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[]
[]
[]
[]
[]
[]
[]
["MSCI/AREF PROPERTY FUND"]
["VISION HANDBOOK"]
[]
[]
[]
[]
["Q2 2021"]
[]
[]
[null,null,null,"In association with:"]

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["CONTENTS",null,"The Links are Hyperlink which will navigate to the respective Profiles/ tables.",null,null,null,null,null,null,null,"Title","Title",null,null,null,null,null,null,"Current Quarter"]
[null,"Market Summary",null,null,null,null,null,null,null,null,"Article","Direct market returns",null,null,null,null,null,null,"Day:",30,{"$f":"IF(T2=30,\"th\",IF(T2=31,\"st\",\"\"))","v":"th"},null,null,null,null,"Market Summary"]
[null,"Market Coverage",null,null,null,null,null,null,null,null,"Article","Market Coverage",null,null,null,null,null,null,"Month:",6,null,null,null,null,null,"Market Coverage"]
[null,null,null,null,null,null,null,null,null,null,"Article","Net New Investment in Constituent Funds",null,null,null,null,null,null,"Year:",2021,null,null,null,null,null,"Property Fund Return"]
[null,"Net New Investment by Constituent Funds",null,null,null,null,null,null,null,null,"Article","Net New Investment by Constituent Funds",null,null,null,null,null,null,"Quarter:","Q2",null,null,null,null,null,"Net New Investment Flow"]
[null,"Secondary Market Trading",null,null,null,null,null,null,null,null,"Article","Secondary Market Trading",null,null,null,null,null,null,"Month(Short):","Jun",null,null,null,null,null,"Secondary Market Trading"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Month(Full):","June"]
[null,"Fund Profiles",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Number of Funds:",57]
[null,"Aberdeen Standard UK Retail Park Trust",null,null,null,null,null,null,null,null,"Profile","Aberdeen Standard UK Retail Park Trust"]
[null,"Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,null,"Profile","Aberdeen Standard UK Shopping Centre Trust"]
[null,"Aberdeen UK Property Fund",null,null,null,null,null,null,null,null,"Profile","Aberdeen UK Property Fund"]
[null,"Aegon UK Property Fund Limited",null,null,null,null,null,null,null,null,"Profile","Aegon UK Property Fund Limited"]
[null,"AEW UK Core Property Fund",null,null,null,null,null,null,null,null,"Profile","AEW UK Core Property Fund"]
[null,"AEW UK Real Return Fund",null,null,null,null,null,null,null,null,"Profile","AEW UK Real Return Fund"]
[null,"Airport Industrial Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","Airport Industrial Property Unit Trust"]
[null,"Aviva Investors Pensions Limited",null,null,null,null,null,null,null,null,"Profile","Aviva Investors Pensions Limited"]
[null,"Aviva Investors UK Property Fund",null,null,null,null,null,null,null,null,"Profile","Aviva Investors UK Property Fund"]
[null,"AXA UK Long Lease Property Fund",null,null,null,null,null,null,null,null,"Profile","AXA UK Long Lease Property Fund"]
[null,"BlackRock Long Lease Property Fund",null,null,null,null,null,null,null,null,"Profile","BlackRock Long Lease Property Fund"]
[null,"BlackRock UK Property Fund",null,null,null,null,null,null,null,null,"Profile","BlackRock UK Property Fund"]
[null,"BMO UK Property Fund",null,null,null,null,null,null,null,null,"Profile","BMO UK Property Fund"]
[null,"CBRE UK Property PAIF",null,null,null,null,null,null,null,null,"Profile","CBRE UK Property PAIF"]
[null,"COIF Charities Property Fund",null,null,null,null,null,null,null,null,"Profile","COIF Charities Property Fund"]
[null,"Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","Federated Hermes Property Unit Trust"]
[null,"Fidelity UK Real Estate Fund",null,null,null,null,null,null,null,null,"Profile","Fidelity UK Real Estate Fund"]
[null,"Grosvenor Liverpool Fund",null,null,null,null,null,null,null,null,"Profile","Grosvenor Liverpool Fund"]
[null,"Hercules Unit Trust",null,null,null,null,null,null,null,null,"Profile","Hercules Unit Trust"]
[null,"Industrial Property Investment Fund",null,null,null,null,null,null,null,null,"Profile","Industrial Property Investment Fund"]
[null,"Janus Henderson UK Property PAIF",null,null,null,null,null,null,null,null,"Profile","Janus Henderson UK Property PAIF"]
[null,"Kames Capital Active Value Property Fund",null,null,null,null,null,null,null,null,"Profile","Kames Capital Active Value Property Fund"]
[null,"Kames Capital UK Active Value Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","Kames Capital UK Active Value Property Unit Trust"]
[null,"Kames Capital UK Active Value Property Unit Trust II",null,null,null,null,null,null,null,null,"Profile","Kames Capital UK Active Value Property Unit Trust II"]
[null,"KFIM Long Income Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","KFIM Long Income Property Unit Trust"]
[null,"L&G UK Property Fund",null,null,null,null,null,null,null,null,"Profile","L&G UK Property Fund"]
[null,"Legal And General Managed Fund",null,null,null,null,null,null,null,null,"Profile","Legal And General Managed Fund"]
[null,"LF Canlife UK Property ACS",null,null,null,null,null,null,null,null,"Profile","LF Canlife UK Property ACS"]
[null,"Lothbury Property Trust",null,null,null,null,null,null,null,null,"Profile","Lothbury Property Trust"]
[null,"LPI (Limited Price Inflation) Income Property Fund",null,null,null,null,null,null,null,null,"Profile","LPI (Limited Price Inflation) Income Property Fund"]
[null,"M&G Property Portfolio",null,null,null,null,null,null,null,null,"Profile","M&G Property Portfolio"]
[null,"M&G Secure Property Income Fund",null,null,null,null,null,null,null,null,"Profile","M&G Secure Property Income Fund"]
[null,"M&G UK Property Limited Partnership",null,null,null,null,null,null,null,null,"Profile","M&G UK Property Limited Partnership"]
[null,"Mayfair Capital Property Income Trust For Charities",null,null,null,null,null,null,null,null,"Profile","Mayfair Capital Property Income Trust For Charities"]
[null,"Mayfair Capital Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","Mayfair Capital Property Unit Trust"]
[null,"Nuveen Real Estate Central London Office Fund",null,null,null,null,null,null,null,null,"Profile","Nuveen Real Estate Central London Office Fund"]
[null,"Nuveen Real Estate UK Property Fund",null,null,null,null,null,null,null,null,"Profile","Nuveen Real Estate UK Property Fund"]
[null,"Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,null,null,null,null,null,"Profile","Nuveen Real Estate UK Retail Warehouse Fund"]
[null,"Nuveen Real Estate UK Shopping Centre Fund",null,null,null,null,null,null,null,null,"Profile","Nuveen Real Estate UK Shopping Centre Fund"]
[null,"Octopus Healthcare Fund",null,null,null,null,null,null,null,null,"Profile","Octopus Healthcare Fund"]
[null,"PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","PATRIZIA Hanover Property Unit Trust"]
[null,"PGIM Real Estate Uk Ground Lease Fund",null,null,null,null,null,null,null,null,"Profile","PGIM Real Estate Uk Ground Lease Fund"]
[null,"Royal London Property Fund",null,null,null,null,null,null,null,null,"Profile","Royal London Property Fund"]
[null,"Royal London UK Real Estate Fund",null,null,null,null,null,null,null,null,"Profile","Royal London UK Real Estate Fund"]
[null,"Schroder UK Real Estate Fund",null,null,null,null,null,null,null,null,"Profile","Schroder UK Real Estate Fund"]
[null,"Standard Life Investments Long Lease Property Fund",null,null,null,null,null,null,null,null,"Profile","Standard Life Investments Long Lease Property Fund"]
[null,"Standard Life Investments Pooled Pension Property Fund",null,null,null,null,null,null,null,null,"Profile","Standard Life Investments Pooled Pension Property Fund"]
[null,"Standard Life Investments UK Real Estate Fund",null,null,null,null,null,null,null,null,"Profile","Standard Life Investments UK Real Estate Fund"]
[null,"The Charities Property Fund",null,null,null,null,null,null,null,null,"Profile","The Charities Property Fund"]
[null,"The Leisure Fund Limited Partnership",null,null,null,null,null,null,null,null,"Profile","The Leisure Fund Limited Partnership"]
[null,"The Local Authorities Property Fund",null,null,null,null,null,null,null,null,"Profile","The Local Authorities Property Fund"]
[null,"Threadneedle Pensions Ltd",null,null,null,null,null,null,null,null,"Profile","Threadneedle Pensions Ltd"]
[null,"Threadneedle Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","Threadneedle Property Unit Trust"]
[null,"Tritax Property Income Fund",null,null,null,null,null,null,null,null,"Profile","Tritax Property Income Fund"]
[null,"Triton Property Fund (Jersey)",null,null,null,null,null,null,null,null,"Profile","Triton Property Fund (Jersey)"]
[null,"Triton Property Fund LP",null,null,null,null,null,null,null,null,"Profile","Triton Property Fund LP"]
[null,"UBS Triton Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","UBS Triton Property Unit Trust"]
[null,"Unite UK Student Accomodation Fund",null,null,null,null,null,null,null,null,"Profile","Unite UK Student Accomodation Fund"]
[null,"West End Of London Property Unit Trust",null,null,null,null,null,null,null,null,"Profile","West End Of London Property Unit Trust"]
[]
[null,"Investment rates of return",null,null,null,null,null,null,null,null,"Table","Investment rates of return",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Balanced funds: Ten years",null,null,null,null,null,null,null,null,"Table","BALANCED FUNDS - 10 YEARS",null,null,null,null,null,null,"Previous Quarter",null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Five years",null,null,null,null,null,null,null,null,"Table","BALANCED FUNDS - 5 YEARS",null,null,null,null,null,null,"Day:",30,{"$f":"IF(T71=30,\"th\",IF(T71=31,\"st\",\"\"))","v":"th"},null,null,null,null,"Investment Rate of Return"]
[null,"Three years",null,null,null,null,null,null,null,null,"Table","BALANCED FUNDS - 3 YEARS",null,null,null,null,null,null,"Month:",3,null,null,null,null,null,"Investment Rate of Return"]
[null,"Twelve months",null,null,null,null,null,null,null,null,"Table","BALANCED FUNDS - 12 MONTHS",null,null,null,null,null,null,"Year:",2021,null,null,null,null,null,"Investment Rate of Return"]
[null,"Three months",null,null,null,null,null,null,null,null,"Table","BALANCED FUNDS - 3 MONTHS",null,null,null,null,null,null,"Quarter:","Q1",null,null,null,null,null,"Investment Rate of Return"]
[null,"Long Income funds: Ten years",null,null,null,null,null,null,null,null,"Table","LONG INCOME PROPERTY FUNDS - 10 YEARS",null,null,null,null,null,null,"Month(Short):","Mar",null,null,null,null,null,"Investment Rate of Return"]
[null,"Five years",null,null,null,null,null,null,null,null,"Table","LONG INCOME PROPERTY FUNDS - 5 YEARS",null,null,null,null,null,null,"Month(Full):","March",null,null,null,null,null,"Investment Rate of Return"]
[null,"Three years",null,null,null,null,null,null,null,null,"Table","LONG INCOME PROPERTY FUNDS - 3 YEARS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Twelve months",null,null,null,null,null,null,null,null,"Table","LONG INCOME PROPERTY FUNDS - 12 MONTHS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Three months",null,null,null,null,null,null,null,null,"Table","LONG INCOME PROPERTY FUNDS - 3 MONTHS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Specialist funds: Ten years",null,null,null,null,null,null,null,null,"Table","SPECIALIST FUNDS - 10 YEARS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Five years",null,null,null,null,null,null,null,null,"Table","SPECIALIST FUNDS - 5 YEARS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Three years",null,null,null,null,null,null,null,null,"Table","SPECIALIST FUNDS - 3 YEARS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Twelve months",null,null,null,null,null,null,null,null,"Table","SPECIALIST FUNDS - 12 MONTHS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Three months",null,null,null,null,null,null,null,null,"Table","SPECIALIST FUNDS - 3 MONTHS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Investment Rate of Return"]
[null,"Risk adjusted performance rankings",null,null,null,null,null,null,null,null,"Table","Risk-adjusted performance rankings",null,null,null,null,null,null,null,null,null,null,null,null,null,"Risk adj. Performance Ranking"]
[null,"Distribution yields per unit",null,null,null,null,null,null,null,null,"Table","Distribution yields per unit",null,null,null,null,null,null,null,null,null,null,null,null,null,"Distribution Yield"]
[null,"Portfolio weightings by type of property",null,null,null,null,null,null,null,null,"Table","Portfolio weightings by type of property",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"Retail warehouses",null,null,null,null,null,null,null,null,"Table","Retail warehouses",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"Shopping centres",null,null,null,null,null,null,null,null,"Table","Shopping centres",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"Standard Retail",null,null,null,null,null,null,null,null,"Table","Standard Retail",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"All retail",null,null,null,null,null,null,null,null,"Table","All retail",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"City offices",null,null,null,null,null,null,null,null,"Table","CITY OF LONDON OFFICES",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"West End offices",null,null,null,null,null,null,null,null,"Table","WEST END OF LONDON OFFICES",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"South-east offices",null,null,null,null,null,null,null,null,"Table","SOUTH-EASTERN OFFICES",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"Rest of UK offices",null,null,null,null,null,null,null,null,"Table","REST OF UK OFFICES",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"All offices",null,null,null,null,null,null,null,null,"Table","All offices",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"South-east industrial",null,null,null,null,null,null,null,null,"Table","SOUTH-EASTERN INDUSTRIAL",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"Rest of UK industrial",null,null,null,null,null,null,null,null,"Table","REST OF UK INDUSTRIAL",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"All industrial",null,null,null,null,null,null,null,null,"Table","All industrial",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Weightings"]
[null,"Balance sheet ratios",null,null,null,null,null,null,null,null,"Table","Balance sheet ratios",null,null,null,null,null,null,null,null,null,null,null,null,null,"Balance sheet Ratios"]
[null,"Balanced funds",null,null,null,null,null,null,null,null,"Table","Balanced funds",null,null,null,null,null,null,null,null,null,null,null,null,null,"Balance sheet Ratios"]
[null,"Long Income funds",null,null,null,null,null,null,null,null,"Table","Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,"Balance sheet Ratios"]
[null,"Specialist funds",null,null,null,null,null,null,null,null,"Table","Specialist funds",null,null,null,null,null,null,null,null,null,null,null,null,null,"Balance sheet Ratios"]
[null,"Portfolio analysis",null,null,null,null,null,null,null,null,"Table","Portfolio analysis",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Analysis 1"]
[null,"Longevity of leases",null,null,null,null,null,null,null,null,"Table","Longevity of leases",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Analysis 1"]
[null,"Major tenants' percentage contributions to rental income",null,null,null,null,null,null,null,null,"Table","MAJOR TENANTS PERCENTAGE CONTRIBUTION TO RENTAL INCOME",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Analysis 1"]
[null,"Major individual tenants' percentage contribution to rental income",null,null,null,null,null,null,null,null,"Table","MAJOR TENANTS’ % CONTRIBUTION TO RENTAL INCOME",null,null,null,null,null,null,null,null,null,null,null,null,null,"Portfolio Analysis 2"]
[null,"Portfolio yields",null,null,null,null,null,null,null,null,"Table","Portfolio yields"]
[null,"Average lot-size of direct investments",null,null,null,null,null,null,null,null,"Table","AVERAGE LOT-SIZE OF DIRECT PROPERTY INVESTMENTS",null,null,null,null,null,null,null,null,null,null,null,null,null,"Average Lot Size"]
[null,"10 largest direct investments as % of total portfolio",null,null,null,null,null,null,null,null,"Table","10 LARGEST DIRECT HOLDINGS AS % OF TOTAL PORTFOLIO",null,null,null,null,null,null,null,null,null,null,null,null,null,"10 Largest Direct Investment"]
[null,"Voids as % of estimated rental value",null,null,null,null,null,null,null,null,"Table","Voids as % of estimated rental value",null,null,null,null,null,null,null,null,null,null,null,null,null,"Voids as % of ERV"]
[null,"Reversionary potential",null,null,null,null,null,null,null,null,"Table","Reversionary potential",null,null,null,null,null,null,null,null,null,null,null,null,null,"Reversionary Potential"]
[null,"Units in issue in open-ended funds",null,null,null,null,null,null,null,null,"Table","Units in issue in open-ended funds",null,null,null,null,null,null,null,null,null,null,null,null,null,"Units in Issue- Non Cumulative"]
[null,"Balanced funds",null,null,null,null,null,null,null,null,"Table","Balanced funds",null,null,null,null,null,null,null,null,null,null,null,null,null,"Units in Issue- Non Cumulative"]
[null,"Long Income funds",null,null,null,null,null,null,null,null,"Table","Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,"Units in Issue- Non Cumulative"]
[null,"The calculation basis of published NAVs",null,null,null,null,null,null,null,null,"Table","The calculation basis of published NAVs"]
[null,"Fund winding-up dates",null,null,null,null,null,null,null,null,"Table","Fund winding-up dates"]
[null,"Definition of terms",null,null,null,null,null,null,null,null,null,"Definition of terms"]
[null,"Appendix",null,null,null,null,null,null,null,null,null,"Appendix"]

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["Market Summary"]
["MSCI/AREF Property Fund Vision: Q2 2021"]
[]
["Direct market returns"]
["Quarterly returns as measured in the MSCI UK Quarterly Property Index, the largest UK direct real estate sample gave returns of 3.4% for June 2021."]
["lndustrial was the best performing sector with a 3-month return of 7.5%. Residential sector recorded 2.1% returns. Other sector recorded 1.7% returns. Office sector recorded returns of 1.6%. Hotel sector recorded returns of 1.8% and Retail sector recorded  returns of 1.7% . Income return was stable in line with the previous quarter at 1.1%."]
[]
["Property fund returns "]
["The MSCI/AREF UK Quarterly Property Fund Index returned  3.7% in Q2 2021, compared to 1.8% in March 2021. The best performing sub-sample was the Specialist Property Fund Index, which had return of 4.7 %. The All Balanced Property Fund Index had a total return of 3.8%. \nAll balanced Property Fund Index recorded 12-month performance of 8.5%, ahead of Long income property fund index at 7.3%. "]
[]
["Net new investment in property funds"]
["The 57 funds monitored in MSCI/AREF Property Fund Vision Handbook had a net outflow of capital in Q2 2021 of around GBP 577mn. The outflows were driven by the Balanced Funds with GBP 561mn of outflows, while Long Income Property Funds recorded inflows of GBP 87mn. The Specialist Funds recorded outflow of GBP 102mn"]
[]
["Property funds’ net new property investment"]
["The 57 constituents of MSCI/AREF Property Fund Vision Handbook were net seller of around GBP 659mn of property in Q2 2021, as compared to being net sellers of GBP 798mn in previous quarter"]
["The Balanced Funds are net sellers with disposals of GBP 570mn. Balanced funds are net sellers for more than ten consecutive quarters. The Long Income Funds are net sellers of around GBP 33mn and Specialist Funds were net seller this quarter with GBP 56mn."]
[]
["Liquidity/gearing"]
["The APUTs and Managed Funds that we monitor now hold cash equivalent to 11% of their NAV compared with 13.9% in the previous quarter. The Other Balanced Funds (incl. CIF) as at end-June 2021 held net cash equivalent to 6.9% of their aggregate net asset value. Long Income Property funds held net cash and deposits equivalent to 2% of their NAV. Most of the specialist property funds that we monitor (99% by NAV) are closed-ended and thus have no ongoing need to maintain liquidity to meet potential redemptions of units. They are, however, obliged not to breach the loan-to-value ratios specified in their bank covenants, and are better placed in this respect currently than at almost any other time over the past five years. "]
[]
["Secondary market trading"]
["There was secondary market trades in 6 funds in Q2 2021, of which 4 were open ended funds and 2 was closed ended. Based on quarter-end NAVs, these trades have generated a turnover of around negative GBP 375.4mn."]

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[]
[]
["CONTACT US",null,null,"AMERICAS",null,null,null,null,"ABOUT MSCI"]
[]
["realestate@msci.com",null,null,"Canada ",null,"+ 1 416 687 6284",null,null,"MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. For data licensing and subscription requests contact realestate@msci.com  \n\nFor more information, visit us at"]
[null,null,null,"US",null,"+ 1 212 804 3900"]
["+ 44 20 7336 4783"]
[null,null,null,"EUROPE, MIDDLE EAST & AFRICA"]
[]
[null,null,null,"UK ",null,"+ 44 20 7336 9200"]
[null,null,null,"France ",null,"+ 44 20 7336 4783"]
[null,null,null,"Germany ",null,"+ 49 691 3385 900"]
[null,null,null,"Italy",null,"+ 44 20 7336 9684"]
[null,null,null,"Netherlands",null,"+ 44 20 7336 9200"]
[null,null,null,"Spain ",null,"+ 34 93 467 7403"]
[null,null,null,"South Africa",null,"+ 27 21 673 0100"]
[null,null,null,"Sweden ",null,"+ 46 8 400 252 30"]
[]
[null,null,null,"ASIA PACIFIC"]
[null,null,null,null,null,null,null,null,"www.msci.com."]
[null,null,null,"Australia",null,"+ 61 2 9033 9300"]
[null,null,null,"Hong Kong",null,"+ 852 2844 9333"]
[null,null,null,"Singapore",null,"+ 65 6826 9339"]
[null,null,null,"Japan",null,"+ 81 3 5211 1455"]

{"sheet":"Market Coverage","index":4,"n_rows":76,"n_cols":10,"rows_kept":76,"cut":false,"hidden":false,"merged":[[3,0,3,7],[6,0,6,9],[16,0,16,9]]}
[]
["Market Coverage"]
[{"$f":"Index!$T$7 & \" \" & Index!$T$4","v":"June 2021"}]
["This edition of MSCI/AREF UK Property Fund Vision has 57 constituents with an aggregate net asset value of over GBP 59,490mn"]
[]
[]
["Table 1: Funds monitored by fund type and size"]
[null,null,null,null,null,"Property Portfolio Value",null,"Gross Asset Value",null,"Net Asset Value"]
["Fund Type",null,null,"Number of Funds'","GBPm","%","GBPm","%","GBPm","%"]
["Balanced funds",null,null,36,35004.480000000003,59.2,38241.050000000003,60.43,37843.730000000003,63.61]
["Long Income Property Funds",null,null,8,12704.51,21.49,13136.39,20.76,13136.39,22.08]
["Specialist funds",null,null,13,11421.77,19.32,11899.57,18.809999999999999,8509.7099999999991,14.3]
["Total Property Funds",null,null,57,59130.76,100,63277,100,59489.83,100]
[]
[]
[]
["Table 2: Balanced funds monitored by fund type and size"]
[null,null,null,null,null,"Property Portfolio Value",null,"Gross Asset Value",null,"Net Asset Value"]
["Fund Type","Fund Sub-Type","Fund Name",null,"GBPm","%","GBPm","%","GBPm","%"]
["Balanced funds","Authorised Property Unit Trusts","Aberdeen UK Property Fund",null,440.52500099999997,7.4500141910322747E-3,515.86600099999998,8.1525040140998321E-3,515.86600099999998,8.6714988166091481E-3]
["Balanced funds","Authorised Property Unit Trusts","Aviva Investors UK Property Fund",null,217.47632247999999,3.6778881675537667E-3,369.25337874000002,5.8355069854618613E-3,369.25337874000002,6.2069999390652608E-3]
["Balanced funds","Authorised Property Unit Trusts","Janus Henderson UK Property PAIF",null,897.620001,1.5180254765164634E-2,1111.12902968,1.7559761366496899E-2,1111.12902968,1.8677629553590588E-2]
["Balanced funds","Authorised Property Unit Trusts","Kames Capital UK Active Value Property Unit Trust",null,194.27,3.285430460487849E-3,204.767,3.2360415034507774E-3,204.767,3.4420504447638632E-3]
["Balanced funds","Authorised Property Unit Trusts","Kames Capital UK Active Value Property Unit Trust II",null,144.72499999999999,2.4475416862825136E-3,151.52700000000002,2.3946615465059605E-3,151.52700000000002,2.5471075795598604E-3]
["Balanced funds","Authorised Property Unit Trusts","L&G UK Property Fund",null,1756.3758563399999,2.9703251858160629E-2,2162.24582642,3.4171117587103124E-2,2162.24582642,3.6346477745524269E-2]
["Balanced funds","Authorised Property Unit Trusts","M&G Property Portfolio",null,1031.0656719399999,1.7437044141427122E-2,1196.5300000881646,1.8909398196043616E-2,1196.5300000881646,2.0113185322716904E-2]
["Balanced funds","Authorised Property Unit Trusts","Standard Life Investments UK Real Estate Fund",null,1030.6650010000001,1.74302681260315E-2,1030.6650010000001,1.6288145645490422E-2,1030.6650010000001,1.7325061777994491E-2]
["Balanced funds","Common Investment Funds","COIF Charities Property Fund",null,590.40000099999997,9.9846509865519958E-3,618.27776799999992,9.7709714842182122E-3,618.27776699999993,1.0392999179017898E-2]
["Balanced funds","Common Investment Funds","Mayfair Capital Property Income Trust for Charities",null,578.38500099999999,9.7814572511180052E-3,669.01688999999999,1.0572828739736204E-2,593.51688999999999,9.9767788520580217E-3]
["Balanced funds","Common Investment Funds","The Charities Property Fund",null,1067.5600010000001,1.8054224253275537E-2,1143.061001,1.806439924505409E-2,1143.060999,1.921439304184842E-2]
["Balanced funds","Managed Property Funds","Aegon UK Property Fund Limited",null,340.99100100000004,5.7667278603883388E-3,362.13003530000003,5.7229330110657242E-3,362.13003430000003,6.0872594003167895E-3]
["Balanced funds","Managed Property Funds","Aviva Investors Pensions Limited",null,466.26000099999999,7.8852360621428676E-3,471.07113361,7.4445869668431268E-3,471.07113361,7.9185152146474657E-3]
["Balanced funds","Managed Property Funds","Kames Capital Active Value Property Fund",null,156.66999999999999,2.6495516046977467E-3,178.82999999999998,2.826145336221669E-3,178.82999999999998,3.0060599658984191E-3]
["Balanced funds","Managed Property Funds","Legal And General Managed Fund",null,3006.7912660000002,5.084986675063171E-2,3242.6494581100001,5.1245309193308164E-2,3198.2658831100002,5.3761555843626491E-2]
["Balanced funds","Managed Property Funds","Standard Life Investments Pooled Pension Property Fund",null,2334.8307326040003,3.9485890816803121E-2,2619.8705386540005,4.1403203625351201E-2,2619.8705376540006,4.4038964038911027E-2]
["Balanced funds","Managed Property Funds","Threadneedle Pensions Ltd",null,1887.70487686,3.1924245137423729E-2,2037.22837815,3.2195400546480221E-2,2037.22837815,3.4244985007822408E-2]
["Balanced funds","Other balanced funds","AEW UK Core Property Fund",null,310.64500099999998,5.2535262710849753E-3,312.05354580999995,4.9315476885442395E-3,297.05354580999995,4.9933499512811773E-3]
["Balanced funds","Other balanced funds","BlackRock UK Property Fund",null,2777.76297918,4.6976615554709659E-2,3045.45746818,4.8128979591558235E-2,2965.45746818,4.9848140556228729E-2]
["Balanced funds","Other balanced funds","BMO UK Property Fund",null,260.46000099999998,4.4048140269938516E-3,320.57353670999998,5.066193623491878E-3,320.57353670999998,5.3887114848202109E-3]
["Balanced funds","Other balanced funds","CBRE UK Property PAIF",null,1382.445001,2.3379455995442191E-2,1537.0759270000001,2.4291226094668956E-2,1537.0759250000001,2.5837624574673052E-2]
["Balanced funds","Other balanced funds","Federated Hermes Property Unit Trust",null,1302.900001,2.2034217070340499E-2,1365.0796640839999,2.1573077930000777E-2,1317.0796640839999,2.2139576413923001E-2]
["Balanced funds","Other balanced funds","Fidelity UK Real Estate Fund",null,534.25,9.0350606038793087E-3,592.56170999999995,9.3645669805963051E-3,592.56170999999995,9.9607226626142638E-3]
["Balanced funds","Other balanced funds","LF Canlife UK Property ACS",null,245.09500100000002,4.1449661913764337E-3,321.05700100000001,5.0738340660821217E-3,321.05700100000001,5.3968383239809247E-3]
["Balanced funds","Other balanced funds","Lothbury Property Trust",null,1553.3752850000001,2.6270172841447437E-2,1585.5077269999999,2.5056619516884579E-2,1585.5077269999999,2.6651743576342337E-2]
["Balanced funds","Other balanced funds","M&G UK Property Limited Partnership",null,404.48776800000002,6.8405643376843678E-3,451.87474801595994,7.1412163040968915E-3,451.87474801595994,7.5958317374669425E-3]
["Balanced funds","Other balanced funds","Mayfair Capital Property Unit Trust",null,331.245001,5.601906708033808E-3,348.286517,5.5041565491720582E-3,348.286517,5.85455547400268E-3]
["Balanced funds","Other balanced funds","Nuveen Real Estate UK Property Fund",null,161.815001,2.7365621724881437E-3,165.44526300000001,2.6146192385361378E-3,165.44526200000001,2.7810679340478394E-3]
["Balanced funds","Other balanced funds","PATRIZIA Hanover Property Unit Trust",null,517.22500000000002,8.7471393932456246E-3,518.64300000000003,8.196390402136192E-3,482.64300000000003,8.1130336080138168E-3]
["Balanced funds","Other balanced funds","Royal London Property Fund",null,377.25167861,6.379956535622928E-3,406.28538725999999,6.4207434568017878E-3,406.28538626,6.8294930065747458E-3]
["Balanced funds","Other balanced funds","Royal London UK Real Estate Fund",null,2897.3069569999998,4.899830406090059E-2,2999.6305208700001,4.7404752037940652E-2,2999.6305208700001,5.0422575749451047E-2]
["Balanced funds","Other balanced funds","Schroder UK Real Estate",null,2124.9121890000001,3.5935817324355343E-2,2294.1908680000006,3.6256315058997624E-2,2286.5203680000004,3.8435482522262053E-2]
["Balanced funds","Other balanced funds","The Local Authorities’ Property Fund",null,1146.9617519999999,1.9397040598318368E-2,1253.5359779999999,1.9810293899294125E-2,1253.5359769999998,2.1071432736526653E-2]
["Balanced funds","Other balanced funds","Threadneedle Property Unit Trust",null,1320.7243473999999,2.2335656564862794E-2,1414.07969776,2.2347451450372823E-2,1414.07969776,2.3770107744931348E-2]
["Balanced funds","Other balanced funds","Tritax Property Income Fund",null,252.11799999999999,4.2637368447895991E-3,258.58209879999998,4.0865100517476424E-3,198.58209879999998,3.3380847572933203E-3]
["Balanced funds","Other balanced funds","Triton Property Fund LP",null,961.18499999999995,1.6255245159643859E-2,967.00900000000001,1.5282156100399151E-2,936.24900000000002,1.573796699106654E-2]
["Long Income Property Funds","Long Income Property Funds","AEW UK Real Return Fund",null,141.80539200000001,2.3981662343039068E-3,147.38447275999999,2.3291949914564874E-3,147.38447275999999,2.4774733722467265E-3]
["Long Income Property Funds","Long Income Property Funds","AXA UK Long Lease Property Fund",null,421.51100000000002,7.1284556484824914E-3,444.64149000000003,7.0269052913613716E-3,444.64149000000003,7.4742435959650085E-3]
["Long Income Property Funds","Long Income Property Funds","BlackRock Long Lease Property Fund",null,1111.7785650000001,1.8802034090536213E-2,1117.6823411100002,1.7663326822710639E-2,1117.6823411100002,1.878778806801092E-2]
["Long Income Property Funds","Long Income Property Funds","KFIM Long Income Property Unit Trust",null,857.83430599999997,1.4507412153105749E-2,866.95092899999997,1.3700885336500551E-2,866.95092899999997,1.4573094447605787E-2]
["Long Income Property Funds","Long Income Property Funds","LPI (Limited Price Inflation) Income Property Fund",null,1887.865002,3.192695312122177E-2,1911.3987790000001,3.0206848654759512E-2,1911.3987790000001,3.2129840342330823E-2]
["Long Income Property Funds","Long Income Property Funds","M&G Secure Property Income Fund",null,4560.8019425000002,7.7130785124525925E-2,4773.5380083399996,7.5438752891276439E-2,4773.5380073399992,8.0241243077555702E-2]
["Long Income Property Funds","Long Income Property Funds","PGIM Real Estate UK Ground Lease Fund",null,658.87199999999996,1.1142626954046171E-2,679.38965034,1.0736754972799092E-2,679.38965034,1.1420265219106411E-2]
["Long Income Property Funds","Long Income Property Funds","Standard Life Investments Long Lease Property Fund",null,3064.0441459499998,5.1818108660027819E-2,3195.4008359499999,5.0498614158021107E-2,3195.4008359499999,5.3713395559736268E-2]
["Specialist funds","Healthcare","Octopus Healthcare Fund",null,893.44,1.5109563960561402E-2,899.31761200000005,1.421239319429519E-2,708.81761200000005,1.1914937351433872E-2]
["Specialist funds","Industrial","Airport Industrial Property Unit Trust",null,715.20000100000004,1.2095227614280847E-2,715.39711799999998,1.1305800081541816E-2,662.40778299999999,1.1134806898036278E-2]
["Specialist funds","Industrial","Industrial Property Investment Fund",null,2850.3720010000002,4.8204555493936797E-2,2930.5382940200002,4.6312850932526031E-2,2603.5382940200002,4.3764425629575519E-2]
["Specialist funds","Leisure","The Leisure Fund Limited Partnership",null,436.10000100000002,7.375180043775062E-3,463.22831099999996,7.3206426815326893E-3,303.378311,5.0996666958506966E-3]
["Specialist funds","Offices","Nuveen Real Estate Central London Office Fund",null,208.38300000000001,3.5241048831411922E-3,314.11599999999999,4.9641417459744212E-3,314.11599999999999,5.2801629047036173E-3]
["Specialist funds","Offices","West End of London Property Unit Trust",null,802.98000100000002,1.3579734155803588E-2,924.68990400000007,1.4613364981495628E-2,617.530034,1.0380430089734886E-2]
["Specialist funds","Residential","UNITE UK Student Accommodation Fund",null,2795.19,4.7271335609466364E-2,2799.4625525696056,4.4241391471631163E-2,1889.4733647896057,3.1761282997961271E-2]
["Specialist funds","Retail warehouses","Aberdeen Standard UK Retail Park Trust",null,84.325573000000006,1.4260864061990618E-3,89.877325000000013,1.4203790352895445E-3,89.877325000000013,1.5108014791955556E-3]
["Specialist funds","Retail warehouses","Hercules Unit Trust",null,685.22500100000002,1.1588300255176901E-2,693.07103013999995,1.095296907398372E-2,191.20417514000002,3.2140648448301954E-3]
["Specialist funds","Retail warehouses","Nuveen Real Estate UK Retail Warehouse Fund",null,520.000001,8.7940692991152099E-3,534.84288851899998,8.4524058323508251E-3,229.84288851899998,3.8635659879406102E-3]
["Specialist funds","Shopping centres","Aberdeen Standard UK Shopping Centre Trust",null,534.89785299999994,9.0460168811229286E-3,605.05773012999998,9.5620482142356918E-3,605.05772912999998,1.0170775689733841E-2]
["Specialist funds","Shopping centres","Grosvenor Liverpool Fund",null,534.000001,9.0308327028668436E-3,547.06417899999997,8.6455453676384623E-3,147.064179,2.4720893636952361E-3]
["Specialist funds","Shopping centres","Nuveen Real Estate UK Shopping Centre Fund",null,361.65249915300001,6.1161483339106509E-3,382.90300283300002,6.051219234366469E-3,147.40300283300002,2.4777848552787153E-3]

{"sheet":"Net New Investment Flow","index":5,"n_rows":152,"n_cols":19,"rows_kept":152,"cut":false,"hidden":false,"merged":[[73,0,73,18],[74,15,74,18],[75,15,75,16],[75,17,75,18],[48,0,48,18],[69,0,69,8],[74,0,74,4],[75,0,75,4],[74,5,74,8],[75,5,75,6],[75,7,75,8],[74,10,74,13],[75,10,75,11],[75,12,75,13],[0,0,0,10],[81,10,81,11],[81,12,81,13],[79,0,79,4],[80,0,80,4],[81,0,81,4],[15,0,15,1],[16,0,16,1],[17,0,17,1],[76,0,76,4],[44,0,44,8],[25,0,25,18],[45,0,45,8],[70,10,70,18],[8,0,8,1],[9,0,9,1],[10,0,10,1],[6,0,6,18],[18,0,18,1],[19,0,19,1],[79,10,79,11],[79,12,79,13],[80,10,80,11],[80,12,80,13],[77,7,77,8],[78,5,78,6],[78,7,78,8],[79,5,79,6],[79,7,79,8],[85,10,85,18],[107,0,107,8],[107,10,107,18],[80,15,80,16],[80,5,80,6],[80,7,80,8],[82,15,82,16],[77,17,77,18],[78,17,78,18],[79,17,79,18],[78,12,78,13],[82,0,82,4],[81,7,81,8],[82,5,82,6],[82,7,82,8],[80,17,80,18],[81,17,81,18],[82,17,82,18],[78,10,78,11],[136,0,136,5],[137,0,137,5],[134,6,134,7],[135,14,135,15],[134,10,134,11],[130,0,130,18],[150,0,150,5],[139,0,139,5],[140,0,140,5],[141,0,141,5],[142,0,142,5],[143,0,143,5],[144,0,144,5],[134,8,134,9],[135,16,135,18],[136,16,136,18],[137,16,137,18],[138,16,138,18],[149,0,149,5],[20,0,20,1],[21,0,21,1],[76,17,76,18],[139,16,139,18],[140,16,140,18],[141,16,141,18],[136,14,136,15],[137,14,137,15],[138,14,138,15],[139,14,139,15],[140,14,140,15],[141,14,141,15],[134,16,134,18],[26,0,26,8],[26,10,26,18],[134,13,134,15],[50,0,50,8],[129,0,129,18],[132,0,132,18],[83,0,83,8],[105,0,105,8],[78,0,78,4],[138,0,138,5],[135,0,135,5],[13,0,13,18],[105,10,105,18],[126,10,126,18],[82,10,82,11],[82,12,82,13],[76,5,76,6],[76,7,76,8],[77,5,77,6],[76,10,76,11],[76,12,76,13],[77,10,77,11],[77,12,77,13],[81,15,81,16],[76,15,76,16],[77,15,77,16],[78,15,78,16],[79,15,79,16],[81,5,81,6],[126,0,126,8],[50,10,50,18],[85,0,85,8],[70,0,70,8],[22,0,22,8],[77,0,77,4],[152,0,152,18],[151,0,151,18],[148,14,148,15],[149,14,149,15],[142,14,142,15],[143,14,143,15],[144,14,144,15],[145,14,145,15],[146,14,146,15],[147,14,147,15],[150,14,150,15],[142,16,142,18],[143,16,143,18],[144,16,144,18],[145,16,145,18],[146,16,146,18],[147,16,147,18],[148,16,148,18],[149,16,149,18],[150,16,150,18],[145,0,145,5],[146,0,146,5],[147,0,147,5],[148,0,148,5]]}
[]
["Net New Investment in Constituent Funds"]
["NET NEW INVESTMENT IN FUNDS MONITORED IN MSCI/AREF PROPERTY FUND VISION "]
[]
[{"$f":"CONCATENATE(\"The 57 funds monitored in Property Fund Vision saw a net outflow of capital in \",Index!T5,\" \",Index!T4,\" of GBP 577m. \")","v":"The 57 funds monitored in Property Fund Vision saw a net outflow of capital in Q2 2021 of GBP 577m. "}]
[]
["Table 8: Net new investment in property funds per quarter (GBPm)"]
[null,null,"2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Balanced Funds",null,-561.97876409635307,-106.73590599355924,-58.575072379773019,-137.2515717386313,-168.31240656202837,146.24152917937695,-815.43371695307701,-877.4259819984278,-425.27451850390622,-1202.5434315149448,-939.29689498777827,-617.34952731219971,-18.93302073381491,-76.669914515449506,-1033.1565857540954,-614.05273021420135,-561.42180693522005]
["Long Income Funds",null,183.87794355088465,206.56110598372231,223.5180806504253,111.135057748778,66.440177917763606,190.9135839298568,269.9109344770614,304.05459964468832,133.96620947855476,79.341964141317206,211.06300856000655,256.35752448458305,37.66541578079007,10.904214377361072,2.6120362610250467,399.87992797542591,86.566648026043922]
["Specialist Funds",null,-84.459886212250211,49.0517127177974,55.115936551261008,4.4914854416863719,-89.714826871581295,26.150350153200005,24.681160033353716,50.4426745899734,-41.563387314847631,18.960620090377002,225.83410334000001,160.25654762017803,0,-7.9236711942837701,28.947487203936937,-75.454233887192572,-102.4258909305786]
[]
[]
["Table 9: Net new investment in property funds by fund type as % of net asset value*"]
[null,null,"2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["APUTs",null,-5.1480215702455556,-2.9593576932361674,-2.4802496242949363,-3.1068110091419312,-1.9053191014056829,-9.042399604614447E-2,-4.6345322894124585,-5.3074716614094903,-2.2627042782183029,-6.0221027711387487,-6.0424997139499519,-1.1788925970811643,-0.13978053442686239,-4.1382471148612231E-2,-6.4530887690658911,-2.7205202598121061,-3.255875754569308]
["Managed Funds ",null,-0.99333485589405657,-0.51371214956291122,-1.1239373813813034,-0.27786356948321539,-0.91280951277487377,-0.42346417834525474,-2.2169729620212597,-2.25141188697804,-2.2174905850112667,-1.4492312926967805,-0.2919735252076982,-2.8559236447089074,6.7589370282065001E-3,-0.85514420337100616,-2.2299729978997416,-1.17320329191214,-0.82998310304937917]
["Other Balanced Funds ",null,1.3255289636970833,1.7137950982986281,1.6394650784322107,1.2666044950772017,0.70094126350544128,0.80927935814805851,-0.1697594563463283,-0.34269031124125371,9.0856856214847029E-2,-1.3298321115567855,-0.93810036476926628,-1.0936228523134786,-2.4233259717749887E-2,9.9490810062117033E-3,-0.95500258358923606,-1.3853186564269353,-1.2925139359953897]
["All Balanced Funds ",null,-1.3141399359955281,-0.24843391876553148,-0.12567557170200194,-0.2904625300097663,-0.35263036759520505,0.30678653572951975,-1.7164725725391046,-1.9147163340680999,-0.94000946446654454,-2.7208348817797754,-2.2036494552923114,-1.511739084889447,-4.8213581976084177E-2,-0.19655191008941947,-2.6673392853730404,-1.6450182291321158,-1.5573290773681177]
["Long Income Funds",null,2.5004023109316789,2.7000424813892443,2.7776444490454599,1.3232762030047811,0.77131167277953017,2.0014108074895023,2.6484301908207963,2.889807915249115,1.2252057657098403,0.70483837493731782,1.8756562696309116,2.190061642141985,0.31937285138334476,9.1723144801891282E-2,2.1482856367640409E-2,3.2457088695612417,0.66335511885602805]
["Specialist Funds ",null,-0.75397696981301054,0.43629870499069473,0.48874334592965435,3.9962734658044521E-2,-0.7991993368962077,0.23562846023099954,0.22342794802218061,0.4529067509851708,-0.38073482367868772,0.18177588681200632,2.2129217803072176,1.6911994457546879,0,-9.3861640772750304E-2,0.34658170145388117,-0.89463425490311677,-1.1893203256564264]
["All Funds ",null,-0.7543408975534015,0.2406811865869132,0.3337651610026256,-3.232903423628139E-2,-0.28353839502513956,0.53188004835888758,-0.75765056693217259,-0.77488669974157653,-0.49613980210934294,-1.6760095427602615,-0.78398774473838173,-0.32367056437655861,3.13194183349947E-2,-0.12418683083262308,-1.6906136338539248,-0.49864877532303797,-1.0002746101762892]
["* Based on quarter-end NAVs pre the net new investment during the quarter"]
[]
["Net New Investment by Constituent Funds"]
[]
["Chart 9: Property funds’ net investment in property  (GBPm)",null,null,null,null,null,null,null,null,null,"Chart 10: Net  acquisitions by balanced, specialist funds and long income funds ( GBPm)"]
[]
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["Source: MSCI "]
[]
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[]
["Chart 11: Net property acquisitions as % of net asset value",null,null,null,null,null,null,null,null,null,"Chart 12: Net new money raised / property acquisitions (GBPm)"]
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["Source: MSCI ",null,null,null,null,null,null,null,null,null,"Source: MSCI "]
[]
[]
[{"$f":"CONCATENATE(\"Table 10: Net acquisitions of property by type of fund\")","v":"Table 10: Net acquisitions of property by type of fund"}]
["Fund Type",null,null,null,null,"Net Acquisitions (GBPm)",null,null,null,null,"Net Asset Value (GBPm)",null,null,null,null,"Net Acquisitions / NAV "]
["(Number of Funds)",null,null,null,null,"Q1 2021",null,"Q2 2021",null,null,"Q1 2021",null,"Q2 2021",null,null,"Q1 2021",null,"Q2 2021"]
["Authorised Property Unit Trusts (8)",null,null,null,null,-648,null,-304,null,null,8420,null,6742,null,null,{"$f":"F77/K77","v":-7.6959619952494063E-2},null,{"$f":"H77/M77","v":-4.5090477603085141E-2}]
["Managed Property Funds (6)",null,null,null,null,40,null,19,null,null,8681,null,8867,null,null,{"$f":"F78/K78","v":4.6077640824789771E-3},null,{"$f":"H78/M78","v":2.1427765873463403E-3}]
["Other balanced property funds (22)",null,null,null,null,-379,null,-285,null,null,21903,null,22234,null,null,-1.7303565721590648E-2,null,-1.2818206350634164E-2]
["All Balanced Funds (36)",null,null,null,null,-987,null,-570,null,null,39004,null,37843,null,null,-2.5305096913137114E-2,null,-1.5062230795655735E-2]
["Long Income Property Funds (8)",null,null,null,null,362,null,-33,null,null,12720,null,13136,null,null,2.8459119496855347E-2,null,-2.5121802679658953E-3]
["Specialist property funds (13)",null,null,null,null,-173,null,-56,null,null,8359,null,8510,null,null,-2.0696255532958487E-2,null,-6.5804935370152758E-3]
["Total (57)",null,null,null,null,-798,null,-659,null,null,60083,null,59489,null,null,-1.3281627082535826E-2,null,-1.1077678226226698E-2]
[]
[]
["Chart 13: Net property acquisitions by Authorised PUTs ",null,null,null,null,null,null,null,null,null,"Chart 14: Net property acquisitions by Managed Property Funds "]
[]
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["Source: MSCI ",null,null,null,null,null,null,null,null,null,"Source: MSCI "]
[]
["Chart 15: Net property acquisitions by other balanced funds ",null,null,null,null,null,null,null,null,null,"Chart 16:  Net property acquisitions by specialist funds "]
[]
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[]
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["Source: MSCI ",null,null,null,null,null,null,null,null,null,"Source: MSCI "]
[]
[]
["Balanced funds’ net investment by type of property"]
[]
[]
[{"$f":"CONCATENATE(\"Table 11: Balanced funds’ acquisitions and disposals of property by sector in \",Index!T5,\" \",Index!T4)","v":"Table 11: Balanced funds’ acquisitions and disposals of property by sector in Q2 2021"}]
[]
[null,null,null,null,null,null,null,null,"Acquisitions ",null,"Disposals ",null,null,"Net Acquisitions",null,null,"Existing Portfolio Distributions"]
["Sector",null,null,null,null,null,null,null,null,"GBPm",null,"GBPm",null,"GBPm ","%",null,"%^"]
["Standard Retail ",null,null,null,null,null,null,null,null,0,null,182,null,-182,{"$f":"N137/$N$151","v":0.30282861896838603},null,7.3]
["Shopping Centres",null,null,null,null,null,null,null,null,0,null,0,null,0,{"$f":"N138/$N$151","v":0},null,1.1000000000000001,10.3]
["Retail Warehouses",null,null,null,null,null,null,null,null,9,null,104,null,-95,0.15806988352745424,null,10.4,15.3]
["All UK Retail",null,null,null,null,null,null,null,null,9,null,286,null,-277,0.46089850249584025,null,18.8,15.3]
["City Offices",null,null,null,null,null,null,null,null,0,null,112,null,-112,0.18635607321131448,null,3.6,15.3]
["West End Offices",null,null,null,null,null,null,null,null,30,null,0,null,30,-4.9916805324459232E-2,null,8.5,15.3]
["Total Central London Offices",null,null,null,null,null,null,null,null,30,null,112,null,-82,0.13643926788685523,null,12.1,15.3]
["Rest of South East Offices",null,null,null,null,null,null,null,null,0,null,118,null,-118,0.19633943427620631,null,9.6999999999999993,15.3]
["Rest of UK Offices",null,null,null,null,null,null,null,null,0,null,148,null,-148,0.24625623960066556,null,5.4,15.3]
["All UK  Offices",null,null,null,null,null,null,null,null,30,null,378,null,-348,0.57903494176372716,null,27.2,15.3]
["South East  Industrial",null,null,null,null,null,null,null,null,21,null,26,null,-5,8.3194675540765387E-3,null,23.8,15.3]
["Rest of UK  Industrial",null,null,null,null,null,null,null,null,273,null,199,null,74,-0.12312811980033278,null,12.6,15.3]
["All UK  Industrial",null,null,null,null,null,null,null,null,294,null,225,null,69,-0.11480865224625623,null,36.4,15.3]
["Other UK Property",null,null,null,null,null,null,null,null,37,null,82,null,-45,7.4875207986688855E-2,null,10.6,15.3]
["All Property",null,null,null,null,null,null,null,null,370,null,971,null,-601,null,null,"-"]
["^ The Weighted Aggregations by sector of the MSCI/AREF UK All Balanced Property Fund Index as at the beginning of the quarter. \nNote: -  The Acquisition, Disposal and Net Acquistion in the above table includes All balanced and  Long income Property Funds"]

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[]
["SECONDARY MARKET TRADING"]
["The 8 Authorised Property Unit Trusts monitored in Property Fund Vision publish daily bid and offer prices and are traded on a daily basis. The 49 other constituents are either closed ended (therefore offer no new issue or redemption facilities) or are open-ended but issue/redeem units on only a monthly or three-monthly basis. However, almost all of these 49 funds permit trading in their units between investors, i.e. on the secondary market. "]
[]
["Chart 17: Secondary Market Trades Per Quarter*"]
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[]
["* The value of trades is based on the quarter-end NAV of the units traded and is therefore  not necessarily the actual value of the trades"]
[]
["Chart 18:Secondary market turnover by type of trade  (GBPm)"]
[]
[]
[]
[]
[]
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[]
[]
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["* Trades in which10% or more of a fund changes hands              Source: MSCI"]
[]
["Chart 19: Secondary market trades per quarter"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Source: MSCI "]
[]
[]
[]
[]
[]
["Table 12: Secondary Market Trading - Balanced funds"]
[null,null,null,null,null,null,null,null,"Number of quarters in which the fund was traded in the last three years","When traded*, the average % of the fund traded per quarter**","When traded*, the average total value of trades per fund per quarter*** (GBPm)"]
["Common Investment Funds"]
["COIF Charities Property Fund",null,null,null,null,null,null,null,0,0,0]
["Mayfair Capital Property Income Trust for Charities",null,null,null,null,null,null,null,0,0,0]
["The Charities Property Fund",null,null,null,null,null,null,null,8,1.7024861016148345,20.965713535270467]
["Managed Property Funds"]
["Aegon UK Property Fund Limited",null,null,null,null,null,null,null,0,0,0]
["Aviva Investors Pensions Limited",null,null,null,null,null,null,null,0,0,0]
["Kames Capital Active Value Property Fund",null,null,null,null,null,null,null,0,0,0]
["Legal And General Managed Fund",null,null,null,null,null,null,null,0,0,0]
["Standard Life Investments Pooled Pension Property Fund",null,null,null,null,null,null,null,0,0,0]
["Threadneedle Pensions Ltd",null,null,null,null,null,null,null,0,0,0]
["Other balanced funds"]
["AEW UK Core Property Fund",null,null,null,null,null,null,null,2,0.69459520761906635,2.0482657595754814]
["BlackRock UK Property Fund",null,null,null,null,null,null,null,6,1.1414238267930801,36.26161210135357]
["BMO UK Property Fund",null,null,null,null,null,null,null,0,0,0]
["CBRE UK Property PAIF",null,null,null,null,null,null,null,7,0.63415809457946926,10.256192581040414]
["Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,7,1.5789777709978257,23.814225669115526]
["Fidelity UK Real Estate Fund",null,null,null,null,null,null,null,0,0,0]
["Keills Property Trust",null,null,null,null,null,null,null,0,0,0]
["LF Canlife UK Property ACS",null,null,null,null,null,null,null,0,0,0]
["Lothbury Property Trust",null,null,null,null,null,null,null,6,0.7728120495430667,13.364953896493427]
["M&G UK Property Limited Partnership",null,null,null,null,null,null,null,1,1.1915542824367873,8.6063791591309986]
["Mayfair Capital Property Unit Trust",null,null,null,null,null,null,null,1,1.7029017308530205E-2,6.3948806111276582E-2]
["Nuveen Real Estate UK Property Fund",null,null,null,null,null,null,null,6,2.9499373566120899,5.5041675445146501]
["PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,2,0.62425009380950613,3.2544508313959062]
["Royal London Property Fund",null,null,null,null,null,null,null,0,0,0]
["Royal London UK Real Estate Fund",null,null,null,null,null,null,null,0,0,0]
["Savills IM UK Income and Growth Fund",null,null,null,null,null,null,null,1,1.6606326428759957,2.0687408866235399]
["Schroder UK Real Estate",null,null,null,null,null,null,null,7,1.3509900170757707,33.114103372081438]
["The Local Authorities’ Property Fund",null,null,null,null,null,null,null,0,0,0]
["Threadneedle Property Unit Trust",null,null,null,null,null,null,null,0,0,0]
["Tritax Property Income Fund",null,null,null,null,null,null,null,1,4.0436570738006765E-2,7.8540971963475967E-2]
["Triton Property Fund (Jersey)",null,null,null,null,null,null,null,0,0,0]
["Triton Property Fund LP",null,null,null,null,null,null,null,0,0,0]
["UBS Life Triton Property Fund",null,null,null,null,null,null,null,0,0,0]
["UBS Triton Property Unit Trust",null,null,null,null,null,null,null,2,0.33292194460933427,0]
["* Over the past three years\n^ Including other funds in which only charities are allowed to invest\n** Based on the number of units in issue at the end of the quarter\n*** The value of trades per quarter is based on the quarter-end NAV of the units traded and is not necessarily the actual value of the trades\n        (Date) = Date of fund launch or becoming a constituent of Property Fund Vision if more recent than three years ago\n"]
[]
[]
["Table 13: Secondary Market Trading - Long Income Property Funds"]
[null,null,null,null,null,null,null,null,"Number of quarters in which the fund was traded in the last three years","When traded*, the average % of the fund traded per quarter**","When traded*, the average total value of trades per fund per quarter*** (GBPm)"]
["Long Income Property Funds"]
["AEW UK Real Return Fund",null,null,null,null,null,null,null,1,5.0731468963424353,7.1220036779232023]
["AXA UK Long Lease Property Fund",null,null,null,null,null,null,null,0,0,0]
["BlackRock Long Lease Property Fund",null,null,null,null,null,null,null,3,3.5012793496688146,34.690691007280293]
["KFIM Long Income Property Unit Trust",null,null,null,null,null,null,null,0,0,0]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,null,null,null,null,0,0,0]
["M&G Secure Property Income Fund",null,null,null,null,null,null,null,0,0,0]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,null,null,null,null,4,1.8950739060530408,12.801692887096982]
["Standard Life Investments Long Lease Property Fund",null,null,null,null,null,null,null,5,1.0255256891000377,31.193543554838232]
["* Over the past three years\n           ^ Including other funds in which only charities are allowed to invest\n          ** Based on the number of units in issue at the end of the quarter\n         *** The value of trades per quarter is based on the quarter-end NAV of the units traded and is not necessarily the actual value of the trades\n        (Date) = Date of fund launch or becoming a constituent of Property Fund Vision if more recent than three years ago \n\n"]
[]
[]
["Table 14: Secondary Market Trading - Specialist funds"]
[null,null,null,null,null,null,null,null,"Number of quarters in which the fund was traded in the last three years","When traded*, the average % of the fund traded per quarter**","When traded*, the average total value of trades per fund per quarter*** (GBPm)"]
["Healthcare"]
["Octopus Healthcare Fund",null,null,null,null,null,null,null,1,6.8999972480777449,17.99173068036756]
["Industrial"]
["Airport Industrial Property Unit Trust",null,null,null,null,null,null,null,4,5.5559180035709108,35.20544915007401]
["Industrial Property Investment Fund",null,null,null,null,null,null,null,0,0,0]
["Leisure"]
["The Leisure Fund Limited Partnership",null,null,null,null,null,null,null,0,0,0]
["Offices"]
["Grosvenor London Office Fund",null,null,null,null,null,null,null,0,0,0]
["Nuveen Real Estate Central London Office Fund",null,null,null,null,null,null,null,0,0,0]
["West End of London Property Unit Trust",null,null,null,null,null,null,null,1,0.46149627287282657,3.7930522146608849]
["Residential"]
["UNITE UK Student Accommodation Fund",null,null,null,null,null,null,null,7,2.3776211492987924,46.016229587597934]
["Vista UK PRS Fund",null,null,null,null,null,null,null,0,0,0]
["Retail warehouses"]
["Aberdeen Standard UK Retail Park Trust",null,null,null,null,null,null,null,3,2.4900830077474887,10.600033042601364]
["Hercules Unit Trust",null,null,null,null,null,null,null,0,0,0]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,null,null,null,null,0,0,0]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,2,1.0113637124137516,12.98339099422876]
["Grosvenor Liverpool Fund",null,null,null,null,null,null,null,0,0,0]
["Lendlease Retail LP",null,null,null,null,null,null,null,0,0,0]
["Nuveen Real Estate UK Shopping Centre Fund",null,null,null,null,null,null,null,0,0,0]
[" * Over the past three years\n           ^ Including other funds in which only charities are allowed to invest\n          ** Based on the number of units in issue at the end of the quarter\n                *** The value of trades per quarter is based on the quarter-end NAV of the units traded and is not necessarily the actual value of the trades\n        (Date) = Date of fund launch or becoming a constituent of Property Fund Vision if more recent than three years ago\n"]

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[]
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[null,null,null,"Investment Rates of Return"]
[]
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[]
[]
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[]
["INVESTMENT RATES OF RETURN"]
["MSCI/AREF UK Quarterly Property Fund Index"]
["Investment Rates of Return to June 2021"]
["%",null,"10Y","5Y","3Y","12M","3M"]
["All Pooled Property Funds Index",null,6.0942800000000004,3.8698299999999999,1.81053,6.8983400000000001,3.7427600000000001]
["All Balanced Property Fund Index",null,6.6564699999999997,4.89466,2.9910399999999999,8.4660399999999996,3.7777400000000001]
["Managed Property Fund Index",null,5.9745999999999997,4.3663600000000002,2.31453,8.4109200000000008,3.7269800000000002]
["Low Geared Balanced Fund Index**",null,6.7121500000000003,4.9020599999999996,2.9910399999999999,8.4660399999999996,3.7777400000000001]
["Other Balanced Property Fund Index",null,6.9726999999999997,5.0991600000000004,3.2545199999999999,8.4869500000000002,3.7971400000000002]
["Long Income Property Fund Index",null,null,6.5384599999999997,5.3954300000000002,7.3320600000000002,3.0571899999999999]
["Specialist Property Fund Index",null,3.0731700000000002,-2.1098699999999999,-6.1856900000000001,-1.0030000000000001E-2,4.7498500000000003]
[]
["* Annualised\n** Excludes funds with net debt/net assets exceeding 25% on average as at the end of the last and three previous quarters\nSource: MSCI/AREF UK Quarterly Property Fund Index   "]
["BALANCED FUNDS - 10 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,null,"10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["L&G UK Property Fund",null,5.62,5.19,3.08,7.96,2.76]
["Janus Henderson UK Property PAIF",null,4.5999999999999996,3.8,1.6,3.8,1.4]
["M&G Property Portfolio",null,2.0149940000000002,-1.3024640000000001,-4.5069860000000004,-2.3487,1.0645549999999999]
["Common Investment Funds"]
["Mayfair Capital Property Income Trust for Charities",null,8.0004799999999996,6.2469700000000001,3.9678100000000001,8.8649699999999996,5.6655499999999996]
["The Charities Property Fund",null,7.7503700000000002,5.4908400000000004,3.4429500000000002,7.0904600000000002,2.5835599999999999]
["COIF Charities Property Fund",null,7.4426500000000004,6.1700999999999997,4.6235600000000003,10.43765,3.93255]
["Managed Property Funds"]
["Kames Capital Active Value Property Fund",null,6.8775394910510004,5.1047278112930004,2.4295851906279999,4.4787868342560007,2.618216002679]
["Legal And General Managed Fund",null,6.2135199999999999,4.8013500000000002,2.5373100000000002,7.2851600000000003,3.0033099999999999]
["Aviva Investors Pensions Limited",null,5.8826700000000001,4.2396799999999999,3.3226599999999999,10.45313,4.3449099999999996]
["Standard Life Investments Pooled Pension Property Fund",null,5.5895799999999998,4.08406,1.54287,9.9008299999999991,4.1425200000000002]
["Aegon UK Property Fund Limited",null,2.8063491780582202,1.49800790681227,-0.82113553203010403,1.1378452056418,0.97627359327849805]
["Other balanced funds"]
["Federated Hermes Property Unit Trust",null,8.5464900000000004,6.0658599999999998,3.7797999999999998,7.5559399999999997,3.9330500000000002]
["Nuveen Real Estate UK Property Fund",null,8.0932399999999998,5.9529100000000001,3.5986500000000001,6.4304500000000004,2.3130500000000001]
["The Local Authorities’ Property Fund",null,7.8206899999999999,5.9218799999999998,4.3714899999999997,11.608219999999999,4.4191500000000001]
["Mayfair Capital Property Unit Trust",null,7.7699199999999999,5.9578499999999996,3.8271600000000001,10.23211,4.9150200000000002]
["Schroder UK Real Estate",null,7.7207800000000004,5.5579999999999998,3.3706999999999998,8.1427399999999999,3.0122399999999998]
["Fidelity UK Real Estate Fund",null,7.4,5.8,4.5999999999999996,12,6.1]
["CBRE UK Property PAIF",null,7.1668500000000002,4.6681900000000001,2.9973700000000001,8.9704499999999996,4.5285200000000003]
["Lothbury Property Trust",null,6.9096000000000002,3.83439,1.6216900000000001,6.2454999999999998,3.2723100000000001]
["Threadneedle Property Unit Trust",null,6.8742333251825771,4.583137748559496,3.1120606514213112,9.3957276556207106,4.1832667935793877]
["PATRIZIA Hanover Property Unit Trust",null,6.7639532403930005,5.3681355432039997,3.1346773246710002,7.3101634214069993,4.0563525168100005]
["BlackRock UK Property Fund",null,6.2295400000000001,4.1680599999999997,2.5392899999999998,4.0399599999999998,2.2398799999999999]
["Triton Property Fund LP",null,5.9903819643570388,5.6715227159267911,4.2401320905263162,10.160149863220557,4.4918468537461731]
["UBS Triton Property Unit Trust",null,5.9783867034040261,5.6593217432876042,4.2322567835886948,10.14894386682621,4.4902168162323175]
["M&G UK Property Limited Partnership",null,5.9782599999999997,3.49044,1.30507,8.4160599999999999,4.4843000000000002]
["Royal London Property Fund",null,5.4813000000000001,2.9235799999999998,1.48421,7.5635599999999998,4.0221799999999996]
["Triton Property Fund (Jersey)",null,4.8895219643257937,4.5285768301782214,3.1538997169790806,8.9567962185327374,4.2138350834132421]
["BMO UK Property Fund",null,3.28,2.86,-0.45,1.25,18.489999999999998]
[]
["^^ Not currently a constituent of the  MSCI/AREF UK Quarterly Property Fund Index: performance data provided by the fund manager\n              * Per annum\n            ** Performance on a bid-price to bid-price basis of calculation, income net of tax\n+ Including other funds in which only charities are permitted to invest\n++ Performance on a mid-price to mid-price basis of calculation\nSource (except where stated): MSCI/AREF UK Quarterly Property Fund Index  \n"]
[]
[]
["BALANCED FUNDS - 5 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["L&G UK Property Fund",-25.685082883443613,5.62,5.19,3.08,7.96,2.76]
["Kames Capital UK Active Value Property Unit Trust",-8.6024731027372798,0,4.2048150722350002,1.2035750728620001,3.5316867144840005,2.0352454245409999]
["Janus Henderson UK Property PAIF",-19.254516263047549,4.5999999999999996,3.8,1.6,3.8,1.4]
["Standard Life Investments UK Real Estate Fund",-18.731795128018494,0,2.36,-0.08,4.62,2.48]
["Aberdeen UK Property Fund",-16.881130746905853,0,-1.1399999999999999,-5.15,-2.4300000000000002,4.7699999999999996]
["M&G Property Portfolio",-14.039322632165735,2.0149940000000002,-1.3024640000000001,-4.5069860000000004,-2.3487,1.0645549999999999]
["Common Investment Funds"]
["Mayfair Capital Property Income Trust for Charities",4.5902892052636464,8.0004799999999996,6.2469700000000001,3.9678100000000001,8.8649699999999996,5.6655499999999996]
["COIF Charities Property Fund",-3.5203863529163564,7.4426500000000004,6.1700999999999997,4.6235600000000003,10.43765,3.93255]
["The Charities Property Fund",-5.1249714324242346,7.7503700000000002,5.4908400000000004,3.4429500000000002,7.0904600000000002,2.5835599999999999]
["Managed Property Funds"]
["Kames Capital Active Value Property Fund",-14.155757634083207,6.8775394910510004,5.1047278112930004,2.4295851906279999,4.4787868342560007,2.618216002679]
["Legal And General Managed Fund",-9.4773224169482884,6.2135199999999999,4.8013500000000002,2.5373100000000002,7.2851600000000003,3.0033099999999999]
["Aviva Investors Pensions Limited",-5.868183984611365,5.8826700000000001,4.2396799999999999,3.3226599999999999,10.45313,4.3449099999999996]
["Standard Life Investments Pooled Pension Property Fund",-10.226081821431645,5.5895799999999998,4.08406,1.54287,9.9008299999999991,4.1425200000000002]
["Aegon UK Property Fund Limited",-9.2594059195319893,2.8063491780582202,1.49800790681227,-0.82113553203010403,1.1378452056418,0.97627359327849805]
["Other balanced funds"]
["AEW UK Core Property Fund",-3.2381391655558387,0,7.51356,5.0060099999999998,14.74178,7.0258799999999999]
["Tritax Property Income Fund",20.801284466612348,0,6.380896020182,4.9109889991009998,13.002765502555,5.6332898966520002]
["Federated Hermes Property Unit Trust",-4.5279168195723916,8.5464900000000004,6.0658599999999998,3.7797999999999998,7.5559399999999997,3.9330500000000002]
["Mayfair Capital Property Unit Trust",-5.9450943329516797,7.7699199999999999,5.9578499999999996,3.8271600000000001,10.23211,4.9150200000000002]
["Nuveen Real Estate UK Property Fund",-0.26630030342973399,8.0932399999999998,5.9529100000000001,3.5986500000000001,6.4304500000000004,2.3130500000000001]
["The Local Authorities’ Property Fund",-4.0392680290833125,7.8206899999999999,5.9218799999999998,4.3714899999999997,11.608219999999999,4.4191500000000001]
["Fidelity UK Real Estate Fund",-7.7747844614419392,7.4,5.8,4.5999999999999996,12,6.1]
["Triton Property Fund LP",2.1451905434579137,5.9903819643570388,5.6715227159267911,4.2401320905263162,10.160149863220557,4.4918468537461731]
["UBS Triton Property Unit Trust",2.1451905434579102,5.9783867034040261,5.6593217432876042,4.2322567835886948,10.14894386682621,4.4902168162323175]
["Schroder UK Real Estate",-5.8814368313333167,7.7207800000000004,5.5579999999999998,3.3706999999999998,8.1427399999999999,3.0122399999999998]
["PATRIZIA Hanover Property Unit Trust",2.7169948714212149,6.7639532403930005,5.3681355432039997,3.1346773246710002,7.3101634214069993,4.0563525168100005]
["CBRE UK Property PAIF",-5.9735952368507252,7.1668500000000002,4.6681900000000001,2.9973700000000001,8.9704499999999996,4.5285200000000003]
["Threadneedle Property Unit Trust",-7.1609195698724353,6.8742333251825771,4.583137748559496,3.1120606514213112,9.3957276556207106,4.1832667935793877]
["Triton Property Fund (Jersey)",2.1451905434579102,4.8895219643257937,4.5285768301782214,3.1538997169790806,8.9567962185327374,4.2138350834132421]
["BlackRock UK Property Fund",-2.8201883121708411,6.2295400000000001,4.1680599999999997,2.5392899999999998,4.0399599999999998,2.2398799999999999]
["Lothbury Property Trust",-4.1494364436657261,6.9096000000000002,3.83439,1.6216900000000001,6.2454999999999998,3.2723100000000001]
["M&G UK Property Limited Partnership",-5.4387865551943522,5.9782599999999997,3.49044,1.30507,8.4160599999999999,4.4843000000000002]
["Royal London Property Fund",-7.949615607745292,5.4813000000000001,2.9235799999999998,1.48421,7.5635599999999998,4.0221799999999996]
["BMO UK Property Fund",-22.994071056261042,3.28,2.86,-0.45,1.25,18.489999999999998]
[]
["  ^ Quarterly average net debt/equity ratio over the five years to 30 JUNE 2021\n           ^^ Not currently a constituent of the MSCI/AREF UK Quarterly Property Fund Index : performance data provided by the fund manager\n              * Per annum\n             ** Performance on a bid-price to bid-price basis of calculation, income net of tax \n              # Performance on a bid-price to bid-price basis of calculation, income gross of tax, of the Fund’s retail units\n           ++ Performance on a mid-price to mid-price basis of calculation, income gross of tax\n             + Including other funds in which only charities are permitted to invest\n             -- Not available              \nSource: Performance data (except where stated) – MSCI/AREF UK Quarterly Property Fund Index   \n"]
[]
[]
["BALANCED FUNDS - 3 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["L&G UK Property Fund",-26.651565948056255,5.62,5.19,3.08,7.96,2.76]
["Janus Henderson UK Property PAIF",-19.65079989197331,4.5999999999999996,3.8,1.6,3.8,1.4]
["Kames Capital UK Active Value Property Unit Trust",-6.7756353534871048,0,4.2048150722350002,1.2035750728620001,3.5316867144840005,2.0352454245409999]
["Standard Life Investments UK Real Estate Fund",-16.994245016024472,0,2.36,-0.08,4.62,2.48]
["M&G Property Portfolio",-12.739594147078554,2.0149940000000002,-1.3024640000000001,-4.5069860000000004,-2.3487,1.0645549999999999]
["Aberdeen UK Property Fund",-13.458370547360536,0,-1.1399999999999999,-5.15,-2.4300000000000002,4.7699999999999996]
["Common Investment Funds"]
["COIF Charities Property Fund",-5.1849768953619098,7.4426500000000004,6.1700999999999997,4.6235600000000003,10.43765,3.93255]
["Mayfair Capital Property Income Trust for Charities",1.8339053525869815,8.0004799999999996,6.2469700000000001,3.9678100000000001,8.8649699999999996,5.6655499999999996]
["The Charities Property Fund",-5.8180480978752387,7.7503700000000002,5.4908400000000004,3.4429500000000002,7.0904600000000002,2.5835599999999999]
["Managed Property Funds"]
["Aviva Investors Pensions Limited",-6.4875518088917277,5.8826700000000001,4.2396799999999999,3.3226599999999999,10.45313,4.3449099999999996]
["Legal And General Managed Fund",-9.7518112303944147,6.2135199999999999,4.8013500000000002,2.5373100000000002,7.2851600000000003,3.0033099999999999]
["Kames Capital Active Value Property Fund",-16.497322430841741,6.8775394910510004,5.1047278112930004,2.4295851906279999,4.4787868342560007,2.618216002679]
["Standard Life Investments Pooled Pension Property Fund",-10.523097551724325,5.5895799999999998,4.08406,1.54287,9.9008299999999991,4.1425200000000002]
["Aegon UK Property Fund Limited",-7.3612238608407763,2.8063491780582202,1.49800790681227,-0.82113553203010403,1.1378452056418,0.97627359327849805]
["Other balanced funds"]
["AEW UK Core Property Fund",-2.9410625948705147,0,7.51356,5.0060099999999998,14.74178,7.0258799999999999]
["Tritax Property Income Fund",22.336325819639665,0,6.380896020182,4.9109889991009998,13.002765502555,5.6332898966520002]
["Fidelity UK Real Estate Fund",-8.0521956458108424,7.4,5.8,4.5999999999999996,12,6.1]
["The Local Authorities’ Property Fund",-2.6193232144430891,7.8206899999999999,5.9218799999999998,4.3714899999999997,11.608219999999999,4.4191500000000001]
["Triton Property Fund LP",2.7856109423493418,5.9903819643570388,5.6715227159267911,4.2401320905263162,10.160149863220557,4.4918468537461731]
["UBS Triton Property Unit Trust",2.78561094234934,5.9783867034040261,5.6593217432876042,4.2322567835886948,10.14894386682621,4.4902168162323175]
["Mayfair Capital Property Unit Trust",-8.0496283882937032,7.7699199999999999,5.9578499999999996,3.8271600000000001,10.23211,4.9150200000000002]
["Federated Hermes Property Unit Trust",-5.3339329760863308,8.5464900000000004,6.0658599999999998,3.7797999999999998,7.5559399999999997,3.9330500000000002]
["Royal London UK Real Estate Fund",-2.9965884863362091,0,0,3.7628451052309995,8.267838253071,3.9864880810839995]
["Nuveen Real Estate UK Property Fund",-0.75551310493963886,8.0932399999999998,5.9529100000000001,3.5986500000000001,6.4304500000000004,2.3130500000000001]
["Schroder UK Real Estate",-6.0233788091692313,7.7207800000000004,5.5579999999999998,3.3706999999999998,8.1427399999999999,3.0122399999999998]
["Triton Property Fund (Jersey)",2.78561094234934,4.8895219643257937,4.5285768301782214,3.1538997169790806,8.9567962185327374,4.2138350834132421]
["PATRIZIA Hanover Property Unit Trust",5.4721911225649214,6.7639532403930005,5.3681355432039997,3.1346773246710002,7.3101634214069993,4.0563525168100005]
["Threadneedle Property Unit Trust",-7.5358202285751856,6.8742333251825771,4.583137748559496,3.1120606514213112,9.3957276556207106,4.1832667935793877]
["CBRE UK Property PAIF",-6.8526704988507312,7.1668500000000002,4.6681900000000001,2.9973700000000001,8.9704499999999996,4.5285200000000003]
["BlackRock UK Property Fund",-2.8172987259084654,6.2295400000000001,4.1680599999999997,2.5392899999999998,4.0399599999999998,2.2398799999999999]
["Lothbury Property Trust",-4.1600236343095736,6.9096000000000002,3.83439,1.6216900000000001,6.2454999999999998,3.2723100000000001]
["Royal London Property Fund",-8.5895196851980824,5.4813000000000001,2.9235799999999998,1.48421,7.5635599999999998,4.0221799999999996]
["M&G UK Property Limited Partnership",-5.7107480989708241,5.9782599999999997,3.49044,1.30507,8.4160599999999999,4.4843000000000002]
["BMO UK Property Fund",-23.379251892420772,3.28,2.86,-0.45,1.25,18.489999999999998]
["LF Canlife UK Property ACS",-16.836906861964351,0,0,-1.86199,0.68911999999999995,1.70764]
[]
[" ^ Quarterly average net debt/equity ratio over the three years to 30 JUNE 2021\n            ^^ Not currently a constituent of theMSCI/AREF UK Quarterly Property Fund Index : performance data provided by the fund manager\n             * Per annum\n            ** Performance on a bid-price to bid-price basis of calculation, income net of tax \n             # Performance on a bid-price to bid-price basis of calculation, income gross of tax, of the Fund’s retail units\n          ++ Performance on a mid-price to mid-price basis of calculation, income gross of tax\n             + Including other funds in which only charities are permitted to invest          \n            -- Not available              \nSource: Performance data (except where stated) –  MSCI/AREF UK Quarterly Property Fund Index   \n"]
[]
[]
["BALANCED FUNDS - 12 MONTHS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["L&G UK Property Fund",-26.305581804839171,5.62,5.19,3.08,7.96,2.76]
["Standard Life Investments UK Real Estate Fund",-10.779119988856234,0,2.36,-0.08,4.62,2.48]
["Janus Henderson UK Property PAIF",-21.486941072073481,4.5999999999999996,3.8,1.6,3.8,1.4]
["Kames Capital UK Active Value Property Unit Trust",-7.4896148695086335,0,4.2048150722350002,1.2035750728620001,3.5316867144840005,2.0352454245409999]
["M&G Property Portfolio",-17.923741082681371,2.0149940000000002,-1.3024640000000001,-4.5069860000000004,-2.3487,1.0645549999999999]
["Aberdeen UK Property Fund",-16.102937858861722,0,-1.1399999999999999,-5.15,-2.4300000000000002,4.7699999999999996]
["Common Investment Funds"]
["COIF Charities Property Fund",-3.4300823962122235,7.4426500000000004,6.1700999999999997,4.6235600000000003,10.43765,3.93255]
["Mayfair Capital Property Income Trust for Charities",-1.1059777320976742,8.0004799999999996,6.2469700000000001,3.9678100000000001,8.8649699999999996,5.6655499999999996]
["The Charities Property Fund",-7.5693786427545096,7.7503700000000002,5.4908400000000004,3.4429500000000002,7.0904600000000002,2.5835599999999999]
["Managed Property Funds"]
["Aviva Investors Pensions Limited",-3.2672384538708741,5.8826700000000001,4.2396799999999999,3.3226599999999999,10.45313,4.3449099999999996]
["Standard Life Investments Pooled Pension Property Fund",-14.17827779892291,5.5895799999999998,4.08406,1.54287,9.9008299999999991,4.1425200000000002]
["Legal And General Managed Fund",-8.3197755865394321,6.2135199999999999,4.8013500000000002,2.5373100000000002,7.2851600000000003,3.0033099999999999]
["Kames Capital Active Value Property Fund",-16.647225109428906,6.8775394910510004,5.1047278112930004,2.4295851906279999,4.4787868342560007,2.618216002679]
["Aegon UK Property Fund Limited",-3.9737470294065571,2.8063491780582202,1.49800790681227,-0.82113553203010403,1.1378452056418,0.97627359327849805]
["Other balanced funds"]
["AEW UK Core Property Fund",-2.178341079931621,0,7.51356,5.0060099999999998,14.74178,7.0258799999999999]
["Tritax Property Income Fund",24.229161730500021,0,6.380896020182,4.9109889991009998,13.002765502555,5.6332898966520002]
["Fidelity UK Real Estate Fund",-10.257398970527998,7.4,5.8,4.5999999999999996,12,6.1]
["The Local Authorities’ Property Fund",-4.5017097690589543,7.8206899999999999,5.9218799999999998,4.3714899999999997,11.608219999999999,4.4191500000000001]
["Mayfair Capital Property Unit Trust",-10.014167720498113,7.7699199999999999,5.9578499999999996,3.8271600000000001,10.23211,4.9150200000000002]
["Triton Property Fund LP",4.0768470840329227,5.9903819643570388,5.6715227159267911,4.2401320905263162,10.160149863220557,4.4918468537461731]
["UBS Triton Property Unit Trust",4.0768470840329201,5.9783867034040261,5.6593217432876042,4.2322567835886948,10.14894386682621,4.4902168162323175]
["Threadneedle Property Unit Trust",-8.9781477697099579,6.8742333251825771,4.583137748559496,3.1120606514213112,9.3957276556207106,4.1832667935793877]
["CBRE UK Property PAIF",-9.6110979394737441,7.1668500000000002,4.6681900000000001,2.9973700000000001,8.9704499999999996,4.5285200000000003]
["Triton Property Fund (Jersey)",4.0768470840329201,4.8895219643257937,4.5285768301782214,3.1538997169790806,8.9567962185327374,4.2138350834132421]
["M&G UK Property Limited Partnership",-6.012497333410435,5.9782599999999997,3.49044,1.30507,8.4160599999999999,4.4843000000000002]
["Royal London UK Real Estate Fund",-2.9804155665666054,0,0,3.7628451052309995,8.267838253071,3.9864880810839995]
["Schroder UK Real Estate",-7.3704938506959881,7.7207800000000004,5.5579999999999998,3.3706999999999998,8.1427399999999999,3.0122399999999998]
["Royal London Property Fund",-12.166617320282398,5.4813000000000001,2.9235799999999998,1.48421,7.5635599999999998,4.0221799999999996]
["Federated Hermes Property Unit Trust",-3.9164391443138715,8.5464900000000004,6.0658599999999998,3.7797999999999998,7.5559399999999997,3.9330500000000002]
["PATRIZIA Hanover Property Unit Trust",5.4153070807048627,6.7639532403930005,5.3681355432039997,3.1346773246710002,7.3101634214069993,4.0563525168100005]
["Nuveen Real Estate UK Property Fund",-3.2935687661217843,8.0932399999999998,5.9529100000000001,3.5986500000000001,6.4304500000000004,2.3130500000000001]
["Lothbury Property Trust",-3.5943547159048794,6.9096000000000002,3.83439,1.6216900000000001,6.2454999999999998,3.2723100000000001]
["BlackRock UK Property Fund",-3.7781494569224856,6.2295400000000001,4.1680599999999997,2.5392899999999998,4.0399599999999998,2.2398799999999999]
["BMO UK Property Fund",-24.487245403243996,3.28,2.86,-0.45,1.25,18.489999999999998]
["LF Canlife UK Property ACS",-26.782798325074239,0,0,-1.86199,0.68911999999999995,1.70764]
[]
[" ^ Quarterly average net debt/equity ratio over twelve months to 30 JUNE 2021\n            ^^ Not currently a constituent of the MSCI/AREF UK Quarterly Property Fund Index : performance data provided by the fund manager\n             * Per annum\n            ** Performance on a bid-price to bid-price basis of calculation, income net of tax \n             # Performance on a bid-price to bid-price basis of calculation, income gross of tax, of the Fund’s retail units\n          ++ Performance on a mid-price to mid-price basis of calculation, income gross of tax\n             + Including other funds in which only charities are permitted to invest          \n            -- Not available              \nSource: Performance data (except where stated) –  MSCI/AREF UK Quarterly Property Fund Index   \n"]
[]
[]
["BALANCED FUNDS - 3 MONTHS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["Aberdeen UK Property Fund",-13.400960688626581,0,-1.1399999999999999,-5.15,-2.4300000000000002,4.7699999999999996]
["L&G UK Property Fund",-18.770759786919935,5.62,5.19,3.08,7.96,2.76]
["Standard Life Investments UK Real Estate Fund",0,0,2.36,-0.08,4.62,2.48]
["Kames Capital UK Active Value Property Unit Trust",-9.3428140276509399,0,4.2048150722350002,1.2035750728620001,3.5316867144840005,2.0352454245409999]
["Janus Henderson UK Property PAIF",-19.215502608323501,4.5999999999999996,3.8,1.6,3.8,1.4]
["M&G Property Portfolio",-14.813669526626128,2.0149940000000002,-1.3024640000000001,-4.5069860000000004,-2.3487,1.0645549999999999]
["Common Investment Funds"]
["Mayfair Capital Property Income Trust for Charities",-2.4292297730566697,8.0004799999999996,6.2469700000000001,3.9678100000000001,8.8649699999999996,5.6655499999999996]
["COIF Charities Property Fund",-4.5089384558122081,7.4426500000000004,6.1700999999999997,4.6235600000000003,10.43765,3.93255]
["The Charities Property Fund",-6.4092815750071797,7.7503700000000002,5.4908400000000004,3.4429500000000002,7.0904600000000002,2.5835599999999999]
["Managed Property Funds"]
["Aviva Investors Pensions Limited",-1.0213172208474013,5.8826700000000001,4.2396799999999999,3.3226599999999999,10.45313,4.3449099999999996]
["Standard Life Investments Pooled Pension Property Fund",-10.606106532226558,5.5895799999999998,4.08406,1.54287,9.9008299999999991,4.1425200000000002]
["Legal And General Managed Fund",-4.5241411217287277,6.2135199999999999,4.8013500000000002,2.5373100000000002,7.2851600000000003,3.0033099999999999]
["Kames Capital Active Value Property Fund",-10.646983168372197,6.8775394910510004,5.1047278112930004,2.4295851906279999,4.4787868342560007,2.618216002679]
["Aegon UK Property Fund Limited",-5.6932585113667269,2.8063491780582202,1.49800790681227,-0.82113553203010403,1.1378452056418,0.97627359327849805]
["Other balanced funds"]
["BMO UK Property Fund",-18.751870265692087,3.28,2.86,-0.45,1.25,18.489999999999998]
["AEW UK Core Property Fund",4.3118337992142628,0,7.51356,5.0060099999999998,14.74178,7.0258799999999999]
["Fidelity UK Real Estate Fund",-10.820206725810886,7.4,5.8,4.5999999999999996,12,6.1]
["Tritax Property Income Fund",24.573162180719184,0,6.380896020182,4.9109889991009998,13.002765502555,5.6332898966520002]
["Mayfair Capital Property Unit Trust",-5.5497152650327832,7.7699199999999999,5.9578499999999996,3.8271600000000001,10.23211,4.9150200000000002]
["CBRE UK Property PAIF",-10.060070519938694,7.1668500000000002,4.6681900000000001,2.9973700000000001,8.9704499999999996,4.5285200000000003]
["Triton Property Fund LP",1.5895344080474321,5.9903819643570388,5.6715227159267911,4.2401320905263162,10.160149863220557,4.4918468537461731]
["UBS Triton Property Unit Trust",1.5895344080474301,5.9783867034040261,5.6593217432876042,4.2322567835886948,10.14894386682621,4.4902168162323175]
["M&G UK Property Limited Partnership",-12.639332746689083,5.9782599999999997,3.49044,1.30507,8.4160599999999999,4.4843000000000002]
["The Local Authorities’ Property Fund",-8.5018878560674942,7.8206899999999999,5.9218799999999998,4.3714899999999997,11.608219999999999,4.4191500000000001]
["Triton Property Fund (Jersey)",1.5895344080474301,4.8895219643257937,4.5285768301782214,3.1538997169790806,8.9567962185327374,4.2138350834132421]
["Threadneedle Property Unit Trust",-6.739697144437419,6.8742333251825771,4.583137748559496,3.1120606514213112,9.3957276556207106,4.1832667935793877]
["PATRIZIA Hanover Property Unit Trust",6.5398234305687639,6.7639532403930005,5.3681355432039997,3.1346773246710002,7.3101634214069993,4.0563525168100005]
["Royal London Property Fund",-7.1461358522553518,5.4813000000000001,2.9235799999999998,1.48421,7.5635599999999998,4.0221799999999996]
["Royal London UK Real Estate Fund",-3.4112055187491066,0,0,3.7628451052309995,8.267838253071,3.9864880810839995]
["Federated Hermes Property Unit Trust",-1.0765985893390622,8.5464900000000004,6.0658599999999998,3.7797999999999998,7.5559399999999997,3.9330500000000002]
["Lothbury Property Trust",-2.1383043061006792,6.9096000000000002,3.83439,1.6216900000000001,6.2454999999999998,3.2723100000000001]
["Schroder UK Real Estate",-7.1447837196786335,7.7207800000000004,5.5579999999999998,3.3706999999999998,8.1427399999999999,3.0122399999999998]
["Nuveen Real Estate UK Property Fund",-1.6248643010399415,8.0932399999999998,5.9529100000000001,3.5986500000000001,6.4304500000000004,2.3130500000000001]
["BlackRock UK Property Fund",-6.329360276247507,6.2295400000000001,4.1680599999999997,2.5392899999999998,4.0399599999999998,2.2398799999999999]
["LF Canlife UK Property ACS",-24.702778557381468,0,0,-1.86199,0.68911999999999995,1.70764]
[]
[" ^ Quarterly average net debt/equity ratio over the three months to 30 JUNE 2021\n         ^^ Not currently a constituent of the MSCI/AREF UK Quarterly Property Fund Index : performance data provided by the fund manager\n             * Per annum\n            ** Performance on a bid-price to bid-price basis of calculation, income net of tax \n             # Performance on a bid-price to bid-price basis of calculation, income gross of tax, of the Fund’s retail units\n          ++ Performance on a mid-price to mid-price basis of calculation, income gross of tax\n             + Including other funds in which only charities are permitted to invest          \n            -- Not available              \nSource: Performance data (except where stated) –  MSCI/AREF UK Quarterly Property Fund Index   \n"]
[]
[]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 10 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,null,"10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["Standard Life Investments Long Lease Property Fund",null,7.7302600000000004,7.38035,6.2215999999999996,7.7118799999999998,2.8200799999999999]
["M&G Secure Property Income Fund",null,7.51227,6.2766900000000003,5.3716900000000001,8.5673899999999996,3.1410800000000001]
["LPI (Limited Price Inflation) Income Property Fund",null,7.4008900000000004,6.9048299999999996,6.19435,5.6437099999999996,2.0662799999999999]
["PGIM Real Estate UK Ground Lease Fund",null,6.8468999999999998,5.6721300000000001,2.3136700000000001,3.1327699999999998,5.4831500000000002]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 5 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["Standard Life Investments Long Lease Property Fund",-3.6890771100162874,7.7302600000000004,7.38035,6.2215999999999996,7.7118799999999998,2.8200799999999999]
["AXA UK Long Lease Property Fund",-4.109272536372619,0,6.9217300000000002,5.56386,8.83643,2.8656299999999999]
["LPI (Limited Price Inflation) Income Property Fund",-2.1198355209634534,7.4008900000000004,6.9048299999999996,6.19435,5.6437099999999996,2.0662799999999999]
["M&G Secure Property Income Fund",-0.61667076702811519,7.51227,6.2766900000000003,5.3716900000000001,8.5673899999999996,3.1410800000000001]
["AEW UK Real Return Fund",-3.7008748279786103,0,6.0803500000000001,3.9437600000000002,4.6285800000000004,2.2729400000000002]
["KFIM Long Income Property Unit Trust",-3.4067302929638146,0,6.0124007180440007,5.4431517159019993,7.1094270310980008,1.9127944599840001]
["PGIM Real Estate UK Ground Lease Fund",-4.8301798130804796,6.8468999999999998,5.6721300000000001,2.3136700000000001,3.1327699999999998,5.4831500000000002]
["BlackRock Long Lease Property Fund",-0.45054624416212075,0,5.6008800000000001,4.2297799999999999,5.9763900000000003,3.7213599999999998]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 3 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["Standard Life Investments Long Lease Property Fund",-2.8817505511354748,7.7302600000000004,7.38035,6.2215999999999996,7.7118799999999998,2.8200799999999999]
["LPI (Limited Price Inflation) Income Property Fund",-2.0781440248048813,7.4008900000000004,6.9048299999999996,6.19435,5.6437099999999996,2.0662799999999999]
["AXA UK Long Lease Property Fund",-4.109272536372619,0,6.9217300000000002,5.56386,8.83643,2.8656299999999999]
["KFIM Long Income Property Unit Trust",-3.4067302929638146,0,6.0124007180440007,5.4431517159019993,7.1094270310980008,1.9127944599840001]
["M&G Secure Property Income Fund",-0.8204931106591834,7.51227,6.2766900000000003,5.3716900000000001,8.5673899999999996,3.1410800000000001]
["BlackRock Long Lease Property Fund",-0.51207378081542598,0,5.6008800000000001,4.2297799999999999,5.9763900000000003,3.7213599999999998]
["AEW UK Real Return Fund",-3.7983483838274474,0,6.0803500000000001,3.9437600000000002,4.6285800000000004,2.2729400000000002]
["PGIM Real Estate UK Ground Lease Fund",-6.345238826483798,6.8468999999999998,5.6721300000000001,2.3136700000000001,3.1327699999999998,5.4831500000000002]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 12 MONTHS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["AXA UK Long Lease Property Fund",-5.8033576998563881,0,6.9217300000000002,5.56386,8.83643,2.8656299999999999]
["M&G Secure Property Income Fund",-0.94159388647617281,7.51227,6.2766900000000003,5.3716900000000001,8.5673899999999996,3.1410800000000001]
["Standard Life Investments Long Lease Property Fund",-3.1764776917551845,7.7302600000000004,7.38035,6.2215999999999996,7.7118799999999998,2.8200799999999999]
["KFIM Long Income Property Unit Trust",-0.82315403785530017,0,6.0124007180440007,5.4431517159019993,7.1094270310980008,1.9127944599840001]
["BlackRock Long Lease Property Fund",-0.46349216354999556,0,5.6008800000000001,4.2297799999999999,5.9763900000000003,3.7213599999999998]
["LPI (Limited Price Inflation) Income Property Fund",-1.4643396712789045,7.4008900000000004,6.9048299999999996,6.19435,5.6437099999999996,2.0662799999999999]
["AEW UK Real Return Fund",-3.7464021233227336,0,6.0803500000000001,3.9437600000000002,4.6285800000000004,2.2729400000000002]
["PGIM Real Estate UK Ground Lease Fund",-4.0324850945325554,6.8468999999999998,5.6721300000000001,2.3136700000000001,3.1327699999999998,5.4831500000000002]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 3 MONTHS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["PGIM Real Estate UK Ground Lease Fund",-3.0200120548983866,6.8468999999999998,5.6721300000000001,2.3136700000000001,3.1327699999999998,5.4831500000000002]
["BlackRock Long Lease Property Fund",-0.52821583493363622,0,5.6008800000000001,4.2297799999999999,5.9763900000000003,3.7213599999999998]
["M&G Secure Property Income Fund",-0.82395033242685101,7.51227,6.2766900000000003,5.3716900000000001,8.5673899999999996,3.1410800000000001]
["AXA UK Long Lease Property Fund",-5.2020534565948839,0,6.9217300000000002,5.56386,8.83643,2.8656299999999999]
["Standard Life Investments Long Lease Property Fund",-4.1108047391790628,7.7302600000000004,7.38035,6.2215999999999996,7.7118799999999998,2.8200799999999999]
["AEW UK Real Return Fund",-3.3911854257122767,0,6.0803500000000001,3.9437600000000002,4.6285800000000004,2.2729400000000002]
["LPI (Limited Price Inflation) Income Property Fund",-1.2312330769779152,7.4008900000000004,6.9048299999999996,6.19435,5.6437099999999996,2.0662799999999999]
["KFIM Long Income Property Unit Trust",-1.0515728970399432,0,6.0124007180440007,5.4431517159019993,7.1094270310980008,1.9127944599840001]
[]
["^ Quarterly average net debt/equity ratio over the year to 30 JUNE^^Net debt/equity ratio as at end JUNE 2021\nSource: Performance data (except where stated) – MSCI/AREF UK Quarterly Property Fund Index    \n            * Per annum\n           -- Not available\n"]
[]
[]
[]
[]
[]
["SPECIALIST FUNDS - 10 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,null,"10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Industrial Property Investment Fund",null,15.513350000000001,16.384319999999999,14.13097,25.496420000000001,8.5450700000000008]
["Airport Industrial Property Unit Trust",null,11.64,11.52,9.67,27.05,9.31]
["Leisure"]
["The Leisure Fund Limited Partnership",null,3.6507999999999998,-4.1821599999999997,-12.91283,-13.176119999999999,2.656E-2]
["Offices"]
["West End of London Property Unit Trust",null,8.6440999999999999,-0.35419,0.22781000000000001,0.38976,4.6862700000000004]
["Nuveen Real Estate Central London Office Fund",null,8.2673500000000004,3.9746299999999999,4.0382899999999999,1.95692,1.13628]
["Residential"]
["UNITE UK Student Accommodation Fund",null,10.7,6,3.7,3.5,4.4000000000000004]
["Retail warehouses"]
["Aberdeen Standard UK Retail Park Trust",null,-1.3607899999999999,-5.5068299999999999,-7.87974,7.9921199999999999,0.24673999999999999]
["Nuveen Real Estate UK Retail Warehouse Fund",null,-4.4325900000000003,-14.84334,-23.153860000000002,-3.8401000000000001,6.3528799999999999]
["Hercules Unit Trust",null,-11.230919999999999,-24.218060000000001,-37.37773,-41.966459999999998,8.2368500000000004]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",null,-2.3127399999999998,-11.860900000000001,-19.73911,-21.179839999999999,-2.7863099999999998]
["Grosvenor Liverpool Fund",null,-4.5937900000000003,-21.84187,-34.784320000000001,-46.524889999999999,-4.3506499999999999]
["Nuveen Real Estate UK Shopping Centre Fund",null,-10.10294,-22.282070000000001,-33.466160000000002,-44.440770000000001,-9.4699000000000009]
[]
["  * Annualised         ** Not available"]
[]
[]
["SPECIALIST FUNDS - 5 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Industrial Property Investment Fund",18.677396469981819,15.513350000000001,16.384319999999999,14.13097,25.496420000000001,8.5450700000000008]
["Airport Industrial Property Unit Trust",20.88137713130579,11.64,11.52,9.67,27.05,9.31]
["Leisure"]
["The Leisure Fund Limited Partnership",27.491094673253052,3.6507999999999998,-4.1821599999999997,-12.91283,-13.176119999999999,2.656E-2]
["Offices"]
["Nuveen Real Estate Central London Office Fund",-9.7299274542534189,8.2673500000000004,3.9746299999999999,4.0382899999999999,1.95692,1.13628]
["West End of London Property Unit Trust",35.44537310219863,8.6440999999999999,-0.35419,0.22781000000000001,0.38976,4.6862700000000004]
["Residential"]
["UNITE UK Student Accommodation Fund",40.30874127364892,10.7,6,3.7,3.5,4.4000000000000004]
["Retail warehouses"]
["Aberdeen Standard UK Retail Park Trust",-9.4095775554390517,-1.3607899999999999,-5.5068299999999999,-7.87974,7.9921199999999999,0.24673999999999999]
["Nuveen Real Estate UK Retail Warehouse Fund",86.945856779688768,-4.4325900000000003,-14.84334,-23.153860000000002,-3.8401000000000001,6.3528799999999999]
["Hercules Unit Trust",104.90595526861061,-11.230919999999999,-24.218060000000001,-37.37773,-41.966459999999998,8.2368500000000004]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",-8.0430000934000834,-2.3127399999999998,-11.860900000000001,-19.73911,-21.179839999999999,-2.7863099999999998]
["Grosvenor Liverpool Fund",103.75786234655239,-4.5937900000000003,-21.84187,-34.784320000000001,-46.524889999999999,-4.3506499999999999]
["Nuveen Real Estate UK Shopping Centre Fund",49.662583469857303,-10.10294,-22.282070000000001,-33.466160000000002,-44.440770000000001,-9.4699000000000009]
[]
[" * Annualised         ** Not available          ^ Quarterly average net debt/equity ratio over the five years to 30 JUNE 2021^^ Not currently a constituent of  MSCI/AREF UK Quarterly Property Fund Index   : performance data supplied by fund manager. < The Fund’s portfolio is re-valued only as at 30 JUNE and 31 DECEMBER. "]
[]
[]
["SPECIALIST FUNDS - 3 YEARS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Industrial Property Investment Fund",13.546073577678433,15.513350000000001,16.384319999999999,14.13097,25.496420000000001,8.5450700000000008]
["Airport Industrial Property Unit Trust",16.716316863538214,11.64,11.52,9.67,27.05,9.31]
["Leisure"]
["The Leisure Fund Limited Partnership",31.145384409276677,3.6507999999999998,-4.1821599999999997,-12.91283,-13.176119999999999,2.656E-2]
["Offices"]
["Nuveen Real Estate Central London Office Fund",-20.4815687662717,8.2673500000000004,3.9746299999999999,4.0382899999999999,1.95692,1.13628]
["West End of London Property Unit Trust",40.514081290668514,8.6440999999999999,-0.35419,0.22781000000000001,0.38976,4.6862700000000004]
["Residential"]
["UNITE UK Student Accommodation Fund",40.469257198322801,10.7,6,3.7,3.5,4.4000000000000004]
["Retail warehouses"]
["Aberdeen Standard UK Retail Park Trust",-10.139772631410732,-1.3607899999999999,-5.5068299999999999,-7.87974,7.9921199999999999,0.24673999999999999]
["Nuveen Real Estate UK Retail Warehouse Fund",106.39472674406916,-4.4325900000000003,-14.84334,-23.153860000000002,-3.8401000000000001,6.3528799999999999]
["Hercules Unit Trust",138.36947680509704,-11.230919999999999,-24.218060000000001,-37.37773,-41.966459999999998,8.2368500000000004]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",-9.1412670287054834,-2.3127399999999998,-11.860900000000001,-19.73911,-21.179839999999999,-2.7863099999999998]
["Nuveen Real Estate UK Shopping Centre Fund",70.151208115811258,-10.10294,-22.282070000000001,-33.466160000000002,-44.440770000000001,-9.4699000000000009]
["Grosvenor Liverpool Fund",128.6250020171463,-4.5937900000000003,-21.84187,-34.784320000000001,-46.524889999999999,-4.3506499999999999]
[]
[" * Annualised\n         ^ Quarterly average net debt/equity ratio over the three years to 30 JUNE 2021\n       < The Fund’s portfolio is valued half-yearly on 30 JUNE and 31 DECEMBER\n      ^^ Not currently a constituent of MSCI/AREF UK Quarterly Property Fund Index   : performance data provided by fund manager\n"]
[]
[]
["SPECIALIST FUNDS - 12 MONTHS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Airport Industrial Property Unit Trust",10.022745243819319,11.64,11.52,9.67,27.05,9.31]
["Industrial Property Investment Fund",12.65194525778076,15.513350000000001,16.384319999999999,14.13097,25.496420000000001,8.5450700000000008]
["Leisure"]
["The Leisure Fund Limited Partnership",51.147990072850106,3.6507999999999998,-4.1821599999999997,-12.91283,-13.176119999999999,2.656E-2]
["Offices"]
["Nuveen Real Estate Central London Office Fund",-31.573297666075625,8.2673500000000004,3.9746299999999999,4.0382899999999999,1.95692,1.13628]
["West End of London Property Unit Trust",39.980667757994475,8.6440999999999999,-0.35419,0.22781000000000001,0.38976,4.6862700000000004]
["Residential"]
["UNITE UK Student Accommodation Fund",43.075193736879093,10.7,6,3.7,3.5,4.4000000000000004]
["Retail warehouses"]
["Aberdeen Standard UK Retail Park Trust",-4.98070602577104,-1.3607899999999999,-5.5068299999999999,-7.87974,7.9921199999999999,0.24673999999999999]
["Nuveen Real Estate UK Retail Warehouse Fund",148.42324838548859,-4.4325900000000003,-14.84334,-23.153860000000002,-3.8401000000000001,6.3528799999999999]
["Hercules Unit Trust",241.27569741964271,-11.230919999999999,-24.218060000000001,-37.37773,-41.966459999999998,8.2368500000000004]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",-11.83587859763481,-2.3127399999999998,-11.860900000000001,-19.73911,-21.179839999999999,-2.7863099999999998]
["Nuveen Real Estate UK Shopping Centre Fund",123.73208252196113,-10.10294,-22.282070000000001,-33.466160000000002,-44.440770000000001,-9.4699000000000009]
["Grosvenor Liverpool Fund",210.62393215498827,-4.5937900000000003,-21.84187,-34.784320000000001,-46.524889999999999,-4.3506499999999999]
[]
[" * Annualised\n        ^ Quarterly average net debt/equity ratio over the year  to  30 JUNE 2021\n      ^^ Not currently a constituent of MSCI/AREF UK Quarterly Property Fund Index  : performance data provided by the fund manager\n        < The Fund’s portfolio is re valued only half-yearly, on 30 JUNE and 31 DECEMBER\n        -- Not available\n"]
[]
[]
["SPECIALIST FUNDS - 3 MONTHS TO END JUNE 2021"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Airport Industrial Property Unit Trust",7.1490793021071726,11.64,11.52,9.67,27.05,9.31]
["Industrial Property Investment Fund",9.5534734238900079,15.513350000000001,16.384319999999999,14.13097,25.496420000000001,8.5450700000000008]
["Leisure"]
["The Leisure Fund Limited Partnership",52.167766864520502,3.6507999999999998,-4.1821599999999997,-12.91283,-13.176119999999999,2.656E-2]
["Offices"]
["West End of London Property Unit Trust",31.307297840674753,8.6440999999999999,-0.35419,0.22781000000000001,0.38976,4.6862700000000004]
["Nuveen Real Estate Central London Office Fund",-31.534528645468558,8.2673500000000004,3.9746299999999999,4.0382899999999999,1.95692,1.13628]
["Residential"]
["UNITE UK Student Accommodation Fund",43.061986775378536,10.7,6,3.7,3.5,4.4000000000000004]
["Retail warehouses"]
["Hercules Unit Trust",258.37345209552927,-11.230919999999999,-24.218060000000001,-37.37773,-41.966459999999998,8.2368500000000004]
["Nuveen Real Estate UK Retail Warehouse Fund",128.68360399871582,-4.4325900000000003,-14.84334,-23.153860000000002,-3.8401000000000001,6.3528799999999999]
["Aberdeen Standard UK Retail Park Trust",-5.827039244881842,-1.3607899999999999,-5.5068299999999999,-7.87974,7.9921199999999999,0.24673999999999999]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",-11.229262020616543,-2.3127399999999998,-11.860900000000001,-19.73911,-21.179839999999999,-2.7863099999999998]
["Grosvenor Liverpool Fund",255.4373366474239,-4.5937900000000003,-21.84187,-34.784320000000001,-46.524889999999999,-4.3506499999999999]
["Nuveen Real Estate UK Shopping Centre Fund",155.20816531749873,-10.10294,-22.282070000000001,-33.466160000000002,-44.440770000000001,-9.4699000000000009]
[]
[" * Annualised\n^ Net debt/equity ratio as at 30 JUNE 2021\n      ^^ Not currently a constituent of MSCI/AREF UK Quarterly Property Fund Index   : performance data provided by fund manager\n       < The Fund’s portfolio is re valued only half-yearly, on 30 JUNE and 31 DECEMBER\n"]

{"sheet":"Profile_1","index":8,"n_rows":277,"n_cols":9,"rows_kept":277,"cut":false,"hidden":false,"merged":[[230,0,230,8],[233,0,233,8],[242,0,242,8],[243,0,244,8],[268,0,268,1],[225,0,226,8],[160,6,160,8],[161,6,161,8],[162,6,162,8],[163,6,163,8],[164,6,164,8],[169,6,169,8],[170,7,170,8],[171,7,171,8],[215,0,215,8],[218,0,219,8],[221,0,222,8],[152,2,152,6],[114,0,114,3],[114,5,114,8],[136,7,136,8],[137,7,137,8],[138,7,138,8],[139,7,139,8],[140,7,140,8],[141,7,141,8],[145,6,145,7],[146,6,146,7],[147,6,147,7],[108,1,108,8],[44,1,44,2],[51,7,51,8],[52,7,52,8],[53,6,53,8],[54,6,54,8],[55,7,55,8],[56,7,56,8],[57,7,57,8],[70,1,70,8],[94,5,94,6],[97,1,97,8],[43,1,43,2],[31,0,31,1],[31,5,31,8],[32,0,32,1],[32,5,32,8],[33,5,33,8],[37,4,37,8],[38,1,38,2],[39,1,39,2],[40,1,40,2],[41,1,41,2],[42,1,42,2],[30,0,30,1],[30,5,30,8],[11,0,12,8],[17,0,17,1],[18,0,18,1],[18,7,18,8],[19,0,19,1],[20,0,20,1],[21,0,21,1],[22,0,22,1],[23,0,23,1],[24,0,24,1],[29,5,29,8]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Aberdeen Standard UK Retail Park Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The investment policy of the Trust is to invest predominantly in a diverse portfolio of UK retail warehouses. Its investment objective is to outperform the Retail Warehouse Sub-sector of the MSCI Universe over a rolling three-year period."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The fund is open to investment by expert investors only. "]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"April 2005"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"30 June 2020"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,89.877324999999999]
["Source: Aberdeen Standard Life"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Standard Life Investments (Jersey) Limited"]
["Investment Advisor",null,null,null,null,"Standard Life Investments Limited"]
["Fund Manager",null,null,null,null,"Sandy Pringle"]
["Trustee",null,null,null,null,"JTC Fund Solutions (Jersey) Limited"]
["Auditors",null,null,null,null,"KPMG LLP "]
["Source: Aberdeen Standard Life"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Aberdeen Standard UK Retail Park Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",0.24673999999999999,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",8.7714800000000004,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.9921199999999999,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-7.87974,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-5.5068299999999999,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",-1.3607899999999999,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,"15% of aggregate ERV"]
["Maximum speculative development exposure",null,null,null,null,null,null,"15% of aggregate ERV"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,"50% of the Gross Asset Value of the Trust "]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,"50% of the Gross Asset Value of the Trust "]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,"*"]
["Source: Aberdeen Standard Life"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"Retail Warehouse",null,null,"Total"]
[]
[]
[]
[]
[]
[]
[]
[null,"*Aberdeen Standard UK Retail Park Trust has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Source: Aberdeen Standard Life"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,1,null,null,16.559999999999999,null,19.6381707361775]
["Joint  and indirect holdings",null,null,1,null,null,67.765572000000006,null,80.361828077942619]
["Listed investments",null,null,0,null,null,9.9999999999999995E-7,null,1.1858798753730376E-6]
["Total",null,null,2,null,null,84.325573000000006,null,100]
["Source: Aberdeen Standard Life"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
[]
[]
[null,"*Aberdeen Standard UK Retail Park Trust has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
["Source: Aberdeen Standard Life"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
[]
[]
[null,"*Aberdeen Standard UK Retail Park Trust has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
["Source: Aberdeen Standard Life"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,0.1,null,"Investments ",null,null,0.19649999999999998]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,0.1108,null,"Total",null,null,0.19649999999999998]
["Net reversionary yield",null,null,0.1226]
["Source: Aberdeen Standard Life"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Retail warehousing ",null,null,100,null,null,null,null,100]
["Overall",null,null,100,null,null,null,null,100]
["Source: Aberdeen Standard Life"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Retail warehousing ",1.9067480000000001,0,0,0.43869999999999998,-0.112,0,-0.112,117.1190949197272]
["Overall",1.9067480000000001,0,0,0.43869999999999998,-0.112,0,-0.112,117.1190949197272]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Aberdeen Standard Life"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,0]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,14.6]
[" Less than 5 years ",null,null,null,null,null,null,85.4]
["Source: Aberdeen Standard Life"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["CASTLEPOINT LIMITED PARTNERSHIP",null,"Retail Park","Indirect","LP",35,67.765572000000006,null,80.361828077942619]
["-",null,"-","-","-","-","-","-","-"]
["Source: Aberdeen Standard Life"]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Aberdeen Standard Life"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"Cushman and Wakefield"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Aberdeen Standard Life"]
[]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,"20% of the Gross Asset Value of the Trust"]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Aberdeen Standard Life"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Arcadia",null,null,null,null,null,null,null,23.285591904279656]
["Boots",null,null,null,null,null,null,null,14.260517697129298]
["TK Maxx",null,null,null,null,null,null,null,10.920745196797894]
["TUI",null,null,null,null,null,null,null,10.389805750765632]
["Hobbycraft",null,null,null,null,null,null,null,8.8965258261948073]
["Homestyle",null,null,null,null,null,null,null,8.8760721693834963]
["Sports World",null,null,null,null,null,null,null,7.8432847334211147]
["Next",null,null,null,null,null,null,null,6.4491296673630352]
["Caspian",null,null,null,null,null,null,null,3.7943163158433308]
["American Golf (Trading) Ltd",null,null,null,null,null,null,null,3.7688511056698863]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,48.466854798206853]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,67.753186375167289]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,98.484840366848147]
["Source: Aberdeen Standard Life"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,16.559999999999999,0,67.765572000000006,0,null,null,84.325572000000008]
["Listed investments",null,0,0,0,9.9999999999999995E-7,null,null,9.9999999999999995E-7]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,5.2371869999999996,0,0,0,null,null,5.2371869999999996]
["Other net assets/liabilities",null,0.31456499999999998,0,0,0,null,null,0.31456499999999998]
["Total net assets",null,22.111751999999996,0,67.765572000000006,9.9999999999999995E-7,null,null,89.877324999999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-31.625525362318839,"-",0,"-",null,null,-6.210674740516434]
["Net debt (cash)/equity ",null,-23.685083841388963,"-",0,0,null,null,-5.827039244881842]
["Source: Aberdeen Standard Life"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,null,210.74,198.52,199.23,193.45,134.32,132.96]
["Quarterly distribution (GBp)",null,null,2.44,0,1.82,1.86,1.61,1.69]
["Yield",null,null,9.1297333206795089E-2,6.4326012492444087E-2,4.7282035837976209E-2,3.1636081674851387E-2,3.9383561643835621E-2,5.2496991576413958E-2]
["Source: Aberdeen Standard Life"]
[]
[]
["Net asset value"]
["The net asset value of the Trust is re-calculated on the last working day of each month, following the monthly revaluation of the portfolio. The Trust currently has no fixed rate debt. Performance fees are estimated and accrued on a quarterly basis and thus reflect in the monthly re-calculation of the Fund’s net asset value."]
