Fund Details as at 30 June 2022
Fund Size (Net Asset Value)
£344.3m
Triple Net Initial Yield (% p.a.)
5.3%
Gearing (% of net asset value)
3.5%
Total Global Expense Ratio
0.94% excludes performance fee
Capital Cash Holdings (% of NAV)
1.5%
Annual Management Charge
(0.85% per annum)
Performance Fee
The Authorised Corporate Director is entitled to a performance fee if (i) a performance hurdle is met and (ii) a high-water mark is exceeded. The performance hurdle is the higher of (i) 8% per annum of the total return and (ii) 0.25% above the UK All Balanced Property Fund Index return MSCI/AREF UK Quarterly Property Fund Index, each on a three-year rolling basis. The performance fee is 17.5% of the outperformance of the higher of the two components of the performance hurdle. The high-water mark is the highest previously recorded quarterly net asset value per share over the preceding five years.
Distribution Dates
Income is allocated to investors quarterly and paid within two months of the end of the quarter during which they were earned.
Benchmark
UK All Balanced Property Funds Index – MSCI/AREF UK Quarterly Property Fund Index – weighted average
