Sardinia Healthcare & Research Property Fund
Reserved Alternative Investment Fund
Disclosure according to Article 10 of Regulation (EU) 2019/2088
Summary
The reserved real estate alternative investment fund named “Sardinia Healthcare & Research Property Fund” (hereinafter, the “Fund” or the “AIF“), established and managed by Silver Fir Capital SGR S.p.A. (hereinafter, the “ManCo” or the “Company“), falls under the category of products referred to in Article 8 of the Regulation (EU) 2019/2088 on Sustainability Reporting in the Financial Services Sector (hereinafter, the “SFDR Regulation“), i.e., among financial products that promote, among others, environmental or social characteristics, or a combination of such characteristics. This disclosure is made by the ManCo in accordance with the provisions of the SFDR Regulations, under which managers of alternative investment funds (such as “financial market participants”) are required to provide, for funds that qualify under Article 8 of the SFDR Regulations, information about how the environmental or social characteristics promoted by each fund are met.
No sustainable investment objective
The Fund does not have a sustainable investment objective.
Environmental or social characteristics of the financial product
The fund promotes both Environmental and Social characteristics and intends to contribute to the development of a sustainable society by generating positive impacts on the community through long-term investments in healthcare and other assets and at the same time protecting the environmental impacts generated by its investments. Investing in Healthcare and Ancillary Assets, the Fund seeks to specifically create an impact on four of the SDGs, namely: #3, good health and well-being; #6, clean water and sanitation; #7, affordable and clean energy and #8, decent work and economic growth. It does not designate a reference benchmark to measure the achievement of the environmental or social characteristics.
Investment strategy
In the investment process related to the Fund (i.e., from the scouting phase to the divestment phase), Silver Fir, in accordance with the internal investment and divestment policy, integrates sustainability risks, adopting the relevant assessment and mitigation parameters, and analyzes the relevant sustainability factors, consistent with the investment strategies defined for the Fund, providing in this context to: (i) complete the risk profile of the investment; (ii) identify any opportunities for intervention; (iii) estimate the impact of these risks on the value creation process; and (iv) assess their consistency with the Fund’s classification.
Proportion of investments
The minimum percentage of investments that promote environmental or social characteristics is identified as 90%.
Monitoring of environmental or social characteristics
Silver Fir, to measure the achievement of each environmental or social characteristic promoted by the Fund, adopts a special management and measurement framework based on ESG indicators, defined with the support of a specialized consultant and updated from time to time in accordance with relevant regulations, standards and international industry best practices.
Methodologies
Silver Fir has adopted a matrix through which the achievement of each characteristic promoted by the Fund will be measured, monitored and evaluated in accordance with identified sustainability parameters.
Data sources and processing
Data is collected and uploaded directly by Silver Fir, referring to third parties (tenants, property management, etc.). Data is saved on company servers and the dedicated tool. Most data are real, but where this is not possible, and collection is not dependent on the ManCo, they may be estimated.
Limitations of methodologies and data
The main limitation of the above methodology lies in the dependence on third parties in data collection. Nevertheless, most of the data is correctly collected and considered for the purpose of evaluation.
Due diligence
In evaluating the investment opportunities identified for the Fund, Silver Fir conducts a due diligence process aimed at assessing, in a comprehensive manner the return expectations, risk profiles and sustainability aspects related to the potential investment. With particular regard to environmental and sustainability due diligence, Silver Fir conducts the following sub-activities: (i) the inspection of the property; (ii) the sustainability assessment from an ESG perspective using a sustainability checklist, as further detailed in the section entitled “Due Diligence.”
Designated reference benchmark
No benchmark has been designated for the purpose of measuring the achievement of environmental or social characteristics promoted by the Fund.
