UPDATE (Nov 2026): In the summer of 2026, AEWU considered an offer for Alternative Income REIT (AIRE). However, it decided not to proceed after Glenstone REIT, AIRE's major shareholder, made its own ultimately successful offer for the company. AEWU produced a NAV total return of +5.7% for the year to March 2026, followed by returns of 1.3% and 1.5% in the June and September quarters.
AEW UK REIT (AEWU) joined the London market in 2015 and has been the best-performing trust in the rapidly dwindling UK commercial property sector since then, with an annualised NAV return of around 9%. It owns a ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE (Nov 2026): CREI returned +9.5% for the year to March 2025 and 10.0% for the year to March 2026, with EPRA earnings of 6.1p and 6.3p, respectively, covering the 6.0p dividend paid in both years. The company has acquired three private property companies in all-share deals on a NAV-for-NAV basis, effectively paying £22m for Merlin in June 2025, £36m for Grove Court Properties in February 2026, and £9m for Scorpion Properties in March 2026, the rationale for which was discussed in detail in this edition of the Money Makers podcast.
Custodian Property Income REIT (ticker: CREI) was launche...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE (Nov 2026): TRY returned -2.5% versus -3.8% for its benchmark in the year to March 2025, and +6.7% versus +6.7% to March 2026. Its discount has remained roughly 10%, and there have been no share buybacks since 2016.
TR Property (TRY) was launched in 1905 and has been a specialist property investor since 1982. It widened its focus to quoted European property companies in the early 2000s although it continues to invest in some physical property, too. Marcus Phayre-Mudge took over as lead manager in 2011 although his involvement with the trust dates back to the late 1990s. The trust's man...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in September 2025.
AEW UK REIT (ticker: AEWU) has been the best performing trust in the Property: UK Commerical sector in recent years and has returned just over 11% annualised on a net asset value basis since its 2015 IPO. It has a diversified approach when it comes to both regional and sector allocation although it currently has a heavy bias toward industrial, which makes up just over half of its portfolio. AEW UK looks to buy cheap properties with relatively short leases and rents that are agreed at open market values rather than bein...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in May 2025.
Tritax Big Box REIT is by far the largest trust in the AIC's various property sectors, at nearly three times the size of the next largest fund, and it has one of the best performance records over the last five years. Like many of the newer property funds, it's a specialist, concentrating on large UK distribution centres leased to the likes of Amazon and major retailers. As well as looking to serve increasing demand from rising online sales, its tenants are increasingly turning to larger, state-of-the-art facilities to improv...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in January 2025.
Unlike most property trusts, the vast majority of TR Property's investments are UK and Continental European listed property companies rather than direct holdings of physical property. It boasts an excellent long-term track record, both in terms of share price appreciation and dividend growth, and has a long-standing management team led by Marcus Phayre-Mudge.
The AIC lists nearly 40 property trusts across eight different sub-sectors. The majority of them invest primarily in the UK, specialising in either commercial pro...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: LXi was acquired by LondonMetric in March 2024 in an all-share offer.
Launched just under five years ago, LXi REIT is one of the new breed of specialist property trusts. Rather than specialising in a single industry, it seeks out UK commercial properties that can be leased for at least 20 years until their first break clause and that have inflation-linked or fixed rental uplifts. Since its IPO, LXi's net asset value has compounded at 12.0% a year, well ahead of its 8% minimum target. While LXi did have to reduce its dividend a little due to the pandemic, it's rebounded strongly since,...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: Warehouse REIT was taken over by Blackstone in October 2025 for 115p per share.
Warehouse REIT (ticker: WHR) is one of three trusts in the UK logistics sector that has dominated the property performance tables in recent years. It joined the market in 2017 and is planning to move from AIM to the Main Market of the London Stock Exchange in July. Warehouse REIT has accumulated a portfolio valued at just over £1bn with around a tenth of that in development projects and land. Its leases tend to be relatively short and not linked to inflation while its target return is at least 10% per annu...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: Supermarket Income REIT moved to the commercial section of the London Stock Exchange in July 2025.
Supermarket Income REIT's 2017 IPO looks to have been very well timed. Increased demand for grocery services arising from the pandemic has helped drive rental yields steadily lower and therefore asset prices higher. Supermarket Income REIT has expanded its portfolio to 35 stores plus a share in a joint venture that owns a further 26. It targets larger omnichannel stores, i.e. those that offer delivery and in-store purchases, with the vast majority of its rental income contracted to rise ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: This trust was acquired by CareTrust for 108p per share in 2025.
Impact Healthcare REIT is the younger and smaller of the two London-listed property funds that specialise in owning care homes in the UK and it has provided a net asset value return of 8.7% a year inclusive of dividends since its March 2017 IPO, which is just below its medium-term 9% annual target. With increasing numbers of us likely to need care at some point, demand for care homes should continue to rise for many years and this, after many years of hesitancy, recently led to the government announcing a lifetime cap on...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers