We started this year with the successful acquisition of a block of apartments. This purchase was a significant company milestone for us and has provided further opportunities for us to explore in 2023.

Most of the year involved much effort in sourcing future investments with limited results. The price increases seen in 2021 accelerated further in 2022 and the property market turned into a buying frenzy with higher and higher prices being paid for properties. This in turn, effectively priced us out of the market. To use a sporting analogy, it has felt like we have been sat on the bench waiting for the coach to give us the nod only to realise the game is in the 80th minute and drawing to an end (a position Oli and I were both, unfortunately all to familiar with during our professional rugby careers)

Although rising property prices created a challenge for sourcing new investments, it has significantly increased the existing portfolio value. The increase in property prices has reduced the debt-to-equity ratio across the portfolio, which in this period of rising interest rates will limit our exposure to these increasing costs.

Looking forward to 2023, we will continue searching for new opportunities and reviewing the properties previously offered on this year. Given the recent market turmoil, we expect to see some of these properties back on the market for sale with a more competitive price tag and vendors more open to negotiating overall.

Wishing you all a Happy New Year and all the best for 2023.