GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — VT Gravis UK Listed Property (PAIF) Fund — Investor Presentation (April 2025)
29 slides from GCP Asset Backed Income Fund's investor presentation, April 2025
Slide 1: VT Gravis UK Listed Property (PAIF) Fund
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Slide 2: Thematic Real Assets
THEMATIC REAL ASSETS Gravis
Slide 3: Investing in Real Estate Investment Trusts (REITs)
INVESTING IN REAL ESTATE INVESTMENT TRUSTS (REITs) lV MO Contractual rental Tax-efficient Diversification reduces growth typically leads income received gross to capital growth © x Daily liquidity, No fund leverage and REITs managed by never gated no double discount risk real estate experts GRAVIS U
Slide 4: Key Themes Driving Returns
KEY THEMES DRIVING RETURNS There are five key themes in the real estate sector: ageing populations, digitalisation, urbanisation, generation rent and changing consumer behaviour. Property megatrends -——- TNIT0 HO cc Changing Consumer Behaviour Healthcare Alternative — Industrial & Housing & Commerci
Slide 5: Ageing Population — Increasing Demand for Healthcare
AGEING POPULATION — INCREASING DEMAND FOR HEALTHCARE UK population ageing. Shifting UK demographic increases demand on primary healthcare and residential care. Ageing stock - 20% of primary care estate was built before 1948'. 10-year NHS plan due in Spring. . . 14 . tras . Proportion of UK populatio
Slide 6: Digitalisation — Driving Demand for Automated Warehouses
DIGITALISATION — DRIVING DEMAND FOR AUTOMATED WAREHOUSES E-commerce penetration increasing. Online sales represents 27.0%! of retail sales in the UK. E-commerce requires more than 3x the logistics space of brick-and-mortar sales2. E-commerce Penetration Online sales as % of total retail sales? 30% 2
Slide 7: Generation Rent — Demand Supply Imbalance
GENERATION RENT — DEMAND SUPPLY IMBALANCE Growing demand and shrinking supply of rental homes. Average UK private rents increased by 9.0% in the 12 months to December 20241, UK Private rental rates remain resilient 10 o © n © wo» + © (96) Uoeyul Juey eyeALg |enuUY a ° Z-AON ve-des ve-110 vz-few y2-1
Slide 8: Thematic Real Asset Champions
THEMATIC REAL ASSET CHAMPIONS UK listed companies championing the real assets universe. ofa assura Market Cap — £1.2bn IPO Date — January 2015 Care REITeic Market Cap-— £0.3bn IPO Date — March 2017 % Target Rens Market Cap — £0.5bn IPO Date — August 2019 Source: Bloomberg LP. Data as at 31.01.26, GR
Slide 9: Introduction to the Fund
INTRODUCTION TO THE FUND Gravis
Slide 10: Fund Overview and Objectives
FUND OVERVIEW AND OBJECTIVES Key Information + Invests in UK Real Estate Investment Trusts (REITs), which are aligned to benefit from four socio-economic mega trends: ageing population, digitalisation, generation rent, and urbanisation, whilst avoiding exposure to retail + Deliver real estate like r
Slide 11: Investment Philosophy
INVESTMENT PHILOSOPHY Investment Management Portfolio construction ofa Attractive valuation Fund construction Ensure diversification across the UK listed infrastructure sector Price awareness Seek opportunities to minimise entry price 2X Growing dividends BD Inflation hedging Risk management Mitigat
Slide 12: Liquidity & Quality
LIQUIDITY & QUALITY UK Real Estate 80+ Listed Companies >£90bn combined market cap Excluding Retail 70+ Listed Companies >£80bn combined market cap Liquid & Tradable 45+ Listed Companies >£50bn combined market cap >£80mn averaae daily volume VT Gravis UK Listed Property 20+ Investments GRAVIS UK LIS
Slide 13: Building a Diversified Portfolio
BUILDING A DIVERSIFIED PORTFOLIO The Fund invests in multiple REITs, which own or invest in a diversified pool of properties. n Portfolio of REITs & REOCs Impact Healthcare Segro Derwent London Unite Group 126 properties 110 properties 46 properties 172 properties Primary Health Properties 521 prope
Slide 14: Embedded Rent Growth
EMBEDDED RENT GROWTH Rent reversion can be viewed as embedded growth and helps to offset any outwards shift in valuation yields. Meaningful rent reversion for ‘urbanisation’ and ‘digitalisation’. 60% 57% 50% Rent Reversion 45% 40% 30% 26% 27% 20% 16% 12% 7 LJ 0% DERWENT = LONDON ARR = SEGRO jes REIT
