Core Insights - SCOR Investment Partners has successfully completed an interim closing of EUR 260 million for its SCOR Real Estate Loans V fund, which focuses on value-add real estate debt strategies [1][2] Fund Overview - SCOR Real Estate Loans V is the fifth iteration of the fund, launched in 2013, aimed at financing renovation, restructuring, repositioning, or development of real estate assets [1] - The fund has a target size of EUR 500 million and has attracted both long-standing and new institutional investors, indicating a growing interest in real estate debt, particularly in the value-add segment [2] Investment Strategy - The capital raised allows for active deployment, with four projects already financed in sectors such as student housing, life sciences, and office assets, with SCOR acting as the sole senior lender in three of these transactions [3] - The fund is positioned to benefit from structural market trends, including European regulations and increasing demand for energy-efficient and certified assets [4] Market Conditions - The fund aims to provide an attractive risk-return profile, particularly benefiting from favorable market conditions for lenders in real estate debt, financing projects in major European metropolitan areas [5] - Investment volumes in the real estate market are on the rise, with expectations of yields above 5% on value-add real estate debt and an internal rate of return (IRR) of around 6% [7] Sustainable Investment Focus - In line with its sustainable investment philosophy, the fund targets improvements in energy efficiency of existing buildings and is classified as an Article 9 fund under the European Sustainable Finance Disclosure Regulation (SFDR) [6] Historical Performance - Over the past decade, SCOR Investment Partners has deployed EUR 2.3 billion across 91 transactions in its real estate debt strategy, utilizing a variety of debt instruments [7]

Investment Rating - The report indicates a stable but cautious outlook for Kampala's property market entering 2026, with long-term fundamentals remaining supportive, particularly for industrial, suburban office, and convenience-led retail assets [9]. Core Insights - Kampala's real estate market showed resilience in H2 2025, driven by macroeconomic stability, contained inflation, and sustained infrastructure investment, with economic growth strengthening to 6.3% in FY 2024/25 [4][12]. - The residential sector experienced modest softening, particularly in prime expatriate neighborhoods, due to increased apartment supply and shifting tenant demographics [5][54]. - The office sector transitioned into a tenant-favorable cycle, with rising vacancy levels in older buildings and stable rental rates for Grade A+ offices [6][78]. - The retail sector remained resilient, supported by strong footfall growth, although average spending per visit declined [7][100]. - The industrial sector outperformed all asset classes, with occupancy levels consistently above 80% and firm rental rates driven by record coffee exports and preparations for oil production [8][9]. Economic Overview - Economic growth rate for FY 2024/25 was recorded at 6.3%, with inflation remaining below the Bank of Uganda's target of 5% [10][15]. - Uganda achieved a Balance of Payments surplus of US$2.37 billion for the year ending October 2025, the highest in over 15 years [11][14]. Residential Sector Summary - The prime residential market saw a decline in rental rates for two-bedroom and three-bedroom units by approximately 10% and 9% respectively, with occupancy levels stable at around 83% [55][60]. - Increased supply of one-bedroom units has intensified competition, leading to downward pressure on rental levels for larger units [56][67]. - The short-let market continued to grow, particularly in secondary neighborhoods, supported by lower entry costs and improved building quality [54][69]. Office Sector Summary - The office market faced rising vacancy levels, particularly in lower-grade buildings, with Grade A+ rents remaining stable at approximately US$18 per square meter [79][80]. - Demand for smaller office spaces remained strong, driven by startups and SMEs adapting to hybrid working models [88][92]. - The supply pipeline includes over 200,000 sqm of office space expected to be delivered over the next two years, despite a slowdown in new developments due to political uncertainty [91][94]. Retail Sector Summary - Retail footfall increased by 15% year-on-year, although average spending per visit declined by 1% [105][111]. - The transition from informal trading to formal retail developments is evident, with suburban retail markets gaining traction [102][100]. - International brands outperformed smaller retailers, benefiting from stronger brand recognition and structured promotional strategies [113][112].