[]
["Distributions"]
["The Fund makes distributions by the end of the month following each quarter end."]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:                            GBP £250,000\nMinimum additional investment:                     N/A\nMinimum holding                                                GBP £250,000\n"]
[]
[]
["Creation, transfer and realisation of units"]
["Units in the fund may be created at any time at the discretion of the manager. Units cannot be redeemed since the Fund is closed-ended, but the manager will help to match buyers and sellers on the secondary market."]
[]
[]
["Taxation"]
["Capital Gains Tax"]
["The Trust is not subject to capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the Trust. "]
[]
["Income Tax"]
["Distributions of income are made gross of tax on a quarterly basis to all unit holders who are UK residents or those who hold non-resident FICO clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. All investors, regardless of where they reside, are responsible for submitting tax returns to the UK Inland Revenue. "]
[]
["Stamp duty reserve tax"]
["Since the Trust is registered in Jersey, transfers of units are not subject to SDRT."]
[]
["Charges"]
["Annual charges"]
["The annual management charge is equivalent to 0.5% of the net asset value of the Trust. "]
[]
["Performance-related fees"]
["In addition, the Manager is entitled to a performance fee equal to 15% of the out-performance by the Trust of the self excluding Retail warehouse Sub-sector of the MSCI UK Universe over rolling three year periods assuming the Trust three year return is positive. Performance fees are estimated and accrued on a quarterly basis and thus reflect in the monthly re-calculation of the Fund’s net asset value.\n"]
[]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,23,null,null,null,13.07]
["1% or greater but less than 2%",null,null,null,10,null,null,null,13.4]
["2% or greater but less than 4%",null,null,null,6,null,null,null,16.88]
["4% or greater but less than 8%",null,null,null,3,null,null,null,14.64]
["Greater than 8.0%",null,null,null,1,null,null,null,42.01]
["Total",null,null,null,43,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,42.01]
["Three largest holders",null,null,null,3,null,null,null,52.64]
["Five largest holders",null,null,null,5,null,null,null,60.61]
["Ten largest holders",null,null,null,10,null,null,null,73.53]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,43,null,null,null,100]
["Source: Aberdeen Standard Life"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,715347,675961,675961,675961,675961,675961]
["Units issued during period",null,null,"                      -   ",0,0,0,0,0]
["Units redeemed during period",null,null,-39386,0,0,0,0,0]
["Units in issue at end of period",null,null,675961,675961,675961,675961,675961,675961]
["Unit transfers"]
["Matched bargains",null,null,22229,15474.7,79079.31,0,1576.31,0]
["Matched bargains %*",null,null,3.3000000000000002E-2,2.289288879092137E-2,0.11698797711702302,0,2.3319540624385134E-3,0]
["* as % of units in issue at the end of the period   "]
["Source: Aberdeen Standard Life"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Aberdeen Standard UK Shopping Centre Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The investment policy of the Trust is to invest predominantly in a diverse portfolio of UK shopping centres. Its investment objective is to outperform the Shopping Centre Sub-sector of the MSCI Universe over a rolling three-year period."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The fund is open to investment by expert investors only. "]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property Unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"April 2005"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"2025-06-30"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,605.05772912999998]
["Source: Aberdeen Standard Life"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Standard Life Investments (Jersey) Limited"]
["Investment Advisor",null,null,null,null,"Standard Life Investments Limited"]
["Fund Manager",null,null,null,null,null,null,null,"Ed Jenkins"]
["Corporate trustee",null,null,null,null,"JTC Fund Solutions (Jersey) Limited"]
["Auditors",null,null,null,null,"KPMG LLP"]
["Source: Aberdeen Standard Life"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Aberdeen Standard UK Shopping Centre Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",-2.7863099999999998,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",-6.5895299999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",-21.179839999999999,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-19.73911,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-11.860900000000001,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",-2.3127399999999998,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.15]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.5]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.5]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: Aberdeen Standard Life"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,"Retail Warehouse",null,"Shopping Centres",null,"Total"]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"*Aberdeen Standard UK Shopping Center Trust has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Source: Aberdeen Standard Life"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,2,null,null,534.89785199999994,null,99.999999813048419]
["Joint  and indirect holdings",null,null,0,null,null,9.9999999999999995E-7,null,1.869515823238872E-7]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,2,null,null,534.89785299999994,null,100]
["Source: Aberdeen Standard Life"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
[]
[]
[]
[null,"*Aberdeen Standard UK Shopping Center Trust has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
["Source: Aberdeen Standard Life"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
[]
[]
[null,"*Aberdeen Standard UK Shopping Center Trust has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
["Source: Aberdeen Standard Life"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.905E-2,null,"Investments ",null,null,4.7699999999999992E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,7.2249999999999995E-2,null,"Total",null,null,4.7699999999999992E-2]
["Net reversionary yield",null,null,7.0950000000000013E-2]
["Source: Aberdeen Standard Life"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,100,null,null,null,null,100]
["Overall",null,null,100,null,null,null,null,100]
["Source: Aberdeen Standard Life"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ",53.443669,0,0,2.5020156738999999,-1.5250156738999934,-22.009159593814999,-23.534175267714993,76.609029267807188]
["Overall",53.443669,1.381811136507,0,5.7691101821620006,-36.821648712029997,-22.009159593814999,-58.830808305844997,76.609029267807188]
["*Comprising the % rent passing of developments in progress or contracted which have not been pre-let"]
["Source: Aberdeen Standard Life"]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.18825425043460078]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,10.81500939806736]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,5.199728720322077]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,22.050263802391832]
[" Less than 5 years ",null,null,null,null,null,null,61.746743828784147]
["Source: Aberdeen Standard Life"]
[]
[]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"Cushman & Wakefield; DTZ Debenham Tie Leung Ltd"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Aberdeen Standard Life"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,"25% of the Gross Asset Value of the Trust"]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Aberdeen Standard Life"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Inditex",null,null,null,null,null,null,null,6.8329018878424801]
["H&M Hennes",null,null,null,null,null,null,null,4.4188718295872196]
["JD Sports",null,null,null,null,null,null,null,3.2364879639763102]
["WH Smith",null,null,null,null,null,null,null,3.1568252231446698]
["Signet",null,null,null,null,null,null,null,2.8282367477980599]
["Boots",null,null,null,null,null,null,null,2.81763852488531]
["NCP",null,null,null,null,null,null,null,2.0781666453893899]
["APPLE",null,null,null,null,null,null,null,2.0760783985777098]
["Goldsmiths",null,null,null,null,null,null,null,1.6108303976346501]
["Schuh",null,null,null,null,null,null,null,1.5804850428496899]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.48826168140601]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.473323652348739]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,30.636522661685493]
["Source: Aberdeen Standard Life"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,534.89785199999994,0,9.9999999999999995E-7,0,null,null,534.89785299999994]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-9.9999999999999995E-7,0,0,0,null,null,-9.9999999999999995E-7]
["Cash",null,67.943518780000005,0,0,0,null,null,67.943518780000005]
["Other net assets/liabilities",null,2.2163583500000641,0,0,0,null,null,2.2163583500000641]
["Total net assets",null,605.05772812999999,0,9.9999999999999995E-7,0,null,null,605.05772912999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-12.702148181369033,"-",0,"-",null,null,-12.702148157622165]
["Net debt (cash)/equity ",null,-11.229262039175536,"-",0,"-",null,null,-11.229262020616543]
["Source: Aberdeen Standard Life"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBP)",null,null,688.87776245959458,635.39428334326044,593.43121072391796,532.75539888102901,508.45279306302393,492.1957398609257]
["Quarterly distribution (GBP)",null,null,7.28,0.85999946459999999,2.27,1.35,3.46,2.09]
["Yield",null,null,4.6279392152044685E-2,3.8322660595051891E-2,3.1326292127308801E-2,2.2073918892797847E-2,1.5616001274705986E-2,1.8630799207224071E-2]
["Source: Aberdeen Standard Life"]
[]
["Net asset value"]
["The net asset value of the Trust is re-calculated on the last working day of each month, following the monthly revaluation of the portfolio. The Trust currently has no fixed rate debt. Performance fees are estimated and accrued on a quarterly basis and thus reflect in the monthly re-calculation of the Fund’s net asset value."]
[]
["Distributions"]
["The Fund makes distributions by the end of the month following each quarter end."]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:                  GBP250,000\nMinimum additional investment:                  n/a\nMinimum holding                                     GBP250,000\n"]
[]
[]
["Creation, transfer and realisation of units"]
["Units in the fund may be created at any time at the discretion of the manager.\nThere will be 2 opportunities for unit holders to notify the Manager that they wish to redeem units (1. Immediately after the unit holder vote on 12/09/2014 and 2. during the month of June 2020). Voting rights - Introduction of minority protection concept whereby matters require 75% of Unit holders vote and 50% of Unit holders vote other than the Standard Life Group\n"]
[]
[]
[]
["Taxation"]
["Capital Gains Tax"]
["The Trust is not subject to capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the Trust. "]
[]
["Income Tax"]
["Distributions of income are made gross of tax on a quarterly basis to all unit holders who are UK residents or those who hold non-resident FICO clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. All investors, regardless of where they reside, are responsible for submitting tax returns to the UK Inland Revenue. "]
[]
["Stamp duty reserve tax"]
["The Trust is registered in Jersey, transfers of units are not subject to SDRT."]
[]
["Charges"]
["Annual charges\nAnnual Management Charge is 0.50% per annum of the Net Asset Value of the Trust. \nThe Annual Management Charge applicable to cash holdings will be scaled as follows:\n\nUp to 5% of GAV - 0.50% p.a\n5% to 10% of GAV - 0.25% p.a\nIn excess of 10% of GAV - 0.00% p.a\n"]
[]
["Restrictions"]
["The Manager may borrow up to 10% of GAV for the purposes of paying redeeming Unit holders and/or Dissenting Unit holders.  Facility term not to exceed 18 months.\nThe Manager may borrow up to a maximum of 25% of GAV for the purposes of acquiring an asset for the Trust.  Facility term not to exceed 18 months\nMaximum total permitted borrowing will not exceed 25% of GAV\nThe Trust may invest in any joint venture structure where the Trust has a controlling interest over strategic decisions\n"]
[]
["Development Fees"]
["The development fees charged will be up to 2% of the total construction costs. "]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,33,null,null,null,14.77]
["1% or greater but less than 2%",null,null,null,8,null,null,null,11.53]
["2% or greater but less than 4%",null,null,null,1,null,null,null,2.74]
["4% or greater but less than 8%",null,null,null,4,null,null,null,23.2]
["Greater than 8.0%",null,null,null,2,null,null,null,47.76]
["Total",null,null,null,48,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,33.17]
["Three largest holders",null,null,null,3,null,null,null,54.72]
["Five largest holders",null,null,null,5,null,null,null,66.45]
["Ten largest holders",null,null,null,10,null,null,null,79.08]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,48,null,null,null,100]
["Source: Aberdeen Standard Life"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","6 months to \r\nJune 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1494230,1494230,1494230,1494230,1494230,1494230]
["Units issued during period",null,null,"                      -   ",0,0,0,0,0]
["Units redeemed during period",null,null,"                      -   ",0,0,0,0,-264926.99999999994]
["Units in issue at end of period",null,null,1494230,1494230,1494230,1494230,1494230,1229303]
["Unit transfers"]
["Matched bargains",null,null,45233.1,127025.64,33189.42,0,12532.88,0]
["Matched bargains %*",null,null,0.03,8.5010768087911498E-2,2.22117210871151E-2,0,8.3875173166112309E-3,0]
["* as % of units in issue at the end of the period   "]
["Source: Aberdeen Standard Life"]

{"sheet":"Profile_3","index":10,"n_rows":338,"n_cols":9,"rows_kept":338,"cut":false,"hidden":false,"merged":[[305,1,305,2],[305,4,305,5],[329,0,329,1],[302,1,302,2],[302,4,302,5],[303,1,303,2],[303,4,303,5],[304,1,304,2],[304,4,304,5],[294,1,294,2],[294,3,294,4],[294,5,294,6],[297,0,297,8],[301,1,301,2],[301,4,301,5],[292,1,292,2],[292,3,292,4],[292,5,292,6],[293,1,293,2],[293,3,293,4],[293,5,293,6],[285,0,286,8],[290,1,290,2],[290,3,290,4],[290,5,290,6],[291,1,291,2],[291,3,291,4],[291,5,291,6],[282,0,282,8],[184,0,184,2],[184,6,184,8],[195,2,195,6],[204,6,204,8],[205,6,205,8],[206,6,206,8],[207,6,207,8],[208,6,208,8],[212,7,212,8],[215,7,215,8],[216,7,216,8],[121,0,121,3],[121,5,121,8],[180,6,180,7],[166,7,166,8],[167,7,167,8],[168,7,168,8],[169,7,169,8],[170,7,170,8],[174,6,174,7],[175,6,175,7],[176,6,176,7],[177,6,177,7],[178,6,178,7],[179,6,179,7],[165,7,165,8],[94,5,94,6],[95,5,95,6],[96,5,96,6],[97,5,97,6],[98,5,98,6],[99,5,99,6],[100,5,100,6],[101,5,101,6],[102,5,102,6],[93,5,93,6],[36,4,36,8],[37,1,37,2],[38,1,38,2],[39,1,39,2],[40,1,40,2],[41,1,41,2],[42,1,42,2],[43,1,43,2],[44,0,44,8],[60,5,60,8],[92,5,92,6],[32,5,32,8],[20,0,20,1],[21,0,21,1],[22,0,22,1],[23,0,23,1],[24,0,24,1],[28,5,28,8],[29,0,29,1],[29,5,29,8],[30,0,30,1],[30,5,30,8],[31,5,31,8],[19,0,19,1],[11,0,12,8],[15,0,16,8],[17,0,17,1],[18,0,18,1],[18,6,18,8]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Aberdeen UK Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund’s policy is to generally invest directly in UK commercial property, and its objective is to provide investors with a combination of income and growth of capital consistent with a diversified commercial property portfolio. As at 30th June 2021 comprised its portfolio: 100% direct property."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by pension funds, charities, insurance companies, other corporate and institutional investors, and private individuals."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property Authorised Investment Fund"]
["Residence",null,null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"15 November 2004"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,515.86600099999998]
["Source: Aberdeen Standard Investments"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Aberdeen Standard Fund Managers Limited"]
["Property investment advisor",null,null,null,null,"Aberdeen Asset Managers Limited"]
["Fund Manager",null,null,null,null,"George Shaw"]
["Depositary",null,null,null,null,"Citibank Europe plc, UK Branch"]
["Auditors",null,null,null,null,"PriceWaterhouseCoopers LLP"]
["Source: Aberdeen Standard Investments"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,"Aberdeen UK Property Fund^",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.7699999999999996,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",1.54,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",-2.4300000000000002,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-5.15,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-1.1399999999999999,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: ^ ‘I’ Accumulation shares. Returns calculated on a performance includes impact of pricing adjustments basis. (MSCI/AREF UK Quarterly Property Fund Index is calculated on a NAV to NAV basis, gross of tax)"]
["         + Annualised  ** Weighted average returns"]
["Sources: ** MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.1]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.05]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.1]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"N/A"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"N/A"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.3]
["Source: Aberdeen Standard Investments"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Aberdeen UK Property Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,3.4827413010865014,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,3.4827413010865014,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,0,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,17.305790577793207,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,17.305790577793207,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,29.725932795189017,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,0,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,29.725932795189017,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,35.921288095572464,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,13.564247230358816,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000001,null,100,null,100,100.00001]
["Note: ^ Including, where held, the fund’s proportionate share of properties held through joint ventures/ indirect investments and cash, but excluding property derivatives/shares"]
["Sources: * Aberdeen Standard Investments"]
["              ** MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,15,null,null,440.52500099999997,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,15,null,null,440.52500099999997,null,100]
["Source: Aberdeen Standard Investments"]
["*Note: - Direct property holdings account for 79.0% of the NAV."]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["24 MINORIES",null,null,null,"LONDON","Other ",null,"50.0-75.0",15.753929934160539]
["180 STRATFORD HIGH",null,null,null,"LONDON","Residential ",null,"50.0-75.0",13.779013645584218]
["SUNLIGHT HOUSE",null,null,null,"SALE","Office ",null,"50.0-75.0",11.577095484757743]
["THE BRIDGE",null,null,null,"EDINBURGH","Hotel ",null,"25.0-50.0",11.293343144445053]
["EASTMAN HOUSE",null,null,null,"REDHILL","Industrial ",null,"25.0-50.0",9.0800748900060739]
["TRIPLE TWO CENTRE",null,null,null,"BECKENHAM","Industrial Other ",null,"25.0-50.0",8.4444696477056489]
["ELMS INDUSTRIAL ESTATE",null,null,null,"LONDON","Industrial Other ",null,"25.0-50.0",7.3435105672924124]
["AXIS PARK",null,null,null,"PETERBOROUGH","Industrial ",null,"25.0-50.0",7.2073094439423206]
["84-88 HANOVER STREET AND 66-90 HANOVER STREET",null,null,null,"EDINBURGH","Office ",null,"0.0-25.0",4.9826910958908321]
["B & Q SUPERCENTRE",null,null,null,"CAMBRIDGE","Retail Warehouse ",null,"0.0-25.0",3.9157822963151192]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,93.377220150099959]
["Source: Aberdeen Standard Investments *Based on the value of the portfolio including Direct Holdings & Listed Investments."]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,1.6,null,0.36320299560024294]
["2.5 - 5",null,null,1,null,null,3.2250000000000001,null,0.73208103800673963]
["5-10",null,null,1,null,null,9.1,null,2.0657170374763818]
["10-25",null,null,3,null,null,54.45,null,12.360251944020767]
["25 - 50",null,null,5,null,null,191.05,null,43.368707693391514]
["50 - 100",null,null,3,null,null,181.10000000000002,null,41.110039064502502]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,15,null,null,440.52500000000003,null,99.999999772998137]
["Average lot size",null,null,null,null,null,29.368333333333336]
["Source: Aberdeen Standard Investments"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.5200000000000002E-2,null,"Investments ",null,null,0.11890000000000001]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,4.7500000000000001E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,4.7800000000000002E-2]
["Source: Aberdeen Standard Investments"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,0,null,null,null,null,0]
["Retail warehousing ",null,null,3.6909472512034607,null,null,null,null,4.1975948091366027]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,35.191783131593304,null,null,null,null,30.322332376526468]
["Industrial",null,null,27.281857443935049,null,null,null,null,27.302748982282303]
["Other ",null,null,33.835412173268203,null,null,null,null,38.177323832054633]
["Overall",null,null,100.00000000000003,null,null,null,null,100]
["Source: Aberdeen Standard Investments"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ","-","-","-","-","-","-","-","-"]
["Retail warehousing ",0.54968099999999998,0,0,0,0,72.645588987067001,72.645588987067001,172.64558898706704]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",5.2409999999999997,1.5109085777790001,0,26.725288385566998,-1.5096891134950001,32.954758699559001,31.445069586064001,130.80192711314635]
["Industrial",4.0629999999999997,1.5441847866960001,0,34.349582685374003,-0.121324787957,46.174578825146,46.053254037188999,151.92360324883091]
["Other ",5.0389999999999997,0,0,11.371810378616001,-7.060569240775,19.161205180459,12.100635939684,171.28795395911888]
["Overall",14.892680999999998,0.83758840502700005,0,21.321308790460002,-3.4459552975509995,31.700270948018002,28.254315650467003,151.80735422990662]
["Note * Comprising non-prelet current and contracted developments"]
["Source: Aberdeen Standard Investments"]
[]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
["Source: Aberdeen Standard Investments"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,17.925661817927914]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,16.769642333416506]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,9.6957005043549387]
[" Less than 5 years ",null,null,null,null,null,null,55.608995344300652]
["Source: Aberdeen Standard Investments"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Aberdeen Standard Investments"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Aberdeen Standard Investments"]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["+ Including schemes to which the fund is contractually committed"]
["Source: Aberdeen Standard Investments"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"CB Richard Ellis Limited"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Aberdeen Standard Investments"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.1]
["     for investment purposes",null,null,null,null,null,null,null," Nil "]
["     for liquidity purposes",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null,0.4]
["Cash holdings (minimum)",null,null,null,null,null,null,0.1]
["Source: Aberdeen Standard Investments"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["REZIDOR LIFESTYLE EDINBURGH LTD",null,null,null,null,null,null,null,12.73]
["MOTEL ONE (UK) LTD",null,null,null,null,null,null,null,12.6]
["BOOKING.COM TRANSPORT LTD",null,null,null,null,null,null,null,8.4700000000000006]
["MANCHESTER AIRPORT PLC",null,null,null,null,null,null,null,6.13]
["SECRETARY OF STATE FOR HOUSING",null,null,null,null,null,null,null,4.24]
["GANDER AND WHITE SHIPPING LTD",null,null,null,null,null,null,null,3.97]
["B&Q PLC",null,null,null,null,null,null,null,3.32]
["BANK OF SCOTLAND PLC",null,null,null,null,null,null,null,2.88]
["SMITHS METAL CENTRES LTD",null,null,null,null,null,null,null,2.4]
["THE BIG BUS COMPANY LTD",null,null,null,null,null,null,null,2.11]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,33.799999999999997]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,44.17]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,58.85]
["Source: Aberdeen Standard Investments"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,440.52500099999997,0,0,0,null,null,440.52500099999997]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,69.131,0,0,0,null,null,69.131]
["Other net assets/liabilities",null,6.21,0,0,0,null,null,6.21]
["Total net assets",null,515.86600099999998,0,0,0,null,null,515.86600099999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-15.692866430525246,"-","-","-",null,null,-15.692866430525246]
["Net debt (cash)/equity ",null,-13.400960688626581,"-","-","-",null,null,-13.400960688626581]
["Note + Comprising fixed-interest bonds "]
["Source: Aberdeen Standard Investments"]
[]
["Quarterly data per unit (PAIF)"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Single price per unit (GBp)"]
["     A Accumulation units",null,null,135.04580000000001,131.22999999999999,129.38,126.1,123.73,128.05000000000001]
["     A Income units",null,null,89.238,85.93,84.38,81.94,80.069999999999993,82.48]
["     I Accumulation units",null,null,141.07759999999999,137.21,135.4,132.09,129.74,82.62]
["     I  Income units",null,null,89.4024,86.09,84.53,83.1,80.209999999999994,134.38999999999999]
["Earned per unit (GBp)"]
["     A Accumulation units",null,null,1.2363999999999999,0.53300000000000003,0.47210000000000002,0.52290000000000003,0.58009999999999995,0.48199999999999998]
["     A Income units",null,null,0.81710000000000005,0.34910000000000002,0.30780000000000002,0.23280000000000001,0.37569999999999998,0.31380000000000002]
["     I Accumulation units",null,null,1.4218999999999999,0.68340000000000001,0.61890000000000001,0.68420000000000003,0.72499999999999998,0.38390000000000002]
["     I Income units ",null,null,0.90100000000000002,0.4289,0.38640000000000002,0.39789999999999998,0.44840000000000002,0.62319999999999998]
["Source: Aberdeen Standard Investments"]
[]
["Quarterly data per unit (Feeder)"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Single price per unit (GBp)"]
["     A Accumulation units",null,null,134.92760000000001,131.13829999999999,129.29,126.02,122.28,127.93]
["     A Income units",null,null,89.062200000000004,85.764400000000009,84.21,81.78,79,82.29]
["     I Accumulation units",null,null,140.93989999999999,137.1046,135.30000000000001,131.99,128.22,82.41]
["     I Income units",null,null,89.224199999999996,85.918099999999995,84.36,81.93,79.150000000000006,134.25]
["Earned per unit (GBp)"]
["     A Accumulation units",null,null,1.2292000000000001,0.52549999999999997,0.47399999999999998,0.54900000000000004,0.57110000000000005,0.48580000000000001]
["     A Income units",null,null,0.8115,0.34360000000000002,0.30869999999999997,0.35580000000000001,0.37019999999999997,0.31719999999999998]
["     I Accumulation units",null,null,1.4128000000000001,0.67379999999999995,0.61929999999999996,0.69540000000000002,0.71499999999999997,0.36730000000000002]
["     I Income units ",null,null,0.89459999999999995,0.42230000000000001,0.3861,0.43159999999999998,0.44209999999999999,0.60970000000000002]
["Source: Aberdeen Standard Investments"]
[]
["Unit pricing"]
["The unit price is re-calculated daily at noon."]
[]
["Distributions"]
["Distributions to holders of income units are made quarterly: on 31st May, 31st August, 30th November and 28th February in respect of the quarters ending 31st March, 30th June, 30th September and 31st December"]
[]
[]
[]
["Minimum investment/disinvestment"]
["Unit class","Minimum investment (GBP) ",null,"Minimum subsequent investment (GBP) ",null,"Minimum partial disposal (GBP)",null,"Minimum holding (GBP) "]
["‘A’ Accumulation",1000,null,"N/A",null,1000,null,1000]
["‘A’ Income",1000,null,"N/A",null,1000,null,1000]
["‘I’ Accumulation",1000,null,"N/A",null,1000,null,1000]
["‘I’ Income",1000,null,"N/A",null,1000,null,1000]
[]
["Creation, transfer and realisation of units"]
["Units can be bought or sold by giving notice on any business day between 8.30 am and 5.30 pm. Units are bought or sold at the price calculated at the next valuation point i.e. noon on the following day. The proceeds of a sale will normally be posted within four workings days after the receipt of written sale instructions. In the case of telephone instructions, settlement will be made on receipt of a completed form of renunciation which is issued with the contact note. \n\nWhen units are sold, a cheque for the proceeds will be posted not less than four business days after the receipt of the properly completed renunciation form.\n\nThe manager reserves the right to defer redemptions in the event of exceptional circumstances if it is in the interests of all unit holders. The suspension must be formally reviewed every 28 days.\n"]
[]
["Charges"]
[]
["Unit class","Preliminary charge",null,null,"Annual charge"]
["‘A’ Accumulation","N/A",null,null,1.35E-2]
["‘A’ Income","N/A",null,null,1.35E-2]
["‘I’ Accumulation","N/A",null,null,7.4999999999999997E-3]
["‘I’ Income","N/A",null,null,7.4999999999999997E-3]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,893,null,null,null,27.21]
["1% or greater but less than 2%",null,null,null,18,null,null,null,24.56]
["2% or greater but less than 4%",null,null,null,8,null,null,null,19.489999999999998]
["4% or greater but less than 8%",null,null,null,4,null,null,null,20.27]
["Greater than 8.0%",null,null,null,1,null,null,null,8.4700000000000006]
["Total",null,null,null,924,null,null,null,99.999999999999986]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,10,null,null,null,0]
["External",null,null,null,914,null,null,null,100]
["Source: Aberdeen Standard Investments"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,4833,4287401302,3744868368.5909996,3151599004.4779997,2448335628.4869995,2176845356.8010998]
["Units issued during period",null,null,5939530444,278844098.50400001,0,0,0,0]
["Units redeemed during period",null,null,-16521339745,-821377031.91299999,-593269364.11300004,-703263375.99099994,-271490271.68589991,-302280493.10000002]
["Units in issue at end of period",null,null,4287401302,3744868368.5909996,3151599004.4779997,2448335628.4869995,2176845356.8010998,1874564863.7010999]
["Unit transfers"]
["Matched bargains",null,null,-2997785908,-4263495.2300000004,0,0,0,0]
["Matched bargains %*",null,null,-69.92,-1.1384900109597533E-3,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Aberdeen Standard Investments"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Aegon UK Property Fund Limited"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to outperform competitor funds through superior sector allocations, superior stock selection and active management of individual properties within the portfolio. The Fund’s benchmarks are the MSCI UK Monthly Property Index and Lipper median.\nThe Fund is positioned to be relatively low-risk, focusing on delivery of an above-average income return, across a balanced property portfolio."]
[]
[]
["INVESTOR CONSTITUENCY"]
["Approved defined benefit and defined contribution occupational pension schemes."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Unit linked life and pension fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"January 1983"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,362.13003429999998]
["Source : Kames Capital"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Kames Capital"]
["Investment Advisor",null,null,null,null,"Kames Capital"]
["Fund Manager",null,null,null,null,"David Wise/Sarah Cockburn"]
["Trustee",null,null,null,null,"Not applicable"]
["Auditors",null,null,null,null,"Ernst & Young LLP"]
["Source : Kames Capital"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index *"]
[null,"Aegon UK Property Fund Limited",null,null,"Managed funds",null,"All balanced funds",null,"All funds"]
["3 months",0.97627359327849805,null,null,3.7269800000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",1.89021696299567,null,null,6.0128899999999996,null,6.0474500000000004,null,5.5983999999999998]
["12 months",1.1378452056418,null,null,8.4109200000000008,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-0.82113553203010403,null,null,2.31453,null,2.9910399999999999,null,1.81053]
["5 years+",1.49800790681227,null,null,4.3663600000000002,null,4.89466,null,3.8698299999999999]
["10 years+",2.8063491780582202,null,null,5.9745999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.1]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.1]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"20%*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"**"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"20%*"]
["Note:* Maximum of 20% indirect         ** None specified"]
["Source: Kames Capital"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Aegon UK Property Fund Limited*",null,"Managed Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,3.6321503862168418,null,3.0015200000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0,null,3.1269999999999998,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,2.3193600000000001,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,30.445966472699997,null,9.1735699999999998,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,34.078116858916836,null,17.621449999999999,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,2.7791999999999999,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,10.594609999999999,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,24.069673055720063,null,8.0911200000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,9.714666933723354,null,4.6455200000000003,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,33.784339989443417,null,26.11045,null,27.247970000000002,22.74428]
["South East  industrial",null,null,26.206232106435852,null,26.519659999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,0,null,12.632540000000001,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,26.206232106435852,null,39.152200000000001,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,0,null,9.5426400000000005,null,10.61041,21.910550000000001]
["Cash***",null,null,5.9313110452038824,null,7.5732499999999998,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999999999999986,null,99.999989999999997,null,100,100.00001]
["Source : * Kames Capital"]
["** MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,13,null,null,140.89000100000001,null,41.317806213894777]
["Joint  and indirect holdings",null,null,4,null,null,186.089,null,54.572994435122936]
["Listed investments",null,null,5,null,null,14.012,null,4.1091993509822862]
["Total",null,null,22,null,null,340.99100100000004,null,99.999999999999986]
["Source: Kames Capital"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["GATWICK DISTRIBUTION CENTRE",null,null,null,"CRAWLEY","Industrial ",null,29,8.5046232642368178]
["KINGSTON PARK SHOPPING CENTRE",null,null,null,"NEWCASTLE UPON TYNE","Retail Park",null,15.35,4.5015850726219009]
["ST CATHERINES COURT",null,null,null,"BRISTOL","Office ",null,14.55,4.2669747756774372]
["WESTON GROUP BUSINESS CENTRE",null,null,null,"BISHOP'S STORTFORD","Office ",null,13.45,3.9443856173787992]
["HATHAWAY RETAIL PARK,FOUNDRY LANE",null,null,null,"CHIPPENHAM","Retail Park",null,12.4,3.6364596026391909]
["TEMPUS COURT, ONSLOW STREET",null,null,null,"GUILDFORD","Office ",null,11.75,3.4458387363718139]
["MALLARDS REACH,BRIDGE AVENUE",null,null,null,"MAIDENHEAD","Office ",null,10.85,3.1819021523092919]
["GEFCO UNIT CROSSWAYS BUSINESS PARK",null,null,null,"DARTFORD","Industrial ",null,10.25,3.0059444296009441]
["RIVIERA WAY",null,null,null,"TORQUAY","Retail Park",null,9.65,2.8299867068925963]
["YSTWYTH RETAIL PARK, PARK AVENUE",null,null,null,"ABERYSTWYTH","Retail Park",null,8.1999999999999993,2.4047555436807548]
["10 largest investments as % of portfolio",null,null,null,null,null,null,135.45000000000002,39.722455901409553]
["Source: Kames Capital"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,3,null,null,5.4399999999999995,null,1.5953500192223544]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,2,null,null,17.850000000000001,null,5.2347422505733512]
["10-25",null,null,7,null,null,88.6,null,25.983090386599379]
["25 - 50",null,null,1,null,null,29,null,8.5046232642368178]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,13,null,null,140.88999999999999,null,41.317805920631898]
["Average lot size",null,null,null,null,null,10.837692307692306]
["Source: Kames Capital"]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,5.5399999999999998E-2,null,"Investments ",null,null,0.13256499734947]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,6.2800000000000009E-2,null,"Total",null,null,0.13256499734947]
["Net reversionary yield",null,null,6.4199999999999993E-2,null,"Source: Kames Capital"]
["Source: Kames Capital"]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,5.2394439477362074,null,null,null,null,4.7741188086018127]
["Retail warehousing ",null,null,40.722953891776385,null,null,null,null,39.364986731515444]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,40.432933989103113,null,null,null,null,37.351209932068848]
["Industrial",null,null,13.604668171384295,null,null,null,null,18.509684527813896]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["Source: Kames Capital"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.45598100000000003,0,0,5.4826845855419997,-25.654797020050999,5.7061588092489997,-19.948638210801999,105.70615880924863]
["Retail warehousing ",3.5440580000000002,11.681524399431,0,15.356689986451,-21.640701139767,23.822183496996999,2.1814823572299993,112.14065909756556]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",3.518818,0,0,5.6450774095160003,-4.376696947668,7.1671510149150004,2.7904540672470004,107.16715101491468]
["Industrial",1.183994,0,0,48.184365799151003,0,57.835005920638004,57.835005920638004,157.83500592063811]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",8.7028510000000008,4.757061795037,0,15.378753468260001,-11.926528444529,20.766217875039001,8.8396894305100009,116.00915608000182]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Kames Capital"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["ASSURA PLC REIT",null,null,"-",null,1.7110000000000001,null,null,0.50177277258997222]
["BIG YELLOW GROUP ORD REIT",null,null,"-",null,1.9670000000000001,null,null,0.57684806761220064]
["SECURE INCOME REIT PLC",null,null,"-",null,4.1589999999999998,null,null,1.2196802812400316]
["TRITAX BIG BOX REIT PLC",null,null,"-",null,3.2679999999999998,null,null,0.95838306301813492]
["UNITE GROUP PLC REIT",null,null,"-",null,2.907,null,null,0.8525151665219457]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,14.012,null,null,4.1091993509822853]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,9.4796521277912262]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,0]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,19.12860509734109]
[" Less than 5 years ",null,null,null,null,null,null,71.39174277486768]
["Source: Kames Capital"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["AEGON TARGET HEALTHCARE PROPERTY UT",null,"-","Indirect","-","-",30.283000000000001,"-",8.8808795279615005]
["AEGON PROPERTY FEEDER B ACC",null,"-","Indirect","-","-",11.311999999999999,"-",3.31738959879472]
["PBUKPR -AEGON ACTIVE VALUE PROPERTY FUND",null,"-","Indirect","-","-",134.13200000000001,"-",39.335935437193541]
["UK ACTIVE VALUE PROPERTY UNIT TRUST",null,"-","Indirect","-","-",10.362,"-",3.0387898711731687]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Kames Capital"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["Source: Kames Capital"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,"-",null,"-",null,"-",null,"-"]
["% of all directly held properties*",null,"-",null,"-",null,"-",null,"-"]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Kames Capital"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Monthly, as at the last day of the month"]
["Valuers",null,null,null,null,null,"Jones Lang LaSalle"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Kames Capital"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["   for investment purposes",null,null,null,null,null,null,null,"Nil"]
["   for liquidity purposes",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,"To be determined by the Manager"]
["Cash holdings (minimum)",null,null,null,null,null,"To be determined by the Manager"]
["Source: Kames Capital"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["MAERSK LINE (UK) LIMITED",null,null,null,null,null,null,null,12.877975132126974]
["WESTON (BUSINESS CENTRES) LTD",null,null,null,null,null,null,null,9.5344297503793829]
["MARKS & SPENCERS PLC",null,null,null,null,null,null,null,7.6252786509325068]
["B&M RETAIL LTD",null,null,null,null,null,null,null,5.4472335187558407]
["DACHSER UK LTD",null,null,null,null,null,null,null,4.6227538183657613]
["DUNELM (SOFT FURNISHINGS) LTD",null,null,null,null,null,null,null,4.6227538183657613]
["SAFFERY CHAMPNESS",null,null,null,null,null,null,null,3.7995569321602787]
["MATALAN RETAIL LTD",null,null,null,null,null,null,null,3.6694148552887365]
["NEXT GROUP PLC",null,null,null,null,null,null,null,2.7533121742186477]
["PETS AT HOME LTD",null,null,null,null,null,null,null,2.6626484149559491]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,30.037683533438866]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.107670870560462]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,57.61535706554983]
["Note * The fund has approximately 13% of its underlying income exposed to tenants considered as Public Sector.               "]
["Source: Kames Capital"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,140.89000100000001,0,186.089,0,null,null,326.97900100000004]
["Listed investments",null,0,0,0,14.012,null,null,14.012]
["Debt",null,-9.9999999999999995E-7,0,0,0,null,null,-9.9999999999999995E-7]
["Cash",null,20.617000000000001,0,0,0,null,null,20.617000000000001]
["Other net assets/liabilities",null,0.52203430000000028,0,0,0,null,null,0.52203430000000028]
["Total net assets",null,162.02903430000001,0,186.089,14.012,null,null,362.13003429999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-14.633401131142016,"-","-","-",null,null,-6.3052975686349964]
["Net debt (cash)/equity ",null,-12.724262098499711,"-","-","-",null,null,-5.6932585113667278]
["Source: Kames Capital"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,2.094312,2.0656659999999998,2.0686360000000001,2.0692879999999998,2.0534539999999999,2.0660090000000002]
["Offer (GBp)",null,null,2.2472340000000002,2.2147890000000001,2.214753,2.2275130000000001,2.208882,2.2098969999999998]
["Mid (GBp)",null,null,2.1707730000000001,2.1402274999999999,2.1416944999999998,2.1484005000000002,2.1311679999999997,2.137953]
["Bid/offer spread",null,null,6.8048988222855392E-2,6.7330567381362436E-2,6.5974399854069429E-2,7.1032133145799953E-2,7.0365008180609062E-2,6.5110726880030875E-2]
["Net asset value (GBp)",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Quarterly distribution (GBp)",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Yield",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Source: Kames Capital"]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. Income is not included in the unit price. Some of the vehicles through which the Fund holds directly-held investments have fixed-rate debt. The market value of this debt is not published and it does not reflect in the monthly recalculation of the Fund’s net asset value."]
[]
[]
["Distributions"]
["Distributions are made monthly, normally on the 20th of each month or the following working day. Ex-distribution dates are the penultimate working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the ex-distribution dates.\n"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP250,000, although the manager, at their discretion, can allow investors to invest as little as GBP25,000 where it is satisfied that the investor has received financial advice or the investment is made on the investor’s behalf by a discretionary investment manager. Existing unitholders may increase or decrease their holdings by minimum amounts of GBP10,000 (rounded to the nearest number of whole units). No redemption notice will be accepted that would result in a holding falling to below the minimum holding value determined by the manager (currently GBP10,000)."]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before subscription day, which is the last working day of the month. \nAs from March 2009, the Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so.\nRedeeming unitholders may not withdraw their realisation notice in respect of units which the Manager has notified the unitholder that it has determined can be redeemed or any units which are within the last 3 months of the 24-month redemption window.\nThe manager will attempt, where possible, the matching of buying and selling orders. Such transfers are effective from the last business day of the month during which they take place.\n"]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
[]
["Capital Gains Tax"]
["Since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["While distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at source. "]
[]
["Stamp duty reserve tax"]
["No stamp duty is payable on the transfer of existing units."]
[]
["Charges"]
["The trust instrument empowers the manager and investment advisor to make an annual charge totalling not more than 2% of the net asset value of the fund (including accrued income). However, the total charge is currently 1% pa and the manager has undertaken to give at least three months’ notice of any increase in this figure.\nThe manager and investment advisor currently bear the cost of fees of service providers in relation to day-to-day management and rent collection of directly held properties, valuations, the trustees’ and auditors’ fees, custodian fees and the costs of preparing reports and accounts for unitholders, and market research and performance measurement. These costs may, alternatively, be charged to unitholders. The manager has undertaken to give at least three months’ notice before so doing.\n"]
[]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue"]
["1% or greater but less than 2%"]
["2% or greater but less than 4%"]
["4% or greater but less than 8%"]
["Greater than 8.0%"]
["Total"]
["Major investors",null,"The AEGON UK Property Fund is a unit linked fund with over 100,000 investors, "]
["Largest holder",null,"                 none of whom has a significantpercentage holding in the fund"]
["Three largest holders"]
["Five largest holders"]
["Ten largest holders"]
["Internal/external investors"]
["Internal"]
["External"]
["Source: Kames Capital"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,295899202,185884568,155965709.6983,125984094.14718401,113177591.64173901,77589358.414345011]
["Units issued during period",null,null,20836387,24668767.853499997,18104611.922499999,16323661.780999999,6556151.3195630014,4864612.9567999998]
["Units redeemed during period",null,null,-130851021,-54587626.155200005,-48086227.473615997,-29130164.286444999,-42144384.546957001,-5589336.0642999997]
["Units in issue at end of period",null,null,185884568,155965709.6983,125984094.14718401,113177591.64173901,77589358.414345011,76864635.306845009]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",null,null,"-","-","-","-","-","-"]
["* as % of units in issue at the end of the period   "]
["Source: Kames Capital"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-01"]
[]
["AEW UK Core Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The AEW UK Core Property Fund is a core balanced fund targeting value investment opportunities. It comprises a property portfolio diversified geographically in the UK and across all property sectors. Its investment objective is to provide a return from income and capital appreciation over the long term, and to out-perform its benchmark (the MSCI/AREF UK Quarterly Property Fund Index) over three-year rolling periods."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The AEW UK Core Property Fund will look for and capitalize on market inefficiencies with reference to the investment risk profile set by its benchmark.  The investment process is very stock focused and draws upon our strong active asset management capabilities. As a value investor, the AEW UK Core Property Fund will look to buy attractively priced and/or good quality real estate at the margins of prime locations aiming to provide good risk adjusted returns over the long term."]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by pension funds, charities, insurance companies and other approved capital gain tax exempt investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property Authorised Investment Fund"]
["Residence",null,null,null,null,null,null,null,"UK"]
["Launch date",null,null,null,null,null,null,null,"March 2012"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,297.05354580999995]
["Source: AEW"]
[]
["Management/professional advisors"]
["Trust Manager",null,null,null,null,"AEW UK"]
["Property investment manager",null,null,null,null,"AEW UK"]
["Portfolio Manager",null,null,null,null,"Richard Tanner"]
["Trustee",null,null,null,null,"BNY Mellon Trust & Depositary"]
["Auditors",null,null,null,null,"KPMG"]
["Source: AEW"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"AEW UK Core Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",7.0258799999999999,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",12.023580000000001,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",14.74178,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",5.0060099999999998,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",7.51356,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualized                                                            "]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.1]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Note: *None specified"]
["Source: AEW"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"AEW UK CORE PROPERTY FUND*",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,2.9248501020100499,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,9.5481172182557597,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,1.1827262707581623,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,4.3313353969657031,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,17.987028987989675,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,6.081450621938929,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0.25572459908284589,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,6.3371752210217753,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,6.4570461268418589,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,43.009681008246154,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,49.466727135088014,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,25.508528758513883,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash",null,null,0.7005398973866771,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000003,null,100,null,100,100.00001]
["Sources: *AEW ** MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,62,null,null,310.64499999999998,null,99.999999678089139]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,9.9999999999999995E-7,null,3.2191086184580195E-7]
["Total",null,null,62,null,null,310.64500099999998,null,100]
["Source: AEW"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["FIVEWAYS LEISURE PARK,BIRMINGHAM,FIVEWAYS LEISURE CENTRE",null,null,null,"Birmingham","Leisure Park (whole or part)",null,"25-30","5-10%"]
["KAYLEY INDUSTRIAL ESTATE",null,null,null,"ASHTON-UNDER-LYNE","Industrial ",null,"20-25","5-10%"]
["DHL STANTON",null,null,null,"BURY ST EDMUNDS","Industrial ",null,"15-20","5-10%"]
["SPECTRUM",null,null,null,"SWINDON","Industrial ",null,"10-15","0-5%"]
["HENGROVE LEISURE PARK",null,null,null,"BRISTOL","Leisure ",null,"10-15","0-5%"]
["WAREHOUSE",null,null,null,"CREWE","Industrial ",null,"10-15","0-5%"]
["56-64 BROADMEAD & SOHO STUDIOS",null,null,null,"BRISTOL","Retail Other ",null,"10-15","0-5%"]
["LONDON EAST LEISURE PARK",null,null,null,"DAGENHAM","Leisure Park (whole or part)",null,"10-15","0-5%"]
["INTEC BUSINESS PARK",null,null,null,"BASINGSTOKE","Office ",null,"5-10","0-5%"]
["GRAZEBROOK INDUSTRIAL",null,null,null,"DUDLEY","Industrial ",null,"5-10","0-5%"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,146.40000000000003,47.127750174225412]
["Source: AEW"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,24,null,null,35.044999999999995,null,11.281366153386127]
["2.5 - 5",null,null,18,null,null,66.95,null,21.551932200576442]
["5-10",null,null,12,null,null,80.05,null,25.768964490756446]
["10-25",null,null,7,null,null,103.5,null,33.3177742010405]
["25 - 50",null,null,0,null,null,0,null,0]
["50 - 100",null,null,"-",null,null,"-",null,"-"]
["100-150",null,null,"-",null,null,"-",null,"-"]
["Over 150",null,null,"-",null,null,"-",null,"-"]
["Total",null,null,62,null,null,310.64500000000004,null,99.999999678089154]
["Average lot size",null,null,null,null,null,5.0104032258064519]
["Source: AEW"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.7500000000000002E-2,null,"Investments ",null,null,0.15920000000000001]
["Nominal equivalent yield",null,null,7.6700000000000004E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,8.0299999999999996E-2,null,"Total",null,null,0.15920000000000001]
["Net reversionary yield",null,null,8.1099999999999992E-2]
["Source: Knight Frank "]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,16.105178919995684,null,null,null,null,14.990557026192578]
["Retail warehousing ",null,null,5.1171631623009617,null,null,null,null,5.3590925020821265]
["Shopping centres ",null,null,1.2929917618625746,null,null,null,null,2.0791102407780775]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,7.0386042411605967,null,null,null,null,7.2192893704675036]
["Industrial",null,null,44.119199465758228,null,null,null,null,44.806958518384576]
["Other ",null,null,26.326862448921943,null,null,null,null,25.544992342095153]
["Overall",null,null,99.999999999999986,null,null,null,null,100.00000000000001]
["Source: AEW"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",3.552292,1.4075419475651214,0,7.0039287310840441,-18.98070316291566,34.161043067405494,15.180339904489834,123.59181058313902]
["Retail warehousing ",1.128684,0,0,42.084409808236842,-10.24609190880707,7.2207987355185344,-3.025293173288536,139.05911663494831]
["Shopping centres ",0.28519299999999997,0,0,36.396405241362871,-14.925681906638664,92.03977657235626,77.114094665717602,213.51049990708049]
["Central London offices",0,"-","-","-","-","-","-","-"]
["Other offices",1.5524929999999999,0,0,30.377592684797932,-2.34017158209409,8.1526293516299297,5.8124577695358397,136.1900504543338]
["Industrial",9.7312969999999996,2.4765455211160448,0,23.832897094806579,-1.4152892466441009,9.9572030326481702,8.5419137860040699,134.85135640192669]
["Other ",5.8068714000000003,1.5068355052601989,0,17.98300544420529,-9.5260831848282344,18.874294340322397,9.3482111554941625,128.83805210495964]
["Overall",22.056830400000003,1.7160217181522144,0,21.13952873301324,-7.0712218016601325,16.997142980253411,9.9259211785932777,132.7814716297587]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: AEW"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.9]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,9.3000000000000007]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.5]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,10.199999999999999]
[" Less than 5 years ",null,null,null,null,null,null,72.099999999999994]
["Source: AEW"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: AEW"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["Source: AEW"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,"-",null,"-",null,"-",null,"-"]
["% of all directly held properties*",null,"-",null,"-",null,"-",null,"-"]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: AEW"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: AEW"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null,0.1]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: AEW"]
["Note: Long term gearing not permited"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["DHL SUPPLY CHAINS LTD",null,null,null,null,null,null,null,8.1999999999999993]
["BESTWAY LTD",null,null,null,null,null,null,null,5.2]
["THE DELTIC GROUP LTD",null,null,null,null,null,null,null,4.5]
["CINEWORLD",null,null,null,null,null,null,null,4.5]
["RUBBER COMPANY EUROPE LTD",null,null,null,null,null,null,null,4.3]
["WHITECROFT LIGHTING LTD",null,null,null,null,null,null,null,2.8]
["CINE-UK LTD",null,null,null,null,null,null,null,2.7]
["NEW LOOK RETAILERS LTD",null,null,null,null,null,null,null,2.5]
["GEORGE WILSON INDUSTRIES LTD",null,null,null,null,null,null,null,2.4]
["DAVID LLOYD LEISURE LTD",null,null,null,null,null,null,null,2.2000000000000002]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,17.899999999999999]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,26.7]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,39.300000000000004]
["Source: AEW"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,310.64499999999998,0,0,0,null,null,310.64499999999998]
["Listed investments",null,0,0,0,9.9999999999999995E-7,null,null,9.9999999999999995E-7]
["Debt",null,-15,0,0,0,null,null,-15]
["Cash",null,2.1915448099999999,0,0,0,null,null,2.1915448099999999]
["Other net assets/liabilities",null,-0.78299999999999947,0,0,0,null,null,-0.78299999999999947]
["Total net assets",null,297.05354480999995,0,0,9.9999999999999995E-7,null,null,297.05354580999995]
["Gearing (%)"]
["Net debt (cash)/properties ",null,4.1231808623992023,"-","-","-",null,null,4.1231808623992023]
["Net debt (cash)/equity ",null,4.3118338137296046,"-","-",0,null,null,4.3118337992142628]
["Source: AEW"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBP)",null,null,"-","-","-","-","-","-"]
["Offer (GBP)",null,null,1.1605000000000001,1.1537999999999999,1.1685000000000001,1.2785,1.3260000000000001,1.4005000000000001]
["Mid (GBP)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBP)",null,null,1.2634852931954901,1.2004094136099199,1.1765000000000001,1.1970878578675399,1.2415471761328201,1.3113251067120599]
["Quarterly distribution (GBP)",null,null,1.2858423900000001E-2,1.07041325E-2,1.8368480499999999E-2,1.35472909E-2,1.1440156700000001E-2,1.7451636499999999E-2]
["Yield",null,null,4.9892487264785693E-2,4.7970410634177438E-2,5.1366436889077764E-2,4.6345724363816045E-2,4.3542494106737571E-2,4.6371082417895088E-2]
["Source: AEW"]
[]
[]
[]
["Unit pricing"]
["The Fund’s NAV and the single (bid/offer) price of its units are calculated on the date of the monthly revaluation of the portfolio as at the last day of each month"]
[]
["Distributions"]
["Distributions are declared on a quarterly basis and paid within two months of the end of the quarter during which they were earned"]
[]
[]
["Minimum investment/disinvestment"]
["A minimum initial investment of £100,000, although the Manager may approve smaller holdings"]
[]
["Creation, transfer and realisation of units"]
["Units may be issued by the Depositary on the direction of the Manager on giving notice at least 14 business days ahead of the next Dealing Day for Subscriptions which is the first business day in each calendar month."]
[]
[]
["Redemptions"]
["Units may be redeemed on written notice to be received by the Manager at least one month prior to the next Dealing Day for Redemptions which is the first business day in each calendar month. At its discretion and in consultation with the Governance Committee, the Manager may defer redemptions for up to six months."]
[]
["Taxation"]
["Capital Gains Tax"]
["The Fund is not subject to capital gains tax."]
[]
["Income Tax"]
["The Fund qualifies as a PAIF for tax purposes. Accordingly, the income generated by their Property Investment Business will be exempt from tax."]
[]
["Charges"]
["Annual Fee"]
["The Fund Manager is entitled to an annual fee (payable quarterly) equivalent to 0.70% pa of the Net Asset Value of the Fund, plus VAT."]
[]
["Initial charge"]
["No initial charge is levied by the Trust Manager on investors acquiring units in the Fund "]
[]
["Performance Fee"]
["The Property Investment Manager may earn a performance fee of 0.25% p.a. (plus VAT) of NAV if the Fund is ranked above the weighted average performance the top ten funds within the All Balanced Funds component of the MSCI/AREF UK Quarterly Property Fund Index over three year rolling periods (providing its return over the period is positive)."]
[]
["Leverage"]
["The Fund may only borrow up to 10% of the NAV and in the form of a revolving credit facility. Leverage may take the form of temporary cash borrowings, financial derivative instruments and reinvestment of cash allocated in the context of securities lending. "]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,32,null,null,null,8.2422444539896951]
["1% or greater but less than 2%",null,null,null,9,null,null,null,14.508601888235212]
["2% or greater but less than 4%",null,null,null,4,null,null,null,12.054833890765826]
["4% or greater but less than 8%",null,null,null,5,null,null,null,25.49334949149188]
["Greater than 8.0%",null,null,null,2,null,null,null,39.700970275517392]
["Total",null,null,null,52,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,20.383482806000064]
["Three largest holders",null,null,null,3,null,null,null,47.224701563095316]
["Five largest holders",null,null,null,5,null,null,null,57.007410325241302]
["Ten largest holders",null,null,null,10,null,null,null,75.053214566405899]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,0.37]
["External",null,null,null,49,null,null,null,99.63]
["Source: AEW"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,193021067,209530510,212008201.31971073,218658262.82208279,228477827.8554683,229972285.38891509]
["Units issued during period",null,null,19012340,4218576.9028762151,9947189.3656684998,15302013.203385487,3864845.5244467957,1711239.6026844904]
["Units redeemed during period",null,null,-2502897,-1740885.5831654938,-3297127.8632964478,-5482448.1699999999,-2370387.9909999999,-5153827.6715828702]
["Units in issue at end of period",null,null,209530510,212008201.31971073,218658262.82208279,228477827.8554683,229972285.38891509,226529697.32001671]
["Unit transfers"]
["Matched bargains",null,null,50849766,15164063.438999999,2649301,1338285,1832529,0]
["Matched bargains %*",null,null,0.2427,7.1525834116824671E-2,1.2116171444001983E-2,5.8573954968032145E-3,7.9684775793784843E-3,0]
["* as % of units in issue at the end of the period   "]
["Source: AEW"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-01"]
[]
["AEW UK Real Return Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The AEW UK Real Return Fund (“the Fund”) strategy is to align the real benefits of property with the needs of long-term savers. It aims to deliver better risk adjusted liability focused returns, with inflation-linked cash flow and income growth central to strategy. The Fund has a total real return performance target and will access a wider UK investible universe of traditional and alternative sectors such as healthcare, leisure, car parks, social infrastructure and student housing, aiming to generate greater diversification and lower volatility."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by UK and Overseas Corporate Pension Funds, Local Authorities, Charities, SIPPS, UK and Overseas Corporates and Wealth Managers."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property Authorised Investment Fund"]
["Residence",null,null,null,null,null,null,null,"UK"]
["Launch date",null,null,null,null,null,null,null,"Q1 2016"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"N/A"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,147.38447275999999]
["Source: AEW"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"AEW UK"]
["Investment Advisor",null,null,null,null,"AEW UK"]
["Fund Manager",null,null,null,null,"Ian Mason"]
["Depository",null,null,null,null,"BNY Mellon Trust & Depositary"]
["Auditors",null,null,null,null,"KPMG"]
["Source: AEW"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"AEW UK Real Return Fund",null,null,"Long income Funds",null,"All balanced funds",null,"All funds"]
["3 months",2.2729400000000002,null,null,3.0571899999999999,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.9519600000000001,null,null,5.0094799999999999,null,6.0474500000000004,null,5.5983999999999998]
["12 months",4.6285800000000004,null,null,7.3320600000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.9437600000000002,null,null,5.3954300000000002,null,2.9910399999999999,null,1.81053]
["5 years+",6.0803500000000001,null,null,6.5384599999999997,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,null,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns (Annualized)                                                            "]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
["** Target 4% pa total real return"]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,"20% (pre let development)"]
["Maximum speculative development exposure",null,null,null,null,null,null,"Not Permitted"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,"n/a"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,0.1]
["Maximum exposure to limited partnerships",null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,"Not Permitted"]
["Note: *None specified"]
["Source: AEW"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"AEW UK REAL RETURN FUND*",null,"Long Income Funds",null,"All balanced funds","All funds"]
["Standard retail – South East***",null,null,7.3976452139781337,null,8.0590700000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK***",null,null,13.252411384709443,null,8.5928000000000004,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.58425000000000005,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,1.8259000000000001,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,20.650056598687577,null,19.062020000000004,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.8747500000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,6.1215700000000002,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,0,null,5.01877,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,1.839193561486276,null,8.6467500000000008,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,1.839193561486276,null,23.661840000000002,null,27.247970000000002,22.74428]
["South East  industrial",null,null,7.8676613463579574,null,3.1535799999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,4.5979839037156891,null,7.6014400000000002,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,12.465645250073646,null,10.75502,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,61.640497964287277,null,44.229340000000001,null,10.61041,21.910550000000001]
["Cash",null,null,3.404606625465227,null,2.2917700000000001,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,99.999990000000011,null,100,100.00001]
["Sources: *AEW ** MSCI/AREF UK Quarterly Property Fund Index"]
["*** MSCI Standard Retail Definition includes public houses, car showrooms and other alternative sub sectors."]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,51,null,null,141.80539200000001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,51,null,null,141.80539200000001,null,100]
["Source: AEW"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["THE RESIDENCES",null,null,null,"MIDDLESBROUGH","Apartments- Applicable Not Categorised",null,"15-20","10-15%"]
["SPRINGHILL CARE CENTRE",null,null,null,"ACCRINGTON","Healthcare ",null,"10-15","5-10%"]
["LARKLAND HOUSE CARE CENTRE",null,null,null,"ASCOT","Healthcare ",null,"5-10","5-10%"]
["ASHLANDS MEWS AND ST GEORGE'S",null,null,null,"LEICESTER","Healthcare ",null,"5-10","5-10%"]
["CROSS POINT",null,null,null,"COVENTRY","Leisure Park (whole or part)",null,"5-10","0-5%"]
["CLIFTON BOULEVARD",null,null,null,"NOTTINGHAM","Leisure Park (whole or part)",null,"5-10","0-5%"]
["TRAVELODGE HOTEL",null,null,null,"WEST BROMWICH","Hotel – Not categorised",null,"5-10","0-5%"]
["HOLMES COURT AND HOLMES HOUSE",null,null,null,"WIGSTON","Healthcare ",null,"0-5 ","0-5%"]
["THE POINT",null,null,null,"BOREHAMWOOD","Leisure Park (whole or part)",null,"0-5 ","0-5%"]
["JABLITE, UNIT A,",null,null,null,"ARUNDEL","Industrial ",null,"0-5 ","0-5%"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,71.7,50.562252244964]
["Source: AEW "]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,32,null,null,40.775390999999992,null,28.754471682955973]
["2.5 - 5",null,null,12,null,null,42.83,null,30.203365117479912]
["5-10",null,null,5,null,null,32.1,null,22.636657022440005]
["10-25",null,null,2,null,null,26.1,null,18.405506177124114]
["25 - 50",null,null,"-",null,null,"-",null,"-"]
["50 - 100",null,null,"-",null,null,"-",null,"-"]
["100-150",null,null,"-",null,null,"-",null,"-"]
["Over 150",null,null,"-",null,null,"-",null,"-"]
["Total",null,null,51,null,null,141.80539099999999,null,100]
["Average lot size",null,null,null,null,null,2.7804978627450976]
["Source: AEW"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.1399999999999996E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,6.6600000000000006E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,6.7000000000000004E-2,null,"Total",null,null,0]
["Net reversionary yield",null,null,7.2999999999999995E-2]
["Source: Knight Frank",null,null,null,null,"Source: Knight Frank"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,24.245249475008361,null,null,null,null,23.837122364012199]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,2.3374447820809108,null,null,null,null,2.2118136610386507]
["Industrial",null,null,13.456408003789944,null,null,null,null,13.572254156106547]
["Other ",null,null,59.960897739120774,null,null,null,null,60.378809818842591]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
["Source: AEW"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",2.2798852300000001,0,0,0,-6.9102192015028541E-2,0.10664813567908139,3.7545943664052853E-2,103.90106347590138]
["Retail warehousing ",0,"-","-","-","-","-","-","-"]
["Shopping centres ",0,"-","-","-","-","-","-","-"]
["Central London offices",0,"-","-","-","-","-","-","-"]
["Other offices",0.2198,0,0,0,0,0,0,100]
["Industrial",1.2653639999999999,0,0,0,0,6.1823956866696471E-2,6.1823956866696471E-2,106.58980340834732]
["Other ",5.6383814599999997,1.7419500640981626E-2,0,0,-7.4013054959091162E-2,0.11689024914619114,4.2877194187099982E-2,106.41656728205828]
["Overall",9.4034306900000004,1.0517687163410363E-2,0,0,-6.1160175761702129E-2,0.10438969238482014,4.3229516623118011E-2,105.68000475154244]
["Source: AEW "]
["* 89% of income linked to inflation or fixed uplifts"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases*"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,38.9]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,16.2]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,15.3]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,15.7]
[" Less than 5 years ",null,null,null,null,null,null,13.9]
["Source: AEW "]
["* WAULT to break 17.0 years"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: AEW"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["Source: AEW"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,"-",null,"-",null,"-",null,"-"]
["% of all directly held properties*",null,"-",null,"-",null,"-",null,"-"]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
[]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,"Yes "]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,"Full Member"]
["Source: AEW"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["For investment purposes",null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,"10%**"]
["\nSource: AEW                                                                                                                                                                                                                                                                                                                                                                     \n*Long term gearing not permitted\n**Due to unit creations. Can be higher due to strategy      \n"]
[]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["PRIME LIFE LIMITED",null,null,null,null,null,null,null,18.7]
["TENPIN LTD",null,null,null,null,null,null,null,8.6]
["SOUTH TEES NHS TRUST",null,null,null,null,null,null,null,8]
["VOLKSWAGEN GROUP UK LIMITED",null,null,null,null,null,null,null,5.9]
["CARE UK COMMUNITY PARTNERSHIPS LTD",null,null,null,null,null,null,null,5.3]
["STYROPACK (UK) LIMTED",null,null,null,null,null,null,null,3.7]
["BARCLAY & MATHIESON LTD",null,null,null,null,null,null,null,3.2]
["PURE GYM LTD",null,null,null,null,null,null,null,2.8]
["TESCO STORES LIMITED",null,null,null,null,null,null,null,2.6]
["CELESTRA LIMITED",null,null,null,null,null,null,null,2.5]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.299999999999997]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,46.499999999999993]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,61.3]
["Source: AEW"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,141.80539200000001,0,0,0,null,null,141.80539200000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,4.9980807599999997,0,0,0,null,null,4.9980807599999997]
["Other net assets/liabilities",null,0.58099999999999996,0,0,0,null,null,0.58099999999999996]
["Total net assets",null,147.38447275999999,0,0,0,null,null,147.38447275999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-3.5246055805832821,"-","-","-",null,null,-3.5246055805832821]
["Net debt (cash)/equity ",null,-3.3911854257122767,"-","-","-",null,null,-3.3911854257122767]
["Source: AEW"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,1.0112000000000001,0,0,0.96,0.96479999999999999,0.97599999999999998]
["Offer (GBp)",null,null,1.0965,0,0,1.0409999999999999,1.0462,1.0580000000000001]
["Bid/offer spread",null,null,7.779297765617868E-2,"-","-",7.7809798270893335E-2,7.7805390938635088E-2,7.7504725897920665E-2]
["Net asset value (GBp)",null,null,1.02665283886675,0.99330491323784997,0.97924947414041996,0.97471368348447995,0.97955627228552,0.99069703363344996]
["Quarterly distribution (GBp)",null,null,1.33404378E-2,7.1706699999999996E-3,1.20789677E-2,1.28748278E-2,1.1159361499999999E-2,1.1123934699999999E-2]
["Yield",null,null,5.2387080192918635E-2,4.8193328515769879E-2,4.6964324224293912E-2,4.6644367541315963E-2,4.418717762789607E-2,4.7680663307080567E-2]
["Note: *The Fund’s distribution yield is calculated once it has made four quarterly distributions"]
["**Based on MSCI methodology as a Percentage of Offer Price. Bid / offer spread as a Percentage of NAV price is 8.3%\nSource:AEW"]
["Unit pricing"]
["The Fund’s NAV and the bid / offer price of its units are calculated on the date of the monthly revaluation of the portfolio as at the last day of each month."]
[]
[]
["Distributions"]
["Distributions are declared on a quarterly basis and paid within two months of the end of the quarter during which they were earned."]
[]
["Minimum investment/disinvestment"]
["A minimum initial investment of £1,000,000, although the Manager may approve smaller holdings."]
[]
[]
["Creation, transfer and realisation of units"]
["Units may be issued by the Depository on the direction of the Manager on giving notice at least 14 business days ahead of the next Dealing Day for Subscriptions which is the first business day in each calendar month.\n"]
[]
[]
["Redemptions"]
["Units may be redeemed on written notice to be received by the Manager at least one month prior to the next Dealing Day for Redemptions which is the first business day in each calendar month. At its discretion and in consultation with the Governance Committee, the Manager may defer redemptions for up to six months.\n"]
["Taxation"]
["Capital Gains Tax"]
["The Fund is not subject to capital gains tax."]
[]
["Income Tax"]
["The Fund qualifies as a PAIF for tax purposes. Accordingly, the income generated by their Property Investment Business will be exempt from tax."]
[]
["Charges"]
["Annual charges: The Fund Manager is entitled to an annual fee (payable monthly) equivalent to 0.75% pa of the Net Asset Value of the Fund."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,6,null,null,null,0.79769999999999996]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.42]
["2% or greater but less than 4%",null,null,null,2,null,null,null,7.32]
["4% or greater but less than 8%",null,null,null,1,null,null,null,4.8899999999999997]
["Greater than 8.0%",null,null,null,7,null,null,null,85.57]
["Total",null,null,null,17,null,null,null,99.997699999999995]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,16.28]
["Three largest holders",null,null,null,3,null,null,null,43.24]
["Five largest holders",null,null,null,5,null,null,null,65.97]
["Ten largest holders",null,null,null,10,null,null,null,97.78]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,0.18]
["External",null,null,null,15,null,null,null,99.82]
["Source: AEW"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to \nDec 2017","Year to \nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,"-",55537227,82112726.794354439,127943692.6329321,142573870.644389,143062128.33013991]
["Units issued during period",null,null,55537227,26575499.794354431,45830965.838577658,17981717.011456914,488257.68575090694,5705893.0064405957]
["Units redeemed during period",null,null,"-","-","-",-3351539,0,0]
["Units in issue at end of period",null,null,55537227,82112726.794354439,127943692.6329321,142573870.644389,143062128.33013991,148768021.33658051]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-",7270629.8169999998]
["Matched bargains %*",null,null,"-","-","-","-","-",4.8872262679023934E-2]
["* as % of units in issue at the end of the period   "]
["Source: AEW"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Airport Industrial Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["Airport Industrial Unit Trust is a specialised industrial fund, which invests in, develops and manages airport-related industrial and distribution properties in the UK. "]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Trust is open to investment by pension funds, charities, insurance companies, other corporate & institutional investors and expert wealthy private investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property Unit Trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,"31st March 2005"]
["Open/closed-ended",null,null,null,null,null,null,"Quasi open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"31 December 2036^ "]
["Year-end",null,null,null,null,null,null,"2019-12-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,662.40778299999999]
["Source: Aberdeen Asset Fund Management Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Aberdeen Asset Fund Management Limited"]
["Investment Advisor",null,null,null,null,"Aberdeen Asset Investments Limited"]
["Fund Manager",null,null,null,null,"Nick Smith"]
["Corporate trustee",null,null,null,null,"Pavilion Trustees Limited"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers"]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Airport Industrial Property Unit Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",9.31,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",14.89,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",27.05,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",9.67,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",11.52,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["Source: Aberdeen Asset Fund Management Limited"]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,"Max. 30% of GAV"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: Aberdeen Asset Fund Management Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,"Industrial",null,"Offices",null,"Other","Total"]
["Rest of London*",null,null,92.982621796700727,null,0.13493716656193031,null,0.97109834140749629,94.08865730467015]
["South East",null,null,3.2464294778723231,null,0,null,0,3.2464294778723231]
["Eastern",null,null,1.8832371406581088,null,0,null,0,1.8832371406581088]
["Scotland",null,null,0,null,0,null,0,0]
["City",null,null,0,null,0,null,0,0]
["West End",null,null,0,null,0,null,0,0]
["Midtown",null,null,0,null,0,null,0,0]
["South West",null,null,0,null,0,null,0,0]
["West Midlands",null,null,0,null,0,null,0,0]
["East Midlands",null,null,0,null,0,null,0,0]
["North West",null,null,0,null,0,null,0,0]
["Yorkshire & Humberside",null,null,0,null,0,null,0,0]
["North East",null,null,0,null,0,null,0,0]
["Wales",null,null,0,null,0,null,0,0]
["Northern Ireland",null,null,0,null,0,null,0,0]
["Other",null,null,0,null,0,null,0,0]
["Cash***",null,null,0,null,0,null,0,0.78149517505123611]
["Overall",null,null,98.112288415231163,null,0.13493716656193031,null,0.97109834140749629,99.99981909825182]
["Source: Aberdeen Asset Fund Management Limited"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,19,null,null,715.20000100000004,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,19,null,null,715.20000100000004,null,100]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["DNATA CITY EAST",null,null,null,"HEATHROW","Industrial ",null,"100-125m","*"]
["RADIUS PARK",null,null,null,"HEATHROW","Industrial Other ",null,"80-90m","*"]
["HEATHROW SOUTH CARGO CENTRE",null,null,null,"HEATHROW","Industrial ",null,"60-70m","*"]
["CENTRAL PARK ESTATE",null,null,null,"HEATHROW","Industrial ",null,"50-60m","*"]
["BUILDING 521B",null,null,null,"HEATHROW","Industrial ",null,"50-60m","*"]
["AIRPORT GATE",null,null,null,"HEATHROW","Industrial ",null,"50-60m","*"]
["BLACKTHORNE POINT",null,null,null,"HEATHROW","Industrial Other ",null,"40-50m","*"]
["BUILDING 521A",null,null,null,"HEATHROW","Industrial ",null,"40-50m","*"]
["SHORTHAUL CATERING BASE",null,null,null,"HEATHROW","Industrial ",null,"40-50m","*"]
["ENSEMBLE 2",null,null,null,"HEATHROW","Industrial ",null,"40-50m","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,0]
["Source: Aberdeen Asset Fund Management Limited"]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0  - 2.5",null,null,1,null,null,0.97499999999999998,null,0.13632550316509295]
["2.5 - 5",null,null,1,null,null,3,null,0.41946308666182452]
["5 - 10",null,null,1,null,null,7,null,0.97874720221092382]
["10 -  25",null,null,5,null,null,66.775000000000006,null,9.3365492039477775]
["25 - 50",null,null,5,null,null,219.05,null,30.627796377757555]
["50  - 100",null,null,5,null,null,316.07499999999999,null,44.193931705545388]
["100 - 150",null,null,1,null,null,102.325,null,14.307186780890399]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,19,null,null,715.2,null,99.999999860178974]
["Average lot size",null,null,null,null,null,37.642105263157895]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,2.4E-2,null,"Investments ",null,null,6.9999999999999993E-3]
["Nominal equivalent yield",null,null,0,null,"Developments",null,null,0.17199999999999999]
["True equivalent yield",null,null,3.7999999999999999E-2,null,"Total",null,null,0.17899999999999999]
["Net reversionary yield",null,null,4.0999999999999995E-2]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Other offices",null,null,0.4423790852184844,null,null,null,null,0.200303779585914]
["Industrial",null,null,98.629856182742188,null,null,null,null,98.812657113779892]
["Other ",null,null,0.92776473203931187,null,null,null,null,0.9870391066342028]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Other offices",8.0583000000000002E-2,0,0,0,-100,-22.750456051524516,-122.75045605152451,77.249543948475491]
["Industrial",17.966242000000001,32.4,30,1,-4.2,70.924982531126972,66.724982531126969,170.92498253112697]
["Other ",0.16900000000000001,0,0,0,0,81.508875739644964,81.508875739644964,181.50887573964499]
["Overall",18.215825000000002,31.9,29.6,1,-4.5999999999999996,70.608775611315949,66.008775611315954,170.60877561131596]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.8]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,1.9]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,23.4]
[" Less than 5 years ",null,null,null,null,null,null,73.900000000000006]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,52.989334999999997,1.9E-2,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Quarterly"]
["Valuers",null,null,null,null,null,"Knight Frank LLP"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Aberdeen Asset Fund Management Limited"]
[]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"35% LTV"]
["Cash holdings (maximum)",null,null,null,null,null,null,"20% of GAV"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["DNATA LTD",null,null,null,null,null,null,null,20.2]
["KUEHNE + NAGEL LIMITED",null,null,null,null,null,null,null,14.5]
["SWISSPORT GB LIMITED",null,null,null,null,null,null,null,5.6]
["BRINK'S LIMITED",null,null,null,null,null,null,null,4.3]
["DO & CO EVENT AIRLINE CATERING",null,null,null,null,null,null,null,4.0999999999999996]
["DHL SUPPLY CHAIN LIMITED",null,null,null,null,null,null,null,3.8]
["AGILITY LOGISTICS LTD",null,null,null,null,null,null,null,3.6]
["WDFG UK LIMITED",null,null,null,null,null,null,null,3.3]
["AVIATION SERVICING COMPANY LTD",null,null,null,null,null,null,null,3.3]
["DIGITAL LONDON LIMITED",null,null,null,null,null,null,null,3.2]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.300000000000004]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,48.7]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,65.899999999999991]
["Source: Aberdeen Asset Fund Management Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,715.20000100000004,0,0,0,null,null,715.20000100000004]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-52.989334999999997,0,0,0,null,null,-52.989334999999997]
["Cash",null,5.6332772899999997,0,0,0,null,null,5.6332772899999997]
["Other net assets/liabilities",null,-5.4361602900000889,0,0,0,null,null,-5.4361602900000889]
["Total net assets",null,662.40778299999999,0,0,0,null,null,662.40778299999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,6.6213727130573634,"-","-","-",null,null,6.6213727130573634]
["Net debt (cash)/equity ",null,7.1490793021071726,"-","-","-",null,null,7.1490793021071726]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,null,123.31699999999999,120.904,121.0512660898623,131.00580242742473,136.72,148.86612893661601]
["Quarterly distribution (GBp)",null,null,0,2.24734872E-2,0.8949128207,1.7276561077999999,0.97,0.57899999999999996]
["Yield",null,null,2.4971647175977364E-2,2.6187145823959507E-2,1.5767119710116295E-2,2.0018723445115068E-2,2.6111761263897016E-2,2.8114217407923539E-2]
["Source: Aberdeen Asset Fund Management Limited"]
[]
[]
["Net asset value"]
["Net assets per unit are recalculated as at 31 March, 30 June, 30 September and 31 December each year, following the quarterly revaluation of the portfolio. The Manager calculates the difference between the book value and the market value of the Trust’s fixed-rate debt and this is reflected in the quarterly re-calculation of its NAV. Performance fees are estimated and accrued and therefore also reflect in the quarterly recalculation of the Trust’s NAV."]
[]
["Distributions"]
["The Trust’s policy is to distribute 100% of its net income 23 business days after the end of each quarter."]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:                           £0.5m\nMinimum additional investment:                   None specified\nMinimum redemption:                                       £0.5m\n"]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is closed-ended. However, the manager can raise new investment in the fund and bring in new investors without the approval of, and without with reference to, existing partners up to 25% of NAV in any calendar year, and up to 50% of NAV in any five year period."]
[]
[]
["Taxation"]
["Capital Gains Tax"]
["On the basis that the trust is managed and controlled outside of the UK, the trust is not subject to capital gains tax, although unitholders may be liable to capital gains tax on the disposal of their units. "]
[]
["Income Tax"]
["Distributions of net income are made by the trust without any deduction of withholding tax on a quarterly basis to all holders who are UK residents or those who hold non-resident FICO clearance. All investors, regardless of where they reside, are responsible for submitting tax returns to the UK Inland Revenue."]
[]
["Stamp duty reserve tax"]
["Transfers of units are not subject to SDRT or SDLT."]
[]
["Charges"]
["Annual fee:\nThe Manager is entitled to a fee equivalent to 0.60% of NAV up to £325m and 0.55% of NAV above £325m.\n"]
["Performance fee:"]
["The Manager may earn a performance fee if the Trust’s total return at both the portfolio and per unit level over rolling three year periods exceeds its Benchmark, the Distribution Warehouse sub-sector of the MSCI UK Annual Index, by three hurdles:\n\nProperty and Trust returns greater than 107% of benchmark return\nAnnual return over 3 year periods is greater than the benchmark return plus 25 basis points\nTrust return is a minimum of 5% per annum\n\nIf the fund outperforms all three hurdles then the performance fee is calculated as 20% of outperformance up to 8% of outperformance. 50% of performance fee is paid out annually, if reserve account is in credit. Under-performance is also debited into the reserve account.\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,4,null,null,null,2.9]
["1% or greater but less than 2%",null,null,null,14,null,null,null,20.3]
["2% or greater but less than 4%",null,null,null,11,null,null,null,31.7]
["4% or greater but less than 8%",null,null,null,5,null,null,null,29]
["Greater than 8.0%",null,null,null,1,null,null,null,16.100000000000001]
["Total",null,null,null,35,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,16.100000000000001]
["Three largest holders",null,null,null,3,null,null,null,31.5]
["Five largest holders",null,null,null,5,null,null,null,41.1]
["Ten largest holders",null,null,null,10,null,null,null,60]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,35,null,null,null,100]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,4236581,4236581,4236581,4449687.92,4449687.92,4449687.92]
["Units issued during period",null,null,"                      -   ",0,213106.92,0,0,0]
["Units redeemed during period",null,null,"                      -   ",0,0,0,0,0]
["Units in issue at end of period",null,null,4236581,4236581,4449687.92,4449687.92,4449687.92,4449687.92]
["Unit transfers"]
["Matched bargains",null,null,246661,310274,298000.46000000002,209798.98,0,718003.60900000005]
["Matched bargains %*",null,null,5.8000000000000003E-2,7.3236886064493981E-2,6.697109221088926E-2,4.7149144787664125E-2,0,0.16136044188015775]
["* as % of units in issue at the end of the period   "]
["Source: Aberdeen Asset Fund Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Aviva Investors Pensions Limited"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to outperform the weighted average return to All Balanced Fund Index component of the MSCI/AREF UK Quarterly Property Fund Index by 1.0% p.a. over rolling three year periods, gross of the annual management charge. The Fund aims to achieve this through investing in UK commercial properties across all major sectors (offices, retail and industrial) and undertake active management opportunities wherever possible to enhance the value of assets. The Fund’s benchmark is the weighted average return to the All Balanced Fund Index component of the MSCI/AREF UK Quarterly Property Fund Index.\nThe Fund is positioned to be relatively low-risk, focusing on delivery of an above-average income return, across a balanced property portfolio.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Approved defined benefit and defined contribution occupational pension schemes."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Exempt approved managed fund"]
["Residence",null,null,null,null,null,null,"United Kingdom "]
["Launch date",null,null,null,null,null,null,null,"August 1972"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended*"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"30 June"]
["NAV (GBPm) ",null,null,null,null,null,null,null,471.07113361]
["Note: But see “Creation, realization & transfer of units”"]
["Source: Aviva Investors"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Aviva Investors Pensions Limited"]
["Investment Advisor",null,null,null,null,"Aviva Investors Global Services Limited"]
["Fund Manager",null,null,null,null,"David Diemer and Tom Goodwin"]
["Trustee",null,null,null,"Not Applicable"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers"]
["Source: Aviva Investors"]
[]
["Investment rates of return * %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Aviva Investors Pensions Limited",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.3449099999999996,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",5.9387499999999998,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",10.45313,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.3226599999999999,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",4.2396799999999999,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",5.8826700000000001,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised                                                            "]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0.2]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.2]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.2]
["Source: Aviva Investors"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Aviva Investors Pensions Limited",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,4.5216101383425356,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,13.00228267481128,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,17.523892813153815,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,25.845353725033036,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,10.486739006296771,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,36.332092731329809,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,34.379096803031622,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,3.5790773207725417,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,37.958174123804163,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,7.164523106528665,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,1.0213172251835498,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Sources: * Aviva Investors **MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,14,null,null,466.26,null,99.999999785527393]
["Joint  and indirect holdings",null,null,0,null,null,9.9999999999999995E-7,null,2.1447261138748206E-7]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,14,null,null,466.26000099999999,null,100]
["Source: Aviva Investors"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["GEMINI BUSINESS PARK",null,null,null,"LONDON","Industrial ",null,"100-150","*"]
["EVERSHOLT STREET",null,null,null,"LONDON","Office ",null,"50-100","*"]
["REGAL HOUSE OPTION 1",null,null,null,"TWICKENHAM","Office ",null,"25-50","*"]
["CANTIUM RETAIL PARK",null,null,null,"LONDON","Retail Park",null,"25-50","*"]
["GORMLEY HOUSE, WAXLOW ROAD",null,null,null,"LONDON","Industrial ",null,"25-50","*"]
["274-275 ABBEYDALE ROAD",null,null,null,"WEMBLEY","Industrial ",null,"10-25","*"]
["CENTRAL 12 SHOPPING PARK",null,null,null,"SOUTHPORT","Retail Warehouse ",null,"10-25","*"]
["31/37 WHITFIELD STREET",null,null,null,"LONDON","Office ",null,"10-25","*"]
["WALTING STREET SITE",null,null,null,"CANNOCK","Industrial ",null,"10-25","*"]
["7-17/23-9 NORTH BRIDGE",null,null,null,"EDINBURGH","Retail Other ",null,"10-25","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,"*"]
["Source: Aviva Investors"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,2,null,null,14.574999999999999,null,3.1259383109725509]
["10-25",null,null,7,null,null,127.485,null,27.342040862733153]
["25 - 50",null,null,3,null,null,115.94999999999999,null,24.868099290378542]
["50 - 100",null,null,1,null,null,99.1,null,21.254235788499471]
["100-150",null,null,1,null,null,109.15,null,23.409685532943669]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,14,null,null,466.26,null,99.999999785527393]
["Average lot size",null,null,null,null,null,33.304285714285712]
["Source: Aviva Investors"]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.8300000000000001E-2,null,"Investments ",null,null,7.4999999999999997E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,-4.0000000000000036E-3]
["True equivalent yield",null,null,5.04E-2,null,"Total",null,null,7.0999999999999994E-2]
["Net reversionary yield",null,null,5.0599999999999999E-2]
["Source: Aviva Investors"]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,7.717203467225449,null,null,null,null,6.9309643400243397]
["Retail warehousing ",null,null,18.200505129571436,null,null,null,null,15.632986629399968]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,25.014507689304839,null,null,null,null,29.37719760762409]
["Other offices",null,null,15.893911375569909,null,null,null,null,15.148830604931183]
["Industrial",null,null,23.60622737800395,null,null,null,null,27.853591335810012]
["Other ",null,null,9.5676449603244276,null,null,null,null,5.056429482210401]
["Overall",null,null,100.00000000000001,null,null,null,null,99.999999999999986]
["Source: Aviva Investors"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",1.492135,0,0,26.036518143465997,-11.272438485794,20.065208576971997,8.7927700911779976,120.06520857697194]
["Retail warehousing ",3.5190999999999999,0,0,6.2032906140769999,-9.1796766218639991,16.411923503167998,7.2322468813039986,114.8264613111307]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",4.8365995000000002,0,33.081093441787004,21.225656579587,-0.124777749326,57.000801906381007,56.876024157055006,157.0008019063807]
["Other offices",3.0731160000000002,6.8790114008059993,0,14.997806786337001,-0.97266097342199997,34.297306056784002,33.324645083362,127.41829465597783]
["Industrial",4.5643060000000002,0,0,0,-6.0907397532000002E-2,57.738635402621995,57.677728005089996,157.73863540262198]
["Other ",1.8499211499999999,0,0,0,-37.593394183313997,-29.348340063035,-66.941734246349,70.65165993696543]
["Overall",19.335177649999999,1.093343975559,8.2750726627019997,10.831552923435,-6.3376513636530003,35.067147934894003,28.729496571241,133.68524183174497]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Aviva Investors"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,0,null,null,0]
["-",null,null,"-",null,0,null,null,0]
["-",null,null,"-",null,0,null,null,0]
["-",null,null,"-",null,0,null,null,0]
["-",null,null,"-",null,0,null,null,0]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,2.97]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,6.8500000000000005]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,23.79]
[" Less than 5 years ",null,null,null,null,null,null,66.239999999999995]
["Source: Aviva Investors"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Source: Aviva Investors"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Aviva Investors"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Aviva Investors"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the last day of the month"]
["Valuers",null,null,null,null,null,"CBRE Ltd"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Aviva Investors"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["     for investment purposes",null,null,null,null,null,null,null,"Nil"]
["     for liquidity purposes",null,null,null,null,null,null,null,"Nil"]
["Cash holdings (maximum)",null,null,null,null,null,null,"Circa 15% "]
["Cash holdings (minimum)",null,null,null,null,null,null,"Circa 5%"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["ASDA STORES LIMITED",null,null,null,null,null,null,null,7.7]
["ROYAL MAIL GROUP LIMITED",null,null,null,null,null,null,null,6.72]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,4.6900000000000004]
["B&Q LIMITED",null,null,null,null,null,null,null,4.1500000000000004]
["GENTRACK UK LIMITED",null,null,null,null,null,null,null,3.76]
["HOBBS LIMITED",null,null,null,null,null,null,null,3.51]
["SABA PARK SERVICES UK LIMITED",null,null,null,null,null,null,null,3.45]
["DHX WORLDWIDE LIMITED",null,null,null,null,null,null,null,3.17]
["PRIVATE INDIVIDUAL",null,null,null,null,null,null,null,2.99]
["WHISTLES LIMITED",null,null,null,null,null,null,null,2.64]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.11]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,27.019999999999996]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,42.78]
["Source: Aviva Investors"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,466.26,9.9999999999999995E-7,0,0,null,null,466.26000099999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,4.8111306100000002,0,0,0,null,null,4.8111306100000002]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,471.07113261000001,9.9999999999999995E-7,0,0,null,null,471.07113361]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.0318557478659975,0,"-","-",null,null,-1.0318557456529496]
["Net debt (cash)/equity ",null,-1.0213172230154757,0,"-","-",null,null,-1.0213172208474013]
["Source: Aviva Investors\n                                                                                                              "]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,16.241035999999998,15.880445,15.871772999999997,16.533223,16.785596000000002,17.505524000000001]
["Offer (GBp)",null,null,17.472575000000003,17.076592999999999,17.059056999999999,17.810427999999998,18.135755,18.913951999999998]
["Mid (GBp)",null,null,16.8568055,16.478518999999999,16.465415,17.171825499999997,17.460675500000001,18.209738000000002]
["Bid/offer spread",null,null,7.0484115821509125E-2,7.0046056610941015E-2,6.9598454357705813E-2,7.1711078476047782E-2,7.4447355514010743E-2,7.4465029836175811E-2]
["Net asset value (GBp)",null,null," n/a "," n/a "," n/a "," n/a "," n/a "," n/a "]
["Quarterly distribution (GBp)",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Yield",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Source: Aviva Investors. Please note that the prices refer to share class 0."]
