1. +10.23%
12 Month total return1
+32.88%
3 Years total return1
+62.57%
5 Years total return1
+9.72%
Compound annual return
since launch2
1
Total return to 31/12/11
2
From 15/06/00 to 31/12/11
Returns are net of Brandeaux
charges
“Early bookings from
students for 2012/13
together with longer term
commitments from our
university relationships
have already secured over
60% occupancy with us
for 2012/13. As Liberty
Living has established
its reputation with both
universities and students
as the residence of
choice, we are confident
that we will maintain our
long standing track record
of full occupancy through
2012/2013”
Charles Marshall
Chief Executive Officer,
Liberty Living Plc,
5 January 2012
RENTS SET 5.9% HIGHER FOR THE NEXT
ACADEMIC YEAR STARTING IN SEPTEMBER 2012
£2.91
Share price 31 December 2011
Up 2p on previous month
Brandeaux’s Liberty Living team have agreed over 90% of rents for the 2012/13
university academic year with our university partners at an overall average increase
of 5.9% more than 2011/12. These are now published on the Liberty Living website
to enable students to book rooms for the next academic year.
The exclusive Liberty Living on-line booking system allows students to book rooms
and pay rent from anywhere in the world. This has enabled administrative costs to
be reduced and makes the booking process for students efficient and convenient.
Brandeaux’s investors can view the accommodation and see the on-line booking
system at work on www.libertyliving.co.uk.
UCAS* reports that university applicants for 2012/13 are down by only 6.4%
compared with this time last year. (at 19 December 2011). This is substantially
less than had been predicted by the press as a result of increased tuition fees.
Applications from students in countries outside the EU are up 13%. This is
encouraging news ahead of the 15 January 2012 deadline for applications. UCAS
will release final application figures on 30 January. By comparison there were
700,161 student applicants for the 2011/12 academic year for only 492,030 places,
representing an unfulfilled demand of 30%.
With 60% occupancy of Brandeaux’s accommodation already committed under
university agreements, Brandeaux has confidence that we will maintain our long
track record of full occupancy for the 2012/13 academic year.
*UCAS - Universities and Colleges Admissions Service
*Compound average annual return since launch on 15 June 2000 to 31 December 2011, net of
Brandeaux charges.
Past returns are not a guide to future returns and the value of shares may go down as well as up.
TRACK RECORD OF CONSISTENT RETURNS SINCE LAUNCH IN 2000
- Now in our 12th
year
9.72%*
S T U D E N T A C C O M M O D A T I O N F U N D ( S T E R L I N G )
www.brandeaux.combrandeaux JANUARY 2012

2. Combined with the already contracted summer revenues for 2012, Brandeaux
forecasts revenues for the 2011/12 university year of £75 million against £71.5 million
for 2010/11. Additional revenue is being generated from 60 new rooms that have
been added to existing residences in Leicester and London.
Creating partnerships and strong relationships with universities is key to Brandeaux’s
successful business model. Partnerships with 30 mainstream universities provide
occupancy commitments for over 60% of the portfolio’s income. Our reputation with
both universities and students is the foundation for our full occupancy for 2011/12
and why we look forward with confidence to 2012/13.
Brandeaux’s student accommodation
locations
A London
B Cardiff
C Liverpool
D Manchester
E Southampton
F Birmingham
G Coventry
H Newcastle
I Preston
J Gillingham
K Leeds
L Leicester
M Aberdeen
N Bedford
O Sheffield
P Glasgow
Q Stoke
Liberty Living at Queen’s Hospital Close
University of Birmingham
Liberty Living at Cambrian Point
Cardiff University
Key Facts
Shares are listed on the
Irish Stock Exchange
Target Return
8% to 10% p.a.
Fund Size
GAV £1.03 billion
NAV £834million
(31 December 2011)
Launch Date
15 June 2000
Manager
Brandeaux Managers Limited
Investment Adviser
Brandeaux Advisers (UK)
Limited
Administrator
Brandeaux Administrators
Limited
Banker and safe keeper
of assets
HSBC Bank plc
Auditor
Deloitte & Touche
Property Valuer
Lambert Smith Hampton
Group Limited
Initial Charge
1.5%
Management Fee
1.5% p.a. of NAV
Administration Fee
0.2% p.a. of NAV
Total Expense Ratio
1.71% p.a. of NAV
Exit Charges
None
Dividend Status
None
Dealing Day
5th business day each month
MEXID Number
8QSAA
SEDOL Number
B61PNY0
(Last character is the number “0”)
ISIN Number
VGG131721125
A minimum subscription level is applicable ONLY to the institutional platform through which the subscription of the investing client is made.
Brokers, therefore, do not have to regard Brandeaux Student Accommodation Fund (Sterling)’s minimum subscription requirement as a
barrier but should refer to the terms of the institutional platform product. Full details of the terms of subscription and redemption of shares in
Brandeaux Student Accommodation Fund (Sterling) are set out in the Private Placement Memorandum.
This Fact Sheet is for information purposes only and is not intended as an offer or solicitation to anyone in any jurisdiction in which such an
offer or solicitation is not authorised, or to any person to whom it would be unlawful to make such an offer or solicitation. Persons who receive
this Fact Sheet are required to inform themselves about and observe any such restrictions and should seek professional advice. This Fact
Sheet should be read in conjunction with the Memorandum and Articles of Association and Private Placement Memorandum of Brandeaux
Student Accommodation Fund (Sterling) Limited, which, together with the latest Fund’s Report & Financial Statements, are available upon
request from info@brandeaux.com. Information and representations herein are based on information available at the date hereof, and are,
therefore, subject to change. In particular, past returns are not a guide to future returns and the value of shares may go down as well as up.
Moreover, returns in non-Sterling denominated shares classes may increase or decrease subject to currency fluctuations. All returns are shown
net of Brandeaux charges.
Brandeaux Student Accommodation Fund (Sterling) Limited is incorporated in the British Virgin Islands (“BVI”) as a BVI Business Company with
registration number 384467. It is recognised as a professional fund under the BVI Securities and Investment Business Act, 2010 and is subject
to the supervision of the BVI Financial Services Commission. Shares are listed on the Irish Stock Exchange.
This Fact Sheet is distributed on behalf of Brandeaux Managers Limited by Brandeaux Administrators Limited, Brandeaux House, 13 Upper
Mount Street, Dublin 2, Ireland, which is authorised and regulated by the Central Bank of Ireland under the Investment Intermediaries Act, 1995.
Brandeaux also offers through Brandeaux Student Accommodation Fund (Multi
Currency) share classes denominated in US Dollar, Euro, Singapore Dollar and Swiss
Franc, which invest directly in Brandeaux Student Accommodation Fund (Sterling)
and employ currency hedges to mitigate the effect of exchange rate fluctuations
against Sterling. A Fact Sheet and Private Placement Memorandum for Brandeaux
Student Accommodation Fund (Multi Currency) is available from info@brandeaux.com
For a student’s view of the Brandeaux portfolio please refer to www.libertyliving.co.uk
Adrian Perry
Head of Marketing
Telephone: +353 877 55 88 50
a.perry@brandeaux.com
Sophie Bowden
Marketing Executive
Telephone: +44 20 7398 7410
s.bowden@brandeaux.com
www.brandeaux.combrandeaux JANUARY 2012
S T U D E N T A C C O M M O D A T I O N F U N D ( S T E R L I N G )