Investment Philosophy

The Board and management at SAC are continually required to examine the utilisation and allocation of the available resources to target optimal efficacy, in the pursuit of realising our aim of sustainable distribution growth and long-term capital appreciation.

SA Corporate is focused on achieving long-term sustainable distribution growth by ensuring its portfolio comprises defensive assets that generate robust NPI. To achieve this, the Group embraces active asset management and uses acquisitions, developments, disposals, and the recycling of capital to achieve its objectives.

SA Corporate has and will continue to consider both development and investment partnerships where it can achieve a balance between risk and reward within the framework of its determined risk appetite and tolerance levels.


The Group can make use of gross debt and corporate guarantees up to a maximum of 50% Loan-to-value (“LTV”) as per its lenders’ covenant requirements. The long-term strategy of the Board is to maintain a net debt LTV range of between 33% and 38% (excluding derivatives) of the underlying assets of the Group over the long term. The recovery in operational performance, partial settlement of debt from divestment proceeds and prudent increase in borrowing has maintained debt metrics at robust levels of 38.1% net debt LTV and 39.9% lender LTV, which is down 70bps, and a 2.2 times lender gross interest cover ratio, both well within the lenders’ covenant requirements of 50% LTV and 2.0 times cover.