[]
["Unit pricing"]
["The unit price is calculated at midnight on a forward-pricing basis for deals to be carried out the next working day. The fund has a bid/offer spread, reflecting the costs of purchasing and selling direct property in which the fund is invested."]
[]
["Distributions"]
["The fund does not distribute income. Income is reinvested in the fund.\n\n"]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment: GBP1m\nMinimum additional investment: None\nMinimum redemption: None, subject to maintaining a holding in the fund of not less than GBP1m\n"]
[]
["Creation, transfer and realisation of units"]
["Units may be created at any time at the discretion of the manager.\nUnits may be redeemed at any time on receipt of written notice to the manager.\nThe manager will attempt to match units in the fund with other parties at the prevailing market price.\n"]
[]
[]
["Taxation"]
[]
["CG and Income Tax"]
["the fund is exempt from UK Capital Gains Tax and UK Income Tax. "]
[]
["Stamp duty reserve tax"]
["purchases and transfers of units do not attract SDRT."]
[]
["Charges"]
["Holdings valued at under GBP1m: 1.00% pa of the NAV of the Fund\nHoldings valued at GBP1-10m      : 0.70% pa of the NAV of the Fund\nHoldings valued at GBP10-25m    : 0.65% pa of the NAV of the Fund\nHoldings valued at over GBP25m : 0.50% pa of the NAV of the Fund\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,0,null,null,null,0]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,0,null,null,null,0]
["Source: Aviva Investors"]
[]
["Liquidity*"]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,"-","-","-","-","-","-"]
["Units issued during period",null,null,"-","-","-","-","-","-"]
["Units redeemed during period",null,null,null,null,"-","-","-","-"]
["Units in issue at end of period",null,null,"-","-","-","-","-","-"]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",null,null,"-","-","-","-","-","-"]
["as % of units in issue at the end of the period   "]
["Source: Aviva Investors"]
["Note:* Fund cannot disclose this information due to commercial sensitivity                                                                                                                                                           "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Aviva Investors UK Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Trust’s investment objective is to obtain optimum returns compatible with security through income and capital appreciation from investment in real property assets, property-related assets, government/public securities and property collective investment schemes. \nThe performance benchmark of the Trust’s direct property portfolio is the Balanced Funds component of the MSCI UK Monthly Index (adjusted to reflect management costs equivalent to those payable within the Trust).\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Trust is open to investment by insurance companies, other corporate and institutional investors, and private individuals."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Authorised property unit trust"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,"September 1991"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 Mar"]
["NAV (GBPm) ",null,null,null,null,null,null,null,369.25337874000002]
["Source: Aviva Investors"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,null,null,null,"*"]
["Investment Advisor",null,null,null,null,null,null,null,"*"]
["Fund Manager",null,null,null,null,null,null,null,"*"]
["Co-Fund Manager",null,null,null,null,null,null,null,0.15]
["Fund manager – REITs/property shares",null,null,null,null,null,null,null,"Nil"]
["Trustee",null,null,null,null,null,null,null,"*"]
["Auditors",null,null,null,null,null,null,null,0.2]
["Source: Aviva Investors"]
[]
["Investment rates of return * %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Aviva Investors UK Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months","-",null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date","-",null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months","-",null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+","-",null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+","-",null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: ^ Calculated on a bid price to bid price basis, income taxed at the standard rate (MSCI/AREF UK Quarterly Property Fund Index is calculated on a NAV to NAV basis, gross of tax)    + Annualised       The fund is currently on an “offer” price basis. Sources: * MSCI/AREF UK Quarterly Property Fund Index ** Aviva Investors"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"Nil"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.2]
["Source: Aviva Investors"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Aviva Investors UK Property Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,4.0216431503392913,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,9.749437940216465,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,11.103526543024307,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,24.874607633580062,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,0,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,13.222675206418581,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,13.222675206418581,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,0,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,5.2538637788944289,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,5.2538637788944289,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,15.544937160234031,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,41.10391622087289,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999999999999986,null,100,null,100,100.00001]
["Sources: * Aviva Investors ** MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,11,null,null,217.47500099999999,null,99.999392356839152]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,1,null,null,1.3214800000000001E-3,null,6.0764316084181019E-4]
["Total",null,null,12,null,null,217.47632247999999,null,100]
["Source: Aviva Investors"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["LOMBARDY SHOPPING PARK",null,null,null,"HAYES","Retail Park",null,"25-50","*"]
["THE CORN EXCHANGE",null,null,null,"SALFORD","Hotel ",null,"25-50","*"]
["THE GUILDHALL SHOPPING CENTRE",null,null,null,"EXETER","Retail Shopping Centre ",null,"25-50","*"]
["COLMORE GATE",null,null,null,"BIRMINGHAM","Office ",null,"25-50","*"]
["CASTLE BROMWICH BUSINESS PARK",null,null,null,"BIRMINGHAM","Industrial Other ",null,"25-50","*"]
["CENTRAL STUDIOS",null,null,null,"READING","Apartments- Applicable Not Categorised",null,"10-25","*"]
["UNTS 1-5 SPURRIERGATE AND UNTS 1-3 HIGH OUSEGATE",null,null,null,"YORK","Retail Other ",null,"10-25","*"]
["ST JAMES GATE, OFFICE BLOCK 1",null,null,null,"NEWCASTLE UPON TYNE","Office ",null,"10-25","*"]
["LONGUS HOUSE",null,null,null,"CHESTER","Retail Other ",null,"5-10","*"]
["PHASE 1  ABERDEEN BUSINESS PARK",null,null,null,"ABERDEEN","Office ",null,"0-5","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,"*"]
["Source: Aviva Investors"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,1,null,null,7.4999999999999997E-2,null,3.4486512897006202E-2]
["2.5 - 5",null,null,2,null,null,9.15,null,4.2073545734347571]
["5-10",null,null,1,null,null,9.5500000000000007,null,4.3912826422187905]
["10-25",null,null,3,null,null,47.849999999999994,null,22.002395228289956]
["25 - 50",null,null,4,null,null,150.85000000000002,null,69.363872940178481]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,11,null,null,217.47500099999999,null,99.999392356839152]
["Average lot size",null,null,null,null,null,19.770454636363635]
["Source: Aviva Investors"]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.1399999999999996E-2,null,"Investments ",null,null,0.15644762423353001]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,7.0699999999999999E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,4.7899999999999998E-2]
["Source: Aviva Investors"]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,8.2138887038234181,null,null,null,null,7.8317739595784239]
["Retail warehousing ",null,null,18.46642941743983,null,null,null,null,13.577413598588825]
["Shopping centres ",null,null,21.815085976971265,null,null,null,null,18.527426032571867]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,22.392152403648986,null,null,null,null,31.76727044372069]
["Industrial",null,null,5.6428498262398321,null,null,null,null,5.269144298245938]
["Other ",null,null,23.469593671876673,null,null,null,null,23.026971667294259]
["Overall",null,null,100,null,null,null,null,100]
["Source: Aviva Investors"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",1.4060999999999999,0,0,18.348623853210999,-24.678187895598001,5.5828177227790006,-19.095370172818999,105.58281772277931]
["Retail warehousing ",3.1611880000000001,0,0,0,-28.504726704011002,-16.210298153732001,-44.715024857743003,81.4171760743113]
["Shopping centres ",3.7344300000000001,2.0886721668370001,0,6.9622405561219995,-19.557147944934002,-3.865382401063,-23.422530345997004,94.045945432100751]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",3.8332155000000001,2.3497765779149997,0,58.844565352509001,-5.1800244468379999,59.446083842664002,54.266059395826005,157.09630726474938]
["Industrial",0.96597500000000003,0,0,0,-1.086984652812,3.4007091280830002,2.313724475271,103.40070912808301]
["Other ",4.017658,2.1903307847510001,0,4.7789035303650005,-5.7321703340600001,10.836188645226001,5.1040183111660005,108.64585786047493]
["Overall",17.1185665,1.495872916695,0,17.324108300774,-14.123825730385001,12.668230718967999,-1.4555950114170013,110.73423700518381]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Aviva Investors"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["REITS",null,null,"",null,1321.48,null,null,6.0764316084181011]
["-",null,null,"",null,0,null,null,0]
["-",null,null,"",null,0,null,null,0]
["-",null,null,"",null,0,null,null,0]
["-",null,null,"",null,0,null,null,0]
[null,null,null,"",null,1321.48,null,null,6.0764316084181011]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,13.34]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.3]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.57]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,21.89]
[" Less than 5 years ",null,null,null,null,null,null,55.9]
["Source: Aviva Investors"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,"-"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Note: * Off balance sheet debt may be at fixed or variable rates                                                                                                                                Source: Aviva Investors"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Aviva Investors"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"*Monthly, as at the last day of the month"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Note: *Currently valued fortnightly, Fund valued daily"]
["Source: Aviva Investors"]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["     for investment purposes",null,null,null,null,null,null,null,"Nil"]
["     for liquidity purposes",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Aviva Investors"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["CRM Students Ltd",null,null,null,null,null,null,null,7.5449214054167628]
["Next Holdings Ltd",null,null,null,null,null,null,null,6.2724840657188734]
["Roomzzz (Corn Exchange) Limited",null,null,null,null,null,null,null,5.884646764024815]
["DHR Business Solutions Ltd",null,null,null,null,null,null,null,5.1009013024665952]
["GPA Property Partner Accounts",null,null,null,null,null,null,null,4.6127078352174307]
["Aon Benfield Ltd",null,null,null,null,null,null,null,4.503063103066558]
["SportsDirect.com Retail Ltd",null,null,null,null,null,null,null,3.5398500746058805]
["J Sainsbury plc",null,null,null,null,null,null,null,3.3104677897714194]
["Dura Automotive Body & Glass Systems UK Ltd",null,null,null,null,null,null,null,2.897862865075358]
["Zara UK Limited",null,null,null,null,null,null,null,2.8885176608783985]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.702052235160451]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,29.415661372844479]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,46.555422866242097]
["Source: Aviva Investors"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,217.47500099999999,0,0,0,null,null,217.47500099999999]
["Listed investments",null,0,0,0,1.3214800000000001E-3,null,null,1.3214800000000001E-3]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,151.77705625999999,0,0,0,null,null,151.77705625999999]
["Other net assets/liabilities",null,0,0,0,0,null,null,0]
["Total net assets",null,369.25205726000002,0,0,1.3214800000000001E-3,null,null,369.25337874000002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-69.790576186731457,"-","-","-",null,null,-69.790576186731457]
["Net debt (cash)/equity ",null,-41.10391622087289,"-","-","-",null,null,-41.103769118621877]
["Source: Aviva Investors"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,0,0,0,0,0,0]
["Offer (GBp)",null,null,0,0,0,0,0,0]
["Mid (GBp)",null,null,0,0,0,0,0,0]
["Bid/offer spread",null,null,0,0,0,0,0,0]
["Net asset value (GBp)",null,null,"*","*","*","*","*","*"]
["Quarterly distribution (GBp)"]
["Yield"]
["Source: Aviva Investors"]
[]
["Unit pricing"]
["The property shares and other listed securities held by the fund are re-valued daily at noon and the revised price of the units becomes available each day at around 2pm."]
[]
["Distributions"]
["Distributions are paid twice yearly, on 31 July (in respect of the half-year to 31 May) and on 31 January (in respect of the half-year to 30 November)."]
[]
[]
["Creation, transfer and realisation of units"]
["Orders to the manager to buy or sell units are carried out at the next valuation following receipt of instructions.\nWhen units are sold, a cheque for the proceeds will be posted not less than four business days after the receipt of the properly completed renunciation form.\nThe manager reserves the right to defer redemptions for up to 28 days.\n"]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["while distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at source. "]
[]
["Stamp duty reserve tax"]
["no stamp duty is payable on the transfer of existing units."]
[]
["Charges"]
["The offer price of the units includes an initial charge of 5.00%, in addition to which there is an annual management charge equivalent to 1.25% (unit 1) of the net asset value of the fund."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,0,null,null,null,0]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,0,null,null,null,0]
["Source: Aviva Investors"]
[]
["Liquidity*"]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,"-","-","-","-","-","-"]
["Units issued during period",null,null,"-","-","-","-","-","-"]
["Units redeemed during period",null,null,"-","-","-","-","-","-"]
["Units in issue at end of period",null,null,"-","-","-","-","-","-"]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",null,null,"-","-","-","-","-","-"]
["as % of units in issue at the end of the period   "]
["Source: Aviva Investors"]
["Note:* Fund cannot disclose this information due to commercial sensitivity                                                                                                                                                           "]
[]
["Notes"]
["The property shares and other listed securities held by the fund are re-valued daily at noon and the revised price of the units becomes available each day at around 2pm."]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["AXA UK Long Lease Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund seeks to provide real estate based stable long term income mostly from rents with inflation indexation or fixed periodic uplifts and the potential for capital growth to aim to meet the investment objectives of investors with long term liabilities. The Fund aims to invest directly in a diversified portfolio of UK Real Estate assets and maintain a weighted unexpired lease term (\"WAULT\") in excess of 20 years at a fund level and higher portfolio level tenant covenant strength relative to the MSCI All Quarterly and Monthly Valued Funds measured by portfolio covenant strength tests.  The Fund targets a long term net income distribution of 4.5% p.a."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is regulated in Jersey as an expert fund. It is suitable only for those who fall within the definition of 'expert investors' for the purposes of the Jersey Expert Fund Guide published by the Commission. "]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Unauthorised Open ended Property Unit Trust"]
["Residence",null,null,null,null,null,null," Jersey"]
["Launch date",null,null,null,null,null,null,null,"31 October 2012"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open Ended "]
["Earliest date of winding up",null,null,null,null,null,null," N/a"]
["Year-end",null,null,null,null,null,null,null,"31st March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,444.64149000000003]
[]
[]
[]
["Management/professional advisors"]
["Fund Investment Advisor and Partnership Manager",null,null,null,null,"AXA Investment Managers UK "]
["Partnership Investment Advisor",null,null,null,null,"AXA IM UK"]
["Fund Manager",null,null,null,null,"Ian Pollard"]
["Managing Trustee",null,null,null,null,"Saltgate Ltd"]
["Auditors",null,null,null,null,"PwC"]
[]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index *"]
[null,"AXA UK Long Lease Property Fund",null,null,"Long Income Funds",null,"All balanced funds",null,"All funds"]
["3 months",2.8656299999999999,null,null,3.0571899999999999,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",4.7835000000000001,null,null,5.0094799999999999,null,6.0474500000000004,null,5.5983999999999998]
["12 months",8.83643,null,null,7.3320600000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",5.56386,null,null,5.3954300000000002,null,2.9910399999999999,null,1.81053]
["5 years+",6.9217300000000002,null,null,6.5384599999999997,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,null,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised"]
["Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.2]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0]
[]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"AXA UK Long Lease Property Fund*",null,"Long Income Property Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,12.249539858502814,null,8.0590700000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,13.131927985991265,null,8.5928000000000004,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.58425000000000005,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,1.8259000000000001,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,25.381467844494079,null,19.062020000000004,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.8747500000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0.9153441839867178,null,6.1215700000000002,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,0,null,5.01877,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,8.6467500000000008,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,0.9153441839867178,null,23.661840000000002,null,27.247970000000002,22.74428]
["South East  industrial",null,null,5.7706109736660469,null,3.1535799999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,15.070793393890407,null,7.6014400000000002,null,12.554639999999999,10.317690000000001]
["All UK  Industrial",null,null,20.841404367556454,null,10.75502,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,47.659730123968998,null,44.229340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,5.2020534799937508,null,2.2917700000000001,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,99.999990000000011,null,100,100.00001]
[]
["** MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,37,null,null,407.28000000000003,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,37,null,null,407.28000000000003,null,100]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["JURYS INN HOTEL",null,null,null,"LIVERPOOL","Hotel ",null,"25-50m","-"]
["HOLLAND & BARRETT DC1",null,null,null,"BURTON-ON-TRENT","Industrial ",null,"25-50m","-"]
["TESCO",null,null,null,"DERBY","Retail Other ",null,"25-50m","-"]
["NAPIER UNIVERSITY",null,null,null,"EDINBURGH","Apartments- Applicable Not Categorised",null,"10-25m","-"]
["MANOR LODGE",null,null,null,"CHELMSFORD","Healthcare ",null,"10-25m","-"]
["KNEBWORTH CARE HOME",null,null,null,"KNEBWORTH","Healthcare ",null,"10-25m","-"]
["FINZELS REACH",null,null,null,"BRISTOL","Hotel ",null,"10-25m","-"]
["ACCOR IBIS HOTEL",null,null,null,"LONDON","Hotel ",null,"10-25m","-"]
["GEOPOST",null,null,null,"FELTHAM","Industrial ",null,"10-25m","-"]
["BELONG VILLAGE CARE HOME",null,null,null,"NEWCASTLE","Healthcare ",null,"10-25m","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,53.438700294891476]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,4.3600000000000003,null,1.0705165979178943]
["2.5 - 5",null,null,8,null,null,28.21,null,6.9264388135926138]
["5-10",null,null,10,null,null,77.961000000000013,null,19.1418680023571]
["10-25",null,null,14,null,null,212.76999999999995,null,52.241701041052821]
["25 - 50",null,null,3,null,null,98.21,null,24.113631899430363]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,37,null,null,421.51099999999991,null,103.49415635435078]
["Average lot size",null,null,null,null,null,11.392189189189187]
[]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,4.4000000000000004E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,4.7E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.5919428667690001E-2]
[]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,26.042756863769561,null,null,null,null,30.958631656107126]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0.99914647467116147,null,null,null,null,0.80665043989337315]
["Other offices",null,null,0,null,null,null,null,0]
["Industrial",null,null,22.049689034239734,null,null,null,null,18.365267038525623]
["Other ",null,null,50.908407627319555,null,null,null,null,49.869450865473866]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",5.3368095700000007,0,0,0,-17.080946172865001,40.232697116828,23.151750943962998,140.23269711682815]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",0.20474999999999999,0,0,0,-4.7619047619050008,-4.7619047619050008,-9.5238095238100016,95.238095238095241]
["Other offices","-","-","-","-","-","-","-","-"]
["Industrial",4.5185305099999997,0,0,0,-4.0351727092800003,-1.7462205870999998,-5.7813932963800001,98.253779412900315]
["Other ",10.432400780000002,0,0,0,-2.0159789144910003,15.557878327599999,13.541899413108998,115.55787832760002]
["Overall",20.49249086,0,0,0,-6.4119734832469995,17.965356994185999,11.553383510939,117.96535699418631]
["*Comprising the %rent passing of developments in progress or contracted which have not been pre-let"]
[]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,40.601698577505182]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,44.789008679836009]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,14.609292742658814]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,0]
[" Less than 5 years ",null,null,null,null,null,null,0]
[]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
[]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Quarterly"]
["Valuers",null,null,null,null,null,"CBRE"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Yes"]
[]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted*",null,null,null,null,null,null,0.02]
["   for investment purposes",null,null,null,null,null,null,null,0]
["   for liquidity purposes*",null,null,null,null,null,null,null,0.02]
["Cash holdings (maximum)",null,null,null,null,null,"-"]
["Cash holdings (minimum)",null,null,null,null,null,"-"]
["* Note: This is an internal Fund Manager Guideline"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["JURYS HOTEL MANAGEMENT (UK) LIMITED",null,null,null,null,null,null,null,"not specified"]
["TESCO",null,null,null,null,null,null,null,"not specified"]
["CARE UK",null,null,null,null,null,null,null,"not specified"]
["HOLLAND & BARRETT RETAIL LIMITED",null,null,null,null,null,null,null,"not specified"]
["IBIS (ACCOR)",null,null,null,null,null,null,null,"not specified"]
["PREMIER INN HOTELS LTD",null,null,null,null,null,null,null,"not specified"]
["DPD GROUP UK LTD",null,null,null,null,null,null,null,"not specified"]
["NAPIER UNIVERSITY",null,null,null,null,null,null,null,"not specified"]
["PITCHER & PIANO / MARSTON",null,null,null,null,null,null,null,"not specified"]
["OXFORD INSTRUMENTS",null,null,null,null,null,null,null,"not specified"]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,"not specified"]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,0]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,0]
[]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,421.51100000000002,0,0,0,null,null,421.51100000000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,23.130488,0,0,0,null,null,23.130488]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,444.64149000000003,0,0,0,null,null,444.64149000000003]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-5.4875170517495384,"-","-","-",null,null,-5.4875170517495384]
["Net debt (cash)/equity ",null,-5.2020534565948839,"-","-","-",null,null,-5.2020534565948839]
[]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,11914.140000000001,11668.442975112801,11785.939999999999,11883.53,11984.789999999999,12190.840000000002]
["Offer (GBp)",null,null,12870.67,12604.268622832702,12728.83,12832.869999999999,12942.66,13182.05]
["Mid (GBp)",null,null,12392.405000000001,12136.355798972752,12257.384999999998,12358.2,12463.724999999999,12686.445]
["Bid/offer spread",null,null,7.4318586367298586E-2,7.4246723528618538E-2,7.4075150661922676E-2,7.3977216320277414E-2,7.4008743179531933E-2,7.519391900349319E-2]
["Net asset value (GBp)",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Quarterly distribution (GBp)",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Yield",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Note"]
[]
["Unit pricing"]
["The Unit Price is calculated quarterly on working day ten post quarter end."]
[]
[]
["Distributions"]
["Income distributions are made quarterly, on business day 19 post quarter end. There is a Dividend Re-Investment Plan (\"DRIP\").\n"]
[]
["Minimum investment/disinvestment"]
["£1million"]
[]
[]
["Creation, transfer and realisation of units"]
["Unitholders wishing to subscribe for Units must deliver to the Managing Trustee and the Fund Investment Adviser written notice at least ten Business Days prior to a Quarter End (\"Dealing Day\") stating the amount they wish to subscribe for. Subscriptions are drawn down from Unitholders on an as-needed basis, for specific investments and to cover fees, costs and expenses. Unitholders whose Subscription Agreements are accepted on the same Dealing Day are grouped into the same Drawdown Vintage; each Unitholder's undrawn Subscription Amount will be drawn down pro-rata with the other Unitholders' undrawn Subscription Amounts in the same Drawdown Vintage."]
[]
["Units may be redeemed on each Quarter End, on delivery to the Managing Trustee and Fund Investment Adviser of a written Redemption Notice in advance of the Quarter End stating the value of the Units they wish to redeem. This is subject to a minimum redemption of at least £1 million and the minimum lock up period of two years. Redemption requests are subject to the Queueing System and the Gate System.  If more than 10% of the GAV is in the redemption queue, the Managing Trustee will not accept new Redemption Notices until the total redemption requests in the queue are below 2.5% of the GAV."]
[]
["Taxation"]
["This is a summary of the Partnership Manager's understanding of the tax position of the Fund as at January 2016. Prospective investors should take their own tax advice as to the particular taxation effects on their investment in the Fund. The Fund is an open-ended Jersey unit trust and should be treated as transparent for the purposes of UK tax on income. As an offshore entity, it should be outside the scope of UK tax on chargeable gains.\n"]
["The Partnership is an English limited partnership. As such, it should be transparent for UK tax purposes in respect of income and gains."]
[]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,1,null,null,null,0.12]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.73]
["2% or greater but less than 4%",null,null,null,1,null,null,null,3.45]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,3,null,null,null,94.7]
["Total",null,null,null,6,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,16]
["External",null,null,null,5,null,null,null,84]
[]
[]
["Liquidity "]
["Period",null,null,null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,null,29849,31347,35208,35254]
["Units issued during period",null,null,null,null,1498,4465,46,11]
["Units redeemed during period",null,null,null,null,0,-604,0,0]
["Units in issue at end of period",null,null,null,null,31347,35208,35254,35265]
["Unit transfers"]
["Matched bargains",null,null,null,null,0,0,0,0]
["Matched bargains %*",null,null,null,null,0,0,0,0]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["BlackRock Long Lease Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund aims to provide long-term and inflation-linked income through investment in UK property assets.\nThe Fund will seek to meet its objective by investing, either directly or indirectly, in UK property with a target weighted average unexpired lease term of at least 20 years, with rental income linked to inflation in the UK or with fixed uplifts.\nThe Fund targets a distribution yield of at least 5% (net of fees and expenses).\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to Professional Investors as defined by the FCA."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Open – Ended Property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"June 2013"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1117.6823411100002]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,"BlackRock Investment Managers (Channel Islands) Limited"]
["Investment Advisor",null,null,null,null,"BlackRock Investment Management (UK) Limited"]
["Fund Manager",null,null,null,null,"Geoffrey Shaw"]
["Trustee",null,null,null,"BNP Paribas Securities Services Trust Company (Jersey) Limited"]
["Auditors",null,null,null,null,"PwC"]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Investment rates of return * %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"BlackRock Long Lease Property Fund",null,null,"Long Income funds",null,"All balanced funds",null,"All funds"]
["3 months",3.7213599999999998,null,null,3.0571899999999999,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",5.3877100000000002,null,null,5.0094799999999999,null,6.0474500000000004,null,5.5983999999999998]
["12 months",5.9763900000000003,null,null,7.3320600000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",4.2297799999999999,null,null,5.3954300000000002,null,2.9910399999999999,null,1.81053]
["5 years+",5.6008800000000001,null,null,6.5384599999999997,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,null,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index\nNote: * Weighted average returns    + Annualised"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.4]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.2]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.2]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"BlackRock Long Lease Property Fund",null,"Long Income funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,10.45019643895972,null,8.0590700000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,7.6613897351722677,null,8.5928000000000004,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.58425000000000005,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,1.853836217596279,null,1.8259000000000001,null,10.377560000000001,8.7472399999999997]
["All UK Retail",null,null,19.965422391728264,null,19.062020000000004,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.8747500000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,6.1215700000000002,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,4.5830163193803539,null,5.01877,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,4.2051304163622163,null,8.6467500000000008,null,5.4456199999999999,5.0392999999999999]
["All UK Offices",null,null,8.7881467357425702,null,23.661840000000002,null,27.247970000000002,22.74428]
["South East  industrial",null,null,9.610065064286502,null,3.1535799999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,9.9607908351830972,null,7.6014400000000002,null,12.554639999999999,10.317690000000001]
["All UK  Industrial",null,null,19.570855899469599,null,10.75502,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,51.147359137653325,null,44.229340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,0.52821583540623562,null,2.2917700000000001,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999999999999986,null,99.999990000000011,null,100,100.00001]
["Source: BlackRock Investment Managers (Channel Islands) Limited\n**  MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,74,null,null,1111.7785650000001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,74,null,null,1111.7785650000001,null,100]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,"Location",null,"Sector",null,"Valuation (GBPm)","% of total portfolio "]
["SAINSBURY'S DISTRIBUTION",null,null,"BEDFORD",null,"Industrial ",null,"75 - 100","-"]
["MORRISONS",null,null,"READING",null,"Retail Other ",null,"50 -75","-"]
["MARRISONS",null,null,"BOREHAMWOOD",null,"Retail Other ",null,"25 - 50","-"]
["SPIRE, MONTEFIORE HOSPITAL",null,null,"HOVE",null,"Healthcare ",null,"25 - 50","-"]
["MANCHESTER METROPOLITAN UNIVER",null,null,"CREWE",null,"Residential ",null,"25 - 50","-"]
["BICESTER ,BICESTER AVENUE,BICESTER,OXFORDSHIRE,",null,null,"BICESTER",null,"Leisure ",null,"25 - 50","-"]
["AVONMOUTH, DHL",null,null,"BRISTOL",null,"Industrial ",null,"25 - 50","-"]
["PREMIER INN GATWICK",null,null,"CRAWLEY",null,"Hotel ",null,"25 - 50","-"]
["NEXT DISTRIBUTION UNIT",null,null,"DONCASTER",null,"Industrial ",null,"25 - 50","-"]
["HATHAWAY HOUSE, 7D WOODFIELD RD",null,null,"LONDON",null,"Office ",null,"25 - 50","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,0,0]
["Note: *BlackRock has requested MSCI not to make this estimate                                        Source: BlackRock Investment Managers (Channel Islands) Limited                                                                                                                                          "]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,16,null,null,27.090000000000003,null,2.4366362918680666]
["2.5 - 5",null,null,9,null,null,29.060000000000002,null,2.6138298501914363]
["5-10",null,null,10,null,null,74.625,null,6.7122179136454196]
["10-25",null,null,25,null,null,436.47499999999997,null,39.259166684869477]
["25 - 50",null,null,12,null,null,403.11856399999999,null,36.258889736734581]
["50 - 100",null,null,2,null,null,141.41,null,12.719259432745044]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,74,null,null,1111.778564,null,99.999999910054015]
["Average lot size",null,null,null,null,null,15.024034648648648]
["Note: *BlackRock has requested MSCI not to make this estimate                                        Source: BlackRock Investment Managers (Channel Islands) Limited                                                                                                                                          "]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.1876464843250009E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,4.750209742171E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,4.5948756026020006E-2]
["Note: * This analysis excludes BlackRock Student Housing Unit Trust and external indirect assets for all measures.\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,16.145340371838593,null,null,null,null,16.15896809070944]
["Retail warehousing ",null,null,2.4322714672454504,null,null,null,null,1.955698655457174]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,8.1343008216372947,null,null,null,null,8.5061880769956968]
["Industrial",null,null,15.430219999139542,null,null,null,null,17.851623289508986]
["Other ",null,null,57.857867340139123,null,null,null,null,55.527521887328703]
["Overall",null,null,100,null,null,null,null,100]
["Note: * This analysis excludes BlackRock Student Housing Unit Trust and external indirect assets for all measures.\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Over renting and Reversionary Potential, % Rent passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",9.1255134340000001,0,0,0,-12.080691480795,-10.905791122854,-22.986482603649002,89.094208877146244]
["Retail warehousing ",1.3747450000000001,0,0,0,-28.568570898603003,-28.423089372937998,-56.991660271541001,71.576910627061736]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",4.5975909900000005,0,0,0,-7.5867120576550002,-6.9111191206679994,-14.497831178323001,93.088880879331967]
["Industrial",8.7213200000000004,0,0,0,-3.678445464677,2.9884811014850001,-0.68996436319199983,102.98848110148462]
["Other ",32.701865275999999,0,0,0,-16.902248352960001,-14.566356493114,-31.468604846074001,85.433643506886057]
["Overall",56.521034700000001,0,0,0,-13.609332595958001,-10.980929016856999,-24.590261612814999,89.019070983143195]
["Note: * This analysis excludes BlackRock Student Housing Unit Trust and external indirect assets for all measures.\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,null,null,null,0]
["-",null,null,"-",null,null,null,null,0]
["-",null,null,"-",null,null,null,null,0]
["-",null,null,"-",null,null,null,null,0]
["-",null,null,"-",null,null,null,null,0]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,42.15333948937775]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,40.150583513645408]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,17.354611202827115]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,0.34146579414973094]
[" Less than 5 years ",null,null,null,null,null,null,0]
["Note: * This analysis excludes BlackRock Student Housing Unit Trust and external indirect assets for all measures.\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Note: * BlackRock’s attributable share of the underlying value of properties held       Source: BlackRock Investment Managers (Channel Islands) Limited                                                                                                                                          "]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Note: * Off balance sheet debt may be at fixed or variable rates                                            Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the last day of the month"]
["Valuers",null,null,null,null,null,"CBRE"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.25]
["     for investment purposes",null,null,null,null,null,null,null,0]
["     for liquidity purposes",null,null,null,null,null,null,null,0.2]
["Cash holdings (maximum)",null,null,null,null,null,null,"+5%"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Note: * None specified                                                                                                                                                                                                                                 \n               + Uncommitted cash as % of net asset value. (This is an internal fund manager guideline.)\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["WYEVALE GARDEN CENTRES HOLDINGS LIMITED",null,null,null,null,null,null,null,10.350503183669698]
["MORRISONS",null,null,null,null,null,null,null,7.7868513799074686]
["SAINSBURY'S SUPERMARKET LTD",null,null,null,null,null,null,null,7.3013198134287345]
["CARE UK COMMUNITY PARTNERSHIPS LIMITED",null,null,null,null,null,null,null,6.8557841813795966]
["ODEON CINEMAS LTD",null,null,null,null,null,null,null,5.4421955038657908]
["TESCO STORES LIMITED",null,null,null,null,null,null,null,4.7448509840486732]
["PREMIER INN HOTELS LTD",null,null,null,null,null,null,null,4.5788539581724867]
["JURYS HOTEL MANAGEMENT (UK) LTD",null,null,null,null,null,null,null,4.1056183003200317]
["MONTEFIORE HOSPITAL",null,null,null,null,null,null,null,3.6936408755041157]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,3.5556500766742403]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.438674377005899]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,37.736654062251283]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,58.415268256970833]
["Note * The fund has approximately 13% of its underlying income exposed to tenants considered as Public Sector.               "]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1111.7785650000001,0,0,0,null,null,1111.7785650000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,5.9037751100000007,0,0,0,null,null,5.9037751100000007]
["Other net assets/liabilities",null,9.9999999999999995E-7,0,0,0,null,null,9.9999999999999995E-7]
["Total net assets",null,1117.6823411100002,0,0,0,null,null,1117.6823411100002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-0.53102077120905822,"-","-","-",null,null,-0.53102077120905822]
["Net debt (cash)/equity ",null,-0.52821583493363633,"-","-","-",null,null,-0.52821583493363633]
["Source: BlackRock Investment Managers (Channel Islands) Limited \n*Other net assets/liabilities figure contains assets/liabilities at the SPV  level                                                                                                                        "]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,"-","-","-","-","-","-"]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,1137.1602009111145,1112.8304714849808,1102.8831977892041,1099.3097393963881,1104.8937004051149,1133.1637590456307]
["Quarterly distribution (GBp)",null,null,12.607944385,8.4226441382000008,8.800368379,10.8197258619,12.040493210199999,12.6503456274]
["Yield",null,null,4.5758790787004767E-2,4.2537450384543034E-2,3.9572267538653422E-2,3.6978370433087021E-2,3.6277907616455121E-2,3.9103732999561679E-2]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. Income is not included in the unit price."]
[]
["Distributions"]
["Distributions are made monthly, normally on the 25th of each month or the following working day. Ex-distribution dates are the penultimate working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the ex-distribution dates."]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is £5,000,000, however, the Manager may accept lesser amounts where the Manager is satisfied that the investor has received financial advice or the investment is made on the investor's behalf by a discretionary investment manager provided that in each case the investor is an Expert Investor for the purposes of the Expert Fund Guide issued by the JFSC. The minimum amount required for any subsequent investment is determined by the Manager and is currently £10,000 or such other amounts as may be determined by the Manager in its discretion, either generally or in any particular case. The Manager may issue fractional Units, calculated to four decimal places."]
[]
[]
["Creation, transfer and realisation of units"]
["The Fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before the subscription day, which is the last working day of the month. Subscriptions shall be allocated to the calendar month in respect of which they are treated as validly submitted and accepted and will be ranked chronologically by reference to the calendar month in which they were accepted.\nUnitholders may redeem all or part of their holding of Units (subject to the minimum holding and redemption requirements) on any Redemption Day at the Unit Price less Dealing Charge by submitting to the Administrator the redemption form (copies of which are available from the Manager and the Investment Adviser). If the Redemption Notice, together with any other information and documents that the Manager may require, is received after the Cut Off Time on the last Business Day that is at least six months before the Redemption Day, the Manager will normally defer the redemption of such Units until the next succeeding Redemption Day.\nThe Manager may defer the redemption of Units in respect of any Redemption Day if the Manager considers that it would be in the best interests of continuing Unitholders to do so. Subject to a Unitholder agreement with the Manager, the maximum period of deferral in respect of Units which are the subject of a Redemption Notice is two years from the Redemption Day in respect of which the redemption of those Units was first deferred.\n"]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
["Capital Gains Tax"]
["since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["while distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at source. "]
[]
["Stamp duty reserve tax"]
["no stamp duty is payable on the transfer of existing units."]
[]
[]
["Charges"]
["The trust instrument empowers the Manager and the Investment Adviser may deduct from the property of the Fund annual charges not exceeding in total 0.40% of the NAV of the Fund. The charge is calculated monthly in arrears, based on the NAV of the Fund on the Valuation Day (including accrued income on the Business Day immediately preceding each Valuation Day). \nThe Fund bears the costs of providing safe custody or registration of securities held by the Fund; the costs of and incidental to preparing instruments supplemental to the Trust Instrument; and all legal and other professional fees incurred in connection with the acquisition or disposal of investments or otherwise in connection with the Fund or its investments. See “Additional Expenses” below for all expenses that may be charged to the Fund. The Fund bears the fees and expenses of all service providers to the Fund (except for the Manager and Investment Adviser, as set out above) including in relation to, property management, rent collection, property and fund valuation, audit, administration, registrar, custody and reporting.\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,8,null,null,null,3.2300000000000002E-2]
["1% or greater but less than 2%",null,null,null,5,null,null,null,8.2400000000000001E-2]
["2% or greater but less than 4%",null,null,null,2,null,null,null,6.9199999999999998E-2]
["4% or greater but less than 8%",null,null,null,3,null,null,null,0.1515]
["Greater than 8.0%",null,null,null,4,null,null,null,0.66459999999999997]
["Total",null,null,null,22,null,null,null,1]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0.22159999999999999]
["Three largest holders",null,null,null,3,null,null,null,0.55610000000000004]
["Five largest holders",null,null,null,5,null,null,null,0.71799999999999997]
["Ten largest holders",null,null,null,10,null,null,null,0.90329999999999999]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,1.6999999999999999E-3]
["External",null,null,null,21,null,null,null,0.99829999999999997]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Liquidity "]
["Period",null,null,null,"Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,488413,599955.92760000005,753005.59260000009,885968.31440000003,899814.55709999986]
["Units issued during period",null,null,null,111542.9276,153049.66499999998,132962.7218,13846.242699999828,0]
["Units redeemed during period",null,null,null,0,0,0,0,0]
["Units in issue at end of period",null,null,null,599955.92760000005,753005.59260000009,885968.31440000003,899814.55709999986,899814.55709999986]
["Unit transfers"]
["Matched bargains",null,null,null,0,39078.285000000003,0,0,47654.186999999998]
["Matched bargains %*",null,null,null,0,5.189640738931213E-2,0,0,5.2960008952938072E-2]
["* as % of units in issue at the end of the period   "]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["BlackRock UK Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The aim of the fund is to enable eligible investors to allocate a suitable proportion of their assets to investment in property without acquiring a directly held portfolio\nThe long-term objective of the fund is to outperform the average of similar institutional pooled vehicles through a diversified range of property throughout the UK. Its benchmark is the all balanced fund component of the MSCI/AREF UK Quarterly Property Fund Index.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to Professional Investors as defined by the FCA, as well as overseas investors dependant on Private Placement restrictions in each jurisdiction"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"March 1982"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,2965.4574681799995]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"BlackRock Investment Managers (Channel Islands) Limited"]
["Investment Advisor",null,null,null,null,"BlackRock Investment Management (UK) Limited"]
["Fund Manager",null,null,null,null,"Paul Tebbit"]
["Trustee",null,null,null,"BNP Paribas Securities Services Trust Company (Jersey) Limited"]
["Auditors",null,null,null,null,"PwC"]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Investment rates of return * %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"BlackRock UK Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",2.2398799999999999,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",2.2398799999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",4.0399599999999998,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",2.5392899999999998,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",4.1680599999999997,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",6.2295400000000001,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index\nNote: * Weighted average returns    + Annualised"]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.25]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0.5]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.5]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.5]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"BlackRock UK Property Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0.2364176837903875,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,1.7189535758926089,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,2.1014905225812215,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,11.12322164512576,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,15.180083427389977,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,4.4032793605959668,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,5.2389502012161548,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,5.1240249382624947,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,6.7362621985552753,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,21.50251669862989,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,20.657946153584529,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,14.926003870027083,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,35.583950023611614,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,18.943490047591318,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,8.7899598027772203,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000003,null,100,null,100,100.00001]
["Source: BlackRock Investment Managers (Channel Islands) Limited\n**  MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,142,null,null,2777.7629781799997,null,99.999999963999812]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,1,null,null,9.9999999999999995E-7,null,3.600019179084897E-8]
["Total",null,null,143,null,null,2777.7629791799995,null,100]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["BIRMINGHAM BUSINESS PARK",null,null,null,"BIRMINGHAM","Office ",null,"100 -150","-"]
["25 BEDFORD STREET",null,null,null,"LONDON","Office ",null,"100 -150","-"]
["UPLANDS BUSINESS PARK",null,null,null,"LONDON","Industrial Other ",null,"50-100","-"]
["WATLING HOUSE, 33 CANNON STREET",null,null,null,"LONDON","Office ",null,"50-100","-"]
["LEICESTER LOGISTICS PARK",null,null,null,"LEICESTER","Industrial ",null,"50-100","-"]
["RIVERSIDE INDUSTRIAL ESTATE",null,null,null,"GRAYS","Industrial ",null,"50-100","-"]
["COLOSSEUM RETAIL PARK",null,null,null,"ENFIELD","Retail Park",null,"50-100","-"]
["EXCHANGE SHOPPING CENTRE, PUTNEY",null,null,null,"LONDON","Retail ",null,"50-100","-"]
["PORTWALL PLACE",null,null,null,"BRISTOL","Office ",null,"50-100","-"]
["STAPLES CORNER RETAIL PARK",null,null,null,"LONDON","Retail Park",null,"50-100","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,0,0]
["Note: *BlackRock has requested MSCI not to make this estimate                                        Source: BlackRock Investment Managers (Channel Islands) Limited                                                                                                                                          "]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,7,null,null,14.180031746350899,null,0.51048386246895938]
["2.5 - 5",null,null,35,null,null,128.65720169692239,null,4.6316839363631459]
["5-10",null,null,33,null,null,218.55044658948512,null,7.8678579931971582]
["10-25",null,null,27,null,null,449.6054525091447,null,16.185882520540648]
["25 - 50",null,null,26,null,null,925.62051165505397,null,33.322515945125694]
["50 - 100",null,null,12,null,null,807.5993339830427,null,29.073730913551433]
["100-150",null,null,2,null,null,233.55,null,8.407844792752778]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,142,null,null,2777.7629781799997,null,99.999999963999812]
["Average lot size",null,null,null,null,null,19.561711113943659]
["Note: *BlackRock has requested MSCI not to make this estimate                                        Source: BlackRock Investment Managers (Channel Islands) Limited                                                                                                                                          "]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.4770450001348203E-2,null,"Investments ",null,null,5.5349975936888195E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,4.4148240889220501E-2]
["True equivalent yield",null,null,"-",null,"Total",null,null,9.9498216826108696E-2]
["Net reversionary yield",null,null,5.5052370774036928E-2]
["Note: * This analysis excludes BlackRock Student Housing Unit Trust and external indirect assets for all measures.\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,4.4696413167565501,null,null,null,null,2.9744381974534426]
["Retail warehousing ",null,null,17.30714374685564,null,null,null,null,14.305235072554995]
["Shopping centres ",null,null,3.7240532746059443,null,null,null,null,2.9928520113715922]
["Central London offices",null,null,9.1106447360420209,null,null,null,null,9.9508683679892105]
["Other offices",null,null,20.60982252229261,null,null,null,null,21.652734734550318]
["Industrial",null,null,31.84332032346326,null,null,null,null,35.692033038441608]
["Other ",null,null,12.935374079983978,null,null,null,null,12.431838577638841]
["Overall",null,null,100,null,null,null,null,100.00000000000001]
["Note: * This analysis excludes BlackRock Student Housing Unit Trust and external indirect assets for all measures.\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Over renting and Reversionary Potential, % Rent passing "]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",5.386196,0.106,0,0.18475,-1.37944,9.6191000000000138E-2,-1.2832489999999999,81.573284744929452]
["Retail warehousing ",20.856185499999999,2.6410499999999999,0,0.23100000000000001,-3.5247565000000001,0.92752599999999674,-2.5972305000000033,101.31768822251797]
["Shopping centres ",4.4877159999999998,0.22059999999999999,0,1.4200000000000001E-2,-0.64766699999999999,0.34604800000000058,-0.30161899999999942,98.511068882255486]
["Central London offices",10.978894,0.71599999999999997,0,2.14,-0.22534999999999999,1.0893999999999995,0.86404999999999954,133.88364984669673]
["Other offices",24.836119,0.395426,0,3.1723849999999998,-0.452704,4.0331520000000012,3.5804480000000014,128.78170699697483]
["Industrial",38.373183080699192,2.4046180000000001,2.05125,3.1119189999999999,-0.36835950000000001,7.1499434193008042,6.7815839193008038,137.39426799471897]
["Other ",15.587930930142745,0,0,0,-0.24221350999999999,3.0179964098572523,2.7757828998572522,117.80725685979053]
["Overall",120.50622451084193,6.4836939999999998,2.05125,8.8542539999999992,-6.8404905100000004,16.660256829158044,9.8197663191580435,122.57888704886781]
["Note: * This analysis excludes BlackRock Student Housing Unit Trust and external indirect assets for all measures.\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["REMAINING ASSETS",null,null,"-",null,null,null,null,0]
["-",null,null,"-",null,null,null,null,0]
["-",null,null,"-",null,null,null,null,0]
["-",null,null,"-",null,null,null,null,0]
["-",null,null,"-",null,null,null,null,0]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,2]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.0136913009706792]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.0874268990720468]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,28.056295064585402]
[" Less than 5 years ",null,null,null,null,null,null,58.851705388064289]
["Note: * This analysis excludes BlackRock Student Housing Unit Trust and external indirect assets for all measures.\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Note: * BlackRock’s attributable share of the underlying value of properties held       Source: BlackRock Investment Managers (Channel Islands) Limited                                                                                                                                          "]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Note: * Off balance sheet debt may be at fixed or variable rates                                            Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the last day of the month"]
["Valuers",null,null,null,null,null,"CBRE/Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,null,0.5]
["     for investment purposes",null,null,null,null,null,null,null,0.5]
["     for liquidity purposes",null,null,null,null,null,null,15]
["Cash holdings (maximum)",null,null,null,null,null,null,0.1]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Note: * None specified                                                                                                                                                                                                                                 \n               + Uncommitted cash as % of net asset value. (This is an internal fund manager guideline.)\nSource: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Primary Healthcare",null,null,null,null,null,null,null,11.822298211128757]
["B & Q Plc",null,null,null,null,null,null,null,3.5664173895495281]
["John Lewis PLC",null,null,null,null,null,null,null,1.8858182179427845]
["Dixons Carphone",null,null,null,null,null,null,null,1.7107436444467505]
["DAC Beachcroft LLP",null,null,null,null,null,null,null,1.6650765680564166]
["Euroclear SA/NV",null,null,null,null,null,null,null,1.5823716904918776]
["Wood Group UK Limited",null,null,null,null,null,null,null,1.2560663952490381]
["Goldman Sachs International",null,null,null,null,null,null,null,1.2472699268841931]
["Unipart Group Limited",null,null,null,null,null,null,null,1.2130540749362793]
["Samworth Brothers Limited",null,null,null,null,null,null,null,1.1331462935624113]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,17.27453381862107]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.650354031124238]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,27.082262412248042]
["Note * The fund has approximately 13% of its underlying income exposed to tenants considered as Public Sector.               "]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,2777.7629781799997,0,0,0,null,null,2777.7629781799997]
["Listed investments",null,0,0,0,9.9999999999999995E-7,null,null,9.9999999999999995E-7]
["Debt",null,-80,0,0,0,null,null,-80]
["Cash",null,267.69448699999998,0,0,0,null,null,267.69448699999998]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,2965.4574671799996,0,0,9.9999999999999995E-7,null,null,2965.4574681799995]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-6.757037532517554,"-","-","-",null,null,-6.757037532517554]
["Net debt (cash)/equity ",null,-6.3293602783818699,"-","-",0,null,null,-6.3293602762475087]
["Source: BlackRock Investment Managers (Channel Islands) Limited \n*Other net assets/liabilities figure contains assets/liabilities at the SPV  level                                                                                                                        "]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBP)",null,null,43.054326040657251,42.19973367661489,42.205038760878033,42.795672786729241,43.387048661807782,44.245542751244471]
["Premium for new subscriptions",null,null,5.8000000000000003E-2,5.8000000000000003E-2,5.7000000000000002E-2,5.6599999999999998E-2,5.6599999999999998E-2,5.6599999999999998E-2]
["Dealing charge for redemptions",null,null,0.02,0.02,0.02,0.02,0.02,0.02]
["Quarterly distribution (GBP)",null,null,0.68029369949999996,0.56594573729999997,0.46663369609999999,0.6050119571,0.5786400948,0.57508293580780101]
["Yield",null,null,3.5935971417574673E-2,3.5656064984453228E-2,3.43941378072034E-2,3.284686698828819E-2,3.1317210319863807E-2,1.6889536735391997E-2]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. Income is not included in the unit price. Some of the vehicles through which the Fund holds directly-held investments have fixed-rate debt. The market value of this debt is not published and it does not reflect in the monthly recalculation of the Fund’s net asset value."]
[]
["Distributions"]
["Distributions are made monthly, normally on the 20th of each month or the following working day. Ex-distribution dates are the penultimate working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the ex-distribution dates.\n"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP250,000, although the manager, at their discretion, can allow investors to invest as little as GBP25,000 where it is satisfied that the investor has received financial advice or the investment is made on the investor’s behalf by a discretionary investment manager. Existing unitholders may increase or decrease their holdings by minimum amounts of GBP10,000 (rounded to the nearest number of whole units). No redemption notice will be accepted that would result in a holding falling to below the minimum holding value determined by the manager (currently GBP10,000)."]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before subscription day, which is the last working day of the month. \nAs from March 2009, the Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so.\nRedeeming unitholders may not withdraw their realisation notice in respect of units which the Manager has notified the unitholder that it has determined can be redeemed or any units which are within the last 3 months of the 24-month redemption window.\nThe manager will attempt, where possible, the matching of buying and selling orders. Such transfers are effective from the last business day of the month during which they take place.\n"]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
[]
["Capital Gains Tax"]
["since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["distributions of income are made net of UK Income Tax, however any eligible non-taxpayers can be paid gross of Income Tax on request"]
[]
["Stamp duty reserve tax"]
["no stamp duty is payable on the transfer of existing units."]
[]
["Charges"]
["The trust instrument empowers the manager and investment advisor to make an annual charge totalling not more than 2% of the net asset value of the fund (including accrued income). However, the total charge is currently 1% pa and the manager has undertaken to give at least three months’ notice of any increase in this figure.\nThe manager and investment advisor currently bear the cost of fees of service providers in relation to day-to-day management and rent collection of directly held properties, valuations, the trustees’ and auditors’ fees, custodian fees and the costs of preparing reports and accounts for unitholders, and market research and performance measurement. These costs may, alternatively, be charged to unitholders. The manager has undertaken to give at least three months’ notice before so doing.\n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,180,null,null,null,41.03]
["1% or greater but less than 2%",null,null,null,17,null,null,null,23.189999999999998]
["2% or greater but less than 4%",null,null,null,7,null,null,null,18.52]
["4% or greater but less than 8%",null,null,null,3,null,null,null,17.260000000000002]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,207,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,7.4601546797423524]
["Three largest holders",null,null,null,3,null,null,null,17.260000000000002]
["Five largest holders",null,null,null,5,null,null,null,23.93]
["Ten largest holders",null,null,null,10,null,null,null,35.78]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,207,null,null,null,100]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,78162806,76708415,76708415,76708415,74380926,74380926]
["Units issued during period",null,null,975882,0,0,0,0,0]
["Units redeemed during period",null,null,-2430273,0,0,-2327489,0,-923607]
["Units in issue at end of period",null,null,76708415,76708415,76708415,74380926,74380926,73457319]
["Unit transfers"]
["Matched bargains",null,null,1284918,1789378,2916524,335623,1194918,2303059.068]
["Matched bargains %*",null,null,1.6E-2,2.3327010472058377E-2,3.8020913350901596E-2,4.5122186298137777E-3,1.6064844366148388E-2,3.1352343093272977E-2]
["* as % of units in issue at the end of the period   "]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["BMO UK Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund aims to maximise total return through investment mainly in a diversified portfolio of UK commercial property, seeking to add value through strategic asset allocation, stock selection and asset management."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by institutional investors (including pension funds, SIPPs, charities, etc) wealth managers, retail and individual investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"UK NURS Immovables "]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"June 2010*"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"28 February"]
["NAV (GBPm) ",null,null,null,null,null,null,null,320.57353670999998]
["Note: * The BMO UK Property Fund was launched on 28 June 2010 \nSource: BMO Global Asset Management\n"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"BMO Real Estate Partners"]
["Investment Advisor",null,null,null,null,"BMO Real Estate Partners"]
["Property Fund Manager",null,null,null,null,"Guy Glover"]
["Depository",null,null,null,null,"State Street Trustees  Ltd"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers"]
["Source: BMO Global Asset Management"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"BMO UK Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",18.489999999999998,"-",null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",13.19,"-",null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",1.25,"-",null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-0.45,"-",null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",2.86,"-",null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",3.28,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns  + Annualised \n*These are the returns for share class 2 Inc\nSource: BMO Global Asset Management\n"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"n/a"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"n/a"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"n/a"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"n/a"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"n/a"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"n/a"]
["Source: BMO Global Asset Management "]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"BMO UK Property Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,2.6904903553304584,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,1.278957734128102,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,15.035551898774273,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,19.004999988232832,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,6.5226844440533194,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,6.4259827617168037,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,12.948667205770123,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,29.283452997872093,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,17.047570773195307,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,46.3310237710674,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,2.9634386522480409,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,18.751870382681599,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Source: BMO Global Asset Management\n"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,33,null,null,260.46000099999998,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,33,null,null,260.46000099999998,null,100]
["Source: BMO Asset Management "]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["HATFIELD, ROYAL MAIL, HATFIELD BUSINESS PARK",null,null,null,"HATFIELD","Industrial ",null,18.5,7.1028180637993623]
["MILTON KEYNES, DELTIC AVENUE, BRADWELL COMMON",null,null,null,"MILTON KEYNES","Industrial ",null,16.45,6.3157490351080812]
["SOUTH RUISLIP, 428A & 428B VICTORIA ROAD",null,null,null,"RUISLIP","Retail Park",null,16.45,6.3157490351080812]
["BATH, CAMBRIDGE HOUSE, HENRY STREET",null,null,null,"BATH","Office ",null,15.75,6.0469937570183774]
["ROMFORD, MATALAN RETAIL UNIT, NORTH STREET",null,null,null,"ROMFORD","Retail Park",null,13.75,5.2791215339049318]
["BIRMINGHAM, APOLLO,ADVANCED MANUFACTURING HUB",null,null,null,"BIRMINGHAM","Industrial Other ",null,13.625,5.2311295199603416]
["STAINES-UPON-THAMES, APEX 30, LONDON ROAD",null,null,null,"STAINES-UPON-THAMES","Industrial ",null,13.4,5.1447438948600794]
["GREENFORD, 74 LONG DRIVE",null,null,null,"GREENFORD","Industrial ",null,12.675000000000001,4.8663902139814557]
["DARTFORD, 32-33 CLIPPER BOULEVARD EAST",null,null,null,"DARTFORD","Industrial ",null,11.8,4.5304461163693235]
["BOURNEMOUTH, RINGWOOD ROAD RETAIL PARK",null,null,null,"BOURNEMOUTH","Retail Park",null,11.4,4.3768716717466347]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,55.210012841856667]
["Source: BMO Global Asset Management"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,4,null,null,8.3000000000000007,null,3.1866697259207952]
["2.5 - 5",null,null,8,null,null,31.935000000000002,null,12.260999722563929]
["5-10",null,null,11,null,null,76.425000000000011,null,29.342317325722505]
["10-25",null,null,10,null,null,143.80000000000001,null,55.210012841856667]
["25 - 50",null,null,0,null,null,0,null,0]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,33,null,null,260.46000000000004,null,99.999999616063903]
["Average lot size",null,null,null,null,null,7.8927272727272735]
[]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.7599999999999996E-2,null,"Investments ",null,null,3.7529547665779997E-2]
["Nominal equivalent yield",null,null,5.2999999999999999E-2,null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.4800000000000001E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.3699999999999998E-2]
["Source: BMO Global Asset Management"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,6.0409908846851552,null,null,null,null,5.7100068759314686]
["Retail warehousing ",null,null,22.3420538434682,null,null,null,null,18.876016794896223]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,26.359360548773498,null,null,null,null,23.107502367567882]
["Industrial",null,null,44.795099867221758,null,null,null,null,49.228286839113636]
["Other ",null,null,0.46249485585139455,null,null,null,null,3.0781871224907951]
["Overall",null,null,100,null,null,null,null,100]
["Source: BMO Global Asset Management"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.82563304000000004,0,0,24.254116574598001,-22.120359911952999,4.0716587601679999,-18.048701151785,104.07165876016782]
["Retail warehousing ",3.0535285000000001,0,0,0,-6.9767974983700007,-6.9767974983700007,-13.953594996740001,93.023202501630493]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",3.6025809999999998,0,0,0.74946267689700008,-7.1413800272639989,-3.1319490110009998,-10.273329038264999,96.52107752747267]
["Industrial",6.1222265,8.467409691556,0,5.5127003223419999,-1.6333927E-5,20.811227745331003,20.811211411404003,121.00079930071192]
["Other ",6.3210000000000002E-2,632.81126404049996,0,0,0,632.81126404049996,632.81126404049996,732.81126404049996]
["Overall",13.667179039999999,6.7197041709349996,0,4.1321621553880004,-4.7774782059200005,10.110776744459999,5.3332985385399985,110.10423552628019]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: BMO Global Asset Management"]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.38137036201873326]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.1603386562057336]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,38.134586646945635]
[" Less than 5 years ",null,null,null,null,null,null,54.323704334829905]
["Source: BMO Global Asset Management"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
["Source: BMO Global Asset Management"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: BMO Global Asset Management"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, on the last working day of the month"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: BMO Global Asset Management"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.1]
["Source: BMO Global Asset Management"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Royal Mail Group Limited.",null,null,null,null,null,null,null,5.7510039028507531]
["Ingram Content Group UK Ltd.",null,null,null,null,null,null,null,5.4436983507900258]
["PerkinElmer Limited.",null,null,null,null,null,null,null,4.887621637537281]
["Matalan Retail Ltd.",null,null,null,null,null,null,null,4.6406065080713255]
["Salts Healthcare Limited.",null,null,null,null,null,null,null,4.5187415646821005]
["B&M Retail Limited.",null,null,null,null,null,null,null,3.9510713836379221]
["First Choice Holidays Limited.",null,null,null,null,null,null,null,3.7752487070660341]
["VF Northern Europe Limited.",null,null,null,null,null,null,null,3.7315674178802598]
["The Fresh Olive Company Ltd.",null,null,null,null,null,null,null,3.7208556243512851]
["Yodel Delivery Network Limited.",null,null,null,null,null,null,null,3.3568887819296469]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.08232389117806]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.241671963931488]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,43.777303878796637]
["Source: BMO Global Asset Management"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,260.46000099999998,0,0,0,null,null,260.46000099999998]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,60.113533709999999,0,0,0,null,null,60.113533709999999]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,320.57353670999998,0,0,0,null,null,320.57353670999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-23.079756384551349,"-","-","-",null,null,-23.079756384551349]
["Net debt (cash)/equity ",null,-18.751870265692087,"-","-","-",null,null,-18.751870265692087]
["Source: BMO Global Asset Management"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,null,109.6,105,103.6,103.6,98.7,99.5]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Source: BMO Global Asset Management"]
[]
["Unit pricing"]
["The share price is calculated on daily basis."]
[]
["Distributions"]
["Distributions of income are made bi-annually, on 30th Apr & 31 Oct."]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:            GBP 1,000\nMinimum additional investment:    GBP 1,000\nMinimum redemption:                       GBP100\nMinimum holding:                              GBP100\n"]
[]
[]
["Creation, transfer and realisation of units"]
["Investment into the Fund is normally possible on any working day in the UK.  All purchase or repurchase instructions received before 12 noon on a working day will be transacted at the price determined at the 12 noon Valuation Point. Settlement of purchases is four days after the instructions are received, the settlement of repurchases will normally be four days after receipt of the relevant documentation by the fund administrator.\nPurchase or repurchase instructions received after 12 Noon will be carried forward to the next working day.\n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,678,null,null,null,33.15]
["1% or greater but less than 2%",null,null,null,15,null,null,null,21.13]
["2% or greater but less than 4%",null,null,null,13,null,null,null,28.53]
["4% or greater but less than 8%",null,null,null,1,null,null,null,4.2300000000000004]
["Greater than 8.0%",null,null,null,1,null,null,null,12.96]
["Total",null,null,null,708,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,708,null,null,null,100]
["Source: BMO Global Asset Management"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,491129491,545272856,753875260.77999997,896912563.09000003,821031366.50999999,624058428.96999991]
["Units issued during period",null,null,160147349,249596294.34,209504906.48999998,132525768.25999999,14510431.93,53240140.219999999]
["Units redeemed during period",null,null,-106003984,-40993889.560000002,-66467604.18,-208406964.83999997,-211483369.47,-224301671.30000001]
["Units in issue at end of period",null,null,545272856,753875260.77999997,896912563.09000003,821031366.50999999,624058428.96999991,452996897.88999993]
["Unit transfers"]
["Matched bargains",null,null,"                      -   ","                      -   ",0,0,0,0]
["Matched bargains %*",null,null,"                      -   ","                      -   ",0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: BMO Global Asset Management"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["CBRE UK Property PAIF"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The fund invests in institutional-grade properties in the United Kingdom, with a view to securing above-average, long-term performance through a research-led approach to portfolio management and careful stock selection. The return objective is to outperform the weighted average of the MSCI/AREF All Balanced Property Funds Index. "]
[]
[]
["INVESTOR CONSTITUENCY"]
["The PAIF is open to professional investors or qualifying investors who are eligible to invest in a FCA-regulated qualifying investor scheme. "]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property Authorised Investment Fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,"December 1997"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"N.A."]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1537.0759250000001]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
[]
["Management/professional advisors"]
["Authorised Corporate Director",null,null,null,null,"CBRE Global Investors (UK Funds) Ltd"]
["Property Manager",null,null,null,null,"CBRE Global Investors (UK) Ltd"]
["Fund Manager",null,null,null,null,"Jamie Phillips"]
["Registrar",null,null,null,null,"Capita Financial Administrators Limited"]
["Trustee",null,null,null,null,"Citibank"]
["Auditors",null,null,null,null,"Ernst & Young LLP"]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Investment rates of return, %"]
[null,null,null,null,"**MSCI/AREF UK Quarterly Property Fund Index"]
[null,"CBRE UK Property PAIF",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.5285200000000003,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",7.1970400000000003,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",8.9704499999999996,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",2.9973700000000001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",4.6681900000000001,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",7.1668500000000002,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns            + Annualised"]
["Source:  **MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.2]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.2]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Note: * None specified"]
["Source: CBRE Global Investors (UK Funds) Ltd"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index **"]
[null,null,null,"CBRE UK Property PAIF",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,5.72473200568166,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,2.152741847261868,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,15.783215144397378,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,23.660688997340905,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0.88379906426411659,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,2.760544372388904,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,9.1738192046836087,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,2.2222826423230586,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,15.040445283659688,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,39.91140990341821,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,5.5686904381067333,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,45.480100341524945,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,5.7586947274185221,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,10.060070650055883,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999999999999943,null,100,null,100,100.00001]
["Sources: * Source: CBRE Global Investors (UK Funds) Ltd"]
["** MSCI/AREF UK Quarterly Property Fund Index "]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,57,null,null,1382.445001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,57,null,null,1382.445001,null,100]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["ARNISON RETAIL PARK",null,null,null,"DURHAM","Retail Park",null,"100-125m","-"]
["LOGISTICS CITY",null,null,null,"GRAYS","Industrial ",null,"70-80m","-"]
["NURSLING INDUSTRIAL ESTATE",null,null,null,"SOUTHAMPTON","Industrial ",null,"60-70m","-"]
["ALBEMARLE HOUSE, LONDON",null,null,null,"LONDON","Office ",null,"60-70m","-"]
["BLACKFRIARS ROAD",null,null,null,"LONDON","Office ",null,"50-60m","-"]
["BOW LANE ESTATE, LONDON, BOW LANE, LONDON EC4M 9DL",null,null,null,"LONDON","Retail Other ",null,"50-60m","-"]
["WALTHAM PARK WAY",null,null,null,"LONDON","Industrial ",null,"50-60m","-"]
["SKYWAY 14",null,null,null,"SLOUGH","Industrial ",null,"40-50m","-"]
["CHILLBOX, WEST THURROCK",null,null,null,"GRAYS","Industrial ",null,"40-50m","-"]
["NUFFIELD INDUSTRIAL ESTATE",null,null,null,"ABINGDON","Industrial ",null,"40-50m","-"]
["10 largest investments as % of portfolio"]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,4,null,null,9,null,0.65102047412300634]
["2.5 - 5",null,null,4,null,null,14,null,1.0126985153024544]
["5-10",null,null,6,null,null,44,null,3.182766762379142]
["10 - 25",null,null,24,null,null,407,null,29.440592552007068]
["25 - 50",null,null,12,null,null,436,null,31.538325190847861]
["50 - 100",null,null,6,null,null,361,null,26.113154573156145]
["100-150",null,null,1,null,null,112,null,8.1015881224196349]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,57,null,null,1382,null,99.967810581999416]
["Average lot size",null,null,null,null,null,24.245614035087719]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.0660890527409996E-2,null,"Investments ",null,null,0.09]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,5.2206031440520002E-2,null,"Total",null,null,0.09]
["Net reversionary yield",null,null,5.4000000000000006E-2,null,"Source : CBRE Global Investors (UK Funds) Ltd"]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Rental income & ERV by type of property"]
[]
[]
[]
["*CBRE UK Property PAIF has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
[]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
[]
[]
[]
[]
["*CBRE UK Property PAIF has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,"-"]
["-",null,null,0,null,0,null,null,"-"]
["-",null,null,0,null,0,null,null,"-"]
["-",null,null,0,null,0,null,null,"-"]
["-",null,null,0,null,0,null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.5869220959197534]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,0.80275826366662351]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,40.129148919772163]
[" Less than 5 years ",null,null,null,null,null,null,57.481170720641458]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source : CBRE Global Investors (UK Funds) Ltd"]
["Note: + Off balance sheet debt may be at fixed or variable rates"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,3.15,null,3.15,null,0]
["% of all directly held properties*",null,0,null,2.278571659430522E-3,null,2.278571659430522E-3,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"Knight  Frank LLP"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.3]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,null,"*"]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["SAINSBURY'S SUPERMARKETS LTD",null,null,null,null,null,null,null,5]
["GOUSTO",null,null,null,null,null,null,null,3]
["TK MAXX",null,null,null,null,null,null,null,2.7022351575896537]
["IBM UNITED KINGDON LIMITED",null,null,null,null,null,null,null,2.2000000000000002]
["DSG RETAIL LTD",null,null,null,null,null,null,null,2.1279957625806598]
["MARKS & SPENCER PLC",null,null,null,null,null,null,null,1.8143978270093384]
["HOBBS LTD",null,null,null,null,null,null,null,1.6254684970364652]
["ASDA STORES LTD",null,null,null,null,null,null,null,1.4927932520590501]
["DFS TRADING LIMITED",null,null,null,null,null,null,null,1.3929138457277828]
["DAVIES TURNER AIR CARGO LIMITED",null,null,null,null,null,null,null,1.2]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,10.702235157589653]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,15.030230920170315]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.555804342002951]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1382.445001,0,0,0,null,null,1382.445001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-1.9999999999999999E-6,0,0,0,null,null,-1.9999999999999999E-6]
["Cash",null,154.63092399999999,0,0,0,null,null,154.63092399999999]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,1537.0759250000001,0,0,0,null,null,1537.0759250000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-11.1853217949464,"-","-","-",null,null,-11.1853217949464]
["Net debt (cash)/equity ",null,-10.060070519938694,"-","-","-",null,null,-10.060070519938694]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,1038.60192977516,1007.79,1003.494996305614,1008.36734292509,1026.98407323725,1064.42103592482]
["Offer (GBp)",null,null,1113.24299936738,1080.19,1075.6089179214534,1080.81857500202,1100.7911088614601,1140.9503837899902]
["Mid (GBp)",null,null,1075.92246457127,1043.9450000000002,1039.5519571135337,1044.592958963555,1063.887591049355,1102.6857098574051]
["Bid/offer spread",null,null,6.7048317065219451E-2,6.7025245558651803E-2,6.7044741275662775E-2,6.7033666660285277E-2,6.7049084090575722E-2,6.7075088410905509E-2]
["Net asset value (GBp)",null,null,1050.3660293033602,1019.2,1014.8614444838328,1019.7889794954402,1038.6165789211661,1076.4775848754286]
["Quarterly distribution (GBp)",null,null,"-","-","-",8.7948146733999994,7.1473029527999996,8.9748382284999995]
["Yield",null,null,"-","-","-","-","-","-"]
["Source : CBRE Global Investors (UK Funds) Ltd"]
["*The fall in NAV between September quarter and December quarter is due to the Merger in November 2016, where units were issued at £1,000.01"]
[]
["Unit pricing"]
["The share price will be calculated at each Valuation Point, being the first business day of each month."]
[]
["Distributions"]
["Distributions are usually expected to be made no later than the last Business Day of the Month following the Month to which the Distributable Income relates"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum investment in the PAIF is £500,000."]
[]
["Redemption procedure"]
["A Shareholder wishing to redeem any shares must serve a Redemption Notice to realise some or all of its shares with effect from the first business day of each quarter. The redemption price is the bid price of the shares on the relevant Redemption Dealing Day i.e the first Business Day of each quarter. The ACD will assist, wherever possible, in matching buyers and sellers on the secondary market."]
[]
[]
["Redemption notice dates"]
["The Redemption Notice must be served at least one Quarter plus one Business Day before such Redemption Dealing Day."]
[]
["Subscription procedure"]
["Applications forms are available from the Authorised Corporate Director (ACD) on request. Drawdown Notices require funds to be paid on the last Business Day prior to a Subscription Dealing Day and shall be issued no fewer than 10 Business Days prior to a Drawdown Date. Once accepted, each commitment shall be drawn down at the Issue Price prevailing on the relevenat Subscription Dealing Day, usually being the first Business Day of the month. The Issue Price will be the offer price at the relevant Subscription Dealing Day."]
[]
["Taxation"]
["Capital gains tax: the vehicle is tax transparent. The funds is exempt from capital gains tax. "]
[]
[]
["Charges"]
[]
["The Authorised Corporate Director (ACD)"]
["The ACD receives an annual management fee of an amount equal to 0.05% of the Company NAV."]
[]
["The property manager "]
["The Property Manager receives an annual property management fee of 0.35% of the Company NAV."]
[]
["Note"]
["The fee excludes the fees of the Depositary, Registrar, Independent Valuer and Auditor. There is no performance fees.\n"]
[]
["Permitted Investors"]
["Permitted: A person to whom Shares may be promoted under 4.12.4R of the FCA's Conduct of Business Sourcebook that is not an ERISA Investor. In addition, only US persons that are IAI/QPs shall be considered as Eligible Investors.\n\nNot Permitted: The Company prohibits the offer of, and the subscription for or transfer of, Shares to ERISA Investors.\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,22,null,null,null,8.9]
["1% or greater but less than 2%",null,null,null,10,null,null,null,14.3]
["2% or greater but less than 4%",null,null,null,3,null,null,null,7.4]
["4% or greater but less than 8%",null,null,null,3,null,null,null,20.8]
["Greater than 8.0%",null,null,null,5,null,null,null,48.6]
["Total",null,null,null,43,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,46,null,null,null,100]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,449128,1470000,1498448.4812999996,1500100.7012999996,1490720.3419999995,1475445.8994999994]
["Units issued during period",null,null,1483537,28448.481299999588,1652.22,881.09389999999996,316.67669999999998,113.8]
["Units redeemed during period",null,null,-14225,0,0,-10261.4532,-15591.119199999997,-166.6]
["Units in issue at end of period",null,null,1470000,1498448.4812999996,1500100.7012999996,1490720.3419999995,1475445.8994999994,1475393.0994999993]
["Unit transfers"]
["Matched bargains",null,null,416,0,77656.06,30710.391299999999,7102.7354999999998,0]
["Matched bargains %*",null,null,2.0000000000000001E-4,0,5.1767231315006129E-2,2.0601041278337912E-2,4.8139586157696342E-3,0]
["* as % of units in issue at the end of the period   "]
["Source : CBRE Global Investors (UK Funds) Ltd"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["COIF Charities Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund aims to achieve a high and sustainable level of income and some capital appreciation. It mainly invests in a diversified portfolio of direct property assets, but may also invest in specialist property unit trusts and property shares\nThe Fund’s benchmark is the Other Balanced Fund component of the MSCI/AREF UK Quarterly Property Fund Index. \n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Registered charities in England and Wales"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Common Investment Fund (Charity)"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,"29 August 2002"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,618.27776699999993]
["Source: CCLA Investment Management Limited"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"CCLA Fund Managers Limited"]
["Fund Manager",null,null,null,null,"Roy Halliday"]
["Trustee",null,null,null,null,"HSBC Bank plc"]
["Auditors",null,null,null,null,"PWC"]
["Source: CCLA Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"COIF Charities Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",3.93255,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",7.38476,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",10.43765,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",4.6235600000000003,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",6.1700999999999997,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",7.4426500000000004,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: CCLA Investment Management Limited",null,null,"Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.15]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"Zero"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"No maximum"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0.05]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.05]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.05]
["Source: CCLA Investment Management Limited"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"COIF Charities Property Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,1.5985203674201023,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,1.7632139821221882,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,15.425914597993652,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,18.787648947535942,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,11.62126216935642,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,12.35690563865494,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,4.9007099587859253,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,28.878877766797284,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,13.488953465174228,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,27.133875663927878,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,40.622829129102108,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,7.2016822412173473,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,4.50893862484455,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999976709497233,null,100,null,100,100.00001]
["Source: CCLA Investment Management Limited",null,null,"** MSCI/AREF UK Quarterly Property Fund Index "]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,65,null,null,590.40000099999997,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,65,null,null,590.40000099999997,null,100]
["Source: CCLA Investment Management Limited"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["80 CANNON STREET",null,null,null,"LONDON","Office ",null,59.7,10.111788600759168]
["MENDLESHAM INDUSTRIAL ESTATE",null,null,null,"STOWMARKET","Industrial ",null,32.85,5.5640243808197427]
["PAVILION RETAIL PARK",null,null,null,"BRIGHTON","Retail Park",null,31.8,5.3861788526656866]
["5 ARLINGTON SQ",null,null,null,"BRACKNELL","Office ",null,25.65,4.3445121877633603]
["MAGNA PARK",null,null,null,"LUTTERWORTH","Industrial ",null,21.7,3.6754742485171508]
["1400-1499 & 1600 AZTEC WEST",null,null,null,"BRISTOL","Industrial Other ",null,21.1,3.5738482324291194]
["BATH WATERSIDE TRAVELODGE",null,null,null,"BATH","Hotel – Not categorised",null,19.8,3.35365853090505]
["UNIT 3220 MAGNA PARK",null,null,null,"LUTTERWORTH","Industrial ",null,19.3,3.2689701841650236]
["1-3 COLLEGE HILL",null,null,null,"LONDON","Office ",null,18.5,3.1334688293809809]
["7 ST ANDREWS WAY",null,null,null,"LONDON","Industrial Other ",null,17,2.8794037891609019]
["10 largest investments as % of portfolio",null,null,null,null,null,null,267.39999999999998,45.291327836566175]
["Source: CCLA Investment Management Limited / MSCI estimates"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,13,null,null,19.959999999999997,null,3.380758801861858]
["2.5 - 5",null,null,14,null,null,55.3,null,9.3665311494469332]
["5-10",null,null,19,null,null,134.54,null,22.787940340806333]
["10-25",null,null,15,null,null,230.60000000000002,null,39.058265516500235]
["25 - 50",null,null,3,null,null,90.3,null,15.294715421248789]
["50 - 100",null,null,1,null,null,59.7,null,10.111788600759168]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,65,null,null,590.4,null,99.99999983062331]
["Average lot size",null,null,null,null,null,9.0830769230769235]
["Source: CCLA Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.0599999999999999E-2,null,"Investments ",null,null,8.900000000000001E-2]
["Nominal equivalent yield",null,null,6.3099999999999989E-2,null,"Developments",null,null,4.5999999999999999E-2]
["True equivalent yield",null,null,6.3399999999999998E-2,null,"Total",null,null,0.13500000000000001]
["Net reversionary yield",null,null,5.9500000000000004E-2,null,"Source: CCLA Investment Management Limited"]
["Source: CCLA Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,4.4733288318703588,null,null,null,null,3.6384059386598944]
["Retail warehousing ",null,null,20.847400405131669,null,null,null,null,16.789685485446377]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,7.990096781453973,null,null,null,null,10.45126001172104]
["Other offices",null,null,23.914022057168584,null,null,null,null,26.347919515530378]
["Industrial",null,null,34.830069772676126,null,null,null,null,35.407306114475482]
["Other ",null,null,5.4137463425613328,null,null,null,null,7.3744872045321364]
["Overall",null,null,97.468664190862043,null,null,null,null,100.0090642703653]
["Source: CCLA Investment Management Limited"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",1.59,0,0,2,-19.88,-6.3,-26.18,93.710691823899367]
["Retail warehousing ",7.41,7.549487242264,0,1.86,-18.11,-7.2,-25.31,92.789635627530359]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",2.84,0,34.409999999999997,8.6199999999999992,"-",50.5,"-",150.7042253521127]
["Other offices",8.5,0,0,29.31,-26.8,26.9,9.9999999999997868E-2,126.94117647058822]
["Industrial",12.38,0,7.52,5.86,8.07,17.2,25.27,117.124394184168]
["Other ",1.9242619999999999,0,0,0,0,6.9,6.9,156.94328526988531]
["Overall",35.543999999999997,2.0099999999999998,4.66,8.8699999999999992,-7.89,15.2,7.31,115.21494485707855]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: CCLA Investment Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,6.32]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.46]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.53]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,24.18]
[" Less than 5 years ",null,null,null,null,null,null,60.5]
["Source: CCLA Investment Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Source: CCLA Investment Management Limited"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: CCLA Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: CCLA Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the last day of the month"]
["Valuers",null,null,null,null,null,"BNP Paribas Real Estate"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: CCLA Investment Management Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.25]
["Cash holdings (maximum)",null,null,null,null,null,null,0.2]
["Cash holdings (minimum)",null,null,null,null,null,null,"Zero"]
["Source: CCLA Investment Management Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["CEVA LOGISTICS LTD",null,null,null,null,null,null,null,6.6639060779909238]
["AUTOMATIC DATA PROCESSING LTD",null,null,null,null,null,null,null,4.1464837513765156]
["INTELLIGENT PROCESSING SOLUTIONS",null,null,null,null,null,null,null,3.7663189059490496]
["TECHNIP UK LIMITED",null,null,null,null,null,null,null,3.3947383136515352]
["TRAVELODGE HOTELS LIMITED",null,null,null,null,null,null,null,3.306272652008114]
["VWR INTERNATIONAL LTD",null,null,null,null,null,null,null,3.0846092760210468]
["DHL SUPPLY CHAIN LIMITED",null,null,null,null,null,null,null,2.8969609292120215]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,2.8616638746181504]
["B&Q PLC",null,null,null,null,null,null,null,2.7937667451646298]
["B&M RETAIL LTD",null,null,null,null,null,null,null,2.6400802559726211]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.576708735316489]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.277719700976139]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.554800781964609]
["Source: CCLA Investment Management Limited"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,590.40000099999997,0,0,0,null,null,590.40000099999997]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-9.9999999999999995E-7,0,0,0,null,null,-9.9999999999999995E-7]
["Cash",null,27.877765,0,0,0,null,null,27.877765]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,618.27776699999993,0,0,0,null,null,618.27776699999993]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-4.7218434879372575,"-","-","-",null,null,-4.7218434879372575]
["Net debt (cash)/equity ",null,-4.5089384558122081,"-","-","-",null,null,-4.5089384558122081]
["Source: CCLA Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBP)",null,null,113.6322,108.31829999999999,107.4991,108.9264,111.12139999999999,113.9117]
["Offer (GBP)",null,null,117.44110000000001,111.9491,111.10250000000001,112.5775,114.84610000000001,117.7299]
["Mid (GBP)",null,null,115.53665000000001,110.1337,109.30080000000001,110.75194999999999,112.98375,115.82079999999999]
["Bid/offer spread",null,null,3.2432427829780272E-2,3.2432596599704759E-2,3.2433113566301457E-2,3.2431880260265146E-2,3.2432098260193533E-2,3.2431863103595644E-2]
["Net asset value (GBP)",null,null,115.4212,110.02366610888936,109.19157467662791,110.64130419791725,112.87086604341965,115.70508838952118]
["Quarterly distribution (GBP)",null,null,1.53,1.1900000006,1.2200000007,1.2600000008000001,1.4454804671999999,1.6044828252000001]
["Yield",null,null,5.5449085624651284E-2,5.4715500905433055E-2,5.1377590425031226E-2,4.6998722950681623E-2,4.5321531132153751E-2,4.7793605025246412E-2]
["Source: CCLA Investment Management Limited"]
[]
["Unit pricing"]
["There are currently two Dealing Days per month, normally the last Tuesday and Thursday, except when this is not a Business Day; that is a day on which the London Stock Exchange (or any successor body) is not open for business, then the preceding Business Day becomes a Dealing Day. The valuation is carried out at mid-market prices at the Valuation Point. The Unit price includes the value of the income property of the Fund which has not been declared as a dividend on the Dealing Day."]
[]
["Distributions"]
["For income unitholders, distributions of income are calculated quarterly and distributed at the end of February, May, August and November."]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:                GBP10,000\nMinimum additional investment:        GBP1,000\nMinimum redemption:                           GBP1,000\n"]
[]
[]
["Creation, transfer and realisation of units"]
["Completed application forms together with payment must be received by 5pm on the business day prior to the dealing date. Completed redemption forms must be received by the manager by 5pm on the day prior to the dealing day. Settlement cheques are sent out within four business days of the dealing date. \nThe Manager reserves the right to defer redemptions for up to six months if it considers it necessary for the protection of the continuing unitholders to do so. (See “Redemption notices outstanding”.) \n"]
[]
[]
[]
["Taxation"]
["As a registered charity, the fund is currently exempt from income and capital gains tax and is not subject to stamp duty."]
[]
["Capital Gains Tax"]
[]
[]
["Income Tax"]
[]
[]
["Stamp duty reserve tax"]
[]
[]
["Charges"]
["The manager’s fee is 0.65% pa of the value of the fund.\nThe corporate trustee’s fee is flat fee of £36,000 (plus VAT) per annum.\n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,693,null,null,null,0.26890000000000003]
["1% or greater but less than 2%",null,null,null,3,null,null,null,4.6100000000000002E-2]
["2% or greater but less than 4%",null,null,null,4,null,null,null,0.1234]
["4% or greater but less than 8%",null,null,null,1,null,null,null,7.5199999999999989E-2]
["Greater than 8.0%",null,null,null,2,null,null,null,0.4864]
["Total",null,null,null,703,null,null,null,1]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0.28820000000000001]
["Three largest holders",null,null,null,3,null,null,null,0.56159999999999999]
["Five largest holders",null,null,null,5,null,null,null,0.62809999999999999]
["Ten largest holders",null,null,null,10,null,null,null,0.73109999999999997]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,0.51460000000000006]
["External",null,null,null,700,null,null,null,0.4854]
["Source: CCLA Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,476366198.00000006,467870130,448183046.29000008,502012086.67000002,533227472,534234119.89999998]
["Units issued during period",null,null,27146355,18715271.849999998,75803766.710000008,71044401,25616999.510000002,12485599.609999999]
["Units redeemed during period",null,null,-35642422,-38402355.560000002,-21974726.329999998,-39829016,-24610351.609999999,-395783.12]
["Units in issue at end of period",null,null,467870130,448183046.29000008,502012086.67000002,533227472,534234119.89999998,546323936.38999999]
["Unit transfers"]
["Matched bargains",null,null,"-","-",0,0,533547457.05000001,0]
["Matched bargains %*",null,null,"-","-",0,0,0.99871467803267877,0]
["* as % of units in issue at the end of the period   "]
["Source: CCLA Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Federated Hermes Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["To invest in a diversified portfolio of UK commercial properties, including, where appropriate, investments in indirect vehicles and joint ownership structures that offer access to attractive asset portfolios and specialist management teams.\nThe Trust’s objective is to outperform Other Balanced Property Funds component of The MSCI/AREF UK Quarterly Property Fund Index in the medium to long term through a combination of income and capital appreciation.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Trust is open to investment by exempt funds (UK pension funds, charities and investment trusts)."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Unauthorised exempt unit trust"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,1967]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"25th March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1317.0796640839999]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Hermes Alternative Investment Management Limited"]
["Property Investment Manager",null,null,null,null,"Hermes Real Estate Investment Management Limited"]
["Investment Advisor"]
["Portfolio Manager",null,null,null,null,"Dermot Kiernan"]
["Corporate trustee",null,null,null,null,"National Westminster Bank Plc"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers LLP"]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Federated Hermes Property Unit Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",3.9330500000000002,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",6.5639099999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.5559399999999997,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.7797999999999998,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",6.0658599999999998,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",8.5464900000000004,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,"10% of gross asset value "]
["Maximum speculative development exposure"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,"10% of gross asset value "]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,"10% of gross asset value "]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,"10% of gross asset value "]
["Maximum exposure to joint ventures",null,null,null,null,null,null,"10% of gross asset value "]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,"10% of gross asset value "]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Federated Hermes Property Unit Trust",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,6.9116845480194087,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0.40290688939169844,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,1.1354648701038774,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,12.133357834535822,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,20.583414142050806,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,5.1022663356603273,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,8.0801145272553327,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,8.6533411471626138,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,7.1131379927152585,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,28.948860002793534,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,30.28394692264148,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,4.5327025056566068,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,34.816649428298085,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,11.096055733847372,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,4.5550206930102064,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000001,null,100,null,100,100.00001]
["Sources: * Hermes Real Estate Investment Management Ltd\n           \n",null,null,null,"  **MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,72,null,null,1302.900001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,72,null,null,1302.900001,null,100]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["POLAR PARK",null,null,null,"WEST DRAYTON","Industrial ",null,"55-65",4.7662905788884107]
["8/10,GREAT GEORGE STREET,LONDON,SW1P 3AE",null,null,null,"LONDON","Office ",null,"55-65",4.5667357398367212]
["MAYBIRD SHOPPING PARK",null,null,null,"STRATFORD-UPON-AVON","Retail Park",null,"55-65",4.5398725884259177]
["HORNDON INDUSTRIAL ESTATE",null,null,null,"BRENTWOOD","Industrial Other ",null,"55-65",4.3825312730197785]
["BROKEN WHARF HOUSE",null,null,null,"LONDON","Other ",null,"55-65",4.3748560869024056]
["SOHO SQUARE",null,null,null,"LONDON","Office ",null,"45-55",3.6956021155149266]
["SAINSBURYS",null,null,null,"BEACONSFIELD","Retail Other ",null,"35-45",3.3617315194092168]
["TEMPLARS SHOPPING PARK",null,null,null,"OXFORD","Retail Park",null,"35-45",3.3003300304702359]
["THE ROUND FOUNDARY & MARSHALL MILL",null,null,null,"LEEDS","Office ",null,"35-45",3.0470488885969389]
["BOUNDARY HOUSE",null,null,null,"LONDON","Office ",null,"25-35",2.6479392104935613]
["10 largest investments as % of portfolio",null,null,null,null,null,null,0,38.682938031558116]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,17,null,null,34.57,null,2.6533118407757224]
["2.5 - 5",null,null,5,null,null,18.649999999999999,null,1.4314222108899974]
["5-10",null,null,7,null,null,49.05,null,3.7646787905712804]
["10-25",null,null,24,null,null,426.3549999999999,null,32.723539770724116]
["25 - 50",null,null,14,null,null,473.17499999999995,null,36.317061910877989]
["50 - 100",null,null,5,null,null,301.09999999999997,null,23.10998539940902]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,72,null,null,1302.8999999999999,null,99.999999923248126]
["Average lot size",null,null,null,null,null,18.095833333333331]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.2500000000000003E-2,null,"Investments ",null,null,9.5000000000000001E-2]
["Nominal equivalent yield",null,null,5.3600000000000002E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,5.3800000000000001E-2,null,"Total",null,null,9.5000000000000001E-2]
["Net reversionary yield",null,null,5.4299999999999994E-2]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,9.3986278814236961,null,null,null,null,7.4499564339880546]
["Retail warehousing ",null,null,17.990098653760587,null,null,null,null,15.861363713489196]
["Shopping centres ",null,null,3.2907866422213763,null,null,null,null,2.6867206432294002]
["Central London offices",null,null,10.667980682118483,null,null,null,null,11.918308598091709]
["Other offices",null,null,20.443444949975245,null,null,null,null,21.825976190495837]
["Industrial",null,null,30.712593056234887,null,null,null,null,31.11821883267109]
["Other ",null,null,7.496468134265724,null,null,null,null,9.1394555880347177]
["Overall",null,null,100,null,null,null,null,100.00000000000001]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",5.7098009999999997,1.112122821794,0,8.393024555497,-17.344562446222,-2.4200668289489999,-19.764629275171,96.467810349257348]
["Retail warehousing ",10.929242500000001,1.262118577751,0,5.8009509808199997,-17.056644136133002,8.5622173723380008,-8.4944267637950013,107.30009879458709]
["Shopping centres ",1.9992000000000001,1.2505002000800001,0,12.780112044818001,-20.997148859543998,0.61149459783900006,-20.385654261705,99.3609943977591]
["Central London offices",6.4809510000000001,5.988010092963,6.9434254324709999,25.154009033550999,-2.9850094530879998,41.952515919345998,38.967506466258001,135.96450582638258]
["Other offices",12.4196855,0.72787672441499995,0,22.804184534301999,-2.1260119670500002,30.658864107307998,28.532852140257997,129.93098738289305]
["Industrial",18.658339999999999,2.455293450543,7.351859811752,2.954710869241,-1.768753276015,25.763331571833,23.994578295817998,123.30803812129054]
["Other ",4.5542117199999996,43.915393551356004,0,0,-14.496361622819002,92.289040088808008,77.792678465989013,148.37364653745172]
["Overall",60.751431719999999,5.2065225632510002,2.9986700698619999,10.505846231602,-7.7726448024519996,26.907241224109001,19.134596421657001,121.70071866085725]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,3.5937874975976043]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0.62747358104255779]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,1.5256473449965622]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,26.117691140137179]
[" Less than 5 years ",null,null,null,null,null,null,68.135400436226107]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,"Monthly, on 25th of each month except for 24th June and 29th September"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full Member"]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"30% of GAV"]
["Cash holdings (maximum)",null,null,null,null,null,null,"10% of GAV*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"No restriction"]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["B&Q PLC",null,null,null,null,null,null,null,4.7598821093842245]
["Sainsbury's Supermarket Ltd",null,null,null,null,null,null,null,4.7417917020527263]
["EI Group PLC",null,null,null,null,null,null,null,4.1471709772007603]
["Old Mutual Wealth Business Services Ltd",null,null,null,null,null,null,null,2.3519104123183472]
["LGC Bioresearch Ltd",null,null,null,null,null,null,null,2.3509623420454426]
["Circle Express Ltd (under Rico Logistics)",null,null,null,null,null,null,null,2.2926228709515719]
["Future Cities Catapult Ltd",null,null,null,null,null,null,null,2.1961418034939251]
["Matalan Retail Ltd",null,null,null,null,null,null,null,2.1931351610550287]
["Premier Inn Hotels Limited",null,null,null,null,null,null,null,1.9293225412704105]
["Asda Stores Ltd",null,null,null,null,null,null,null,1.7319056031490148]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.648844788637712]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.351717543001502]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,28.694845522921455]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1302.900001,0,0,0,null,null,1302.900001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-48,0,0,0,null,null,-48]
["Cash",null,62.179661083999996,0,0,0,null,null,62.179661083999996]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,1317.0796640839999,0,0,0,null,null,1317.0796640839999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.0883153790096587,"-","-","-",null,null,-1.0883153790096587]
["Net debt (cash)/equity ",null,-1.0765985893390617,"-","-","-",null,null,-1.0765985893390617]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,6.6239999999999997,6.41,6.3310000000000004,6.3559999999999999,6.4409999999999998,6.63]
["Offer (GBp)",null,null,7.1130000000000004,6.8810000000000002,6.7960000000000003,6.8029999999999999,6.93,7.1349999999999998]
["Mid (GBp)",null,null,6.8685,6.6455000000000002,6.5635000000000003,6.5794999999999995,6.6854999999999993,6.8825000000000003]
["Bid/offer spread",null,null,6.874736398144253E-2,6.8449353291672732E-2,6.8422601530311919E-2,6.5706306041452306E-2,7.0562770562770549E-2,7.0777855641205312E-2]
["Net asset value (GBp)",null,null,6.7080975332584298,6.4995316208278,6.4104299999999999,6.4320000000000004,6.5250000000000004,6.7160000000000002]
["Quarterly distribution (GBp)",null,null,4.8860000000000001E-2,5.6401429900000001E-2,4.2434645739999999E-2,8.4742442179999988E-2,6.4036852740000011E-2,6.3850220560000004E-2]
["Yield",null,null,3.152305537473072E-2,3.2542523406180662E-2,3.2170017571364166E-2,3.8639838647388056E-2,3.7942366384674325E-2,3.7978582671232872E-2]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Unit pricing"]
["The bid and offer price of the units are calculated on the date of the monthly valuation (i.e. on 25th of each month, except for 24th June and 29th September). The Trust has no direct fixed-rate borrowings. Performance fees, which are paid annually from income, are estimated and accrued on a quarterly basis. "]
[]
["Distributions"]
["Distributions are made quarterly on 15 February, 15 May, 15 August and 15 November for the periods to 25 March, 24 June, 29 September and 25 December, respectively. Income accrues monthly to each registration day (the 26th of each month, except 25 June and 30 September)."]
[]
[]
["Minimum investment/disinvestment"]
["The minimum investment is 10,000 units and applications must be in multiples of 1,000 units."]