Slide 15: Strong, Stable Balance Sheets
STRONG, STABLE BALANCE SHEETS Growing Rents c.30% inflation-linked or fixed uplifts. 7.8 years — weighted average unexpired lease term (WAULT). Fixed Rate Debt 88% Fixed Rate Debt 31% portfolio LTV (estimated) Hybrid, 2% CPI/RPI, 30% Open Market, 58% Fixed x / 4% Loanto Value Av.Cost of Debt Av.Debt
Slide 16: EPC A-B EPC C-G
EPC A-B EPC C-G 2024 59% 41% 2023 54% 46% 2022 51% 49% 2021 47% 53% 2020 42% 58% 2019 40% 60% 59% 41% 16% 84%
Slide 17: Current Positioning
CURRENT POSITIONING Gravis
Slide 18: Portfolio Exposure and Top Holdings
PORTFOLIO EXPOSURE AND TOP 10 HOLDINGS Portfolio as at 30 April 2025. Company Grainger PLC Tritax Big Box REIT PLC Unite Group PLC Target Healthcare REIT PLC SEGRO PLC Urban Logistics REIT PLC Warehouse REIT PLC Picton Property Income Ltd Assura PLC Empiric Student Property PLC ‘Source: Gravis Advis
Slide 19: Reliable Distributions
RELIABLE DISTRIBUTIONS Quarterly since inception to 31 March 2025. 2#Q1 2019 0.1556p =Q2 Q4 - 1.0000 2.0000 3.0000 4.0000 5.0000 Past performance is not necessarily a guide to future performance. The Fund launched on 31 October 2019. Data as at 31 March 2025. Distributions shown are for the A Inc Sh
Slide 20: Dependable Distributions
DEPENDABLE DISTRIBUTIONS Driven by strong underlying investments, the Fund has paid 23 distributions since inception. REITs offer attractive c.5% dividend yields with growth potential. In contrast, c.1.3% yields on indexed-linked gilts. Years of Consecutive Dividend per Share Company Growth Dividend
Slide 21: UK IMI Core Real Estate vs VT Gravis UK Listed Property (PAIF) Fund
140 UK IMI Core Real Estate VT Gravis UK Listed Property (PAIF) Fund 130 120 110 100 90 80 70 60 Oct 19 Apr 20 Oct 20 Apr 21 Oct 21 Apr 22 Oct 22 Apr 23 Oct 23 Apr 24 Oct 24 Apr 25
Slide 22: Appendix
APPENDIX Gravis
Slide 23: Fund Investment Team
FUND INVESTMENT TEAM Matthew Norris, CFA — Director of Real Estate Securities & Fund Manager Matthew is the lead manager to the VT Gravis UK Listed Property Fund and the VT Gravis Digital Infrastructure Income Fund. He has more than two decades investment management experience and has a specialist f
Slide 24: Distribution Team
Distribution team Cameron Gardner — Director, Head of Distribution Cameron is a Director at Gravis and is Head of Distribution. She is a member of the Responsible Investment Committee. She joined Gravis in April 2019 from Neptune Investment Management, where she was responsible for covering the Sout
Slide 25: Key Terms
KEY TERMS Fund Size* Yield (A Inc GBP)* Share Classes Minimum Investment Capped fund operating charges** Launch Date Launch Price (31/10/2019) Valuation and trading Investment Association Sector Holdings Number of holdings* Distributions Classification £ISINs & SEDOLs £100.35m 4.99% Income & Accumul
Slide 26: Platforms and Wrappers
PLATFORMS AND WRAPPERS Available on the following platforms 7IM Aegon AJ Bell Allfunds Ascentric Aviva Barclays CoFunds Fidelity Funds Network FNZ Hargreaves Lansdown Hubwise Interactive Investor James Hay Novia Nucleus Old Mutual Quilter Pershing Raymond James Sanlam SEI Standard Life - Elevate Sta
Slide 27: Important Notice
IMPORTANT NOTICE Warning This presentation is issued by Gravis Advisory Limited (“GAL" or the “Firm’), which is authorised and regulated by the Financial Conduct Authority. GAL's registered office address is 24 Savile Row, London, United Kingdom, WIS 2ES. The company is registered in England and Wal
Slide 28: Contact Information
GRAVIS UK LISTED PROPERTY Gravis Advisory Ltd 24 Savile Row London WIS 2ES www.graviscapital.com CONTACT INFORMATION Cameron Gardner - Director, Head of Distribution cameron.gardner@graviscapital.com 020 3405 8555 Jonathan Feely - Sales Director, North & Midlands jonathan.feely@graviscapital.com 078
Slide 29: Gravis
Gravis INVESTMENT IDEAS FOR THE LONG RUN
VT Gravis UK Listed Property (PAIF) Fund — Investor Presentation (April 2025) on 6ix