Multifamily Fund www.rasmala.com | 16

London Rental Markets

• The BTR market is increasingly focused on outer tube zones which offer the right combination of distance and affordability.

Median monthly rent

Under £950

£950 - £1,100

£1,100 - £1,300

£1,300+

Source: https://www.london.gov.uk/what-we-do/housing-and-land/improving-private-rented-sector/london-rents-map

UK Multifamily Fund www.rasmala.com | 17

Operational
Platform
Realtime Location Specific Information

• Serviced apartments offer the possibility of achieving higher yields than traditional residential letting. It is important, however, to have
access to real time occupancy and average room rates to select the right property to invest. During summer 2022, Flying Butler achieved
ADR of up to £200 a day on central London units.

BAKER STREET HOLBORN

£140 100% £180 100%

90% £160 90%

£120
80% Enfield £140 80%
£100 70% 70%
£120
60% 60%
£80 £100
50% 50%
£60 £80
40% 40%
Barnet £60
£40 30% 30%
£40
20% 20%
£20 Harrow
10% Haringey Waltham
£20 10%

£0 0% £0 0%
May Jun Jul Aug Sep Forest Redbridge May Jun Jul Aug Sep

Hackney Havering
Hillingdon Brent Camden Islington
HIGH STREET KENSINGTON Barking and LONDON BRIDGE
£160 80% Dagenham £180 100%
Newham
£140 70% Ealing City of Tower £160

Westminster City of Hamlets 95%

£120 60% London £140

£120 90%
£100 50%
Kensington Southwark £100
£80 40% and Chelsea 85%
£80
£60 30% Hammersmith Greenwich
£40 Hounslow and Fulham £60 80%
20%
Lambeth Bexley
£40
75%
£20 10%
Richmond Wandsworth £20

£0 0%
upon Thames Lewisham £0 70%
May Jun Jul Aug Sep May Jun Jul Aug Sep

Merton
RICHMOND CROYDON
Kingston
£165 100% £125 120%
upon Thames
£160 90%
£120
100%
80%
£155 Bromley £115
70%
£150 80%
60%
Sutton Croydon
£145 £110
50% 60%
£140 £105
40%
£135 40%
30% £100
£130 20%
20%
£95
£125 10%

£120 0% £90 0%
May Jun Jul Aug Sep May Jun Jul Aug Sep

Source: Flying Butler

UK Multifamily Fund www.rasmala.com | 19

Competitive Set

• Looking at benchmarking, Flying Butler Apartments score at the top of STR competitive sets, regularly exceeding competitor RevPAR
delivery. This is driven by strong working relationships with agencies, a loyal corporate client base and a focus on driving ADRs with
quality products.

• NB Occupancy does not include AST residents.

Full Year 2021

Flying Butler Competitors Difference

Occupancy 62.59% 63.80% -1.21%
ADR £110.36 £85.42 +£24.92
RevPAR £69.30 £54.49 +£14.81

YTD – August 2022

Flying Butler Competitors Difference

Occupancy 73.71% 76.60% -2.89%
ADR £138.50 £111.81 +£26.69
RevPAR £104.70 £85.42 +£19.28

Source: Flying Butler

UK Multifamily Fund www.rasmala.com | 20

Serviced Apartment Portfolio

Source: Flying Butler

UK Multifamily Fund www.rasmala.com | 21

Flying Butler Distribution Channels

• Flying Butler operates primarily in the Corporate Serviced Apartment segment; however, it also offers individual bookings directly on its
website or via popular search engines like Booking.com

Source: Flying Butler

UK Multifamily Fund www.rasmala.com | 22

Case Study – Reading Central

• The journey behind our newly launched Reading Central building is a real transformation story. It took an extensive £800K refurbishment
project fund, enduring vision from our design and interiors team and tenacity and passion from our maintenance and operation teams.

BEFORE AFTER

Watch Video

Source: Flying Butler

UK Multifamily Fund www.rasmala.com | 23

Mura Living (www.muraliving.com)

• Mura Living is a newly developed in-house brand to address the Build to Rent market segment. Mura is a female ornamental name of
Japanese origin meaning village. Japan is a country that squeezes twice the UK population into a country a tiny bit bigger than the UK, so
living space is at a premium and requires careful design and thoughtfulness which is a key feature in Japanese architecture and design.

