Price Data — 1st August 2010
Net Asset Value: £15.443 (Participating Shares and Participating B Shares)
Aims & Attributes
- The purpose of the Fund is to provide investors with a professionally managed means of participating in the higher yielding sector (measured by Net Initial Yield) of the UK commercial property market.
- Investment decisions will reflect the long term objective to maximise total return made up of rental income plus capital appreciation.
- The Fund will seek to acquire properties with a comparatively high initial Net Initial Yield as well as providing medium term capital growth.
Fund Information
Fund Manager: | Tilney Asset Management Intl. Ltd |
Property Advisers: | Deutsche PWM Global Real Estate, Chartered Surveyors |
Fund Size: | £735.718m |
Equity: | £234.760m |
Launch Date: | 17 April 1997 |
Annual Management Fee: | 1.5% |
ex - dividend dates: | 31st December & 30th June |
Dividend as at 31/12/2009: | £0.27 per share |
Dealing Day: | Every Wednesday |
Redemptions: | Restricted since January 2008 and currently postponed for a maximum of 4 years |
The Fund is expected to complete on the sale of an office and retail block in the town of Stevenage in early August.
An acceptable offer was also received on a small office building in Leeds which is due to fall vacant at the end of this year and an exchange of contracts is expected shortly.
In addition, the Fund concluded 5 rent reviews and 13 lease renewals during the month which will secure additional aggregate rents of approximately half a million pounds per annum.
Performance
| Total Return % * |
| Last 12 Months |
|
-31.96% |
|
| Last 2 Years |
|
-73.50% |
|
| Last 3 Years |
|
-79.56% |
|
| Last 4 Years |
|
-77.28% |
|
| Last 5 Years |
|
-73.27% |
|
| Since Launch |
|
-44.96% |
|
| Compound Annual Return |
|
-4.40% |
|
Past performance should not be seen as an indication of future performance.
*Total return: % growth excluding initial charges with income reinvested.
Source: Lipper Hindsight 31/07/2010
|
Property Spread
|
Standard
Retail |
Retail
Warehouse |
Shopping
Centre |
Offices |
Leisure |
Industrial
Warehouse |
Other |
Total |
| London |
0.00% |
3.79% |
0.00% |
6.03% |
0.00% |
0.00% |
0.00% |
9.82% |
| South East |
1.09% |
2.45% |
4.24% |
11.30% |
0.00% |
1.54% |
0.00% |
20.62% |
| South West |
0.00% |
0.00% |
7.58% |
2.71% |
0.00% |
1.66% |
0.00% |
11.95% |
| East Anglia |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| East Midlands |
0.00% |
0.00% |
0.00% |
4.17% |
0.55% |
0.58% |
0.00% |
5.30% |
| West Midlands |
0.00% |
3.70% |
8.07% |
9.54% |
0.61% |
5.96% |
0.00% |
27.88% |
| North East |
0.00% |
0.00% |
0.00% |
3.97% |
0.00% |
0.00% |
0.00% |
3.97% |
| North West |
0.00% |
0.00% |
0.00% |
0.23% |
1.27% |
0.89% |
0.00% |
2.39% |
| Yorks & Humb |
1.01% |
0.00% |
0.00% |
0.91% |
0.00% |
2.17% |
0.00% |
4.09% |
| Wales |
0.00% |
0.00% |
4.08% |
0.00% |
0.00% |
0.00% |
0.00% |
4.08% |
| Scotland |
1.64% |
0.00% |
3.44% |
3.68% |
0.00% |
1.14% |
0.00% |
9.90% |
| Total |
3.74% |
9.95% |
27.40% |
42.54% |
2.43% |
13.94% |
0.00% |
100.00% |
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|