[]
[]
["Creation, transfer and realisation of units"]
["Units may be purchased on 12 subscription days annually. These are on the 26th of each month (apart from 25th June and 30 September) or the following business day. Redemptions must be notified in writing to take effect on the next following notice day. These are 26 March, 25 June, 30 September and 26 December. Under normal circumstances, the proceeds will be paid three months later, i.e. on the next following notice day. In exceptional circumstances, the Trust Manager may defer the redemption of some or all of the units for up to nine months. In extreme circumstances, as a last resort, which would arise only if a major proportion of unitholders wished to withdraw, the trust would be terminated and the net proceeds distributed to unitholders. The manager will attempt, where possible, the matching of buying and selling orders, with any resulting transfer being effective on the next registration day."]
[]
[]
[]
[]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["The trust is exempt from capital gains tax"]
["Income Tax"]
["Distributions are paid without withholding income tax."]
["Stamp duty reserve tax"]
["Transfers of units are not subject to SDRT."]
[]
["Charges"]
["Annual fees\nThe Trust Manager is entitled to receive a fee of 0.40% per annum of the net asset value of the Trust, subject to a minimum fee of £1,300,000 per annum.\n"]
["Performance fees\nIn addition, the Trust Manager may receive performance related fees if the performance of the Trust exceeds the average weighted total return on the agreed benchmark, being the average return on the MSCI UK Other Balanced Funds Index Weighted Average Returns, on a three year annualised rolling average basis. The amount of the fee is calculated as 17.5% of the outperformance amount generated.\nThe total fees payable to the Trust Manager are capped at 0.8% of the net asset value of the Trust.\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,64,null,null,null,19.559999999999999]
["1% or greater but less than 2%",null,null,null,21,null,null,null,28.446000000000002]
["2% or greater but less than 4%",null,null,null,6,null,null,null,17.564]
["4% or greater but less than 8%",null,null,null,4,null,null,null,23.515999999999998]
["Greater than 8.0%",null,null,null,1,null,null,null,10.913]
["Total",null,null,null,96,null,null,null,99.998999999999981]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,10.913]
["Three largest holders",null,null,null,3,null,null,null,24.497]
["Five largest holders",null,null,null,5,null,null,null,34.429000000000002]
["Ten largest holders",null,null,null,10,null,null,null,49.808]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,96,null,null,null,0]
["Source:  Hermes Real Estate Investment Management Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,222248140,224369425,235333516,236409540,220892292,212570416]
["Units issued during period",null,null,2121285,10964091,1076024,1091266,101358,0]
["Units redeemed during period",null,null,"                      -   ","                      -   ","-",-16608514,-8423234,-16474261]
["Units in issue at end of period",null,null,224369425,235333516,236409540,220892292,212570416,196096155]
["Unit transfers"]
["Matched bargains",null,null,38228416,9693738,10278563,7540990,9615145,0]
["Matched bargains %*",null,null,0.17038157494052497,4.1191489273461585E-2,4.3527238805157957E-2,3.4138764787682137E-2,4.5232752425906714E-2,0]
["* as % of units in issue at the end of the period   "]
["Source:  Hermes Real Estate Investment Management Ltd"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Fidelity UK Real Estate Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to provide capital appreciation along with an attractive and stable income return."]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is available to institutional investors only. (The minimum subscription required to participate is £1 million.)"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"PAIF (Property Authorised Investment Fund) "]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,"May 2008 (conversion to a PAIF as at October 2016)"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,592.56170999999995]
["Source: FIL Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Fidelity International"]
["Fund Manager",null,null,null,null,"Alison Puhar"]
["Corporate trustee",null,null,null,null,"JP Morgan"]
["Auditors",null,null,null,null,"Deloitte LLP"]
["Source: FIL Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Fidelity UK Real Estate Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",6.1,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",8.93,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",12,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",4.5999999999999996,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.8,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",7.4,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"15.0% of GAV"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"15.0% of GAV"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"15.0% of GAV"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"15.0% of GAV"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"15.0% of GAV"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"15.0% of GAV"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"15.0% of GAV"]
["Maximum exposure to listed companies and trusts (1)",null,null,null,null,null,null,null,"15.0% of GAV"]
["Source: FIL Limited"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Fidelity UK Real Estate Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,2.2477866329132561,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,7.8964995096766835,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,10.144286142589939,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,4.5122854341009608,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,15.049307531140428,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,19.987753256239813,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,39.549346221481201,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,17.414071988620776,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,22.177054653546545,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,39.591126642167325,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,0,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,10.715240993761544,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Source: FIL Limited"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,40,null,null,534.25,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,40,null,null,534.25,null,100]
["Source: FIL Limited"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["Martland Park",null,null,null,"Wigan","Industrial",null,"30-40",6.1768834815161444]
["St Martins Business Centre",null,null,null,"Bedford","Industrial",null,"20-30",5.2690687880205891]
["Black Bull Yard",null,null,null,"London","Office",null,"20-30",5.1099672437997192]
["Harbourgate",null,null,null,"Portsmouth","Industrial",null,"20-30",4.3986897519887691]
["2, Princes Way",null,null,null,"Solihull","Office",null,"20-30",4.1459990641085636]
["Stonelake, Units A and B",null,null,null,"London","Industrial",null,"20-30",3.8558727187646231]
["The Meridian",null,null,null,"Manchester","Office",null,"10-20",3.7435657463734207]
["Triton A & B",null,null,null,"Grays","Industrial",null,"10-20",3.7154890032756205]
["3, City Place",null,null,null,"Crawley","Office",null,"10-20",3.3224145999064105]
["Gateway 25",null,null,null,"Grays","Industrial",null,"10-20",3.3036967711745433]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,43.041647168928399]
["Source: FIL Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,4.05,null,0.75807206364061774]
["2.5 - 5",null,null,2,null,null,8.85,null,1.6565278427702386]
["5-10",null,null,15,null,null,110.5,null,20.683200748713148]
["10 - 25",null,null,17,null,null,277.8,null,51.998128217126819]
["25 - 50",null,null,4,null,null,133.05000000000001,null,24.904071127749184]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,40,null,null,534.25,null,100]
["Average lot size",null,null,null,null,null,13.356249999999999]
["Source: FIL Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.9100000000000005E-2,null,"Investments ",null,null,0.308]
["Nominal equivalent yield",null,null,6.0299999999999999E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,"-",null,"Total",null,null,0.308]
["Net reversionary yield",null,null,6.5500000000000003E-2]
["Source: FIL Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,3.5357816559574879,null,null,null,null,2.944605501010626]
["Retail warehousing ",null,null,13.610948278993215,null,null,null,null,9.9241096473739248]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,52.666706231116812,null,null,null,null,54.9885537026341]
["Industrial",null,null,30.186563833932468,null,null,null,null,32.142731148981348]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["Source: FIL Limited"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.98899000000000004,"-","-","-","-","-","-",111.19323754537459]
["Retail warehousing ",3.80710492,"-","-","-","-","-","-",97.350876266367763]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",14.73135246,"-","-","-","-","-","-",139.40322896869986]
["Industrial",8.4434539999999991,"-","-","-","-","-","-",142.16928877684418]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",27.970901380000004,"-","-","-","-","-","-",133.51703970006272]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: FIL Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,6.07]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,48.01]
[" Less than 5 years ",null,null,null,null,null,null,45.92]
["Source: FIL Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
[0,null,0,0,0,0,0,null,0]
[0,null,0,0,0,0,0,null,0]
[0,null,0,0,0,0,0,null,0]
[0,null,0,0,0,0,0,null,0]
[0,null,0,0,0,0,0,null,0]
[0,null,0,0,0,0,0,null,0]
["Source: FIL Limited"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: FIL Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: FIL Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly on the last day of the month"]
["Property valuer",null,null,null,null,null,"Knight Frank "]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: FIL Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.25]
["    for investment purpose",null,null,null,null,null,null,null,0.25]
["    for liquidity purpose",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,0.4]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: FIL Limited"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["NPOWER LIMITED",null,null,null,null,null,null,null,5.5292222637688742]
["ESURE PROPERTY LTD",null,null,null,null,null,null,null,4.3942189502912923]
["RESTORE DIGITAL LTD",null,null,null,null,null,null,null,4.0699615167190153]
["NOVO NORDISK LTD",null,null,null,null,null,null,null,3.5076769546856479]
["NTT UNITED KINGDOM LIMITED",null,null,null,null,null,null,null,3.4797692257462982]
["DELOITTE LLP",null,null,null,null,null,null,null,3.0554489906986388]
["KUEHNE & NAGEL LTD",null,null,null,null,null,null,null,3.0168643361374872]
["FREETHS LLP",null,null,null,null,null,null,null,2.8712226095653328]
["SAGE (UK) LTD",null,null,null,null,null,null,null,2.5361634146056216]
["MATALAN RETAIL LTD",null,null,null,null,null,null,null,2.1948000134814301]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.993402730779181]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.98084891121113]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,34.655348275699637]
["Source: FIL Limited"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,534.25,0,0,0,null,null,534.25]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,64.116401999999994,0,0,0,null,null,64.116401999999994]
["Other net assets/liabilities",null,-5.8046920000000002,0,0,0,null,null,-5.8046920000000002]
["Total net assets",null,592.56170999999995,0,0,0,null,null,592.56170999999995]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-12.001198315395413,"-","-","-",null,null,-12.001198315395413]
["Net debt (cash)/equity ",null,-10.820206725810886,"-","-","-",null,null,-10.820206725810886]
["Source: FIL Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,5718.68,5547.1352784463161,5539.93,5703.69,5855.42,6213.2344849367655]
["Offer (GBp)",null,null,6153.01,5968.4366919992008,5960.69,6136.88,6300.13,6685.1257116408233]
["Mid (GBp)",null,null,5935.8450000000003,5757.7859852227584,5750.3099999999995,5920.2849999999999,6077.7749999999996,6449.1800982887944]
["Bid/offer spread",null,null,7.0588216173872606E-2,7.0588235294117632E-2,7.0589143203219656E-2,7.0587986077616072E-2,7.0587432322825092E-2,7.0588235294117591E-2]
["Net asset value (GBp)",null,null,5791.0698499999999,5617.3522000000003,5610.0577000000003,5775.8914999999997,5929.5348000000004,6291.8830227207745]
["Quarterly distribution (GBp)",null,null,0,0,0,0,0,0]
["Yield",null,null,0,0,0,0,0,0]
["Source: FIL Limited"]
[]
[]
["Unit pricing"]
["The unit price is calculated as at the last day of each month. Income is included in the unit price. "]
[]
["Distributions"]
["Distributions of income are made quarterly, on 22 April, 22 July, 22 October and 22 January."]
["Minimum investment/disinvestment"]
["Minimum initial investment:             GBP 1,000,000\nMinimum additional investment:     GBP150,000\nMinimum redemption:                        None specified    \n"]
[]
[]
["Creation, transfer and realisation of units"]
["Applications to subscribe for shares in the Fund must be received in the month prior to the next dealing date.  Dealing dates are set on the 22nd of each calendar month or the business day prior if this date falls on a weekend or a bank holiday.  "]
[]
[]
["Redemptions of shares"]
["Applications to redeem shares in the Fund must be must be received by the ACD at least 6 months prior to the relevant dealing date.  Dealing dates are set on the 22nd of each calendar month or the business day following  if this date falls on a weekend or a bank holiday.  In the normal course of business the Manager will seek to meet redemptions within 6 months of receiving an application however may in exceptional circumstances have to postpone a redemption request for a further 24 months should liquidity not be available."]
[]
["Taxation"]
["The company is an open-ended investment company, and is treated as such for UK tax purposes. The company has elected into the Property Authorised Investment Fund tax regime."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,9,null,null,null,2.57]
["1% or greater but less than 2%",null,null,null,5,null,null,null,7.44]
["2% or greater but less than 4%",null,null,null,5,null,null,null,14.05]
["4% or greater but less than 8%",null,null,null,4,null,null,null,22.04]
["Greater than 8.0%",null,null,null,4,null,null,null,53.9]
["Total",null,null,null,27,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,1.49]
["External",null,null,null,26,null,null,null,98.51]
["Source: FIL Limited"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,107747,102397,116550.48,131237.62,131308.57999999999,125657.95]
["Units issued during period",null,null,"                      -   ",15249.98,27647.67,0,125.83000000001482,0]
["Units redeemed during period",null,null,-5350,-1096.5,-12960.53,70.959999999999994,-5776.46,0]
["Units in issue at end of period",null,null,102397,116550.48,131237.62,131308.57999999999,125657.95,125657.95]
["Unit transfers"]
["Matched bargains",null,null,"-","-",0,0,0,0]
["Matched bargains %*",null,null,"-","-",0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: FIL Limited"]

{"sheet":"Profile_18","index":25,"n_rows":247,"n_cols":9,"rows_kept":247,"cut":false,"hidden":false,"merged":[[215,0,215,8],[238,0,238,1],[162,7,162,8],[163,7,163,8],[164,7,164,8],[208,0,208,8],[211,0,212,8],[214,0,214,8],[158,6,158,8],[127,7,127,8],[128,7,128,8],[129,7,129,8],[130,7,130,8],[131,7,131,8],[146,2,146,6],[154,6,154,8],[155,6,155,8],[156,6,156,8],[157,6,157,8],[136,0,136,2],[136,6,136,7],[82,5,82,6],[83,5,83,6],[84,5,84,6],[102,0,102,3],[102,5,102,8],[126,7,126,8],[81,5,81,6],[32,5,32,8],[36,4,36,8],[37,1,37,2],[38,1,38,2],[39,1,39,2],[40,1,40,2],[41,1,41,2],[42,1,42,2],[43,1,43,2],[61,5,61,8],[80,5,80,6],[31,0,31,1],[31,5,31,8],[20,0,20,1],[21,0,21,1],[21,7,21,8],[22,0,22,1],[23,0,23,1],[24,0,24,1],[28,5,28,8],[29,0,29,1],[29,5,29,8],[30,0,30,1],[30,5,30,8],[19,0,19,1],[19,7,19,8],[11,0,12,8],[15,0,15,8],[17,0,17,1],[18,0,18,1],[18,7,18,8]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Grosvenor Liverpool Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund was established in 2004 to re-develop the 42-acre Paradise Street area in Liverpool. Now branded Liverpool One, the scheme was completed in 2008. The Fund’s investment objective is to outperform its Benchmark, a bespoke MSCI Benchmark of shopping centres greater than 700,000 sq ft"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is a UK registered Limited Partnership with a diverse investor base consisting of pension funds, insurance companies, other companies and other investors from the UK and abroad"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"UK Limited Partnership"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,2004]
["Open/closed-ended",null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,2038]
["Year-end",null,null,null,null,null,null,null,"2017-12-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,147.064179]
["Source: Grosvenor Investment Management Limited"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Grosvenor Investment Management Limited"]
["Property advisor",null,null,null,null,"Grosvenor Investment Management Limited"]
["Fund Manager",null,null,null,null,"Alison Clegg"]
["Corporate trustee",null,null,null,null,"None"]
["Auditors",null,null,null,null,"Deloitte and Touche LLP"]
["Source: Grosvenor Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Grosvenor Liverpool Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",-4.3506499999999999,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",-25.267299999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",-46.524889999999999,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-34.784320000000001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-21.84187,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",-4.5937900000000003,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Grosvenor Investment Management Limited"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"No limit"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"No limit"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"No limit"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"No limit"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"No limit"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"No limit"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"No limit"]
["Source: Grosvenor Investment Management Limited"]
[]
[]
["Portfolio distribution %"]
[]
[null,null,null,null,null,null,null,null,"Grosvenor Liverpool Fund"]
["Standard Retail – South East",null,null,null,null,null,null,null,0]
["Standard Retail – Rest of UK",null,null,null,null,null,null,null,3.9044087687912761]
["Shopping centres",null,null,null,null,null,null,null,91.735695934628069]
["Cash",null,null,null,null,null,null,null,4.3598952965806719]
["Overall",null,null,null,null,null,null,null,100.00000000000001]
["Source: Grosvenor Investment Management Limited"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,3,null,null,534.000001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,3,null,null,534.000001,null,100]
["Source: Grosvenor Investment Management Limited"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["LIVERPOOL ONE SC",null,null,null,"LIVERPOOL","Retail Shopping Centre ",null,512.20000000000005,95.917602816633703]
["52 - 78 LORD STREET",null,null,null,"LIVERPOOL","Retail Other ",null,17.5,3.2771535519154424]
["COMMERCAIL UNITS AND PARKING SPACES",null,null,null,"LIVERPOOL","Retail Other ",null,4.3,0.80524344418493743]
["-",null,null,null,"-","-",null,"-","-"]
["Largest investments as % of portfolio",null,null,null,null,null,null,null,99.999999812734089]
["Source: Grosvenor Investment Management Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,1,null,null,4.3,null,0.80524344418493743]
["5-10",null,null,0,null,null,0,null,0]
["10 - 25",null,null,1,null,null,17.5,null,3.2771535519154424]
["25 - 50",null,null,0,null,null,0,null,0]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,1,null,null,512.20000000000005,null,95.917602816633703]
["Total",null,null,3,null,null,534,null,99.999999812734089]
["Average lot size",null,null,null,null,null,178]
["Source: Grosvenor Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.1510578651689998E-2,null,"Investments ",null,null,7.8108809193960002E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,8.3739780252099993E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,4.0055443820219999E-2]
["Source: Grosvenor Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,3.9484680681541073,null,null,null,null,4.020763427328168]
["Shopping centres ",null,null,96.051531931845901,null,null,null,null,95.979236572671837]
["Overall",null,null,100.00000000000001,null,null,null,null,100]
["Source: Grosvenor Investment Management Limited"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",1.5510269999999999,0,0,10.571705070253,-2.6237454280289998,18.519535765657,15.895790337628,118.51953576565721]
["Shopping centres ",37.730713999999999,2.53162450093,0,9.0300968065429998,-9.3900502386459994,18.832516660035001,9.4424664213890015,116.30089215910414]
["Overall",39.281740999999997,2.431664115906,0,9.0909667165719998,-9.1228848538049991,18.820158709361003,9.6972738555560039,116.38849459345504]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Grosvenor Investment Management Limited"]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,0]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,48.993002495505436]
[" Less than 5 years ",null,null,null,null,null,null,51.006997504494564]
["Source: Grosvenor Investment Management Limited"]
[]
[]
["Debt analysis"]
["Interest rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[400,1.686E-2,1.4602739726027398,null,null,null,400,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
["Source: Grosvenor Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Grosvenor Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Quarterly (on the last day of the quarter)"]
["Valuers",null,null,null,null,null,"CBRE "]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Grosvenor Investment Management Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"75%*"]
["Cash holdings (maximum)",null,null,null,null,null,null,"Not specified"]
["Cash holdings (minimum)",null,null,null,null,null,null,"Not specified"]
["Source: Grosvenor Investment Management Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Q PARK LIMITED.",null,null,null,null,null,null,null,17.046910612698703]
["JD SPORTS FASHION PLC",null,null,null,null,null,null,null,3.1047714438025502]
["ZARA UK LTD.",null,null,null,null,null,null,null,2.975804412646065]
["ODEON CINEMAS LIMITED.",null,null,null,null,null,null,null,2.5331261001886975]
["H&M HENNES AND MAURITZ UK LTD T/A ARKET",null,null,null,null,null,null,null,1.8622160388974045]
["THE DISNEY STORE LIMITED.",null,null,null,null,null,null,null,1.8111166755514878]
["SUPERDRUG STORES PLC.",null,null,null,null,null,null,null,1.6339894646825521]
["FREEDOM SPORTSLINE LTD",null,null,null,null,null,null,null,1.5523857219012751]
["AFH STORES UK LTD",null,null,null,null,null,null,null,1.4747664358062114]
["ADVERTISING",null,null,null,null,null,null,null,1.3883140749535294]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,23.127486469147321]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,27.522828608233421]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.383400981128474]
["Source: Grosvenor Investment Management Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,534.000001,0,0,0,null,null,534.000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-400,0,0,0,null,null,-400]
["Cash",null,24.343178000000002,0,0,0,null,null,24.343178000000002]
["Other net assets/liabilities",null,-11.279,0,0,0,null,null,-11.279]
["Total net assets",null,147.064179,0,0,0,null,null,147.064179]
["Gearing (%)"]
["Net debt (cash)/properties ",null,70.347719343918129,"-","-","-",null,null,70.347719343918129]
["Net debt (cash)/equity ",null,255.43733664742385,"-","-","-",null,null,255.43733664742385]
["Source: Grosvenor Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,null,343.60700000000003,275.83100099999996,248.20500000000001,202.79520380000008,153.93166099999999,147.063738]
["Quarterly distribution (GBp)",null,null,7.4509999999999996,0,0,0,0,0]
["Yield",null,null,4.2929858821269651E-2,5.3478397810694252E-2,5.419310650470377E-2,3.6741500096561928E-2,0,0]
["Source: Grosvenor Investment Management Limited"]
[]
["Net asset value"]
["The Fund’s net asset value is re-calculated quarterly, on the last day of the quarter. Income is excluded from the calculation. \nPerformance fees are estimated and accrued quarterly, based on the performance of the Fund’s bespoke MSCI shopping centre benchmark. \n"]
[]
["Distributions"]
["Distributions are declared and paid 30 business days after the last day of each quarter."]
[]
["Charges"]
["Annual fees\nThe basis for asset management fees is split, with 25% calculated at 22.5bps per annum of the quarterly average value of investment properties and 75% calculated as 4.5% of Net Operating Income.\n"]
["Performance fees\nA performance fee is payable if total returns (gross of fund management fees) over a five year period are more than those to the Fund's bespoke MSCI shopping centre benchmark over the same period\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,1,null,null,null,1E-3]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,1,null,null,null,7.843]
["Greater than 8.0%",null,null,null,4,null,null,null,92.156000000000006]
["Total",null,null,null,6,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,35.097000000000001]
["Three largest holders",null,null,null,3,null,null,null,82.155999999999992]
["Five largest holders",null,null,null,5,null,null,null,99.998999999999995]
["Ten largest holders",null,null,null,10,null,null,null,100.09899999999999]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,10.000999999999999]
["External",null,null,null,4,null,null,null,89.998999999999995]
["Source: Grosvenor Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1000000,1000000,1000000,1000000,1000000,1000000]
["Units issued during period",null,null,"                      -   ",0,0,0,0,0]
["Units redeemed during period",null,null,"                      -   ",0,0,0,0,0]
["Units in issue at end of period",null,null,1000000,1000000,1000000,1000000,1000000,1000000]
["Unit transfers"]
["Matched bargains",null,null,"                      -   ",0,0,0,0,0]
["Matched bargains %*",null,null,"                      -   ",0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Grosvenor Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Hercules Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["Hercules Unit Trust is a Jersey property unit trust investing in retail parks throughout the UK. As at 30th June 2021 the Trust had a property portfolio value of GBP 685.2m. It focuses on retail parks in excess of 9,500 sq m (100,000 sq ft) with predominantly open A1 planning consents. \nHercules’ objective is to provide an annual total return on its property portfolio in excess of one percentage point above the MSCI Quarterly UK Retail Warehouse Universe (excl HUT). The Trust aims to invest in retail parks that have a diversified occupier base and strong asset management opportunities. Each park will ideally have Open A1 planning consent, be the dominant park in its region and/or have strategic asset management opportunities. The main driver to performance will be through rental growth. This is achieved through close relationships with the retailers and creating units/parks that meet the changing needs of tenants.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Pension funds, charities, insurance companies, other corporate and institutional investors"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Unauthorised close ended property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,"September 2000"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"March 2031"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,191.20417514000002]
["Source: British Land"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Crestbridge Hercules Management IC"]
["Property advisor",null,null,null,null,"British Land Company PLC"]
["Porfolio manager",null,null,null,null,"Crestbridge Hercules Management IC"]
["Trustee",null,null,null,"BNP Paribas Depository Services (Jersey) Limited"]
[null,null,null,null,null,"BNP Paribas Depository Services Limited"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers LLP"]
["Source: British Land"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Hercules Unit Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",8.2368500000000004,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",1.4614499999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",-41.966459999999998,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-37.37773,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-24.218060000000001,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",-11.230919999999999,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"See note 1"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"See note 1"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"See note 2"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"See note 2"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"No restriction"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"No restriction"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"No restriction"]
["Source: British Land"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"Retail Warehouses",null,null,"Total"]
["Scotland",null,null,null,null,49.745262246556528,null,null,49.745262246556528]
["North West",null,null,null,null,30.087825322024631,null,null,30.087825322024631]
["Yorkshire & Humberside",null,null,null,null,0,null,null,0]
["West Midlands",null,null,null,null,7.239517745804374,null,null,7.239517745804374]
["South East",null,null,null,null,7.7409093584933641,null,null,7.7409093584933641]
["South West",null,null,null,null,0,null,null,0]
["Wales",null,null,null,null,4.0544185083627884,null,null,4.0544185083627884]
["North East",null,null,null,null,0,null,null,0]
["East Midlands",null,null,null,null,0,null,null,0]
["Eastern",null,null,null,null,0,null,null,0]
["Northern Ireland",null,null,null,null,0,null,null,0]
["Other",null,null,null,null,0,null,null,0]
["City",null,null,null,null,0,null,null,0]
["West End",null,null,null,null,0,null,null,0]
["Midtown",null,null,null,null,0,null,null,0]
["Rest of London*",null,null,null,null,0,null,null,0]
["Cash",null,null,null,null,0,null,null,1.1320668187583085]
["Overall",null,null,null,null,98.867933181241696,null,null,100]
["Source: British Land"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,10,null,null,685.22500100000002,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,10,null,null,685.22500100000002,null,100]
["Source: British Land"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["GLASGOW FORT SHOPPING PARK",null,null,null,"GLASGOW","Retail Park",null,"200-250","*"]
["KINNAIRD PARK",null,null,null,"EDINBURGH","Retail Park",null,"50-100","*"]
["BROUGHTON PARK",null,null,null,"WALES","Retail Park",null,"50-100","*"]
["NEW MERSEY PARK UNIT TRUST VALUATION",null,null,null,"LIVERPOOL","Retail Park",null,"50-100","*"]
["PROSPECT PLACE RETAIL PARK",null,null,null,"DARTFORD","Retail Park",null,"50-100","*"]
["INVERNESS RETAIL & LEISURE PARK",null,null,null,"INVERNESS","Retail Park",null,"25-50","*"]
["MOSTYN CHAMPNEYS RETAIL PARK",null,null,null,"LLANDUDNO","Retail Park",null,"25-50","*"]
["QUEENS RETAIL PARK",null,null,null,"STAFFORD","Retail Park",null,"25-50","*"]
["DEEPDALE RETAIL PARK",null,null,null,"PRESTON","Retail Park",null,"0-25","*"]
["CROWN WHARF RETAIL PARK",null,null,null,"WALSALL","Retail Park",null,"0-25","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,"*"]
[]
["Note:* Fund cannot disclose this information due to commercial sensitivity                                                                                                                                                           "]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,0,null,null,0,null,0]
["10-25",null,null,2,null,null,47.05,null,6.8663577556768089]
["25 - 50",null,null,3,null,null,95.375,null,13.918785779971854]
["50 - 100",null,null,4,null,null,333.6,null,48.684738518465117]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,1,null,null,"*",null,"*"]
["Total",null,null,10,null,null,685.22499999999991,null,99.999999854062509]
["Average lot size",null,null,null,null,null,68.522499999999994]
["Source: British Land"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,7.9899999999999999E-2,null,"Investments ",null,null,7.5999999999999998E-2]
["Nominal equivalent yield",null,null,7.4499999999999997E-2,null,"Developments",null,null,"-"]
["True equivalent yield",null,null,0,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,7.4299999999999991E-2]
["Source: British Land"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Retail warehousing ",null,null,100,null,null,null,null,100]
["Overall",null,null,100,null,null,null,null,100]
["Source: British Land"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Retail warehousing ",64.159033216999987,2.061655909817,0,9.0062686581579996,-29.158236979237,-9.4817859932899999,-38.640022972526999,88.315835114526493]
["Overall",64.159033216999987,2.061655909817,0,9.0062686581579996,-29.158236979237,-9.4817859932899999,-38.640022972526999,88.315835114526493]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: British Land"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.94024149710907867]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,2.9495351185615677]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,4.4853215911045297]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,23.297097375095312]
[" Less than 5 years ",null,null,null,null,null,null,68.327804418129517]
["Source: British Land"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source: British Land"]
[]
["Debt analysis"]
["Interest rate swaps",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,"-","-",null,null,null,0,0,0]
[0,"-","-",null,null,null,"*",0,0]
[0,"-","-",null,null,null,0,0,0]
["-","-","-",null,null,null,0,0,0]
["-","-","-",null,null,null,0,0,0]
["Source: British Land \nNote:* £164.5m variable debt includes £75m notional cap strike rate 2.00% "]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,"-",null,"-",null,"-",null,"-"]
["% of all directly held properties*",null,"-",null,"-",null,"-",null,"-"]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: British Land"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Quarterly, on the second last business day of each quarter"]
["Valuers",null,null,null,null,null,"JLL"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: British Land"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,"60% of Aggregate Trust Value (ATV)"]
["Cash holdings (maximum)",null,null,null,null,null,null,"None"]
["Cash holdings (minimum)",null,null,null,null,null,null,"None"]
["Source: British Land"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Walgreens (Boots)",null,null,null,null,null,null,null,6.1307031439643263]
["Next plc",null,null,null,null,null,null,null,5.7110210421119545]
["M&S plc",null,null,null,null,null,null,null,5.0635691750739911]
["Kingfisher plc (B&Q)",null,null,null,null,null,null,null,4.9033987106401433]
["JD Sports plc",null,null,null,null,null,null,null,4.196296860228756]
["Asda Group",null,null,null,null,null,null,null,4.1265803446686986]
["TJX Cos Inc (TK Maxx)",null,null,null,null,null,null,null,3.0225002368193725]
["J Sainsbury plc (Argos)",null,null,null,null,null,null,null,2.8470316595359941]
["Smyths Toys",null,null,null,null,null,null,null,2.4823459771561165]
["Hutchison Whampoa (Superdrug and 3)",null,null,null,null,null,null,null,2.3998171093504927]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.905293361150271]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,26.00498893201917]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.883264259549847]
["Source: British Land"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,685.22500100000002,0,0,0,null,null,685.22500100000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-501.86685499999999,0,0,0,null,null,-501.86685499999999]
["Cash",null,7.8460271399999995,0,0,0,null,null,7.8460271399999995]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,191.20417514000002,0,0,0,null,null,191.20417514000002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,72.09614756306884,"-","-","-",null,null,72.09614756306884]
["Net debt (cash)/equity ",null,258.37345209552939,"-","-","-",null,null,258.37345209552939]
["Source: British Land"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,null,280.35866053240329,236.28986695845563,176.44650616878431,135.15220030782899,126.69195999999999,129.45606667210635]
["Quarterly distribution (GBp)",null,null,9.0289993674000009,0,0,0,0,7.6713161816]
["Yield",null,null,0.13015236392307789,0.11711575030581188,0.1028639780979181,6.6806158884835973E-2,0,5.925806629850993E-2]
["Source: British Land"]
[]
["Distributions"]
["Distributions of income are made quarterly, 20 working days after the end of each quarter."]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment: Units with an aggregate value of GBP100,000\nMinimum additional investment: None\nMinimum holding: Units with an aggregate value of GBP100,000\n"]
[]
[]
["Creation, transfer and realisation of units"]
["The next opportunity for investors to redeem their holding will be as 'dissenting unit holders' after an EGM has been passed to extend the life of the Trust past its termination date 22 September 2020. The first EGM is to be held between 1 July 2017 and 22 September 2017. If an extension to the life of the Trust is not passed during on this occasion, further opportunities will be provided to vote to extend the life of the Trust at each subsequent AGM's prior to the termination date."]
[]
[]
[]
["Taxation"]
["Capital Gains Tax"]
["The Trust is not subject to capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or disposal of their units in the trust. (Hercules Unit Trust is expected to maintain Distributor status)."]
[]
["Income Tax"]
["Distributions of income are made gross on a quarterly basis to all holders who are UK residents or those who hold non-resident Landlord clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. Income (less expenses properly incurred) arising directly from the properties whether it is distributed or not, will be liable under Schedule A to UK income or corporation tax in the hands of unitholders , regardless of where they are resident.  "]
[]
["Stamp duty reserve tax"]
["Transfers of units are not subject to SDRT"]
[]
["Charges"]
["Annual fees:\nThe Manager’s fee is a maximum of £350,000 per annum (subject to annual increases in line with UK CPI from 1 January 2019,\ncapped at 4%), plus third-party costs, disbursements and expenses incurred in maintaining professional indemnity insurance.\n\nThe property advisor is entitled to a base fee equivalent to 0.38% pa of the Aggregate Trust Value (payable quarterly in arrears), plus a performance fee. See prospectus for full details.\n\n50% of base management fees are charged to capital.\n\nInvestment management fees relate solely to property adviser’s and manager’s fee. Costs and expenses are charged to the trust fund, including: the cost of borrowings, convening meetings of the holders, stamp duty and any other taxes or duty payable out of the trust fund or by the trustees in respect of any assets of the trust; the fees and expenses of the trustees, the manager, the property adviser and the valuers; incidental costs of any sub-division, consolidation, issue or listing of units; all costs of termination of the trust; and certain statutory, legal and professional fees and out of pocket expenses and other miscellaneous expenses as set out in the trust instrument.\n\n"]
[]
[]
["Performance fees:\nThe Property Adviser is also entitled to a Performance Fee. The Manager calculates the Performance Fee payable or the Performance Fee shortfall for each relevant calculation period in accordance with clause 24 of the Trust Instrument as follows: \nThe fee is calculated in relation to the level of outperformance of the Target Return at both property and Trust level. \n\nIf the property return is equal to or greater than the UK Retail Warehouse Segment of the Investment Property Databank Annual All Fund Universe (“the MSCI benchmark”) plus 1% the Performance Fee is calculated at 20% of the Trust outperformance above the MSCI Benchmark plus 1%. \n\nIf the property return is between the MSCI Benchmark and the MSCI Benchmark plus 1%, the Performance Fee is to be 10% plus the percentage of the property return over the MSCI Benchmark, multiplied by the Trust Return outperformance above the MSCI Benchmark plus 1% \n\nIn the event that the property return is less than the MSCI Benchmark and the Trust Return is greater than or equal to the MSCI Benchmark plus 25% and a minimum return of 12%, the Performance Fee is calculated at 5% of the Trust outperformance above the MSCI Benchmark plus 1%. \n\nThe Performance Fee is capped at 2.5% of Net Asset Value at the end of the Calculation Period. See prospectus for full details.\n \nThe performance fee is accrued and is therefore taken into account in the quarterly re-calculation of the Trust’s Net Asset Value."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,0,null,null,null,0]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,0,null,null,null,0]
["Source: British Land"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1360813,1360813,1360813,1433913,1433913,1433913]
["Units issued during period",null,null,"                      -   ",0,73100,0,0,0]
["Units redeemed during period",null,null,"                      -   ",0,0,0,0,0]
["Units in issue at end of period",null,null,1360813,1360813,1433913,1433913,1433913,1433913]
["Unit transfers"]
["Matched bargains",null,null,16710,0,0,0,0,0]
["Matched bargains %*",null,null,1.23E-2,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: British Land"]
[]
["Notes"]
["1) Projected development costs must not exceed 20% of NAV and each development must be more than 50% pre-let, otherwise unitholder approval is required for the purchase\n2) Unitholder approval is not required for investment transactions, except where there is a conflict of interest in relation to a Trustee, the Manager, the Property Adviser or a unitholder. \n"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Industrial Property Investment Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund’s strategy is investment in good quality, higher yielding, and predominantly multi-let industrial estates. The Fund also maintains a rolling refurbishment program. Its objective is to outperform its benchmark, the All Industrial sub-sector of the MSCI UK Annual Index, by 1% pa over three-year rolling periods."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by pension funds, charities, insurance & other companies and other intermediate investors from within the UK or abroad, subject to relevant local regulations. Entry is via the Jersey registered IPIF Feeder Unit Trust."]
[]
["Fund details"]
["Type of fund",null,null,null,null,"Limited Partnership: entry via Jersey Feeder Unit Trust"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"June 1997"]
["Open/closed-ended",null,null,null,null,null,null,null,"Semi evergreen"]
["Earliest date of winding up",null,null,null,null,null,null,null,"June 2020"]
["Year-end",null,null,null,null,null,null,null,"31st March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,2603.5382940200002]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Management/professional advisors"]
["Vehicle manager/Operator",null,null,null,null,"Legal & General Investment Management Limited "]
["Property asset manager",null,null,null,null,"Legal & General Property Ltd"]
["Investment Advisor",null,null,null,null,"-"]
["Fund Manager",null,null,null,null,"Jonathan Holland"]
["Trustee",null,null,null,null,"JTC"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers"]
["Source: Legal & General Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Industrial Property Investment Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",8.5450700000000008,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",13.62773,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",25.496420000000001,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",14.13097,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",16.384319999999999,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",15.513350000000001,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: Legal & General Investment Management Limited"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"Industrial",null,null,"Total"]
["Rest of London*",null,null,null,null,31.090256688232078,null,null,31.090256688232078]
["South East",null,null,null,null,27.914464440119723,null,null,27.914464440119723]
["Eastern",null,null,null,null,11.616924251106081,null,null,11.616924251106081]
["West Midlands",null,null,null,null,6.4509384503699589,null,null,6.4509384503699589]
["Yorkshire & Humberside",null,null,null,null,5.3899900306608206,null,null,5.3899900306608206]
["South West",null,null,null,null,2.0617052461735508,null,null,2.0617052461735508]
["East Midlands",null,null,null,null,1.8618726848418472,null,null,1.8618726848418472]
["Scotland",null,null,null,null,2.9013290504514098,null,null,2.9013290504514098]
["North West",null,null,null,null,6.4206869325152462,null,null,6.4206869325152462]
["Wales",null,null,null,null,1.1280242769115008,null,null,1.1280242769115008]
["City",null,null,null,null,0,null,null,0]
["West End",null,null,null,null,0,null,null,0]
["Midtown",null,null,null,null,0,null,null,0]
["North East",null,null,null,null,0.18686856010958428,null,null,0.18686856010958428]
["Northern Ireland",null,null,null,null,0,null,null,0]
["Other",null,null,null,null,0,null,null,0]
["Cash***",null,null,null,null,0,null,null,2.6726249429248585]
["Overall",null,null,null,null,97.023060611491815,null,null,99.69568555441667]
["Source: Legal & General Investment Management Limited",null,null,null,"Notes: * Excluding the City, the West End and Holborn                                                                                                                                                                                            "]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,172,null,null,2850.3720010000002,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,172,null,null,2850.3720010000002,null,100]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["BERMONDSEY TRADING ESTATE",null,null,null,"BERMONDSEY","Industrial ",null,"80+","-"]
["CLOCK TOWER INDUSTRIAL ESTATE",null,null,null,"ISLEWORTH","Industrial ",null,"80+","-"]
["CENTRAL PARK ESTATE",null,null,null,"MANCHESTER","Industrial ",null,"60-70","-"]
["CLIFTON MOOR INDUSTRIAL ESTATE",null,null,null,"YORK","Industrial Other ",null,"60-70","-"]
["LONDON IND PARK",null,null,null,"BECKTON","Industrial ",null,"50-60","-"]
["BARTON PARK & DEACON INDUSTRIAL ESTATE",null,null,null,"EASTLEIGH","Industrial ",null,"50-60","-"]
["PIPPS HILL BUSINESS PARK",null,null,null,"BASILDON","Industrial Other ",null,"50-60","-"]
["HAZLETON INTERCHANGE HORNDEAN",null,null,null,"HORNDEAN","Industrial ",null,"45-50","-"]
["UNITS 1-12 PASADENA TRADING ESTATE",null,null,null,"HAYES","Industrial ",null,"45-50","-"]
["UNITS 74-100 LONDON INDUSTRIAL ESTATE ",null,null,null,"BECKTON","Industrial ",null,"40-45","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,0]
["Source: Legal & General Investment Management Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,7,null,null,13.536,null,0.47488538321493284]
["2.5 - 5",null,null,24,null,null,90.475999999999999,null,3.174182175809269]
["5-10",null,null,46,null,null,320.12999999999994,null,11.231165612337206]
["10-25",null,null,59,null,null,911.95,null,31.994069534785609]
["25 - 50",null,null,29,null,null,1026.32,null,36.006528258063668]
["50 - 100",null,null,7,null,null,487.96,null,17.119169000706165]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,172,null,null,2850.3720000000003,null,99.999999964916867]
["Average lot size",null,null,null,null,null,16.571930232558142]
["Source: Legal & General Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.7400000000000003E-2,null,"Investments ",null,null,6.9000000000000006E-2]
["Nominal equivalent yield",null,null,4.4800000000000006E-2,null,"Developments",null,null,2.0000000000000004E-2]
["True equivalent yield",null,null,4.6100000000000002E-2,null,"Total",null,null,8.900000000000001E-2]
["Net reversionary yield",null,null,4.3099999999999999E-2]
["Source: Legal & General Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,0,null,null,null,null,0]
["Retail warehousing ",null,null,0.67952157464652185,null,null,null,null,0.41874365455963858]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,0,null,null,null,null,0]
["Industrial",null,null,99.191755088570673,null,null,null,null,99.505082011568774]
["Other ",null,null,0.12872333678280357,null,null,null,null,7.6174333871588923E-2]
["Overall",null,null,100,null,null,null,null,100]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ","-","-","-","-","-","-","-","-"]
["Retail warehousing ",0.79186599999999996,8.8398794745579998,0,19.409849646279,-54.525134303026,-26.275405182189999,-80.800539485216007,73.724594817810086]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",0,0,0,0,0,0,0,"-"]
["Industrial",115.59099999999999,2.7939062117079998,0.87532851205399997,8.4068546994810003,-2.2067180589530002,20.835913121456002,18.629195062503001,120.01543199730082]
["Other ",0.150005,0,0,0,-29.202359921336001,-29.202359921336001,-58.404719842672002,70.797640078664045]
["Overall",116.53287099999999,2.8313935311530001,0.868253707097,8.4708009015729999,-2.59698305092,20.451370245169002,17.854387194249004,119.63752098753322]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Legal & General Investment Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,2.4]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.1000000000000001]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,4.3]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,18.600000000000001]
[" Less than 5 years ",null,null,null,null,null,null,73.599999999999994]
["Source: Legal & General Investment Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[200,1.5650000000000001E-2,6.0602739726027401,null,null,null,250,1.3000000000000001E-2,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Legal & General Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Legal & General Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Quarterly, on  the last day of the quarter"]
["Valuers",null,null,null,null,null,"DTZ Debenham Tie Leung"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Legal & General Investment Management Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"50% of Gross Asset Value"]
["Cash holdings (maximum)",null,null,null,null,null,null,"None"]
["Cash holdings (minimum)",null,null,null,null,null,null,"None"]
["Source: Legal & General Investment Management Limited"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["HOWDEN JOINERY PROPERTIES LTD",null,null,null,null,null,null,null,2.1]
["SCREWFIX DIRECT LTD",null,null,null,null,null,null,null,1.6]
["XPO SUPPLY CHAIN UK LIMITED",null,null,null,null,null,null,null,1.3]
["GRACE FOODS UK LIMITED",null,null,null,null,null,null,null,1.1000000000000001]
["CLIPPER LOGISTICS PLC",null,null,null,null,null,null,null,1.1000000000000001]
["WOLSELEY UK LIMITED",null,null,null,null,null,null,null,0.9]
["FLAKT WOODS LIMITED",null,null,null,null,null,null,null,0.8]
["FOURPURE LIMITED",null,null,null,null,null,null,null,0.8]
["JAGUAR LAND ROVER LIMITED",null,null,null,null,null,null,null,0.8]
["SCHENKER LIMITED ",null,null,null,null,null,null,null,0.7]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,5]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,7.1999999999999993]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,11.200000000000001]
["Source: Legal & General Investment Management Limited"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,2850.3720010000002,0,0,0,null,null,2850.3720010000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-327,0,0,0,null,null,-327]
["Cash",null,78.271660999999995,0,0,0,null,null,78.271660999999995]
["Other net assets/liabilities",null,1.8946320199997899,0,0,0,null,null,1.8946320199997899]
["Total net assets",null,2603.5382940200002,0,0,0,null,null,2603.5382940200002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,8.7261711423189077,"-","-","-",null,null,8.7261711423189077]
["Net debt (cash)/equity ",null,9.5534734238900079,"-","-","-",null,null,9.5534734238900079]
["Source: Legal & General Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,"-","-","-","-","-","-"]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,1279.78403244478,1274.6386049911,1287.31150574189,1388.3474853279372,1446.7959335371299,1557.529251816185]
["Quarterly distribution (GBp)",null,null,9.8131065428835704,8.0038522340734399,5.9457899999999997,9.9096499999999992,9.6091407086166196,10.151339412606328]
["Yield",null,null,3.1008710334068199E-2,3.0946125478640167E-2,2.7702444814899588E-2,2.4400911946549197E-2,2.2489938942163668E-2,2.2140225634696857E-2]
["Source: Legal & General Investment Management Limited"]
[]
["Net asset value"]
["The closing NAV of the Fund is calculated in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) from 1 January 2015 (and was calculated using UK GAAP prior to this date). "]
[]
["Distributions"]
["The fund distributes 100% of its income 10 days after the end of each quarter."]
[]
["Minimum investment/disinvestment"]
["N/A"]
[]
[]
["Transfer and realisation of units"]
["The fund is now semi evergreen and there are annual opportunities for fund raises and liquidity windows."]
[]
[]
["Taxation"]
["Capital Gains Tax"]
["The partnership is tax transparent. The admission of a new partner would not give rise to a capital gains tax liability, but the disposal of a partnership interest may give rise to a capital gains tax liability. Those investors in the IPIF Feeder Unit Trust who are subject to tax may be liable to capital gains tax on the sale of their units in the Trust."]
[]
["Income Tax"]
["While distributions are made net of tax, non-taxpayers are entitled to reclaim the tax that has been deducted"]
[]
["Stamp duty reserve tax"]
["Transfers of partnership interests are subject to SDRT at the prevailing rate, currently 4.0%. Since the IPIF Feeder Unit Trust is registered in Jersey, transfers of units in the Trust are not subject to SDRT."]
[]
["Charges"]
["Vehicle manager/operator and Property asset manager\nThe vehicle manager/operator and property asset manager are entitled to fees equivalent to 0.7% pa of the average value of the property held by the Fund and to 0.25% pa of any cash balances. Performance fee: 20.0% over the benchmark return plus 0.25% on a 3 year rolling basis.\n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,58,null,null,null,27.7361304639699]
["1% or greater but less than 2%",null,null,null,15,null,null,null,22.0479835459371]
["2% or greater but less than 4%",null,null,null,12,null,null,null,30.849132593773898]
["4% or greater but less than 8%",null,null,null,2,null,null,null,9.3850412337839604]
["Greater than 8.0%",null,null,null,1,null,null,null,9.9817121625351799]
["Total",null,null,null,88,null,null,null,100.00000000000004]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,9.9817121625351746]
["Three largest holders",null,null,null,3,null,null,null,19.36675339631913]
["Five largest holders",null,null,null,5,null,null,null,26.339837992210345]
["Ten largest holders",null,null,null,10,null,null,null,39.40631432663654]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,10.929365389852901]
["External",null,null,null,86,null,null,null,89.070634610147096]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1482263,1482263,1482263,1524676.1040000001,1566537.6628,1566537.6628]
["Units issued during period",null,null,"                      -   ",0,42413.103999999999,41861.558799999999,0,105044.24140000041]
["Units redeemed during period",null,null,"                      -   ",0,0,0,0,0]
["Units in issue at end of period",null,null,1482263,1482263,1524676.1040000001,1566537.6628,1566537.6628,1671581.9042000005]
["Unit transfers"]
["Matched bargains",null,null,"                      -   ","-","-","-","-","-"]
["Matched bargains %*",null,null,"                      -   ","-","-","-","-","-"]
["* as % of units in issue at the end of the period   "]
["Source: Legal & General Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Janus Henderson UK Property PAIF"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The investment strategy of the Trust is to achieve a high income together with some growth of both income and capital through investment in commercial property, property-related assets, government and other public securities"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Pension funds, charities, insurance companies, other corporate and institutional investors and private individuals."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Authorised property unit trust"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"1999-06-01"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up"]
["Year-end",null,null,null,null,null,null,null,"2017-05-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1111.12902968]
["Source: Nuveen Real Estate"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Janus Henderson Global Investors "]
["Property advisor",null,null,null,null,"Janus Henderson Global Investors "]
["Investment Advisor",null,null,null,null,"Nuveen Real Estate"]
["Fund Manager",null,null,null,null,"Ainslie McLennan "]
["Fund Manager",null,null,null,null,null,null,null,"Marcus Langlands Pearse "]
["Corporate trustee",null,null,null,null,"The Royal Bank of Scotland "]
["Auditors",null,null,null,null,"PricewaterhouseCoopers"]
["Source: Nuveen Real Estate"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,"Janus Henderson UK Property PAIF^*",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",1.4,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",3.8,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",1.6,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",3.8,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",4.5999999999999996,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: ^ Returns calculated on a bid price to bid price basis (net income reinvested). On 8th January 2011 the pricing basis was switched to Bid due to a period of net outflows. "]
["               This had a negative short-term effect on the performance of the fund.  "]
["          + Annualised         ** Weighted average returns, NAV to NAV, gross income reinvested"]
["Source: Nuveen Real Estate"]
["             **MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.15]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.25]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0.8]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.8]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.8]
["Note: *None specified"]
["Source: Nuveen Real Estate"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Janus Henderson UK Property PAIF*",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,4.4234286735488473,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,1.4399767808093908,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,3.2624473940212759,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,9.3949485092932683,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,18.520801357672781,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,2.5289592212964926,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,15.306503187259823,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,17.835462408556317,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,11.960807135598003,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,15.00275808505784,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,26.963565220655845,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,17.464668387497898,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,19.215502625617177,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000001,null,100,null,100,100.00001]
["Source: Nuveen Real Estate"]
["**  MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,46,null,null,897.620001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,46,null,null,897.620001,null,100]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["CAPITAL PARK",null,null,null,"CAMBRIDGE","Office ",null,"100-125","*"]
["BILTON WAY",null,null,null,"LUTON","Industrial ",null,"50-75","*"]
["EDDIE STOBART MANOR PARK",null,null,null,"RUNCORN","Industrial Other ",null,"40-50","*"]
["DALTON PARK OUTLET CENTRE",null,null,null,"SEAHAM","Retail ",null,"25-50","*"]
["22/24, WORPLE ROAD",null,null,null,"LONDON","Office ",null,"25-50","*"]
["JOHN LEWIS",null,null,null,"CROYDON","Retail Park",null,"25-50","*"]
["EXPERT LOGISTICS",null,null,null,"CREWE","Industrial ",null,"25-50","*"]
["KINGSTON (CKC DEVELOPMENTS)",null,null,null,"KINGSTON UPON THAMES","Education ",null,"25-50","*"]
["CRIBBS CAUSEWAY CENTRE",null,null,null,"BRISTOL","Industrial Other ",null,"0-25","*"]
["MAIDENHEAD RETAIL PARK",null,null,null,"MAIDENHEAD","Retail Park",null,"0-25","*"]
["10 largest investments as % of portfolio*",null,null,null,null,null,null,null,0]
["Source: Nuveen Real Estate"]
["Note:* Fund cannot disclose this information due to commercial sensitivity                                                                                                                                                           "]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,1,null,null,0.26500000000000001,null,2.9522515062584933E-2]
["2.5 - 5",null,null,1,null,null,4.25,null,0.47347429817353193]
["5-10",null,null,10,null,null,74.855000000000004,null,8.3392749623011131]
["10-25",null,null,26,null,null,454.70499999999993,null,50.656736647293123]
["25 - 50",null,null,6,null,null,203.345,null,22.653795567552198]
["50 - 100",null,null,2,null,null,160.19999999999999,null,17.847195898211719]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,46,null,null,897.61999999999989,null,99.999999888594274]
["Average lot size",null,null,null,null,null,19.513478260869562]
["Source: Nuveen Real Estate"]
["Note:* Fund cannot disclose this information due to commercial sensitivity                                                                                                                                                           "]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,3.9763130254870001E-2,null,"Investments ",null,null,0.11659319069399]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.9389840378979999E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,4.716813286683999E-2,null,"Source: Nuveen Real Estate"]
["Source: Nuveen Real Estate"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,8.3166493595045363,null,null,null,null,7.8410285701477953]
["Retail warehousing ",null,null,9.3152966465895499,null,null,null,null,12.358990573252996]
["Shopping centres ",null,null,6.8606665963490592,null,null,null,null,7.2133344625857676]
["Central London offices",null,null,3.4023450253649044,null,null,null,null,3.0833845753058582]
["Other offices",null,null,17.610791214623198,null,null,null,null,18.8021522179614]
["Industrial",null,null,29.128717713617931,null,null,null,null,28.950375785692383]
["Other ",null,null,25.365533443950827,null,null,null,null,21.750733815053806]
["Overall",null,null,100,null,null,null,null,100]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",3.9718239999999998,2.3289048054500001,0,9.2770978774490001,-19.373869537019001,9.7851516079260001,-9.5887179290930007,107.45624680247663]
["Retail warehousing ",4.448753,0,0,37.146634124214003,-9.5904852438420001,51.270659440971002,41.680174197129006,151.214463918316]
["Shopping centres ",3.2764829999999998,0,0,11.935999667937001,-1.6479560553190002,19.833095425797001,18.185139370478002,119.83309542579651]
["Central London offices",1.6248750000000001,0,0,0,-1.1400876990539999,3.2895453496420002,2.1494576505880003,103.28954534964228]
["Other offices",8.4104740000000007,0,0,17.874497917714997,-4.4810672977529995,21.684628000751999,17.203560702998999,121.6846280007524]
["Industrial",13.911148000000001,3.6706388286570002,0,10.449001045779999,-7.4590393258700001,16.947149149731999,9.4881098238619987,113.27651032107487]
["Other ",12.113945189999999,0.412747451105,0,4.0263844053269997,-9.9915937460169992,-1.855218811668,-11.846812557684999,97.732033737227113]
["Overall",47.757502189999997,1.367592462021,0,12.263566416642,-8.1527844034010002,15.347150654656,7.1943662512549995,113.97432341299758]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Nuveen Real Estate"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
["Source: Nuveen Real Estate"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,4.1287889311336858]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.3474395952852367]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,19.371329211575748]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,21.356889046710851]
[" Less than 5 years ",null,null,null,null,null,null,50.79555321529449]
["Source: Nuveen Real Estate"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Nuveen Real Estate"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["Note: * Includes joint ventures in which the Fund has an interest of 50% or more"]
["           + Including schemes to which the fund is contractually committed"]
["Source: Nuveen Real Estate"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,"Monthly, on the 28th day of the month or on the last working day previous to this"]
["Valuers",null,null,null,null,null,"CB Richard Ellis"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"No"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Nuveen Real Estate"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["Cash holdings (maximum)"]
["Cash holdings (minimum)"]
["Source: Nuveen Real Estate"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["EDDIE STOBART LIMITED",null,null,null,null,null,null,null,5.1204389031418112]
["CARE UK COMMUNITY PARTNERSHIPS LIMITED",null,null,null,null,null,null,null,4.6388067105351007]
["AMAZON UK SERVICES LTD.",null,null,null,null,null,null,null,4.3807708964274044]
["EXPERT LOGISTICS LIMITED",null,null,null,null,null,null,null,3.735353535249482]
["WILTSHIRE COUNCIL",null,null,null,null,null,null,null,3.3059790779589746]
["SAINSBURY'S SUPERMARKETS LTD",null,null,null,null,null,null,null,3.2621983487158022]
["GE ENERGY POWER CONVERSION UK LTD",null,null,null,null,null,null,null,3.157405544388296]
["DSG RETAIL LIMITED",null,null,null,null,null,null,null,2.7876852572109452]
["PREMIER INN HOTELS LTD",null,null,null,null,null,null,null,2.6608426626371577]
["ARM LIMITED (NEW GF W)",null,null,null,null,null,null,null,2.1466470838218479]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.140016510104317]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.181349123312771]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.196128020086817]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,897.620001,0,0,0,null,null,897.620001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,213.50902768,0,0,0,null,null,213.50902768]
["Other net assets/liabilities",null,9.9999999999999995E-7,0,0,0,null,null,9.9999999999999995E-7]
["Total net assets",null,1111.12902968,0,0,0,null,null,1111.12902968]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-23.786126361059104,"-","-","-",null,null,-23.786126361059104]
["Net debt (cash)/equity ",null,-19.215502608323501,"-","-","-",null,null,-19.215502608323501]
["Note:* Including short term deposits                                                                                                                                                                                                                    "]
["Source: Nuveen Real Estate"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,"-","-","-","-","-","-"]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,"-","-","-","-","-","-"]
["Quarterly distribution (GBp)",null,null,"-","-","-","-","-","-"]
["Yield",null,null,"-","-","-","-","-","-"]
["Source: Nuveen Real Estate"]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. Income is not included in the unit price. Some of the vehicles through which the Fund holds directly-held investments have fixed-rate debt. The market value of this debt is not published and it does not reflect in the monthly recalculation of the Fund’s net asset value"]
[]
["Distributions"]
["Distributions are made monthly, normally on the 20th of each month or the following working day. Ex-distribution dates are the penultimate working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the ex-distribution dates.\n"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP250,000, although the manager, at their discretion, can allow investors to invest as little as GBP25,000 where it is satisfied that the investor has received financial advice or the investment is made on the investor’s behalf by a discretionary investment manager. Existing unitholders may increase or decrease their holdings by minimum amounts of GBP10,000 (rounded to the nearest number of whole units). No redemption notice will be accepted that would result in a holding falling to below the minimum holding value determined by the manager (currently GBP10,000)."]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before subscription day, which is the last working day of the month. \nAs from March 2009, the Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so.\nRedeeming unitholders may not withdraw their realisation notice in respect of units which the Manager has notified the unitholder that it has determined can be redeemed or any units which are within the last 3 months of the 24-month redemption window.\nThe manager will attempt, where possible, the matching of buying and selling orders. Such transfers are effective from the last business day of the month during which they take place.\n"]
[]
[]
[]
[]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
[]
["Capital Gains Tax"]
["since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["while distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at source."]
[]
["Stamp duty reserve tax: no stamp duty is payable on the transfer of existing units."]
[]
[]
["Charges"]
["The trust instrument empowers the manager and investment advisor to make an annual charge totalling not more than 2% of the net asset value of the fund (including accrued income). However, the total charge is currently 1% pa and the manager has undertaken to give at least three months’ notice of any increase in this figure.\nThe manager and investment advisor currently bear the cost of fees of service providers in relation to day-to-day management and rent collection of directly held properties, valuations, the trustees’ and auditors’ fees, custodian fees and the costs of preparing reports and accounts for unitholders, and market research and performance measurement. These costs may, alternatively, be charged to unitholders. The manager has undertaken to give at least three months’ notice before so doing.\n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,0,null,null,null,0]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,0,null,null,null,0]
["Source: Nuveen Real Estate"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,3530533877,3558862581,3558862581,3558862581,3558862581,3558862581]
["Units issued during period",null,null,34323384," -   "," -   ",0,0,0]
["Units redeemed during period",null,null,-6014680," -   "," -   ",0,0,0]
["Units in issue at end of period",null,null,3558862581,3558862581,3558862581,3558862581,3558862581,3558862581]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-",0,0,0]
["Matched bargains %*",null,null,"-","-","-",0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Nuveen Real Estate"]
[]
["Notes"]
["The Trust changed its name from Edinburgh Property Portfolio to New Star Property Unit Trust following the acquisition of Portfolio Fund Management Limited by New Star Asset Management from Edinburgh Fund Managers in November 2003, and to New Star UK Property Unit Trust as from 1 November 2007. On 6 April 2010, the Trust changed its name to Henderson UK Property Unit Trust following the acquisition of New Star Asset Management by Henderson Global Investor."]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Kames Capital Active Value Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to outperform competitor funds through superior sector allocations, superior stock selection and active management of individual properties within the portfolio. The Fund’s benchmark is the All Balanced Funds Index component of the MSCI/AREF UK Pooled Quarterly Fund Index.\nThe Fund is positioned to be relatively low-risk, focusing on delivery of an above-average income return, across a balanced property portfolio."]
[]
[]
["INVESTOR CONSTITUENCY"]
["Approved defined benefit and defined contribution occupational pension schemes."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Managed fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"2009-12-01"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-03-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,178.82999999999998]
["Source : Kames Capital"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Kames Capital"]
["Property advisor"]
["Investment Advisor",null,null,null,null,"Kames Capital"]
["Fund Manager",null,null,null,null,"David Wise/John Dear"]
["Corporate trustee",null,null,null,null,"Not applicable"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers LLP"]
["Source : Kames Capital"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"Kames Capital Active Value Property**",null,null,"Managed funds",null,"All balanced funds",null,"All funds"]
["3 months",2.618216002679,null,null,3.7269800000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.9493231190149998,null,null,6.0128899999999996,null,6.0474500000000004,null,5.5983999999999998]
["12 months",4.4787868342560007,null,null,8.4109200000000008,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",2.4295851906279999,null,null,2.31453,null,2.9910399999999999,null,1.81053]
["5 years+",5.1047278112930004,null,null,4.3663600000000002,null,4.89466,null,3.8698299999999999]
["10 years+",6.8775394910510004,null,null,5.9745999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns                                                                                                                                                                                                                   "]
["         + Annualised"]
["         ** Returns for the Kames Capital Active Value Property Fund are provisional"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.1]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.1]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"Nil"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"Nil"]
["Note: * None specified"]
["Source : Kames Capital"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Kames Capital Active Value Property Fund*",null,"Managed funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,3.841183541061977,null,3.0015200000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,11.658188207842466,null,3.1269999999999998,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,2.3193600000000001,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,20.546943714074331,null,9.1735699999999998,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,36.046315462978775,null,17.621449999999999,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,2.7791999999999999,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,10.594609999999999,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,12.918966649593079,null,8.0911200000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,13.764241022138753,null,4.6455200000000003,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,26.683207671731832,null,26.11045,null,27.247970000000002,22.74428]
["South East  industrial",null,null,16.162751636218768,null,26.519659999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,3.087748050765466,null,12.632540000000001,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,19.250499686984234,null,39.152200000000001,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,7.183940527004725,null,9.5426400000000005,null,10.61041,21.910550000000001]
["Cash***",null,null,10.836036651300439,null,7.5732499999999998,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,99.999989999999997,null,100,100.00001]
["Sources: * Kames Capital"]
["** MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,34,null,null,156.66999999999999,null,100]
["Joint  and indirect holdings",null,null,"-",null,null,"-",null,"-"]
["Listed investments",null,null,"-",null,null,"-",null,"-"]
["Total",null,null,34,null,null,156.66999999999999,null,100]
["Source : Kames Capital"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["LORDSWOOD INDUSTRIAL ESTATE,REVENGE ROAD",null,null,null,"CHATHAM","Industrial ",null,21.3,13.595455415842217]
["SMITHFIELD BUILDING",null,null,null,"MANCHESTER","Retail Other ",null,9.5250000000000004,6.0796578796195835]
["MATALAN UNIT",null,null,null,"BIRMINGHAM","Retail Shopping Centre ",null,9.4,5.9998723431416359]
["CLACTON FACTORY OUTLET",null,null,null,"CLACTON-ON-SEA","Retail ",null,7.45,4.7552179740856584]
["PREECE HOUSE,91-101 ,DAVIGDOR ROAD",null,null,null,"HOVE","Office ",null,7.25,4.6275611157209431]
["242-252,LONDON ROAD,STAINES,TW14 4JQ",null,null,null,"TWICKENHAM","Industrial Other ",null,7.1,4.5318184719474051]
["THE EAGLE BUILDING",null,null,null,"EDINBURGH","Retail Other ",null,6.9,4.4041616135826906]
["NICHOLSON'S WALK",null,null,null,"MAIDENHEAD","Office ",null,6.7,4.2765047552179745]
["HOMEBASE,TY GLAS ROAD,CARDIFF,CF14 5EY",null,null,null,"CARDIFF","Retail Warehouse ",null,6.1,3.8935341801238277]
["RAVENSIDE RETAIL PARK,VICTORIA ROAD,STOKE-ON-TRENT",null,null,null,"STOKE-ON-TRENT","Retail Park",null,5.8250000000000002,3.7180059998723438]
["10 largest investments as % of portfolio",null,null,null,null,null,null,87.550000000000011,55.881789749154287]
["Source : Kames Capital"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,13,null,null,23.009999999999998,null,14.686921554860536]
["2.5 - 5",null,null,8,null,null,29.225000000000005,null,18.65385842854408]
["5-10",null,null,12,null,null,83.135000000000005,null,53.063764600753181]
["10-25",null,null,1,null,null,21.3,null,13.595455415842217]
["25 - 50",null,null,"-",null,null,"-",null,"-"]
["50 - 100",null,null,"-",null,null,"-",null,"-"]
["100-150",null,null,"-",null,null,"-",null,"-"]
["Over 150",null,null,"-",null,null,"-",null,"-"]
["Total",null,null,34,null,null,156.67000000000002,null,100.00000000000003]
["Average lot size",null,null,null,null,null,4.6079411764705887]
["Source : Kames Capital"]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,6.0700000000000004E-2,null,"Investments ",null,null,0.1051]
["Nominal equivalent yield",null,null,7.0800000000000002E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,7.3899999999999993E-2,null,"Total",null,null,0.1051]
["Net reversionary yield",null,null,6.0100000000000001E-2,null,"Source : Kames Capital"]
["Source : Kames Capital"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,19.974236542283879,null,null,null,null,22.162832451708034]
["Retail warehousing ",null,null,31.100676071090277,null,null,null,null,10.649772023713336]
["Shopping centres ",null,null,0,null,null,null,null,16.320260190565605]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,24.649267252817548,null,null,null,null,27.773743985567066]
["Industrial",null,null,13.409827019294477,null,null,null,null,17.777966265147942]
["Other ",null,null,10.865993114513826,null,null,null,null,5.3154250832980123]
["Overall",null,null,100.00000000000001,null,null,null,null,99.999999999999986]
["Source : Kames Capital"]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",2.2731599999999998,7.04,0,1.1000000000000001,-16.89,5.63,-11.260000000000002,120.00545496137536]
["Retail warehousing ",3.5394000000000001,1.1200000000000001,0,2.95,-12.72,2.44,-10.280000000000001,37.035344973724364]
["Shopping centres ","-","-","-","-","-",0,"-","-"]
["Central London offices","-","-","-","-","-",0,"-","-"]
["Other offices",2.8052000000000001,6.27,0,38.840000000000003,-8.17,3.66,-4.51,121.86425210323684]
["Industrial",1.5261,8.67,0,4.87,-0.16,8.39,8.23,143.38536137867766]
["Other ",1.2365999999999999,0,0,0,-20.41,0,-20.41,52.907164806728126]
["Overall",11.380459999999999,4.4600000000000001E-2,0,0.11360000000000001,-0.1159,3.9100000000000003E-2,-7.6800000000000007E-2,108.15482853944394]
["Source : Kames Capital"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
["Source : Kames Capital"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing*"]
[" 20 years or greater ",null,null,null,null,null,null,7.1199999999999999E-2]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,9.98E-2]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,2.6909999999999998]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,23.640999999999998]
[" Less than 5 years ",null,null,null,null,null,null,73.497]
["Source : Kames Capital"]
["*The numbers for the Kames Capital Active Value Property Fund reflect that all break options have been exercised"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source : Kames Capital"]
[]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["Source : Kames Capital"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,"-",null,"-",null,"-",null,"-"]
["% of all directly held properties*",null,"-",null,"-",null,"-",null,"-"]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source : Kames Capital"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the end of each month"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source : Kames Capital"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["for investment purposes",null,null,null,null,null,null,null,"Nil"]
["for liquidity purposes",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null,0.2]
["Cash holdings (minimum)",null,null,null,null,null,null,"Nil"]
["Source : Kames Capital"]
[]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Secretary of State for Scottish Ministers Office",null,null,null,null,null,null,null,5.3]
["Matalan Retail Limited",null,null,null,null,null,null,null,5.12]
["Mecca Bingo Limited",null,null,null,null,null,null,null,3.74]
["B&M Retail Limited",null,null,null,null,null,null,null,3.35]
["Wickes Building Supplies Limited",null,null,null,null,null,null,null,3.28]
["Motorpoint Limited",null,null,null,null,null,null,null,3.27]
["Design Blue Limited t/a D30",null,null,null,null,null,null,null,3.04]
["JD Sports Fashion plc - Turnover ONLY - H/O",null,null,null,null,null,null,null,2.94]
["Dunelm (Soft Furnishings) Limited",null,null,null,null,null,null,null,2.64]
["Ashtead Plant Hire Company Limited",null,null,null,null,null,null,null,2.5]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.16]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.790000000000003]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.18]
["Source : Kames Capital"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,156.66999999999999,0,0,0,null,null,156.66999999999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,19.04,0,0,0,null,null,19.04]
["Other net assets/liabilities",null,3.12,0,0,0,null,null,3.12]
["Total net assets",null,178.82999999999998,0,0,0,null,null,178.82999999999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-12.15293291632093,"-","-","-",null,null,-12.15293291632093]
["Net debt (cash)/equity ",null,-10.646983168372197,"-","-","-",null,null,-10.646983168372197]
["Source : Kames Capital"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,2.2929879999999998,2.2519499999999999,2.2408839999999999,2.2643049999999998,2.2643049999999998,2.2939259999999999]
["Offer (GBp)",null,null,2.4512209999999999,2.4052790000000002,2.3930530000000001,2.412922,2.412922,2.4438049999999998]
["Mid (GBp)",null,null,2.3721044999999998,2.3286145,2.3169684999999998,2.3386135000000001,2.3386135000000001,2.3688655000000001]
["Bid/offer spread",null,null,6.4552726987897088E-2,6.3746866787595224E-2,6.358781021565349E-2,6.1592127719006344E-2,6.1592127719006344E-2,6.1330179781119973E-2]
["Net asset value (GBp)",null,null,2.3221106897337598,2.28017004712025,2.2688907775641201,2.29178404582948,2.29178404582948,2.3215118092942899]
["Quarterly distribution (GBp)",null,null,"-","-","-","-","-","-"]
["Yield",null,null,"-","-","-","-","-","-"]
["Source : Kames Capital"]
["** Figures for the Kames Capital Active Value Property Fund are provisional"]
[]
[]
[]
["Unit pricing"]
["The unit price is calculated at midday on a forward-pricing basis for deals to be carried out the next working day. The fund has a bid/offer spread, reflecting the costs of purchasing and selling direct property in which the fund is invested."]
[]
["Distributions"]
["The fund does not distribute income. Income is reinvested in the fund."]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:  £100,000\nMinimum additional investment: None\nMinimum redemption:  None\n"]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is daily dealt and monthly valued.\nUnits may be redeemed at any time on receipt of written notice to the manager. \nThe manager has the right to delay redemptions for up to a maximum of 12 months in the event of there being insufficient cash in the fund.\n"]
[]
[]
[]
[]
["Taxation"]
["Capital Gains Tax"]
["The fund is for tax exempt pension funds."]
["Income Tax"]
["The fund is for tax exempt pension funds."]
["Stamp duty reserve tax"]
["Purchases and transfers of units do not attract SDRT."]
[]
["Charges"]
["Annual charges: The annual management charge is equivalent to 0.5% of the value of the fund."]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,2,null,null,null,1.2328991904211302]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,2,null,null,null,98.77]
["Total",null,null,null,4,null,null,null,100.00289919042113]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,75.08]
["Three largest holders",null,null,null,3,null,null,null,99.73]
["Five largest holders",null,null,null,5,null,null,null,100]
["Ten largest holders",null,null,null,10,null,null,null,"-"]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,98.77]
["External",null,null,null,2,null,null,null,1.2328991904211302]
["Source : Kames Capital"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,88982374,103394082,99836380.489999995,99356444.666999996,84440534.704404995,84238190.724405006]
["Units issued during period",null,null,25026887,2332432.8899999997,298421.68469999998,228245.517895,450.37,13080.111799999999]
["Units redeemed during period",null,null,-10615179,-5890134.4000000004,-778357.50769999996,-15144155.480490001,-202794.35,-9182194.2668000013]
["Units in issue at end of period",null,null,103394082,99836380.489999995,99356444.666999996,84440534.704404995,84238190.724405006,75069076.569405004]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",null,null,"-","-","-","-","-","-"]
["Note: * As % of units in issue at the end of the period"]
["Source : Kames Capital"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Kames Capital UK Active Value Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to invest in predominantly multi-let commercial assets in the UK.  Whilst the Fund’s performance is measured relative to the All Balanced Funds Index component of the MSCI/AREF UK Pooled Quarterly Fund Index, its objective is to target a property level IRR of circa 8-10%.\nThe Fund has a strong focus on stock selection, with the main source of added value investment returns expected to be achieved from the picking of good quality assets offering attractive income returns, good value, or asset management potential.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Corporate and Local Authority Pension Schemes"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Authorised PUT"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"2013-10-01"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"2020-10-01"]
["Year-end",null,null,null,null,null,null,null,"2017-12-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,204.767]
["Source:  Kames Capital"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Kames Capital"]
["Property advisor",null,null,null,null,null,null,null,"-"]
["Investment Advisor",null,null,null,null,"Kames Capital"]
["Fund Manager",null,null,null,null,"Philip Bach"]
["Corporate trustee",null,null,null,null,"Saltgate Ltd"]
["Auditors",null,null,null,null,"Pricewaterhouse Coopers"]
["Source:  Kames Capital"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"Kames Capital UK Active Value Property Unit Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",2.0352454245409999,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.1330492511669998,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",3.5316867144840005,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",1.2035750728620001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",4.2048150722350002,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source:  Kames Capital"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.1]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.1]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"Nil"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"Nil"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"Nil"]
["Note: * None specified"]
["Source:  Kames Capital"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,null,null,"Kames Capital UK Active Value Property Unit Trust",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,7.7907913271259268,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,3.856250533034054,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0.22940867193687003,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,17.760054685779359,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,29.636505217876209,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,5.6587472411094613,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,18.978105491539406,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,18.087781359974883,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,42.724634092623752,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,1.4756803857526442,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,14.363531848491807,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,15.839212234244451,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,2.8348357317913222,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,8.9648127234642754,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000001,null,100,null,100,100.00001]
["Source:  Kames Capital"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,35,null,null,194.27,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,35,null,null,194.27,null,100]
["Source:  Kames Capital"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,"Location",null,"Sector",null,"Valuation (GBPm)","% of total portfolio "]
["Wigmore Place, Wigmore Lane, Luton",null,null,"Luton",null,"Offices",null,18.8,9.6772533072527924]
["Olympus House, Olympus Avenue, Leamington",null,null,"Leamington Spa",null,"Offices",null,16.5,8.4933340196633544]
["Bilston Glen Industrial Estate, Edinburgh",null,null,"Edinburgh",null,"Industrial",null,13.4,6.8976167189993305]
["41-42 Trinity Square, London",null,null,"London",null,"Offices",null,12.074999999999999,6.2155762598445454]
["Cray House, 3 Maidstone Road, Sidcup",null,null,"Sidcup",null,"Offices",null,11.95,6.1512328203016411]
["78-104 Town Square, Basildon",null,null,"Basildon",null,"Standard Retail",null,9.6999999999999993,4.9930509085293657]
["Clydesmill IE, Clydesmill Place, Cambuslang",null,null,"Cambuslang",null,"Industrial",null,8.6999999999999993,4.4783033921861319]
["Portrack Interchange, Portrack Lane, Stockton-on-Tees",null,null,"Stockton-on-Tees",null,"Retail Warehouses",null,8.5,4.3753538889174859]
["Orion Business Park, Bird Hall Lane, Cheadle, Stockport",null,null,"Stockport",null,"Offices",null,8.4,4.3238791372831624]
["Riverside Office, Riverside Offices, Colchester",null,null,"Colchester",null,"Offices",null,7,3.6032326144026348]
["10 largest investments as % of portfolio",null,null,null,null,null,null,115.02500000000001,59.208833067380453]
["Source:  Kames Capital"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,11,null,null,15.845000000000001,null,8.1561743964585371]
["2.5 - 5",null,null,9,null,null,33.85,null,17.424203428218458]
["5-10",null,null,10,null,null,71.849999999999994,null,36.98460904926133]
["10-25",null,null,5,null,null,72.724999999999994,null,37.435013126061662]
["25 - 50",null,null,0,null,null,0,null,0]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,35,null,null,194.26999999999998,null,99.999999999999986]
["Average lot size",null,null,null,null,null,5.5505714285714278]
["Source:  Kames Capital"]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,5.67E-2,null,"Investments ",null,null,0.192]
["Nominal equivalent yield",null,null,7.46E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,7.8E-2,null,"Total",null,null,0.192]
["Net reversionary yield",null,null,7.2499999999999995E-2,null,"Source:  Kames Capital"]
["Source:  Kames Capital"]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,17.882684942551908,null,null,null,null,13.852039807046957]
["Retail warehousing ",null,null,21.104616004837737,null,null,null,null,20.003850085239232]
["Shopping centres ",null,null,0.12900624874017336,null,null,null,null,2.066763548668443]
["Central London offices",null,null,1.7198145535174358,null,null,null,null,5.3127633278199955]
["Other offices",null,null,37.751259826647853,null,null,null,null,42.3172789109219]
["Industrial",null,null,15.492844184640195,null,null,null,null,13.124539037915664]
["Other ",null,null,5.9197742390647043,null,null,null,null,3.3227652823878087]
["Overall",null,null,100.00000000000001,null,null,null,null,99.999999999999986]
["Source:  Kames Capital"]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",2.2179000000000002,7.77,0,8.16,-25.35,15.19,-10.160000000000002,105.76671626313178]
["Retail warehousing ",2.6175000000000002,29.9,0,1.38,-14.31,12.45,-1.8600000000000012,129.42082139446035]
["Shopping centres ",1.6E-2,0,0,0,0,2087.5,2087.5,2187.4999999999995]
["Central London offices",0.21329999999999999,0,0,291.83999999999997,-3.64,33.619999999999997,29.979999999999997,421.8002812939522]
["Other offices",4.6821000000000002,0,0,51.51,-4.2699999999999996,5.82,1.5500000000000007,153.05738877853955]
["Industrial",1.9215,2.41,0,6.8,-0.54,12.8,12.260000000000002,115.67004944054125]
["Other ",0.73419999999999996,0,0,0,-23.36,0,-23.36,76.641242168346508]
["Overall",12.4025,8.0700000000000008E-2,0,26.22,-10.69,12.950000000000001,2.2600000000000016,136.5425519048579]
["Source:  Kames Capital"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
["Source:  Kames Capital"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.78190000000000004]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0.99990000000001089]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.3556999999999997]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,12.446]
[" Less than 5 years ",null,null,null,null,null,null,78.416499999999999]
["Source:  Kames Capital"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source:  Kames Capital"]
[]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source:  Kames Capital"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                     Source:  Kames Capital                                                                                                                                        "]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Quarterly"]
["Valuers",null,null,null,null,null,"Knight Frank "]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index*",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full Member"]
["Source:  Kames Capital"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["for investment purposes",null,null,null,null,null,null,null,"Nil"]
["for liquidity purposes",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null,0.2]
["Cash holdings (minimum)",null,null,null,null,null,null,"Nil"]
["Source:  Kames Capital"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["TUI Northern Europe Limited",null,null,null,null,null,null,null,12.25]
["TNS ",null,null,null,null,null,null,null,7.36]
["London & Quadrant Housing Trust",null,null,null,null,null,null,null,6.06]
["Sportdirect.com Retail Limited",null,null,null,null,null,null,null,4.2300000000000004]
["Wickes",null,null,null,null,null,null,null,3.67]
["RBS",null,null,null,null,null,null,null,3.08]
["Nuffield Health",null,null,null,null,null,null,null,3.02]
["Mecca Bingo Limited",null,null,null,null,null,null,null,2.8]
["Eldon Electric Ltd",null,null,null,null,null,null,null,2.79]
["Waterstones Booksellers Ltd",null,null,null,null,null,null,null,2.12]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.669999999999998]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,33.57]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,47.379999999999995]
["Source:  Kames Capital"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,194.27,0,0,0,null,null,194.27]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,19.131,0,0,0,null,null,19.131]
["Other net assets/liabilities",null,-8.6340000000000003,0,0,0,null,null,-8.6340000000000003]
["Total net assets",null,204.767,0,0,0,null,null,204.767]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-9.8476347351624032,"-","-","-",null,null,-9.8476347351624032]
["Net debt (cash)/equity ",null,-9.3428140276509399,"-","-","-",null,null,-9.3428140276509399]
["Source:  Kames Capital"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,"-","-","-","-","-","-"]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,1.117734,1.0767727666086537,1.0642883099879143,1.0592413567995456,1.0610126809834908,1.0712730330399767]
["Quarterly distribution (GBp)",null,null,1.1622705000000001E-2,-3.5372649762678544E-3,1.4415352065976626E-2,1.164662510010437E-2,9.6251223084090915E-3,1.1776501384868059E-2]
["Yield",null,null,1.9295203258897817E-2,6.3226087480651736E-3,2.9462458993181125E-2,3.8916481949778925E-2,3.6968798916144407E-2,4.430579263688695E-2]
["Source:  Kames Capital"]
[]
["Unit pricing"]
["The NAV of the Fund is calculated on a quarterly basis by the Managing Trustee, Saltgate Ltd."]
[]
["Distributions"]
["Quarterly income distributions are made from the Fund."]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment: £2,500,000\nMinimum additional investment: £2,500,000\nMinimum redemption: N/A\n"]
[]
[]
["Creation, transfer and realisation of units"]
["On the expiry of the investment period (3 years from inception of the Fund) and thereafter on an annual rolling basis all unitholders may make a request to redeem up to 10% of their units in issue, subject to the minimum holding (£1,500,000). "]
[]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["The fund is a Jersey PUT and subject to applicable governing law."]
[]
["Income Tax"]
["The fund is a Jersey PUT and subject to applicable governing law."]
["Stamp duty reserve tax"]
["As above"]
[]
["Charges"]
["Annual charges:\nThe annual management charge, which is based on the value of the Fund, is 0.5% per annum for first close investments and 0.6% per annum for all other investments.\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,2,null,null,null,11.56]
["Greater than 8.0%",null,null,null,5,null,null,null,88.44]
["Total",null,null,null,7,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,25.74]
["Three largest holders",null,null,null,3,null,null,null,64.52]
["Five largest holders",null,null,null,5,null,null,null,88.44]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,5.12]
["External",null,null,null,6,null,null,null,94.88]
["Source:  Kames Capital"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,266659217,266659217,232776766.56932959,215009304.21566206,215009304.21566206,215009304.21566206]
["Units issued during period",null,null,"-","-",0,0,0,0]
["Units redeemed during period",null,null,"-",-33882450.590187401,-17767462.194150541,-17647668.982025888,-6218194.1944379201,0]
["Units in issue at end of period",null,null,266659217,232776766.4098126,215009304.21566206,197361635.23363617,208791110.02122414,215009304.21566206]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",null,null,"-","-","-","-","-","-"]
["* as % of units in issue at the end of the period   "]
["Source:  Kames Capital"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Kames Capital UK Active Value Property Unit Trust II"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund reflects an active value property investment strategy with the aim of achieving an attractive income return for investors.The Fund targets investment in commercial assets in the UK, with the focus on the three main commercial sectors of office, industrial and retail. With a strong focus on stock selection, the Fund will invest only in direct real estate assets with minimal exposure to debt and no exposure to indirect property vehicles. The main source of added investment return is expected to be achieved through the picking of good quality assets offering attractive income returns, good value, or asset management potential. Active asset management will include change of use; new lettings; refurbishment; and extending leases."]
[]
[]
["INVESTOR CONSTITUENCY"]
[]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,null,"Authorised PUT"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"2016-07-11"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"2023-05-26"]
["Year-end",null,null,null,null,null,null,null,"2020-12-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,151.52700000000002]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,null,null,null,"Kames Capital"]
["Investment Advisor",null,null,null,null,null,null,null,"Kames Capital"]
["Property Fund Manager",null,null,null,null,null,null,null,"Megan Harwood"]
["Depositary",null,null,null,null,null,null,null,"Saltgate Ltd"]
["Auditors",null,null,null,null,null,null,null,"PWC"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index *"]
[null,"Kames Capital UK Active Value Property Unit Trust II",null,null,"Other Balanced Funds",null,"All balanced funds",null,"All funds"]
["3 months","-",null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date","-",null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months","-",null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+","-",null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+","-",null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"Not specified"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"10% of GAV"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"Not specified"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Kames Capital UK Active Value Property Unit Trust II*",null,"Other Balanced Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,4.9193939443374983,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,4.2960881268556887,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,20.090279780743248,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,29.305761851936435,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,23.601569219224114,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,4.076986687983295,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,27.678555907207411,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,0,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,37.455957616887986,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,37.455957616887986,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,0,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,5.5597246239681546,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999999999999986,null,100,null,100,100.00001]
["** MSCI/AREF UK Quarterly Property Fund Index"]
["^ Includes Investment in Indirects"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,21,null,null,144.72499999999999,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,21,null,null,144.72499999999999,null,100]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["Easter Park, Lenton Lane",null,null,null,"Nottingham","Industrial",null,20,13.819312489203664]
["The Point, Saracen Street",null,null,null,"Glasgow","Industrial",null,15.525,10.727241319744344]
["Starlaw Park",null,null,null,"Livingston","Industrial",null,13.8,9.5353256175505265]
["St John's Place, Easton Street",null,null,null,"High Wycombe","Office",null,7.9249999999999998,5.4759025738469509]
["Griffin House, 135-143 High Street",null,null,null,"Crawley","Office",null,7.65,5.2858870271204017]
["Campbells Meadow Retail Park",null,null,null,"King's Lynn","Retail Warehouse",null,7.34,5.0716876835377445]
["Homebase, Stockport Road East",null,null,null,"Stockport","Retail Warehouse",null,6.7,4.6294696838832268]
["Malvern House",null,null,null,"Maidenhead","Office",null,6.6,4.5603731214372081]
["The Range, Silksworth",null,null,null,"Sunderland","Retail Warehouse",null,6.5750000000000002,4.5430989808257038]
["Orion Park, Units 1/2, Plot 3, Orion Way",null,null,null,"Crewe","Industrial",null,6.26,4.3254448091207465]
["10 largest investments as % of portfolio",null,null,null,null,null,null,98.375000000000014,67.973743306270521]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,4,null,2.7638624978407322]
["2.5 - 5",null,null,6,null,null,19.375,null,13.387458973916047]
["5-10",null,null,10,null,null,67.45,null,46.605631369839358]
["10-25",null,null,3,null,null,49.325000000000003,null,34.081879426498531]
["25 - 50",null,null,0,null,null,0,null,0]
["50 - 100",null,null,0,null,null,0,null,0]
["Over 100",null,null,0,null,null,0,null,0]
[]
["Total",null,null,21,null,null,140.15,null,96.838832268094663]
["Average lot size",null,null,null,null,null,6.6738095238095241]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,5.6799999999999996E-2,null,"Investments ",null,null,0.1075]
["Nominal equivalent yield",null,null,6.8099999999999994E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,7.0999999999999994E-2,null,"Total",null,null,0.1075]
["Net reversionary yield",null,null,6.7000000000000004E-2]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,14.553979766249366,null,null,null,null,9.3565595052636557]
["Retail warehousing ",null,null,19.118122603594031,null,null,null,null,24.903932398621535]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,28.19443802836421,null,null,null,null,33.810130765236273]
["Industrial",null,null,38.133459601792396,null,null,null,null,31.929377330878538]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,100,null,null,null,null,100]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",1.2602,0,0,0,-28.38,7.02,-21.36,78.63831137914616]
["Retail warehousing ",1.6554,42.64,0,13.68,-18.079999999999998,21.1,3.0200000000000031,159.33913253594298]
["Shopping centres ",0,0,0,0,0,0,0,"-"]
["Central London offices",0,0,0,0,0,0,0,"-"]
["Other offices",2.4413,0,0,44.97,-0.93,2.67,1.7399999999999998,146.68414369393358]
["Industrial",3.3018999999999998,0,0,2.86,-2.2200000000000002,1.78,-0.44000000000000017,102.41981889215302]
["Other ",0,0,0,0,0,0,0,"-"]
["Overall",8.6587999999999994,8.1500000000000003E-2,0,0.1638,-8.6900000000000005E-2,6.4899999999999999E-2,-2.2000000000000006E-2,122.32064489305678]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.57316000000000145]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0.84443999999999997]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,4.3269000000000002]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,15.922499999999999]
[" Less than 5 years ",null,null,null,null,null,null,78.332999999999998]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
[]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,null,null,"Quarterly"]
["Valuers",null,null,null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,null,null,"Full Member"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,null,"Minimal"]
["   for investment purposes"]
["   for liquidity purposes"]
["Cash holdings (maximum)",null,null,null,null,null,null,null,"Not specified"]
["Cash holdings (minimum)",null,null,null,null,null,null,null,"Not specified"]
[]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["HHGL Limited  t/a Homebase In Administration",null,null,null,null,null,null,null,8.24]
["SeeWoo Foods (Glasgow) Ltd",null,null,null,null,null,null,null,6.01]
["Sabre Retail Fashions Ltd  ",null,null,null,null,null,null,null,4.63]
["Core Fulfilment Limited",null,null,null,null,null,null,null,3.95]
["Young's Seafood Ltd",null,null,null,null,null,null,null,3.84]
["WH Smith Retail Holdings Ltd ",null,null,null,null,null,null,null,3.28]
["Next Group PLC",null,null,null,null,null,null,null,2.86]
["Hyaltech Ltd",null,null,null,null,null,null,null,2.63]
["Arrow ",null,null,null,null,null,null,null,2.5099999999999998]
["Halfords Limited",null,null,null,null,null,null,null,2.35]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.88]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,26.669999999999998]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.300000000000004]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,144.72499999999999,0,0,0,null,null,144.72499999999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,8.52,0,0,0,null,null,8.52]
["Other net assets/liabilities",null,-1.718,0,0,0,null,null,-1.718]
["Total net assets",null,151.52700000000002,0,0,0,null,null,151.52700000000002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-5.8870271204007594,"-","-","-",null,null,-5.8870271204007594]
["Net debt (cash)/equity ",null,-5.6227603001445274,"-","-","-",null,null,-5.6227603001445274]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,0,0,0,0,"-","-"]
["Offer (GBp)",null,null,0,0,0,0,"-","-"]
["Mid (GBp)",null,null,0,0,0,0,"-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,0.97143391804654478,0.94293094995401772,0.93902637884915796,0.93802469668298527,0.95309042097616459,0.97997116892671587]
["Quarterly distribution (GBp)",null,null,1.3944720338016867E-2,9.4524651699865007E-3,8.5918931454922343E-3,1.1120887743427911E-2,5.1128384149728111E-3,6.6478857442768069E-3]
["Yield",null,null,5.3642070411703165E-2,3.8304815494419851E-2,4.8558589642995337E-2,4.595824241021338E-2,3.5965196711106907E-2,3.21167663357282E-2]
["Source: "]
[]
["Unit pricing"]
["The NAV of the Fund is calculated on a quarterly basis by the Managing Trustee, Saltgate Ltd"]
[]
[]
[]
["Distributions"]
["Quarterly income distributions are made from the Fund"]
[]
["Minimum investment/disinvestment"]
["Minimum initial Investment",2500000]
["Minimum additional investment"]
["Minimum redemption"]
["Creation, transfer and realisation of units"]
["On Expiry of the investment period (3 years from inception of the Fund) and thereafter on an annual rolling basis all unitholders may make a request to redeem up to 10% of their units in issue, subject to the minimum holding (£1,500,000)"]
[]
[]
["Taxation"]
["The Fund is a Jersey PUT and subject to the applicable governing laws regarding Income Tax, Capital Gains Tax and Stamp Duty Reserve Tax."]
[]
["Charges"]
["The annual management charge, which is based on the value of the Fund, is 0.5% per annum for first close investors and 0.6% per annum for all other investments."]
