Latest Factsheet



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

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