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 sectorally diversified portfolio of around 30 to 35 properties, which it actively manages, historically completing an average of two acquisitions and two disposals a year. AEWU adopts a value-based approach, aiming for a net initial yield of between 7% and 10% on any purchase plus the potential for rental growth. Its property portfolio is valued at just over £200m, so the average lot s...
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Custodian Property Income REIT (ticker: CREI) was launched in 2014. An initial portfolio of around 50 UK property assets has now trebled in size to around 150 which is diversified by both region and sector but has a particular focus on smaller properties valued at less than £10m. CREI's portfolio is valued at just under £600m and it has around £170m of debt, mostly at fixed interest rates and with staggered maturity dates. The trust has a market cap of about £340m and trades at a discount of around 20%, a little wider than its three-year average of 15%. CREI raised its dividend from 5.25p in 2...
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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 management firm has seen several changes and it is currently Columbia Threadneedle but there has been a continuity of personnel looking after the portfolio for the last three decades with Chris Turner acting as lead manager fro...
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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 annum. Its properties are concentrated around the English motorway network and consist of 91 ...
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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 being inflation-linked. It also seeks to be an active investor and a number of i...
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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 and a 5% increase has been pencilled in for the year ending March 2023. On 20 J...
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Jonathan Davis Stuart Watson's fund profile this weekend looks in depth at Impact Healthcare REIT. Simon Elliott and I did a half-hour session on investment trust fundraising at the Mello Trusts and Funds event this week and you can view that by following the link below. If you missed it, my latest market review video that I posted last week is, I think, still relevant. I would also like to flag up that the next edition of the Investment Trusts Handbook, the fifth annual one, is due out on December 14th. As well as the traditional 280-page hardback, there is also a free e-book download availab...
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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 the amount individuals pay for personal care fees. The care home market ...
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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 improve the robustness of their overall delivery networks. This REIT is curr...
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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 in line with inflation. It's currently a member of the Money Makers income portfolio and has just this week ...
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