[]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,1,null,null,null,3.02]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,4,null,null,null,96.98]
["Total",null,null,null,5,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,32.340000000000003]
["Three largest holders",null,null,null,3,null,null,null,81.86]
["Five largest holders",null,null,null,5,null,null,null,100]
["Ten largest holders",null,null,null,0,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,5,null,null,null,100]
[]
["Liquidity "]
["Period",null,null,null,null,null,"Year to\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,null,null,0,0,0]
["Units issued during period",null,null,null,null,null,0,0,0]
["Units redeemed during period",null,null,null,null,null,0,0,0]
["Units in issue at end of period",null,null,null,null,null,0,0,0]
["Unit transfers"]
["Matched bargains",null,null,null,null,null,0,0,0]
["Matched bargains %*",null,null,null,null,null,"-","-","-"]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["KFIM Long Income Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
[" The Fund is a core balanced property fund which invests in direct UK property assets that exhibit long and secure income characteristics. The Fund targets assets within the size range £3-£20m, with income durations in excess of 15 years. "]
[]
[]
["INVESTOR CONSTITUENCY"]
["Jersey"]
[]
["Fund details"]
["Type of fund",null,null,"Long Income Property Fund "]
["Residence",null,null,null,null,null,null,"Jersey (Property Unit Trust)"]
["Launch date",null,null,null,null,null,null,null,"2015-12-16"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31-Dec"]
["NAV (GBPm) ",null,null,null,null,null,null,null,866.95092899999997]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Sanne Fund Administration Limited"]
["Investment Advisor",null,null,null,null,"Knight Frank Investment Management"]
["Property Fund Manager",null,null,null,null,"Matthew McDonald"]
["Depositary",null,null,null,null,"-"]
["Auditors",null,null,null,null,"-"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index *"]
[null,"KFIM Long Income Property Unit Trust",null,null,"Long Income Funds",null,"All balanced funds",null,"All funds"]
["3 months",1.9127944599840001,null,null,3.0571899999999999,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.7898608398099998,null,null,5.0094799999999999,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.1094270310980008,null,null,7.3320600000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",5.4431517159019993,null,null,5.3954300000000002,null,2.9910399999999999,null,1.81053]
["5 years+",6.0124007180440007,null,null,6.5384599999999997,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,null,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised",null,null,"Note: IRR numbers will not be published for Q3 2018"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"30% of GAV"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"-"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"10% of GAV"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"£25m"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"-"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"-"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"-"]
[]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"KFIM Long Income Property Unit Trust*",null,"Long Income Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,9.7756398268197824,null,8.0590700000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,17.05921241519188,null,8.5928000000000004,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.58425000000000005,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,5.0106642368973615,null,1.8259000000000001,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,31.845516478909026,null,19.062020000000004,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.8747500000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,6.1215700000000002,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,0,null,5.01877,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0.81319481745226507,null,8.6467500000000008,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,0.81319481745226507,null,23.661840000000002,null,27.247970000000002,22.74428]
["South East  industrial",null,null,"2.8^",null,3.1535799999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,4.6565496142621203,null,7.6014400000000002,null,12.554639999999999,10.317690000000001]
["All UK  Industrial",null,null,7.5010358776405734,null,10.75502,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,58.788679926532282,null,44.229340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,1.0515728994658542,null,2.2917700000000001,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,99.999990000000011,null,100,100.00001]
["** MSCI/AREF UK Quarterly Property Fund Index"]
["^ Includes Investment in Indirects"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,101,null,null,857.83430599999997,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,101,null,null,857.83430599999997,null,100]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["MORRISONS & MCDONALDS",null,null,null,"MANCHESTER","Retail Other ",null,"20.-.30","*"]
["SAINSBURYS",null,null,null,"CHELMSFORD","Retail Other ",null,"20.-.30","*"]
["DENBY HALL BUSINESS PARK",null,null,null,"RIPLEY","Industrial ",null,"20.-.30","*"]
["STAY CITY",null,null,null,"BIRMINGHAM","Hotel – Not categorised",null,"20.-.30","*"]
["STAYCITY",null,null,null,"LIVERPOOL","Hotel – Not categorised",null,"20.-.30","*"]
["SAINBURYS",null,null,null,"WORCESTER","Retail Other ",null,"20.-.30","*"]
["DAVID LLOYD EMERSONS GREEN",null,null,null,"BRISTOL","Leisure ",null,"20.-.30","*"]
["WAITROSE",null,null,null,"NEWMARKET","Retail Other ",null,"10.-.20","*"]
["CARE UK MAIDSTONE",null,null,null,"MAIDSTONE","Healthcare ",null,"10.-.20","*"]
["LANCASTER PLC",null,null,null,"BIRMINGHAM","Other ",null,"10.-.20","*"]
["10 largest investments as % of portfolio"]
[]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,3.7749999999999999,null,0.44006167316885086]
["2.5 - 5",null,null,33,null,null,117.08499999999999,null,13.648906225953617]
["5-10",null,null,37,null,null,275.51100500000007,null,32.11704207595541]
["10-25",null,null,26,null,null,379.66329999999999,null,44.258348884452289]
["25 - 50",null,null,3,null,null,81.800000000000011,null,9.5356410238972202]
["50 - 100",null,null,"-",null,null,"-",null,"-"]
["Over 100",null,null,"-",null,null,"-",null,"-"]
["Total",null,null,101,null,null,857.83430500000009,null,99.999999883427378]
["Average lot size",null,null,null,null,null,8.4934089603960405]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,5.1368682828809999E-2,null,"Investments ",null,null,2.5500000000000002E-3]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.8099999999999999E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,"-"]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,26.531921338270998,null,null,null,null,23.481567962486331]
["Retail warehousing ",null,null,6.3269739199169726,null,null,null,null,5.7501703985137738]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,0.95696434715371104,null,null,null,null,0.82016889232416068]
["Industrial",null,null,4.7088720004939004,null,null,null,null,6.949223613520779]
["Other ",null,null,61.475268394164409,null,null,null,null,62.998869133154955]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",11.4494635,0,0,0,-9.8763710631509998,-8.729269279735,-18.605640342885998,91.270730720264751]
["Retail warehousing ",2.7303132720000001,2.7469375316430003,0,0,-12.024307809906,-3.527553888695,-15.551861698601,93.725508579661636]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",0.412964,0,0,0,-11.614571730223,-11.614571730223,-23.229143460446,88.38542826977654]
["Industrial",2.0320450000000001,0,45.496039703845,0,-14.710796266814999,52.192249679510006,37.481453412695004,152.19224967951004]
["Other ",26.528755028999996,0.75389892884699994,1.1873908129339998,2.0642205011180002,-3.4946590218300004,6.6662700004839994,3.171610978653999,105.68307849106343]
["Overall",43.153540800999998,0.637259411153,2.8723019640869998,1.26898509331,-6.3333767108550001,3.9053960224760003,-2.4279806883789998,103.12717838200828]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
[]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,40.881950302421494]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,28.635509544824295]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,28.135160977841821]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,0]
[" Less than 5 years ",null,null,null,null,null,null,2.3473791749124007]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,18.86,null,18.86,null,8.0389999999999997]
["% of all directly held properties*",null,0,null,2.1985597764144445E-2,null,2.1985597764144445E-2,null,9.3712736174950788E-3]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Quarterly"]
["Valuers",null,null,null,null,null,null,null,"CBRE"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Yes"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["   for investment purposes",null,null,null,null,null,null,null,"-"]
["   for liquidity purposes",null,null,null,null,null,null,null,"-"]
["Cash holdings (maximum)",null,null,null,null,null,"-"]
["Cash holdings (minimum)",null,null,null,null,null,"-"]
[]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["SAINSBURY'S",null,null,null,null,null,null,null,"*  "]
["STAYCITY LIMITED",null,null,null,null,null,null,null,"*"]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,"*"]
["DOBBIES S&LB",null,null,null,null,null,null,null,"*"]
["WHITBREAD (ROOM EXTENSION)",null,null,null,null,null,null,null,"*"]
["ALDI STORES LIMITED",null,null,null,null,null,null,null,"*"]
["WAITROSE LTD",null,null,null,null,null,null,null,"*"]
["CARE UK",null,null,null,null,null,null,null,"*"]
["RBS PLC",null,null,null,null,null,null,null,"*"]
["ROYAL MENCAP SOCIETY",null,null,null,null,null,null,null,"*"]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,"*"]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,"*"]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,"*"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,857.83430599999997,"-","-","-",null,null,857.83430599999997]
["Listed investments",null,0,"-","-","-",null,null,0]
["Debt",null,0,"-","-","-",null,null,0]
["Cash",null,9.1166210000000003,"-","-","-",null,null,9.1166210000000003]
["Other net assets/liabilities",null,1.9999999999999999E-6,"-","-","-",null,null,1.9999999999999999E-6]
["Total net assets",null,866.95092899999997,0,0,0,null,null,866.95092899999997]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.0627484744122604,"-","-","-",null,null,-1.0627484744122604]
["Net debt (cash)/equity ",null,-1.0515728970399432,"-","-","-",null,null,-1.0515728970399432]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,"-","-",1.0566,1.0654999999999999,1.0730999999999999,1.08]
["Offer (GBp)",null,null,1.1399999999999999,1.1299999999999999,1.1284000000000001,1.1378999999999999,1.1460999999999999,1.1499999999999999]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,1.0719807620364299,1.05622216482681,1.0565428271870501,1.06594077533015,1.0731249550169799,1.0815124810785199]
["Quarterly distribution (GBp)",null,null,1.24798242E-2,1.3760426799999999E-2,1.1159031E-2,1.23322573E-2,1.24486996E-2,1.21391486E-2]
["Yield",null,null,4.7310958830692591E-2,4.9063493766481704E-2,4.8394781909723524E-2,4.4529255375655052E-2,4.4202144566891977E-2,4.476558814348533E-2]
["Source: KFIM"]
[]
["Unit pricing"]
["Monthly"]
[]
["Distributions"]
["Quarterly"]
[]
["Minimum investment"]
["Minimum Investment: £5,000,000"]
[]
["Creation, transfer and realisation of units"]
["Monthly Unit Dealings"]
[]
["Taxation"]
["Tax Transparent Jersey PUT"]
[]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,4,null,null,null,0.04]
["1% or greater but less than 2%",null,null,null,3,null,null,null,4.08]
["2% or greater but less than 4%",null,null,null,2,null,null,null,5.42]
["4% or greater but less than 8%",null,null,null,4,null,null,null,21.13]
["Greater than 8.0%",null,null,null,5,null,null,null,69.33]
["Total",null,null,null,18,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,0,null,null,null,0]
["Three largest holders",null,null,null,0,null,null,null,0]
["Five largest holders",null,null,null,0,null,null,null,0]
["Ten largest holders",null,null,null,0,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,4,null,null,null,0.04]
["External",null,null,null,14,null,null,null,99.96]
[]
["Liquidity "]
["Period",null,null,null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,null,467490213,601628584,734310891.78999996,734310891.78999996]
["Units issued during period",null,null,null,null,134138371,132682307.78999999,0,0]
["Units redeemed during period",null,null,null,null,"-",0,0,0]
["Units in issue at end of period",null,null,null,null,601628584,734310891.78999996,734310891.78999996,734310891.78999996]
["Unit transfers"]
["Matched bargains",null,null,null,null,"-",0,0,0]
["Matched bargains %*",null,null,null,null,"-",0,0,0]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["L&G UK Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Trust’s investment objective is to achieve income and capital growth through investment predominantly in commercial property throughout the UK (mainly in the retail, office and industrial sectors, but possibly including smaller sectors such as leisure property). It may also invest in other property-related assets (including property shares and property-related collective investment schemes) and in cash and other short-term investments, but commercial property will comprise not less than 70%, and generally over 80%, of its portfolio.  "]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by pension funds, charities, insurance companies, other corporate and institutional investors, and private individuals. "]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property Authorised Investment Fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"2006-01-12"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-03-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,2162.24582642]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Legal & General (Unit Trust Managers) Limited"]
["Property advisor",null,null,null,null,null,null,null,"-"]
["Investment Advisor",null,null,null,null,"Legal & General Investment Management Limited"]
["Fund Manager",null,null,null,null,"Michael Barrie"]
["Corporate trustee",null,null,null,null,"Royal Bank of Scotland Group plc"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers LLP"]
["Source: Legal & General Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,"L&G UK Property Fund*",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",2.76,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",6.03,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.96,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.08,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.19,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",5.62,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Legal & General Investment Management Limited"]
["             ** MSCI/AREF UK Quarterly Property Fund Index, calculated on an NAV to NAV basis, gross income reinvested"]
["Note: * Weighted average returns    + Annualised"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,"10% (includes speculative)"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.12]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.1]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"-"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.1]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.1]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"L&G UK Property Fund+*",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,2.6338512151464428,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,3.4185168481164254,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,7.2989031126545481,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,13.351271175917416,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,2.025100980612828,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,2.4130420118386589,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,5.1005706023748383,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,6.6206162781842268,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,16.159329873010552,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,13.604774780598952,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,20.871959444159561,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,34.476734224758516,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,17.241904939393578,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,18.770759786919935,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Note: + Including the Trust's share of any properties held jointly or through indirect holdings Sources: * Legal & General Investment Management Limited"]
["**  MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,86,null,null,1664.6150009999999,null,94.775557007984915]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,1,null,null,91.760855340000006,null,5.2244429920150814]
["Total",null,null,87,null,null,1756.3758563399999,null,100]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["FRADLEY PARK",null,null,null,"LICHFIELD","Industrial ",null,"100+",10.831963973613819]
["WOODSIDE INDUSTRIAL ESTATE",null,null,null,"DUNSTABLE","Industrial ",null,"100+",7.267806576776894]
["FOLLINGSBY PARK",null,null,null,"GATESHEAD","Industrial Other ",null,"100+",6.516259010670705]
["INTO EXETER RESIDENTIAL BLOCKS A-E",null,null,null,"EXETER","Apartments- Applicable Not Categorised",null,"50-75",3.8431409630430107]
["BIRSTALL SHOPPING PARK",null,null,null,"BATLEY","Retail Park",null,"50-75",3.6097057341766945]
["THE AIRCRAFT FACTORY, HAMMERSMITH",null,null,null,"LONDON","Office ",null,"50-75",3.4730607221573875]
["HBH HOTEL STANSTED",null,null,null,"STANSTED","Hotel ",null,"25-50",2.601948770534305]
["NORTH TOWER",null,null,null,"MANCHESTER","Apartments- Applicable Not Categorised",null,"25-50",2.5757584765639381]
["120 ALDERSGATE STREET",null,null,null,"LONDON","Office ",null,"25-50",2.3628199995005179]
["REDCLIFF QUAY,REDCLIFF STREET",null,null,null,"BRISTOL","Office ",null,"25-50",2.1777798790577059]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,45.26024410609498]
["Source: Legal & General Investment Management Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,9,null,null,"*",null,"*"]
["2.5 - 5",null,null,12,null,null,"*",null,"*"]
["5-10",null,null,16,null,null,"*",null,"*"]
["10-25",null,null,32,null,null,"*",null,"*"]
["25 - 50",null,null,11,null,null,"*",null,"*"]
["50 - 100",null,null,3,null,null,"*",null,"*"]
["100 - 150",null,null,2,null,null,"*",null,"*"]
["Over 150",null,null,1,null,null,"*",null,"*"]
["Total",null,null,86,null,null,1664.6150000000002,null,94.775556951049509]
["Average lot size",null,null,null,null,null,19.355988372093027]
["Source: Legal & General Investment Management Limited"]
["* Fund cannot disclose this information due to commercial sensitivity"]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,4.5110000000000004E-2,null,"Investments ",null,null,0.10369999999999999]
["Nominal equivalent yield",null,null,5.5570000000000001E-2,null,"Developments",null,null,4.41E-2]
["True equivalent yield",null,null,5.7499000000000001E-2,null,"Total",null,null,0.14779999999999999]
["Net reversionary yield",null,null,4.7988000000000003E-2,null,"Source: Legal & General Investment Management Limited"]
["Source: Legal & General Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,8.2939695012627848,null,null,null,null,8.3931696475882838]
["Retail warehousing ",null,null,14.758630444945389,null,null,null,null,10.041022231430597]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,3.6113991878284888,null,null,null,null,4.8978426711088856]
["Other offices",null,null,16.951696782369517,null,null,null,null,20.119786814690631]
["Industrial",null,null,37.534326559880277,null,null,null,null,35.30132152278884]
["Other ",null,null,18.849977523713545,null,null,null,null,21.24685711239276]
["Overall",null,null,100.00000000000001,null,null,null,null,100]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",7.0185659999999999,2.678609847083,0,26.918718154107001,-15.648524214206001,28.630506573565,12.981982359359,123.68412578865826]
["Retail warehousing ",12.489125,1.3451702981589999,0,1.7655360163339999,-25.114865933362001,-14.65474963218,-39.769615565541997,83.153831833695307]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",3.056057,0,0,71.226518353552009,-6.6906801803760008,65.759997277537991,59.069317097161992,165.75999727753768]
["Other offices",14.344953,3.074321679548,6.1554750301380006,28.567329568804002,-4.9761055334230004,45.159436911364999,40.183331377941997,145.06431634875347]
["Industrial",31.762492999999999,3.5046650777699999,0,6.8186351115450003,-1.8548150486799999,17.634294323182001,15.779479274502002,114.95099424343044]
["Other ",15.951326,0.50400198704499999,6.7085770800500004,0.38241334921000003,-8.1101972337599992,38.117429861317,30.007232627557002,137.76352824837258]
["Overall",84.622519999999994,2.3522981825639997,2.3080227343740001,12.539533802586,-8.3146182600090004,24.045952543129001,15.731334283120001,122.22228432809612]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Legal & General Investment Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["INVESTMENT IN REITS",null,null,"-",null,91.760855340000006,null,null,5.2244429920150814]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,91.760855340000006,null,null,5.2244429920150814]
["Source: Legal & General Investment Management Limited"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,7.2]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.3]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,10.4]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,19.8]
[" Less than 5 years ",null,null,null,null,null,null,58.3]
["Source: Legal & General Investment Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Legal & General Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Legal & General Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"The 28th day of each month"]
["Valuers",null,null,null,null,null,"Knight Frank LLP"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source : L&G UK Property Fund"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.1]
["for investment purposes",null,null,null,null,null,null,null,"nil"]
["for liquidity purposes",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,"Maximum non-direct property holding (including cash) 30%"]
["Cash holdings (minimum)",null,null,null,null,null,null,"nil"]
["Source : L&G UK Property Fund"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["INTO University of Exeter LLP",null,null,null,null,null,null,null,3.87]
["Waitrose Ltd",null,null,null,null,null,null,null,2.69]
["DHL Supply Chain Limited",null,null,null,null,null,null,null,2.64]
["Newell Rubbermaid UK Services Ltd",null,null,null,null,null,null,null,2.6]
["Pendragon Property Holdings Ltd",null,null,null,null,null,null,null,2.0699999999999998]
["Palletways (Uk) Limited",null,null,null,null,null,null,null,2.04]
["The Malmaison Hotel (Manchester) Limited",null,null,null,null,null,null,null,1.93]
["Next Holdings Limited",null,null,null,null,null,null,null,1.92]
["The Secretary Of State For Communities And Local Government",null,null,null,null,null,null,null,1.91]
["Asda Stores Limited",null,null,null,null,null,null,null,1.8]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,9.2000000000000011]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.870000000000001]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,23.47]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1664.6150009999999,0,0,0,null,null,1664.6150009999999]
["Listed investments",null,0,0,0,91.760855340000006,null,null,91.760855340000006]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,405.86997007999997,0,0,0,null,null,405.86997007999997]
["Other net assets/liabilities",null,0,0,0,0,null,null,0]
["Total net assets",null,2070.4849710799999,0,0,91.760855340000006,null,null,2162.24582642]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-24.382212693996983,"-","-","-",null,null,-24.382212693996983]
["Net debt (cash)/equity ",null,-19.60265231330278,"-","-",0,null,null,-18.770759786919935]
["Source: Legal & General Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,0,0.51629999999999998,0.51559999999999995,0.52039999999999997,0.53320000000000001,0.5363]
["Offer (GBp)",null,null,0,0.54569999999999996,0.54139999999999999,0.55200000000000005,0.56469999999999998,0.56920000000000004]
["Mid (GBp)",null,null,0,0.53099999999999992,0.52849999999999997,0.53620000000000001,0.54895000000000005,0.55275000000000007]
["Bid/offer spread",null,null,"-",5.3875755909840541E-2,4.7654229774658378E-2,5.7246376811594328E-2,5.5781831060740167E-2,5.7800421644413277E-2]
["Net asset value (GBp)",null,null,"-","-","-","-","-","-"]
["Quarterly distribution (GBp)",null,null,"-","-","-","-","-","-"]
["Yield",null,null,"-","-","-","-","-","-"]
["Note: * as of June 2014 L&G UK Property Fund has now changed to a PAIF and as such has restructured its unit price."]
["Source: Legal & General Investment Management Limited"]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. Income is not included in the unit price. Some of the vehicles through which the Fund holds directly-held investments have fixed-rate debt. The market value of this debt is not published and it does not reflect in the monthly recalculation of the Fund’s net asset value."]
[]
["Distributions"]
["Distributions are made monthly, normally on the 20th of each month or the following working day. Ex-distribution dates are the penultimate working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the ex-distribution dates.\n"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP250,000, although the manager, at their discretion, can allow investors to invest as little as GBP25,000 where it is satisfied that the investor has received financial advice or the investment is made on the investor’s behalf by a discretionary investment manager. Existing unitholders may increase or decrease their holdings by minimum amounts of GBP10,000 (rounded to the nearest number of whole units). No redemption notice will be accepted that would result in a holding falling to below the minimum holding value determined by the manager (currently GBP10,000)."]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before subscription day, which is the last working day of the month. \nAs from March 2009, the Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so.\nRedeeming unitholders may not withdraw their realisation notice in respect of units which the Manager has notified the unitholder that it has determined can be redeemed or any units which are within the last 3 months of the 24-month redemption window.\nThe manager will attempt, where possible, the matching of buying and selling orders. Such transfers are effective from the last business day of the month during which they take place.\n"]
[]
[]
[]
[]
[]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
["Capital Gains Tax"]
["Since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust"]
[]
["Income Tax"]
["While distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at source. "]
[]
["Stamp duty reserve tax"]
["No stamp duty is payable on the transfer of existing units."]
[]
["Charges"]
["The trust instrument empowers the manager and investment advisor to make an annual charge totalling not more than 2% of the net asset value of the fund (including accrued income). However, the total charge is currently 1% pa and the manager has undertaken to give at least three months’ notice of any increase in this figure.\nThe manager and investment advisor currently bear the cost of fees of service providers in relation to day-to-day management and rent collection of directly held properties, valuations, the trustees’ and auditors’ fees, custodian fees and the costs of preparing reports and accounts for unitholders, and market research and performance measurement. These costs may, alternatively, be charged to unitholders. The manager has undertaken to give at least three months’ notice before so doing.\n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,3803,null,null,null,18.598028200327441]
["1% or greater but less than 2%",null,null,null,9,null,null,null,12.139201088792598]
["2% or greater but less than 4%",null,null,null,3,null,null,null,10.619047328407685]
["4% or greater but less than 8%",null,null,null,5,null,null,null,31.554883944345423]
["Greater than 8.0%",null,null,null,3,null,null,null,27.088839438126982]
["Total",null,null,null,3823,null,null,null,100.00000000000013]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,10.186389716055729]
["Three largest holders",null,null,null,3,null,null,null,27.088839438126982]
["Five largest holders",null,null,null,5,null,null,null,41.970512995105018]
["Ten largest holders",null,null,null,10,null,null,null,65.989334719209424]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,0]
["External",null,null,null,3820,null,null,null,0]
["Source: Legal & General Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,3807252426,3737430362,4127636350,4380466814,3964429344,3190180520]
["Units issued during period",null,null,1275117248,648004626,608368749,426652913,23035124,51515134]
["Units redeemed during period",null,null,-1344939312,-257798638,-355538285,-842690383,-797283948,-307431429]
["Units in issue at end of period",null,null,3737430362,4127636350,4380466814,3964429344,3190180520,2934264225]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",null,null,"-","-","-","-","-","-"]
["Note: * as % of units in issue at the end of the period"]
["           ^ as of June 2014 L&G UK Property Fund changed to a PAIF and as such has restructured the number of units issued."]
["Source: Legal & General Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Legal And General Managed Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to deliver good long-term relative performance by being fully invested in a diversified portfolio of UK commercial property. Its objective is to exceed the median return for similar funds in the CAPS Survey of pooled property funds."]
[]
[]
["Approved defined benefit and defined contribution occupational pension schemes"]
[]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Exempt approved"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"1971-06-01"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-03-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,3198.2658831099998]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Legal & General Investment Management Limited"]
["Property advisor",null,null,null,null,"-"]
["Investment Advisor",null,null,null,null,"Legal & General Investment Management Limited"]
["Fund Manager",null,null,null,null,"Mark Russell"]
["Corporate trustee",null,null,null,null,"Not applicable"]
["Auditors",null,null,null,null,"PwC"]
["Source: Legal & General Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"Legal And General Managed Fund",null,null,"Managed funds",null,"All balanced funds",null,"All funds"]
["3 months",3.0033099999999999,null,null,3.7269800000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",5.06724,null,null,6.0128899999999996,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.2851600000000003,null,null,8.4109200000000008,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",2.5373100000000002,null,null,2.31453,null,2.9910399999999999,null,1.81053]
["5 years+",4.8013500000000002,null,null,4.3663600000000002,null,4.89466,null,3.8698299999999999]
["10 years+",6.2135199999999999,null,null,5.9745999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Legal & General Investment Management Limited"]
["             * MSCI/AREF UK Quarterly Property Fund Index"]
["Note: Weighted average returns    + Annualised"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.01]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.01]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,7.4999999999999997E-2]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0.15]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.15]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.15]
["Note: *None specified"]
["Source: Legal & General Investment Management Limited"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Legal And General Managed Fund+*",null,"Managed Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,1.7287083618311823,null,3.0015200000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,4.1407131071184056,null,3.1269999999999998,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,2.0845262942299505,null,2.3193600000000001,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,9.0450177948270891,null,9.1735699999999998,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,16.998965558006628,null,17.621449999999999,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,2.7791999999999999,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,12.993381230273346,null,10.594609999999999,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,10.894678329031201,null,8.0911200000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,6.4889540193872657,null,4.6455200000000003,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,30.377013578691813,null,26.11045,null,27.247970000000002,22.74428]
["South East  industrial",null,null,29.851905629845565,null,26.519659999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,3.4243539954306206,null,12.632540000000001,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,33.276259625276182,null,39.152200000000001,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,13.43144731092684,null,9.5426400000000005,null,10.61041,21.910550000000001]
["Cash***",null,null,5.9163139270985301,null,7.5732499999999998,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999999999999986,null,99.999989999999997,null,100,100.00001]
["Note: + Includes the Fund's share of any properties held jointly or indirectly Sources: * Legal & General Investment Management Limited    "]
["**  MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,66,null,null,2465.4400009999999,null,81.99571512923238]
["Joint  and indirect holdings",null,null,4,null,null,541.35126500000001,null,18.004284870767613]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,70,null,null,3006.7912660000002,null,100]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["WEST CROSS IND PARK",null,null,null,"BRENTFORD","Industrial ",null,"150-160","*"]
["STRAND ISLAND",null,null,null,"LONDON","Office ",null,"140-150","*"]
["WOODSIDE INDUSTRIAL ESTATE",null,null,null,"DUNSTABLE","Industrial Other ",null,"120-130","*"]
["BASINGSTOKE",null,null,null,"THAMES VALLEY AND THE SOUTH","Industrial Other ",null,"110-120","*"]
["1 PICCADILLY GARDENS & THE PAVILION",null,null,null,"MANCHESTER","Office ",null,"90-100","*"]
["76-88 WARDOUR STREET",null,null,null,"LONDON","Office ",null,"80-90","*"]
["APEX PLAZA",null,null,null,"READING","Office ",null,"80-90","*"]
["CAMBRIDGE SCIENCE PARK",null,null,null,"CAMBRIDGE","Office ",null,"80-90","*"]
["YOTEL LONDON CLERKENWELL",null,null,null,"LONDON","Hotel ",null,"70-80","*"]
["INTERCHANGE RETAIL PARK",null,null,null,"BEDFORD","Retail Park",null,"60-70","*"]
["10 largest investments as % of portfolio"]
["Source: Legal & General Investment Management Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,9,null,null,73.05,null,2.4295002059514426]
["10-25",null,null,23,null,null,390.375,null,12.983109416814434]
["25 - 50",null,null,21,null,null,770.11500000000001,null,25.612519522331219]
["50 - 100",null,null,9,null,null,656.15,null,21.822266394730171]
["100 - 150",null,null,3,null,null,391.7,null,13.027176326778648]
["Over 150",null,null,1,null,null,184.05,null,6.1211432293684194]
["Total",null,null,66,null,null,2465.44,null,81.995715095974347]
["Average lot size",null,null,null,null,null,37.355151515151519]
["Source: Legal & General Investment Management Limited"]
["* Fund cannot disclose this information due to commercial sensitivity"]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,3.8524000000000003E-2,null,"Investments ",null,null,0.1301714898677426]
["Nominal equivalent yield",null,null,5.4341E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,5.9922000000000003E-2,null,"Total",null,null,0.1301714898677426]
["Net reversionary yield",null,null,4.1508999999999997E-2,null,"Source: Legal & General Investment Management Limited"]
["Source: Legal & General Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,7.6259017061084915,null,null,null,null,9.5999326612444644]
["Retail warehousing ",null,null,18.742818502491193,null,null,null,null,17.619514730769257]
["Shopping centres ",null,null,7.2677107040555731,null,null,null,null,6.8252323288700758]
["Central London offices",null,null,7.7819763646225049,null,null,null,null,8.9626715419987839]
["Other offices",null,null,17.906852741260735,null,null,null,null,22.440776709738557]
["Industrial",null,null,24.364828458577129,null,null,null,null,23.755491802219158]
["Other ",null,null,16.309911522884352,null,null,null,null,10.796380225159714]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",7.993741,0,0,10.080386642499425,-13.247276838216299,81.912836555500107,68.665559717283813,175.17440207282172]
["Retail warehousing ",19.646888000000001,2.169132332815253,0,16.963500784449934,-11.263911108975629,29.732535758334862,18.468624649359235,130.81354156444522]
["Shopping centres ",7.6182724706000009,0.20083293238781996,0,21.138256818913309,-15.281312193711969,36.257793877283731,20.976481683571762,130.68130653531102]
["Central London offices",8.1573440000000002,28.342558558275826,0,32.915125315298702,-4.5806576258154612,25.90009689428323,21.319439268467768,160.26593950187709]
["Other offices",18.770599000000001,5.7535404171172155,0,20.451350540278444,-3.7377496583886325,55.673369826929886,51.935620168541256,174.3862675879443]
["Industrial",25.5400785,7.7078424015024076,0,14.894171135770002,-31.075051315915104,45.489284615941969,14.414233300026865,135.67328111383841]
["Other ",17.096628500000001,0.62000528349785444,0,0.95696938141926613,-22.400343436134204,0.28593356871501596,-22.114409867419187,92.11285137300608]
["Overall",104.82355147060002,5.6361666029384931,0,15.493086498366699,-16.482638450621366,37.569328625967543,21.086690175346178,139.15334812989144]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Legal & General Investment Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
["Source: Legal & General Investment Management Limited"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,11.070169732468358]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.6955750618969772]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.0251454091697587]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,26.093186984416604]
[" Less than 5 years ",null,null,null,null,null,null,51.115922812048296]
["Source: Legal & General Investment Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["CSG",null,"Office ","INDIRECT RE - LIMITED PARTNERSHIP",0,100,"-","-","-"]
["HAMMERSMITH",null,"Office ","INDIRECT RE - LIMITED PARTNERSHIP",0,100,"-","-","-"]
["INDUSTRIAL PROPERTY INVESTMENT FUND",null,"Industrial ","INDIRECT RE - LIMITED PARTNERSHIP",0,100,"-","-","-"]
["LEISURE FUND LIMITED PARTNERSHIP",null,"Leisure ","INDIRECT RE - LIMITED PARTNERSHIP",0,100,"-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Legal & General Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["Note: * Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                               "]
["            + Including schemes to which the fund is contractually committed"]
["Source: Legal & General Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the end of each month"]
["Valuers",null,null,null,null,null,"CB Richard Ellis"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Legal & General Investment Management Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["for investment purposes",null,null,null,null,null,null,null,"NIL*"]
["for liquidity purposes",null,null,null,null,null,null,null,"NIL*"]
["Cash holdings (maximum)",null,null,null,null,null,null,0.25]
["Cash holdings (minimum)",null,null,null,null,null,null,0.05]
["Note: * Gearing is permitted for participation in collective investment schemes.  "]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["TESCO STORES LIMITED",null,null,null,null,null,null,null,3.0532787948494517]
["TJX UK",null,null,null,null,null,null,null,2.9723868166545948]
["THE BANK OF NEW YORK MELLON",null,null,null,null,null,null,null,2.6507635600932709]
["INTO NEWCASTLE UNIVERSITY LLP",null,null,null,null,null,null,null,2.5421824125126058]
["CARE UK COMMUNITY PARTNERSHIPS (SUFFOLK)",null,null,null,null,null,null,null,2.360423596780683]
["NAPP PHARMACEUTICAL HOLDINGS LIMITED",null,null,null,null,null,null,null,2.3124627844500059]
["MATALAN RETAIL LIMITED",null,null,null,null,null,null,null,1.8312081762934667]
["DHL SUPPLY CHAIN LIMITED",null,null,null,null,null,null,null,1.7017323420591701]
["EDDIE STOBART LIMITED",null,null,null,null,null,null,null,1.6720868466075189]
["NEXT HOLDINGS LIMITED",null,null,null,null,null,null,null,1.5436447446077537]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,8.6764291715973165]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.579035180890605]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.640170074908522]
["Source: Legal & General Investment Management Limited"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,2465.4400009999999,0,541.35126500000001,0,null,null,3006.7912660000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,-44.383575,0,null,null,-44.383575]
["Cash",null,189.07763700000001,0,0,0,null,null,189.07763700000001]
["Other net assets/liabilities",null,47.155814050000323,0,-0.37525893999999993,0,null,null,46.780555110000321]
["Total net assets",null,2701.6734520499999,0,496.59243106000002,0,null,null,3198.2658831099998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-7.669123439358037,"-",8.1986646877051257,"-",null,null,-4.8122416622717434]
["Net debt (cash)/equity ",null,-6.9985377713405743,"-",8.9376261545632421,"-",null,null,-4.5241411217287295]
["Source: Legal & General Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,52.857500000000002,51.930999999999997,51.956899999999997,53.113700000000001,54.212000000000003,55.883099999999999]
["Offer (GBp)",null,null,56.2089,55.215000000000003,55.247600000000006,56.467100000000002,57.688000000000002,59.444499999999998]
["Mid (GBp)",null,null,54.533200000000001,53.573,53.602249999999998,54.790400000000005,55.95,57.663799999999995]
["Bid/offer spread",null,null,5.9624009720880465E-2,5.9476591505931466E-2,5.9562768337448287E-2,5.9386793371715575E-2,6.0255165719040334E-2,5.9911345877246829E-2]
["Net asset value (GBp)",null,null,49.190041627216594,52.518000000000001,52.543700000000001,53.713100000000004,54.835000000000001,56.520111636164003]
["Quarterly distribution (GBp)",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Yield",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Source: Legal & General Investment Management Limited"]
[]
[]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. Income is not included in the unit price. Some of the vehicles through which the Fund holds directly-held investments have fixed-rate debt. The market value of this debt is not published and it does not reflect in the monthly recalculation of the Fund’s net asset value."]
[]
["Distributions"]
["Distributions are made monthly, normally on the 20th of each month or the following working day. Ex-distribution dates are the penultimate working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the ex-distribution dates.\n"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP250,000, although the manager, at their discretion, can allow investors to invest as little as GBP25,000 where it is satisfied that the investor has received financial advice or the investment is made on the investor’s behalf by a discretionary investment manager. Existing unitholders may increase or decrease their holdings by minimum amounts of GBP10,000 (rounded to the nearest number of whole units). No redemption notice will be accepted that would result in a holding falling to below the minimum holding value determined by the manager (currently GBP10,000)."]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before subscription day, which is the last working day of the month. \nAs from March 2009, the Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so.\nRedeeming unitholders may not withdraw their realisation notice in respect of units which the Manager has notified the unitholder that it has determined can be redeemed or any units which are within the last 3 months of the 24-month redemption window.\nThe manager will attempt, where possible, the matching of buying and selling orders. Such transfers are effective from the last business day of the month during which they take place.\n"]
[]
[]
[]
[]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
[]
["Capital Gains Tax"]
["Since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["While distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at source. "]
[]
["Stamp duty reserve tax"]
["No stamp duty is payable on the transfer of existing units."]
[]
["Charges"]
["The trust instrument empowers the manager and investment advisor to make an annual charge totalling not more than 2% of the net asset value of the fund (including accrued income). However, the total charge is currently 1% pa and the manager has undertaken to give at least three months’ notice of any increase in this figure.\nThe manager and investment advisor currently bear the cost of fees of service providers in relation to day-to-day management and rent collection of directly held properties, valuations, the trustees’ and auditors’ fees, custodian fees and the costs of preparing reports and accounts for unitholders, and market research and performance measurement. These costs may, alternatively, be charged to unitholders. The manager has undertaken to give at least three months’ notice before so doing.\n"]
[]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,980,null,null,null,0.54]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,5,null,null,null,0.1]
["4% or greater but less than 8%",null,null,null,4,null,null,null,0.12]
["Greater than 8.0%",null,null,null,2,null,null,null,0.24]
["Total",null,null,null,991,null,null,null,1]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0.16]
["Three largest holders",null,null,null,3,null,null,null,0.28000000000000003]
["Five largest holders",null,null,null,5,null,null,null,0.33]
["Ten largest holders",null,null,null,10,null,null,null,0.51]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,991,null,null,null,1]
["Source: Legal & General Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,61384567,63567481,67666299,66043863.289999999,63174180.589999996,59865522.559999995]
["Units issued during period",null,null,2182914,4098818.0000000005,764598.36,0,0,0]
["Units redeemed during period",null,null,"                      -   ","-",-2387034.0699999998,-2869682.7,-3308658.0300000012,-1490276.06]
["Units in issue at end of period",null,null,63567481,67666299,66043863.289999999,63174180.589999996,59865522.559999995,58375246.499999993]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",null,null,"-","-","-","-","-","-"]
["* as % of units in issue at the end of the period   "]
["Source: Legal & General Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["LF Canlife UK Property ACS"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["To deliver long-term income returns and capital growth. \nThe Fund will invest primarily in a diversified portfolio of UK commercial property, selected from across the retail, office, industrial and other sectors, including leisure and hotels. \nThe Fund may also invest in property or non-property related transferable securities (which may result in limited indirect exposure to property outside of the UK), units or shares in collective investment schemes, money market instruments, deposits and government and public securities. The Fund may have direct exposure to UK residential property.\nDerivatives and forward foreign exchange contracts may be used for the purposes of efficient portfolio management.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Institutional"]
[]
["Fund details"]
["Type of fund",null,null,"Authorised Contractual Schemes"]
["Residence",null,null,null,null,null,null," United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"27-Oct-2017"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open Ended"]
["Earliest date of winding up",null,null,null,null,null,null,"-"]
["Year-end",null,null,null,null,null,null,null,"-"]
["NAV (GBPm) ",null,null,null,null,null,null,null,321.05700100000001]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Canada Life Asset Management Ltd"]
["Investment Advisor",null,null,null,null,"Canada Life Asset Management Ltd"]
["Property Fund Manager",null,null,null,null,"Suzima Abu-Zarin, Ben Wood"]
["Trustee",null,null,null,null,"State Street Bank & Trust Company, London Branch"]
["Auditors",null,null,null,null,"Ernst & Young LLP"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index *"]
[null,"LF Canlife UK Property ACS",null,null,"Other Balanced Funds",null,"All balanced funds",null,"All funds"]
["3 months",1.70764,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",1.72977,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",0.68911999999999995,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-1.86199,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+","-",null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.5]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"-"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"-"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"-"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"-"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"-"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"-"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"LF Canlife UK Property ACS*",null,"Other Balanced Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0.92476996439402992,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,2.0622370205986864,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,5.3328401280055715,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,11.559624554925371,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,19.87947166792366,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,5.5100877045144268,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,10.650267423271243,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,15.474484070860099,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,8.9548558218821892,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,40.589695020527962,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,12.022009537122388,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,3.0609885821442386,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,15.082998119266627,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,0,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,24.447835192281762,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["** MSCI/AREF UK Quarterly Property Fund Index"]
["^ Includes Investment in Indirects"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,30,null,null,244.29500100000001,null,99.673595953921563]
["Joint  and indirect holdings",null,null,1,null,null,0.8,null,0.32640404607844287]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,31,null,null,245.09500100000002,null,100]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["ARIEL HOUSE CHARLOTTE STREET",null,null,null,"LONDON","Office ",null,34.549999999999997,14.096574740012748]
["REGENT ARCADE SHOPPING CENTRE",null,null,null,"CHELTENHAM","Retail Shopping Centre ",null,17.3,7.0584874964463262]
["FORBURY SQUARE",null,null,null,"READING","Office ",null,15.7,6.4056794042894394]
["PHASE 3, LEEDS CITY OFFICE PARK",null,null,null,"LEEDS","Office ",null,15.5,6.3240783927698301]
["STOCKLEY PARK",null,null,null,"UXBRIDGE","Office ",null,12.95,5.2836654958947928]
["UNITS 1 2 & 3 TURBARY RETAIL PARK",null,null,null,"BOURNEMOUTH","Retail Park",null,12.4,5.0592627142158637]
["BRAMAH HOUSE, 65-71 BERMONDSEY STREET",null,null,null,"LONDON","Office ",null,12.2,4.9776617026962535]
["DELTIC PARK",null,null,null,"MILTON KEYNES","Industrial ",null,11.5,4.6920581623776156]
["BASILDON TRADE CENTRE LUCKYN LANE",null,null,null,"BASILDON","Industrial Other ",null,11.4,4.6512576566178101]
["ROUNDSWELL RETAIL PARK",null,null,null,"BARNSTAPLE","Retail Park",null,11.35,4.6308574037379078]
["10 largest investments as % of portfolio",null,null,null,null,null,null,154.85000000000002,63.179583169058581]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,7,null,null,8.82,null,3.5986046080148326]
["2.5 - 5",null,null,6,null,null,24.1,null,9.8329218881130913]
["5-10",null,null,6,null,null,45.42499999999999,null,18.533629741391579]
["10-25",null,null,10,null,null,131.4,null,53.611864568384235]
["25 - 50",null,null,1,null,null,34.549999999999997,null,14.096574740012748]
["50 - 100",null,null,"-",null,null,"-",null,"-"]
["Over 100",null,null,"-",null,null,"-",null,"-"]
[]
["Total",null,null,30,null,null,244.29500000000002,null,99.673595545916498]
["Average lot size",null,null,null,null,null,8.1431666666666676]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,4.3127615901259998E-2,null,"Investments ",null,null,0.24645978153180001]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,7.7686911740850004E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,7.0109875060009999E-2]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,6.1046251027151239,null,null,null,null,4.1635364991114781]
["Retail warehousing ",null,null,22.287032903048061,null,null,null,null,17.025484344564703]
["Shopping centres ",null,null,14.171859136336549,null,null,null,null,11.09451119230201]
["Central London offices",null,null,10.957565725462191,null,null,null,null,14.663949278314023]
["Other offices",null,null,30.698797717318847,null,null,null,null,36.596798724940314]
["Industrial",null,null,15.780119415119234,null,null,null,null,16.455719960767471]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.76200000000000001,0,0,36.312335958005001,-28.162729658793001,8.1496062992129996,-20.01312335958,108.14960629921259]
["Retail warehousing ",2.7819430000000001,0,0,8.6666045997350007,-9.2149623482580001,21.134760848801999,11.919798500543999,121.13476084880244]
["Shopping centres ",1.7689794999999999,0,0,20.319342310071999,-12.319927958464,24.137475872389,11.817547913925001,124.13747587238856]
["Central London offices",1.3677604999999999,0,0,103.51958548298501,-0.15901906803099999,112.20637677429599,112.04735770626499,212.20637677429636]
["Other offices",3.831928,7.2087210406880002,23.604305717643999,38.398425022600001,-1.3099411053649999,96.244188304163998,94.934247198799,189.03546726347679]
["Industrial",1.9697279999999999,1.8043100367159999,0,10.620755759170999,-2.1661874126780001,67.163435763720003,64.997248351042003,165.35912572700394]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",12.482339,2.4977129686990001,7.2462380648370006,31.834938948542003,-6.280321340415,61.067909628155007,54.787588287740007,158.57019665945623]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,2.7639250944879996]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,2.8640465540959998]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,2.217132542226]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,15.881975325297001]
[" Less than 5 years ",null,null,null,null,null,null,76.272920483893998]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
[]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Last Business Day of Each Month"]
["Valuers",null,null,null,null,"Cushman and Wakefield and BNP Paribas Real Estate"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Yes"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["   for investment purposes"]
["   for liquidity purposes"]
["Cash holdings (maximum)"]
["Cash holdings (minimum)"]
[]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["SHARP ELECTRONICS (EUROPE) LTD.",null,null,null,null,null,null,null,8.3428306347467132]
["IPF HOLDINGS LIMITED",null,null,null,null,null,null,null,7.3178388595667849]
["SAINT GOBAIN BUILDING DISTRIBUTION LTD",null,null,null,null,null,null,null,4.6308656457017312]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,3.5]
["INTERSYSTEMS CORPORATION",null,null,null,null,null,null,null,3.4]
["MATALAN RETAIL LTD",null,null,null,null,null,null,null,3.287592461272876]
["CDS (SUPERSTORES INTERNATIONAL) LIMITED",null,null,null,null,null,null,null,3.1885966342868484]
["BELLERIVE FINANCE PLC",null,null,null,null,null,null,null,2.8816064835340511]
["PUBLIEUROPE LTD",null,null,null,null,null,null,null,2.7712710759755925]
["CARPETRIGHT PLC",null,null,null,null,null,null,null,2.3403025847881298]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.291535140015231]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,27.19153514001523]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,41.660904379872719]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,244.29500100000001,0.8,0,0,null,null,245.09500100000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,79.31,0,0,0,null,null,79.31]
["Other net assets/liabilities",null,-3.3479999999999999,0,0,0,null,null,-3.3479999999999999]
["Total net assets",null,320.257001,0.8,0,0,null,null,321.05700100000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-32.46484769452978,0,"-","-",null,null,-32.358881118101628]
["Net debt (cash)/equity ",null,-24.764485944836533,0,"-","-",null,null,-24.702778557381468]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,0.98209999999999997,0.97519999999999996,0.97350000000000003,0.96719999999999995,0.96830000000000005,0.98580000000000001]
["Offer (GBp)",null,null,0.98209999999999997,0.97519999999999996,0.97350000000000003,0.96719999999999995,0.96830000000000005,0.98580000000000001]
["Mid (GBp)",null,null,0.98209999999999997,0.97519999999999996,0.97350000000000003,0.96719999999999995,0.96830000000000005,0.98580000000000001]
["Bid/offer spread",null,null,0,0,0,0,0,0]
["Net asset value (GBp)",null,null,0.98209999999999997,0.97519999999999996,0.97350000000000003,0.96719999999999995,0.96830000000000005,0.98580000000000001]
["Quarterly distribution (GBp)",null,null,0,0,0,0,0,0]
["Yield",null,null,"-","-","-","-","-","-"]
["Source: Canada Life"]
[]
["Unit pricing"]
["The unit prices are priced daily."]
[]
[]
[]
["Distributions"]
["Quarterly"]
[]
["Minimum investment/disinvestment"]
["Minimum initial holding £1,000,000\nMinimum holding £1,000,000\nMinimum deal size £1,000"]
[]
[]
["Creation, transfer and realisation of units"]
["Units can be traded daily for creations, transfers and redemptions, except in exceptional circumstances where Limited Redemption arrangements apply. In order to protect the liquidity of the Sub-fund, requests for redemptions of all Units are subject to a notice period. Redemption requests received by the Valuation Point on a particular Dealing Day will be redeemed at the price calculated at the Valuation Point on the first Dealing Day after 185 days from the date of receipt of the redemption request"]
[]
[]
["Taxation"]
["Capital Gains Tax:\n\nIncome Tax:\n\nStamp Duty Tax:"]
[]
[]
["Charges"]
["Annual Fee:  0.70% (annual management charge of I Acc share class)\n"]
["Performance Fee :"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,1,null,null,null,5]
["Greater than 8.0%",null,null,null,2,null,null,null,95]
["Total",null,null,null,3,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,0,null,null,null,87]
["Three largest holders",null,null,null,0,null,null,null,100]
["Five largest holders",null,null,null,0,null,null,null,0]
["Ten largest holders",null,null,null,0,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,87]
["External",null,null,null,2,null,null,null,13]
[]
["Liquidity "]
["Period",null,null,null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,null,367914175.47700006,383890281.09200007,356326457.21200007,343036871.5620001]
["Units issued during period",null,null,null,null,"-",23397508.100000001,14802566.609999999,9031194.068]
["Units redeemed during period",null,null,null,null,15976105.615,-50961331.980000004,-28092152.259999998,-21201252.620999999]
["Units in issue at end of period",null,null,null,null,383890281.09200007,356326457.21200007,343036871.5620001,330866813.00900012]
["Unit transfers"]
["Matched bargains",null,null,null,null,"-","-","-","-"]
["Matched bargains %*",null,null,null,null,"-","-","-","-"]
["* as % of units in issue at the end of the period   "]
[]
["Disclaimer - Please note that the investment performance of the Fund relates to the I share class only, which is offered to new investors"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Lothbury Property Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund’s Investment objective is to provide investors with capital appreciation and secure income returns, through prudent investment in assets across the UK’s principal property sectors and geographic regions. It holds property investments which are readily saleable in the open market, with a core portfolio of prime assets to achieve stable returns, combined with active management initiatives to add value and enhance returns. The Fund can own property directly or through holding units in Property Unit Trusts.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Trust is open to investment by pension funds, charities, insurance and other qualifying investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property unit trust"]
["Residence",null,null,null,null,null,null,null,"Eire"]
["Launch date",null,null,null,null,null,null,"February 2000"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended "]
["Earliest date of winding up",null,null,null,null,null,null,null,"-"]
["Year-end",null,null,null,null,null,null,null,"2017-12-31"]
["Net Asset Value (GBPm) ",null,null,null,null,null,null,null,1585.5077269999999]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["Management/professional advisors"]
["Investment manager",null,null,null,null,"Lothbury Investment Management Limited"]
["Property sub- advisor",null,null,null,null,"Lothbury Investment Management Limited"]
["Investment relations",null,null,null,null,"Thomas Jansen"]
["Trustee",null,null,null,null,"Northern Trust Fiduciary Services (Ireland) Ltd"]
["Auditors",null,null,null,null,"KPMG"]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Lothbury Property Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",3.2723100000000001,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",4.3304999999999998,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",6.2454999999999998,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",1.6216900000000001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",3.83439,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",6.9096000000000002,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.25]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0.4]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.3]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Lothbury Property Trust",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,16.464065782233209,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,4.3848980077674033,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,7.8773734620189613,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,28.726337252019576,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,19.425041413242688,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,2.5097243540863956,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,3.6415224494269758,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,25.576288216756058,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,19.772850356678951,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,6.9597998397177694,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,26.732650196396719,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,16.829000939822922,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,2.1359191231664725,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00019572816174,null,100,null,100,100.00001]
["Source: Lothbury Investment Management Ltd",null,null,"** MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,51,null,null,1553.3752850000001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,51,null,null,1553.3752850000001,null,100]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["1-2 AURIOL DRIVE",null,null,null,"GREENFORD","Industrial ",null,"100-150","6.4-9.7"]
["COVENT GARDEN UNIT TRUST",null,null,null,"LONDON","Retail",null,"100-150","6.4-9.7"]
["CLARENDON UNIT TRUST",null,null,null,"OXFORD","Redevelopment",null,"90-100","5.8-6.4"]
["SAINSBURY'S, 25-41 LIVERPOOL ROAD, ISLINGTON",null,null,null,"LONDON","Foodstore",null,"80-90","5.2-5.8"]
["1/2 STANHOPE GATE",null,null,null,"LONDON","Office ",null,"70-80","4.5-5.2"]
["55 ST. JAMES’S STREET",null,null,null,"LONDON","Office ",null,"70-80","4.5-5.2"]
["20 RATHBONE PLACE",null,null,null,"LONDON","Office ",null,"60-70","3.9-4.5"]
["SAINSBURY'S SUPERMARKET, FALLOWFIELD",null,null,null,"MANCHESTER","Foodstore",null,"40-50","2.6-3.2"]
["MALMAISON HOTEL, ROUGIER STREET",null,null,null,"YORK","Hotel",null,"40-50","2.6-3.2"]
["SHERATON PARK, DARLINGTON ROAD",null,null,null,"DURHAM","Student Accommodation",null,"40-50","2.6-3.2"]
["10 largest investments as % of portfolio"]
["Source: Lothbury Investment Management Ltd"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,3,null,null,3.645,null,0.23465031503961389]
["2.5 - 5",null,null,1,null,null,4.7249999999999996,null,0.30417633431061053]
["5-10",null,null,5,null,null,40.364827479999995,null,2.5985238641156823]
["10-25",null,null,20,null,null,331.11751738999999,null,21.316002680575671]
["25 - 50",null,null,15,null,null,553.76673088999996,null,35.649255929162024]
["50 - 100",null,null,5,null,null,357.03098991999997,null,22.984206931037914]
["100-150",null,null,2,null,null,262.72521900999999,null,16.913183925801935]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,51,null,null,1553.3752846899999,null,99.999999980043455]
["Average lot size",null,null,null,null,null,30.458338915490195]
["Source: Lothbury Investment Management Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.6200000000000003E-2,null,"Investments ",null,null,3.3149999999999999E-2]
["Nominal equivalent yield",null,null,4.2000000000000003E-2,null,"Developments",null,null,4.7649999999999998E-2]
["True equivalent yield",null,null,4.2199999999999994E-2,null,"Total",null,null,8.0799999999999997E-2]
["Net reversionary yield",null,null,4.2700000000000002E-2]
["Source: Lothbury Investment Management Ltd"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,"-",null,null,null,null,"-"]
["Retail warehousing ",null,null,"-",null,null,null,null,"-"]
["Shopping centres ",null,null,"-",null,null,null,null,"-"]
["Central London offices",null,null,"-",null,null,null,null,"-"]
["Other offices",null,null,"-",null,null,null,null,"-"]
["Industrial",null,null,"-",null,null,null,null,"-"]
["Other ",null,null,"-",null,null,null,null,"-"]
["Overall",null,null,"-",null,null,null,null,"-"]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ","-","-","-","-","-","-","-","-"]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices","-","-","-","-","-","-","-","-"]
["Industrial","-","-","-","-","-","-","-","-"]
["Other ","-","-","-","-","-","-","-","-"]
["Overall","-","-","-","-","-","-","-","-"]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Lothbury Investment Management Ltd"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,7.99]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.95]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,3.45]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,16.32]
[" Less than 5 years ",null,null,null,null,null,null,67.28]
["Source: Lothbury Investment Management Ltd"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Lothbury Investment Management Ltd"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Lothbury Investment Management Ltd"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"Knight Frank & Cushman and Wakefield"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Lothbury Investment Management Ltd"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.25]
["            for investment purposes",null,null,null,null,null,null,null,"*"]
["            for liquidity purposes",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,null,"*"]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Sainsbury's Supermarkets Limited",null,null,null,null,null,null,null,9.6615233554778897]
["Tesco Stores Ltd",null,null,null,null,null,null,null,8.5955723214854114]
["Evercore Partners International LLP",null,null,null,null,null,null,null,3.0710446973654455]
["University of Durham",null,null,null,null,null,null,null,2.9781626177237359]
["DSG Retail Limited",null,null,null,null,null,null,null,2.393358011473278]
["Pixelogic Media UK Ltd",null,null,null,null,null,null,null,2.2838041314566055]
["Goldsmith's University Of London ",null,null,null,null,null,null,null,2.0984030568436998]
["Sketchers USA Ltd",null,null,null,null,null,null,null,1.9855788249069881]
["Bespoke Managed Space RP Limited",null,null,null,null,null,null,null,1.6369077300727559]
["TJX UK (t/a TK Maxx)",null,null,null,null,null,null,null,1.6206846877781247]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.328140374328747]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,26.699661003525762]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,36.325039434583935]
["Source: Lothbury Investment Management Ltd"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1553.3752850000001,0,0,0,null,null,1553.3752850000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,33.902979999999999,0,0,0,null,null,33.902979999999999]
["Other net assets/liabilities",null,-1.7705380000001441,0,0,0,null,null,-1.7705380000001441]
["Total net assets",null,1585.5077269999999,0,0,0,null,null,1585.5077269999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-2.1825363340964961,"-","-","-",null,null,-2.1825363340964961]
["Net debt (cash)/equity ",null,-2.1383043061006792,"-","-","-",null,null,-2.1383043061006792]
["Source: Lothbury Investment Management Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,1875.7996140697801,"NOT ISSUED",1813.3977,1843.8242,1849.3407999999999,1897.0465999999999]
["Offer (GBp)",null,null,1933.2220512351801,"NOT ISSUED",1953.5993000000001,1986.3783000000001,1992.3214000000003,2043.7155]
["Mid (GBp)",null,null,1904.5108326524801,"NOT ISSUED",1883.4985000000001,1915.1012500000002,1920.8311000000001,1970.38105]
["Bid/offer spread",null,null,2.970297029702897E-2,"NOT ISSUED",7.1765791480371682E-2,7.1765836346480455E-2,7.1765830553243218E-2,7.1765810847938538E-2]
["Net asset value (GBp)",null,null,1914.0812388467173,1867.5689286013408,1844.7585999999999,1875.7112999999999,1881.3233,1929.8541011483835]
["Quarterly distribution (GBp)",null,null,15.459013007076921,13.7521935618,14.398300000000001,15.451599999999999,13.607692692700001,13.031975496299999]
["Yield",null,null,3.3323739396509955E-2,3.2725726104027734E-2,3.237876218601176E-2,3.1487308308053588E-2,2.8630018335232439E-2,2.7190196573707425E-2]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["Unit pricing"]
["The price of the units is ordinarily calculated on the 2nd Irish business day of each month, with reference to the Valuation Point which is at 11.59 pm on the last Irish Business Day of the preceding month."]
[]
["Distributions"]
["Distributions are made quarterly on 30 April, 31 July, 31 October and 31 January for the periods to 31 March, 30 June, 30 September and 31 December, respectively."]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is EUR100,000. There is no minimum additional investment or any minimum holding following a sale."]
[]
[]
["Creation, transfer and realisation of units"]
["As at 31 March 2021, the Fund is open to subscriptions on a monthly basis, with applications to be received by the last Irish business day of the month.\nRedemptions must be notified in writing 10 business days before the last Irish business day of the quarter. Unitholders will be advised of the redemption price on the 2nd business day of the following quarter, and, in normal circumstances, the proceeds will be paid on the last Irish business day of the quarter following notification. Full details of redemption provisions are set out in the Fund Prospectus and Trust Deed. \nInvestors can trade their units on the secondary market. Secondary market transactions are arranged directly between the seller and the buyer, or via a third party broker. LIM is able to assist with the notification of availability of units on the secondary market to interested parties, as well as providing assistance with any documentation submitted for the trade. \n"]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["Non-Resident Capital Gains Tax Reforms introduced by the UK Government have, in principle, brought LPT within the scope of UK tax on capital gains in relation to UK land. However, the NRCGT Reforms include special rules for investment funds. These rules allow funds meeting certain conditions to make an \"Exemption Election\", which means that the fund is exempt from UK tax on capital gains realised on a disposal of UK property investments. Lothbury has made an Exemption Election for LPT in order to ensure that LPT remains exempt from UK tax when it disposes of assets in the portfolio. Investors in LPT have been contacted for information to allow the Exemption Election to be maintained."]
[]
["Income Tax"]
["Distributions of income are made gross of UK income tax unless restrictions apply to a particular unitholder under the Inland Revenue’s Non-resident Landlords Scheme."]
[]
["Stamp duty reserve tax"]
["No stamp duty is payable on the transfer of existing units."]
[]
["Charges"]
["The annual management fee is equivalent to 0.70% of the gross asset value of the portfolio. This includes the fee payable to the investment manager and the property advisor, but excludes fees payable to the Advisory Committee, Auditors and Valuers, estimated to total 0.1% pa."]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,70,null,null,null,26.59]
["1% or greater but less than 2%",null,null,null,13,null,null,null,16.28]
["2% or greater but less than 4%",null,null,null,7,null,null,null,18.28]
["4% or greater but less than 8%",null,null,null,3,null,null,null,13.78]
["Greater than 8.0%",null,null,null,1,null,null,null,25.07]
["Total",null,null,null,94,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,25.07]
["Three largest holders",null,null,null,3,null,null,null,34.78]
["Five largest holders",null,null,null,5,null,null,null,42.5]
["Ten largest holders",null,null,null,10,null,null,null,55.12]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,5.3032655634236509E-2]
["External",null,null,null,93,null,null,null,99.94696734436576]
["Source: Lothbury Investment Management Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,824662.94160000002,841488.1912,858983.42759999994,866898.00499999989,857008.52049999998,854251.74100000004]
["Units issued during period",null,null,18792.845000000001,18411.397499999999,7928.4866000000002,7401.5072,4907.6936000000005,2482.5617999999995]
["Units redeemed during period",null,null,-1967.5953999999999,-916.16110000000003,-13.9092,-17290.991699999999,-7664.4731000000002,-35165.601799999997]
["Units in issue at end of period",null,null,841488.1912,858983.42760000005,866898.005,857008.52049999998,854251.74100000004,821568.70100000012]
["Unit transfers"]
["Matched bargains",null,null,"*","*","*","*","*","*"]
["Matched bargains %*",null,null,"*","*","*","*","*","*"]
["* as % of units in issue at the end of the period   "]
["Source: Lothbury Investment Management Ltd"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["LPI (Limited Price Inflation) Income Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The policy of the Fund is to provide pension investors with a secure inflation-hedged return using property as an alternative to traditional index-linked gilts and bonds. Its benchmark is the UK Retail Price Index (‘RPI’). "]
[]
[]
["INVESTOR CONSTITUENCY"]
["Approved UK defined benefit pension schemes."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Pooled Direct Real Estate Fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"May 2010"]
["Open/closed-ended",null,null,null,null,null,null,"Open-ended**"]
["Earliest date of winding up",null,null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1911.3987790000001]
["Source:  Legal & General Investment Management Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Legal & General Investment Management Limited"]
["Investment Advisor",null,null,null,null,"Legal & General Investment Management Limited"]
["Fund Manager",null,null,null,null,"Derek Gilby"]
["Corporate trustee",null,null,null,null,"Not applicable"]
["Auditors",null,null,null,null,"PwC"]
["Source:  Legal & General Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"LPI (Limited Price Inflation) Income Property Fund",null,null,"Long Income Funds",null,"All balanced funds",null,"All funds"]
["3 months",2.0662799999999999,null,null,3.0571899999999999,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.4828700000000001,null,null,5.0094799999999999,null,6.0474500000000004,null,5.5983999999999998]
["12 months",5.6437099999999996,null,null,7.3320600000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",6.19435,null,null,5.3954300000000002,null,2.9910399999999999,null,1.81053]
["5 years+",6.9048299999999996,null,null,6.5384599999999997,null,4.89466,null,3.8698299999999999]
["10 years+",7.4008900000000004,null,null,null,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index*"]
["Note: * Weighted average returns    + Annualised"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.15]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"Nil"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.25]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.25]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"Nil"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.33]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"Nil"]
["Note: *None specified"]
["Source:  Legal & General Investment Management Limited"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index***"]
[null,null,null,"LPI (Limited Price Inflation) Income Property Fund     + *",null,"Long Income Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,2.4850910558943933,null,8.0590700000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,5.1532940843283734,null,8.5928000000000004,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,1.1287545164404535,null,0.58425000000000005,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,1.8259000000000001,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,8.76713965666322,null,19.062020000000004,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.8747500000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,15.459882252985121,null,6.1215700000000002,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,6.7842985825916946,null,5.01877,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,21.77305988908568,null,8.6467500000000008,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,44.0172407246625,null,23.661840000000002,null,27.247970000000002,22.74428]
["South East  industrial",null,null,0,null,3.1535799999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,12.186101824827213,null,7.6014400000000002,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,12.186101824827213,null,10.75502,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,33.798284714292556,null,44.229340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,1.2312330795545268,null,2.2917700000000001,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000003,null,99.999990000000011,null,100,100.00001]
["Note: + Includes the Fund’s share of any properties held jointly or indirectly"]
["Sources: * Legal & General Investment Management Limited "]
["             **  MSCI/AREF UK Quarterly Property Fund Index "]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,74,null,null,1887.8650009999999,null,99.999999947030105]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,1,null,null,9.9999999999999995E-7,null,5.2969889210330303E-8]
["Total",null,null,75,null,null,1887.865002,null,100]
["Source:  Legal & General Investment Management Limited"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["Great Smith St",null,null,null,"LONDON","Office ",null,"290-300","-"]
["Water Street ",null,null,null,"LIVERPOOL","Office ",null,"140-150","-"]
["West Moor Park",null,null,null,"DONCASTER","Industrial ",null,"90-100","-"]
["Fleet Street/ Lionel Street",null,null,null,"BIRMINGHAM","Office ",null,"70-80","-"]
["Haymarket Lane",null,null,null,"NEWCASTLE UPON TYNE","Apartments- Applicable Not Categorised",null,"60-70","-"]
["Darnley Mains Road",null,null,null,"GLASGOW","Retail Other ",null,"50-60","-"]
["Fferm Penglais",null,null,null,"ABERYSTWYTH","Apartments- Applicable Not Categorised",null,"50-60","-"]
["York Street",null,null,null,"GLASGOW","Office ",null,"50-60","-"]
["Broad Piece",null,null,null,"LITTLEHAMPTON","Retail Other ",null,"40-50","-"]
["Woodcote Grove",null,null,null,"EPSOM","Office ",null,"40-50","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,0,0]
["Source:  Legal & General Investment Management Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,3,null,null,25.7,null,1.3613261527054887]
["10-25",null,null,21,null,null,354.23,null,18.763523854975304]
["25 - 50",null,null,18,null,null,675.56500000000005,null,35.784603204376793]
["50 - 100",null,null,6,null,null,389.40000099999997,null,20.62647491147251]
["100-150",null,null,1,null,null,"*",null,"*"]
["Over 150",null,null,1,null,null,"*",null,"*"]
["Total",null,null,74,null,null,1887.865,null,99.999999894060224]
["Average lot size",null,null,null,null,null,25.511689189189191]
["Source:  Legal & General Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.4271169858679999E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,3.8866148392999997E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,4.2435454932590003E-2]
["Source:  Legal & General Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,10.939699983332087,null,null,null,null,6.7500942709432019]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,1.1389462016453236,null,null,null,null,3.3359083782071441]
["Central London offices",null,null,0,null,null,null,null,14.58650740245702]
["Other offices",null,null,30.887659337428946,null,null,null,null,28.83256872966799]
["Industrial",null,null,9.4931123935920922,null,null,null,null,7.2301966808567819]
["Other ",null,null,47.540582084001564,null,null,null,null,39.26472453786787]
["Overall",null,null,100.00000000000001,null,null,null,null,100]
["Source:  Legal & General Investment Management Limited"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",7.1678110000000004,0,0,0,-21.719476141321,-0.21719476141321259,-21.936670902734214,78.280523858678748]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ",0.74624999999999997,0,0,0,0,2.715867336683417,2.715867336683417,371.58673366834171]
["Central London offices",0,0,0,0,0,"-","-","-"]
["Other offices",20.237932000000001,6.271332466182999,0,0,-6.1689652875599998,0.18426156387915515,-5.9847037236808447,118.42615638791551]
["Industrial",6.2199910000000003,0,0,0,-3.3747154939610002,-3.3747154939613333E-2,-3.4084626489006133,96.625284506038668]
["Other ",31.149108999999999,1.0433685278120002,0,0,-17.151370204522003,4.7821624689168507E-2,-17.103548579832836,104.78216246891685]
["Overall",65.521092999999993,15.252932364849,0,0,-12.755721275894999,0.26867183061186117,-12.487049445283137,126.86718306118611]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source:  Legal & General Investment Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,1,null,null,5.2969889210330301E-4]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,1,null,null,5.2969889210330301E-4]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,69.050927762277894]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,22.641644703589694]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,8.3074275341324118]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,0]
[" Less than 5 years ",null,null,null,null,null,null,0]
["Source:  Legal & General Investment Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source:  Legal & General Investment Management Limited"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source:  Legal & General Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source:  Legal & General Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the last day of the month"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index*",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source:  Legal & General Investment Management Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["    for investment purposes",null,null,null,null,null,null,null,"Nil"]
["    for liquidity purposes",null,null,null,null,null,null,null,"Nil"]
["Cash holdings (maximum)",null,null,null,null,null,null,0.2]
["Cash holdings (minimum)",null,null,null,null,null,null,"None"]
["Source:  Legal & General Investment Management Limited"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Largest occupier",null,null,null,null,null,null,null,7.4076915692301242]
["2nd Largest Occupier",null,null,null,null,null,null,null,7.3821175586278747]
["3rd  Largest Occupier",null,null,null,null,null,null,null,6.0845208514938474]
["4th  Largest Occupier",null,null,null,null,null,null,null,5.89824881036769]
["5th  Largest Occupier",null,null,null,null,null,null,null,5.5053524446665447]
["6th  Largest Occupier",null,null,null,null,null,null,null,5.1178670833510855]
["7th  Largest Occupier",null,null,null,null,null,null,null,4.493209048368203]
["8th  Largest Occupier",null,null,null,null,null,null,null,4.4741086511749124]
["9th  Largest Occupier",null,null,null,null,null,null,null,4.251364215651587]
["10th  Largest Occupier",null,null,null,null,null,null,null,4.1329879101326314]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.874329979351849]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,32.277931234386081]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,54.747468143064495]
["Source:  Legal & General Investment Management Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1887.8650009999999,0,0,0,null,null,1887.8650009999999]
["Listed investments",null,0,0,0,9.9999999999999995E-7,null,null,9.9999999999999995E-7]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,23.533774000000001,0,0,0,null,null,23.533774000000001]
["Other net assets/liabilities",null,3.0000000000000001E-6,0,0,0,null,null,3.0000000000000001E-6]
["Total net assets",null,1911.398778,0,0,9.9999999999999995E-7,null,null,1911.3987790000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.2465814021412649,"-","-","-",null,null,-1.2465814021412649]
["Net debt (cash)/equity ",null,-1.2312330776220681,"-","-",0,null,null,-1.2312330769779152]
["Source:  Legal & General Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,"-","-","-","-","-","-"]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,2.1971400000000001,2.2229386071226802,2.2383166134966799,2.2728737024842101,2.3062048751234299,2.3556315141827899]
["Source:  Legal & General Investment Management Limited"]
[]
["Unit pricing"]
["The unit price is calculated monthly following the revaluation of the Fund’s portfolio."]
[]
["Distributions"]
["The Fund is an accumulation fund and its gross income is reinvested. "]
[]
["Minimum investment/disinvestment"]
["The minimum investment in the fund is GBP1.00m"]
[]
[]
["Creation, transfer and realisation of units"]
["Units may be created at any time at the discretion of the manager. \n\nTrustees wishing to redeem units may give notice on Redemption Notice Day which is the last day of each month. To avoid penalizing other investors in the Fund and ensure stability, Trustees should expect to wait nine months between any redemption request and the receipt of the proceeds.\n\nThe manager will attempt to match buyers and sellers of units in the Fund on a monthly basis.\n"]
[]
[]
["Taxation"]
["CGT and income tax: the fund is exempt from UK capital gains tax and UK income tax.\nStamp duty reserve tax: transfers of units do not attract SDRT.\n"]
[]
["Charges"]
["The Fund Manager is entitled to a Management Charge (payable quarterly) equivalent to 0.35% per annum of the net asset value of the Fund."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,34,null,null,null,0.12781693739111238]
["1% or greater but less than 2%",null,null,null,11,null,null,null,0.17277455221876734]
["2% or greater but less than 4%",null,null,null,10,null,null,null,0.24902703723241229]
["4% or greater but less than 8%",null,null,null,8,null,null,null,0.45038147315770816]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,63,null,null,null,1]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,8.9117782366296833E-2]
["Three largest holders",null,null,null,3,null,null,null,0.21941710376176388]
["Five largest holders",null,null,null,5,null,null,null,0.32122081991014229]
["Ten largest holders",null,null,null,10,null,null,null,0.51993665589473037]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,63,null,null,null,1]
["Source:  Legal & General Investment Management Limited"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,468379340,533542516,586363861.40999997,673616855.29999995,683436511.78542888,820147617.48700678]
["Units issued during period",null,null,69425939,58935131.850000001,92392385.949999988,28656959.505979046,150237312.31,9779876.870000001]
["Units redeemed during period",null,null,-4262762,-6113786.4399999995,-5139392.0599999996,-18837303.020550139,-13526206.608422192,-6931470.8399999999]
["Units in issue at end of period",null,null,533542516,586363861.40999997,673616855.29999995,683436511.78542888,820147617.48700678,822996023.51700675]
["Unit transfers"]
["Matched bargains",null,null,"                      -   ","-",0,0,0,0]
["Matched bargains %*",null,null,"                      -   ","-",0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source:  Legal & General Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["M&G Property Portfolio"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund aims to maximise long term performance mainly through investing in a diversified portfolio of UK commercial property, seeking to add value through strategic asset allocation, stock selection and asset management. It may also invest in other collective investment schemes that invest primarily in commercial property and in securities and debt instruments issued by property companies."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by UK and overseas private and institutional investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property authorised investment fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"November 2005"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-09-30"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1196.5300000881648]
["Source : M&G Property Portfolio"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"M&G Securities Limited*"]
["Investment manager",null,null,null,null,"M&G Investment Management Limited*"]
["Property Manager",null,null,null,null,"Prudential Property Investment Managers Ltd*"]
["Fund manager",null,null,null,null,"Justin Upton"]
["Trustee",null,null,null,null,"Royal Bank of Scotland plc"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers LLP"]
["* A wholly-owned subsidiary of Prudential plc"]
["Source : M&G Property Portfolio"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"M&G Property Portfolio",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",1.0645549999999999,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",1.736129,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",-2.3487,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-4.5069860000000004,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-1.3024640000000001,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",2.0149940000000002,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source : M&G Property Portfolio"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure (speculative or pre-let)",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.25]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.1]
["Maximum development exposure (speculative or pre-let)",null,null,null,null,null,null,null,0.1]
["Source : M&G Property Portfolio"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"M&G Property Portfolio",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0.59379450648233789,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0.10988368091488102,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,15.079422057857519,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,9.4457702632599645,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,25.228870508514703,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,4.2939161465199662,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,7.0663659419108118,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,13.422714253294698,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,24.782996341725479,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,7.8524568899941904,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,12.917671950628225,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,20.770128840622416,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,14.235787047248607,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,14.982217261888787,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Source : M&G Property Portfolio"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,41,null,null,938.4,null,91.012631449008964]
["Joint  and indirect holdings",null,null,3,null,null,67.419213999999997,null,6.5387895101916724]
["Listed investments",null,null,0,null,null,25.246457939999999,null,2.4485790407993671]
["Total",null,null,44,null,null,1031.0656719399999,null,100.00000000000001]
["Source : M&G Property Portfolio"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["Wales Designer Outlet",null,null,null,"Bridgend","Shopping Centre",null,"75 - 100","*"]
["Parc Trostre Retail Park",null,null,null,"Llanelli","Retail Warehouse",null,"50 - 75","*"]
["Unit 2 And 7A/B/C Millington Road",null,null,null,"Hayes","Industrial",null,"50 - 75","*"]
["Junction Six Industrial Estate",null,null,null,"Birmingham","Industrial",null,"50 - 75","*"]
["Aurora 120 Bothwell Street",null,null,null,"Glasgow","Office",null,"50 - 75","*"]
["Portland & Riding Estate",null,null,null,"London","Office",null,"50 - 75","*"]
["Enterprises House",null,null,null,"Uxbridge","Office",null,"25-50","*"]
["3 Temple Quay",null,null,null,"Bristol","Office",null,"25-50","*"]
["Fremlin Walk",null,null,null,"Maidstone","Shopping Centre",null,"25-50","*"]
["The Gracechurch Centre",null,null,null,"Sutton Coldfield","Shopping Centre",null,"25-50","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,"*"]
["Source : M&G Property Portfolio"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,5,null,null,8.5250000000000004,null,0.826814453434358]
["2.5 - 5",null,null,8,null,null,32.85,null,3.1860240229112797]
["5-10",null,null,1,null,null,5.6749999999999998,null,0.55040141035073098]
["10-25",null,null,14,null,null,233.45000000000002,null,22.641622774692184]
["25 - 50",null,null,7,null,null,275,null,26.671433981753477]
["50 - 100",null,null,6,null,null,382.90000000000003,null,37.136334805866937]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,41,null,null,938.40000000000009,null,91.012631449008978]
["Average lot size",null,null,null,null,null,22.887804878048783]
["Source : M&G Property Portfolio"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.1047883950742411E-2,null,"Investments ",null,null,7.6902977306698928E-2]
["Nominal equivalent yield",null,null,5.8091369583945666E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,"-",null,"Total",null,null,7.6902977306698928E-2]
["Net reversionary yield",null,null,6.5119111513708E-2]
["Source : M&G Property Portfolio"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,0.75393555907744914,null,null,null,null,1.1124219711527683]
["Retail warehousing ",null,null,15.781427202930749,null,null,null,null,12.057041691975765]
["Shopping centres ",null,null,26.999618412475058,null,null,null,null,30.520161810541374]
["Central London offices",null,null,3.1166281442550106,null,null,null,null,2.9631773622330928]
["Other offices",null,null,23.368203037933274,null,null,null,null,23.839717202831]
["Industrial",null,null,14.370138164373392,null,null,null,null,15.299158684629438]
["Other ",null,null,15.610049478955066,null,null,null,null,14.208321276636557]
["Overall",null,null,99.999999999999986,null,null,null,null,99.999999999999986]
["Source : M&G Property Portfolio"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.501,0.22572920930462548,0,0,-0.118131619536087,55.189620758483024,55.071489138946937,155.18962075848304]
["Retail warehousing ",10.48696395,0.26664262849108888,0,1.4520031388520034,-5.3981354510940198,-19.643349207851521,-25.041484658945542,80.356650792148471]
["Shopping centres ",17.941598140300002,0.53154858531985327,0,3.7289481452458189,-2.7271997060500901,18.893071431138502,16.165871725088412,118.89307143113849]
["Central London offices",2.07104,0,0,0,0,0,0,100]
["Other offices",15.52847532,0.81540312763249412,0,1.9368724901611301,-1.7051371081525599,7.3008402733514375,5.5957031651988771,107.30084027335143]
["Industrial",9.5491440000000001,0,0,0.81271243545758298,-0.27541183205722503,11.978319732114208,11.702907900056983,111.9783197321142]
["Other ",10.37308122,0.12038891162913361,0,0.15801044651323784,-1.5409381298314799,-4.2660826673831762,-5.8070207972146566,95.733917332616826]
["Overall",66.451302630300006,1.9597124623771953,0,8.0885466562297719,-11.764953846721461,5.178583765084662,-6.5863700816367992,105.1785891718029]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source : M&G Property Portfolio"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,3.9354354217225564]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,3.8503150887474642]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,10.682088502493531]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,21.253374728877169]
[" Less than 5 years ",null,null,null,null,null,null,60.278786258159286]
["Source : M&G Property Portfolio"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["Kames Target Healthcare Property Lp",null,"Medical","Indirect","LP","*","0 - 25","-","*"]
["The Brewery Romford",null,"Retail Warehouse","Joint","JV","*","25 - 50","-","*"]
["The Fort Birmingham",null,"Retail Warehouse","Joint","JV","*","0 - 25","-","*"]
["-",null,"-","-","-","*","-","-","*"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source : M&G Property Portfolio"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source : M&G Property Portfolio"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Including schemes to which the fund is contractually committed"]
["Source : M&G Property Portfolio"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, on the last day of the month*"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["* The Fund itself  is priced and is available for dealing on a daily basis"]
["Source : M&G Property Portfolio"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.25]
["for investment purposes",null,null,null,null,null,null,null,0.25]
["for liquidity purposes",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,0.25]
["Source : M&G Property Portfolio"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Coca-Cola European Partners Gb Limited",null,null,null,null,null,null,null,4.8491148742819643]
["Barclays Execution Services Limited",null,null,null,null,null,null,null,4.6436997287589046]
["Amec Foster Wheeler Group Limited",null,null,null,null,null,null,null,2.8614427779975267]
["Marks & Spencer Plc",null,null,null,null,null,null,null,2.4357745686417296]
["Saba Infra Uk Limited",null,null,null,null,null,null,null,2.3975752723221029]
["Nippon Express (Uk) Limited",null,null,null,null,null,null,null,2.2337244587334566]
["Chrysaor Limited",null,null,null,null,null,null,null,2.194498741601894]
["Premier Inn Hotels Limited",null,null,null,null,null,null,null,2.1458206890737701]
["Royal Mail Group Limited",null,null,null,null,null,null,null,1.9563198139734208]
["Tony Blair Institute",null,null,null,null,null,null,null,1.8058336744370038]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,12.354257381038396]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,17.187607222002228]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,27.523804599821773]
["Source : M&G Property Portfolio"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,938.4,48.25,19.169214,0,null,null,1005.819214]
["Listed investments",null,0,0,0,25.246457939999999,null,null,25.246457939999999]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,177.25,0,0,0,null,null,177.25]
["Other net assets/liabilities",null,-11.7856718518353,0,0,0,null,null,-11.7856718518353]
["Total net assets",null,1103.8643281481648,48.25,19.169214,25.246457939999999,null,null,1196.5300000881648]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-18.8885336743393,0,0,"-",null,null,-17.622451185347906]
["Net debt (cash)/equity ",null,-16.057226914593155,0,0,0,null,null,-14.813669526626125]
["Source : M&G Property Portfolio"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,124.55,120.7,117.83,115.7,116.39,117.55]
["Offer (GBp)",null,null,132.84,128.72999999999999,125.47,122.45,122.11,124.86]
["Mid (GBp)",null,null,128.69499999999999,124.715,121.65,119.075,119.25,121.205]
["Bid/offer spread",null,null,6.2405901836796195E-2,6.237862192185184E-2,6.0891049653303581E-2,5.5124540628828093E-2,4.6843010400458594E-2,5.8545571039564329E-2]
["Net asset value (GBp)",null,null,125.89,121.98,119.038753,116.768573,117.29987199999999,118.71]
["Source : M&G Property Portfolio"]
[]
["Share pricing"]
["The Fund has five classes of retail units (“A”, “D”, “R”, “X” and “I”). Income and accumulation units are available for retail classes, with the exception of the “X” class which offers income only. There are differences in minimum holdings and initial, annual and redemption charges between the various classes of units. The Fund’s net asset value is re-calculated daily at noon, and dealing is on a forward basis. Income is not included in the unit price of any class of units.\nThe Fund’s net asset value is re-calculated daily at noon, and dealing is on a forward basis. Income is not included in the unit price of any class of units. "]
[]
["Distributions"]
["The Fund distributes its net income quarterly, on or before 28 February, 31 May.31 August and 30 November."]
[]
["Minimum investment/disinvestment"]
["Class ","Initial Subscription                 ","Top Up Subscriptions                           ","Minimum holding"]
["Sterling A ",500,100,500]
["Sterling D  ","n/a","n/a","n/a"]
["Sterling I",500000,10000,500000]
["Sterling R ",500,100,500]
["Sterling X",500,100,500]
["The Manager may, at its discretion, reduce any of the above amounts"]
[]
["Creation, transfer and realisation of units"]
["Orders to the manager to buy or sell units are carried out at the next valuation following receipt of instructions. When units are sold, a cheque for the proceeds will be posted not less than four business days after receipt of the properly completed renunciation form.\nThe Manager reserves the right to impose a maximum transaction size of £10m or 10% of the value of the company (whichever is the lower) in respect of Class A, R, I and D units. A maximum transaction size of £30,000 will apply to Class X units, but may be waived at the discretion of the Manager. In order to protect the liquidity of the Trust, the Manager may defer redemptions of Class R and S units to a point within 90 days where the net redemptions exceed 1% of the Trust’s value. (See “Redemption notices outstanding” overleaf).\n"]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["The Trust is exempt from UK capital gains tax. Unitholders may be liable to CGT on the disposal of their units in the Trust."]
[]
["Corporation tax"]
["The Trust is subject to corporation tax."]
[]
["Income Tax"]
["Distributions of income are made net of income tax at the lower rate. Higher rate taxpayers may incur a further liability. "]
[]
["Stamp duty reserve tax"]
["Transfers of units attract SDRT at the standard rate, currently 0.5%."]
[]
["Charges"]
["The initial, annual and redemption charges (if any) applicable to the various classes of units are as follows: "]
["Class   ","Initial charge","Annual charge                  ","Redemption charge"]
["Sterling A  ",0.05,1.4999999999999999E-2,"nil"]
["Sterling D ",0.02,6.0000000000000001E-3,"nil"]
["Sterling I",0.02,7.4999999999999997E-3,"nil"]
["Sterling R  ",0.02,0.01,"nil"]
["Sterling X  ","nil","1.50%l","5years*"]
["Note: * The deduction from redemption value would be made on the following basis: within the 1st year 4.5%, within the 2nd year 4.0%, within the 3rd year 3.0%, within the 4th year 2.0%, within the 5th year 1.0% and nil thereafter."]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,3044,null,null,null,20.25]
["1% or greater but less than 2%",null,null,null,5,null,null,null,6.27]
["2% or greater but less than 4%",null,null,null,2,null,null,null,5.94]
["4% or greater but less than 8%",null,null,null,3,null,null,null,15.11]
["Greater than 8.0%",null,null,null,1,null,null,null,52.43]
["Total",null,null,null,3055,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,41.92]
["Three largest holders",null,null,null,3,null,null,null,50.37]
["Five largest holders",null,null,null,5,null,null,null,56.42]
["Ten largest holders",null,null,null,10,null,null,null,66.61]
["Internal/external investors"]
["Internal",null,null,null,21,null,null,null,45.35]
["External",null,null,null,3034,null,null,null,54.65]
["Source : M&G Property Portfolio"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,4341019890,3618792956,3100227045.5460005,2951684209.2490005,2171249463.2690005,2171249463.2690005]
["Units issued during period",null,null,754246335,304772817.35800016,234964015.13199979,219852888.94199991,0,0]
["Units redeemed during period",null,null,-1476473269,-823338727.81200004,-383506851.42900002,-1000287634.9219998,0,0]
["Units in issue at end of period",null,null,3618792956,3100227045.5460005,2951684209.2490005,2171249463.2690005,2171249463.2690005,2171249463.2690005]
["Unit transfers"]
["Matched bargains",null,null,"-","-",0,0,0,0]
["Matched bargains %*",null,null,"-","-",0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source : M&G Property Portfolio"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["M&G Secure Property Income Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund’s objective is to deliver secure medium to long term returns with a rising income stream from a diversified portfolio of properties let to high quality tenants in strong locations across the UK. It typically maintains weighted average unexpired lease term of approximately 25 years and a weighted average investment grade credit rating. With the majority of leases providing regular contracted increases in rental income linked to the Retail Price Index (usually with a cap and floor) and the remainder having regular fixed uplifts. The Fund’s tenants are responsible for all outgoings, maintenance and capital expenditure for the entire term of the lease. The Fund utilises the extensive resources of M&G’s fixed income division to undertake credit analysis and of M&G Real Estate, its property division, to source and manage its assets."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by UK and overseas institutional investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property unit trust"]
["Residence",null,null,null,null,null,null,null,"Guernsey"]
["Launch date",null,null,null,null,null,null,null,"August 2007"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-06-30"]
["NAV (GBPm) ",null,null,null,null,null,null,null,4773.5380073399992]
["Source: M&G Investment Management Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"M&G (Guernsey) Limited*"]
["Investment Advisor",null,null,null,null,"M&G Investment Management Limited*"]
["Fund Manager",null,null,null,null,"Lee McDowell & Holly Johnstone"]
["Tusteee",null,null,null,null,"Northern Trust (Guernsey) Limited"]
["Auditors",null,null,null,null,"Ernst and Young "]
["* A wholly-owned subsidiary of Prudential plc"]
["Source: M&G Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"M&G Secure Property Income Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",3.1410800000000001,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",5.4727300000000003,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",8.5673899999999996,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",5.3716900000000001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",6.2766900000000003,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",7.51227,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: M&G Investment Management Limited"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure (pre-let)",null,null,null,null,null,null,null,0.2]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.3]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.3]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: M&G Investment Management Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"M&G Secure Property Income Fund",null,"Long Income Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,14.054374647535386,null,8.0590700000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,12.525940753041459,null,8.5928000000000004,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.58425000000000005,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,1.8259000000000001,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,26.580315400576843,null,19.062020000000004,null,18.760270000000002,20.009799999999998]
["City offices",null,null,6.5863305554511413,null,3.8747500000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,6.5741569957737607,null,6.1215700000000002,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,8.6971388495111643,null,5.01877,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,3.0323032846388527,null,8.6467500000000008,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,24.88992968537492,null,23.661840000000002,null,27.247970000000002,22.74428]
["South East  industrial",null,null,1.9626604204861908,null,3.1535799999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,2.6790526690005896,null,7.6014400000000002,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,4.64171308948678,null,10.75502,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,43.03303222408838,null,44.229340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,0.85500960047308461,null,2.2917700000000001,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,99.999990000000011,null,100,100.00001]
["Source: M&G Investment Management Limited"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,237,null,null,4452.2619425000003,null,97.62015537248908]
["Joint  and indirect holdings",null,null,1,null,null,108.54,null,2.3798446275109217]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,238,null,null,4560.8019425000002,null,100]
["Source: M&G Investment Management Limited"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["M&G Secure Property Income Fund has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
["10 largest investments as % of portfolio"]
["Source: M&G Investment Management Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,71,null,null,113.130996,null,2.4805066614663676]
["2.5 - 5",null,null,55,null,null,202.167948,null,4.4327280717035871]
["5-10",null,null,43,null,null,291.07959299999999,null,6.3822020045984491]
["10-25",null,null,25,null,null,424.77552250000002,null,9.3136147514259218]
["25 - 50",null,null,17,null,null,658.80499999999995,null,14.444937717222523]
["50 - 100",null,null,16,null,null,1126.845,null,24.707168042081669]
["100-150",null,null,6,null,null,694.96,null,15.237671110512164]
["Over 150",null,null,4,null,null,940.497883,null,20.621327013478396]
["Total",null,null,237,null,null,4452.2619425000003,null,97.62015537248908]
["Average lot size",null,null,null,null,null,18.785915369198314]
["Source: M&G Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.2699999999999995E-2,null,"Investments ",null,null,"-"]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,"-",null,"Total",null,null,"-"]
["Net reversionary yield",null,null,4.6399999999999997E-2]
["Source: M&G Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,34.721728981332078,null,null,null,null,22.560345478610596]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,6.1479219298196259,null,null,null,null,7.9001263302302398]
["Industrial",null,null,7.0392506714436225,null,null,null,null,3.1674815470630309]
["Other ",null,null,52.09109841740441,null,null,null,null,66.37204664409613]
["Overall",null,null,99.999999999999744,null,null,null,null,100]
["Source: M&G Investment Management Limited"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",62.075279308530796,"-","-","-","-",-30.321269071304748,"-",69.678730928695259]
["Retail warehousing ",0,"-","-","-","-","-","-","-"]
["Shopping centres ",0,"-","-","-","-","-","-","-"]
["Central London offices",0,"-","-","-","-","-","-","-"]
["Other offices",10.991214497578104,"-","-","-","-",37.803903992215098,"-",137.80390399221508]
["Industrial",12.584726174999997,"-","-","-","-",-51.744869808420745,"-",48.255130191579255]
["Other ",93.128124048403635,"-","-","-","-",36.639896253165524,"-",136.63989625316552]
["Overall",178.779344029513,"-","-","-","-",7.2397589550706316,"-",107.23975895507063]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: M&G Investment Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,51.328701325115148]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,25.172858041879103]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,23.498440633005771]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,0]
[" Less than 5 years ",null,null,null,null,null,null,0]
["Source: M&G Investment Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["THE JADE UNIT TRUST",null,"Retail Other ","INDIRECT RE - LIMITED PARTNERSHIP","-",100,"-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: M&G Investment Management Limited"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: M&G Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: M&G Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, on the last day of the month*"]
["Valuers",null,null,null,null,null,"CBRE"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Note: * The Fund itself  is priced and is available for dealing on a daily basis "]
["Source: M&G Investment Management Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"-"]
["Cash holdings (maximum)",null,null,null,null,null,null,"-"]
["Cash holdings (minimum)",null,null,null,null,null,null,"-"]
["Source: M&G Investment Management Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["M&G Secure Property Income Fund has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
["Three largest tenants' contribution to rental income"]
["Five largest tenants' contribution to rental income"]
["Ten largest tenants' contribution to rental income"]
["Source: M&G Investment Management Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,4452.2619425000003,0,108.54,0,null,null,4560.8019425000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-9.9999999999999995E-7,0,0,0,null,null,-9.9999999999999995E-7]
["Cash",null,39.331583279999997,0,0,0,null,null,39.331583279999997]
["Other net assets/liabilities",null,173.40448255999937,0,0,0,null,null,173.40448255999937]
["Total net assets",null,4664.9980073399993,0,108.54,0,null,null,4773.5380073399992]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-0.88340674443594913,"-",0,"-",null,null,-0.86238303648942094]
["Net debt (cash)/equity ",null,-0.8431210949739939,"-",0,"-",null,null,-0.82395033242685101]
["Source: M&G Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Offer (GBp)",null,null,122.370421404,119.21809354379998,119.2535082851,120.43018692749999,122.126,124.72732531350002]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,117.32542761984986,114.31402235389609,114.36991293534351,115.520563,117.16928399466615,119.78039531789953]
["Quarterly distribution (GBp)",null,null,1.1081737999000001,0.88232510000000008,0.99295359979999998,1.1193544,0.95525549980000002,1.0568692]
["Yield",null,null,3.8563525325984151E-2,3.7482775181639505E-2,3.6232312265050463E-2,3.5515814617350851E-2,3.3710956187799263E-2,3.4433286754094225E-2]
["Source: M&G Investment Management Limited"]
[]
["Unit pricing"]
["The Fund’s net asset value is re-calculated as at the end of each month, following the revaluation of its portfolio."]
[]
["Distributions"]
["The Fund distributes 100% of its net income which is distributed within 30 days in respect of the quarters ending 31 March, 30 June, 30 September and 31 December "]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment in the fund is GBP10,000,000 (at the Manager’s discretion)."]
[]
["Creation, transfer and realisation of units"]
["Please see the Information Memorandum, available from M&G Investment Management Limited."]
[]
["Taxation"]
[]
["CGT and Income Tax "]
["The Fund is not subject to UK Capital Gains Tax, but unit holders may be subject to CGT on the disposal of their units. \nThe Fund is treated as tax transparent for UK Income Tax purposes. Distributions to unit holders resident in the UK (or non-resident but in relation to whom the Manager has received the appropriate clearances from HM Revenue and Customs that such unit holders may be paid gross) are made without the deduction of UK tax. Distributions to other unit holders are made net of UK income tax at the standard rate. \n"]
[]
["Stamp duty reserve tax"]
[" Transfers of units do not attract SDRT."]
[]
["Charges"]
["Annual charges"]
["The Manager is entitled to an Annual Management fee (payable out of income)."]
[]
["Performance fees"]
["There are no performance fees."]
[]
["Initial charge"]
["There is no initial charge"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,106,null,null,null,33.993299999999898]
["1% or greater but less than 2%",null,null,null,14,null,null,null,19.903700000000001]
["2% or greater but less than 4%",null,null,null,10,null,null,null,27.245899999999899]
["4% or greater but less than 8%",null,null,null,2,null,null,null,8.4530999999999992]
["Greater than 8.0%",null,null,null,1,null,null,null,10.404400000000001]
["Total",null,null,null,133,null,null,null,100.0003999999998]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,10.404400000000001]
["Three largest holders",null,null,null,3,null,null,null,18.857500000000002]
["Five largest holders",null,null,null,5,null,null,null,25.498000000000001]
["Ten largest holders",null,null,null,10,null,null,null,39.4026]
["Internal/external investors"]
["Internal",null,null,null,6,null,null,null,15.8]
["External",null,null,null,127,null,null,null,84.2]
["Source: M&G Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,29427493,31337731,33601711.155999996,33601711.155999996,35761681.685999997,35873488.085999995]
["Units issued during period",null,null,1910238,2263980.155999999,0,2159970.5299999979,111806.39999999999,961041.28499999736]
["Units redeemed during period",null,null," -   "," -   ",0,0,0,0]
["Units in issue at end of period",null,null,31337731,33601711.155999996,33601711.155999996,35761681.685999997,35873488.085999995,36834529.370999992]
["Unit transfers"]
["Matched bargains",null,null," -   "," -   ",0,0,0,0]
["Matched bargains %*",null,null,"-","-",0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: M&G Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["M&G UK Property Limited Partnership"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective is to provide well-informed investors with exposure to the UK commercial property market through a diversified portfolio of assets. The performance target is to outperform the All Balanced Fund component of the MSCI/AREF UK Quarterly Property Fund Index series by 50 bps per annum, net of fees, on a rolling 3 year basis."]
[]
[]
["INVESTOR CONSTITUENCY"]
["Well-Informed Investors as defined in SIF Law (the law of 13 February 2007 concerning specialised investment funds)"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Luxembourg FCP"]
["Residence",null,null,null,null,null,null,"Luxembourg"]
["Launch date",null,null,null,null,null,"31 May 2013 (seed portfolio March 1971)"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,451.87474801595994]
["Source : M&G UK Property Limited Partnership"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"M&G Real Estate Funds Management S.àr.l"]
["Investment Advisor",null,null,null,null,"M&G Investment Management Ltd"]
["Fund Manager",null,null,null,null,"Jon Rowley"]
["Trustee",null,null,null,null,"Not applicable"]
["Auditors",null,null,null,null,"Ernst & Young"]
["Source : M&G UK Property Limited Partnership"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"M&G UK Property Limited Partnership",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.4843000000000002,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",5.9515099999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",8.4160599999999999,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",1.30507,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",3.49044,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",5.9782599999999997,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.1]
["Source : M&G UK Property Limited Partnership"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"M&G UK Property Limited Partnership",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,5.1342963183519554,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0.94108120332691381,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,17.590922407180535,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,23.666299928859406,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,8.8604522962276384,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,7.9770581854221065,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,16.837510481649744,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,24.794101841155332,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,9.2774784739840701,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,34.0715803151394,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,13.051615327043347,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,12.372993947308096,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Source : M&G UK Property Limited Partnership"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,22,null,null,331.81750199999999,null,82.034001581971211]
["Joint  and indirect holdings",null,null,5,null,null,72.670265999999998,null,17.9659984180288]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,27,null,null,404.48776799999996,null,100.00000000000001]
["Source : M&G UK Property Limited Partnership"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["SG1",null,null,"Stevenage",null,"Industrial",null,"30 - 35","*"]
["HADDINGTON PLACE, OTHER RESIDENTIAL, EDINBURGH",null,null,"Edinburgh",null,"Other",null,"25 - 30","*"]
["ORCHARDS BUSINESS CENTRE",null,null,"Redhill",null,"Industrial",null,"25 - 30","*"]
["ACRE ROAD",null,null,"Reading",null,"Industrial",null,"25 - 30","*"]
["MERIDIEN HOUSE",null,null,"Watford",null,"Office",null,"25 - 30","*"]
["EMERSONS GREEN RETAIL PARK",null,null,"Bristol",null,"Ret Whse",null,"25 - 30","*"]
["9-18 BATH STREET",null,null,"Bath",null,"Shop",null,"15 - 20","*"]
["THE PARLINGTON ESTATE",null,null,"Leeds",null,"Other",null,"15 - 20","*"]
["1 VICTORIA STREET",null,null,"Bristol",null,"Office",null,"15 - 20","*"]
["PLOT 2 CHOATS ROAD DAGENHAM DOCK",null,null,"Dagenham",null,"Industrial",null,"15 - 20","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,"*"]
["Source : M&G UK Property Limited Partnership"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,3,null,null,5.2649999999999997,null,1.3016462836522662]
["2.5 - 5",null,null,3,null,null,9.3559999999999999,null,2.3130489325452235]
["5-10",null,null,0,null,null,0,null,0]
["10-25",null,null,10,null,null,152.26150000000001,null,37.64304190281473]
["25 - 50",null,null,6,null,null,164.935,null,40.776263968506463]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,22,null,null,331.8175,null,82.034001087518675]
["Average lot size",null,null,null,null,null,15.082613636363636]
["Source : M&G UK Property Limited Partnership"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.7567294355992608E-2,null,"Investments ",null,null,1.4308031610224384E-2]
["Nominal equivalent yield",null,null,5.5874906131560403E-2,null,"Developments",null,null,-3.4694469519536142E-18]
["True equivalent yield",null,null,"-",null,"Total",null,null,1.430803161022438E-2]
["Net reversionary yield",null,null,5.4366971748889721E-2]
["Source : M&G UK Property Limited Partnership"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,10.069457994177727,null,null,null,null,7.7359658802874227]
["Retail warehousing ",null,null,29.071284410717467,null,null,null,null,26.329652825776396]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,23.464429931174209,null,null,null,null,24.411858781848078]
["Industrial",null,null,28.717369374035624,null,null,null,null,32.618200542876437]
["Other ",null,null,8.6774582898949717,null,null,null,null,8.9043219692116615]
["Overall",null,null,100,null,null,null,null,100]
["Source : M&G UK Property Limited Partnership"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",2.3444289999999999,0,"-",0.8074708608814396,-4.1057488043469643,-23.989807326218873,-28.095556130565839,76.010192673781134]
["Retail warehousing ",6.7685432800000003,0.12756321578818489,"-",0.42059353219050521,-5.0162077630691293,-10.392513586763979,-15.408721349833108,89.607486413236032]
["Shopping centres ",0,0,"-",0,0,"-","-","-"]
["Central London offices",0,0,"-",0,0,"-","-","-"]
["Other offices",5.46312324168,0,"-",0.11873764517990616,-0.10684436361875169,2.9329036016900685,2.8260592380713168,102.93290360169007]
["Industrial",6.6861427500000001,0,"-",0,-0.32764848203372676,12.377334450419866,12.049685968386139,112.37733445041987]
["Other ",2.0203356400000003,0,"-",6.8806825485748208E-2,-5.3387568089129228E-2,1.5246971537857852,1.471309585696656,101.52469715378578]
["Overall",23.28257391168,0.12756321578818489,"-",1.4156088637375992,-9.6098369811577005,-1.0619418309071216,-10.671778812064822,98.938058169092884]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source : M&G UK Property Limited Partnership"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,4.6279950490759534]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,3.4970813471496291]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.8910852746324647]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,25.760196370476073]
[" Less than 5 years ",null,null,null,null,null,null,58.223641958665894]
["Source : M&G UK Property Limited Partnership"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["Standard Life Investments Uk Shopping Centre Unit",null,"Shopping Centre","Indirect","PUT","*","0 - 5",null,"*"]
["Lend Lease (Jersey) Unit Trust",null,"Shopping Centre","Indirect","PUT","*","0 - 5",null,"*"]
["Kames Target Healthcare Prop Unit Trust",null,"Healthcare","Indirect","LP","*","5 - 10",null,"*"]
["Embankment Unit Trust",null,"Office","Joint ","JV","*","15 - 20",null,"*"]
["The Brewery",null,"Retail Warehouse","Joint ","JV","*","40 - 45",null,"*"]
[]
[]
["Source : M&G UK Property Limited Partnership"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source : M&G UK Property Limited Partnership"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source : M&G UK Property Limited Partnership"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"*Monthly"]
["Valuers",null,null,null,null,null,"*CB Richard Ellis"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source : M&G UK Property Limited Partnership"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted"]
["      For investment purpose",null,null,null,null,null,null,null," Nil "]
["      For liquidity purpose",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null,0.1]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source : M&G UK Property Limited Partnership"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Boots Uk Limited",null,null,null,null,null,null,null,6.9990113901561184]
["Tjx Uk",null,null,null,null,null,null,null,6.4939040062126114]
["Bae Systems Applied Intelligence Limited",null,null,null,null,null,null,null,5.6050503906929716]
["Primark Stores Limited",null,null,null,null,null,null,null,5.5523242615005231]
["Mapfre Asistencia Co.Int.De Seguros S.A.",null,null,null,null,null,null,null,5.2764784712385566]
["Sainsbury'S Supermarkets Ltd",null,null,null,null,null,null,null,4.5528449905112405]
["Xpo Supply Chain Uk Limited",null,null,null,null,null,null,null,4.3208281172698317]
["Mma Holdings Uk Plc",null,null,null,null,null,null,null,3.2440133868579677]
["Aah Pharmaceuticals Limited",null,null,null,null,null,null,null,3.1847853369339765]
["Flamingo Produce Ltd.",null,null,null,null,null,null,null,3.0645237193558894]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.097965787061703]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,29.926768519800781]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,48.293764070729686]
["Source : M&G UK Property Limited Partnership"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,331.81750199999999,60.972238000000004,11.698028000000001,0,null,null,404.48776800000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,57.113953000000002,0,0,0,null,null,57.113953000000002]
["Other net assets/liabilities",null,-9.7269729840400796,0,0,0,null,null,-9.7269729840400796]
["Total net assets",null,379.20448201595991,60.972238000000004,11.698028000000001,0,null,null,451.87474801595994]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-17.212459456101868,0,0,"-",null,null,-14.120069262514756]
["Net debt (cash)/equity ",null,-15.061518444182365,0,0,"-",null,null,-12.639332746689083]
["Source : M&G UK Property Limited Partnership"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,121.129252614666,118.09091793446592,118.08363789008277,118.74,119.31,123.69]
["Offer (GBp)",null,null,130.25250703125499,126.965847045049,126.94235606518946,127.66,128.26,132.94999999999999]
["Mid (GBp)",null,null,125.6908798229605,122.52838248975746,122.51299697763611,123.19999999999999,123.785,128.32]
["Bid/offer spread",null,null,7.0042831608606221E-2,6.9900129185403309E-2,6.9785361243471941E-2,6.9873100422998602E-2,6.9780134102604002E-2,6.9650244452801741E-2]
["Net asset value (GBp)",null,null,122.66439582502609,119.58438412563244,119.56912685598833,120.2431375962536,120.81034088684865,125.23627380426611]
["Quarterly distribution (GBp)",null,null,1.1670637689000001,1.1174256052974962,0.77313720239999995,1.336777382,1.1212954385,0.99156873590000005]
["Yield",null,null,4.3299403142834259E-2,4.1979244945717822E-2,3.6529253763478917E-2,3.6545985462017046E-2,3.5995557964470494E-2,3.3718495692389036E-2]
["Source : M&G UK Property Limited Partnership"]
[]
["Unit pricing"]
["The unit price is recalculated and published on a monthly basis."]