• With Mura Living, the idea of simplicity and functionality is woven into everything we do including the design of apartment interiors, and
communal spaces that are simple., clean, comfortable and relaxing as well as easy uncomplicated management support to ensure
residents have more timeto enjoy abundance in life, minus the stress.

Mura Living Brand Essence

1.effortless flow 2. natural warmth 3. refined simplicity
effortless flow and a visual design natural warmth and the harmony the allure of simple intentional
that nods to the sophisticated that exists in the wellness and design, the power of quiet
frictionless living experience and sustainable design of Mura Living confidence and the sophistication
design intent spaces that exists in refined simplicity

We are: We are: We are:

relaxing natural minimal
clean design easy togetherness premium
balance friendly and inviting confident

We are not: We are not: We are not:

high tempo industrial busy
complicated crowded or inauthentic populist
ornate professional and aloof loud

Source: www.muraliving.com

UK Multifamily Fund www.rasmala.com | 24

Case Study: Hamilton House

2
7
3
Spring Fields

AT TRACT I ON S Keens Field

1 The Jellicoe Water Gardens
2 Gadebridge Park

A 4 14 6
3 Charter Tower
4 Frogmore Paper Mill 11

LEIS URE Hamilton House

Hemel

Leighton Buzzard Rd.

5 Everyone Active
Town Centre
6 Snow Centre Hempstead
7 The Old Town Hall 12
8 Hemel Hempstead Sports Centre
1
9
RE TAIL
9 The Marlowes Shopping Centre 10
10 Riverside Shopping Centre
8
11 Asda 5
12 Tesco Express Boxmooor
6
Heathpark

Hamilton House, Hemel Hempstead, London, UK N

• 79 one- and two-bedroom apartments in a prime location within London commuter town of Hemel Hempstead

• First building to be launched under the Mura platform

• Amenities will include Gym, Rooftop Garden, Co-Working Space and Concierge services

• 80% BTR and 20% serviced apartment. This provides greater flexibility to drive revenues while making portfolio more resilient

Source: Flying Butler and Rasmala Real Estate Team

UK Multifamily Fund www.rasmala.com | 25

Mura Living: Lobby

Source: www.muraliving.com

UK Multifamily Fund www.rasmala.com | 26

Mura Living: Communal Dining Area

Source: www.muraliving.com

UK Multifamily Fund www.rasmala.com | 27

Mura Living: Gym

Source: www.muraliving.com

UK Multifamily Fund www.rasmala.com | 28

Mura Living: Residents’ Lounge & Co-working

Source: www.muraliving.com

UK Multifamily Fund www.rasmala.com | 29

Mixed Use Properties

• 80% BTR (Mura Living)

• 20% Serviced Apartments (Flying Butler)

Source: Flying Butler/www.muraliving.com

UK Multifamily Fund www.rasmala.com | 30

Mura Living: Resident App & Portal

• All-in-one resident app. Simplify resident tasks and connect to

apartment community

• Will befully integrated to our PMS system for ease of management

• Contact Mura building staff directly from app Reserve amenities
and buy add ons directly from the app

• Submit maintenance requests with pictures of the issues

• Pay rents and any add ons with a single tap

• Parcel alert notifications

• Access apartments and amenities using app by either using

codes or Bluetooth keys

Source: www.muraliving.com

UK Multifamily Fund www.rasmala.com | 31

Mura Living: Access & Locks

• Smart lock to be installed to all apartment doors and amenity doors

• Increases security

• One time access can be provided where required

• Seamless access throughout the building

Source: www.muraliving.com

UK Multifamily Fund www.rasmala.com | 32

Pipeline
Hamilton House

Hamilton House, Hemel Hempstead, London, UK

79 Residential Apartments, managed by Flying

Butler Apartments Limited (“FBAL”) Enfield

Description
Repositioning Potential for conversion of some Barnet
retail units to 5-6 apartments Harrow
Haringey Waltham
Forest Redbridge

Status Acquired Hillingdon Brent Camden

Hackney
Islington
Havering

Barking and
Dagenham
Tower Newham
Ealing City of
City of Hamlets
Westminster
Use Built To Rent
London
Kensington
Southwark
and Chelsea
Hammersmith Greenwich
Hounslow and Fulham

