UPDATE: 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 offer.
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-...
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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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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...
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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...
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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,...
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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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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...
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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...
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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 ...
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