[]
["Distributions"]
["The fund makes quarterly income distributions."]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is £2m.  There is no minimum disinvestment amount, but the remaining holding must be greater than the minimum holding of £2m."]
[]
[]
["Creation, transfer and realisation of units"]
["The fund’s Prospectus provides for the creation or redemption of units on a monthly basis. The manager offers a secondary market service to unitholders wishing to dispose of their units to incoming unitholders.\n\nThe manager has the right to delay redemptions for up to a maximum of six months, and to repay the proceeds in 10 monthly installments. This right of deferment may be invoked only if there was insufficient liquidity in the fund and may last only until the liquidity of the fund is restored.\n"]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
["Capital Gains Tax"]
["The fund is exempt from UK Capital Gains Tax and UK Income Tax"]
["Stamp duty reserve tax"]
["Transfers of units do not attract SDRT."]
[]
["Charges"]
["There are annual management charges of 70 & 80 bps p.a. of the value of the fund (chargeable by class of units held). All fees and charges are reflected in the unit price and the quoted performance is after deduction of all fees, costs and charges."]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,3,null,null,null,2.1]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,1,null,null,null,97.9]
["Total",null,null,null,4,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,97.9]
["Three largest holders",null,null,null,3,null,null,null,99.65]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,97.9]
["External",null,null,null,3,null,null,null,2.1]
["Source : M&G UK Property Limited Partnership"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,6083116,5920405,5920405,5129092.523,4437540.2420000006,3921389.3730000006]
["Units issued during period",null,null,"-","-",0,0,0,0]
["Units redeemed during period",null,null,-162711,"-",-791312.47700000007,-691552.28099999996,-516150.86900000006,-177648.57900000038]
["Transfer of Properties^                         ",null,null,"-","-",63332,0,0,0]
["Units in issue at end of period",null,null,5920405,5920405,5129092.523,4437540.2420000006,3921389.3730000006,3743740.7940000002]
["* as % of units in issue at the end of the period   "]
["Source : M&G UK Property Limited Partnership"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Mayfair Capital Property Income Trust For Charities"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Trust’s investment objective is to deliver a relatively high and sustainable income yield whilst at least maintaining capital value in real terms over the economic cycle."]
[]
[]
["INVESTOR CONSTITUENCY"]
["Any exempt charity in the UK or a unit trust whose members are all exempt charities may invest in the Trust. It is also possible for charities from the EU to apply for exemption from HMRC."]
[]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Exempt, unauthorised PUT"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,"September 2004"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,593.51688999999999]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
["Management/professional advisors"]
["Trust manager",null,null,null,null,"Mayfair Capital Investment Management Ltd"]
["Trust Administrator",null,null,null,null,"Sanne Group"]
["Property investment manager",null,null,null,null,"Mayfair Capital Investment Management Limited"]
["Property advisor",null,null,null,null,"Jones Lang LaSalle"]
["Fund Director",null,null,null,null,"Simon Martindale"]
["Trustees",null,null,null,null,"Vistra Trust Corporation (UK) Limited"]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI /AREF UK Quarterly Property Fund Index"]
[null,"Mayfair Capital Property Income Trust For Charities",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",5.6655499999999996,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",7.9943099999999996,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",8.8649699999999996,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.9678100000000001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",6.2469700000000001,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",8.0004799999999996,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"Nil"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"Nil"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"Nil"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,"10% of the value of the Fund"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"N/A"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"N/A"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,"10% of the value of the Fund"]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Mayfair Capital Property Income Trust For Charities",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,3.2095763849061751,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,1.5897949009871113,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,8.3607299822697456,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,13.160101268163032,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,10.276029199684562,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,16.317451535866059,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,26.593480735550621,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,15.520545621063269,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,25.521612332829058,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,41.042157953892328,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,5.7496384710284563,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,13.454661104338486,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00003953297292,null,100,null,100,100.00001]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,50,null,null,578.38500099999999,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,50,null,null,578.38500099999999,null,100]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["3 CAPITAL QUARTER, CARDIFF",null,null,null,"CARDIFF","Office ",null,"25-30",4.7546184552596999]
["PHASES I & II TRAX PARK",null,null,null,"DONCASTER","Industrial ",null,"20-25",4.2532223272504961]
["WEST MOOR PARK",null,null,null,"DONCASTER","Industrial ",null,"20-25",4.1494851973175564]
["UNIT A, 9-11 NEWMARKET BUSINESS PARK",null,null,null,"NEWMARKET","Industrial ",null,"20-25",4.0976166323510865]
["PREMIER INN",null,null,null,"CROYDON","Hotel ",null,"20-25",3.6826681126193312]
["THE BIG BERRY, DROITWICH",null,null,null,"DROITWICH","Industrial ",null,"20-25",3.5011281352366885]
["BARTLEY POINT, HOOK",null,null,null,"HOOK","Industrial ",null,"15-20",3.4060357661314939]
["STONE CROSS, BRENTWOOD",null,null,null,"BRENTWOOD","Office ",null,"15-20",3.1985615062656167]
["UNITS A-D ORION BUSINESS PARK, STOCKPORT",null,null,null,"STOCKPORT","Industrial ",null,"15-20",3.0688900938494426]
["LADY BAY RETAIL PARK, NOTTINGHAM",null,null,null,"NOTTINGHAM","Retail Park",null,"15-20",2.8959948772945445]
["10 largest investments as % of portfolio",null,null,null,null,null,null,0,37.008221103575963]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,3,null,null,3.8499999999999996,null,0.66564658373635799]
["2.5 - 5",null,null,3,null,null,10.85,null,1.8759130996206452]
["5-10",null,null,19,null,null,144.19999999999999,null,24.931490227216315]
["10-25",null,null,24,null,null,391.98499999999996,null,67.772331461271762]
["25 - 50",null,null,1,null,null,27.5,null,4.7546184552596999]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,50,null,null,578.38499999999999,null,99.999999827104773]
["Average lot size",null,null,null,null,null,11.5677]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.4199999999999996E-2,null,"Investments ",null,null,0.10099999999999999]
["Nominal equivalent yield",null,null,5.6009999999999997E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,5.7950000000000002E-2,null,"Total",null,null,0.10099999999999999]
["Net reversionary yield",null,null,5.8929999999999996E-2]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,6.3727314971621416,null,null,null,null,5.5359490971893592]
["Retail warehousing ",null,null,14.065645909460667,null,null,null,null,12.242167570071553]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,31.413583976544935,null,null,null,null,35.758309912767153]
["Industrial",null,null,41.379261528276594,null,null,null,null,40.385246526865423]
["Other ",null,null,6.7687770885556571,null,null,null,null,6.0783268931065075]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",1.9221550000000001,0,0,19.055955425030998,-15.042387320480998,4.9289469371620003,-10.113440383318999,104.92894693716168]
["Retail warehousing ",4.2425059999999997,4.7394629494930003,0,11.132806883479001,-16.935179349186999,5.1301989908790002,-11.804980358307999,105.13019899087945]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",9.4750230000000002,1.160947049944,0,29.978375778084999,-4.1768447422239996,38.656402206094995,34.479557463870997,137.49545515615108]
["Industrial",12.480888999999999,0,0,4.5141015195309997,-0.61816910638299993,18.208013868243,17.58984476186,117.88779629399797]
["Other ",2.0416110000000001,0,0,3.673569548753,-1.323366694243,8.4682635428590007,7.1448968486160007,108.46826354285906]
["Overall",30.162184,1.031331152943,0,14.31412592669,-4.9981194995690004,21.286605107906002,16.288485608337002,120.78940636394235]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,3.3]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,6.2]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,6.4]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,36.4]
[" Less than 5 years ",null,null,null,null,null,null,47.7]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[24.7,4.0899999999999999E-2,5.4794520547945202E-2,null,null,null,0,0,0]
[26,2.2499999999999999E-2,2.4465753424657533,null,null,null,0,0,0]
[24.8,3.1E-2,4.2465753424657535,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the last day of the month"]
["Valuers",null,null,null,null,null,"Cushman & Wakefield"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,"50% (loan to value at purchase)"]
["for investment purposes",null,null,null,null,null,null,null,"*"]
["for liquidity purposes",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["EUI LTD T/A ADMIRAL INSURANCE",null,null,null,null,null,null,null,4.881927686532431]
["THE RANGE (CDS SUPERSTORES LTD)",null,null,null,null,null,null,null,4.860475199145724]
["WINCANTON HOLDINGS LTD (SUBLET",null,null,null,null,null,null,null,4.4630731803285997]
["SKY CP LIMITED",null,null,null,null,null,null,null,3.6733236195337646]
["ANTOLIN INTERIORS UK LTD",null,null,null,null,null,null,null,3.256609715799677]
["PREMIER INN HOTELS LTD",null,null,null,null,null,null,null,3.3]
["ASOS",null,null,null,null,null,null,null,3.055439546332992]
["SALMON LTD",null,null,null,null,null,null,null,2.9]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,2.7901541844430704]
["REHAU LIMITED",null,null,null,null,null,null,null,2.5652382619980605]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.205476066006755]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.135409401340198]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.746241394114321]
["Source: Mayfair Capital Investment Management Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,578.38500099999999,0,0,0,null,null,578.38500099999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-75.5,0,0,0,null,null,-75.5]
["Cash",null,89.917889000000002,0,0,0,null,null,89.917889000000002]
["Other net assets/liabilities",null,0.71399999999999997,0,0,0,null,null,0.71399999999999997]
["Total net assets",null,593.51688999999999,0,0,0,null,null,593.51688999999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-2.4927840409194846,"-","-","-",null,null,-2.4927840409194846]
["Net debt (cash)/equity ",null,-2.4292297730566697,"-","-","-",null,null,-2.4292297730566697]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,0.85209999999999997,0.82310000000000005,0.80930000000000002,0.81159999999999999,0.82050000000000001,0.85670000000000002]
["Offer (GBp)",null,null,0.87319999999999998,0.84450000000000003,0.83030000000000004,0.8345999999999999,0.84330000000000005,0.87990000000000002]
["Mid (GBp)",null,null,0.86264999999999992,0.8338000000000001,0.81980000000000008,0.82309999999999994,0.83190000000000008,0.86830000000000007]
["Bid/offer spread",null,null,2.4163994502977564E-2,2.5340438129070424E-2,2.52920631097194E-2,2.7558111670261096E-2,2.7036641764496668E-2,2.6366632571883167E-2]
["Net asset value (GBp)",null,null,0.86115976238034997,0.83284679499513004,0.81890333097375001,0.82212832211663001,0.83088328634063002,0.86729372810108996]
["Quarterly distribution (GBp)",null,null,1.1780000000000001E-2,8.4429844000000007E-3,8.1991539000000006E-3,8.9800000000000001E-3,9.2099999999999994E-3,1.051E-2]
["Yield",null,null,5.478658207344566E-2,5.2222070927527939E-2,4.8201218394195645E-2,4.549428269750571E-2,4.192181847032625E-2,4.2545164002038206E-2]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Unit pricing"]
["The Trust’s NAV and the bid and offer price of its units are re-calculated as at the date of the monthly revaluation of the portfolio. Income is not included in this re-calculation. The Trust’s fixed rate debt is not marked to market: any difference between the market value and the nominal value of its debt is thus not reflected in the monthly re-calculation of its net asset value and the pricing of the units."]
[]
["Distributions"]
["Distributions of income are made monthly, within one month of the month end in which the income is earned."]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment: ",null,"GBP 50,000"]
["Minimum additional investment: ",null,"No minimum"]
["Minimum redemption:",null,"No minimum"]
[]
["Creation, transfer and realisation of units"]
["Subscriptions may be made on a monthly basis, on the last business day of the month. Application forms must be sent to the Trust Administrator together with the application monies (to be cleared by that date).\nRedemptions may be made on a quarterly basis on 31 December, 31 March, 30 June or 30 September. Formal notification must be sent to the Administrator 15 days prior to a (calendar) quarter day. In normal market conditions the redeeming investor will receive the sales proceeds within 15 working days of the end of the quarter following the quarter in which the redemption notice was served. The Manager may defer redemption notices under the following circumstances: a) redemptions exceed 10% of Units; b) there is insufficent cash; c) the property valuer expresses material uncertainty about the value of 20% or more of the property investments or d) it determines there is a significant risk of Units being materially mispriced due to a severe lack of liquidity or a significant fall in property values."]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
["Capital Gains Tax and Income Tax "]
[" Trust is not subject to capital gains tax. The Trust is an approved exempt unauthorised unit trust and as such pays distributions gross."]
[]
["Stamp duty land tax"]
["All property purchases by the Trust are exempt from SDLT"]
[]
["Stamp duty reserve tax"]
["Transfers of units in the Trust are exempt from SDRT."]
[]
["Charges"]
["Annual charge"]
["The Manager is entitled to a fee of 0.65% pa of the first GBP40m of the Gross Asset Value of the Trust and of 0.50% pa of the Gross Asset Value of the Trust above that amount."]
["Initial charges / Performance fees"]
["None"]
[]
["Redemption notices outstanding"]
["Unit Type","Number of units","NAV per unit (£)",null,"Value at NAV (£m)",null,null,"% of total NAV of Fund"]
[0,0,0,null,0,null,null,0]
[0,0,0,null,0,null,null,0]
[0,0,0,null,0,null,null,0]
[0,0,0,null,0,null,null,0]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,1260,null,null,null,54.38]
["1% or greater but less than 2%",null,null,null,10,null,null,null,14.04]
["2% or greater but less than 4%",null,null,null,5,null,null,null,14.57]
["4% or greater but less than 8%",null,null,null,3,null,null,null,17.010000000000002]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,1278,null,null,null,100.00000000000001]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,6.42]
["Three largest holders",null,null,null,3,null,null,null,17.010000000000002]
["Five largest holders",null,null,null,5,null,null,null,24.05]
["Ten largest holders",null,null,null,10,null,null,null,35.29]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,1277,null,null,null,100]
["Source: Mayfair Capital Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,465566001,476763305,533952465.39000005,614131315.3900001,669408636.39346468,691202859.72346461]
["Units issued during period",null,null,17326135,66328639.720000006,90726816.269999996,71220336.159999996,45613723.399999999,25544226.707474455]
["Units redeemed during period",null,null,-6128831,-9139479.3300000001,-10547966.27,-15943015.1565354,-23819500.07,-32414966.379999999]
["Units in issue at end of period",null,null,476763305,533952465.39000005,614131315.3900001,669408636.39346468,691202859.72346461,684332120.05093908]
["Unit transfers"]
["Matched bargains",null,null,"-",1629364.02,0,0,0,0]
["Matched bargains %*",null,null,"-",3.0515151171928928E-3,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Mayfair Capital Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Mayfair Capital Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Trust’s investment objective is to provide total returns from investment in a diversified portfolio of UK commercial property and a net distribution yield in the region of 5% per annum. The Trust targets out performance of its Benchmark, the All Balanced Property Fund Index (weighted average) within the MSCI/AREF UK Quarterly Property Fund Index."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Trust is open for investment by eligible investors as defined in the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Unauthorised Property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"June 2010"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"30 September"]
["NAV (GBPm) ",null,null,null,null,null,null,null,348.286517]
["Source: Mayfair Capital Investment Management  Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Schroder Real Estate Managers (Jersey) Limited"]
["Property advisor",null,null,null,null,"Mayfair Capital Investment Management Limited"]
["Portfolio manager",null,null,null,null,"-"]
["Trustee",null,"BNP Paribas Depositary Services Limited and BNP Paribas Depositary Services (Jersey) Limited "]
["Auditors",null,null,null,null,"PricewaterhouseCoopers LLP"]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Mayfair Capital Property Unit Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.9150200000000002,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",8.6459200000000003,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",10.23211,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.8271600000000001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.9578499999999996,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",7.7699199999999999,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Mayfair Capital Investment Management  Limited"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.15]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0.25]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,0.25]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.25]
["Source: Mayfair Capital Investment Management  Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Mayfair Capital Property Unit Trust",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0.82675683152874424,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,9.7151014191754843,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,10.05336307138953,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,20.595221322093757,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,13.341493098498137,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,8.94125702486458,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,22.282750123362717,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,33.579555469371478,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,15.694206824791362,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,49.273762294162836,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,2.3787060078055871,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,5.5135049681435078,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.04394471556841,null,100,null,100,100.00001]
["Source: Mayfair Capital Investment Management  Limited"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,49,null,null,331.245001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,49,null,null,331.245001,null,100]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["EDMONTON TRADE PARK",null,null,null,"LONDON","Industrial ",null,18.149999999999999,5.4793279733148328]
["STATION APPROACH",null,null,null,"LONDON","Office ",null,13.5,4.0755332032920251]
["HARLOW MILL BUSINESS CENTRE",null,null,null,"HARLOW","Industrial ",null,12.8,3.8642092594176241]
["PLINSTON RETAIL PARK",null,null,null,"LETCHWORTH GARDEN CITY","Retail Park",null,11.824999999999999,3.5698651947354212]
["80 MOSLEY STREET",null,null,null,"MANCHESTER","Office ",null,11.6,3.5019396413472217]
["OXFORD SCIENCE PARK",null,null,null,"OXFORD","Office ",null,11,3.3208048323120201]
["T3,TRINITY PARK,SOLIHULL",null,null,null,"BIRMINGHAM","Office ",null,10.85,3.2755211300532197]
["FOSTER ROAD",null,null,null,"ASHFORD","Industrial ",null,10.275,3.1019336047278188]
["ENDEAVOUR DRIVE",null,null,null,"BASILDON","Industrial ",null,10.25,3.0943863210180189]
["UNITS 1 & 2 THE MIDAS CENTRE",null,null,null,"PETERBOROUGH","Industrial ",null,10.199999999999999,3.0792917535984188]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,36.362812913816626]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,6,null,null,9.2799999999999994,null,2.8015517130777772]
["2.5 - 5",null,null,9,null,null,31.914999999999999,null,9.6348623839307379]
["5-10",null,null,23,null,null,159.5,null,48.151670068524297]
["10-25",null,null,11,null,null,130.54999999999998,null,39.411915532575833]
["25 - 50",null,null,0,null,null,0,null,0]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,49,null,null,331.245,null,99.999999698108653]
["Average lot size",null,null,null,null,null,6.760102040816327]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.5646329394360002E-2,null,"Investments ",null,null,0.121]
["Nominal equivalent yield",null,null,5.7999999999999996E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,0.06,null,"Total",null,null,0.121]
["Net reversionary yield",null,null,4.5999999999999999E-2]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,13.959584794197136,null,null,null,null,11.307985253289193]
["Retail warehousing ",null,null,14.377279054791705,null,null,null,null,10.843900854161587]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,23.645563828188546,null,null,null,null,32.737036813241517]
["Industrial",null,null,46.155959658456112,null,null,null,null,43.698309115335611]
["Other ",null,null,1.8616126643665056,null,null,null,null,1.4127679639720891]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",2.5053070000000002,0,0,0,-1.3,0.47,-0.83000000000000007,94.343607390232009]
["Retail warehousing ",2.5802700000000001,0,0,0,-1.7,0,-1.7,87.843287717951995]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",4.2436360000000004,1.4,8.1999999999999993,12.4,-0.22,0.91,0.69000000000000006,161.24618134071818]
["Industrial",8.2835450000000002,2.2000000000000002,0,1.6,-0.5,1.38,0.87999999999999989,110.26472361772646]
["Other ",0.33410099999999998,0,0,0,-0.2,0,-0.2,88.385548082765382]
["Overall",17.946859,3.6,8.1999999999999993,14,-3.9200000000000004,2.76,-1.1600000000000006,116.46615711417803]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,2.7668550801811773]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.130033750345981]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,8.25]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,28.09]
[" Less than 5 years ",null,null,null,null,null,null,56.76]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,11.78,null,0,null,11.78,null,0]
["% of all directly held properties*",null,3.5562800840577814E-2,null,0,null,3.5562800840577814E-2,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Quarterly on the last day of the quarter"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.1]
["for investment purposes",null,null,null,null,null,null,null,"*"]
["for liquidity purposes",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,0.1]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,5.71]
["CO-OPERATIVE GROUP LTD",null,null,null,null,null,null,null,5.39]
["TRIPADVISOR LTD",null,null,null,null,null,null,null,4.46]
["THE SECRETARY OF STATE FOR COM",null,null,null,null,null,null,null,3.53]
["ROWAN INTERNATIONAL LIMITED",null,null,null,null,null,null,null,2.96]
["ALDI STORES LTD",null,null,null,null,null,null,null,2.94]
["SAMWORTH BROTHERS LTD",null,null,null,null,null,null,null,2.89]
["YODEL DELIVERY NETWORK LIMITED",null,null,null,null,null,null,null,2.77]
["JCT600 LTD",null,null,null,null,null,null,null,2.74]
["COOPERVISION MANUFACTURING LTD",null,null,null,null,null,null,null,2.7]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,15.559999999999999]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.05]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,36.090000000000003]
["Source: Mayfair Capital Investment Management  Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,331.245001,0,0,0,null,null,331.245001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,19.32891,0,0,0,null,null,19.32891]
["Other net assets/liabilities",null,-2.2873939999999999,0,0,0,null,null,-2.2873939999999999]
["Total net assets",null,348.286517,0,0,0,null,null,348.286517]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-5.8352307028476487,"-","-","-",null,null,-5.8352307028476487]
["Net debt (cash)/equity ",null,-5.5497152650327832,"-","-","-",null,null,-5.5497152650327832]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,1234,1203,1196,1198,1229,1278]
["Offer (GBp)",null,null,1328,1295,1287,1289,1322,1375]
["Mid (GBp)",null,null,1281,1249,1241.5,1243.5,1275.5,1326.5]
["Bid/offer spread",null,null,7.0783132530120488E-2,7.1042471042471037E-2,7.0707070707070704E-2,7.0597362296353758E-2,7.0347957639939479E-2,7.054545454545455E-2]
["Net asset value (GBp)",null,null,1249.0523866033589,1218,1211,1212.7550615560108,1243.4388867634095,1293.9625117950336]
["Quarterly distribution (GBp)",null,null,12.522865385799999,11.556157000000001,10.514927113400001,12.14,0,10.1780786798]
["Yield",null,null,3.6983748232946832E-2,3.7229236493596059E-2,3.6755496453426913E-2,3.8191208818435331E-2,2.7485534001964036E-2,3.4726349142344966E-2]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Unit pricing"]
["The Trust’s NAV and the bid and offer price of its units are re-calculated as at the date of the quarterly revaluation of the portfolio. Income is not included in this re-calculation."]
[]
["Distributions"]
["Distributions of income are made quarterly and paid at the end of the month following the end of each calendar quarter."]
[]
["Minimum investment/disinvestment"]
["A minimum initial investment of £100,000, although the Manager may approve smaller holdings."]
[]
["Creation, transfer and realisation of units"]
["Units may be issued on the direction of the Manager usually at the end of each quarter but no more frequently than monthly. Income accrues to units from the date of issue. Units may be redeemed on written notice to be received by the Manager at least one month before the last day of a calendar quarter. Proceeds are then paid on the subsequent quarter end day at the then prevailing bid price and income accrues to the date of payment. In certain circumstances, the Manger may postpone redemptions.\nOnce a redemption notice is served it may not be withdrawn without the Managers approval.  The Manager may also require redeeming unitholders to transfer their units at the then prevailing bid price. Units can be transferred at any time to an eligible investor.\n"]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
["Capital Gains Tax"]
["Since it is registered in Jersey, the trust is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["While distributions of income are made gross on a quarterly basis to all holders who are UK residents or those who hold non –resident Landlord clearance. 20% Jersey tax is withheld from distributions payable to Jersey residents. Income (less expenses property incurred) arising directly from the properties whether it is distributed or not, will be liable under Schedule A to UK income or corporation tax in the hands of unit holders, regardless of where they are resident. "]
[]
["Stamp duty reserve tax"]
["The trust’s registration in Jersey means that the redemption and issue of units does not attract SDRT."]
[]
["Charges"]
["Annual fee"]
["The Investment Advisor is entitled to an annual fee (payable quarterly) equivalent to 0.5% pa of the Net Asset Value of the Trust."]
[]
["Initial charge"]
["No initial charge is levied by the Manager on investors acquiring units in the Trust. "]
[]
["Performance fee"]
["The Investment Advisor may earn a performance fee if the Trust’s annualised three year total return, as published in the MSCI/AREF UK Quarterly Property Fund Index, exceeds the weighted average of the All Balanced Property Funds Index. Performance is measured each quarter and the fee equates to one quarter of the annual rate for each qualifying quarter. If the Trust is ranked above the weighted average, the rate of performance fee is 0.0375% (0.15% per annum) of the NAV. Alternatively, if the performance is equal or above the upper quartile of the All Balanced Property Funds Index, the performance fee is 0.0625% (0.25% per annum) of the NAV. The performance fee is payable in addition to the standard management fee."]
[]
["Transaction Fee"]
["The Investment Advisor may also earn transaction fees."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,4,null,null,null,1.8593999999999999]
["1% or greater but less than 2%",null,null,null,4,null,null,null,6.0830000000000002]
["2% or greater but less than 4%",null,null,null,4,null,null,null,12.294600000000001]
["4% or greater but less than 8%",null,null,null,5,null,null,null,28.048999999999999]
["Greater than 8.0%",null,null,null,5,null,null,null,51.713700000000003]
["Total",null,null,null,22,null,null,null,99.999700000000004]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,12.76]
["Three largest holders",null,null,null,3,null,null,null,34.79]
["Five largest holders",null,null,null,5,null,null,null,51.71]
["Ten largest holders",null,null,null,10,null,null,null,79.760000000000005]
["Internal/external investors"]
["Internal",null,null,null,20,null,null,null,99.95]
["External",null,null,null,2,null,null,null,0.05]
["Source: Mayfair Capital Investment Management  Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,205800,245641,278868,289858.18209999998,289858.18209999998,289858.18209999998]
["Units issued during period",null,null,39841,33227.49,10990.1821,0,0,0]
["Units redeemed during period",null,null,"                      -   ","                      -   ",0,0,0,-20695.296999999999]
["Units in issue at end of period",null,null,245641,278868,289858.18209999998,289858.18209999998,289858.18209999998,269162.88509999996]
["Unit transfers"]
["Matched bargains",null,null,7636,"-",4429.7453999999998,49.36,0,0]
["Matched bargains %*",null,null,3.1E-2,0,1.5282457676049849E-2,1.7029017308530206E-4,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Mayfair Capital Investment Management  Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Nuveen Real Estate Central London Office Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund has been established to provide unit holders with the opportunity to access the Central London office market \nThe objective of the Fund is to deliver to unit holders a Fund total return in excess of the Central London office component of the Investment Property Databank (MSCI) UK Annual Universe, comprising standing investments, transactions and developments, but excluding any impact of the performance of the Fund "]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to UK and overseas tax-exempt and tax-paying non-private investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property Unit Trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"March 2004"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"December 2026"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,314.11599999999999]
["Source: Nuveen Real Estate"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Nuveen Property Management (Jersey) Limited"]
["Property advisor",null,null,null,null,"Nuveen Real Estate Management Limited"]
["Portfolio manager (at Nuveen Real Estate)",null,null,null,null,"Rhys Evans"]
["Trustees",null,null,null,"BNP Paribas Jersey Trust Corporation Ltd and Anley Trustees Ltd"]
["Auditors",null,null,null,null,"KPMG"]
["Source: Nuveen Real Estate"]
[]
["Investment rates of return** %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"Nuveen Real Estate Central London Office Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",1.13628,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",0.95162999999999998,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",1.95692,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",4.0382899999999999,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",3.9746299999999999,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",8.2673500000000004,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
["Note: * Weighted average returns    + Annualised"]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.15]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.15]
["Note: *None specified"]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Nuveen Real Estate Central London Office Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,0,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,25.116934146071731,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,42.663561433524812,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,67.780495579596547,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,0,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,0,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,0,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,0,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,32.219504420403467,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000001,null,100,null,100,100.00001]
["Source: Nuveen Real Estate"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,6,null,null,208.38300000000001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,6,null,null,208.38300000000001,null,100]
["Source: Nuveen Real Estate"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["REGENT QUARTER BLOCK D COMMERCIAL",null,null,null,"LONDON","Office ",null,"100+",53.771660836056675]
["ST JOHNS LANE",null,null,null,"LONDON","Office ",null,"25-30",13.638828503284817]
["1-4 GILTSPUR STREET",null,null,null,"LONDON","Office ",null,"5-25",11.12278832726278]
["1,CLINK STREET",null,null,null,"LONDON","Office ",null,"5-25",9.1720533824736172]
["BRITTON STREET",null,null,null,"LONDON","Office ",null,"5-25",8.2660293785961425]
["LONG LANE",null,null,null,"LONDON","Office ",null,"5-25",4.0286395723259574]
["-",null,null,null,"-","-",null,"-","-"]
["-",null,null,null,"-","-",null,"-","-"]
["-",null,null,null,"-","-",null,"-","-"]
["-",null,null,null,"-","-",null,"-","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,100]
["Source: Nuveen Real Estate / MSCI estimates "]
[]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,1,null,null,8.3949999999999996,null,4.0286395723259574]
["10-25",null,null,3,null,null,59.516000000000005,null,28.56087108833254]
["25 - 50",null,null,1,null,null,28.420999999999999,null,13.638828503284817]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,1,null,null,112.051,null,53.771660836056675]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,6,null,null,208.38299999999998,null,99.999999999999986]
["Average lot size",null,null,null,null,null,34.730499999999999]
["Source: Nuveen Real Estate"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.5200000000000002E-2,null,"Investments ",null,null,5.9396318788459995E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,3.6812115400061685E-6]
["True equivalent yield",null,null,4.6300000000000001E-2,null,"Total",null,null,5.9400000000000001E-2]
["Net reversionary yield",null,null,5.2999999999999999E-2]
["Source: Nuveen Real Estate"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,0,null,null,null,null,0]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,25.199682499883014,null,null,null,null,47.336624228609836]
["Other offices",null,null,74.800317500116989,null,null,null,null,52.663375771390164]
["Industrial",null,null,0,null,null,null,null,0]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,100,null,null,null,null,100]
["Source: Nuveen Real Estate"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ","-","-","-","-","-","-","-","-"]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",2.0140690000000001,69.556206862823004,0,26.930556996805997,0,249.47268440157703,249.47268440157703,279.91647753875367]
["Other offices",5.9783689999999998,0,0,2.7599500800299999,-0.27182999242799999,4.9135307639930001,4.6417007715650005,104.91353076399265]
["Industrial","-","-","-","-","-","-","-","-"]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",7.9924379999999999,17.527943288393001,0,8.8508662813520012,-0.20332969739599999,66.541661005064995,66.338331307668994,149.01371771667169]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Nuveen Real Estate"]
[]
[]
[]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,0]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,64.588239533418971]
[" Less than 5 years ",null,null,null,null,null,null,35.411760466581036]
["Source: Nuveen Real Estate"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Nuveen Real Estate"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Nuveen Real Estate"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["+ Including schemes to which the fund is contractually committed"]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly (on the last day of the month)"]
["Valuers",null,null,null,null,null,"Cushman & Wakefield"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Nuveen Real Estate"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted^",null,null,null,null,null,null,0.5]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Note: ^ Based on aggregate fund value "]
["          * Non-specified "]
["Source: Nuveen Real Estate"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["SPRINGER NATURE HOLDINGS LIMITED",null,null,null,null,null,null,null,63.284657735647173]
["LEIGH DAY & CO",null,null,null,null,null,null,null,15.491497943378924]
["HAMMER HOLDINGS",null,null,null,null,null,null,null,5.1300926231275046]
["XYNTEO",null,null,null,null,null,null,null,2.8032438942600852]
["BLACKBURN & CO PROJECT SERVICES LIMITED",null,null,null,null,null,null,null,2.2922158212623565]
["THE CLEARING CONSULTANCY LIMITED",null,null,null,null,null,null,null,2.2560666973447767]
["GLOBAL ACCOUNTING NETWORK LIMITED",null,null,null,null,null,null,null,2.1737866921188846]
["KULT LONDON LTD",null,null,null,null,null,null,null,2.0232011420141265]
["PRET A MANGER (EUROPE) LIMITED",null,null,null,null,null,null,null,1.7689190312691818]
["THE CLINK MUSEUM",null,null,null,null,null,null,null,1.2793075136857475]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,83.9062483021536]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,89.001708017676052]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,98.50298909410877]
["Source: Nuveen Real Estate"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,208.38300000000001,0,0,0,null,null,208.38300000000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,99.055000000000007,0,0,0,null,null,99.055000000000007]
["Other net assets/liabilities",null,6.6779999999999999,0,0,0,null,null,6.6779999999999999]
["Total net assets",null,314.11599999999999,0,0,0,null,null,314.11599999999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-47.535067639874654,"-","-","-",null,null,-47.535067639874654]
["Net debt (cash)/equity ",null,-31.534528645468558,"-","-","-",null,null,-31.534528645468558]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,null,25746.032601869832,25641.801477024259,25729.798046113505,25602.030030162809,25523.890546068455,25681.774032029789]
["Quarterly distribution (GBp)",null,null,285.36,93.06,83.579999999899997,87.56,154.08000000000001,131.22999999999999]
["Yield",null,null,1.7558821857747819E-2,1.9559858165558382E-2,2.187541460648653E-2,2.1465485417290767E-2,1.6387785005281232E-2,1.7773304890488673E-2]
["Source: Nuveen Real Estate"]
[]
["Distributions"]
["Distributions are declared monthly and paid on a quarterly basis. The record dates for distributions are the quarterly revaluation dates. Distributions are made within 20 business days of the record date, except for the final distribution in respect of each year, which is paid within four months of the end of the relevant period."]
[]
[]
["Minimum investment/disinvestment"]
["The minimum holding is GBP250,000. "]
[]
["Creation, transfer and realisation of units"]
["Trades can take place via matched bargains, provided they meet investor criteria and minimum holding tests. The manager will attempt, where possible, the matching of buying and selling orders."]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["Since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the fund."]
[]
["Income Tax"]
["While distributions of income are made net of income tax, non-taxpayers are entitled to reclaim any tax deducted at source and receive tax vouchers for this purpose."]
[]
["Stamp duty reserve tax"]
["The fund’s registration in Jersey means that the surrender and issue of units does not attract SDRT."]
[]
["Charges"]
["The trustees receive an annual fee, which is payable in arrears, of 0.05% on the first GBP100m of net asset value, 0.04% on the next GBP100m and 0.03% thereafter.\n\nThe manager is (in addition to reasonable out-of-pocket expenses) entitled to receive a fee of 0.5% pa of the aggregate fund value, and is responsible for the fees of the property advisor.\n\nThe manager is entitled to receive a performance fee based on 20% of the outperformance of the fund’s total return relative to the central London office component of the MSCI UK Annual Index, plus 1%. (This fee is calculated on a three-year rolling basis.) The performance fee is accrued and is therefore taken into account in the monthly re-calculation of the Trust’s Net Asset Value.\n"]
[]
[]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,2,null,null,null,1.94]
["1% or greater but less than 2%",null,null,null,2,null,null,null,2.5]
["2% or greater but less than 4%",null,null,null,11,null,null,null,28.33]
["4% or greater but less than 8%",null,null,null,3,null,null,null,16.010000000000002]
["Greater than 8.0%",null,null,null,3,null,null,null,51.23]
["Total",null,null,null,21,null,null,null,100.00999999999999]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,22.64]
["Three largest holders",null,null,null,3,null,null,null,51.23]
["Five largest holders",null,null,null,5,null,null,null,62.43]
["Ten largest holders",null,null,null,10,null,null,null,79.28]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,2.91]
["External",null,null,null,20,null,null,null,97.09]
["Source: Nuveen Real Estate"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,19668,19668,19668,19668,19668,12231.006168239921]
["Units issued during period",null,null,"-","-","-","-",0,"-"]
["Units redeemed during period",null,null,"-","-","-","-",-8066.2956999999997,0]
["Units in issue at end of period",null,null,19668,19668,19668,19668,12231.006168239921,12231.006168239921]
["Unit transfers"]
["Matched bargains",null,null,"-",254,409.8295,"-","-","-"]
["Matched bargains %*",null,null,"-",1.2914378686190766E-2,2.083737543217409E-2,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Nuveen Real Estate"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Nuveen Real Estate UK Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund has been established to provide unit holders with the opportunity to access a diversified portfolio of UK commercial properties\nThe objective of the Fund is to outperform the median fund in the All Balanced Fund Index component of The MSCI/AREF UK Quarterly Property Fund Index\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to UK and overseas tax-exempt and tax-paying non-private investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"1994-06-01"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"-"]
["Year-end",null,null,null,null,null,null,null,"2017-03-23"]
["NAV (GBPm) ",null,null,null,null,null,null,null,165.44526200000001]
["Source: Nuveen Real Estate"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Nuveen Property Management (Jersey) Limited"]
["Property advisor",null,null,null,null,"Nuveen Real Estate Management Limited"]
["Investment Advisor",null,null,null,null,"-"]
["Fund Manager",null,null,null,null,"Robin Hutchison"]
["Corporate trustee",null,null,null,null,"BNP Paribas Jersey Trust Corporation Limited"]
["Auditors",null,null,null,null,"KPMG"]
["Source: Nuveen Real Estate"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Nuveen Real Estate UK Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",2.3130500000000001,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.67333,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",6.4304500000000004,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.5986500000000001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.9529100000000001,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",8.0932399999999998,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns + Annualised"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.2]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,0.2]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"n/a"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.2]
["Maximum trade in property derivatives: single trade",null,null,null,null,null,null,null,0.15]
["Maximum trade in property derivatives: aggregate trades",null,null,null,null,null,null,null,0.2]
["Note: *None specified"]
["Source: Nuveen Real Estate"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Nuveen Real Estate UK Property Fund*",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,9.7262509004932909,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,5.6533833359117267,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,5.7749614721678926,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,21.154595708572909,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,6.5044302897048878,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,19.051293951341233,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,25.555724241046121,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,43.388197376419285,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,8.2673132654192987,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,51.655510641838582,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,0,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,1.6341694085423704,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999999999999986,null,100,null,100,100.00001]
["Source: Nuveen Real Estate"]
[" **  MSCI/AREF UK Quarterly Property Fund Index"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,19,null,null,161.815001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,19,null,null,161.815001,null,100]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["BRADWELL ABBEY 1 & 2",null,null,null,"MILTON KEYNES","Industrial ",null,"40-50","*"]
["65 - 79 KING STREET/ANGEL WALK",null,null,null,"LONDON","Retail Other ",null,"10-15","*"]
["UNIT 4-11 CHESFORD GRANGE",null,null,null,"WARRINGTON","Industrial ",null,"10-15","*"]
["6&7 HATTON GARDEN",null,null,null,"LONDON","Office ",null,"10-15","*"]
["115 SOUTHWARK BRIDGE STREET",null,null,null,"LONDON","Office ",null,"7.5-10","*"]
["UNITS 2 - 6 KING GEORGE CLOSE",null,null,null,"ROMFORD","Industrial ",null,"7.5-10","*"]
["UNITS 5,6 & 9 EUROCOURT",null,null,null,"GRAYS","Industrial ",null,"7.5-10","*"]
["CULVERDON HOUSE",null,null,null,"CHERTSEY","Office ",null,"5.0-7.5","*"]
["STOKE HOUSE, LEAPALE HOUSE & BELL COURT",null,null,null,"GUILDFORD","Office ",null,"5.0-7.5","*"]
["THE BERKELEY CENTRE",null,null,null,"SHEFFIELD","Retail Other ",null,"5.0-7.5","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,0]
["Source: Nuveen Real Estate"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,3,null,null,3.8400000000000003,null,2.3730803548924371]
["2.5 - 5",null,null,3,null,null,12.05,null,7.4467755928265262]
["5-10",null,null,9,null,null,63.775000000000006,null,39.412291571162804]
["10-25",null,null,3,null,null,36.849999999999994,null,22.772919551506845]
["25 - 50",null,null,1,null,null,45.3,null,27.99493231162171]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,19,null,null,161.815,null,99.99999938201033]
["Average lot size",null,null,null,null,null,8.516578947368421]
["Source: Nuveen Real Estate"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.5999999999999999E-2,null,"Investments ",null,null,0.12442828793041]
["Nominal equivalent yield",null,null,5.6399999999999999E-2,null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.8299999999999998E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.0199999999999997E-2,null,"Source: Nuveen Real Estate"]
["Source: Nuveen Real Estate"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,18.761026205521436,null,null,null,null,18.446516385471256]
["Retail warehousing ",null,null,5.9575834030581323,null,null,null,null,7.2959028651719606]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,5.9086803666926428,null,null,null,null,6.4394279347695083]
["Other offices",null,null,19.014060250837055,null,null,null,null,19.610704856598034]
["Industrial",null,null,47.948990628891373,null,null,null,null,48.20744317908661]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,97.590340855000647,null,null,null,null,99.999995221097365]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",1.5686926999999999,0,0,13.230762149909921,-7.3721895945585771,23.03206357752541,15.659873982966833,123.03206357752541]
["Retail warehousing ",0.49814000000000003,19.091018589151641,0,0,-2.2965431404825951,53.239049263259332,50.942506122776734,153.23904926325932]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",0.49405100000000002,0,0,35.097591139376298,-0.87217716389603517,36.369524603735229,35.497347439839196,136.36952460373524]
["Other offices",1.58985,0,0,30.090889077585935,-5.7244394125231937,29.056200270465769,23.331760857942577,129.05620027046578]
["Industrial",4.0092280000000002,0,0,11.037037554362087,-1.2331052262430573,25.804207194003425,24.571101967760367,125.80420719400342]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",8.3614440000000005,4.4783532605129999,0,15.569679112842,-3.4379348830179999,29.608091616711,26.170156733693002,125.12973835619778]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Nuveen Real Estate"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
["Source: Nuveen Real Estate"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,3.5]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,13]
[" Less than 5 years ",null,null,null,null,null,null,83.5]
["Source: Nuveen Real Estate"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Nuveen Real Estate"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["Note: * Includes joint ventures in which the Fund has an interest of 50% or more   "]
["            + Including schemes to which the fund is contractually committed                                                                                                                                          "]
["Source: Nuveen Real Estate"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, on 23rd of each month"]
["Valuers",null,null,null,null,null,"BNP Paribas Real Estate"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Nuveen Real Estate"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.35]
["for investment purposes",null,null,null,null,null,null,null,0.25]
["for liquidity purposes",null,null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,0]
["Source: Nuveen Real Estate"]
[]
[]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["ARGOS LTD",null,null,null,null,null,null,null,9.4044159111612373]
["BARCLAYS BANK PLC",null,null,null,null,null,null,null,4.4933256787189686]
["SUPERDRUG",null,null,null,null,null,null,null,3.8895069825737969]
["TESCO STORES LTD",null,null,null,null,null,null,null,3.8438749473826044]
["CLINISYS SOLUTIONS LTD",null,null,null,null,null,null,null,3.6796432413333662]
["TRAVIS PERKINS",null,null,null,null,null,null,null,3.6350532547418664]
["COMPASS GROUP HOLDINGS PLC",null,null,null,null,null,null,null,3.0936605398247954]
["RAKUTEN MARKETING EUROPE LIMITED",null,null,null,null,null,null,null,2.7409392056730093]
["HEALTH MANAGEMENT LTD",null,null,null,null,null,null,null,2.7371951008206254]
["PTS GROUP LTD (ASSIGNED TO BSS GROUP LIMITED)",null,null,null,null,null,null,null,2.5554424380835319]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,17.787248572454001]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.310766761169972]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.073057300313799]
["Source: Nuveen Real Estate"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,161.815001,0,0,0,null,null,161.815001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-9.9999999999999995E-7,0,0,0,null,null,-9.9999999999999995E-7]
["Cash",null,2.6882619999999999,0,0,0,null,null,2.6882619999999999]
["Other net assets/liabilities",null,0.94199999999999995,0,0,0,null,null,0.94199999999999995]
["Total net assets",null,165.44526200000001,0,0,0,null,null,165.44526200000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.6613175437300773,"-","-","-",null,null,-1.6613175437300773]
["Net debt (cash)/equity ",null,-1.6248643010399415,"-","-","-",null,null,-1.6248643010399415]
["Source: Nuveen Real Estate"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,0,0,2087.61,2114.1,2131.08,2163.1169761199399]
["Offer (GBp)",null,null,0,0,2250.31,2284.61,2304.09,2339.6066434617301]
["Mid (GBp)",null,null,0,0,2168.96,2199.355,2217.585,2251.3618097908347]
["Bid/offer spread",null,null,"-","-",7.2301149619385691E-2,7.4634182639487789E-2,7.5088212700024831E-2,7.5435615570253495E-2]
["Net asset value (GBp)",null,null,2113.8669430969348,2112.7873323972681,2117.3021785023543,2145.2157576178179,2162.6474413110845,2195.3242172938126]
["Quarterly distribution (GBp)",null,null,14.7,10.61,16.879999999700001,6.49,11.02,17.16]
["Yield",null,null,3.0375611016286917E-2,2.8351173391424414E-2,2.8753571699795193E-2,2.2692356154309312E-2,2.0807829857102909E-2,2.3481725201959444E-2]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. Income is not included in the unit price. Some of the vehicles through which the Fund holds directly-held investments have fixed-rate debt. The market value of this debt is not published and it does not reflect in the monthly recalculation of the Fund’s net asset value."]
[]
[]
["Distributions"]
["Distributions are made monthly, normally on the 20th of each month or the following working day. Ex-distribution dates are the penultimate working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the ex-distribution dates.\n"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP250,000, although the manager, at their discretion, can allow investors to invest as little as GBP25,000 where it is satisfied that the investor has received financial advice or the investment is made on the investor’s behalf by a discretionary investment manager. Existing unitholders may increase or decrease their holdings by minimum amounts of GBP10,000 (rounded to the nearest number of whole units). No redemption notice will be accepted that would result in a holding falling to below the minimum holding value determined by the manager (currently GBP10,000)."]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before subscription day, which is the last working day of the month. \nAs from March 2009, the Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so.\nRedeeming unitholders may not withdraw their realisation notice in respect of units which the Manager has notified the unitholder that it has determined can be redeemed or any units which are within the last 3 months of the 24-month redemption window.\nThe manager will attempt, where possible, the matching of buying and selling orders. Such transfers are effective from the last business day of the month during which they take place.\n"]
[]
[]
[]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
[]
["Capital Gains Tax"]
["Since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["while distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at source. "]
[]
["Stamp duty reserve tax"]
["no stamp duty is payable on the transfer of existing units."]
[]
[]
[]
["Charges"]
["The trust instrument empowers the manager and investment advisor to make an annual charge totalling not more than 2% of the net asset value of the fund (including accrued income). However, the total charge is currently 1% pa and the manager has undertaken to give at least three months’ notice of any increase in this figure."]
["The manager and investment advisor currently bear the cost of fees of service providers in relation to day-to-day management and rent collection of directly held properties, valuations, the trustees’ and auditors’ fees, custodian fees and the costs of preparing reports and accounts for unitholders, and market research and performance measurement. These costs may, alternatively, be charged to unitholders. The manager has undertaken to give at least three months’ notice before so doing."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,6,null,null,null,2.74]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.1100000000000001]
["2% or greater but less than 4%",null,null,null,6,null,null,null,17.05]
["4% or greater but less than 8%",null,null,null,5,null,null,null,32.04]
["Greater than 8.0%",null,null,null,3,null,null,null,47.06]
["Total",null,null,null,21,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,25.11]
["Three largest holders",null,null,null,3,null,null,null,47.06]
["Five largest holders",null,null,null,5,null,null,null,61.79]
["Ten largest holders",null,null,null,10,null,null,null,86.08]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,21,null,null,null,100]
["Source: Nuveen Real Estate"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,100524,97111,90671,90614.762000000002,78191.406000000003,75649.383000000002]
["Units issued during period",null,null,"-","-","-","-","-","-"]
["Units redeemed during period",null,null,-3413,-6440,-56.238,-12423.356,-2542.0230000000001,-286.47199999999998]
["Units in issue at end of period",null,null,97111,90671,90614.762000000002,78191.406000000003,75649.383000000002,75362.911000000007]
["Unit transfers"]
["Matched bargains",null,null,2160,10523.794,7576.47,7385.77,3188.4369999999999,0]
["Matched bargains %*",null,null,2.1999999999999999E-2,0.11606571009473812,8.3611873306029316E-2,9.4457567369999718E-2,4.2147561203506441E-2,0]
["* as % of units in issue at the end of the period   "]
["Source: Nuveen Real Estate"]

{"sheet":"Profile_38","index":45,"n_rows":315,"n_cols":9,"rows_kept":315,"cut":false,"hidden":false,"merged":[[306,0,306,1],[262,0,266,8],[270,0,270,8],[273,0,273,8],[278,0,278,8],[281,0,281,8],[283,0,283,8],[259,0,260,8],[187,2,187,6],[196,6,196,8],[197,6,197,8],[198,6,198,8],[199,6,199,8],[200,6,200,8],[204,7,204,8],[207,7,207,8],[208,7,208,8],[252,0,252,8],[255,0,256,8],[175,0,175,2],[175,6,175,8],[158,7,158,8],[159,7,159,8],[160,7,160,8],[161,7,161,8],[165,6,165,7],[166,6,166,7],[167,6,167,7],[168,6,168,7],[169,6,169,7],[170,6,170,7],[171,6,171,7],[157,7,157,8],[102,3,102,4],[102,5,102,6],[103,3,103,4],[103,5,103,6],[104,3,104,4],[104,5,104,6],[105,3,105,4],[105,5,105,6],[124,0,124,3],[124,5,124,8],[156,7,156,8],[99,3,99,4],[99,5,99,6],[100,3,100,4],[100,5,100,6],[101,3,101,4],[101,5,101,6],[96,3,96,4],[96,5,96,6],[97,3,97,4],[97,5,97,6],[98,3,98,4],[98,5,98,6],[42,1,42,2],[43,1,43,2],[44,1,44,2],[61,5,61,8],[95,3,95,4],[95,5,95,6],[41,1,41,2],[29,5,29,8],[30,0,30,1],[30,5,30,8],[31,0,31,1],[31,5,31,8],[32,0,32,1],[32,4,32,8],[33,5,33,8],[37,4,37,8],[38,1,38,2],[39,1,39,2],[40,1,40,2],[24,0,24,1],[11,0,12,8],[15,0,15,8],[17,0,17,1],[18,0,18,1],[18,7,18,8],[19,0,19,1],[20,0,20,1],[21,0,21,1],[22,0,22,1],[22,7,22,8],[23,0,23,1]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Nuveen Real Estate UK Retail Warehouse Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund has been established to provide unit holders with the opportunity to access dominant retail parks located in large urban areas throughout the UK\nThe objective of the Fund is to deliver to unit holders a Fund total return in excess of the retail warehouse component of the Investment Property Databank (MSCI) UK Quarterly, comprising standing investments, transactions and developments, but excluding any impact of the performance of the Fund\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to UK and overseas tax-exempt and tax-paying non-private investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property Unit Trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"July 2001"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"31 December 2021"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,229.84288851899998]
["Source: Nuveen Real Estate "]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Nuveen Property Management (Jersey) Limited "]
["Property advisor",null,null,null,null,"Nuveen Real Estate Asset Management Limited"]
["Fund Manager",null,null,null,null,"Dominic Russell"]
["Trustee",null,null,null,"BNP Paribas Jersey Trust Corporation Ltd and Anley Trustees Ltd"]
["Auditors",null,null,null,null,"KPMG"]
["Source: Nuveen Real Estate "]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Nuveen Real Estate UK Retail Warehouse Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",6.3528799999999999,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",0.88553999999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",-3.8401000000000001,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-23.153860000000002,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-14.84334,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",-4.4325900000000003,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Nuveen Real Estate "]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.25]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Note: *None specified"]
["Source: Nuveen Real Estate "]
[]
["Portfolio distribution %"]
[]
[null,null,null,null,null,null,"Nuveen Real Estate UK Retail Warehouse Fund",null,"Total"]
["West Midlands",null,null,null,null,null,14.832873549647088,null,14.832873549647088]
["North West",null,null,null,null,null,17.005842286219593,null,17.005842286219593]
["South East",null,null,null,null,null,7.1046629995761856,null,7.1046629995761856]
["Rest of London*",null,null,null,null,null,30.884499129806585,null,30.884499129806585]
["Scotland",null,null,null,null,null,14.256564449947426,null,14.256564449947426]
["Wales",null,null,null,null,null,5.7819863773146629,null,5.7819863773146629]
["East Midlands",null,null,null,null,null,0,null,0]
["Eastern",null,null,null,null,null,8.389548861201666,null,8.389548861201666]
["City",null,null,null,null,null,0,null,0]
["West End",null,null,null,null,null,0,null,0]
["Midtown",null,null,null,null,null,0,null,0]
["South West",null,null,null,null,null,0,null,0]
["Yorkshire & Humberside",null,null,null,null,null,0,null,0]
["North East",null,null,null,null,null,0,null,0]
["Northern Ireland",null,null,null,null,null,0,null,0]
["Other",null,null,null,null,null,0,null,0]
["Cash",null,null,null,null,null,0,null,1.744022346286785]
["Overall",null,null,null,null,null,98.255977653713217,null,100]
["Note: * Excluding the City, the West End and Mid-town "]
["Source: Nuveen Real Estate "]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,11,null,null,520.000001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,11,null,null,520.000001,null,100]
["Source: Nuveen Real Estate "]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,"Location",null,"Sector",null,"Valuation (GBPm)","% of total portfolio "]
["THE FORT SHOPPING PARK",null,null,"MANCHESTER",null,"Retail Park",null,"100+","*"]
["THE BREWERY",null,null,"ROMFORD",null,"Retail Park",null,"100+","*"]
["BOREHAMWOOD SHOPPING PARK",null,null,"BOREHAMWOOD",null,"Retail Park",null,"80-90","*"]
["CRAIGLEITH RETAIL PARK",null,null,"EDINBURGH",null,"Retail Park",null,"50-60","*"]
["RIVERSIDE RETAIL PARK",null,null,"NORWICH",null,"Retail Park",null,"40-50","*"]
["WEAVERS WHARF RETAIL PARK",null,null,"KIDDERMINSTER",null,"Retail Park",null,"40-50","*"]
["THE FORT SHOPPING PARK",null,null,"BIRMINGHAM",null,"Retail Park",null,"30-40","*"]
["ASHFORD RETAIL PARK (PHASE 2)",null,null,"ASHFORD",null,"Retail Park",null,"30-40","*"]
["ALMONDVALE RETAIL PARK",null,null,"LIVINGSTON",null,"Retail Park",null,"10-20","*"]
["FFORESTFACH RETAIL PARK",null,null,"SWANSEA",null,"Retail Park",null,"10-20","*"]
["10 largest investments as % of portfolio"]
["Source: Nuveen Real Estate  / MSCI estimates "]
["* Undisclosed, as requested by Nuveen Real Estate"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,0,null,null,0,null,0]
["10-25",null,null,3,null,null,48.05,null,9.2403845976146446]
["25 - 50",null,null,4,null,null,160.5,null,30.865384556028108]
["50 - 100",null,null,4,null,null,311.45,null,59.894230654049551]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,11,null,null,520,null,99.999999807692305]
["Average lot size",null,null,null,null,null,47.272727272727273]
["Source: Nuveen Real Estate "]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.8586999999999995E-2,null,"Investments ",null,null,7.9143903892615886E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,7.5062000000000004E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,7.6330999999999996E-2]
["Source: Nuveen Real Estate "]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Retail warehousing ",null,null,100,null,null,null,null,100]
["Overall",null,null,100,null,null,null,null,100]
["Source: Nuveen Real Estate "]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Retail warehousing ",38.326565389999999,2.3392278668519997,0,7.9143903892615883,-10.228031887199762,7.9458500112810002,-2.282181875918762,111.39334705723287]
["Overall",38.326565389999999,2.3392278668519997,0,7.9143903892615883,-10.228031887199762,7.9458500112810002,-2.282181875918762,111.39334705723287]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Nuveen Real Estate "]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,2.2983356607615431]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0.72757957654729821]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,1.7420778357322271]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,20.672740222716619]
[" Less than 5 years ",null,null,null,null,null,null,74.559266704242333]
["Source: Nuveen Real Estate "]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Nuveen Real Estate "]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,305,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Nuveen Real Estate "]
[]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["+ Including schemes to which the fund is contractually committed"]
["Source: Nuveen Real Estate "]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly (on the last day of the month)"]
["Valuers",null,null,null,null,null,"CB Richard Ellis"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Full member"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Yes"]
["Source: Nuveen Real Estate "]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.5]
["for investment purposes",null,null,null,null,null,null,null,"*"]
["for liquidity purposes",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Nuveen Real Estate "]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Sainsbury’s / Argos",null,null,null,null,null,null,null,9.9009815324945087]
["TK Maxx",null,null,null,null,null,null,null,4.8685076245523859]
["Boots",null,null,null,null,null,null,null,4.6636795718352362]
["M&S",null,null,null,null,null,null,null,4.2970278010697767]
["B&Q",null,null,null,null,null,null,null,3.6986911777509559]
["Next",null,null,null,null,null,null,null,3.1113286396189861]
["Matalan",null,null,null,null,null,null,null,2.50101317955987]
["Hobbycraft",null,null,null,null,null,null,null,2.4671832664910918]
["B&M",null,null,null,null,null,null,null,2.4571666023324146]
["JD Sports",null,null,null,null,null,null,null,2.391811850531111]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.43316872888213]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,27.428887707702863]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.35739124623634]
["Source: Nuveen Real Estate "]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,520.000001,0,0,0,null,null,520.000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-305,0,0,0,null,null,-305]
["Cash",null,9.229887519,0,0,0,null,null,9.229887519]
["Other net assets/liabilities",null,5.6130000000000004,0,0,0,null,null,5.6130000000000004]
["Total net assets",null,229.84288851899998,0,0,0,null,null,229.84288851899998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,56.878867675425262,"-","-","-",null,null,56.878867675425262]
["Net debt (cash)/equity ",null,128.68360399871591,"-","-","-",null,null,128.68360399871591]
["Source: Nuveen Real Estate "]
[]
["Quarterly data per unit"]
["As at",null,"2019-12-31","2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,7993.8510835556863,6198.0556707402602,5282.0942417515998,5007.0542064511073,4719.5719591637644,4316.007652236628,4485.7242497752004]
["Quarterly distribution (GBp)",null,165.19002064741326,158.56999999979999,78.160000124999996,154.58000000000001,184.58,140.77000000000001,102.1399999998]
["Yield",null,8.5705874890901604E-2,0.10879379531600179,0.1087882899897194,0.11114319871560739,0.12202165895189337,0.12930699398658119,0.13023983808828146]
["Source: Nuveen Real Estate "]
[]
["Net asset value"]
["The Fund’s net asset value is re-calculated monthly, on the last day of the month. Income (which is distributed quarterly) is excluded from the calculation. The manager calculates the difference between the nominal value and the market value of the Trust’s debt, but this is not reflected in the monthly re-calculation of its Net Asset Value. Performance fees are accrued and are therefore reflected in the quarterly re-calculation of the Fund’s net asset value. "]
[]
["Distributions"]
["Distributions are declared on a quarterly basis. The record dates for distributions are the quarterly revaluation dates. Distributions are made within 20 business days of the record date, except for the final distribution in respect of each year, which is paid within four months of the end of the relevant period"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum holding is GBP250,000. "]
[]
["Creation, transfer and realisation of units"]
["As from 31 December 2015 the Trustees at the direction of the Manager will have the ability to issue new units in the Fund subject to a maximum of 10% per annum of the number of Units in issue at the start of each accounting period, to purchase qualifying property and for capital expenditure on assets.\nTrades can take place via matched bargains, provided they meet investor criteria and minimum holding tests. \n"]
[]
[]
[]
[]
[]
["Taxation"]
["Capital Gains Tax"]
["Since it is registered in Jersey, the Fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the Fund."]
[]
["Income Tax"]
["While distributions of income are made net of income tax, non-taxpayers are entitled to reclaim any tax deducted at source and receive tax vouchers for this purpose."]
[]
[]
[]
["Stamp duty reserve tax"]
["The fund’s registration in Jersey means that the surrender and issue of units does not attract SDRT."]
[]
["Charges"]
["Annual fees\nThe trustees receive an annual fee, which is payable in arrears, of 0.05% on the first GBP100m of net asset value, 0.04% on the next GBP100m and 0.03% thereafter.\nThe Manager’s fees will be calculated based upon the Net Asset Value of the Fund at a rate of 0.70% per annum.\n\n"]
[]
["Performance fees\nThe Manager is entitled to 20% of the out-performance above the benchmark plus 1% calculated on a rolling 3 year period save for in the final accounting period when the calculation is over a 2 year period.\nPerformance fees are accrued and are therefore reflected in the quarterly recalculation of the Fund’s net asset value. "]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,36,null,null,null,18.989999999999998]
["1% or greater but less than 2%",null,null,null,13,null,null,null,18.739999999999998]
["2% or greater but less than 4%",null,null,null,4,null,null,null,9.6199999999999992]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,4,null,null,null,52.65]
["Total",null,null,null,57,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,22.01]
["Three largest holders",null,null,null,3,null,null,null,44.01]
["Five largest holders",null,null,null,5,null,null,null,55.36]
["Ten largest holders",null,null,null,10,null,null,null,66.02]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,2.59]
["External",null,null,null,55,null,null,null,97.41]
["Source: Nuveen Real Estate "]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,51948,51239,51239,51239,51239,51239]
["Units issued during period",null,null," -   "," -   "," -   ","-","-","-"]
["Units redeemed during period",null,null,-259," -   "," -   ","-","-","-"]
["Units in issue at end of period",null,null,51239,51239,51239,51239,51239,51239]
["Unit transfers"]
["Matched bargains",null,null,577,6010.5972000000002,1237,"-","-","-"]
["Matched bargains %*",null,null,1.0999999999999999E-2,0.11730512305080115,2.4141767013407756E-2,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Nuveen Real Estate "]

{"sheet":"Profile_39","index":46,"n_rows":262,"n_cols":9,"rows_kept":262,"cut":false,"hidden":false,"merged":[[229,0,230,8],[253,0,253,1],[202,0,202,8],[205,0,206,8],[209,0,209,8],[212,0,213,8],[217,0,217,8],[220,0,220,8],[158,7,158,8],[124,6,124,7],[128,0,128,2],[128,6,128,8],[140,2,140,6],[148,6,148,8],[149,6,149,8],[150,6,150,8],[151,6,151,8],[152,6,152,8],[156,7,156,8],[157,7,157,8],[123,6,123,7],[108,7,108,8],[109,7,109,8],[110,7,110,8],[111,7,111,8],[112,7,112,8],[113,7,113,8],[118,6,118,7],[119,6,119,7],[120,6,120,7],[121,6,121,7],[122,6,122,7],[42,1,42,2],[43,1,43,2],[44,1,44,2],[81,0,81,7],[84,0,84,3],[84,5,84,8],[41,1,41,2],[29,5,29,8],[30,0,30,1],[30,5,30,8],[31,0,31,1],[31,5,31,8],[32,0,32,1],[32,4,32,8],[33,5,33,8],[37,4,37,8],[38,1,38,2],[39,1,39,2],[40,1,40,2],[24,0,24,1],[11,0,12,8],[15,0,15,8],[17,0,17,1],[18,0,18,1],[18,6,18,8],[19,0,19,1],[20,0,20,1],[21,0,21,1],[22,0,22,1],[22,7,22,8],[23,0,23,1]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Nuveen Real Estate UK Shopping Centre Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund provides unit holders with the opportunity to access large UK shopping centre assets (with a minimum size of 0.5m sqft)\nThe objective of the Fund is to deliver to unit holders a Fund total return in excess of the shopping centre component of the Investment Property Databank (MSCI) UK Annual Universe, comprising standing investments, transactions and developments, but excluding any impact of the performance of the Fund \n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to UK and overseas tax-exempt and tax-paying non-private investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Unauthorised Property Unit Trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"July 2004"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"December 2021"]
["Year-end",null,null,null,null,null,null,null,"December 31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,147.40300283300002]
["Source: Nuveen Real Estate "]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Nuveen Property Management (Jersey) Ltd "]
["Property advisor",null,null,null,null,"Nuveen Real Estate Asset Management Limited"]
["Fund Manager",null,null,null,null,"Stephen Wicks"]
["Corporate trustee",null,null,null,"BNP Paribas Jersey Trust Corporation Ltd and Anley Trustees Ltd"]
["Auditors",null,null,null,null,"KPMG"]
["Source: Nuveen Real Estate "]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,"Nuveen Real Estate UK Shopping Centre Fund*",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",-9.4699000000000009,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",-22.484470000000002,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",-44.440770000000001,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-33.466160000000002,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-22.282070000000001,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",-10.10294,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Nuveen Real Estate "]
["**Source: MSCI/AREF UK Quarterly Property Fund Index                                                                                                                                                                                                                                 "]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.25]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: Nuveen Real Estate "]
["Note: *None specified"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"Nuveen Real Estate UK Shopping Centre Fund",null,null,"Total"]
["City",null,null,null,null,"*",null,null,"*"]
["West End",null,null,null,null,"*",null,null,"*"]
["Midtown",null,null,null,null,"*",null,null,"*"]
["Rest of London*",null,null,null,null,"*",null,null,"*"]
["South East",null,null,null,null,"*",null,null,"*"]
["South West",null,null,null,null,"*",null,null,"*"]
["Eastern",null,null,null,null,"*",null,null,"*"]
["West Midlands",null,null,null,null,"*",null,null,"*"]
["East Midlands",null,null,null,null,"*",null,null,"*"]
["North West",null,null,null,null,"*",null,null,"*"]
["Yorkshire & Humberside",null,null,null,null,"*",null,null,"*"]
["North East",null,null,null,null,"*",null,null,"*"]
["Wales",null,null,null,null,"*",null,null,"*"]
["Scotland",null,null,null,null,"*",null,null,"*"]
["Northern Ireland",null,null,null,null,"*",null,null,"*"]
["Other",null,null,null,null,"*",null,null,"*"]
["Cash",null,null,null,null,0,null,null,1.8238416238874844]
["Overall",null,null,null,null,98.176158376112511,null,null,100]
["Note: The fund has interests in only four properties: the geographic distribution of its portfolio has not been provided in order to avoid disclosing the values of these properties individually."]
["Source: Nuveen Real Estate "]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.6399999999999999E-2,null,"Investments ",null,null,0.1114]
["Nominal equivalent yield",null,null,7.1399999999999991E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,7.4703999999999993E-2,null,"Total",null,null,0.1114]
["Net reversionary yield",null,null,7.8600000000000003E-2]
["Source: Nuveen Real Estate "]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Shopping centres ",null,null,100,null,null,null,null,100]
["Overall",null,null,100,null,null,null,null,100]
["Source: Nuveen Real Estate "]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Shopping centres ",14.263462000000001,"-","-",2.3463769999999999,"-","-","-",154.9053939359182]
["Overall",14.263462000000001,"-","-",2.3463769999999999,"-","-","-",154.9053939359182]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Nuveen Real Estate "]
[]
[]
["The unexpired term of leases*"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.1]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,5.5]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,4]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,29.9]
[" Less than 5 years ",null,null,null,null,null,null,60.5]
["Notes: * Includes joint ventures "]
["Source: Nuveen Real Estate "]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["BULLRING",null,"Retail ","DIRECT RE - INDIVIDUAL PROPERTY","-",33.33,"*",null,"-"]
["ST JAMES",null,"Retail ","DIRECT RE - INDIVIDUAL PROPERTY","-",25,"*",null,"-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Nuveen Real Estate "]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,80,2.2499999999999999E-2,0]
[0,0,0,null,null,null,100,3.2500000000000001E-2,0]
[55.5,2.2749999999999999E-2,2.6712328767123288,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Nuveen Real Estate "]
[]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Nuveen Real Estate "]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly (on the last day of the month)"]
["Valuers",null,null,null,null,null,"CBRE"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Nuveen Real Estate "]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"30% of GAV"]
["Cash holdings (maximum)",null,null,null,null,null,null,"None"]
["Cash holdings (minimum)",null,null,null,null,null,null,"None"]
["Source: Nuveen Real Estate "]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["NEXT GROUP PLC",null,null,null,null,null,null,null,5.3]
["Zara",null,null,null,null,null,null,null,3.9]
["River Island",null,null,null,null,null,null,null,2.8]
["Goldsmiths",null,null,null,null,null,null,null,2.7]
["Serlfridges",null,null,null,null,null,null,null,2.6]
["Superdry",null,null,null,null,null,null,null,2.2999999999999998]
["H&M",null,null,null,null,null,null,null,1.7]
["Footlocker",null,null,null,null,null,null,null,1.5]
["Schuh",null,null,null,null,null,null,null,1.3]
["Superdrug",null,null,null,null,null,null,null,1.3]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,12]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,17.3]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.400000000000002]
["Source: Nuveen Real Estate "]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,52.450001,309.20249815300002,0,0,null,null,361.65249915300001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-235.5,0,0,0,null,null,-235.5]
["Cash",null,6.7185036799999995,0,0,0,null,null,6.7185036799999995]
["Other net assets/liabilities",null,14.532,0,0,0,null,null,14.532]
["Total net assets",null,-161.79949532000001,309.20249815300002,0,0,null,null,147.40300283300002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,436.18968914795636,0,"-","-",null,null,63.260034661951039]
["Net debt (cash)/equity ",null,-141.3981519951752,0,"-","-",null,null,155.20816531749873]
["Source: Nuveen Real Estate "]
[]
["Quarterly data per unit"]
["As at",null,"2016-12-31","2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,7915.3990000000003,4464.7416300742543,3822.7698452006457,3450.7714341465635,2827.2321643428563,2449.3212643375809,2249.9141504180411]
["Quarterly distribution (GBp)",null,68.89,-20.3499999999,-38.549999999999997,-43.859999999700001,-56.94,-30.12,-33.24]
["Yield",null,3.5000000000000003E-2,2.7258016271319147E-2,4.8184956839935501E-3,-1.7126605203371427E-2,-5.7883467110822769E-2,-7.0803288455669952E-2,-7.4002823604964546E-2]
["Source: Nuveen Real Estate "]
[]
["Net asset value"]
["The Fund’s net asset value is re-calculated monthly, on the last day of the month. Income is excluded from the calculation, although distributed quarterly."]
[]
["Distributions"]
["Distributions are declared on a quarterly basis. The record dates for distributions are the quarterly revaluation dates. Distributions are made within 20 business days of the record date."]
[]
[]
["Minimum investment/disinvestment"]
["The minimum holding is GBP250,000. "]
[]
["Creation, transfer and realisation of units"]
["Trades can take place via matched bargains, provided they meet investor criteria and minimum holding tests. The Manager will attempt, where possible, the matching of buying and selling orders."]
[]
[]
["Taxation"]
["Capital Gains Tax"]
["Since it is registered in Jersey, the Fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the Fund."]
[]
["Income Tax"]
["While distributions of income are made net of income tax, non-taxpayers are entitled to reclaim any tax deducted at source and receive tax vouchers for this purpose."]
[]
["Stamp duty reserve tax"]
["The fund’s registration in Jersey means that the surrender and issue of units does not attract SDRT."]
[]
[]
[]
["Charges"]
[]
["Annual fees\nThe trustees receive an annual fee, which is payable in arrears, of 0.05% on the first GBP100m of net asset value, 0.04% on the next GBP100m and 0.03% thereafter. The manager is (in addition to reasonable out-of-pocket expenses) entitled to receive a fee of 0.55% pa of the aggregate fund value, and is responsible for the fees of the property advisor.\nPerformance fees\nThe Manager is entitled to receive a performance fee based on 20% of the outperformance of the fund’s total return relative to the shopping centre component of the MSCI UK Annual Index, plus 1%. (This fee is calculated on a three-year rolling basis.) Performance fees are accrued and are therefore reflected in the quarterly recalculation of the Fund’s net asset value. \n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,21,null,null,null,13.41]
["1% or greater but less than 2%",null,null,null,6,null,null,null,9.17]
["2% or greater but less than 4%",null,null,null,4,null,null,null,10.85]
["4% or greater but less than 8%",null,null,null,1,null,null,null,4.49]
["Greater than 8.0%",null,null,null,3,null,null,null,62.08]
["Total",null,null,null,35,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,23.8]
["Three largest holders",null,null,null,3,null,null,null,62.08]
["Five largest holders",null,null,null,5,null,null,null,70.36]
["Ten largest holders",null,null,null,10,null,null,null,81.260000000000005]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,35,null,null,null,100]
["Source: Nuveen Real Estate "]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,71675,71675,71675,65515.253100000002,65515.253100000002,65515.253100000002]
["Units issued during period",null,null,"-","-","-",0,0,0]
["Units redeemed during period",null,null,"-","-",-6159.7469000000001,0,0,0]
["Units in issue at end of period",null,null,71675,71675,65515.253100000002,65515.253100000002,65515.253100000002,65515.253100000002]
["Unit transfers"]
["Matched bargains",null,null,"-",9119.1258999999991,"-",0,0,0]
["Matched bargains %*",null,null,0,0.12722882316009765,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Nuveen Real Estate "]

{"sheet":"Profile_40","index":47,"n_rows":300,"n_cols":9,"rows_kept":300,"cut":false,"hidden":false,"merged":[[292,0,292,1],[199,6,199,8],[202,6,202,8],[203,6,203,8],[248,0,248,8],[250,0,250,8],[253,0,254,8],[256,0,257,8],[260,0,261,8],[264,0,266,8],[268,0,268,8],[270,0,270,8],[196,6,196,8],[166,6,166,7],[167,6,167,7],[168,6,168,7],[169,6,169,7],[170,6,170,7],[185,2,185,6],[192,5,192,8],[193,6,193,8],[194,6,194,8],[195,6,195,8],[115,0,115,3],[115,5,115,8],[156,7,156,8],[175,0,175,2],[175,6,175,8],[158,7,158,8],[159,7,159,8],[160,7,160,8],[161,7,161,8],[164,6,164,7],[165,6,165,7],[157,7,157,8],[90,5,90,6],[91,5,91,6],[92,5,92,6],[94,5,94,6],[95,5,95,6],[96,5,96,6],[97,5,97,6],[98,5,98,6],[89,5,89,6],[31,5,31,8],[34,4,34,8],[35,1,35,2],[36,1,36,2],[37,1,37,2],[38,1,38,2],[39,1,39,2],[40,1,40,2],[41,1,41,2],[57,5,57,8],[88,5,88,6],[30,0,30,1],[30,5,30,8],[20,0,20,1],[21,0,21,1],[22,0,22,1],[22,7,22,8],[23,0,23,1],[24,0,24,1],[27,5,27,8],[28,0,28,1],[28,5,28,8],[29,0,29,1],[29,5,29,8],[11,0,12,8],[17,0,17,1],[18,0,18,1],[18,3,18,8],[19,0,19,1],[19,7,19,8]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Octopus Healthcare Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund’s strategy is focussed on two components of the UK healthcare real estate investment market: Elderly Care Homes; and Specialist Healthcare.\nBoth components target the following: primarily purpose built real estate; held as either freehold or long leasehold tenure; minimum unexpired lease term of twenty years; fixed or index-linked rental uplifts (subject to caps and collars); rental levels which shall be affordable over the term of the lease.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
[" Europe"]
[]
["Fund details"]
["Type of fund",null,null,"Specialist"]
["Residence",null,null,null,null,null,null,"Guernsey (Channel Islands)"]
["Launch date",null,null,null,null,null,null,null,"30 August 2017"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open Ended"]
["Earliest date of winding up",null,null,null,null,null,null,"N/A"]
["Year-end",null,null,null,null,null,null,null,"31st December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,708.81761200000005]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Octopus AIF Management Limited"]
["Investment Advisor",null,null,null,null,"Octopus Investments Limited"]
["Property Fund Manager"]
["Depositary",null,null,null,null,"TMF Group Depositary Services Limited"]
["Auditors",null,null,null,null,"BDO LLP"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index *"]
[null,"Octopus Healthcare Fund",null,null,"Other Balanced Funds",null,"All balanced funds",null,"All funds"]
["3 months","-",null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date","-",null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months","-",null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+","-",null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+","-",null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"40% of Gross Asset Value while NAV is <£250m, 30% of Gross Asset Value while NAV is >£250m"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"N/a"]
["Maximum lot-size holding as a standing investment"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"15% of Gross Asset Value"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"Not permitted"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"Not specified"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"Not permitted"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Octopus Healthcare Fund*",null,"Other Balanced Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,0,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,0,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,0,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,0,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,0,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,0,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,98.507804127084043,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,1.4921958729159621,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["** MSCI/AREF UK Quarterly Property Fund Index"]
["^ Includes Investment in Indirects"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,68,null,null,893.44,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,68,null,null,893.44,null,100]
[]
["Source:"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
[]
[]
[]
[]
[null,"*Octopus Healthcare Fund has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
[]
["10 largest investments as % of portfolio"]
["Source:"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,3,null,null,11.99,null,1.3420039398280803]
["5-10",null,null,13,null,null,100.42999999999999,null,11.24082199140401]
["10-25",null,null,51,null,null,754.98000000000013,null,84.502596704871067]
["25 - 50",null,null,1,null,null,26.04,null,2.9145773638968477]
["50 - 100",null,null,0,null,null,0,null,0]
["Over 100",null,null,0,null,null,0,null,0]
[]
["Total",null,null,68,null,null,893.44,null,100]
["Average lot size",null,null,null,null,null,13.138823529411766]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,null,null,"Investments "]
["Nominal equivalent yield",null,null,null,null,"Developments"]
["True equivalent yield",null,null,null,null,"Total"]
["Net reversionary yield"]
["*Octopus Healthcare Fund has declined to provide the data in the above table on the grounds of its commercial sensitivity"]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,0,null,null,null,null,0]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,0,null,null,null,null,0]
["Industrial",null,null,0,null,null,null,null,0]
["Other ",null,null,100,null,null,null,null,100]
["Overall",null,null,100,null,null,null,null,100]
[]
["Source:"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ","-","-","-","-","-","-","-","-"]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices","-","-","-","-","-","-","-","-"]
["Industrial","-","-","-","-","-","-","-","-"]
["Other ",47.976792109999998,0,0,1.4108904956549999,-4.7272235809350001,0.61093890839500009,-4.11628467254,100.61093890839547]
["Overall",47.976792109999998,0,0,1.4108904956549999,-4.7272235809350001,0.61093890839500009,-4.11628467254,100.61093890839547]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,83.939390711381179]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,12.84682001220194]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,0]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,1.5132316440320672]
[" Less than 5 years ",null,null,null,null,null,null,1.7005576323848137]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
[]
["Source:"]
[]
["Debt analysis*"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[]
[]
[null,"*Octopus Healthcare Fund has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Quarterly"]
["Valuers",null,null,null,null,null,"Knight Frank LLP and Cushman & Wakefield"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Yes"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,"The Borrowing Cap is 30% of Gross Asset Value"]
["   for investment purposes"]
["   for liquidity purposes"]
["Cash holdings (maximum)",null,null,null,null,null,"10% of Gross Asset Value in respect of acquisitions, disposals or significant capital expenditure projects relating to the Investments"]
["Cash holdings (minimum)",null,null,null,null,null,"N/A"]
[]
["Source:"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
[]
[]
[]
["*Octopus Healthcare Fund has declined to provide this data on the grounds of its commercial sensitivity"]
[]
[]
[]
[]
[]
[]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,0]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,0]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,0]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,893.44,0,0,0,null,null,893.44]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-190.5,0,0,0,null,null,-190.5]
["Cash",null,13.533825999999999,0,0,0,null,null,13.533825999999999]
["Other net assets/liabilities",null,-7.6562140000000003,0,0,0,null,null,-7.6562140000000003]
["Total net assets",null,708.81761200000005,0,0,0,null,null,708.81761200000005]
["Gearing (%)"]
["Net debt (cash)/properties ",null,19.807281294770775,"-","-","-",null,null,19.807281294770775]
["Net debt (cash)/equity ",null,24.966390648882463,"-","-","-",null,null,24.966390648882463]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,1110.69,"*","*","*","*","*"]
["Offer (GBp)",null,null,1169.73,"*","*","*","*","*"]
["Mid (GBp)",null,null,1140.21,"*","*","*","*","*"]
["Bid/offer spread",null,null,5.0473186119873788E-2,"*","*","*","*","*"]
["Net asset value (GBp)",null,null,1127.5999999999999,"*","*","*","*","*"]
["Quarterly distribution (GBp)",null,null,"*","*","*","*","*","*"]
["Yield",null,null,"-","-","-","-","-","-"]
["Source:","*Octopus Healthcare Fund has declined to provide this data on the grounds of its commercial sensitivity"]
[]
["Unit pricing"]
["The Fund’s Net Asset Value and Net Asset Value per Unit are calculated as at each calendar quarter end date. The bid/offer price applied to the Net Asset Value per Unit is calculated and applied by the Trustee as at the issue date of new Units."]
[]
[]
[]
["Distributions"]
["Distributions are calculated and declared on a quarterly basis, with cash paid within 20 business days of the respective quarter end date."]
[]
["Minimum investment/disinvestment"]
["a. The Fund may accept Commitments having a total value of at least £1,000,000, with Trustee discretion over smaller amounts.\nb. Redemption dates on 30 June and 31 December.\n"]
[]
[]
["Creation, transfer and realisation of units"]
["Commitments are drawn down by the Trustee in exchange for Units, in respect of Commitments dated in a quarter which is first in time before subsequent quarters, and in each quarter pro rata to the aggregate outstanding Commitments made in such quarter."]
[]
[]
["Taxation"]
["The Fund should be treated as fiscally transparent for the purposes of United Kingdom tax on income. Pursuant to Finance Act 2019 (the “FA 2019”) and subordinate legislation, the Fund will also broadly be treated as company for capital gains tax purposes. However, following the expansion of the UK charge to tax on gains by non-residents from direct or indirect investments in UK real estate pursuant to the rules contained in FA 2019, The Fund has made an 'exemption election’ whereby the Fund itself and each of its subsidiary entities in which it holds a 40% or greater interest, will be exempt from UK charge to tax on gains from any direct or indirect disposals of UK real estate investment. Notwithstanding the exemption election, the Trustee intends that the affairs of the Fund should be managed and conducted so that it does not become resident in the UK for UK tax purposes."]
[]
[]
["Charges"]
["the Fund Manager is entitled to charge a fee each quarter on the Net Asset Value of the Fund, as follows:\ni. 0.75 per cent. per annum of the Net Asset Value up to £250,000,000 of the Net Asset Value; plus\nii. 0.65 per cent. per annum of the Net Asset Value between £250,000,001 to £500,000,000 of the Net Asset Value; plus\niii. 0.55 per cent. per annum of the Net Asset Value in excess of £500,000,000 of the Net Asset Value\n"]
[]
["Source:"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue"]
["1% or greater but less than 2%"]
["2% or greater but less than 4%"]
["4% or greater but less than 8%"]
["Greater than 8.0%"]
["Total"]
["Major investors"]
["Largest holder"]
["Three largest holders"]
["Five largest holders"]
["Ten largest holders"]
["Internal/external investors"]
["Internal"]
["External"]
["Note: OHF does not wish to provide this data on the grounds of its commercial sensitivity"]
["Liquidity "]
["Period",null,null,null,null,null,"Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,null,null,193221.30169999998,322303,322303]
["Units issued during period",null,null,null,null,null,129082,249438.29969999997,47710.233100000041]
["Units redeemed during period",null,null,null,null,null,0,0,0]
["Units in issue at end of period",null,null,null,null,null,322303,571741.29969999997,370013.23310000007]
["Unit transfers"]
["Matched bargains",null,null,null,null,null,0,0,0]
["Matched bargains %*",null,null,null,null,null,0,0,0]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["PATRIZIA Hanover Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["An actively managed, diversified balanced UK property fund, seeking to outperform the Other Balanced Property Funds Index. The Evergreen portfolio (70%) consists of assets with long-term business plans, offering a diversified and sustainable income with good prospects of income and capital growth. The Dynamic portfolio (30%) consists of assets with shorter, more defined business plans of 3-5 years to allow the portfolio to stay relevant and deliver out-performance. Dependent on the asset management outcome, these assets could feed the Evergreen portfolio."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Trust is open to investment by pension funds, investment trusts, charities, and other UK and overseas corporate and institutional investors. Units may also be issued to individuals whom the Manager is satisfied are investing on the advice of an appropriately qualified financial advisor."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Unauthorised property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"July 1967"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-09-30"]
["NAV (GBPm) ",null,null,null,null,null,null,null,482.64300000000003]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
[]
["Management/professional advisors"]
["Fund Manager",null,null,null,null,"PATRIZIA Hanover Real Estate Management Ltd"]
["Investment Advisor",null,null,null,null,"PATRIZIA Property Investment Managers LLP"]
["Property Fund manager",null,null,null,null,"Mischa Davis"]
["Trustee",null,null,null,null,"BNP Paribas Securities Services"]
["Auditors",null,null,null,null,"Deloitte"]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"PATRIZIA Hanover Property Unit Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.0563525168100005,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",4.6208810721829998,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.3101634214069993,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.1346773246710002,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.3681355432039997,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",6.7639532403930005,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.3]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.25]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"PATRIZIA Hanover Property Unit Trust",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0.9565784059482545,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,4.9074964313176972,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,4.9362512932199509,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,10.800326130485903,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,16.783254396947829,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,12.422100341772925,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,29.205354738720754,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,35.910030038929214,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,17.521295852438971,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,53.431325891368189,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,5.7126325645807574,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,0.85036067484439115,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,21,null,null,517.22500000000002,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,21,null,null,517.22500000000002,null,100]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["THORP ARCH",null,null,null,"WETHERBY","Industrial ",null,"80-75",15.950505099328144]
["WESTCOTT VENTURE PARK",null,null,null,"AYLESBURY","Industrial ",null,"70-75",14.017110541833825]
["ANNAN HOUSE",null,null,null,"ABERDEEN","Office ",null,"40-45",8.2169268693508624]
["MOLE BUSINESS CENTRE INDUSTRIAL",null,null,null,"LEATHERHEAD","Industrial Other ",null,"40-45",8.2169268693508624]
["COURT LANE INDUSTRIAL CENTRE",null,null,null,"IVER","Industrial ",null,"35-40",7.250229590603702]
["CODA STUDIOS",null,null,null,"FULHAM","Office ",null,"30-35",6.2835323118565416]
["MOLE BUSINESS CENTRE OFFICE",null,null,null,"LEATHERHEAD","Office ",null,"30-35",6.2835323118565416]
["9-10 ST ANDREW SQUARE",null,null,null,"EDINBURGH","Office ",null,"20-25",4.3501377543622208]
["100 BLACKHEATH ROAD",null,null,null,"LONDON","Retail Park",null,"20-25",4.3501377543622208]
["VERULAM POINT",null,null,null,"ST ALBANS","Office ",null,"20-25",4.3501377543622208]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,79.269176857267155]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,1,null,null,1.05,null,0.20300642853690368]
["2.5 - 5",null,null,3,null,null,12.95,null,2.5037459519551448]
["5-10",null,null,1,null,null,9.1,null,1.7593890473198315]
["10-25",null,null,9,null,null,149.75,null,28.952583498477452]
["25 - 50",null,null,5,null,null,191.82499999999999,null,37.087341099134804]
["50 - 100",null,null,2,null,null,152.55000000000001,null,29.493933974575864]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,21,null,null,517.22499999999991,null,99.999999999999972]
["Average lot size",null,null,null,null,null,24.629761904761899]
["Source:PATRIZIA Property Investment Managers LLP"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.0218999999999993E-2,null,"Investments ",null,null,0.1085]
["Nominal equivalent yield",null,null,6.448000000000001E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,6.4829999999999999E-2,null,"Total",null,null,0.1085]
["Net reversionary yield",null,null,6.7909999999999998E-2]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,3.0517063959074013,null,null,null,null,2.8243960342301277]
["Retail warehousing ",null,null,3.2883254134827253,null,null,null,null,4.0848702101718644]
["Shopping centres ",null,null,13.79035604106808,null,null,null,null,11.43196667745933]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,27.526646122876542,null,null,null,null,33.328118711749113]
["Industrial",null,null,46.549930709869479,null,null,null,null,44.346602679757595]
["Other ",null,null,5.7930353167957769,null,null,null,null,3.9840456866319531]
["Overall",null,null,100.00000000000001,null,null,null,null,99.999999999999986]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.95785699999999996,0,0,41.185688469155998,-31.054426704611998,11.697257523827,-19.357169180785,111.69725752382664]
["Retail warehousing ",1.0321260000000001,0,0,50.50255492062,-0.58132437318700003,49.921230547432998,49.339906174245996,149.92123054743317]
["Shopping centres ",4.3284599999999998,1.035010142175,0,15.595038420130999,-31.056726872836997,1.082255582817,-29.974471290019999,100.0472454406417]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",8.6399500000000007,0.74652052384599998,0,25.107761040284,-6.5430702723970002,46.869044381043999,40.325974108646996,146.12252385719825]
["Industrial",14.610900000000001,0.68442053535400005,0,11.445831536728999,-4.2862862657329996,15.658775297894001,11.372489032161003,114.97435476254027]
["Other ",1.8182940000000001,0,0,0,-17.000056096539002,-17.000056096539002,-34.000112193078003,82.999943903461144]
["Overall",31.387587,0.66682093147199994,0,17.307517140454003,-10.030809313249001,21.353591150539998,11.322781837290997,120.68677021906782]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,11.443891994196735]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.5945992566763507]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,18.116797104952667]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,7.3354512664531111]
[" Less than 5 years ",null,null,null,null,null,null,61.509260377721141]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,36,1.8500000000000003E-2,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,"Quarterly, as at 15 March, 15 June, 15 September & 15 December "]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"*33.0%"]
["Cash holdings (maximum)",null,null,null,null,null,null,"**"]
["Cash holdings (minimum)",null,null,null,null,null,null,"**"]
["Note: * 33% of GAV       "]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["ENQUEST HEATHER LIMITED",null,null,null,null,null,null,null,10.9]
["MOORES FURNITURE GROUP LTD",null,null,null,null,null,null,null,4.04]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,3.25]
["KEW GREEN HOTELS (YORK) LTD",null,null,null,null,null,null,null,2.56]
["TRANSLUX INTERNATIONAL LIMITED",null,null,null,null,null,null,null,2.56]
["EXPERT LOGISTICS LIMITED",null,null,null,null,null,null,null,2.2400000000000002]
["SURREY & BORDERS PARTNERSHIP NHS FOUNDATION TRUST (AFL)",null,null,null,null,null,null,null,2.0499999999999998]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,1.91]
["SAINSBURY'S SUPERMARKETS LTD",null,null,null,null,null,null,null,1.87]
["LUXOTTICA UK LTD & SUNGLASSES HUT UK LTD",null,null,null,null,null,null,null,1.69]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.190000000000001]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,23.31]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,33.07]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,517.22500000000002,0,0,0,null,null,517.22500000000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-36,0,0,0,null,null,-36]
["Cash",null,4.4359999999999999,0,0,0,null,null,4.4359999999999999]
["Other net assets/liabilities",null,-3.0179999999999998,0,0,0,null,null,-3.0179999999999998]
["Total net assets",null,482.64300000000003,0,0,0,null,null,482.64300000000003]
["Gearing (%)"]
["Net debt (cash)/properties ",null,6.1025665812750738,"-","-","-",null,null,6.1025665812750738]
["Net debt (cash)/equity ",null,6.5398234305687639,"-","-","-",null,null,6.5398234305687639]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,14265,13530,13365,13584.999999999998,13485,13855]
["Offer (GBp)",null,null,15305,14555.000000000002,14385,14540,14444.999999999998,14850]
["Mid (GBp)",null,null,14785,14042.5,13875,14062.5,13965,14352.5]
["Bid/offer spread",null,null,7.290571328426218E-2,7.5757575757575898E-2,7.6318742985409652E-2,7.0298122929702014E-2,7.1190211345939794E-2,7.1815229159148328E-2]
["Net asset value (GBp)",null,null,14497,13756.414609985282,13586,13801.016670440395,13704.262255179441,14083.534695068573]
["Quarterly distribution (GBp)",null,null,160.18,137.47070644175253,147.53,155.19840910779999,171.62796036610001,176.62074700900001]
["Yield",null,null,4.8962543974615434E-2,4.8324416302429528E-2,4.6355807448844398E-2,4.3513626944900782E-2,4.4805786680857704E-2,4.6379002568163137E-2]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Unit pricing"]
["The unit price is recalculated as at the end of each quarter. For the annual accounts, the valuers indicate whether there has been any material change in the value of the portfolio since their last valuation (approximately ten days previously) and the end of the quarter. Income is not included in the calculation. \nAny performance fees payable are charged quarterly to capital and are not estimated and accrued on a quarterly basis. \n"]
[]
["Distributions"]
["Distributions of income are made quarterly, on the last working day of May, August, November and February, i.e. two months after the end of the quarter to which they relate."]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:",null,null,"10 units"]
["Minimum additional investment: ",null,null,"1unit"]
["Minimum redemption:",null,null,"1 unit"]
[]
["Creation, transfer and realisation of units"]
["Investors may redeem Standard Units on each quarter end date, namely the last Business Day of March, June, September and December in each year, by submitting a Redemption Notice 24 weeks before the redemption date.  \nUnless the Manager otherwise determines at its sole discretion, the Fund Redemption Cap for Standard Units on each Quarter End Date is the lesser of:\n(a) a quarterly cap equal to 5% of the Standard Units in issue as at the Quarter End Date; and\n(b) an annual rolling cap equal to 15% of the Standard Units in issue 12 months prior to the quarter end date.\nThe number of Standard Units that will be redeemed on the Quarter End Date from each Unitholder (excluding the redemption of Standard Units which have been postponed at the Manager’s discretion on prior Quarter End Dates) will be reduced pro rata to each redeeming Unitholder’s holding of Standard Units at the Quarter End Date. If any Unitholder’s pro rata allocation is greater than the number of Standard Units it wishes to redeem (as specified in its Redemption Notice) then its Standard Units will be redeemed in full and the balance will be reallocated to the remaining redeeming Unitholders’ pro rata to their respective holdings of Standard Units.\nThe Standard Units in excess of the Fund Redemption Cap that remain unredeemed and will automatically roll over to the next Quarter End Date.\nRolled Redemption Units will sit alongside other redemption requests for subsequent Quarter End Dates (i.e. there is no time priority or queue).\n"]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["Since it is registered in Jersey, the Trust is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the Trust. (PATRIZIA Hanover Property Unit Trust is expected to maintain Distributor status.)"]
[]
["Income Tax"]
["Distributions are paid gross of income tax where the appropriate Inland Revenue approvals have been received."]
[]
["Stamp duty reserve tax"]
["Transfers of units are not subject to stamp duty."]
[]
["Charges"]
["Annual charge"]
["The Trust’s Property Investment Advisor receives 0.55% pa of the net asset value of the Trust, which is accounted for on a quarterly basis. As from 1 October 2007, 50% of this fee has been capitalised. "]
["Performance fee "]
["RPIML may earn a performance fee of 0.125% pa if the Trust’s annualised three-year total return places it above the median three-year performance of the Other Balanced Fund sub-index of the MSCI UK Quarterly Property Funds Index. This figure increases to 0.15% pa if the Trust is rated in the top quartile. As from 1 October 2007, any performance fees payable have been charged quarterly to capital."]
[]
["Acquisition fee"]
["PATRIZIA Hanover Property Unit Trust charges an acquisition fee of 0.25%"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,18,null,null,null,5.35]
["1% or greater but less than 2%",null,null,null,15,null,null,null,19.739999999999998]
["2% or greater but less than 4%",null,null,null,5,null,null,null,12.41]
["4% or greater but less than 8%",null,null,null,3,null,null,null,15.13]
["Greater than 8.0%",null,null,null,5,null,null,null,47.37]
["Total",null,null,null,46,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,11.84]
["Three largest holders",null,null,null,3,null,null,null,30.62]
["Five largest holders",null,null,null,5,null,null,null,47.37]
["Ten largest holders",null,null,null,10,null,null,null,68.599999999999994]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,0.06]
["External",null,null,null,45,null,null,null,99.94]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,38914,36968,35297,35332,35332,35332]
["Units issued during period",null,null,"-",177,35,0,0,0]
["Units redeemed during period",null,null,-1946,-1848,0,0,0,-1062]
["Units in issue at end of period",null,null,36968,35297,35332,35332,35332,34270]
["Unit transfers"]
["Matched bargains",null,null,837,4783,1442,0,168,0]
["Matched bargains %*",null,null,2.3E-2,0.13550726690653597,4.0812860862674064E-2,0,4.7548964111853277E-3,0]
["* as % of units in issue at the end of the period   "]
["Source: PATRIZIA Property Investment Managers LLP"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["PGIM Real Estate Uk Ground Lease Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["To provide (post Fund running cost) a yield 200bps above the real flat yield for a benchmark of long dated index linked gilts (before inflation) on a rolling 10 year basis."]