Hemel Hempstead, Hertfordshire, United Lambeth

Bexley
Location
Wandsworth
Richmond

Kingdom
upon Thames Lewisham

Merton

Purchase Price £19 million

Kingston
upon Thames

Bromley
Sutton Croydon

Estimated Rental Value £826,586

Source: Rasmala Real Estate Team

UK Multifamily Fund www.rasmala.com | 34

Ibis House

Ibis House, Richmond, London, UK

9 residential flats converted from a former office Enfield

Description building, managed by Flying Butler Apartments

Limited (“FBAL”) Barnet

Harrow
Haringey Waltham
Forest Redbridge

Status Acquired Hillingdon Brent Camden

Hackney
Islington
Havering

Barking and
Dagenham
Tower Newham
Ealing City of
City of Hamlets
Westminster
Use Serviced Apartments
London
Kensington
Southwark
and Chelsea
Hammersmith Greenwich
Hounslow and Fulham
Lambeth
Bexley
Location Richmond, London, United Kingdom
Wandsworth
Richmond
upon Thames Lewisham

Merton

Purchase Price £4.1 million

Kingston
upon Thames

Bromley
Sutton Croydon

Estimated Rental Value £480,000

Source: Rasmala Real Estate Team

UK Multifamily Fund www.rasmala.com | 35

Southerton Road, Hammersmith

Hammersmith, London, UK

9 Serviced Apartments, Residential Enfield

Description
development / conversion opportunity Barnet

Harrow
Haringey Waltham
Forest Redbridge
Type of Asset Freehold Hillingdon Hackney Havering
Brent Camden Islington

Use Serviced Apartments

Barking and
Dagenham
Newham
Ealing City of Tower
Westminster City of Hamlets
London

Location Southerton Rd, Hammersmith, London Kensington

and Chelsea
Southwark

Hammersmith Greenwich
Hounslow and Fulham

Purchase Price £6.75 million Richmond

Wandsworth
Lambeth
Bexley
upon Thames Lewisham

Estimated Rental Value Merton

£400,000
on Completion
Kingston
upon Thames

Bromley
Sutton Croydon

Expected Completion November 2022

Source: Rasmala Real Estate Team

UK Multifamily Fund www.rasmala.com | 36

Chancery Lane

Chancery Lane , London, UK

Residential/ conversion of an office. It

comprises of 14 residential flats with a mix Enfield

Description
of 1-bedroom (2 units), 2-bedroom (7 units), Barnet

3-bedroom (5 units) serviced apartments Harrow

Haringey Waltham
Forest Redbridge

Type of Asset Under negotiation Hillingdon Brent Camden

Hackney Havering
Islington
Barking and

Use Serviced Apartments Ealing City of Tower

City of Hamlets
Newham
Dagenham

Westminster
London
Kensington
Southwark
116 – 118 Chancery Lane Street, London,
and Chelsea
Hammersmith
Location
Greenwich
Hounslow and Fulham
United Kingdom Richmond Wandsworth
Lambeth Bexley
upon Thames Lewisham

Purchase Price £21 million Merton

Kingston

Estimated Rental Value

upon Thames

£925,000 Sutton Croydon

Bromley

Expected Completion April 2023

Source: Rasmala Real Estate Team

UK Multifamily Fund www.rasmala.com | 37

Conclusion
Performance Drivers

Rental Income Development Profit

Income from leasing residential Difference between
units to tenants underpinned by construction costs and value
strong demand for rental properties of standing properties.

Capital Appreciation
Secular growth of capital values Currency
of residential properties driven Performance Appreciation of GBP vs
by urbanization and supply-
demand imbalances. Drivers USD and possible currency
hedging gains.

Management Fees Liquidity Premium

Fees earned from managing Resulting from listing and trading
third party owned properties. on the stock exchange

Source: Rasmala Real Estate Team

UK Multifamily Fund www.ramala.com | 43

Structure &

Terms
Overview of the Feeder Fund Terms
Terms Details

Target Fund Size £25m

Target Average Annual Distribution 5-6%* (twice yearly distributions)

Investment Period 3 - 5 years (investors can hold the REIT shares thereafter indefinitely)

Liquidity 3 sources
Cur8 will keep aside a £150k amount to provide quick liquidit
Investors can post their fund stake on the platform for others to bu
Long-term, once the fund scales to £250m+, it will be transitioned
into a publicly listed REIT

Minimum Commitment £5000 (option to set monthly direct debit of £417))

