Develop North plc

Develop North PLC is a United Kingdom-based closed end investment company, which specializes in providing finance to the residential and commercial property sector. The Company provides debt finance to the property sector. With a focus on the North of England and Scotland, it offers finance solutions of between £0.5 million and £5 million to credible and professional developers across residential and commercial sectors. The Company's investment objective is to provide shareholders with a consistent and stable income and the potential for an attractive total return over the medium to long term. It seeks to achieve its investment objective through a diversified portfolio of fixed rate loans predominantly secured over land and/or property in the United Kingdom. It retains absolute discretion to make investments for either shorter or longer periods. Its projects include Kenley Homes, Horizon Cremation, Bede Homes and Calmont Homes. The Company's investment adviser is Tier One Capital Ltd.

The Company seeks to provide shareholders with a consistent and stable income and the potential for an attractive total return over the medium to long term through a diversified portfolio of investments predominantly in the North East of England. To achieve this objective, the Company will create a balanced portfolio diversified across three asset classes: real estate lending, commercial real estate and residential real estate. The real estate lending strategy will invest primarily in fixed rate loans secured over land and/or property, principally through senior secured loans, although bridging loans, subordinated loans and selected loan financings may also be considered. The commercial real estate strategy will invest in commercial properties, while the residential real estate strategy will focus on properties leased to social care providers and the private rented sector. The Company may use gearing, derivatives for efficient portfolio management and temporary cash investments.

• Ongoing charge0.25%
• Annual management charge -
• Performance feeNo

An investment adviser fee of 0.25% p.a. of the NAV less than GBP 100m and 0.5% p.a. of the NAV if GBP 100m or more. There are no performance fees payable. The contract is terminable on 6 months notice.