[]
[]
["INVESTOR CONSTITUENCY"]
["PGIM Real Estate UK Ground Lease Fund is available for investment to UK taxable and UK tax exempt investors including pension schemes, corporates, charities and certified sophisticated investors, and, subject to local regulations and requirements, overseas taxable and overseas tax exempt investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Open ended PUT"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,"February 2007"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended* "]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,679.38965034]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Pramerica Real Estate Investors"]
["Fund administration",null,null,null,null,"UBS AG Jersey Branch"]
["Property fund manager",null,null,null,null,"Paul Dennis-Jones"]
["Trustee",null,null,null,null,"UBS Trustees (Jersey) limited"]
["Auditors",null,null,null,null,"Ernst & Young LLP"]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"PGIM Real Estate Uk Ground Lease Fund",null,null,"Long Income Funds",null,"All balanced funds",null,"All funds"]
["3 months",5.4831500000000002,null,null,3.0571899999999999,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.5297399999999999,null,null,5.0094799999999999,null,6.0474500000000004,null,5.5983999999999998]
["12 months",3.1327699999999998,null,null,7.3320600000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",2.3136700000000001,null,null,5.3954300000000002,null,2.9910399999999999,null,1.81053]
["5 years+",5.6721300000000001,null,null,6.5384599999999997,null,4.89466,null,3.8698299999999999]
["10 years+",6.8468999999999998,null,null,null,null,6.6564699999999997,null,6.0942800000000004]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"PGIM Real Estate Uk Ground Lease Fund",null,"Long Income Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,8.0590700000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,3.3409399189478677,null,8.5928000000000004,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,7.099754911906353,null,0.58425000000000005,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,1.8259000000000001,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,10.44069483085422,null,19.062020000000004,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.8747500000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,6.1215700000000002,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,2.2390685543675639,null,5.01877,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,8.6467500000000008,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,2.2390685543675639,null,23.661840000000002,null,27.247970000000002,22.74428]
["South East  industrial",null,null,0,null,3.1535799999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,0.50000761761679036,null,7.6014400000000002,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,0.50000761761679036,null,10.75502,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,83.800216937817837,null,44.229340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,3.0200120593435709,null,2.2917700000000001,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999999999999986,null,99.999990000000011,null,100,100.00001]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,126,null,null,658.87199999999996,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,126,null,null,658.87199999999996,null,100]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["THE HOTEL RUSSELL",null,null,null,"LONDON","Hotel ",null,95,14.418582061462622]
["THE WESTIN HOTEL PORTFOLIO, UPPER THAMES STREET",null,null,null,"LONDON","Hotel ",null,70.349999999999994,10.67733945288311]
["PARK PLAZA RIVERBANK HOTEL",null,null,null,"LONDON","Hotel ",null,48.3,7.3307106691436283]
["157-183 WATERLOO ROAD",null,null,null,"LONDON","Hotel ",null,39.6,6.0102721014096829]
["GREAT NORTHERN HOTEL",null,null,null,"LONDON","Hotel ",null,32.25,4.8947291734965219]
["RADISSON EDWARDIAN",null,null,null,"GUILDFORD","Hotel ",null,26.75,4.0599691594118434]
["THE PALACE HOTEL",null,null,null,"MANCHESTER","Hotel ",null,18.850000000000001,2.8609502300902152]
["THISTLES SHOPPING CENTRE",null,null,null,"STIRLING","Retail Shopping Centre ",null,15.752000000000001,2.3907526803385184]
["FOREST PINES HOTEL & GOLF RESO,ERMINE STREET",null,null,null,"BRIGG","Hotel ",null,15.429,2.3417295013295454]
["CHESFORD GRANGE,KENILWORTH",null,null,null,"WARWICK","Hotel ",null,14.597,2.2154530773807357]
["10 largest investments as % of portfolio",null,null,null,null,null,null,376.87799999999999,57.200488106946423]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,85,null,null,66.327000000000012,null,10.066750446217174]
["2.5 - 5",null,null,13,null,null,47.844000000000008,null,7.2615014752486076]
["5-10",null,null,12,null,null,90.637999999999991,null,13.756541483019463]
["10-25",null,null,10,null,null,141.81300000000002,null,21.52360397770736]
["25 - 50",null,null,4,null,null,146.9,null,22.295681103461675]
["50 - 100",null,null,2,null,null,165.35,null,25.095921514345733]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,126,null,null,658.87200000000007,null,100.00000000000003]
["Average lot size",null,null,null,null,null,5.2291428571428575]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,2.7000000000000003E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,2.81E-2,null,"Developments",null,null,"-"]
["True equivalent yield",null,null,"-",null,"Total",null,null,"-"]
["Net reversionary yield",null,null,2.3599999999999999E-2]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,4.189583312511437,null,null,null,null,4.0886303042947985]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,11.950041089828664,null,null,null,null,11.66209059300289]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,2.4121980633087907,null,null,null,null,2.3540744047269437]
["Industrial",null,null,0.76209730386132091,null,null,null,null,0.74373366011927289]
["Other ",null,null,80.686080230489793,null,null,null,null,81.151471037856084]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.75877300000000003,0,0,0,0,0,0,100]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ",2.1642649999999999,0,0,0,0,0,0,100]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",0.43687179000000004,0,0,0,0,4.8069023000000006E-5,4.8069023000000006E-5,100.00004806902271]
["Industrial",0.13802300000000001,0,0,0,0,0,0,100]
["Other ",14.613009119999999,0,0,0,-1.916101E-6,0.44717900000000022,0.44717708389900024,103.0601491884924]
["Overall",18.110941909999998,0,0,0,-1.546027E-6,0.44717900000000022,0.44717745397300024,102.46911558891971]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,100]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,0]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,0]
[" Less than 5 years ",null,null,null,null,null,null,0]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n"]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Monthly, on the last calendar day of the month"]
["Valuers",null,null,null,null,null,"Knight Frank LLP"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"Nil *"]
["Cash holdings (maximum)",null,null,null,null,null,null,"N/A**"]
["Cash holdings (minimum)",null,null,null,null,null,null,"N/A**"]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["PRINCIPAL HAYLEY GROUP LIMITED",null,null,null,null,null,null,null,13.9344587037595]
["Churchill Retirement Living",null,null,null,null,null,null,null,11.0331079922162]
["PINBOARD NOMINEE 1 LIMITED & PINBOARD NOMINEE 2 LTD",null,null,null,null,null,null,null,9.8448872066547093]
["APRIROSE",null,null,null,null,null,null,null,8.7378880298238393]
["RIVERBANK HOTEL HOLDING BV",null,null,null,null,null,null,null,6.2675750399361698]
["STANDARD LIFE INVESTMENTS",null,null,null,null,null,null,null,4.4168377085984796]
["RSW PROPCOLIMITED",null,null,null,null,null,null,null,4.3733777981757296]
["RMH GUILDFORD LLP",null,null,null,null,null,null,null,3.7202864927872201]
["KCCLP",null,null,null,null,null,null,null,3.56371265466528]
["BE YEOVIL BV",null,null,null,null,null,null,null,2.6508557609463699]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,34.812453902630409]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,49.817916972390414]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,68.542987387563485]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,658.87199999999996,0,0,0,null,null,658.87199999999996]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,20.517649339999998,0,0,0,null,null,20.517649339999998]
["Other net assets/liabilities",null,9.9999999999999995E-7,0,0,0,null,null,9.9999999999999995E-7]
["Total net assets",null,679.38965034,0,0,0,null,null,679.38965034]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-3.1140569549168884,"-","-","-",null,null,-3.1140569549168884]
["Net debt (cash)/equity ",null,-3.0200120548983866,"-","-","-",null,null,-3.0200120548983866]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Offer (GBp)",null,null,1.6712,1.6687000000000001,1.665,1.6493,1.6113,1.69]
["Net asset value (GBp)",null,null,1.6712015607268063,1.6686883601323608,1.66504527444461,1.6493338951874901,1.61703719091649,1.6889471568699199]
["Quarterly distribution (GBp)",null,null,8.1799160030072322E-3,4.6318749221558207E-3,6.9946636000000001E-3,6.0174740999999997E-3,7.4771498999999996E-3,1.0434658100000001E-2]
["Yield",null,null,2.0197751102132389E-2,1.8128796688772764E-2,1.7140333742287919E-2,1.5657186440750637E-2,1.5535302800155172E-2,1.8309599311153411E-2]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. Income is not included in the unit price. Some of the vehicles through which the Fund holds directly-held investments have fixed-rate debt. The market value of this debt is not published and it does not reflect in the monthly recalculation of the Fund’s net asset value."]
[]
["Distributions"]
["Distributions are made monthly, normally on the 20th of each month or the following working day. Ex-distribution dates are the penultimate working day of each month, i.e. the day before pricing. Distributions are paid to the unitholders shown on the register on the ex-distribution dates.\n"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP250,000, although the manager, at their discretion, can allow investors to invest as little as GBP25,000 where it is satisfied that the investor has received financial advice or the investment is made on the investor’s behalf by a discretionary investment manager. Existing unitholders may increase or decrease their holdings by minimum amounts of GBP10,000 (rounded to the nearest number of whole units). No redemption notice will be accepted that would result in a holding falling to below the minimum holding value determined by the manager (currently GBP10,000)."]
[]
[]
["Creation, transfer and realisation of units"]
["The fund is open to subscriptions on a monthly basis, with applications to be received at least three business days before subscription day, which is the last working day of the month. \nAs from March 2009, the Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so.\nRedeeming unitholders may not withdraw their realisation notice in respect of units which the Manager has notified the unitholder that it has determined can be redeemed or any units which are within the last 3 months of the 24-month redemption window.\nThe manager will attempt, where possible, the matching of buying and selling orders. Such transfers are effective from the last business day of the month during which they take place.\n"]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
["Capital Gains Tax"]
["Since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust."]
[]
["Income Tax"]
["While distributions of income are made net of UK Income Tax, non-taxpayers are entitled to reclaim any tax deducted at source. "]
[]
["Stamp duty reserve tax"]
["No stamp duty is payable on the transfer of existing units."]
[]
["Charges"]
["The trust instrument empowers the manager and investment advisor to make an annual charge totalling not more than 2% of the net asset value of the fund (including accrued income). However, the total charge is currently 1% pa and the manager has undertaken to give at least three months’ notice of any increase in this figure.\nThe manager and investment advisor currently bear the cost of fees of service providers in relation to day-to-day management and rent collection of directly held properties, valuations, the trustees’ and auditors’ fees, custodian fees and the costs of preparing reports and accounts for unitholders, and market research and performance measurement. These costs may, alternatively, be charged to unitholders. The manager has undertaken to give at least three months’ notice before so doing.\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,1,null,null,null,0.04]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,1,null,null,null,2.99]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,6,null,null,null,96.97]
["Total",null,null,null,8,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,30.38]
["Three largest holders",null,null,null,3,null,null,null,63.74]
["Five largest holders",null,null,null,5,null,null,null,87.4]
["Ten largest holders",null,null,null,10,null,null,null,100]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,8,null,null,null,100]
["Source : PGIM Real Estate Uk Ground Lease Fund"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to \r\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,291070886,292699692,379179108.64999998,402334437.83999997,402701755.09999996,402701755.09999996]
["Units issued during period",null,null,1628807,86479858.50999999,23155329.18999999,367317.26,0,0]
["Units redeemed during period",null,null,"                      -   ",-441.86,0,0,0,0]
["Units in issue at end of period",null,null,292699692,379179108.64999998,402334437.83999997,402701755.09999996,402701755.09999996,402701755.09999996]
["Unit transfers"]
["Matched bargains",null,null,150316,0,1369746.46,19753429.66,9400263.2100000009,0]
["Matched bargains %*",null,null,0.1,0,3.4044971823782074E-3,4.9052256191669134E-2,2.3342990416482547E-2,0]
["* as % of units in issue at the end of the period   "]
["Source : PGIM Real Estate Uk Ground Lease Fund"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Royal London Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to provide the investor with an income return from a diversified portfolio of UK properties, while making acquisitions and disposals at the right time in the market cycle to extract maximum capital growth. The Fund’s benchmark is the Other Balanced Fund component of the MSCI/AREF UK Quarterly Property Fund Index."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by institutional investors including pension funds, SIPPs, investment trusts and charities, wealth managers and individual investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property Authorised Investment Fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"May 1991*"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 June"]
["NAV (GBPm) ",null,null,null,null,null,null,null,406.28538626]
["Source: Royal London Asset Management"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Royal London Asset Management Ltd"]
["Investment advisor",null,null,null,null,"Royal London Asset Management Ltd"]
["Property fund manager",null,null,null,null,"Stephanie Hacking"]
["Depository",null,null,null,null,"National Westminster Bank Plc"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers"]
["Source: Royal London Asset Management"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Royal London Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.0221799999999996,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",4.8378100000000002,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.5635599999999998,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",1.48421,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",2.9235799999999998,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",5.4813000000000001,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Royal London Asset Management"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.15]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source: Royal London Asset Management"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Royal London Property Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,6.2025366850624746,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,1.6244738937068384,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,8.8484600725395222,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,16.675470651308835,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,5.4026063586159259,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,21.068934136561424,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,3.2735610282274172,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,29.745101523404767,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,24.109082291247528,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,13.611122169998209,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,37.720204461245736,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,8.7130872480639532,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,7.1461361159767156,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Source: Royal London Asset Management"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,31,null,null,369.95000099999999,null,98.064507588964659]
["Joint  and indirect holdings",null,null,1,null,null,7.3016776100000005,null,1.9354924110353451]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,32,null,null,377.25167861,null,100]
["Source: Royal London Asset Management"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["15-18 RATHBONE PLACE",null,null,null,"LONDON","Office ",null,"30-40","*"]
["44 - 45 GREAT MARLBOROUGH STREET",null,null,null,"LONDON","Office ",null,"30-40","*"]
["TRIDENT INDUSTRIAL ESTATE",null,null,null,"HODDESDON","Industrial Other ",null,"20-30","*"]
["41 EASTCHEAP",null,null,null,"LONDON","Office ",null,"20-30","*"]
["28-32 LEXINGTON STREET",null,null,null,"LONDON","Office ",null,"20-30","*"]
["CAIRNGORM RETAIL PARK",null,null,null,"MILTON KEYNES","Retail Park",null,"10-20","*"]
["COMPASS BUSINESS PARK",null,null,null,"CHESSINGTON","Industrial ",null,"10-20","*"]
["WAITROSE",null,null,null,"RAYNES PARK","Retail Other ",null,"10-20","*"]
["KINGS RIDE PARK",null,null,null,"ASCOT","Industrial ",null,"10-20","*"]
["JUNCTION 8 BUSINESS PARK",null,null,null,"ELLESMERE PORT","Industrial ",null,"10-20","*"]
["10 largest investments as % of portfolio"]
["Source: Royal London Asset Management"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,2.9,null,0.7687175868070818]
["2.5 - 5",null,null,4,null,null,13.950000000000001,null,3.6977966675719975]
["5-10",null,null,12,null,null,95.149999999999991,null,25.221889098170287]
["10-25",null,null,10,null,null,164.5,null,43.604842424056883]
["25 - 50",null,null,3,null,null,93.449999999999989,null,24.771261547283373]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,31,null,null,369.95,null,98.064507323889629]
["Average lot size",null,null,null,null,null,11.933870967741935]
["Source: Royal London Asset Management"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.2574157773850001E-2,null,"Investments ",null,null,7.2230191033549995E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,5.4367837794320001E-2,null,"Total",null,null,7.2230191033549995E-2]
["Net reversionary yield",null,null,5.3888401619549997E-2]
["Source: Royal London Asset Management"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,11.639345663071181,null,null,null,null,9.4797970548447132]
["Retail warehousing ",null,null,14.795097724887837,null,null,null,null,12.303031693740179]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,22.172623813488588,null,null,null,null,26.855889976235964]
["Other offices",null,null,5.012003418357649,null,null,null,null,4.3586198894314805]
["Industrial",null,null,36.289770985271133,null,null,null,null,37.984564703500808]
["Other ",null,null,10.091158394923619,null,null,null,null,9.0180966822468598]
["Overall",null,null,100.00000000000001,null,null,null,null,100]
["Source: Royal London Asset Management"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",2.25779,0,0,0,-15.423887961236,-12.720270707195972,-28.14415866843197,87.279729292804035]
["Retail warehousing ",2.8699400000000002,6.968786803905,0,0,-19.533753318885001,-10.887788594883524,-30.421541913768525,89.112211405116483]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",4.3010260000000002,0,0,28.927283862037001,-2.2786191015820001,29.797215827107294,27.518596725525295,129.79721582710729]
["Other offices",0.97222399999999998,0,0,0,-7.1058727206899999,-6.8075875518398981,-13.913460272529898,93.192412448160098]
["Industrial",7.0394577500000004,0,0,3.65511107727,-0.87144496321499998,12.167190718631694,11.295745755416695,112.1671907186317]
["Other ",1.9574739999999999,0,0,0,-4.2328020704230003,-4.2328020704234151,-8.4656041408464162,95.767197929576582]
["Overall",19.397911749999999,1.031038817877,0,7.7403692693880002,-6.2900378954449998,8.1935585153900004,1.9035206199450005,107.16251969751332]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Royal London Asset Management"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,11.957092437152586]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,23.07844431855457]
[" Less than 5 years ",null,null,null,null,null,null,64.964463244292844]
["Source: Royal London Asset Management"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["INDUSTRIAL PROPERTY INVESTMENT FUND",null,"Industrial ","INDIRECT RE","-",100,7.3016776100000005,"-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Royal London Asset Management"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Royal London Asset Management"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Royal London Asset Management"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, on the last working day of the month"]
["Valuers",null,null,null,null,null,"Cushman and Wakefield"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Royal London Asset Management"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.1]
["Source : Royal London Property Fund"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["TECHNICOLOUR LIMITED",null,null,null,null,null,null,null,6.0678470578742534]
["PREMIER INN HOTELS LTD",null,null,null,null,null,null,null,5.2590757485783586]
["WAITROSE",null,null,null,null,null,null,null,4.0024962980419172]
["PARTS ALLIANCE GROUP LTD",null,null,null,null,null,null,null,3.6263110627514736]
["FURNITURE VILLAGE LTD",null,null,null,null,null,null,null,3.6067280492311791]
["BROCADE COMMUNICATIONS UK LIMITED",null,null,null,null,null,null,null,3.257285918335342]
["DFS FURNITURE CO LTD",null,null,null,null,null,null,null,3.0904536012431834]
["SMITH INTERNATIONAL (NORTH SEA) LTD",null,null,null,null,null,null,null,2.8806497403016618]
["STAPLETON'S (TYRE SERVICES) LIMITED",null,null,null,null,null,null,null,2.8596369083272033]
["ACCOR",null,null,null,null,null,null,null,2.6470943951157841]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,15.329419104494528]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.562458216477182]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,37.297578779800361]
["Source: Royal London Asset Management"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,369.95000099999999,0,7.3016776100000005,0,null,null,377.25167861]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-9.9999999999999995E-7,0,0,0,null,null,-9.9999999999999995E-7]
["Cash",null,29.033706649999999,0,0,0,null,null,29.033706649999999]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,398.98370864999998,0,7.3016776100000005,0,null,null,406.28538626]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-7.8480079933828675,"-",0,"-",null,null,-7.6961103942534939]
["Net debt (cash)/equity ",null,-7.2769150771189004,"-",0,"-",null,null,-7.1461358522553518]
["Source: Royal London Asset Management"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,2.9176929999999999,2.7665229999999998,2.7600730000000002,2.7825929999999999,2.7826070000000001,2.8605450000000001]
["Offer (GBp)",null,null,3.1296010000000001,2.9654099999999999,2.9569049999999999,2.9700009999999999,2.9701059999999999,3.0712069999999998]
["Mid (GBp)",null,null,3.023647,2.8659664999999999,2.8584890000000001,2.8762970000000001,2.8763565,2.9658759999999997]
["Bid/offer spread",null,null,6.771086793492212E-2,6.7068971912821518E-2,6.6566900187865249E-2,6.3100315454439254E-2,6.3128723351961125E-2,6.8592576143516118E-2]
["Net asset value (GBp)",null,null,2.9578941739216398,2.8042801566548401,2.7974415142851301,2.8181756811535701,2.8187004797292201,2.90100225750651]
["Quarterly distribution (GBp)",null,null,2.9790340960000002E-2,1.9341858909999999E-2,2.750101374E-2,3.0695310050000001E-2,2.1497366189999999E-2,3.0369666300000001E-2]
["Yield",null,null,3.9511177090237611E-2,3.8352150142621298E-2,3.8043174102674999E-2,3.8084397781783068E-2,3.513518005982455E-2,3.7939769262572871E-2]
["Source: Royal London Asset Management"]
[]
["Unit pricing"]
["The share price is calculated monthly on valuation day, the last working day of each month."]
[]
["Distributions"]
["Distributions of income are made monthly, on the 14th of each month."]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:",null,"GBP100,000"]
["Minimum additional investment:",null,"GBP100,000"]
["Minimum redemption:",null,"GBP100,000"]
["Minimum holding:",null,"GBP100,000"]
[]
["Creation, transfer and realisation of units"]
["Investment into the Fund is on the monthly Dealing Day.  This is the seventh business day of each month.  All deals will be transacted at the price which is determined at the Valuation Point for that month (the last business day of the prior month as described following).  \nApplications to purchase shares on a particular Dealing Day must be received by RLAM in writing before close of business on the 15th of each month.  (e.g. applications received on or before 15 June will be invested at the price determined on the last day of June, with the investment made on the 7th business day of July.)\nInvestments can be made at any time during the month.   Any cash received prior to the Dealing Day will be held in a Designated Client Money Account until the next Dealing Day when shares will be purchased with this cash holding. Interest will not be paid on cash while awaiting investment. \nLate applications will be carried forward to the next Dealing Day.  \nShares can be sold/redeemed at any time. Applications to redeem shares must be received by RLAM, in writing, at least three months in advance of the relevant Valuation Point. (e.g. applications received on or before 1 June will be redeemed at the price determined on the last business day of August, with the redemption made on the 7th business day of September.)\nIf the ACD is instructed to send the money to the investor’s bank or building society account this will be accepted as a request to send money by telegraphic transfer (the ACD reserves the right to pass on the cost for this service). If the investor sells enough Shares that the value of their holding falls below the minimum holding amount required, then the ACD has the right to sell all of the investor’s remaining shares.\nA contract note will be sent confirming the transaction.\nIf a redemption request exceeds 5% of the value of the Fund, then the ACD, following consultation with the Depositary that it is in the best interest of the holders and the Fund, may defer a request to redeem shares and carry forward any redemption applications to the next Dealing Day, subject to a maximum delay of one Dealing Day.\n"]
[]
[]
["Taxation"]
["The following is a summary of current law and practice and is subject to change. The information should not be regarded as legal or tax advice."]
[]
[]
["Capital Gains Tax"]
["The Fund is exempt from capital gains tax."]
[]
["Income Tax"]
["While while distributions of income are made net of income tax, shareholders are able to reclaim the tax deducted, and vouchers for this purpose are sent to shareholders with each distribution. "]
[]
["Stamp duty reserve tax"]
["Transfers of shares are subject to SDRT, currently 0.5%."]
[]
["Charges"]
["Preliminary charge: "]
["The Fund no longer has a preliminary charge."]
[]
["Annual charge"]
["The manager is entitled to a minimum fee equivalent to 0.75% pa of the net asset value of the Fund (which is deducted on a monthly basis)."]
[]
["Performance fee"]
["The Fund’s quartile ranking against the Other Balanced Fund Index component of the MSCI/AREF UK Quarterly Property Fund Index for the most recently available Year will be taken and applied to the following table:\nIf performance as compared to the Other Balanced Funds Index component of the MSCI/AREF UK Quarterly Property Fund Index falls into the fourth (bottom) quartile of the index, then the performance fee will be negative at -0.10%.  (Any negative performance fee will be deducted from the AMC and will not result in a rebate to the unitholder.)\nIf performance falls into the third quartile of the index, then no performance fee will be payable.\nIf performance falls into the second quartile of the index, then a performance fee of 0.10% will be payable.\nIf performance falls into the first (top) quartile of the index, then a performance fee of 0.30% will be payable.\nThe performance fee will be calculated, and paid out of Scheme Property on a monthly basis, at each monthly valuation point and will paid to the Investment Adviser at the same time as the periodic management charge is also paid to the ACD.\n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,14,null,null,null,2.11]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,1,null,null,null,2.5299999999999998]
["4% or greater but less than 8%",null,null,null,3,null,null,null,14.56]
["Greater than 8.0%",null,null,null,3,null,null,null,80.8]
["Total",null,null,null,21,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,36.49]
["Three largest holders",null,null,null,3,null,null,null,80.8]
["Five largest holders",null,null,null,5,null,null,null,91.3]
["Ten largest holders",null,null,null,10,null,null,null,99.52]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,80.8]
["External",null,null,null,18,null,null,null,19.2]
["Source: Royal London Asset Management"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,70951553,66603576,65088097.926799998,65067878.046099998,63843342.585100003,63956307.281300008]
["Units issued during period",null,null,1887531,203219.872,293931.39629999996,243358.01949999999,5646446.4371999996,89167.598900000012]
["Units redeemed during period",null,null,-6235507,-1718697.9452,-314151.277,-1467893.4805000001,-5533481.7409999995,-70888.9663]
["Units in issue at end of period",null,null,66603576,65088097.926799998,65067878.046099998,63843342.585100003,63956307.281300008,63974585.913900003]
["Unit transfers"]
["Matched bargains",null,null,7396207,"-",0,0,0,0]
["Matched bargains %*",null,null,0.111,"-",0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Royal London Asset Management"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Royal London UK Real Estate Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The investment objective of the ACS is to aim to outperform the 12 month total return of the ACS’s benchmark, the All Balanced Funds component of the MSCI/AREF UK Quarterly Property Fund Index. This index measures quarterly total returns on a net asset value basis."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by UK and overseas sophisticated investors only"]
[]
["Fund details"]
["Type of fund",null,null,"Co-ownership Authorised Contractual Scheme (ACS)"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"1st October 2017"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"n/a"]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,2999.6305208700001]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Royal London Asset Management Ltd"]
["Investment Advisor",null,null,null,null,"Royal London Asset Management Ltd"]
["Property Fund Manager",null,null,null,null,"Drew Watkins"]
["Depositary",null,null,null,null,"HSBC Bank plc"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers LLP"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index *"]
[null,"Royal London UK Real Estate Fund",null,null,"Other Balanced Funds",null,"All balanced funds",null,"All funds"]
["3 months",3.9864880810839995,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",5.8460372123850002,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",8.267838253071,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.7628451052309995,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+","-",null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"25% of Net Asset Value"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"-"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"-"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"-"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"-"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"-"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"15% of Net Asset Value"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Royal London UK Real Estate Fund*",null,"Other Balanced Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,18.06589168116022,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0.81343351667308095,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,9.9972312696689976,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,28.876556467502297,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,6.5483064964143409,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,20.23749247116368,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,2.1577657527321792,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,1.9819107609104372,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,30.925475481220637,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,"24.2^",null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,5.1446336185651571,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK Industrial",null,null,29.299173684156244,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,7.4875888460972959,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,3.4112055210235233,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["** MSCI/AREF UK Quarterly Property Fund Index"]
["^ Includes Investment in Indirects"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,78,null,null,2828.0850009999999,null,97.610817320106278]
["Joint  and indirect holdings",null,null,1,null,null,69.221955999999992,null,2.389182679893727]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,79,null,null,2897.3069569999998,null,100]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["111-122 NEW BOND STREET",null,null,null,"LONDON","Retail Other ",null,"200-300","*"]
["1A WIMPOLE STREET",null,null,null,"LONDON","Office ",null,"100-200","*"]
["25 WILTON ROAD",null,null,null,"LONDON","Office ",null,"100-200","*"]
["470-476 OXFORD STREET",null,null,null,"LONDON","Retail Other ",null,"100-200","*"]
["HAM YARD HOTEL",null,null,null,"LONDON","Hotel ",null,"100-200","*"]
["THE EARNSHAW",null,null,null,"LONDON","Office ",null,"50-100","*"]
["55/59 LONG ACRE",null,null,null,"LONDON","Retail Other ",null,"50-100","*"]
["1/3 ST PAULS CHURCHYARD & 1/9 LUDGATE HI",null,null,null,"LONDON","Office ",null,"50-100","*"]
["INTERNATIONAL TRADING ESTATE",null,null,null,"SOUTHALL","Industrial ",null,"50-100","*"]
["WESTMINSTER INDUSTRIAL ESTATE",null,null,null,"LONDON","Industrial ",null,"50-100","*"]
["10 largest investments as % of portfolio"]
["Note: * RLAM has requested MSCI not to make this estimate"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,5,null,null,6.9249999999999998,null,0.23901506132337638]
["2.5 - 5",null,null,5,null,null,21.005000000000003,null,0.72498359033899229]
["5-10",null,null,6,null,null,45.925000000000004,null,1.5850926630001534]
["10-25",null,null,31,null,null,544.1400000000001,null,18.780888876317984]
["25 - 50",null,null,11,null,null,414.755,null,14.315190145729527]
["50 - 100",null,null,16,null,null,1100.9999999999998,null,38.000806139644382]
["Over 100",null,null,5,null,null,694.33500000000004,null,23.96484080923705]
[]
["Total",null,null,78,null,null,2828.085,null,97.610817285591466]
["Average lot size",null,null,null,null,null,36.2575]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,3.9895719894294301E-2,null,"Investments ",null,null,5.8030498991035795E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,3.0003467695716893E-2]
["True equivalent yield",null,null,4.7724000000000003E-2,null,"Total",null,null,8.8033966686752688E-2]
["Net reversionary yield",null,null,4.9154666015590695E-2]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,17.822885798554573,null,null,null,null,20.071371546177591]
["Retail warehousing ",null,null,16.615167877342842,null,null,null,null,14.522228693549227]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,25.915490966836902,null,null,null,null,27.224844099326955]
["Other offices",null,null,6.5359520312210222,null,null,null,null,7.0708922063916075]
["Industrial",null,null,27.585247471656828,null,null,null,null,26.970584909920341]
["Other ",null,null,5.5252558543878338,null,null,null,null,4.1400785446342709]
["Overall",null,null,100,null,null,null,null,99.999999999999972]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",20.949099,0.495248029521,0,7.7642002646510004,-6.726384748097999,38.504037810885997,31.777653062787998,138.00878978136481]
["Retail warehousing ",19.529541999999999,5.6461795161400001,0,3.1214249673649999,-13.45064825381,13.637340962732001,0.18669270892200096,107.11153902124279]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",30.461182999999998,0,0,10.009657208650999,-2.6042356923559997,28.740052544905996,26.135816852549997,128.74005254490609]
["Other offices",7.6823870000000003,0,35.464888712323003,11.496426826714,-18.345430918801998,32.578494158131001,14.233063239329002,132.57849415813078]
["Industrial",32.423822199999996,3.62267592252,0,5.4777780023730003,-1.647887151318,23.440437568153001,21.792550416835002,119.81776164563351]
["Other ",6.4944102319999999,0,0,2.281962406221,-10.456364900603001,-8.1743716986679988,-18.630736599271,91.825628301332102]
["Overall",117.54044343199999,2.0257138143070001,2.317968114163,6.8850301765980007,-6.3399473529390002,24.720286014413002,18.380338661474003,122.54842145744749]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,9.3958686120416193]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,2.0571598929794148]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,10.353933521632674]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,20.406302718310133]
[" Less than 5 years ",null,null,null,null,null,null,57.786735255036156]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["L&G INDUSTRIAL PROPERTY INVESTMENT FUND (IPIF)",null,"Industrial ","INDIRECT RE - LIMITED PARTNERSHIP","-",100,"-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
[]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
["-","-","-",null,null,null,"-","-","-"]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,"-",null,"-",null,"-",null,"-"]
["% of all directly held properties*",null,"-",null,"-",null,"-",null,"-"]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Quarterly"]
["Valuers",null,null,null,null,null,"Cushman & Wakefield and CBRE"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Yes"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"20% of NAV"]
["   for investment purposes",null,null,null,null,null,null,null,"-"]
["   for liquidity purposes",null,null,null,null,null,null,null,"-"]
["Cash holdings (maximum)",null,null,null,null,null,"-"]
["Cash holdings (minimum)",null,null,null,null,null,"-"]
[]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["LONDON WILTON ROAD CENTRE LIMITED",null,null,null,null,null,null,null,4.6048022165173101]
["BEVERAGE SERVICES LIMITED",null,null,null,null,null,null,null,4.0217553892583036]
["MARKS AND SPENCER P.L.C.",null,null,null,null,null,null,null,2.757384992606716]
["FIRMDALE HOLDINGS LTD",null,null,null,null,null,null,null,2.7001038042605319]
["GENESIS OIL AND GAS CONSULTANTS LTD",null,null,null,null,null,null,null,2.6267429331046412]
["BOND STREET VS LIMITED",null,null,null,null,null,null,null,2.5743968635458749]
["JURYS HOTEL MANAGEMENT (UK) LIMITED",null,null,null,null,null,null,null,2.2036227878028316]
["HOGAN LOVELLS INTERNATIONAL LLP (YEN SUSHI)",null,null,null,null,null,null,null,2.16764473350249]
["HUGO BOSS UK LIMITED",null,null,null,null,null,null,null,1.8878910332669747]
["J SAINSBURY PLC",null,null,null,null,null,null,null,1.84]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,11.38394259838233]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.710789335747503]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,27.384344753865673]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,2828.0850009999999,9.9999999999999995E-7,69.221954999999994,0,null,null,2897.3069569999998]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,102.32356187000001,0,0,0,null,null,102.32356187000001]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,2930.4085648700002,9.9999999999999995E-7,69.221954999999994,0,null,null,2999.6305208700001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-3.6181218681128322,0,0,"-",null,null,-3.5316783271024335]
["Net debt (cash)/equity ",null,-3.4917848349429499,0,0,"-",null,null,-3.4112055187491066]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,102.2461,99.9024,99.134900000000002,100.9419,101.8935,105.221]
["Offer (GBp)",null,null,106.9173,104.46639999999999,103.664,105.5535,106.5485,110.02809999999999]
["Mid (GBp)",null,null,104.5817,102.1844,101.39945,103.24770000000001,104.221,107.62455]
["Bid/offer spread",null,null,4.3689842523146387E-2,4.3688688420391565E-2,4.3690191387559807E-2,4.3689692904545996E-2,4.368902424717383E-2,4.3689748346104236E-2]
["Net asset value (GBp)",null,null,103.80316843430204,101.42372759923481,100.64461710305707,102.47909506044317,103.44516271495989,106.82337090704993]
["Quarterly distribution (GBp)",null,null,0.90832009989999996,0.79686269990000003,0.56912317999999995,0.68189656990000003,0.8665253799,0.74562088989999997]
["Yield",null,null,3.4130381018593829E-2,3.3356831874374181E-2,3.142005484964925E-2,2.884688382500258E-2,2.8173456865552671E-2,2.6802805372911537E-2]
["Source: RLAM"]
[]
["Unit pricing"]
["Valuation Point:\n23.59 U.K. time each Dealing Day (and the valuation shall exclude any income in respect of the interim accounting period ending on that Dealing Day)\nDealing frequency:\nQuarterly on the last calendar day of each calendar quarter (i.e. the 31 March, 30 June, 30 September and 31 December) (a Dealing Day)"]
[]
[]
[]
["Distributions"]
["the 15th calendar day following the end of the relevant accounting period"]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment: £50m\nMinimum subsequent investment: £10m\nMinimum holding: £10m\nMinimum redemption £10m"]
[]
[]
["Creation, transfer and realisation of units"]
["Subscription Cut-Off Point:\nIn order for an application to be dealt with at the above Valuation Point on any Dealing Day an order must have been received by 17.00 U.K. time on the last Business Day that is at least three months prior to the Dealing Day. Instructions received after this point will be dealt with on the next Dealing Day. In respect of the initial offer of Units only, the ACS Manager may, at its discretion, accept certain applications for Units which are received after the Subscription Cut-off Point.\nRedemption Cut-Off Point:\nIn order for a redemption request to be dealt with at the above Valuation Point on any Dealing Day, the instruction must have been received by 17.00 U.K. time on the last Business Day that is at least six months prior to the relevant Dealing Day. Instructions received after this point will be dealt with on the next applicable Dealing Day.\nSubscription Settlement Time:   \nBy 17.00 U.K. time at the Business Day, two full Business Days prior to the relevant Dealing Day\nRedemption Settlement Time:\nT+3"]
[]
[]
["Taxation"]
["The ACS is transparent and is not a taxable entity for UK tax purposes. As such, it is not subject to tax in the UK on income or gains arising on underlying investments.\n\nThe ACS is a type of UK fund structure developed to be tax-transparent in the UK and elsewhere. While it is expected that non-UK tax authorities will also recognise it as being tax-transparent, this may not prove to be the case in all jurisdictions."]
[]
[]
["Charges"]
["Annual Management Charge: 0.70%"]
[]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.858124682386322]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,2,null,null,null,98.141875317613682]
["Total",null,null,null,3,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,56.519966157972988]
["Three largest holders",null,null,null,3,null,null,null,100]
["Five largest holders",null,null,null,0,null,null,null,0]
["Ten largest holders",null,null,null,0,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,100]
["External",null,null,null,0,null,null,null,0]
[]
["Liquidity "]
["Period",null,null,null,"Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,27558516.611000001,27558516.611000001,28080283.294,28080283.294,28080283.294]
["Units issued during period",null,null,null,"-",521766.68299999833,0,0,0]
["Units redeemed during period",null,null,null,"-","-",0,0,0]
["Units in issue at end of period",null,null,null,27558516.611000001,28080283.294,28080283.294,28080283.294,28080283.294]
["Unit transfers"]
["Matched bargains",null,null,null,"-","-","-","-","-"]
["Matched bargains %*",null,null,null,"-","-","-","-","-"]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Schroder UK Real Estate Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The investment objective of the Fund is to achieve a blend of income and capital growth for investors through investment in UK property. Risk is diversified by the Fund holding a mixed portfolio of retail, office, industrial and other property (including leisure) throughout the UK. The Fund seeks to provide a return of 0.5% per annum (net of fees) above its benchmark (MSCI/AREF UK Quarterly Property Fund Index – All Balanced Fund Weighted Average) over rolling three year periods.  "]
[]
["INVESTOR CONSTITUENCY"]
["The Fund, previously named Schroder Exempt Property Unit Trust, converted on 31 July 2012 into a Property Authorised Investment Fund (‘PAIF’). As a result it is now available for investment not only to exempt funds, but to a wider range of UK and foreign professional investors including insurance companies, diversified multi-asset funds, financial institutions, discretionary asset managers. It is not suitable for retail investors. For full details see the Prospectus on the Fund’s web-site www.schroders.com/sref"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property authorised investment fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,"June 1971 (See ‘Investor constituency’ above)"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,2286.520368]
["Source: Schroders"]
[]
[]
["Management/professional advisors"]
["Authorised Corporate Director (‘ACD’)",null,null,null,null,"Schroder Unit Trusts Limited "]
["Investment Manager",null,null,null,null,"Schroder Real Estate Investment Management Limited"]
["Fund Manager",null,null,null,null,"Jessica Berney"]
["Depository",null,null,null,null,"Natwest Trustee & Depositary Services Limited"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers"]
["Source: Schroders"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Schroder UK Real Estate Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",3.0122399999999998,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",5.7053799999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",8.1427399999999999,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.3706999999999998,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.5579999999999998,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",7.7207800000000004,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"20% of NAV"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"15% of NAV"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"15% of NAV"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"15% of NAV"]
["Maximum exposure to limited partnerships/joint ventures",null,null,null,null,null,null,null,"35% of NAV"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,"None specified"]
["Maximum leverage",null,null,null,null,null,null,null,"25% of NAV"]
["Source: Schroders"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"**MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Schroder UK Real Estate Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,4.1244958942399528,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,2.0017860804765975,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0.53983635933252005,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,4.669778293490678,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,11.335896627539748,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,6.7359955698912835,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,4.7278911887670727,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,31.483623647157945,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,4.8868668022078818,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,47.834377208024186,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,19.430540172138915,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,5.5053472709365074,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,24.935887443075423,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,8.4443096370935908,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash",null,null,7.4495290842670494,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Sources: * Schroders  ** MSCI/AREF UK Quarterly Property Fund Index "]
["Note: Schroder UK Real Estate portfolio distribution is based on total property valuation plus cash held in direct vehicles but excludes cash held in indirect vehicles"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,41,null,null,1839.0454139999999,null,86.546889961860913]
["Joint  and indirect holdings",null,null,6,null,null,285.86677500000002,null,13.453110038139087]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,47,null,null,2124.9121890000001,null,100]
["Source: Schroders"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["RUSKIN SQUARE, BUILDING 1 (HMRC)",null,null,null,"CROYDON","Office ",null,"150-200m","*"]
["WENLOCK WORKS (SHEPHERDESS WALK)",null,null,null,"LONDON","Office ",null,"150-200m","*"]
["PARK ROYAL PH 1 2 3 4",null,null,null,"LONDON","Industrial ",null,"100-150m","*"]
["CRAYFORD INDUSTRIAL PARK",null,null,null,"CRAYFORD","Industrial Other ",null,"100-150m","*"]
["ONE LYRIC",null,null,null,"LONDON","Office ",null,"100-150m","*"]
["HARTLEBURY TRADING ESTATE",null,null,null,"KIDDERMINSTER","Industrial ",null,"50-100m","*"]
["RUSKIN SQUARE, COMMERCIAL SITES 2-3",null,null,null,"CROYDON","Office ",null,"50-100m","*"]
["KENSINGTON VILLAGE",null,null,null,"LONDON","Office ",null,"50-100m","*"]
["WOKING BUSINESS PARK",null,null,null,"WOKING","Industrial ",null,"50-100m","*"]
["MILE END ROAD",null,null,null,"LONDON","Office ",null,"50-100m","*"]
["10 largest investments as % of portfolio"]
["Source: Schroders"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,0.59,null,2.7765853245806757E-2]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,4,null,null,29.16,null,1.3722920010978392]
["10-25",null,null,9,null,null,150.665414,null,7.0904301260046081]
["25 - 50",null,null,14,null,null,530.38,null,24.96009024493388]
["50 - 100",null,null,7,null,null,457.45,null,21.527948419142884]
["100-150",null,null,3,null,null,349.7,null,16.457150644167161]
["Over 150",null,null,2,null,null,321.10000000000002,null,15.111212673268732]
["Total",null,null,41,null,null,1839.0454140000002,null,86.546889961860899]
["Average lot size",null,null,null,null,null,44.854766195121954]
["Source: Schroders"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.0999999999999995E-2,null,"Investments ",null,null,6.9000000000000006E-2]
["Nominal equivalent yield",null,null,0,null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.4000000000000006E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.5E-2]
["Source: Schroders"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,10.403668478983606,null,null,null,null,8.9469749152213218]
["Retail warehousing ",null,null,8.1187300311071819,null,null,null,null,7.2576055918958122]
["Shopping centres ",null,null,0.37705408315065814,null,null,null,null,1.0764129392544843]
["Central London offices",null,null,5.0243949272726551,null,null,null,null,11.719441642121909]
["Other offices",null,null,35.290867151927081,null,null,null,null,37.002486439119274]
["Industrial",null,null,26.218422494726664,null,null,null,null,22.74650691419918]
["Other ",null,null,14.566862832832156,null,null,null,null,11.250571558188016]
["Overall",null,null,100,null,null,null,null,100.00000000000001]
["Source: Schroders"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",9.2434547557239988,3.4222995877716356,0,7.048146457162721,-12.978546491701145,19.474081867067142,6.4955353753659963,116.96598142030035]
["Retail warehousing ",7.2133319,12.27913829945909,0,17.453778884068814,-13.787601954098355,5.6383179872813161,-8.1492839668170376,121.58363321671087]
["Shopping centres ",0.33500513449700003,8.9057107870288981,0,44.899625217937356,-18.416267765159429,252.89101636398544,234.47474859882601,388.28008460379226]
["Central London offices",4.4640760400000001,158.01836565490044,22.869234100232752,4.6795797860109927,-0.57366854351342988,32.250188999916766,31.676520456403335,317.24369999754754]
["Other offices",31.355241131345,25.439235952888499,0,10.380486866982618,-5.1694103689244111,11.955895746020692,6.7864853770962812,142.6062081969674]
["Industrial",23.294552550000002,7.8230392967990268,0,6.487911698479909,-5.5541163421059139,9.2420792173576096,3.6879628752516957,117.99891387053063]
["Other ",12.942371029999997,3.0282662202429544,0,4.9106148983583893,-6.1925111568988926,3.2993615235585048,-2.8931496333403879,105.04573148526094]
["Overall",88.848032541565999,20.795928732307001,1.1490406380382028,8.6344218853647838,-6.7504718339667216,12.180771624278735,5.4302997903120138,136.009691046022]
["*Comprising the % rent passing of developments in progress or contracted which have not been pre-let"]
["Source: Schroders"]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,12.6]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,10.5]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,7.7]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,25.4]
[" Less than 5 years ",null,null,null,null,null,null,43.8]
["Source: Schroders"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["City Tower Unit Trust",null,"Retail and office","JV","JPUT",49.116,"-","-","-"]
["Bracknell",null,"Office","JV","JPUT",50,"-","-","-"]
["York - Monks Cross",null,"Retail warehouse","JV","Trust for Land",25,"-","-","-"]
["London E14 - West India Quay",null,"Other","JV","JPUT",50,"-","-","-"]
["Store Unit Trust",null,"Office","JV","JPUT",50,"-","-","-"]
["Henderson UK Retail Warehouse Fund (HRWF)",null,"Retail warehouse","IND","JPUT",2.1920000000000002,"-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Schroders"]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Schroders"]
[]
["Valuations/performance monitors/affiliations"]
["Valuation point",null,null,null,"Monthly at 8am on the first business day of each calendar month"]
["Valuer",null,null,null,null,null,"BNP Paribas Real Estate"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of the MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full Member"]
["Source: Schroders"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"25% of NAV"]
["For investment purpose",null,null,null,null,null,null,"*"]
["For liquidity purpose",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,null,0.1]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Schroders"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["THE SECRETARY OF STATE",null,null,null,null,null,null,null,9.6]
["THE OFFICE GROUP",null,null,null,null,null,null,null,5.0999999999999996]
["CHECKOUT LIMITED",null,null,null,null,null,null,null,4]
["ARRIVAL LTD",null,null,null,null,null,null,null,3.7]
["TATA STEEL UK LTD",null,null,null,null,null,null,null,3.5]
["LLOYDS TSB BANK PLC",null,null,null,null,null,null,null,2.7]
["MARKETING VF LIMITED",null,null,null,null,null,null,null,2.4]
["QUEEN MARY UNIVERSITY OF LONDON",null,null,null,null,null,null,null,2.2999999999999998]
["CARE UK COMMUNITY PARTNERSHIP LTD",null,null,null,null,null,null,null,2.1]
["UNIVERSITY OF LAW",null,null,null,null,null,null,null,2]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.7]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.9]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,37.4]
["Source: Schroders"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1839.0454139999999,274.34595300000001,11.520822000000001,0,null,null,2124.9121890000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-9.9999999999999995E-7,-0.98580800000000002,-6.6846909999999999,0,null,null,-7.6704999999999997]
["Cash",null,162.92677699999999,8.1106580000000008,0,0,null,null,171.03743499999999]
["Other net assets/liabilities",null,-2.1132979999999999,0,0.35454200000000002,0,null,null,-1.758756]
["Total net assets",null,1999.8588919999997,281.47080299999999,5.1906730000000012,0,null,null,2286.520368]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-8.8593122692727579,-2.5970312016959114,58.02269143642701,"-",null,null,-7.6881734617411048]
["Net debt (cash)/equity ",null,-8.1469135973419462,-2.5312927394462297,128.78274165989646,"-",null,null,-7.1447837196786335]
["Sources: ~Schroders; +MSCI"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,45.26,44.79,44.6,45.2,46.07,47.08]
["Offer (GBp)",null,null,47.77,47.23,46.97,47.59,48.5,49.66]
["Bid/offer spread",null,null,5.2543437303747227E-2,5.1662079186957401E-2,5.0457738982329095E-2,5.0220634587098141E-2,5.0103092783505151E-2,5.1953282319774433E-2]
["Net asset value (GBp)",null,null,46.020064177048297,45.483174725888482,45.279263238795387,45.859820201290837,46.734213218611281,47.78208950918782]
["Quarterly distribution (GBp)",null,null,0.34658099999999997,0.30955072340000001,0.34912298089999999,0.31243700000000002,0.32233634960000002,0.353931]
["Yield",null,null,3.0528481507703032E-2,3.02655068032547E-2,3.030587073961645E-2,2.8765265265101689E-2,2.7734012384824622E-2,2.8054602437221573E-2]
["Source: Schroders/The MSCI/AREF UK Pooled Property Fund Index"]
[]
["Share pricing"]
["The price at which shares in the Fund may be issued or redeemed is calculated as at 8am on the first business day of each calendar month.\nThe share price is based on property and other asset valuations as at the last business day of the immediately preceding month. Income is not included in the share price.\n"]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment in the Fund is GBP100,000 and the minimum holding following a redemption of shares is also GBP100,000.\nThe minimum subsequent investment in the Fund is GBP20,000.\n"]
[]
[]
["Subscriptions for shares"]
["The Fund is open to subscriptions on a monthly basis. Subscription day is the first working day of the month but Application Forms and cleared funds must be received by the ACD by midday on the preceding working day."]
[]
[]
["Redemptions of shares"]
["The Dealing Day for redemptions is the first business day of each quarter, but requests to redeem shares must be received by the Registrar by midday on the last business day three months before the relevant Dealing Day.\n\nThe ACD may, in exceptional circumstances, suspend the issue or redemption of shares if, in its judgement and that of the Depositary, it is the interests shareholders to do so. Redemptions may be deferred for up to two years.\n"]
[]
["Transfers of shares"]
["The Fund’s Secondary Market Facilitator operates a Share matching service between sellers and buyers of shares. A waiting list is maintained and matching is operated on the following basis:-\n\na) First price: shares available from sellers seeking the lowest price per share will be offered to buyers by order of date of receipt of the relevant form\nb) Secondly, notification date: where multiple sellers are looking to sell at a given price, preference will be given to sellers by order of date of receipt of the relevant form. Where multiple buyers are looking to buy shares for which the relevant forms were received on the same day, matching will be allocated pro-rata to the number of shares applied for (subject to any minimum trade requirements specified by a party).\n\nThe buyer and seller of secondary market shares will be subject to a commission at the rate of 0.2% (subject to a minimum of GBP50).\n\nShares may also be exchanged between buyers and sellers without the involvement of the Secondary Market Facilitator. The re-registration of such shares will take place on the first business day of each month following the receipt of a completed stock transfer form.\n"]
[]
["Tax and Distributions"]
["Distributions are paid monthly in arrears on the last business day of each calendar month.\n\nTax exempt investors are eligible to invest in the PAIF and will receive income gross. They may elect to automatically reinvest income.\nCorporate investors who invest through the Feeder Fund will receive income net of corporation tax (currently at the rate of 20%).\n"]
[]
["Management Fees"]
["The Annual Management Charge comprises 0.30% per annum of the net asset value of the Fund plus of 0.40% per annum of the gross asset value of directly held property and capital cash only. 50% of the Annual Management Charge is allocated to capital and 50% to income."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,153,null,null,null,38.81]
["1% or greater but less than 2%",null,null,null,27,null,null,null,34.42]
["2% or greater but less than 4%",null,null,null,6,null,null,null,14.93]
["4% or greater but less than 8%",null,null,null,2,null,null,null,11.84]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,188,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,33,null,null,null,25.64]
["External",null,null,null,155,null,null,null,74.36]
["Source: Schroders"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,52179653,53236059,53832374.181999996,54283190.707999997,50183397.8790792,49584922.466462135]
["Units issued during period",null,null,1056406,596315.18200000003,450816.52599999792,361159.41007920646,74122.070382939637,145195.65169918869]
["Units redeemed during period",null,null,0,0,0,-4460952.2390000001,-672597.48300000001,-642792.72411547601]
["Units in issue at end of period",null,null,53236059,53832374.181999996,54283190.707999997,50183397.8790792,49584922.466462135,49087325.394045845]
["Unit transfers"]
["Matched bargains",null,null,3076053,1950178.9049999998,2997862.824,2663263.9789999998,1110810.108,0]
["Matched bargains %*",null,null,5.8000000000000003E-2,3.6226878985621325E-2,5.5226356168451778E-2,5.3070618801408016E-2,2.2402174950486634E-2,0]
["* as % of units in issue at the end of the period   "]
["Source: Schroders"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Standard Life Investments Long Lease Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund is a High Lease to Value Property Fund investing in a diversified portfolio of assets let to strong financial covenants, and maintaining a minimum average unexpired property lease length of 15 years. \nThe Fund aims to outperform the FT All Gilt Index by 2% per annum over rolling 5 year periods.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment to institutional UK tax exempt investors. "]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Managed Property Fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,"September 2003"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 December "]
["NAV (GBPm) ",null,null,null,null,null,null,null,3195.4008359499999]
["Source : Standard Life Investments Long Lease Property Fund"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Standard Life Investments Limited"]
["Investment Advisor",null,null,null,null,"Standard Life Investments Limited"]
["Fund Manager",null,null,null,null,"Les Ross"]
["Fund manager – REITs/property shares",null,null,null,null,null,null,null,"n/a"]
["Trustee",null,null,null,null,"n/a"]
["Auditors",null,null,null,null,"Ernst and Young LLP."]
["Source: Standard Life Investments Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Standard Life Investments Long Lease Property Fund",null,null,"Long Income Funds",null,"All balanced funds",null,"All funds"]
["3 months",2.8200799999999999,"-",null,3.0571899999999999,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",5.4842199999999997,"-",null,5.0094799999999999,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.7118799999999998,"-",null,7.3320600000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",6.2215999999999996,"-",null,5.3954300000000002,null,2.9910399999999999,null,1.81053]
["5 years+",7.38035,"-",null,6.5384599999999997,null,4.89466,null,3.8698299999999999]
["10 years+",7.7302600000000004,"-",null,null,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index\n"]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.25]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"nil"]
["Maximum  rental exposure to a single tenant",null,null,null,null,null,null,null,0.2]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.1]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"-"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"-"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.05]
["Source: Standard Life Investments Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Standard Life Investments Long Lease Property Fund",null,"Long Income Property Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,6.393407607234912,null,8.0590700000000002,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,11.19875153680206,null,8.5928000000000004,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.58425000000000005,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,1.8259000000000001,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,17.592159144036973,null,19.062020000000004,null,18.760270000000002,20.009799999999998]
["City offices",null,null,5.0071965400895069,null,3.8747500000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,4.0512914256080448,null,6.1215700000000002,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,5.260059965364027,null,5.01877,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,10.864834117534844,null,8.6467500000000008,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,25.183382048596421,null,23.661840000000002,null,27.247970000000002,22.74428]
["South East  industrial",null,null,4.8029968061889816,null,3.1535799999999998,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,12.512284710916983,null,7.6014400000000002,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,17.315281517105966,null,10.75502,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,35.79837254979509,null,44.229340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,4.1108047404655377,null,2.2917700000000001,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,99.999990000000011,null,100,100.00001]
["Source: Standard Life Investments Limited"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,108,null,null,3033.9823369999999,null,99.018884600937128]
["Joint  and indirect holdings",null,null,1,null,null,30.06180895,null,0.98111539906287504]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,109,null,null,3064.0441459499998,null,100]
["Source: Standard Life Investments Limited"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["FRIARS BRIDGE COURT, LONDON",null,null,null,"LONDON","Office ",null,"140-160m",5.2218568786446893]
["THE DIXON HOTEL, LONDON",null,null,null,"LONDON","Hotel – Not categorised",null,"120-140m",4.454896649593751]
["SALFORD VILLAGE LIVING, UNIVERSITY OF SALFORD, PEEL PARK CAMPUS, SALFORD, UK",null,null,null,"SALFORD","Apartments- Applicable Not Categorised",null,"100-120m",3.4963595463075348]
["Amazon, Hinckley",null,null,null,"Hinckley","Industrial ",null,"80-100m",3.2636605491529309]
["QVC, BUILDING 8 CHISWICK PARK",null,null,null,"LONDON","Office ",null,"80-100m",3.1869645262478374]
["33 FOLEY STREET, LONDON, UK",null,null,null,"LONDON","Office ",null,"80-100m",2.8305727942803371]
["TRAVIS PERKINS, OMEGA NORTH, WARRINGTON, UK",null,null,null,"WARRINGTON","Industrial ",null,"60-80m",2.5782918338308156]
["TEMPLE QUAY HOUSE, BRISTOL",null,null,null,"BRISTOL","Office ",null,"60-80m",2.4477454118646982]
["PLOT B (AMAZON), LOGIC LEEDS, PONTEFRACT LANE, LEEDS, UK",null,null,null,"LEEDS","Industrial ",null,"60-80m",2.3457560197036691]
["MBMA CAMPUS, CHESTER BUSINESS PARK, CHESTER, UK",null,null,null,"CHESTER","Office ",null,"60-80m",2.2282642399341639]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,32.054368449560421]
["Source: Standard Life Investments Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,4.4000000000000004,null,0.143601064162729]
["2.5 - 5",null,null,32,null,null,102.71,null,3.3521057500349754]
["5-10",null,null,10,null,null,81.87,null,2.6719588915915047]
["10-25",null,null,18,null,null,311.43265000000008,null,10.164104535231528]
["25 - 50",null,null,24,null,null,850.27468600000009,null,27.750079486415963]
["50 - 100",null,null,19,null,null,1279.665,null,41.76392176631785]
["100-150",null,null,2,null,null,243.63,null,7.9512561959012862]
["Over 150",null,null,1,null,null,160,null,5.2218568786446893]
["Total",null,null,108,null,null,3033.982336,null,99.018884568300521]
["Average lot size",null,null,null,null,null,28.092429037037036]
["Source: Standard Life Investments Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.7013206727403103E-2,null,"Investments ",null,null,5.2761212016776398E-4]
["Nominal equivalent yield",null,null,4.8000000000000001E-2,null,"Developments",null,null,1.4067894987239036E-5]
["True equivalent yield",null,null,4.8000000000000001E-2,null,"Total",null,null,5.4168001515500302E-4]
["Net reversionary yield",null,null,4.9399999999999993E-2]
["Source: Standard Life Investments Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,22.239853402876097,null,null,null,null,15.906701498826637]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,9.1895606675605848,null,null,null,null,7.9390461861950925]
["Other offices",null,null,21.220642024693806,null,null,null,null,19.070373663805825]
["Industrial",null,null,14.124840047259218,null,null,null,null,18.516465561390046]
["Other ",null,null,33.225103857610293,null,null,null,null,38.567413089782384]
["Overall",null,null,100,null,null,null,null,99.999999999999972]
["Source: Standard Life Investments Limited"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",26.719723169999995,0,0,0,-13.50189295393063,-12.934350617711363,-26.436243571641995,87.546086653561701]
["Retail warehousing ",0,0,0,0,0,0,0,"-"]
["Shopping centres ",0,0,0,0,0,0,0,"-"]
["Central London offices",11.040653580000001,0,0,0,-3.1574950474988079,16.656623393460144,13.499128345961337,105.7455513426226]
["Other offices",25.49520764,0,0,0.30986215572551423,-7.075487501305167,5.4722185578261628,-1.6032689434790042,109.99911981889628]
["Industrial",16.970067610000001,48.24376772179518,0,0,-0.7021454642277648,14.694800214522783,13.992654750295017,160.45863001720829]
["Other ",39.917780089999994,10.25670763947535,0,0,-11.728837824758907,44.316797686076335,32.587959861317429,142.0831866705141]
["Overall",120.14343208999999,10.222156789061977,0,6.5754738836510632E-2,-8.7905204689745613,15.282898225704805,6.4923777567302441,122.40200354010049]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Standard Life Investments Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,47.28]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,31.65]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,17.98]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,3.09]
[" Less than 5 years ",null,null,null,null,null,null,0]
["Source: Standard Life Investments Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["SL COMMERCIAL GROUND RENT PENSION FUND",null,"Other","INDIRECT RE - LIMITED PARTNERSHIP","-",7.351,30.06180895,"-",0.98111539906287504]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Standard Life Investments Limited"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
["Source: Standard Life Investments Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Standard Life Investments Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,null,null,"Valuations are undertaken on a rolling basis, so that each property is revalued at least once every quarter"]
["Valuers",null,null,null,null,null,"Jones Lang LaSalle"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Standard Life Investments Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"*"]
["for investment purposes",null,null,null,null,null,null,null,"nil"]
["for liquidity purposes",null,null,null,null,null,null,null,"nil"]
["Cash holdings (maximum)",null,null,null,null,null,null,0.05]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source: Standard Life Investments Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Premier Inn Hotels Limited / Whitbread plc",null,null,null,null,null,null,null,5.5127940369128829]
["Viapath Services LLP ",null,null,null,null,null,null,null,4.9107969510811733]
["Tesco Stores Limited",null,null,null,null,null,null,null,4.8653048096888272]
["J Sainsbury plc / Sainsbury's Supermarkets Limited",null,null,null,null,null,null,null,4.5223470192943118]
["Marston's plc",null,null,null,null,null,null,null,4.2934630135552325]
["Asda Stores Limited",null,null,null,null,null,null,null,3.6796649413913043]
["Salford Villages Limited / University of Salford",null,null,null,null,null,null,null,3.52599299546113]
["Secretary of State for Communites & Local Government",null,null,null,null,null,null,null,3.4131703486946727]
["QVC",null,null,null,null,null,null,null,3.3471522579674291]
["Lloyds Bank plc",null,null,null,null,null,null,null,3.2470056266394112]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,15.288895797682883]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,24.104705830532428]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,41.317692000686378]
["Source: Standard Life Investments Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,3033.9823369999999,0,30.06180895,0,null,null,3064.0441459499998]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,131.35668899999999,0,0,0,null,null,131.35668899999999]
["Other net assets/liabilities",null,9.9999999999999995E-7,0,0,0,null,null,9.9999999999999995E-7]
["Total net assets",null,3165.339027,0,30.06180895,0,null,null,3195.4008359499999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-4.3295139657894453,"-",0,"-",null,null,-4.287036437566508]
["Net debt (cash)/equity ",null,-4.1498458104974416,"-",0,"-",null,null,-4.1108047391790628]
["Source: Standard Life Investments Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,3.4480200000000001,3.4641229999999998,3.49641,3.5461819999999999,3.642252,3.7505820000000001]
["Offer (GBp)",null,null,3.7221000000000002,3.7368009999999998,3.7714810000000001,3.8250139999999999,3.93058,4.0424069999999999]
["Mid (GBp)",null,null,3.5850600000000004,3.6004619999999998,3.6339455000000003,3.6855979999999997,3.786416,3.8964945000000002]
["Bid/offer spread",null,null,7.3635850729426966E-2,7.2970971694773151E-2,7.2934478524484161E-2,7.2896988089455356E-2,7.3355077367716709E-2,7.2190900124603927E-2]
["Net asset value (GBp)",null,null,3.4994000000000001,3.5152389999999998,3.5479729999999998,3.598452,3.6963029999999999,3.8052899999999998]
["Quarterly distribution (GBp)",null,null,0,0,0,0,0,0]
["Yield",null,null,0,0,0,0,0,0]
["Source: Standard Life Investments Limited"]
[]
["Unit pricing"]
["The Fund is valued each working day and a unit price is set, which will apply to all units that are bought or sold on the following working day.  The method of calculating the unit price (i.e. the pricing basis) depends mainly on the overall cash flow of the fund and, more specifically, whether these cash flows result in Standard Life Investments having to purchase, sell or simply transfer stock. This gives rise to three pricing bases; the offer basis, the bid basis and the mid basis. In general, there is a positive cash flow into the fund, which means that an offer basis will be used. This basis takes account of the cost of buying investments. However, if there is an overall cash flow out of the fund, the pricing basis may be switched to a bid basis. This means that a lower unit price will apply, reflecting the cost of selling the underlying investments.  We believe that by pricing the fund in this way we are being fair and equitable to both new and existing clients.  As far as possible, we try to match buyers and sellers of our units. The Fund will try to minimise the cost of any transactions for its clients by only making adjustments to the pricing basis when absolutely necessary."]
[]
["Distributions"]
["The fund does not distribute income. Its gross income is reinvested in the fund. "]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:                   GBP3,000,000"]
[]
["Creation, transfer and realisation of units"]
["Units in the Fund may be created at any time at the discretion of the Manager.  Units may be redeemed at any time on receipt of written notice to the Manager.  The Manager reserves the right to defer redemptions for up to 12 months pending consideration of specific fund/market conditions.  The Manager will also try to match buyers and sellers of units in the Fund at mid price.  "]
[]
["Taxation"]
["CGT and income tax: the fund is exempt from UK capital gains tax and UK income tax.\nStamp duty reserve tax: transfers of units do not attract SDRT.\n"]
[]
["Charges"]
["The annual management charge is equivalent to 0.50% of the net asset value of the fund."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,52,null,null,null,20.43]
["1% or greater but less than 2%",null,null,null,16,null,null,null,21.77]
["2% or greater but less than 4%",null,null,null,7,null,null,null,16.98]
["4% or greater but less than 8%",null,null,null,4,null,null,null,21.38]
["Greater than 8.0%",null,null,null,2,null,null,null,19.440000000000001]
["Total",null,null,null,81,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,11.05]
["Three largest holders",null,null,null,3,null,null,null,27.36]
["Five largest holders",null,null,null,5,null,null,null,36.81]
["Ten largest holders",null,null,null,10,null,null,null,51.53]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,81,null,null,null,100]
["Source: Standard Life Investments Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \rDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,631529339,646035268,706504101.59300005,734021364.3440001,755480998.39100015,744481205.87500012]
["Units issued during period",null,null,18065672,63519186.736000001,34717259.783,30892736.004999995,393345.46600000001,101896935.63700001]
["Units redeemed during period",null,null,-3559743,-3050353.1429999997,-7199997.0320000006,-9433101.9579999987,-11393137.982000001,-6642595.8550000004]
["Units in issue at end of period",null,null,646035268,706504101.59300005,734021364.3440001,755480998.39100015,744481205.87500012,839735545.65700006]
["Unit transfers"]
["Matched bargains",null,null,13610689,9176378.4829999991,355821.91100000002,7983338.5590000004,388398.18,33785801.75]
["Matched bargains %*",null,null,2.1000000000000001E-2,1.298842917162042E-2,4.8475688622224298E-4,1.0567226145995288E-2,5.2170313627126379E-4,4.0233859248588022E-2]
["* as % of units in issue at the end of the period   "]
["Source: Standard Life Investments Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Standard Life Investments Pooled Pension Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to deliver good long-term relative performance by investing in a diversified portfolio of UK commercial property. Its objective is to outperform its benchmark, the median return to the All Balanced Fund component of the MSCI/AREF UK Quarterly Property Fund Index on a rolling three-year basis"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by all UK corporate pension funds and retail pension investors"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Managed Fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"March 1980"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-12-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,2619.8705376540006]
["Source: Standard Life Investments Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Standard Life Investments Limited"]
["Investment Advisor",null,null,null,null,"Standard Life Investments Limited"]
["Fund Manager",null,null,null,null,"David Stewart"]
["Fund manager – REITs/property shares",null,null,null,null,null,null,null,"n/a"]
["Trustee",null,null,null,null,"n/a"]
["Auditors",null,null,null,null,"Ernst and Young LLP"]
["Source: Standard Life Investments Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Standard Life Investments Pooled Pension Property Fund",null,null,"Managed Funds",null,"All balanced funds",null,"All funds"]
["3 months",4.1425200000000002,"-",null,3.7269800000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",6.9003399999999999,"-",null,6.0128899999999996,null,6.0474500000000004,null,5.5983999999999998]
["12 months",9.9008299999999991,"-",null,8.4109200000000008,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",1.54287,"-",null,2.31453,null,2.9910399999999999,null,1.81053]
["5 years+",4.08406,"-",null,4.3663600000000002,null,4.89466,null,3.8698299999999999]
["10 years+",5.5895799999999998,"-",null,5.9745999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: Standard Life Investments Limited"]
[]
[]
["Property investment restrictions"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"^10%"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.1]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*Nil"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.2]
["Source: Standard Life Investments Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Standard Life Investments Pooled Pension Property Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,4.7135201794350223,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,1.3166471309181067,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,3.0891462045294853,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,7.3666946647093212,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,16.486008179591934,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,4.6063512269184335,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,6.946844600628963,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,1.7931662233579442,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,2.9806364918676609,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,16.326998542773001,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,31.474181742216047,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,15.300281703038166,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,46.774463445254213,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,8.6280575432329698,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,10.635227195720288,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,98.850754906572405,null,100,null,100,100.00001]
["Source: Standard Life Investments Limited"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,53,null,null,2304.8044407940001,null,98.713984213471775]
["Joint  and indirect holdings",null,null,2,null,null,30.02629181,null,1.2860157865282227]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,55,null,null,2334.8307326040003,null,100]
["Source: Standard Life Investments Limited"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["GRAVELLY INDUSTRIAL PARK, BIRMINGHAM, UK",null,null,null,"BIRMINGHAM","Industrial ",null,"100m - 150m",6.3859018950684741]
["ST MARKS SHOPPING CENTRE WEST, HIGH STREET, LINCOLN, UK",null,null,null,"LINCOLN","Apartments- Applicable Not Categorised",null,"100m - 150m",5.1930959408253017]
["THE FARMILOE BUILDING, 28-36 ST JOHNS STREET, LONDON, UK",null,null,null,"LONDON","Office ",null,"100m - 150m",5.1545492493057736]
["CHEQUERS LANE",null,null,null,"DAGENHAM","Industrial ",null,"100m - 150m",4.6470178109653215]
["PLOT 230 MAGNA PARK, MILTON KEYNES, UK",null,null,null,"MILTON KEYNES","Industrial ",null,"100m - 150m",4.5934807394104213]
["FORMER EXIDE BATTERIES SITE",null,null,null,"DAGENHAM","Industrial ",null,"100m - 150m",4.3600591074310575]
["GALLIONS REACH SHOPPING PARK",null,null,null,"LONDON","Retail Park",null,"80m - 100m",4.2688066680037347]
["RIDGEWAY DISTRIBUTION CENTRE, RIDGEWAY, IVER, UK",null,null,null,"IVER","Industrial ",null,"80m - 100m",4.25726793004565]
["ULTRABOX PURFLEET BYPASS",null,null,null,"PURFLEET","Industrial Other ",null,"80m - 100m",3.7882831832247255]
["GROSVENOR HOUSE, 141/143 DRURY LANE &, 20/22 WILD STREET, LONDON, UK",null,null,null,"LONDON","Education ",null,"60m - 80m",3.0890890287177308]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,45.737551552998191]
["Source: Standard Life Investments Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,4,null,null,27.25,null,1.1671081598968205]
["10-25",null,null,17,null,null,268.14999999999998,null,11.484772589957151]
["25 - 50",null,null,17,null,null,627.68502979399989,null,26.883534683216737]
["50 - 100",null,null,9,null,null,673.46941000000004,null,28.844463994565039]
["100-150",null,null,6,null,null,708.25,null,30.33410474300635]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,53,null,null,2304.8044397939998,null,98.713984170642107]
["Average lot size",null,null,null,null,null,43.486876222528295]
["Source: Standard Life Investments Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.9300000000000002E-2,null,"Investments ",null,null,8.5999999999999993E-2]
["Nominal equivalent yield",null,null,4.99E-2,null,"Developments",null,null,2.9700000000000004E-2]
["True equivalent yield",null,null,5.1500000000000004E-2,null,"Total",null,null,0.1157]
["Net reversionary yield",null,null,4.3499999999999997E-2]
["Source: Standard Life Investments Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,7.1003378012862246,null,null,null,null,5.5573290036210397]
["Retail warehousing ",null,null,15.343564048248314,null,null,null,null,11.573996941270652]
["Shopping centres ",null,null,12.760348349214039,null,null,null,null,9.8187418048356125]
["Central London offices",null,null,6.5995740150865654,null,null,null,null,10.07365748179952]
["Other offices",null,null,7.0927803882465499,null,null,null,null,10.027851778235062]
["Industrial",null,null,47.645226721782628,null,null,null,null,43.692765233880728]
["Other ",null,null,3.4581686761356805,null,null,null,null,9.2556577563573939]
["Overall",null,null,100.00000000000001,null,null,null,null,100]
["Source: Standard Life Investments Limited"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",7.0411640000000002,1.3104931599766703,0,5.982675591706144,-8.4735701739476585,-1.1804014222648433,-9.6539715962125019,98.819598577735164]
["Retail warehousing ",15.215691679999999,0.52739354233856139,0,2.8648056832865585,-8.1535777763766095,-4.7613785507514876,-12.914956327128097,95.238621449248512]
["Shopping centres ",12.654004349999999,0.51908415462848578,0,9.282358117728954,-12.649989973386161,-2.8485477010287164,-15.498537674414877,97.151452298971293]
["Central London offices",6.54457355,87.373008353165318,0,9.1969323196008705,-3.8497289792174114,92.720211693548777,88.870482714331359,192.72021169354878]
["Other offices",7.0336695700000007,6.1386306283442291,0,73.879643453310521,-1.5145090832088544,78.503764998445874,76.989255915237024,178.50376499844589]
["Industrial",47.248154180000007,0.19151001956679711,0,3.6265332048152401,0,15.783352703239913,15.783352703239913,115.78335270323991]
["Other ",3.4293485000000001,92.145782209069736,118.6376945941773,25.398410222816377,0,237.92249460794085,237.92249460794085,337.92249460794085]
["Overall",99.166605830000009,9.7196552580730966,4.1026915925453533,10.502083753732119,-3.8283708378618684,26.257151741824408,22.42878090396254,126.25715174182442]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Standard Life Investments Limited"]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,3.77]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,10.92]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,11.69]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,20.440000000000001]
[" Less than 5 years ",null,null,null,null,null,null,53.17]
["Source: Standard Life Investments Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["GROSS FUND HOLDING IN JPUT RP",null,"Retail Warehouse ","INDIRECT RE","-",4.9800000000000004,4.3793860000000002,"-",0.18756760131882191]
["GROSS FUND HOLDING IN JPUT SC",null,"Retail Shopping Centre ","INDIRECT RE","-",4.49,25.646906000000001,"-",1.0984481933470358]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Standard Life Investments Limited"]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,7.8,null,74.599999999999994,null,82.399999999999991,null,28.1]
["% of all directly held properties*",null,3.3842350621786014E-3,null,3.2367171235708161E-2,null,3.5751406297886763E-2,null,1.2191923749643424E-2]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Standard Life Investments Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation","Valuations are undertaken on a monthly basis at month end dates"]
["Valuers",null,null,null,null,null,"CB Richard Ellis"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Standard Life Investments Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"*"]
["for investment purposes",null,null,null,null,null,null,null,"Nil"]
["for liquidity purposes",null,null,null,null,null,null,null,"Nil"]
["Net current assets (maximum)",null,null,null,null,null,null,0.15]
["Net current assets (minimum)",null,null,null,null,null,null,"*"]
["Source : Standard Life Investments Pooled Pension Property Fund"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["John Lewis",null,null,null,null,null,null,null,6.6230417895888127]
["Carpetright",null,null,null,null,null,null,null,4.6600016980593848]
["Asda",null,null,null,null,null,null,null,3.4008135271468265]
["Royal Mail Group Limited",null,null,null,null,null,null,null,2.8411016260911919]
["Sainsburys",null,null,null,null,null,null,null,2.6773894097380588]
["Brake Bros",null,null,null,null,null,null,null,2.2951214580196262]
["DSG Retail",null,null,null,null,null,null,null,2.1297970029607098]
["Premier Farnell UK Ltd",null,null,null,null,null,null,null,1.8255519887010765]
["Boots",null,null,null,null,null,null,null,1.3624887175953175]
["Hovis Limited",null,null,null,null,null,null,null,1.3471725041635414]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.683857014795024]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.202348050624273]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,29.162479722064546]
["Source: Standard Life Investments Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,2304.8044407940001,0,30.02629181,0,null,null,2334.8307326040003]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-9.9999999999999995E-7,0,0,0,null,null,-9.9999999999999995E-7]
["Cash",null,277.86626123000002,0,0,0,null,null,277.86626123000002]
["Other net assets/liabilities",null,7.1735448200001715,0,0,0,null,null,7.1735448200001715]
["Total net assets",null,2589.8442458440004,0,30.02629181,0,null,null,2619.8705376540006]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-12.055958211112944,"-",0,"-",null,null,-11.900916685300784]
["Net debt (cash)/equity ",null,-10.729072247333029,"-",0,"-",null,null,-10.606106532226558]
["Source: Standard Life Investments Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,2.673184,2.6239699999999999,2.6333229999999999,2.7062900000000001,2.7804519999999999,2.897132]
["Offer (GBp)",null,null,2.8590270000000002,2.805822,2.8150210000000002,2.8835860000000002,2.9680390000000001,3.1041059999999998]
["Mid (GBp)",null,null,2.7661055000000001,2.714896,2.7241720000000003,2.7949380000000001,2.8742454999999998,3.0006189999999999]
["Bid/offer spread",null,null,6.5002184309557134E-2,6.4812379402542322E-2,6.4545877277647434E-2,6.1484554301484369E-2,6.3202336626978342E-2,6.6677491039287898E-2]
["Net asset value (GBp)",null,null,2.7081729999999999,2.658229,2.6675469999999999,2.7396750000000001,2.8157390000000002,2.9360460000000002]
["Yield",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Source: Standard Life Investments Limited"]
[]
["Unit pricing"]
["The fund is valued at the close of business each working day and a unit price is set that will apply to all units bought and sold the following day. The method of calculating the unit price (ie the pricing basis) depends mainly on the overall cash flow of the fund and, more specifically, whether these cash flows result in Standard Life Investments having to purchase, sell or simply transfer stock. This gives rise to four pricing bases, offer, bid, mid and middle price. Middle price is simply the average of the bid and office price. Mid price is 1.64% above bid price, and is the price basis on which the fund transfers units between buyers and sellers on the same day. "]
[]
["Distributions"]
["The fund does not distribute income. Its gross income is reinvested in the fund. "]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:",null,null,"GBP 50,000"]
[]
["Creation, transfer and realisation of units"]
["Units in the fund may be created at any time at the discretion of the manager. Units may be redeemed at any time on receipt of written notice to the manager. The manager has the right to delay redemptions for up to 12 months pending consideration of specific fund/market conditions. The manager will also attempt to match units in the fund with other parties at mid price. "]
[]
[]
["Taxation"]
["CGT and income tax: "]
["Fund is exempt from UK capital gains tax and UK income tax."]
[]
["Stamp duty reserve tax"]
["Transfers of units do not attract SDRT."]
[]
["Charges"]
["The annual management charge is equivalent to 0.50% of the net asset value of the fund."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,148,null,null,null,41.93]
["1% or greater but less than 2%",null,null,null,11,null,null,null,15.12]
["2% or greater but less than 4%",null,null,null,5,null,null,null,12.79]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,2,null,null,null,30.16]
["Total",null,null,null,166,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,18.68]
["Three largest holders",null,null,null,3,null,null,null,32.979999999999997]
["Five largest holders",null,null,null,5,null,null,null,38.119999999999997]
["Ten largest holders",null,null,null,10,null,null,null,48.14]
["Internal/external investors"]
["Internal",null,null,null,11,null,null,null,38.94]
["External",null,null,null,155,null,null,null,61.06]
["Source: Standard Life Investments Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1346687918,1256348163.559,1162271895,1071252638.8019999,977196261.74699998,900526878.34599996]
["Units issued during period",null,null,-90339754,-94076268.18900013,-91019256.198000044,-94056377.055000007,-76669383.401000008,-8252088.2580000004]
["Units in issue at end of period",null,null,1256348164,1162271895.3699999,1071252638.8019999,977196261.74699998,900526878.34599996,892274790.08799994]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-",0,0]
["Matched bargains %*",null,null,"-","-","-","-",0,0]
["* as % of units in issue at the end of the period   "]
["Source: Standard Life Investments Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Standard Life Investments UK Real Estate Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund’s investment objective is to achieve income and capital growth through investment predominantly in UK real commercial property (mainly the retail, office and industrial sectors, but possibly including smaller sectors such as leisure property). The Fund will seek geographic diversification across the UK amongst properties held. Its benchmark is the MSCI UK All Property Monthly Index."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by pension funds, charities, insurance companies, other corporate and institutional investors, and private individuals"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property Authorised Investment Fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"Dec 2004"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-12-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1030.6650010000001]
["Source : STANDARD LIFE INVESTMENTS"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Standard Life Investments (Mutual Funds) Ltd"]
["Investment Advisor",null,null,null,null,"Standard Life Investments"]
["Fund Manager",null,null,null,null,"George Shaw"]
["Corporate trustee",null,null,null,null,"Citibank International Limited"]
["Auditors",null,null,null,null,"KPMG LLP"]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"Standard Life Investments UK Real Estate Fund",null,null,"Other Balanced Funds",null,"All balanced funds",null,"All funds"]
["3 months",2.48,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.25,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",4.62,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-0.08,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",2.36,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Sources: * MSCI/AREF UK Quarterly Property Fund Index\n"]
["Note: * Weighted average returns \n         + Annualized"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,0.1]
["Maximum lot-size holding as a standing investment",null,null,null,null,"10% (ex retail parks/shopping centres - max 15%) "]
["Maximum lot-size holding permitted at purchase",null,null,null,null,"10% (ex retail parks/shopping centres - max 15%) "]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,0.1]
["Source : STANDARD LIFE INVESTMENTS"]
[]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Standard Life Investments UK Real Estate Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,8.7705510519907044,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,3.6335763802981571,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,3.4031426312138282,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,6.8499463938331084,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,22.657216457335799,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,3.0320230142674873,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,10.062920541592078,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,12.519586868672169,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,25.614530424531736,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,32.599826325721743,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,12.506488529250532,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,45.106314854972275,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,6.6219382631601924,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,0,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Source : STANDARD LIFE INVESTMENTS\n** MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,46,null,null,1030.6650010000001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,46,null,null,1030.6650010000001,null,100]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["ISIS REACH, NORMAN ROAD, ISIS INDUSTRIAL ESTATE, B",null,null,null,"BELVEDERE","Industrial ",null,"50m - 75m",7.2089379117279249]
["IO CENTRE & TRADEWAY, KIMPTON INDUSTRIAL ESTATE, S",null,null,null,"SUTTON","Industrial ",null,"50m - 75m",6.2202558481948484]
["ARLA DAIRY SITE, VICTORIA ROAD, SOUTH RUISLIP, UK",null,null,null,"RUISLIP","Retail Other ",null,"50m - 75m",5.7850999056093881]
["MASTHEAD INDUSTRIAL ESTATE, CROSSWAYS BUSINESS PAR",null,null,null,"DARTFORD","Industrial Other ",null,"50m - 75m",5.1544391192536478]
["LEAMINGTON SHOPPING PARK, ROYAL LEAMINGTON SPA, WA",null,null,null,"WARWICK","Retail Park",null,"25m - 50m",4.6183774508512681]
["SOLAR PARK, HIGHLANDS ROAD, SOLIHULL, BIRMINGHAM,",null,null,null,"SOLIHULL","Industrial Other ",null,"25m - 50m",4.2593859263103075]
["1 AMERICA STREET &, 29 GREAT GUILDFORD STREET, LON",null,null,null,"LONDON","Office ",null,"25m - 50m",3.6699606529085971]
["1 MARSDEN STREET, MANCHESTER, UK",null,null,null,"MANCHESTER","Office ",null,"25m - 50m",3.6248441505000706]
["39 CHARLOTTE STREET, LONDON, UK",null,null,null,"LONDON","Office ",null,"25m - 50m",3.0320230113256748]
["SOUTHERN CROSS DISTRIBUTION PARK, NURSLING INDUSTR",null,null,null,"SOUTHAMPTON","Industrial Other ",null,"25m - 50m",2.556601803149809]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,46.129925779831545]
["Source : STANDARD LIFE INVESTMENTS"]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,2,null,null,7.4,null,0.7179830490819199]
["5-10",null,null,6,null,null,52.56,null,5.0996201432088792]
["10-25",null,null,24,null,null,392.71,null,38.102584216886584]
["25 - 50",null,null,10,null,null,326.83499999999998,null,31.711079709012065]
["50 - 100",null,null,4,null,null,251.16000000000003,null,24.368732784785809]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,46,null,null,1030.665,null,99.999999902975247]
["Average lot size",null,null,null,null,null,22.405760869565217]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.6699999999999998E-2,null,"Investments ",null,null,9.1899999999999996E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.6900000000000006E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.79E-2]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,13.968569685836146,null,null,null,null,10.811287132653165]
["Retail warehousing ",null,null,8.8344386168773621,null,null,null,null,9.6551216471946333]
["Shopping centres ",null,null,5.2610278083218551,null,null,null,null,5.0271950115350386]
["Central London offices",null,null,3.2921524716046444,null,null,null,null,2.7674958317169822]
["Other offices",null,null,23.966543665512148,null,null,null,null,27.911579038829348]
["Industrial",null,null,35.675813121116398,null,null,null,null,35.719477416092573]
["Other ",null,null,9.0014546307314429,null,null,null,null,8.1078439219782634]
["Overall",null,null,100,null,null,null,null,100]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",7.34111505,0,0,5.3070956843269999,-15.129650501799,-7.3736659392089994,-22.503316441008,92.069528320496758]
["Retail warehousing ",4.6428969999999996,1.1522978002740001,0,20.314902527451999,-6.2901029249629996,31.160049426037002,24.869946501074004,130.00775162576298]
["Shopping centres ",2.764908025,4.7741190233620001,0,5.9926044013710005,-6.0450482796800005,18.448867752119998,12.403819472439999,113.66992940027363]
["Central London offices",1.730175,0,0,0,-5.7797621600000001E-4,-5.7797621600000001E-4,-1.155952432E-3,99.999422023783708]
["Other offices",12.5955025,1.046554117234,0,29.132446283902002,-5.3800949982000003E-2,39.584726770528,39.530925820546003,138.53817265329428]
["Industrial",18.749253109999998,3.392983156543,0,6.0769620705170002,-2.4211850324739999,22.495700843413001,20.074515810939001,119.10271768687006]
["Other ",4.7306714680000006,0.63415944655899992,0,7.9386193385099997,-4.5618105053329998,7.7819297850259996,3.2201192796929998,107.14777033846646]
["Overall",52.554522153000001,1.8713475257879999,0,12.715942846069,-4.2744427329399999,20.906502707822,16.632059974882001,118.95712383797459]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source : STANDARD LIFE INVESTMENTS"]
[]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,7.092068656480242]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,10.665163477006521]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,23.859926061715356]
[" Less than 5 years ",null,null,null,null,null,null,58.382841804797877]
["Source : STANDARD LIFE INVESTMENTS"]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more\n+ Including schemes to which the fund is contractually committed                                                                                                                                                    "]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"CBRE and JLL"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"No"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.1]
["for investment purposes",null,null,null,null,null,null,null,"-"]
["for liquidity purposes",null,null,null,null,null,null,"-"]
["Cash holdings maximum/minimum",null,null,null,null,null,null,"Target range 0 – 20%"]
["Source : STANDARD LIFE INVESTMENTS"]
["Note: The fund has the power to borrow up to 10% of the value of the property of the fund. There is no intention to gear the portfolio under normal circumstances but the fund may borrow from time to time to meet short term liquidity requirements if required."]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["OFFICE DEPOT INTERNATIONAL (UK) LTD",null,null,null,null,null,null,null,4.5599999999999996]
["TESCO PROPERTY NOMINEES (NO'S 5&6) LTD",null,null,null,null,null,null,null,3.9]
["ASDA STORES LTD",null,null,null,null,null,null,null,3.5]
["WEATHERFORD UK LIMITED",null,null,null,null,null,null,null,3.23]
["T P BENNETT LLP",null,null,null,null,null,null,null,2.95]
["UK INSURANCE LIMITED",null,null,null,null,null,null,null,2.85]
["THE PRUDENTIAL ASSURANCE COMPANY LTD",null,null,null,null,null,null,null,2.5499999999999998]
["33 CAMCORDER LDN LTD",null,null,null,null,null,null,null,2.39]
["WAITROSE LIMITED",null,null,null,null,null,null,null,2.34]
["COVANCE CLINICAL AND PERIAPPROVAL SERVICES LTD",null,null,null,null,null,null,null,2.25]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,11.959999999999999]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.14]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,30.520000000000003]
["Source : STANDARD LIFE INVESTMENTS"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1030.6650010000001,0,0,0,null,null,1030.6650010000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,0,0,0,0,null,null,0]
["Other net assets/liabilities",null,0,0,0,0,null,null,0]
["Total net assets",null,1030.6650010000001,0,0,0,null,null,1030.6650010000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,0,"-","-","-",null,null,0]
["Net debt (cash)/equity ",null,0,"-","-","-",null,null,0]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Single price per unit (GBP)"]
["     A Accumulation units",null,null,1.1779999999999999,1.143,1.141,1.159,1.108617,1.5289999999999999]
["     A Income units",null,null,0.9647,0.92930000000000001,0.92049999999999998,0.92700000000000005,0.88011399999999995,0.84619999999999995]
["     B Accumulation units",null,null,1.2090000000000001,1.175,1.173,1.1930000000000001,1.1424939999999999,1.345]
["     B Income units",null,null,0.998,0.96260000000000001,0.9546,0.96240000000000003,0.91477299999999995,1.002]
["Earned per unit (GBP)"]
["     A Accumulation units",null,null,1.111,1.075,1.0740000000000001,1.0880000000000001,0.34239999999999998,0.86229999999999996]
["     A Income units",null,null,0.90980000000000005,0.87409999999999999,0.86639999999999995,0.87,0.19189999999999999,0.68149999999999999]
["     B Accumulation units",null,null,1.141,1.105,1.105,1.1200000000000001,0.29070000000000001,0.86209999999999998]
["     B Income units",null,null,0.94130000000000003,0.90539999999999998,0.89849999999999997,0.90329999999999999,0.22009999999999999,0.61109999999999998]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Unit pricing"]
["The fund changed from dual priced to a single swinging price with effect from 18th March 2016.\nThe unit price is re-calculated daily at 12 pm. The Cut-Off Point by which the Authorised Corportae Director must have received applications to deal in Shares is 11.59am\n"]
[]
["Distributions"]
["The units are priced on an XD basis on the first day of every month. Payment is on the last day of every month (with the exception of the year end, when the Fund goes XD on 1 January and the Payment date is 15 February)."]
[]
[]
["Minimum investment/disinvestment"]
["The minimum investment is GBP500 unless it represents a regular monthly contribution, when the minimum amount is GBP50 (with a monthly maximum per investor of GBP50,000). The minimum disinvestment is not less than GBP100, ensuring that at least GBP250 remains invested. There is a limit a maximum value of units (currently GBP5m) on the value of units that may be sold by the manager to a single investor in any calendar month. (All of these amounts are subject to the discretion of the Fund Manager.)"]
[]
[]
["Creation, transfer and realisation of units"]
["Units can be bought or sold by giving notice on any business day between 9.00 am and 5.00 pm. Units are bought or sold at the price calculated at the next valuation point ie 12 pm on the following day. The proceeds of a sale will normally be posted within four workings days after the receipt of written sale instructions. In the case of telephone instructions, settlement will be made on receipt of a completed form of renunciation which is issued with the contact note. \n\nThe manager reserves the right to suspend the issue and redemption of units for up to 28 days where this is in the interests of unit holders, and to defer redemptions for up to six months if there is insufficient liquidity in the fund to facilitate daily redemptions.\n"]
[]
[]
[]
[]
[]
["Taxation"]
["The PAIF Fund is generally exempt from United Kingdom tax on capital gains realised on the disposal of its investments (including interest-paying securities and\nderivatives).\n\nThe PAIF Fund qualifies as a PAIF for tax purposes. Accordingly, the income generated by its Property Investment Business will be exempt from tax. Any\ndividend income it receives from United Kingdom companies or, in general, from non-United Kingdom companies will also be exempt from tax. It would, however, be subject to tax in the unlikely event that there should be a net balance of other income, which will generally consist of interest but could include other property\nincome, less deductible expenses and the gross amount of any PAIF interest distributions made, or a tax charge otherwise arises.\n\nThe distributions of the PAIF Fund will be split into up to three streams for United Kingdom tax purposes:\n• property income distributions, representing income from the PAIF Fund’s Property Investment Business;\n• PAIF dividend distributions representing any dividends received by the PAIF Fund and certain other income; and\n• PAIF interest distributions representing the net amount of all other income received by the PAIF Fund\n"]
[]
["The Sub-funds  ( Feeder Funds)"]
[" The Sub-funds are exempt from United Kingdom tax on capital gains realised on the disposal of their investment in the Standard Life Investments PAIF.\nThe Sub-funds will receive income (or be deemed to do so in the case of accumulation Units) from the Standard Life Investments PAIF. This will be streamed for tax purposes into up to three parts depending on the nature of the income generated by the Standard Life Investments PAIF:\n• property income distributions (representing property income received by the Standard Life Investments PAIF) will be received net of 20% tax and no further corporation tax will be payable by the Sub-fund in question on them;\n• PAIF dividend distributions (representing any dividends received by the Standard Life Investments PAIF and certain other income) will be exempt from corporation tax; and\n• PAIF interest distributions (representing the net amount of all other income received by the Standard Life Investments PAIF) will be received net of 20% tax and no further corporation tax will be payable by the Sub-fund in question on them.\nEach Sub-fund will pay all distributable income as dividend distributions (or accumulate it within the Sub-fund in the case of accumulation Units).\n"]
[]
["Income Tax"]
["Distributions are classed as dividends which carry a tax credit at the rate of 10% of the gross income. Individual unitholders whose income is within the lower or base rate bands will have no further tax to pay. Higher rate taxpayers can set the tax credit against their tax liability, which will be charged at a rate of 32.5% on dividend income"]
[]
["Stamp duty reserve tax"]
["Transfers of units attract SDRT at the standard rate, currently 0.5%."]
[]
["Corporation tax"]
["Only the Feeder Fund is subject to corporation tax at the rate of 20%."]