Leverage The fund will only seek sharia-compliant debt

* The Feeder Fund will initially distribute less than 6% (around 3.5%) and then ramp up to 7-8% towards the end of the term. The reason why there is a range given here is because rental
yields and occupancies can vary.
Feeder Fund Structure
UK Family Fund

Cur8 Feeder Fund
(min ticket $1m, not suitable for UK investors)

Guernsey holding company

Benchley Management

Rose Investments Limited Saha Holdings Limited Red apartments Limited

Limited

Ibis House Hamilton House Hammersmith Operators

GLS REIT Plc

Worked Example
Adam is a Cur8 Capital Member. He invests £100,000 and expects to hold for the long-term. The below has been modelled on a 5-year horizon where inflation is
assumed to 8.5% in year 1 and 3.3% from years 2-5*.

Terms Details

Amount Invested £100,000

Fees 3% Inital Fee 1.25% Mgmt Fee in pre-REIT period

Expected Total Dividend Payments ~£27,700

Expected Capital Gains ~£52,100

Expected Capital Gain Tax Saving (through REIT exit)

upto £8,000

Expected Corporate Tax Saving (through an investment via a UK

upto £5,000
Limited Company)

Expected Total Annual Average Gross Return 16.4%

Expected Total Annual Average Net Return 13.6%

* Where inflation turns out to be higher, the property values are expected to increase in line with that.
Fund Fee
Management Fees
Initial Structuring
Initial Structuring
Profit Share (above

Investment Amount
per annum fee fee (Member) 7% hurdle)

£5,000 - £19,999 1.25% 4% 3.5% 20%

£20,000 - £249,999 1.25% 3% 2.5% 20%

£250,000 - £499,999 1.25% 2.5% 2% 20%

£500,000 - £999,999 1.25% 2% 1.5% 20%

£1m+ 1% 1% 0.75% 20%

1) For commitments above £5m please contact us for fees

(2) Annual fees are paid annually and charged with respect to the investor’s share of the cost of current (undisposed) investments of the fund.

(3) Structuring fee is charged with respect to the investor’s commitment amount.

(4) Rasmala will also charge a deal-by-deal structuring fees ranging between 1-5% of the total deal value. Rasmala typically acquire assets at a significant discount.
 Tax Considerations

Look-through Vehicle Investing via Company REIT benefits

The Feeder Fund is a look-through vehicle for Investing into this Feeder Fund via a UK limited UK REITs are a highly attracted vehicle from a UK
tax purposes. This means that no taxes are company shall mean that any dividend tax perspective. The Fund plans to exit by becoming
charged at the fund level and investors are distributions made back shall be treated as a REIT in 3-5 years. At that point investors have the
responsible for their own tax affairs upon franked income and as such no further choice of continuing to hold the shares or sell.

receipt of proceeds. corporation tax will be due on these returns.

REITs are exempt from corporation tax and income
tax on profits made from asset sales as well as
income from rent.

UK REIT shares attract 0.5% stamp duty rather than

the 5% when buying a property directly.

Any latent capital gains taxes that have accrued

with the Fund prior to becoming a REIT will be
effectively eliminated upon listing. This is vital - as
there is an expectation that capital gains will be
made.

Please note: the above is our informed analysis but it should not be construed as individualised tax advice and investors should seek expert tax counsel in case of any queries.
How the Fund is

structured

Feeder Fund Structure Evergreen Fund Classification

The Feeder Fund shall be considered a fund As an evergreen fund, subscriptions raised The Fund will be the regulatory client of the

for the purposes of regulation however it will after the initial close shall buy into the fund Investment Manager and is categorised as a

not be a separate legal entity but will instead based on the prevailing valuation of the per se Professional Client as defined in the

comprise of the combined investments under portfolio based at the time of the next close. FCA Rules.

the management of Cur8 of the respective

The Fund is classified as a Retail Investment
Investors, each having separate portfolios of
Product as defined in the FCA Rules and does
beneficial interests in the shares of the
not constitute a Collective Investment Scheme
Rasmala Fund.

as defined in the Financial Services and

The Feeder Fund will invest via a nominee Markets Act 2000.

vehicle that will hold legal title for all investors.

FUND

RAISING
UK Focus
Expected Total 

Annual Return (net)

Target size:
13.6%
£25m Expected Average

Annual Distribution (net)

5-6%
To find out more visit
cur8.capital
Thank you

CONTACT
team@cur8.capital