[]
["Fees"]
["The fees changed on the 31st March and should be as follows:-"]
[null,"Retail (bps)","Platform (bps)","Inst (bps)"]
["AMC",130,75,75]
["Platform fee","N/A",5,"n/a"]
["Registrar fee","N/A",8,8]
[]
["Retail share class AMC reduced to 130bps on 31st March. (8bps  registrar fee is wrapped up within the AMC for the Retail share class)\n• Launch of Platform 1 share class at 75bps AMC.\n• Inclusion of 5bps platform charge within the additional expenses of the Platform 1 share class.\n• Inclusion of the 8bps Registrar fee within the additional expenses for Platform 1 and Institutional share classes.\n"]
[]
["XD date","The first day of each month"]
["Valuation Point","12 Noon on any dealing day"]
["Dealing Days for Subscriptions ","Any Business Day"]
["Cut off point for Subscriptions","In respect of any Dealing Day, 12.00 noon on that Dealing Day"]
["Dealing Days for Redemptions ","Any Business Day"]
["Cut off point for Redemptions ","In respect of any Dealing Day, 12.00 noon on that Dealing Day"]
[]
["Classes of Shares","Retail","Institutional","Feeder","Platform 1","Standard Life","Institutional \"A\""]
["Types of shares available","Income\nAccumulation\n","Income\nAccumulation\n","Income\nAccumulation\n","Income\nAccumulation\n","Income\nAccumulation\n","Accumulation"]
["Currency of Denomination","Pounds Sterling","Pounds Sterling","Pounds Sterling","Pounds Sterling","Pounds Sterling","Pounds Sterling"]
["Initial Charge",7.4999999999999997E-2,7.4999999999999997E-2,0,0,0,7.4999999999999997E-2]
["Redemption Charge","N/A","N/A","N/A","N/A","N/A","N/A"]
["Annual management charge",1.2999999999999999E-2,7.4999999999999997E-3,0,7.4999999999999997E-3,0,1.4999999999999999E-2]
["Minimum Initial investment","£50,000*","£5,000,000*",1000000,2000000,1000000,5000000]
["Minimum Initial investment","N/A","N/A","N/A","N/A","N/A","N/A"]
["Minimum Holding","£25,000*",50000,50000,50000,50000,50000]
["Minimum Redemption","£2,500*","£5,000*",5000,5000,5000,5000]
["Regular Savings plan","N/A","N/A","N/A","N/A","N/A","N/A"]
["Charges taken from Income","No","No","No","No","No","No"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,1087,null,null,null,27.1]
["1% or greater but less than 2%",null,null,null,8,null,null,null,10.83]
["2% or greater but less than 4%",null,null,null,4,null,null,null,12.68]
["4% or greater but less than 8%",null,null,null,1,null,null,null,4.8600000000000003]
["Greater than 8.0%",null,null,null,4,null,null,null,44.53]
["Total",null,null,null,1104,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,14.52]
["Three largest holders",null,null,null,3,null,null,null,34.880000000000003]
["Five largest holders",null,null,null,5,null,null,null,49.39]
["Ten largest holders",null,null,null,10,null,null,null,63.95]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,0]
["External",null,null,null,1103,null,null,null,0]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Liquidity – Conversion to PAIF  "]
["Period Units**",null,null,null,null,"2021-06-30","2021-06-30","2021-06-30","2021-06-30"]
["Issues and redemptions*",null,null,null,null,"Retail Acc"," Institutional Acc","Retail Inc","Institutional Inc"]
["Units in issue as at start of period",null,null,null,null,14245690,164290534,1258458,5012588]
["Units issued during period",null,null,null,null,0,0,0,0]
["Units redeemed during period",null,null,null,null,-899911,-7345763,-39171,-1025512]
["Units in issue at end of period",null,null,null,null,13345779,156944771,1219287,3987076]
["Unit transfers"]
["Matched bargains",null,null,null,null,0,0,0,0]
["Matched bargains %",null,null,null,null,0,0,0,0]
["Note: * Income units and accumulation units\n**  As of Q2 2014 the fund changed to a PAIF and Feeder fund in which the structure of units changed\n"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["The Charities Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["To invest in a diversified portfolio of commercial property assets in the United Kingdom.\nTo provide a high and secure level of income (currently 4.75% pa) with the prospect of income and capital growth in real terms.\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Registered charities in England and Wales."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Common Investment Fund (registered charity)"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,"September 2000"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"31 Jun"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1143.060999]
["Source: Savills Investment Management"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Savills Investment Management (UK) Ltd"]
["Property advisor",null,null,null,null," Savills Investment Management LLP"]
["Fund Manager",null,null,null,null,"Harry de Ferry Foster"]
["Corporate trustee",null,null,null,null,"Citibank International Plc"]
["Auditors",null,null,null,null,"KPMG LLP"]
["Source: Savills Investment Management"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"The Charities Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",2.5835599999999999,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.9182999999999999,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",7.0904600000000002,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.4429500000000002,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.4908400000000004,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",7.7503700000000002,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,"No maximum for forward commitments"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"Zero"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.3]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,0.3]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"N/A"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"N/A"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"N/A"]
["Source: Savills Investment Management"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"The Charities Property Fund",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0.83492429148219205,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0.50621394050495105,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,17.927862542298723,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,19.269000774285864,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,7.2623073542571763,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,8.3119890750445009,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,4.4748435779701738,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,20.049140007271852,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,12.596180649447872,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,18.681704947206526,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,31.2778855966544,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,22.982112898924782,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,6.4218607228631095,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000001,null,100,null,100,100.00001]
["Source: Savills Investment Management"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,117,null,null,1067.5600010000001,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,117,null,null,1067.5600010000001,null,100]
["Source: Savills Investment Management"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["THE SMITHSON",null,null,null,"LONDON","Office ",null,68,6.3696653992565606]
["JURYS INN HOTEL",null,null,null,"BRIGHTON","Hotel ",null,39.25,3.6766083370708831]
["METRO PARK WEST",null,null,null,"GATESHEAD","Retail Warehouse ",null,38.25,3.5829367870818154]
["BROCKLEBANK RETAIL PARK",null,null,null,"LONDON","Retail Park",null,36.85,3.4517966170971222]
["TRAVELODGE",null,null,null,"CAMBRIDGE","Hotel ",null,27.8,2.6040690896960648]
["122 BACK CHURCH LANE",null,null,null,"LONDON","Office ",null,22.5,2.1076098747540088]
["SP147",null,null,null,"BURY ST EDMUNDS","Industrial ",null,20.05,1.8781145772807948]
["WELCOME BREAK SERVICE STATION",null,null,null,"SHIFNAL","Other ",null,17.5,1.639252124808674]
["UNIPART LOGISTICS LIMITED",null,null,null,"BURTON-ON-TRENT","Industrial ",null,17.350000000000001,1.6252013923103139]
["EMPEROR POINT",null,null,null,"TAMWORTH","Industrial ",null,17.2,1.6111506598119534]
["10 largest investments as % of portfolio",null,null,null,null,null,null,304.75000000000006,28.546404859168195]
["Source: Savills Investment Management"]
[]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,15,null,null,22.925000000000001,null,2.147420283499363]
["2.5 - 5",null,null,23,null,null,90.885000000000005,null,8.5133388207563616]
["5-10",null,null,42,null,null,292.22499999999997,null,27.373168695555123]
["10-25",null,null,32,null,null,451.37500000000006,null,42.280995876315153]
["25 - 50",null,null,4,null,null,142.15,null,13.315410830945885]
["50 - 100",null,null,1,null,null,68,null,6.3696653992565606]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,117,null,null,1067.56,null,99.999999906328441]
["Average lot size",null,null,null,null,null,9.1244444444444444]
["Source: Savills Investment Management"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,0.05,null,"Investments ",null,null,5.0999999999999997E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.6546045637049999E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.510304871749E-2]
["Source: Savills Investment Management"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,1.2062761678329053,null,null,null,null,1.5495183116259277]
["Retail warehousing ",null,null,24.78974848352021,null,null,null,null,22.105882851569984]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,4.4650399057501229,null,null,null,null,6.3300435444143686]
["Other offices",null,null,12.827683204290045,null,null,null,null,15.217843052644261]
["Industrial",null,null,30.782921548734333,null,null,null,null,32.328632455136926]
["Other ",null,null,25.928330689872375,null,null,null,null,22.468079784608534]
["Overall",null,null,100,null,null,null,null,100]
["Source: Savills Investment Management"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.63774399999999998,26.970069494970002,0,11.760204721644001,-4.5949471888410001,78.196894051531999,73.601946862690994,151.22682455656189]
["Retail warehousing ",13.106047999999999,3.424274045082,0,1.528302048032,-7.3713754138549996,8.406218258929,1.0348428450740004,104.98194421384693]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",2.360614,0,0,36.240571308989999,0,66.901492577778995,66.901492577778995,166.9014925777785]
["Other offices",6.7818449999999997,3.593977744994,0,29.143986629007003,-1.1258440734049999,43.257741809198002,42.131897735793004,139.66376406420378]
["Industrial",16.274567999999999,5.1704229568490003,0,6.014291746484,-0.82058092110300007,28.809674087815999,27.989093166712998,123.63925113096705]
["Other ",13.708003,0.40122547390700003,0,0.80245094781499993,-4.4797918413060005,2.4176898706539998,-2.0621019706520007,102.01646439674693]
["Overall",52.868822000000002,3.3308648337200002,0,7.9368138749149999,-3.4413269128639996,21.058621279664997,17.617294366800998,117.72775644594464]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Savills Investment Management"]
[]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,8.1965516834554144]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.6118327887694406]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,15.988622259247373]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,34.496034837644999]
[" Less than 5 years ",null,null,null,null,null,null,36.706958430882771]
["Source: Savills Investment Management"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: Savills Investment Management"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
["Source: Savills Investment Management"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Savills Investment Management"]
[]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Quarterly"]
["Valuers",null,null,null,null,null,"Cushman & Wakefield "]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Savills Investment Management"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.1]
["Cash holdings (maximum)",null,null,null,null,null,null," No maximum "]
["Cash holdings (minimum)",null,null,null,null,null,null,"Zero"]
["Source: Savills Investment Management"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["SYTNER PROPERTIES LTD T/A JAGUAR LAND ROVER",null,null,null,null,null,null,null,4.7716614497755874]
["MACMILLAN",null,null,null,null,null,null,null,4.4811389702181241]
["TESCO STORES LTD",null,null,null,null,null,null,null,4.3919856009098446]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,4.1194608450702939]
["JURY'S HOTEL MANAGEMENT LTD",null,null,null,null,null,null,null,3.3367354555195212]
["VW GROUP UNITED KINGDOM LIMITED",null,null,null,null,null,null,null,2.701310073311348]
["DIABETES UK",null,null,null,null,null,null,null,2.137807247397268]
["HOMEBASE LIMTED",null,null,null,null,null,null,null,2.112801022891829]
["ALDI STORES LTD",null,null,null,null,null,null,null,1.932723176140178]
["WELCOME BREAK SERVICES LIMITED",null,null,null,null,null,null,null,1.9245073604824279]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.644786020903556]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.100982321493369]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,31.910131201716421]
["Source: Savills Investment Management"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1067.5600010000001,0,0,0,null,null,1067.5600010000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-1.9999999999999999E-6,0,0,0,null,null,-1.9999999999999999E-6]
["Cash",null,73.262,0,0,0,null,null,73.262]
["Other net assets/liabilities",null,2.2389999999999999,0,0,0,null,null,2.2389999999999999]
["Total net assets",null,1143.060999,0,0,0,null,null,1143.060999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-6.8625649079559325,"-","-","-",null,null,-6.8625649079559325]
["Net debt (cash)/equity ",null,-6.4092815750071797,"-","-","-",null,null,-6.4092815750071797]
["Source: Savills Investment Management"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,1.2452000000000001,1.2105999999999999,1.1994,1.2236,1.2249000000000001,1.2445999999999999]
["Offer (GBp)",null,null,1.2843,1.2483,1.2368000000000001,1.2597,1.2626999999999999,1.28]
["Mid (GBp)",null,null,1.26475,1.2294499999999999,1.2181000000000002,1.2416499999999999,1.2438,1.2623]
["Bid/offer spread",null,null,3.0444600171299473E-2,3.0201073459905525E-2,3.023932729624846E-2,2.8657616892911027E-2,2.9935851746257888E-2,2.7656250000000077E-2]
["Net asset value (GBp)",null,null,1.26253030352294,1.2272952712352101,1.21596905322035,1.23953388016606,1.2416322346264801,1.26171053348983]
["Quarterly distribution (GBp)",null,null,1.2999999999999999E-2,1.115E-2,1.02559999E-2,1.37E-2,1.40295226E-2,1.1999999900000001E-2]
["Yield",null,null,4.168592853030377E-2,4.1053892393221568E-2,3.917965492117402E-2,3.8837582877162366E-2,3.959950549672319E-2,4.035158711022236E-2]
["Source: Savills Investment Management"]
[]
[]
["Unit pricing"]
["The unit price is calculated as at the date of the quarterly revaluation of the portfolio. Income is not included in the calculation."]
[]
["Distributions"]
["Distributions of income are made quarterly, approximately six weeks after each valuation date on 15 February, 15 May, 15 August and 15 November each year."]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:  ","GBP25,000"]
["Minimum additional investment: ","No minimum"]
["Minimum redemption:","GBP10,000 (subject to the discretion of the Manager "]
[]
[]
["Creation, transfer and realisation of units"]
["Completed application forms and redemption forms need to be received by the Manager at least 14 days prior to the Dealing date, which is the last business day of each quarter. Application Payments and Redemption proceeds are to be received/ paid on the settlement date, which is 4 business days post the Dealing date. (See note 4 and “Redemption notices outstanding”, overleaf.) The Manager will endeavour to match buyers with sellers."]
[]
[]
["Taxation"]
["As a charity itself, under current UK tax legislation, the fund is not subject to Stamp Duty Land Tax (currently 4% on all property transactions over GBP0.5m), capital gains tax or income tax. Unit transfers are exempt from Stamp Duty Reserve Tax."]
["Charges"]
["The Manager’s, property Manager’s and corporate trustees’ fees are calculated on the following basis:"]
[]
["The Manager & Property Manager\n           First GBP100m: 0.70% pa \n           GBP 100 – GBP500m: 0.525%\n           Above GBP500m:0.45%                                                                                                     \nThe Manager also renders a preliminary charge of 0.25% added to the unit price \n(and may impose a redemption charge)\n"]
[]
[]
[]
[]
["The corporate trustee"]
["                GBP10m – GBP200m – 0.05%\n                 Above GBP200m – 0.0375%.\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,1583,null,null,null,68.5]
["1% or greater but less than 2%",null,null,null,10,null,null,null,13.47]
["2% or greater but less than 4%",null,null,null,4,null,null,null,9.61]
["4% or greater but less than 8%",null,null,null,2,null,null,null,8.42]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,1599,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,4.3099999999999996]
["Three largest holders",null,null,null,3,null,null,null,11.15]
["Five largest holders",null,null,null,5,null,null,null,15.99]
["Ten largest holders",null,null,null,10,null,null,null,24.34]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,1599,null,null,null,100]
["Source: Savills Investment Management"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,865323411,904527832,983305625.69199991,1013250246.9739999,1006029733.0659999,959220000.49199986]
["Units issued during period",null,null,75342533,102629420.73100001,79879050.968999997,45763637.075000003,50413784.023999996,24912937.776999999]
["Units redeemed during period",null,null,-36138112,-23851627.038999997,-49934429.687000006,-52984150.982999995,-97223516.598000005,-4567340.79]
["Units in issue at end of period",null,null,904527832,983305625.69199991,1013250246.9739999,1006029733.0659999,959220000.49199986,979565597.47899985]
["Unit transfers"]
["Matched bargains",null,null," -   ","-",26729462.787,34206433.453000002,50413784.023999996,22943668.780999999]
["Matched bargains %*",null,null,"-","-",2.6379922301352159E-2,3.400141400269719E-2,5.255706094341437E-2,2.3422289267862811E-2]
["* as % of units in issue at the end of the period   "]
["Source: Savills Investment Management"]
[]
["Notes"]
["1) Mayflower Management Company was wound up during 2013, with all activities transferring to Savills Investment Management (UK) Ltd\n\n2) The valuation date is the 24th of March, June, September and December, or preceding business day.\n\n3) Except in respect of an entire holding of units\n\n4) At the discretion of the Manager, redemption rights may be subject to the following restrictions:\n    - A general right to delay redemptions for three to six months \n    - A delay of up to 12 months where redemption sought represents 10% or more of units in issue\n    - The Manager may propose a resolution to wind up the fund where redemptions sought represent 30% or more of units in issue\n    - The Manager has the ability to impose a redemption charge where it considers that the redemption is likely to have a detrimental impact on the remaining unitholders\n"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["The Leisure Fund Limited Partnership"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund’s strategy is to invest in a portfolio of UK leisure property investments. Its objective is to outperform the Leisure Property sub-sector of the MSCI UK Quarterly Benchmark."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by pension funds, charities, insurance & other companies and other intermediate investors from within the UK or abroad, subject to relevant local regulations. Entry is via The Leisure Feeder Unit Trust (registered in Jersey). "]
[]
["Fund details"]
["Type of fund",null,null,null,null,"Limited Partnership with Jersey Feeder Unit Trust"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"June 2002"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"31 December 2020 "]
["Year-end",null,null,null,null,null,null,null,"31st December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,303.378311]
["Source: Legal & General Property"]
[]
[]
["Management/professional advisors"]
["Fund Manager",null,null,null,null,"Legal & General Property Partners (Operator) Ltd "]
["Investment Advisor",null,null,null,null,"Legal & General Property Ltd"]
["Property Fund Manager",null,null,null,null,"Andrew Ferguson"]
["Trustee",null,null,null,null,"JTC"]
["Auditors",null,null,null,null,"Price Waterhouse Coopers"]
["Source: Legal & General Property"]
[]
["Investment rates of return** %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"The Leisure Fund Limited Partnership",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",2.656E-2,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",1.30331,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",-13.176119999999999,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",-12.91283,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-4.1821599999999997,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",3.6507999999999998,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns"]
["         + Annualised"]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Note: * Currently under revision. All transactions currently require investor approval"]
["Source: Legal & General Property"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"The Leisure Fund Limited Partnership",null,null,"Total  "]
["Yorkshire & Humberside",null,null,null,null,27.931090333353442,null,null,27.931090333353442]
["South West",null,null,null,null,25.315049561845079,null,null,25.315049561845079]
["South East",null,null,null,null,3.2214999893683722,null,null,3.2214999893683722]
["North West",null,null,null,null,11.37806379223723,null,null,11.37806379223723]
["Rest of London *",null,null,null,null,8.9562269207971781,null,null,8.9562269207971781]
["East Midlands",null,null,null,null,6.6486276376325986,null,null,6.6486276376325986]
["City",null,null,null,null,0,null,null,0]
["West End",null,null,null,null,0,null,null,0]
["Midtown",null,null,null,null,0,null,null,0]
["Eastern",null,null,null,null,0,null,null,0]
["West Midlands",null,null,null,null,10.052907768241729,null,null,10.052907768241729]
["North East",null,null,null,null,3.2557712658510138,null,null,3.2557712658510138]
["Wales",null,null,null,null,2.8787872245419495,null,null,2.8787872245419495]
["Scotland",null,null,null,null,0,null,null,0]
["Northern Ireland",null,null,null,null,0,null,null,0]
["Other",null,null,null,null,0,null,null,0]
["Cash",null,null,null,null,0,null,null,0.36197550613140439]
["Overall",null,null,null,null,99.638024493868599,null,null,100]
["Note: * Excluding the City, the West End and Mid-town"]
["Source: Legal & General Property"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,18,null,null,436.10000100000002,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,18,null,null,436.10000100000002,null,100]
["Source: Legal & General Property"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["COLISEUM LEISURE PARK",null,null,null,"ELLESMERE PORT","Leisure Park (whole or part)",null,"40-50",10.24994265019504]
["VALLEY CENTERTAINMENT",null,null,null,"SHEFFIELD","Leisure Park (whole or part)",null,"40-50",10.06649848643316]
["THE LIGHT LEISURE SCHEME",null,null,null,"LEEDS","Leisure ",null,"40-50",9.527631255382639]
["MILLENNIUM CINEMA",null,null,null,"LONDON","Leisure Park (whole or part)",null,"30-40",8.9887640243321165]
["BROADWAY PLAZA",null,null,null,"BIRMINGHAM","Leisure Park (whole or part)",null,"30-40",8.5301536149274177]
["BH2 LEISURE",null,null,null,"BOURNEMOUTH","Leisure Park (whole or part)",null,"30-40",7.8651685212906006]
["BARBICAN LEISURE PARK",null,null,null,"PLYMOUTH","Leisure Park (whole or part)",null,"30-40",7.6817243575287213]
["MERIDIAN LEISURE PARK",null,null,null,"LEICESTER","Leisure Park (whole or part)",null,"20-30",6.6727814568383819]
["ASPECTS LEISURE PARK",null,null,null,"BRISTOL","Leisure Park (whole or part)",null,"20-30",4.9415271613356406]
["THE LEISURE EXCHANGE",null,null,null,"BRADFORD","Leisure Park (whole or part)",null,"10-20",4.5631735735767629]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,79.087365101840476]
["Source: Legal & General Property"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,3,null,null,20.65,null,4.7351524771035249]
["10-25",null,null,7,null,null,111.99999999999999,null,25.682182926663184]
["25 - 50",null,null,8,null,null,303.45,null,69.582664366928071]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,18,null,null,436.09999999999997,null,99.999999770694785]
["Average lot size",null,null,null,null,null,24.227777777777774]
["Source: Legal & General Property"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.2E-2,null,"Investments ",null,null,7.4999999999999997E-2]
["Nominal equivalent yield",null,null,7.2000000000000008E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,7.4999999999999997E-2,null,"Total",null,null,7.4999999999999997E-2]
["Net reversionary yield",null,null,7.4999999999999997E-2]
["Source: Legal & General Property"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Leisure",null,null,100,null,null,null,null,"-"]
["Overall",null,null,100,null,null,null,null,0]
["Source: Legal & General Property"]
[]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Leisure Property",32.031999999999996,"-","-","-","-","-","-",0]
["Overall",32.031999999999996,"-","-","-","-","-","-",0]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Legal & General Property"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,"-",null,null,"-"]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,15.3]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,32.4]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,18.7]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,23.1]
[" Less than 5 years ",null,null,null,null,null,null,10.5]
["Source: Legal & General Property"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source: Legal & General Property"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: Legal & General Property"]
[]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: Legal & General Property"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Quarterly, on  the last day of the month"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: Legal & General Property"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"55% of gross asset value"]
["Cash holdings (maximum)",null,null,null,null,null,null,"None"]
["Cash holdings (minimum)",null,null,null,null,null,null,"None"]
["Source: Legal & General Property"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["VUE ENTERTAINMENT LTD",null,null,null,null,null,null,null,15.4]
["CINEWORLD CINEMAS LTD",null,null,null,null,null,null,null,13.9]
["ODEON CINEMAS LTD",null,null,null,null,null,null,null,13.7]
["THE ORIGINAL BOWLING COMPANY LTD     ",null,null,null,null,null,null,null,4.5]
["NANDOS CHICKENLAND LTD",null,null,null,null,null,null,null,3.9]
["NUFFIELD HEALTH WELLBEING LTD",null,null,null,null,null,null,null,3.3]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,3]
["MITCHELLS & BUTLER RETAIL LTD",null,null,null,null,null,null,null,2.8]
["Q-PARK LTD",null,null,null,null,null,null,null,2.6]
["THE RESTAURANT GROUP UK LTD ",null,null,null,null,null,null,null,1.8]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,43]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,51.4]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,64.899999999999991]
["Source: Legal & General Property"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,436.10000100000002,"-","-","-",null,null,436.10000100000002]
["Listed investments",null,0,"-","-","-",null,null,0]
["Debt",null,-159.85,"-","-","-",null,null,-159.85]
["Cash",null,1.5843100000000001,"-","-","-",null,null,1.5843100000000001]
["Other net assets/liabilities",null,25.544,"-","-","-",null,null,25.544]
["Total net assets",null,303.378311,"-","-","-",null,null,303.378311]
["Gearing (%)"]
["Net debt (cash)/properties ",null,36.291146442808653,"-","-","-",null,null,36.291146442808653]
["Net debt (cash)/equity ",null,52.167766864520516,"-","-","-",null,null,52.167766864520516]
["Source: Legal & General Property"]
[]
["Quarterly data per unit"]
["As at",null,"2016-12-31","2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,869.52520000000004,859.07659686788543,657.54954349171203,604.17813126055239,563.38323850825986,570.57431671082634,577.35485074152086]
["Quarterly distribution (GBp)",null,10.08817,0,0,0,0,0,0]
["Yield",null,4.4999999999999998E-2,1.6289117598247017E-2,4.5774788262596337E-2,2.6026761291726836E-2,0,4.6695521476658252E-4,3.2962230672450084E-4]
["Source: Legal & General Property"]
[]
["Net asset value"]
["Net assets per unit are recalculated as at the end of each quarter following the quarterly revaluation of the portfolio. The Vehicle Manager/Operator calculates the difference between the book value and the market value of the Swaps used to fix the rates of interest on part of the Fund’s debt, but in accordance with UK GAAP this difference is not reflected in its published net asset value. This difference amounted on 31 December 2014 to GBP0.933m, equivalent to a decrease of 0.2% in the Fund’s published NAV. Performance fees are estimated and accrued and therefore reflect in the re-calculation."]
[]
["Distributions"]
["The fund distributes 100% of its income 20 calendar days after the end of each quarter."]
[]
["Minimum investment/disinvestment"]
["N/A"]
[]
["Creation, transfer and realisation of units"]
["The fund is closed-ended. However, the manager can raise new investment in the fund and bring in new partners. "]
[]
["Taxation"]
["Capital Gains Tax"]
["The partnership is tax transparent. The admission of a new partner would not give rise to a capital gains tax liability, but the disposal of a partnership interest may give rise to a capital gains tax liability. Those investors in The Leisure Feeder Unit Trust who are subject to tax may be liable to capital gains tax on the sale of their units in the Trust."]
["Income Tax"]
["The unit trust is a Baker Trust and has distributor fund status – distributions are therefore taxable in the hands of the investors at their relevant marginal rate of tax."]
[]
["Stamp duty reserve tax"]
["Transfers of partnership interests are subject to SDLT at the prevailing rate, currently 4.0%. Since The Leisure Feeder Unit Trust is registered in Jersey, transfers of units in the Trust are not subject to SDRT."]
[]
[]
[]
["Charges"]
["Annual charge:  The Vehicle Asset Manager/Operator is entitled to fees equivalent to 60bps pa of the net asset value of the Partnership."]
["Performance fee:  17.5% over the benchmark return plus 1% on a three year rolling basis."]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,11,null,null,null,6.9869399000000003]
["1% or greater but less than 2%",null,null,null,7,null,null,null,10.5616074]
["2% or greater but less than 4%",null,null,null,7,null,null,null,20.468145199999999]
["4% or greater but less than 8%",null,null,null,7,null,null,null,40.016354700000001]
["Greater than 8.0%",null,null,null,2,null,null,null,21.966952899999999]
["Total",null,null,null,34,null,null,null,100.00000009999999]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,11.916534782795255]
["Three largest holders",null,null,null,3,null,null,null,29.31813438413856]
["Five largest holders",null,null,null,5,null,null,null,42.80528570918559]
["Ten largest holders",null,null,null,10,null,null,null,65.905204800000007]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,8.0218173799999999]
["External",null,null,null,32,null,null,null,91.978182619999998]
["Source: Legal & General Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,413363,413363,500021.95566999994,525460.95566999994,525460.95566999994,525460.95566999994]
["Units issued during period",null,null,"*                         ",86658.955669999908,25439,"-","-","-"]
["Units redeemed during period",null,null,"*                         ","*","*","-","-","-"]
["Units in issue at end of period",null,null,413363,500021.95566999994,525460.95566999994,525460.95566999994,525460.95566999994,525460.95566999994]
["Unit transfers"]
["Matched bargains",null,null,"*","*","*","-","-","-"]
["Matched bargains %*",null,null,"*","*","*","-","-","-"]
["* as % of units in issue at the end of the period   "]
["Source: Legal & General Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["The Local Authorities Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund provides facilities exclusively for local authorities to invest in commercial and industrial property on a collective basis, to obtain a spread of investment risk with constant expert property management. Its objective is to provide a satisfactory total capital and income return over the long term. The Fund’s benchmark is the Other Balanced Fund component of the MSCI/AREF UK Quarterly Property Fund Index. "]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment only to Local Authorities’ in England, Wales, Scotland, and Northern Ireland"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Unregulated Collective Investment Scheme"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"Apr-72"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-03-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1253.5359769999998]
["Source:  CCLA Investment Management Limited"]
[]
[]
["Management/professional advisors"]
[" Operator",null,null,null,null,"Local Authorities Mutual Investment Trust (LAMIT)"]
["Manager & administrator",null,null,null,null,"CCLA Fund Managers Limited"]
["Fund Manager",null,null,null,null,"Paul Hannam"]
[" Trustee",null,null,null,null,"Local Authorities Mutual Investment Trust (LAMIT)"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers LLP"]
["Source:  CCLA Investment Management Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"The Local Authorities Property Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.4191500000000001,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",7.6917999999999997,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",11.608219999999999,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",4.3714899999999997,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.9218799999999998,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",7.8206899999999999,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
["Note: * Weighted average returns "]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source:  CCLA Investment Management Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"THE LOCAL AUTHORITIES’ PROPERTY FUND +",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,1.7128446577140759,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0.24730044147554586,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,9.4599898056120857,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,11.420134904801706,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,1.0769327789153138,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,3.1832193184761057,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,13.409963303129004,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,11.220509834035354,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,28.890625234555777,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,17.550353911167772,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,20.900876021481626,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,38.451229932649397,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,12.735825744267448,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,8.5018879426241547,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,99.999703758898477,null,100,null,100,100.00001]
["Source:  CCLA Investment Management Limited"]
["Note: +Including the fund’s share of any properties held jointly or through indirect holdings",null,null,null,"** MSCI/AREF UK Quarterly Property Fund Index "]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,76,null,null,1145.4500009999999,null,99.868195168900456]
["Joint  and indirect holdings",null,null,1,null,null,1.5117510000000001,null,0.13180483109954658]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,77,null,null,1146.9617519999999,null,100]
["Source:  CCLA Investment Management Limited"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["BECKTON RETAIL PARK",null,null,null,"LONDON","Retail Park",null,51.3,4.4726861999143628]
["3 CATHEDRAL STREET",null,null,null,"LONDON","Office ",null,50.25,4.3811399911441864]
["GOODMANS YARD",null,null,null,"LONDON","Hotel ",null,45.5,3.9670023800410044]
["IMPERIAL HOUSE, 8 KEAN STREET WC2",null,null,null,"LONDON","Office ",null,43.8,3.8187847086988129]
["PHASE 300 CENTENNIAL PARK",null,null,null,"BOREHAMWOOD","Industrial Other ",null,37.9,3.3043822022759137]
["ARLINGTON SQUARE WEST",null,null,null,"BRACKNELL","Office ",null,35.85,3.12564912801033]
["3 LONGWALK",null,null,null,"UXBRIDGE","Office ",null,34.299999999999997,2.9905094864924493]
["LEEDS 27 INDUSTRIAL ESTATE",null,null,null,"LEEDS","Industrial ",null,31.5,2.7463862631053106]
["KINGS ORCHARD,1 QUEEN STREET",null,null,null,"BRISTOL","Office ",null,31.1,2.711511516907148]
["PEUGEOT PARTS DISTRIBUTION FACILITY",null,null,null,"COVENTRY","Industrial ",null,29,2.5284190993667943]
["10 largest investments as % of portfolio",null,null,null,null,null,null,390.50000000000006,34.046470975956318]
["Source:  CCLA Investment Management Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,3,null,null,6.5,null,0.56671462572014353]
["2.5 - 5",null,null,8,null,null,30.725000000000001,null,2.678816442346371]
["5-10",null,null,23,null,null,170.125,null,14.832665492406063]
["10-25",null,null,28,null,null,439.1,null,38.283752639033082]
["25 - 50",null,null,12,null,null,397.45000000000005,null,34.652419691149397]
["50 - 100",null,null,2,null,null,101.55,null,8.8538261910585483]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,76,null,null,1145.45,null,99.868195081713594]
["Average lot size",null,null,null,null,null,15.07171052631579]
["Source:  CCLA Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.6500000000000007E-2,null,"Investments ",null,null,5.3700000000000006E-3]
["Nominal equivalent yield",null,null,5.7599999999999998E-2,null,"Developments",null,null,0.10106000000000001]
["True equivalent yield",null,null,5.79E-2,null,"Total",null,null,0.10643000000000001]
["Net reversionary yield",null,null,5.21E-2,null,"Source:  CCLA Investment Management Limited"]
["Source:  CCLA Investment Management Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,2.6605743919730709,null,null,null,null,2.3666550061861491]
["Retail warehousing ",null,null,12.399557469945387,null,null,null,null,10.730317063782286]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,8.5550959513817535,null,null,null,null,8.0872165428074219]
["Other offices",null,null,26.449148686266398,null,null,null,null,31.124491879031769]
["Industrial",null,null,37.076298561203487,null,null,null,null,36.585731938392669]
["Other ",null,null,12.859324939229902,null,null,null,null,11.105587569799697]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
["Source:  CCLA Investment Management Limited"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",1.6691279999999999,0,0,5.03,-28.353100000000001,1.117,-27.2361,101.11740980919377]
["Retail warehousing ",7.7789400000000004,0,0,6.23,-10.488799999999999,-1.6279999999999999,-12.1168,98.372284655750008]
["Shopping centres ",0,0,0,0,0,0,0,"-"]
["Central London offices",5.3670929999999997,0,0,11.17,-9.5500000000000002E-2,7.4580000000000002,7.3624999999999998,107.45845097150357]
["Other offices",16.593039000000001,6.89,2.27,28.53,-0.58520000000000005,33.768999999999998,33.183799999999998,133.76945597488199]
["Industrial",23.260048000000001,1.19,0,5.13,-1.0505,12.170999999999999,11.1205,112.17130334382801]
["Other ",8.0673779999999997,0,0,0,-3.8388,-1.8280000000000001,-5.6668000000000003,98.17247933591311]
["Overall",62.735626000000003,2.2599999999999998,0.6,11.31,-3.101,13.675000000000001,10.574000000000002,113.67537322413904]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source:  CCLA Investment Management Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,6.22]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,2.81]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,8.7799999999999994]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,29.72]
[" Less than 5 years ",null,null,null,null,null,null,52.47]
["Source:  CCLA Investment Management Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["UK WAREHOUSE FUND",null,"Retail Warehouse ","INDIRECT RE",0,100,3.4543560000000002,null,0.3011744719452511]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source:  CCLA Investment Management Limited"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source:  CCLA Investment Management Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source:  CCLA Investment Management Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation-external",null,null,null,null,null,"Monthly at every month end "]
["Frequency of valuation-internal",null,null,null,null,null,null,null,"See note below"]
["External Valuers",null,null,null,null,null,"BNP Paribas Real Estate"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source:  CCLA Investment Management Limited"]
["Note: The manager reviews the external valuations in the intervening months in consultation, when deemed necessary, with the external valuers. (Additions to the portfolio are valued externally after acquisition.)\n"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source:  CCLA Investment Management Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,5]
["MARKS & SPENCER PLC",null,null,null,null,null,null,null,4.0999999999999996]
["KAPLAN ESTATES LIMITED",null,null,null,null,null,null,null,3.9]
["DC MANAGEMENT SERVICES LIMITED",null,null,null,null,null,null,null,3.1]
["BEVAN BRITTAN LLP",null,null,null,null,null,null,null,3.1]
["B&Q PLC",null,null,null,null,null,null,null,2.8]
["PINSENT MASON",null,null,null,null,null,null,null,2.7]
["SAINSBURYS BANK PLC",null,null,null,null,null,null,null,2.4]
["PEUGEOT MOTOR COMPANY PLC",null,null,null,null,null,null,null,2.2999999999999998]
["TESCO STORE LIMITED",null,null,null,null,null,null,null,2.2000000000000002]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,13]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.200000000000003]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,31.6]
["Source:  CCLA Investment Management Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1145.4500009999999,0,1.5117510000000001,0,null,null,1146.9617519999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-9.9999999999999995E-7,0,0,0,null,null,-9.9999999999999995E-7]
["Cash",null,106.574224,0,0,0,null,null,106.574224]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,1252.0242259999998,0,1.5117510000000001,0,null,null,1253.5359769999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-9.304135746384274,"-",0,"-",null,null,-9.2918724459784787]
["Net debt (cash)/equity ",null,-8.5121534221814663,"-",0,"-",null,null,-8.5018878560674942]
["Source:  CCLA Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBP)",null,null,291.15370000000001,279.56650000000002,279.03899999999999,283.04759999999999,289.07690000000002,298.97800000000001]
["Offer (GBP)",null,null,315.69990000000001,303.13580000000002,302.56389999999999,306.91039999999998,313.44799999999998,324.18400000000003]
["Mid (GBP)",null,null,303.42680000000001,291.35115000000002,290.80144999999999,294.97899999999998,301.26245,311.58100000000002]
["Bid/offer spread",null,null,7.7751687599520933E-2,7.775162155047341E-2,7.7751840189791324E-2,7.775168257576151E-2,7.7751652586712808E-2,7.7752140759568683E-2]
["Net asset value (GBP)",null,null,295.73759999999999,283.96800000000002,283.43217309492599,287.50385288033112,293.62806453787073,303.6849992942403]
["Quarterly distribution (GBP)",null,null,3.2528999999999999,2.8031000000000001,3.1040616560999998,3.5412264692000002,2.8547491806999998,2.8652181045999998]
["Yield",null,null,4.4152537258366875E-2,4.4778563148312481E-2,4.3652283793330207E-2,4.4945556313217776E-2,4.2651806344228875E-2,4.0717373065303458E-2]
["Source:  CCLA Investment Management Limited"]
[]
["Unit pricing"]
["The unit price is calculated at the end of each month by the manager. Accrued income is accounted for separately from capital and is not reflected in the fund’s unit price."]
[]
["Distributions"]
["Distributions of income are now made quarterly (one month after each quarter-end) "]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:","GBP 25,000 "]
["Minimum additional investment:","GBP 10,000 "]
["Minimum redemption:","GBP 0"]
[]
[]
["Creation, transfer and realisation of units"]
["Local authorities may invest in the fund on any month-end valuation date. \nWithdrawals from the fund may also be requested on any month-end valuation date. The fund may, however, at its discretion, defer the processing of any withdrawal for such a period from the relevant valuation date as it may think fit, to allow time for the sale of properties, if required. (See “Redemption notices outstanding”.)\n"]
[]
["Taxation"]
["Capital Gains Tax"]
["The fund is exempt from capital gains tax. "]
["Income Tax"]
["The Fund is not subject to capital gains tax or income tax. Dividends are paid gross."]
[]
["Stamp duty reserve tax"]
["Transfers of units are subject to SDRT, currently 0.5%."]
[]
["Charges"]
["The property manager and administrator are together entitled to a fee equivalent to 0.65% pa of the value of the fund."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,693,null,null,null,26.89]
["1% or greater but less than 2%",null,null,null,3,null,null,null,4.6100000000000003]
["2% or greater but less than 4%",null,null,null,4,null,null,null,12.34]
["4% or greater but less than 8%",null,null,null,1,null,null,null,7.52]
["Greater than 8.0%",null,null,null,2,null,null,null,48.64]
["Total",null,null,null,703,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,28.82]
["Three largest holders",null,null,null,3,null,null,null,56.16]
["Five largest holders",null,null,null,5,null,null,null,62.81]
["Ten largest holders",null,null,null,10,null,null,null,73.11]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,51.46]
["External",null,null,null,700,null,null,null,48.54]
["Source:  CCLA Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,195123413,232063024,311069844,356200898,367793016.73000002,367968557.45000005]
["Units issued during period",null,null,36973355,79471275,45157980,11647903.570000002,189875.72,0]
["Units redeemed during period",null,null,-33744,-464455,-26926,-55784.840000000004,-14335,0]
["Units in issue at end of period",null,null,232063024,311069844,356200898,367793016.73000002,367968557.45000005,367968557.45000005]
["Unit transfers"]
["Matched bargains",null,null,"                      -   ","-",0,0,0,0]
["Matched bargains %*",null,null,"                      -   ","-",0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source:  CCLA Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Threadneedle Pensions Ltd"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective of the Fund is to deliver good long-term relative performance by being fully invested in a diversified portfolio of UK commercial property. Its objective is to outperform its benchmark, the MSCI/AREF UK Quarterly Property Fund Index, weighted average, total return, by 1.0% pa or better (net of fees), on a rolling three-year basis"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Approved defined benefit and defined contribution occupational pension schemes"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Exempt approved managed fund"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"1979-12-31"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-12-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,2037.22837815]
["Source : Threadneedle Pensions Ltd"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Threadneedle Asset Management Limited"]
["Investment Advisor",null,null,null,null,"Threadneedle Portfolio Services Limited"]
["Fund Manager",null,null,null,null,"Nathan Hargreaves"]
["Corporate trustee",null,null,null,null,"Not applicable"]
["Auditors",null,null,null,null,"PricewaterhouseCoopers"]
["Source : Threadneedle Pensions Ltd"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Threadneedle Pensions Ltd",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months","-",null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date","-",null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months","-",null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+","-",null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+","-",null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source : Threadneedle Pensions Ltd"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Threadneedle Pensions Ltd",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,3.6296382026346601,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,2.2191949010739433,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,1.1704974203798351,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,9.5527692695515558,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,16.572099793639993,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,5.6128615239808566,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,8.8706896073114869,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,12.541101908898261,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,2.7249082506490812,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,29.749561290839686,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,15.961151296176388,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,24.019435305784079,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,39.980586601960468,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,5.6722231911642984,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,8.0255291223955485,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Source : Threadneedle Pensions Ltd",null,"              ** MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,268,null,null,1848.5,null,97.923145861379922]
["Joint  and indirect holdings",null,null,1,null,null,39.204876859999999,null,2.0768541386200803]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,269,null,null,1887.70487686,null,100]
["Source : Threadneedle Pensions Ltd"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["London W1 The Heals Building",null,null,null,"London","Town Centre Offices",null,98.25,5.2047330705331767]
["Chelmsford, Boreham Airfield",null,null,null,"Chelmsford","Miscellaneous",null,56.5,2.9930526054465596]
["Deeside, Deeside Industrial Park",null,null,null,"Deeside","Industrial / Warehouse",null,55.35,2.9321320656896828]
["Sittingbourne, Sittingbourne Distribution Centre",null,null,null,"Sittingbourne","Industrial / Warehouse",null,34.65,1.8355623500658989]
["Watford, Penfold Works",null,null,null,"Watford","Industrial / warehouse",null,34.65,1.8355623500658989]
["London EC1, Banner Street",null,null,null,"London","Town Centre Offices",null,34.35,1.8196700353467137]
["London EC1,29-35 Farringdon Rd",null,null,null,"London","Town Centre Offices",null,32.15,1.7031263940726884]
["Bristol, Next Distribution Warehouse",null,null,null,"Bristol","Industrial / Warehouse",null,27.7,1.4673903924047735]
["Wimbledon, Wellington",null,null,null,"Wimbledon","Out of Town Office",null,25.725000000000001,1.3627659871701372]
["South Ockendon, Arisdale Ave",null,null,null,"High Wycombe","Industrial / Warehouse",null,25.2,1.3349544364115629]
["10 largest investments as % of portfolio",null,null,null,null,null,null,424.52499999999998,22.488949687207089]
["Source : Threadneedle Pensions Ltd / MSCI estimates"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,103,null,null,134.94999999999999,null,7.1488929045135086]
["2.5 - 5",null,null,47,null,null,172.2,null,9.1221886488123456]
["5-10",null,null,61,null,null,446.85,null,23.671602774226464]
["10-25",null,null,47,null,null,669.97500000000002,null,35.491511846620512]
["25 - 50",null,null,7,null,null,214.42500000000001,null,11.359031945537675]
["50 - 100",null,null,3,null,null,210.1,null,11.12991774166942]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,268,null,null,1848.4999999999998,null,97.923145861379908]
["Average lot size",null,null,null,null,null,6.897388059701492]
["Source : Threadneedle Pensions Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.5E-2,null,"Investments ",null,null,0.12300000000000001]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,7.0999999999999994E-2,null,"Total",null,null,0.12300000000000001]
["Net reversionary yield",null,null,6.2E-2]
["Source : Threadneedle Pensions Ltd"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,8.5248838281721113,null,null,null,null,7.1436310438240422]
["Retail warehousing ",null,null,15.335568089106452,null,null,null,null,12.237435622301199]
["Shopping centres ",null,null,2.2915114752935337,null,null,null,null,2.3481649390264354]
["Central London offices",null,null,12.405554964350324,null,null,null,null,14.196457738908153]
["Other offices",null,null,16.188677237416197,null,null,null,null,20.666105795430699]
["Industrial",null,null,39.199567237770921,null,null,null,null,40.269630683163179]
["Other ",null,null,6.0542371678904621,null,null,null,null,3.1385741773463005]
["Overall",null,null,100,null,null,null,null,100]
["Source : Threadneedle Pensions Ltd"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",9.6129999999999995,"-","-",0.65700000000000003,-1.6739999999999999,"-","-",94.737124206803287]
["Retail warehousing ",17.292999999999999,"-","-",0.35499999999999998,-2.9409999999999998,"-","-",90.215300988839417]
["Shopping centres ",2.5840000000000001,"-","-",0.42299999999999999,-0.52400000000000002,"-","-",115.85004682662539]
["Central London offices",13.989000000000001,"-","-",4.8019999999999996,-0.65500000000000003,"-","-",129.3759189363071]
["Other offices",18.254999999999999,"-","-",5.2859999999999996,-1.319,"-","-",144.32346091481787]
["Industrial",44.203000000000003,"-","-",2.2789999999999999,-2.746,"-","-",116.14112408660044]
["Other ",6.827,"-","-",0.25,-1.6719999999999999,"-","-",58.608771495532451]
["Overall",112.764,"-","-","-","-","-","-",113.05496786208364]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source : Threadneedle Pensions Ltd"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,1]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.1000000000000001]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,10.199999999999999]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,18.399999999999999]
[" Less than 5 years ",null,null,null,null,null,null,69.3]
["Source : Threadneedle Pensions Ltd"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["Carbon Neutral Real Estate",null,"-","Indirect","CEPUT",23.19,39.204876859999999,null,2.0768541386200803]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source : Threadneedle Pensions Ltd"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source : Threadneedle Pensions Ltd"]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source : Threadneedle Pensions Ltd"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"CBRE Limited"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full  member"]
["Source : Threadneedle Pensions Ltd"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source : Threadneedle Pensions Ltd"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Next PLC",null,null,null,null,null,null,null,3.17]
["Liberty global (Virgin Media)",null,null,null,null,null,null,null,2.96]
["Heidelberg Cement AG",null,null,null,null,null,null,null,2.21]
["Magnet Limited (NOBIA AB)",null,null,null,null,null,null,null,2.02]
["Travis Perkins PLC",null,null,null,null,null,null,null,1.71]
["John Lewis PLC",null,null,null,null,null,null,null,1.53]
["Wittington Investments Limited",null,null,null,null,null,null,null,1.34]
["Co-operative Group Ltd",null,null,null,null,null,null,null,1.32]
["Dixons Carphone PLC",null,null,null,null,null,null,null,1.24]
["Invesco LTD",null,null,null,null,null,null,null,1.23]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,8.34]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,12.07]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.729999999999997]
["Source : Threadneedle Pensions Ltd"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1848.5,0,39.204876859999999,0,null,null,1887.70487686]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,158.1,0,6.6177778700000003,0,null,null,164.71777786999999]
["Other net assets/liabilities",null,-14.185,0,-1.0092765800000001,0,null,null,-15.19427658]
["Total net assets",null,1992.415,0,44.813378149999998,0,null,null,2037.22837815]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-8.5528807140925078,0,-16.879986369124385,"-",null,null,-8.7258225525163038]
["Net debt (cash)/equity ",null,-7.9350938434010994,0,-14.767415765553038,"-",null,null,-8.0853859899389207]
["Source : Threadneedle Pensions Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,"*","*","*","*","*","*"]
["Offer (GBp)",null,null,"*","*","*","*","*","*"]
["Mid (GBp)",null,null,"*","*","*","*","*","*"]
["Bid/offer spread",null,null,"*","*","*","*","*","*"]
["Net asset value (GBp)",null,null,6.9819392329562504,6.9008799999999999,6.9312310000000004,7.0306100000000002,7.2001199999999992,7.5251720000000004]
["Quarterly distribution (GBp)",null,null,9.59,11.05,4.6900000000000004,7.85,8.3699999999999992,8.2668630407110228]
["Yield",null,null,"-","-","-","-","-","-"]
["Source : Threadneedle Pensions Ltd"]
[]
["Unit pricing"]
["The unit price is calculated daily at midday as a semi-swinging single price. The single price is net asset value unless the net cash inflow/outflows at the fund level exceed GBP10,000, in which case a dilution levy is applied. The dilution levy is 5.8% for inflows and 1.2% for outflows."]
[]
["Distributions"]
["The fund does not distribute income. Its gross income is reinvested in the fund. "]
[]
["Minimum investment/disinvestment"]
["There is no minimum level of initial investment in, or of divestment from the fund."]
[]
["Creation, transfer and realisation of units"]
["Units may be created at any time at the discretion of the manager, subject to written notification no later than 11am on the day of the transaction.\nUnits may be redeemed at any time on receipt of written notification by the manager no later than 11am on the day of the transaction. \nThe manager has the right to delay redemptions for up to a maximum of 12 months in the event of there being insufficient cash in the fund. \n"]
[]
[]
["Taxation"]
["CGT and income tax: the fund is exempt from UK capital gains tax and UK income tax.\nStamp duty reserve tax: transfers of units do not attract SDRT.\n"]
[]
["Charges"]
["Management charges vary in the range 0.45% pa to 0.95% pa, depending on the type of pension fund (defined benefit or defined contribution) and according to the size of the funds invested. Typically, the fee for a defined benefit client is 0.75% pa."]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,35,null,null,null,10.199999999999999]
["1% or greater but less than 2%",null,null,null,9,null,null,null,13.738]
["2% or greater but less than 4%",null,null,null,5,null,null,null,15.824999999999999]
["4% or greater but less than 8%",null,null,null,3,null,null,null,16.509]
["Greater than 8.0%",null,null,null,3,null,null,null,43.728000000000002]
["Total",null,null,null,55,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,22.8]
["Three largest holders",null,null,null,3,null,null,null,43.73]
["Five largest holders",null,null,null,5,null,null,null,56.15]
["Ten largest holders",null,null,null,10,null,null,null,73.989999999999995]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,55,null,null,null,100]
["Source : Threadneedle Pensions Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,296989016,290410155,295601272,296753163.98500001,290025930.08680004,279835592.01530004]
["Units issued during period",null,null,62660138,32321257,32985003.369999997,19319637.235399999,15438988.492900001,2713944.3570999997]
["Units redeemed during period",null,null,-69238999,-27130140,-31833111.385000002,-26046871.133599997,-25629326.564400002,-9727305.7280999999]
["Units in issue at end of period",null,null,290410155,295601272,296753163.98500001,290025930.08680004,279835592.01530004,272822230.64430004]
["Unit transfers"]
["Matched bargains",null,null,"                      -   ",0,0,0,0,0]
["Matched bargains %*",null,null,"                      -   ",0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source : Threadneedle Pensions Ltd"]

{"sheet":"Profile_53","index":60,"n_rows":316,"n_cols":9,"rows_kept":316,"cut":false,"hidden":false,"merged":[[284,0,284,8],[307,0,307,1],[266,0,266,8],[269,0,270,8],[273,0,274,8],[277,0,278,8],[279,0,279,8],[281,0,281,8],[216,7,216,8],[181,6,181,7],[186,0,186,2],[186,6,186,8],[196,2,196,6],[204,6,204,8],[205,6,205,8],[206,6,206,8],[207,6,207,8],[208,6,208,8],[212,7,212,8],[215,7,215,8],[180,6,180,7],[166,7,166,8],[167,7,167,8],[168,7,168,8],[169,7,169,8],[170,7,170,8],[171,7,171,8],[175,6,175,7],[176,6,176,7],[177,6,177,7],[178,6,178,7],[179,6,179,7],[102,5,102,6],[103,5,103,6],[104,5,104,6],[105,5,105,6],[123,0,123,3],[123,5,123,8],[101,5,101,6],[43,1,43,2],[44,1,44,2],[45,1,45,2],[46,1,46,2],[64,5,64,8],[95,5,95,6],[96,5,96,6],[97,5,97,6],[98,5,98,6],[99,5,99,6],[100,5,100,6],[42,1,42,2],[30,0,30,1],[30,5,30,8],[31,0,31,1],[31,5,31,8],[32,0,32,1],[32,5,32,8],[33,0,33,1],[35,5,35,8],[39,4,39,8],[40,1,40,2],[41,1,41,2],[29,5,29,8],[11,0,12,8],[15,0,15,8],[17,0,17,1],[18,0,18,1],[18,7,18,8],[19,0,19,1],[20,0,20,1],[21,0,21,1],[22,0,22,1],[23,0,23,1],[24,0,24,1]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Threadneedle Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["To invest in a diversified portfolio of property assets in the United Kingdom\nTo outperform the MSCI/AREF All Balanced Property Fund Index (Weighted Average)\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Pension funds, charities, insurance companies and other corporate and institutional investors. Units may also be issued to wealthy individuals whom the manager considers have the appropriate experience to invest."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Unauthorised property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"1967-06-01"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"Not applicable"]
["Year-end",null,null,null,null,null,null,null,"2017-03-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1414.0796977599998]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Threadneedle Investments (Channel Islands) Limited"]
["Investment Advisor",null,null,null,null,"Threadneedle Portfolio Services Limited"]
["Property advisor",null,null,null,null,"Threadneedle Property Investments Limited"]
["Property Fund Manager",null,null,null,null,"Christopher Morrogh MA ARICS"]
[" Trustee",null,null,null,null,null,null,null,"BNP Paribas Depositary Services (Jersey) Limited and BNP Paribas Depositary Services Limited"]
[]
["Auditors",null,null,null,null,"PricewaterhouseCoopers CI LLP"]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Threadneedle Property Unit Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.1832667935793877,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",6.8637936951425838,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",9.3957276556207106,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.1120606514213112,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",4.583137748559496,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",6.8742333251825771,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source : MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,0.1]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index**"]
[null,null,null,"Threadneedle Property Unit Trust",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,2.4091440543868772,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,2.0452438671632764,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,13.31503109648034,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,17.769419018030494,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,2.8424367721674697,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,5.2024169285219077,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,14.898523285745078,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,5.3268732314655196,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,28.270250217899974,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,26.663776580501601,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,14.402140762826422,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,41.065917343328024,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,6.1639943008326465,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,6.7304191199088717,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000001,null,100,null,100,100.00001]
["Source : Threadneedle Investments (Channel Islands) Limited",null,null,null,"** MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,184,null,null,1296.982,null,98.202323789461474]
["Joint  and indirect holdings",null,null,1,null,null,23.7423474,null,1.7976762105385262]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,185,null,null,1320.7243473999999,null,100]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["Croydon, 19 Commerce Way",null,null,null,"Croydon","Industrial / Warehouse",null,"25-50",3.3125761697455633]
["London W1, 46 Foley Street",null,null,null,"London","Town Centre Offices",null,"25-50",2.1768357686899416]
["Trowbridge, Trowbridge & Spitfire Retail Park",null,null,null,"Trowbridge","Retail Warehouse",null,"20-25",1.8349779079721993]
["Hayes, Springfield Rd Ind Est.",null,null,null,"Hayes","Industrial / Warehouse",null,"20-25",1.5427140447672194]
["London SW1, Warwick House",null,null,null,"London","Town Centre Offices",null,"15-20",1.478355422040734]
["St Albans, Abbey View",null,null,null,"St Albans","Town Centre Offices",null,"15-20",1.4423903093406394]
["Hampton, Kempton Gate",null,null,null,"Hampton","Industrial / Warehouse",null,"15-20",1.3363878719087814]
["London EC1, Parchment House",null,null,null,"London","Town Centre Offices",null,"15-20",1.2833866531928524]
["Redhill, Red Central",null,null,null,"Redhill","Town Centre Offices",null,"15-20",1.2606718451717398]
["Coventry, Skydome",null,null,null,"Coventry","Miscellaneous",null,"15-20",1.2549931431664618]
["10 largest investments as % of portfolio",null,null,null,null,null,null,0,16.923289135996132]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,39,null,null,51.057000000000002,null,3.8658331771131245]
["2.5 - 5",null,null,36,null,null,139.15,null,10.535885120459316]
["5-10",null,null,69,null,null,493.995,null,37.403338627964786]
["10-25",null,null,38,null,null,540.28,null,40.907854925488749]
["25 - 50",null,null,2,null,null,72.5,null,5.489411938435504]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,184,null,null,1296.982,null,98.202323789461474]
["Average lot size",null,null,null,null,null,7.0488152173913043]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.5999999999999994E-2,null,"Investments ",null,null,7.2000000000000008E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,6.7000000000000004E-2,null,"Total",null,null,7.2000000000000008E-2]
["Net reversionary yield",null,null,6.0999999999999999E-2]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,6.6096626555654527,null,null,null,null,5.6768194442244351]
["Retail warehousing ",null,null,20.917164135600427,null,null,null,null,17.359630724748857]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,7.0213917903079386,null,null,null,null,6.8610457728254373]
["Other offices",null,null,20.505035287879295,null,null,null,null,25.447404262231988]
["Industrial",null,null,35.905913300827436,null,null,null,null,36.927974496666764]
["Other ",null,null,9.0408328298194665,null,null,null,null,7.7271252993025259]
["Overall",null,null,100.00000000000001,null,null,null,null,100.00000000000001]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",5.0839999999999996,"-","-",0.58894122403051741,-1.6609819635053524,"-","-",99.390243902439039]
["Retail warehousing ",16.088999999999999,"-","-",0.81125678541952073,-2.6762958322779284,"-","-",96.040773199080121]
["Shopping centres ",0,"-","-",0,0,"-","-","-"]
["Central London offices",5.4006925499999996,"-","-",0.58146050040342778,-0.17887562072999291,"-","-",113.07981232888365]
["Other offices",15.772,"-","-",2.8783806775805321,-0.70319582149243776,"-","-",143.61537534871925]
["Industrial",27.617999999999999,"-","-",1.6381146628663399,-0.41446121097921584,"-","-",119.01658338764574]
["Other ",6.9539999999999997,"-","-",0.28211974749364738,-0.87124688453749011,"-","-",98.907103825136616]
["Overall",76.917692549999984,"-","-","-","-","-","-",115.72254321349895]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[0,null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0.4]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.3]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,5.6]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,22.5]
[" Less than 5 years ",null,null,null,null,null,null,70.2]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["Carbon Neutral RE Trust",null,"Other","Indirect RE - Other","OE-PUT",14.04,23.7423474,null,1.7976762105385262]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, as at the last business day in the month"]
["Valuers",null,null,null,null,null,"CBRE Limited "]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member "]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0.2]
["for investment purposed",null,null,null,null,null,null,null,"*"]
["for liquidity purposes",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,0.08]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["EV RETAIL LIMITED",null,null,null,null,null,null,null,3.43]
["TESCO PLC",null,null,null,null,null,null,null,2.2599999999999998]
["DIXONS CARPHONE PLC",null,null,null,null,null,null,null,2.06]
["TRAVIS PERKINS PLC",null,null,null,null,null,null,null,1.96]
["AMC UK HOLDING LIMITED",null,null,null,null,null,null,null,1.38]
["Neuheim Lux Group Holding V",null,null,null,null,null,null,null,1.36]
["WALGREENS BOOTS ALLIANCE SCOTTISH LP",null,null,null,null,null,null,null,1.18]
["MISSOURI TOPCO LIMITED",null,null,null,null,null,null,null,1.1499999999999999]
["PETS AT HOME HOLDINGS LIMITED",null,null,null,null,null,null,null,1.1399999999999999]
["XPEDIATOR PLC",null,null,null,null,null,null,null,1.1200000000000001]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,7.75]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,11.09]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,17.04]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1296.982,0,23.7423474,0,null,null,1320.7243473999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,91.296983999999995,0,4.0077050099999996,0,null,null,95.30468900999999]
["Other net assets/liabilities",null,-1.3381240000000001,0,-0.61121464999999997,0,null,null,-1.9493386500000001]
["Total net assets",null,1386.9408599999999,0,27.138837759999998,0,null,null,1414.0796977599998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-7.0391866656591997,"-",-16.879986390899155,"-",null,null,-7.2160923812465789]
["Net debt (cash)/equity ",null,-6.5826154981114344,"-",-14.76741578044645,"-",null,null,-6.739697144437419]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,279.19,268.36,267.98,268.61,272.91000000000003,281.12]
["Offer (GBp)",null,null,299.23,287.5,286.52999999999997,287.44,291.66000000000003,301.29000000000002]
["Mid (GBp)",null,null,289.21000000000004,277.93,277.255,278.02499999999998,282.28500000000003,291.20500000000004]
["Bid/offer spread",null,null,6.697189452929192E-2,6.6573913043478219E-2,6.4740166823718137E-2,6.5509323684942888E-2,6.4287183707056161E-2,6.6945467821700078E-2]
["Net asset value (GBp)",null,null,282.51,271.57,271.08,271.83,276.11,284.55]
["Quarterly distribution (GBp)",null,null,3.681488399886554,2.8326273028103639,3.123161074908408,2.9826841000000002,2.6861424,3.0707732000000001]
["Yield",null,null,4.9177143817516387E-2,4.886393527523996E-2,4.8147846309596162E-2,4.6425931198194929E-2,4.2101390307191955E-2,4.1689547618725731E-2]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
[]
["Unit pricing"]
["The unit price is calculated on the pricing day, following the monthly valuation of the portfolio. Net income is not included in the calculation. Redemptions are priced on a ‘Bid Price basis’. The bid price quoted is based on the static bid/offer spread. "]
[]
["Distributions"]
["Distributions of income are made quarterly as soon as is practical following the last days of March, June, September and December. "]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial subscription for units is GBP250,000. However, the manager may accept lesser amounts (with a minimum of GBP25,000) where the manager is satisfied that the investor has received financial advice, or the investment is made on the investor’s behalf by a discretionary investment manager. The minimum amounts required for any subsequent investment is determined by the manager and is currently GBP10,000. Subscriptions may be accepted or rejected by the manager in its discretion."]
[]
[]
["Creation, transfer and realisation of units"]
["The Realisation Price is determined (under normal circumstances) on the fifth Pricing Day following receipt of notice, with settlement as soon as practicable following the realisation price being fixed. The Manager has the power to defer settlement of redemptions to protect continuing Unitholders, in which circumstances the Realisation Price will be determined on the first Pricing Day at which the Manager deems it appropriate to settle such redemption. (See “Redemption notices outstanding”, overleaf.)"]
[]
[]
["Taxation"]
["Capital gains tax: since it is registered in Jersey, the trust is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the trust. \nIncome tax: distributions to UK resident unitholders are paid gross of tax. Distributions to non-UK resident unitholders are paid net of tax. \nStamp duty reserve tax: the trust’s registration in Jersey means that the surrender and issue of units does not attract SDRT.\n"]
[]
["Charges"]
["Management fees\nFor unitholders categorised as charities, UK pension funds or other tax exempt holders, the fee is 0.68% pa of gross assets up to GBP200m. For gross assets above GBP200m, the charge (in respect of the increment) reduces to 0.60% pa. For unitholders in all other categories of investor, the charge is 0.75% pa of gross assets.\n"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,127,null,null,null,27.4]
["1% or greater but less than 2%",null,null,null,17,null,null,null,24.14]
["2% or greater but less than 4%",null,null,null,10,null,null,null,27.34]
["4% or greater but less than 8%",null,null,null,4,null,null,null,21.12]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,158,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,5.97]
["Three largest holders",null,null,null,3,null,null,null,16.48]
["Five largest holders",null,null,null,5,null,null,null,24.51]
["Ten largest holders",null,null,null,10,null,null,null,38.799999999999997]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,5.19]
["External",null,null,null,157,null,null,null,94.81]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,4576028,4669058,5242277,5363286.9160000002,5316704.7460000003,5250473.6040000003]
["Units issued during period",null,null,108490,583211,146107.17300000001,85981.036000000007,56658.133999999991,29743.050999998137]
["Units redeemed during period",null,null,-15460,-9992,-25097.257000000001,-132561.742,-122889.276,-310755.05599999998]
["Units in issue at end of period",null,null,4669058,5242277,5363286.9160000002,5316704.7460000003,5250473.6040000003,4969461.5989999985]
["Unit transfers"]
["Matched bargains",null,null,"-","-",0,0,0,0]
["Matched bargains %*",null,null,"-","-",0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source : Threadneedle Investments (Channel Islands) Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Tritax Property Income Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["Tritax Property Income Fund (the “Fund”) is an open-ended UK regional commercial property fund. It invests in a diversified portfolio of high quality commercial property, primarily located in major regional locations outside Central London. The Fund provides stable and growing income streams together with the potential for capital appreciation over the medium term."]
[]
[]
["INVESTOR CONSTITUENCY"]
["The Fund is open to investment by pension funds, charities, insurance companies and other corporate and institutional investors. The minimum investment is £1,000,000.                                                                                                                                                                     \n"]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Unauthorised open-ended Property Unit Trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"29/01/2016"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"-"]
["Year-end",null,null,null,null,null,null,null,"2017-03-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,198.58209879999998]
["Source : Tritax Property Income Fund"]
[]
[]
["Management/professional advisors"]
["Investment Manager",null,null,null,null,"Tritax  Management LLP"]
["Trust Manager",null,null,null,null,"Tritax  Management LLP"]
["Trustee",null,null,null,null,"Fairway Fund Trustee Services Limited"]
["Auditors",null,null,null,null,"Pricewaterhouse Coopers CI LLP"]
["Source : Tritax Property Income Fund"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Tritax Property Income Fund",null,null,"Other Balanced Funds",null,"All balanced funds",null,"All funds"]
["3 months",5.6332898966520002,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",9.0664649747610007,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",13.002765502555,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",4.9109889991009998,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",6.380896020182,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+","-",null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"*"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"20% of GAV"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"20% of GAV"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"*"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"*"]
["Source : Tritax Property Income Fund",null,null,null,null,null,null,"* None specified"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Tritax Property Income Fund",null,"Other Balanced Funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,11.241071279743878,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,11.241071279743878,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,0,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,20.194052881769622,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,5.0129101652911894,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,25.20696304706081,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,18.950319488487146,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,32.422515557707214,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,51.372835046194361,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,7.9249552522194362,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,4.2541753747815321,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000003,null,100,null,100,100.00001]
["Source : Tritax Property Income Fund"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,19,null,null,251.85,null,99.893700568781284]
["Joint  and indirect holdings",null,null,1,null,null,0.26800000000000002,null,0.10629943121871505]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,20,null,null,252.11799999999999,null,100]
["Source : Tritax Property Income Fund"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["WATERFORD BUSINESS PARK",null,null,"BURY",null,"Industrial ",null,28.5,11.304230558706637]
["STOCKLEY PARK",null,null,"UXBRIDGE",null,"Office ",null,27.925000000000001,11.076162749188873]
["DC1 DIDCOT",null,null,"DIDCOT",null,"Industrial ",null,25.25,10.015151635345354]
["UNITS 1-5 NEW MALDEN",null,null,"NEW MALDEN",null,"Industrial ",null,19.350000000000001,7.6749775898587185]
["FRADLEY DISTRIBUTION PARK",null,null,"LICHFIELD",null,"Industrial ",null,18.75,7.4369937886227877]
["PIERPOINT RETAIL PARK KINGS LYNN",null,null,"KING'S LYNN",null,"Retail Park",null,17.95,7.119682053641549]
["UNIT 12",null,null,"WIMBORNE",null,"Industrial ",null,14.8,5.8702670971529214]
["CAPABILITY GREEN, 800 THE BOULEVARD",null,null,"LUTON",null,"Office ",null,14.55,5.7711071799712839]
["ALBAN RETAIL PARK BEDFORD",null,null,"BEDFORD",null,"Retail Park",null,11.65,4.620852140664292]
["TRAVELODGE AND GROSVENOR CASINO",null,null,"LEICESTER",null,"Hotel – Not categorised",null,10.9,4.3233723891193812]
["10 largest investments as % of portfolio",null,null,null,null,null,null,189.62500000000003,75.2127971822718]
["Source : Tritax Property Income Fund"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,2,null,null,7.9499999999999993,null,3.1532853663760614]
["5-10",null,null,6,null,null,43.575000000000003,null,17.283573564759362]
["10-25",null,null,8,null,null,118.64999999999999,null,47.061296694404994]
["25 - 50",null,null,3,null,null,81.674999999999997,null,32.395544943240864]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,19,null,null,251.85000000000002,null,99.893700568781298]
["Average lot size",null,null,null,null,null,13.255263157894738]
["Source : Tritax Property Income Fund"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.0646150809419999E-2,null,"Investments ",null,null,2.56007652817E-3]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.7763050345779998E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.5471788857879997E-2]
["Source : Tritax Property Income Fund"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,0,null,null,null,null,0]
["Retail warehousing ",null,null,17.640199176270841,null,null,null,null,13.233106426473377]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,21.618038274129496,null,null,null,null,36.710958501265281]
["Industrial",null,null,50.668952662743152,null,null,null,null,41.734983294528028]
["Other ",null,null,10.072809886856517,null,null,null,null,8.3209517777333186]
["Overall",null,null,100.00000000000001,null,null,null,null,100]
["Source : Tritax Property Income Fund"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ","-","-","-","-","-","-","-","-"]
["Retail warehousing ",2.4438029999999999,0,0,0,-17.767512356765,-17.747052442443,-35.514564799208003,82.252947557556809]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",2.9948769999999998,0,83.308930550403005,1.085186470095,-1.644474881606,86.196962346033004,84.552487464427003,186.1969623460329]
["Industrial",7.0194750800000003,0,0,0,-14.743297300800002,-9.6867511067510002,-24.430048407551002,90.313248893249138]
["Other ",1.3954470000000001,0,0,0,-9.4235037231799996,-9.4235037231799996,-18.847007446359999,90.576496276820251]
["Overall",13.85360208,0,18.009756492154001,0.234596026451,-11.909213722703001,9.6460899647840002,-2.2631237579190007,109.64608996478408]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source : Tritax Property Income Fund"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,11.137743550240813]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,6.8684624585386977]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,21.74249025729209]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,36.34859661926339]
[" Less than 5 years ",null,null,null,null,null,null,23.902707114665006]
["Source : Tritax Property Income Fund"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["DERIVATIVE",null,"Other ","DERIVATIVES - REAL ESTATE","-",100,0.26800000000000002,null,0.10629943121871505]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source : Tritax Property Income Fund"]
[]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,60,1.3999999999999999E-2,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
["Source : Tritax Property Income Fund"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source : Tritax Property Income Fund"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly"]
["Valuers",null,null,null,null,null,"Knight Frank LLP"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Yes"]
["Source : Tritax Property Income Fund"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"25% of GAV"]
["      For investment purpose",null,null,null,null,null,null,null,"No restriction"]
["      For liquidity purpose",null,null,null,null,null,null,null,"No restriction"]
["Cash holdings (maximum)",null,null,null,null,null,null,"No restriction"]
["Cash holdings (minimum)",null,null,null,null,null,null,"No restriction"]
["Source : Tritax Property Income Fund"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["DSG RETAIL LIMITED",null,null,null,null,null,null,null,14.349004407067218]
["OKA DIRECT LTD",null,null,null,null,null,null,null,9.0221851709780108]
["IMPELLAM HOLDINGS LIMITED",null,null,null,null,null,null,null,7.0191776237906929]
["DPD GROUP UK LIMITED",null,null,null,null,null,null,null,6.6136756884936574]
["EDDIE STOBART LIMITED",null,null,null,null,null,null,null,5.9332920698122669]
["XPO SUPPLY CHAIN UK LIMITED",null,null,null,null,null,null,null,5.0795954233829574]
["NUFFIELD HEALTH",null,null,null,null,null,null,null,4.7769403273019995]
["B&M RETAIL LIMITED",null,null,null,null,null,null,null,4.5745901460301486]
["NEXT HOLDINGS LIMITED",null,null,null,null,null,null,null,3.5174889974101888]
["I D MEDICAL GROUP LIMITED",null,null,null,null,null,null,null,3.3469489781062371]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,30.390367201835922]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,42.937334960141847]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,64.23289883237338]
["Source : Tritax Property Income Fund"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,251.85,0,0.26800000000000002,0,null,null,252.11799999999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-60,0,0,0,null,null,-60]
["Cash",null,11.2020988,0,0,0,null,null,11.2020988]
["Other net assets/liabilities",null,-4.7380000000000004,0,0,0,null,null,-4.7380000000000004]
["Total net assets",null,198.31409879999998,0,0.26800000000000002,0,null,null,198.58209879999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,19.375779710144929,"-",0,"-",null,null,19.355183366518851]
["Net debt (cash)/equity ",null,24.606370144773589,"-",0,"-",null,null,24.573162180719184]
["Source : Tritax Property Income Fund"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,0.97,0.94089999999999996,0.94463675000000003,0.95123509089036795,0.97130723695526211,1.014]
["Offer (GBp)",null,null,1.07,1.0325,1.0385262099999999,1.0440756537218701,1.06633340193412,1.1119000000000001]
["Mid (GBp)",null,null,1.02,0.98669999999999991,0.99158148000000002,0.997655372306119,1.018820319444691,1.0629500000000001]
["Bid/offer spread",null,null,9.3457943925233725E-2,8.8716707021791782E-2,9.0406442414197596E-2,8.8921298471570126E-2,8.9114872334017672E-2,8.8047486284737922E-2]
["Net asset value (GBp)",null,null,0.99026525657054998,0.95793554096290001,0.96150086858044004,0.96833075921117995,0.98888581252323005,1.03223430148406]
["Quarterly distribution (GBp)",null,null,1.0968751299999999E-2,1.07193433E-2,9.4819362000000008E-3,1.5650784399999999E-2,1.0791104100000001E-2,1.2041229400000001E-2]
["Yield",null,null,4.5439747887180595E-2,4.66532190204339E-2,4.4566401446173083E-2,4.5834507969317408E-2,4.4702144716998425E-2,4.5167611978180297E-2]
["Source : Tritax Property Income Fund"]
[]
["Unit pricing"]
["The NAV per unit is calculated monthly, on the Dealing Date (the last Business Day of each month)."]
[]
[]
["Distributions"]
["Quarterly"]
[]
["Minimum investment/disinvestment"]
["Minimum investment of £1 million."]
[]
[]
["Creation, transfer and realisation of units"]
["Subscription Agreements can be completed monthly, which confirms a Commitment to the Fund.  Commitments are drawn down pro rata on a monthly basis."]
[]
[]
["Taxation"]
[]
["Charges"]
["The annual management fee is equivalent to 0.625% of the net asset value of the portfolio. This excludes fees payable to the Trustee, Administrator, Custodian, Depository, Auditors and Valuers.  The TER is c.0.85%."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.25]
["2% or greater but less than 4%",null,null,null,0,null,null,null,0]
["4% or greater but less than 8%",null,null,null,1,null,null,null,7.74]
["Greater than 8.0%",null,null,null,4,null,null,null,91.01]
["Total",null,null,null,6,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,61.36]
["Three largest holders",null,null,null,3,null,null,null,82.86]
["Five largest holders",null,null,null,5,null,null,null,98.75]
["Ten largest holders",null,null,null,10,null,null,null,100]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,6,null,null,null,100]
["Source : Tritax Property Income Fund"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,182799599,185162677,191366376,192455817,196795245]
["Units issued during period",null,null,null,2363078,6203699,1089441,4339428,0]
["Units redeemed during period",null,null,null,"-",0,0,0,-4414560]
["Units in issue at end of period",null,null,null,185162677,191366376,192455817,196795245,192380685]
["Unit transfers"]
["Matched bargains",null,null,null,3158974,0,77382,0,0]
["Matched bargains %*",null,null,null,1.7060533208860446E-2,0,4.0207670106432792E-4,0,0]
["* as % of units in issue at the end of the period   "]
["Source : Tritax Property Income Fund"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Triton Property Fund (Jersey)"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Triton Property Fund (Jersey) ('Triton Jersey', ‘the Jersey trust’) is invested in the Triton Property Fund LP ('Triton', ‘the Fund’) (q.v.) as a limited partner. The Fund’s benchmark is the weighted average return to the All Balanced Property Fund component of the MSCI/AREF UK All Balanced Quarterly Property Fund Index (Net Total Return - unitised adjusted for crossholdings; GBP)."]
[]
[]
["INVESTOR CONSTITUENCY"]
["Triton Jersey is open to investment professionals, high net worth individuals, sophisticated investors, companies, pension schemes and other investors in the UK and elsewhere."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Unauthorised Property Unit Trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"May 2003"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended*"]
["Earliest date of winding up",null,null,null,null,null,null,null,2070]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["NAV (GBPm) ",null,null,null,null,null,null,null,73.599999999999994]
["Note: *includes capital cash and income cash"]
["Source: UBS Asset Management "]
[]
["Management/professional advisors"]
["Jersey PUT Manager",null,null,null,null,"MUFG Jersey Management Company Limited"]
["Jersey PUT Administrator                                                                                                                                                                                                                                                           ",null,null,null,null,"MUFG Alternative Fund Services (Jersey) Limited"]
["Investment Manager (For Triton)",null,null,null,null,"UBS Asset Management Funds Ltd"]
["Fund Manager",null,null,null,null,"Jonathan Hollick"]
["Trustee",null,null,null,null,"BNP Paribas Depositary Services (Jersey) Limited"]
["Auditors (For Triton)",null,null,null,null,"Ernst & Young LLP"]
["Source: UBS Asset Management "]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"TRITON PROPERTY FUND (JERSEY) 'A' UNITS",null,null,"TRITON PROPERTY FUND (JERSEY) 'B' UNITS",null,"All balanced funds",null,"All funds"]
["3 months",4.2138350834132421,null,null,4.2138350834132421,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",7.2228236715617289,null,null,7.2228236715617289,null,6.0474500000000004,null,5.5983999999999998]
["12 months",8.9567962185327374,null,null,8.9567962185327374,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.1538997169790806,null,null,3.1538997169790806,null,2.9910399999999999,null,1.81053]
["5 years+",4.5285768301782214,null,null,4.5285768301782214,null,4.89466,null,3.8698299999999999]
["10 years+",4.8895219643257937,null,null,4.8895219643257937,null,6.6564699999999997,null,6.0942800000000004]
["Note: ** Weighted average returns    + Annualised                                                            "]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,0.97170000000000001,0.9446,0.94410000000000005,0.95030000000000003,0.97209999999999996,1.0064]
["Offer (GBp)",null,null,1.0495000000000001,1.0206,1.0202,1.0242,1.0443,1.0821000000000001]
["Mid (GBp)",null,null,1.0106000000000002,0.98259999999999992,0.98215000000000008,0.98724999999999996,1.0082,1.0442499999999999]
["Bid/offer spread",null,null,7.4130538351596081E-2,7.4466000391926274E-2,7.4593217016271265E-2,7.2153876196055428E-2,6.9137221105046484E-2,6.9956565936604834E-2]
["Net asset value (GBp)",null,null,0.9819,0.95450000000000002,0.95399999999999996,0.96,0.98150000000000004,1.0163]
["Quarterly distribution 'A' units",null,null,4.7999999999999996E-3,5.7999999999999996E-3,4.4999999999999997E-3,5.4000000000000003E-3,6.1000000000000004E-3,6.4000000000000003E-3]
["Quarterly distribution 'B' units",null,null,7.0000000000000001E-3,7.9000000000000008E-3,6.6E-3,7.6E-3,8.3000000000000001E-3,8.6999999999999994E-3]
["Yield",null,null,2.0164986251145735E-2,2.1162912519643789E-2,2.0125786163522012E-2,2.1354166666666664E-2,2.2210901681100355E-2,2.2040736003148678E-2]
["Note: * Reflects distribution yield for Triton Property Fund Jersey (‘A’ units); the distribution yield for the new ‘B’ units issued from July 2013\nonwards is available upon request. As of 1 July 2013, only 'B' units are being issued"]
["Source: UBS Asset Management "]
["Unit pricing"]
["The unit price is calculated once a month, on the 1st business day of each month. As from 30 June 2005, it has been calculated on an XD basis on the last working day of the month (previously the first working day of the new quarter.)"]
[]
["Distributions"]
["Net income of Triton Jersey is distributed to its unitholders. Distributions are calculated on the last day of March, June, September and December. Payment is made to unitholders on the last working day of the second month following the calculation dates i.e. February 28, May 31, August 31 and November 30."]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:","GBP 50,000"]
["Minimum additional investment: ","GBP 50,000"]
["Minimum redemption: ","Not applicable"]
[]
["Creation, transfer and realisation of units"]
["Subscriptions for units may normally be made on the 1st and 11th business day of each month (or on such other day as the Manager deems appropriate). Applications must be received no later than 14 business days prior to a subscription day.\n\nRedemptions of units in Triton Jersey normally take place on a quarterly basis on a Selling Day (subject to sufficient cash being available). Where sufficient cash is not available to pay a quarter’s redemption in full, the Manager will meet redemption requests within that quarter on a pro-rata basis.\nThe redemption provisions set out in \"Creation, transfer and realisation\" section of the Triton Property Fund pages (within this document) apply to the redemption of Triton Jersey units.\n\nRedemption notices served during a quarter are treated as having been served on the final business day of the quarter. The first possible date on which units subject to a redemption notice may be redeemed is the first Selling Day that occurs at least one whole quarter after the quarter in which the relevant redemption notice was served. Once a redemption notice has been served, it may only be withdrawn with the consent of the Supervisory Board.\n\nIn the usual course of business, the Manager expects to meet redemption requests within six months from the first possible date the redemption request can be paid (being the Selling Day falling one whole quarter after the quarter end in which a redemption request is deemed to be received). Jersey’s Manager may defer redemption requests for up to 24 months from the first possible date the redemption request may be redeemed.\n"]
[]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["As a unit trust scheme, Triton Jersey will be treated as a company and unitholders will be treated as if they hold shares in a company for UK chargeable gains purposes. The Manager of Triton Jersey intends to manage and control Triton Jersey from outside the UK so that it will be treated as a non-UK tax resident company for such UK tax purposes and will not, therefore, be subject to UK tax on capital gains realised or treated as realised on disposals and distributions made by Triton or on any disposal or part disposal of any commercial property held as an investment.     \n\nThe Manager of  Triton Jersey intends to manage Triton Jersey so that it satisfies the relevant tax provisions which enable Unitholders to be subject to capital gains tax (or corporation tax on chargeable gains) on profits arising on disposal or part disposal of Jersey Units under the provisions of the offshore funds regime.\n"]
[]
["Income Tax"]
["Net rental income of Triton Jersey from the underlying assets of Triton will be paid to Jersey unitholders net of UK income tax at the prevailing basic rate (currently 20%). Unitholders should get a credit for such tax against their UK tax liability referred to above, and for those unitholders that are not liable to UK tax on such income, the amount deducted should be capable of being claimed back from HMRC. Tax vouchers will be issued to unitholders in respect of the tax deducted by Triton Jersey from income payments."]
[]
["Stamp duty reserve tax"]
["No UK stamp duty or stamp duty reserve tax or stamp duty land tax will arise (under current law) on the transfer of Triton Jersey units."]
[]
["Charges"]
["Annual charge "]
["The Manager of Triton is entitled to a fund management fee (plus VAT) and property management fee (plus VAT) on a tiered basis as a percentage of the Net Asset Value of Triton together with undistributed income less expenses, as at the end of each month.  0.75% p.a. is charged on the period-end Triton-level NAV of up to GBP 1 billion, decreasing to 0.65% p.a. for any tranche of NAV between GBP 1-1.25 billion, and 0.55% p.a. for any part of NAV above GBP 1.25 billion. The fee is split to reflect the fund management and property management services provided by the Manager."]
["Performance fees"]
["The manager is entitled to a performance fee of 0.0625% per quarter of the net asset value of the Triton (including net undistributed income) if, for the previous three years, it has outperformed is benchmark, the All Balanced Property Funds Index Weighted Average of the MSCI/AREF UK All Balanced Quarterly Property Fund Index (Net Total Return - unitised adjusted for crossholdings; GBP). A minimum of 0.5% p.a. outperformance is required before the performance fee is triggered."]
["Annual charge (the Jersey trust)"]
["A' units: In addition to the above, the manager is entitled to a management fee equivalent to 1% p.a. of the net asset value of the Jersey Trust\n'B' units: In addition to the above, the manager is entitled to a management fee equivalent to 0.1% p.a. of the net asset value of the Jersey Trust\n"]
["Initial charge"]
["Investors may also be subject to an initial charge of up to 1% of the issue price on any new subscriptions"]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,5,null,null,null,1.1200000000000001]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.3]
["2% or greater but less than 4%",null,null,null,2,null,null,null,4.3899999999999997]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,3,null,null,null,93.19]
["Total",null,null,null,11,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,36.03]
["Three largest holders",null,null,null,3,null,null,null,93.19]
["Five largest holders",null,null,null,5,null,null,null,97.58]
["Ten largest holders",null,null,null,10,null,null,null,99.95]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,11,null,null,null,100]
["Source: UBS Asset Management "]
[]
[]
["Liquidity 'A' units"]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,9886571,8241944,3135825.2699998897,2203156.7299998896,1560330.7699998897,1409544.0599998897]
["Units issued during period",null,null,"                      -   ",0,0,0,0,0]
["Units redeemed during period",null,null,-1644627,-5106119,-932668.54,-642825.96,-150786.71,-43216.89]
["Units in issue at end of period",null,null,8241944,3135825,2203156.7299998896,1560330.7699998897,1409544.0599998897,1366327.1699998898]
["Unit transfers"]
["Matched bargains",null,null,"          - ",0,0,0,0,0]
["Matched bargains %*",null,null,"-","-","-",0,0,0]
["Note:* Units redeemed includes 597626.71 units that has been transferred to 'B' units                                                                                                                           Source: UBS Asset Management"]
["Note:** As % of units in issue at the end of the period"]
[]
["Liquidity 'B' units"]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,75409742,76231858,93090859,90618684.739999995,91202553.120000005,71977792.549999997]
["Units issued during period",null,null,24902445,18296125,1309513.96,607449.14999999991,424385.37999999995,45424.28]
["Units redeemed during period",null,null,-24080330,-1437124,-3781688.2199999997,-23580.77,-19649145.949999999,-977042.51]
["Units in issue at end of period",null,null,76231858,93090859,90618684.739999995,91202553.120000005,71977792.549999997,71046174.319999993]
["Unit transfers"]
["Matched bargains",null,null,"          - ",0,0,0,0,0]
["Matched bargains %*",null,null,"          - ",0,0,0,0,0]
["Note:* Units redeemed includes 597626.71 units that has been transferred from 'A' units                                                                                                                     Source: UBS Asset Management"]
["Note:** As % of units in issue at the end of the period"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["Triton Property Fund LP"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["Triton Property Fund LP is a balanced fund investing in UK commercial property assets across a broad range of property types, geographic holdings, lease lengths and tenant profiles. The Fund focuses on the key property sectors of retail, offices, industrial/warehouses and student accommodation. The Fund aims to deliver above its benchmark – the All Balanced Property Fund component of the MSCI/AREF UK All Balanced Quarterly Property Fund Index (Net Total Return - unitised adjusted for crossholdings; GBP) weighted average return – via an emphasis on superior asset management."]
[]
[]
["INVESTOR CONSTITUENCY"]
["Triton Property Fund LP ('Triton', 'the Fund') is an umbrella fund. Investors can enter the Fund through two feeder funds – UBS Triton Property Unit Trust (q.v.) and Triton Property Fund (Jersey) (q.v.)."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Limited Partnership"]
["Residence",null,null,null,null,null,null,"United Kingdom "]
["Launch date",null,null,null,null,null,null,null,"April 1994"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,2070]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["*NAV (GBPm) ",null,null,null,null,null,null,null,936.2]
["Source: UBS Asset Management  Note: * includes capital cash and income cash."]
[]
["Management/professional advisors"]
["General Partner",null,null,null,null,"UBS Triton General Partner Ltd"]
["Manager and AIFM",null,null,null,null,"UBS Asset Management Funds Ltd "]
["Fund Manager",null,null,null,null,"Jonathan Hollick"]
["Trustee",null,null,null,null,"Not applicable"]
["Auditors",null,null,null,null,"Ernst & Young LLP"]
["Source: UBS Asset Management  "]
[]
["Investment rates of return ** %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"Triton Property Fund LP",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.4918468537461731,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",7.8072747992837366,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",10.160149863220557,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",4.2401320905263162,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.6715227159267911,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",5.9903819643570388,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: * Weighted average returns    + Annualised                                                            "]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
["**Triton's performance includes the effect of a management fee rebate that applied to continuing investors for the period between 1 July 2013 and 31 December 2014."]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"*"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"20% unlet"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,0.15]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"*"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"n/a"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"*"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"Nil"]
["Source: UBS Asset Management  "]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index  "]
[null,null,null,"Triton Property Fund LP+",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,2.1918195741030608,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,17.874601743892473,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,20.066421317995534,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,9.1638932669642248,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,0,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,10.270240290082915,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,19.43413355704714,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,32.718125761521762,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,15.588012066299626,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,48.306137827821388,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,12.075882129701151,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,0.11742516743477967,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100,null,100,null,100,100.00001]
["Sources: * UBS Asset Management  ** MSCI/AREF UK Quarterly Property Fund Index"]
["Note: + Including the Fund’s share of properties held jointly or through indirect holdings and cash"]
["*** Reflects capital cash only"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,28,null,null,961.18499999999995,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,28,null,null,961.18499999999995,null,100]
["Source: UBS Asset Management "]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)"," **% of total portfolio "]
["WORTON GRANGE INDUSTRIAL ESTATE",null,null,null,"READING","Industrial ",null,"*","100-110"]
["70 WILSON STREET",null,null,null,"LONDON,EC2","Office ",null,"*","80-90"]
["42 SOUTHWARK BRIDGE ROAD",null,null,null,"LONDON, SE1","Office ",null,"*","80-90"]
["STAKEHILL INDUSTRIAL ESTATE",null,null,null,"MANCHESTER","Industrial Other ",null,"*","70-80"]
["HATFIELD AERODROME BUSINESS PARK",null,null,null,"HATFIELD","Industrial ",null,"*","70-80"]
["THE INTERCHANGE",null,null,null,"SWANLEY","Industrial Other ",null,"*","50-60"]
["GRAND JUNCTION RETAIL PARK",null,null,null,"CREWE","Retail Park",null,"*","50-60"]
["ORIENT HOUSE",null,null,null,"LONDON, SW6","Residential ",null,"*","40-50"]
["ASHTON COMMERCE PARK",null,null,null,"ASHTON-UNDER-LYNE","Industrial ",null,"*","30-40"]
["CHURCH ROAD  INDUSTRIAL ESTATE",null,null,null,"CRAWLEY","Industrial ",null,"*","20-30"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,"*"]
["Note: * Fund cannot disclose this information due to commercial sensitivity                                        Source: UBS Asset Management  / MSCI estimates"]
["Source: UBS Asset Management "]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,2,null,null,3.7999999999999999E-2,null,3.9534532894291942E-3]
["2.5 - 5",null,null,1,null,null,3,null,0.31211473337598905]
["5-10",null,null,0,null,null,0,null,0]
["10-25",null,null,13,null,null,251.47499999999999,null,26.163017525242282]
["25 - 50",null,null,5,null,null,161.67000000000002,null,16.819862981632049]
["50 - 100",null,null,6,null,null,430.8,null,44.819675712792026]
["100-150",null,null,1,null,null,110,null,11.44420689045293]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,28,null,null,956.98299999999995,null,99.562831296784694]
["Average lot size",null,null,null,null,null,34.177964285714282]
["Source: UBS Asset Management"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.6634290989269994E-2,null,"Investments ",null,null,5.7701635891589997E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.6826796044080002E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.3059552324299999E-2]
["Source: UBS Asset Management"]
[]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,1.8617415384910099,null,null,null,null,1.978880350172834]
["Retail warehousing ",null,null,25.963292685041701,null,null,null,null,24.328931584186172]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,6.4042692113813127,null,null,null,null,9.124704151526144]
["Other offices",null,null,10.052966843139522,null,null,null,null,10.569311674152493]
["Industrial",null,null,39.177046182937453,null,null,null,null,39.43275317496974]
["Other ",null,null,16.540683539009006,null,null,null,null,14.565419064992625]
["Overall",null,null,100.00000000000001,null,null,null,null,100]
["Source: UBS Asset Management\n"]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.93881899999999996,0,0,0,0,18.670372031244,18.670372031244,118.67037203124353]
["Retail warehousing ",13.09249,2.3200323238739999,0,5.0219629726659996,-13.093322966066999,7.0111185878320006,-6.0822043782349988,104.61776178557325]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",3.229476,26.557373394321999,0,0,0,85.628504438491007,85.628504438491007,159.07113104416942]
["Other offices",5.0694020000000002,0,3.7479765857979999,12.526132273589999,0,17.380136749857002,17.380136749857002,117.38013674985727]
["Industrial",19.755779499999999,1.812320946384,0,5.5173727769130005,-3.4670879476050001,13.762588461770999,10.295500514165999,112.37444718392409]
["Other ",8.3409580000000005,0,0,8.1054718175060003,-9.7954335701010002,-1.68683261563,-11.482266185731,98.31316738436999]
["Overall",50.426924499999998,3.0131762844270003,0.37678284345899998,6.0653589928930005,-6.377992078418,14.511772634478001,8.1337805560600014,111.64573996575974]
[]
["Source: UBS Asset Management"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
["-",null,null,0,null,0,null,null,0]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,10.235533659534877]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,29.056401583432105]
[" Less than 5 years ",null,null,null,null,null,null,60.708064757033021]
["Source: UBS Asset Management"]
[]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["-",null,0,0,0,0,0,null,0]
["Source: UBS Asset Management"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[30.76,1.653E-2,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0,0]
["Source: UBS Asset Management"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["+ Including schemes to which the fund is contractually committed"]
["Source: UBS Asset Management"]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Monthly, on the last day of the month"]
["Valuers",null,null,null,null,null,"Knight Frank"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: UBS Asset Management"]
[]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"50%*"]
["     for investment purposes",null,null,null,null,null,null,null,"*"]
["     for liquidity purposes",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,"*"]
["Cash holdings (minimum)",null,null,null,null,null,null,"*"]
["Note: * Notwithstanding the Fund's documentation allowing for gearing up to 50% of net asset value, the Manager will in normal circumstances not borrow above 15% of gross asset value."]
["Source: UBS Asset Management"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["SUNGUARD AVAILIBILITY SERVICES",null,null,null,null,null,null,null,9.0895070697132923]
["PCL 24/7 LTD (ARLA FOODS PLC)",null,null,null,null,null,null,null,6.4638721524029235]
["WEWORK UK LEASECO I LTD",null,null,null,null,null,null,null,5.8829617555775462]
["OFFICE DEPOT INTERNATIONAL (UK) LTD",null,null,null,null,null,null,null,4.8107878881165478]
["RANK GROUP GAMING DIVISION LIMITED",null,null,null,null,null,null,null,4.2054001138383166]
["UNIVERSITY OF DURHAM",null,null,null,null,null,null,null,4.1774166253047911]
["DX NETWORKS LTD  ASSIGNMENT",null,null,null,null,null,null,null,2.4328841605617972]
["TS (UK) LTD",null,null,null,null,null,null,null,2.0172343039814713]
["CDS (SUPERSTORES INTERNATIONAL) LIMITED",null,null,null,null,null,null,null,1.8989110914632426]
["DSG RETAIL LTD (CURRYS)",null,null,null,null,null,null,null,1.7020345852861964]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.436340977693764]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,30.452528979648626]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,42.681009746246126]
["Source: UBS Asset Management"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,961.18499999999995,0,0,0,null,null,961.18499999999995]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-30.76,0,0,0,null,null,-30.76]
["Cash",null,15.878,0,0,0,null,null,15.878]
["Other net assets/liabilities",null,-10.054,0,0,0,null,null,-10.054]
["Total net assets",null,936.24900000000002,0,0,0,null,null,936.24900000000002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,1.5482971540338231,"-","-","-",null,null,1.5482971540338231]
["Net debt (cash)/equity ",null,1.5895344080474321,"-","-","-",null,null,1.5895344080474321]
["The \"Properties at valuation\" figure includes GBP 6,806 of head lease payments for leasehold properties within the portfolio, as requested by IFRS accounting standards."]
["Source: UBS Asset Management"]
[]
[]
["Charges"]
[]
["Annual charge\nThe Manager of Triton is entitled to a fund management fee (plus VAT) and property management fee (plus VAT) on a tiered basis as a percentage of the Net Asset Value of Triton together with undistributed income less expenses, as at the end of each month.  0.75% p.a. is charged on the period-end Triton-level NAV of up to GBP 1 billion, decreasing to 0.65% p.a. for any tranche of NAV between GBP 1-1.2 billion, and 0.55% p.a. for any part of NAV above GBP 1.25 billion. The fee is split to reflect the fund management and property management services provided by the Fund’s Manager.\n"]
[]
["Performance fees\nThe Manager is entitled to a performance fee of 0.0625% per quarter of the net asset value of Triton (including net undistributed income) if, for the previous three years, it has outperformed its benchmark, the All Balanced Property Funds Index Weighted Average of the MSCI/AREF UK All Balanced Quarterly Property Fund Index (Net Total Return - unitised adjusted for crossholdings; GBP). A minimum of 0.5% p.a. outperformance is required before the performance fee is triggered.\n"]
[]
["Creation, transfer and realisation of units"]
["Investment in Triton is by way of subscription into one of the feeder funds, UBS Triton Trust and Triton Jersey. Subscriptions of Participations by the feeder funds take place on Buying Days. Please refer to the relevant pages for UBS Triton Trust and Triton Jersey for more information.  \n\nRedemptions of participations in the Partnership (by UBS Triton Trust and Triton Jersey) take place on a quarterly basis on a Selling Day (subject to sufficient cash being available). Where sufficient cash is not available to pay a quarter’s redemption in full, the Manager will meet redemption requests within that quarter on a pro-rata basis.\n\nRedemption notices served during a quarter are treated as having been served on the final business day of that quarter. The first possible date on which a participation may be redeemed is the first Selling Day that occurs at least one whole quarter after the quarter in which the relevant redemption notice was served. A redemption notice may only be withdrawn with the consent of the Fund’s Supervisory Board.\n\nIn the usual course of business, the Manager expects to meet redemption requests within six months from the first possible date the redemption request can be paid (being the Selling Day falling one whole quarter after the quarter end in which a redemption request is deemed to be received). The Manager may defer redemption requests for up to 24 months from the first possible date the redemption request may be redeemed.\n\n"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["UBS Triton Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The UBS Triton Property Unit Trust ('UBS Triton Trust', 'the Trust') is invested in the Triton Property Fund LP ('Triton', 'the Fund') (q.v.) as a limited partner. The Fund’s performance benchmark is the weighted average return to the All Balanced Property Fund component of the MSCI/AREF UK All Balanced Quarterly Property Fund Index (Net Total Return - unitised adjusted for crossholdings; GBP)"]
[]
[]
["INVESTOR CONSTITUENCY"]
["The unit trust is open to investment by approved UK pension funds, and UK charities wholly exempt from capital gains tax or corporation tax (other than by reason of residence)."]
[]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Unauthorised Property  Unit Trust"]
["Residence",null,null,null,null,null,null,"United Kingdom"]
["Launch date",null,null,null,null,null,null,null,"April 1994"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended*"]
["Earliest date of winding up",null,null,null,null,null,null,null,2070]
["Year-end",null,null,null,null,null,null,null,"31 December"]
["*NAV (GBPm) ",null,null,null,null,null,null,null,862.9]
["Note: *includes capital cash and income cash"]
["Source: UBS Asset Management "]
[]
["Management/professional advisors"]
["Manager and AIFM (Triton & UBS Triton Trust)",null,null,null,null,"UBS Asset Management Funds Ltd"]
["Fund Manager",null,null,null,null,"Jonathan Hollick"]
["Trustee & Depository",null,null,null,null,"State Street Trustees Limited"]
["Auditors (Triton)",null,null,null,null,"Ernst & Young LLP"]
["Source: UBS Asset Management "]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"UBS Triton Property Unit Trust",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.4902168162323175,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",7.8009043450694815,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",10.14894386682621,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",4.2322567835886948,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",5.6593217432876042,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",5.9783867034040261,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Note: ** Weighted average returns    + Annualised                                                            "]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,1640.8249419705567,1594.9339,1594.2140999999999,1604.6976189392192,1641.5286720050581,1699.4718]
["Offer (GBp)",null,null,1772.226265275792,1723.3601000000001,1722.7573,1729.5407454363196,1763.4039378753137,1827.3488]
["Mid (GBp)",null,null,1706.5256036231744,1659.1469999999999,1658.4857,1667.1191821877694,1702.4663049401859,1763.4103]
["Bid/offer spread",null,null,7.4144778169613013E-2,7.4520815469732701E-2,7.4614804998939827E-2,7.2182818951516334E-2,6.9113640529293807E-2,6.9979524434525014E-2]
["Net asset value (GBp)",null,null,1658.4432742345168,1612.1674,1611.4514999999999,1621.4518498307498,1657.8710913385096,1716.6134999999999]
["Quarterly distribution (GBp)",null,null,12.463636617452682,14.105040000000001,12.14508,13.390297476219809,14.77166849341058,15.385]
["Yield",null,null,3.0784087787215517E-2,3.2036161995487714E-2,3.1021912160927905E-2,3.2134197570597739E-2,3.2820456460037492E-2,3.2442973313230025E-2]
["Source: UBS Asset Management "]
[]
["Unit pricing"]
["The unit price is calculated once a month, on the 1st business day of the month. As from 30 June 2005, it has been calculated on an XD basis on the last working day of the quarter (previously the first working day of the new quarter)."]
[]
[]
["Distributions"]
["Net income of the Trust is distributed to its unitholders. Distributions are calculated on the last day of March, June, September and December. Payment is made to unitholders on the last working day of the second month following the calculations dates, i.e. 31 May, 31 August, 30 November and 28 February"]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:",null,null,"GBP 50,000"]
["Minimum additional investment: ",null,null,"GBP 50,000 "]
["Minimum redemption:",null,null,"Not applicable"]
[]
["Creation, transfer and realisation of units"]
["Subscriptions for units may be made on the 11th business day of each month (or on such other day as the Manager deems appropriate). Applications must be received not later than 14 days prior to a subscription day.\n\nRedemptions of units in UBS Triton Trust normally take place on a quarterly basis on a Selling Day (subject to sufficient cash being available). Where sufficient cash is not available to pay a quarter’s redemption in full, the Manager will meet redemption requests within that quarter on a pro-rata basis.\n\nThe redemption provisions set out in \"Creation, transfer and realisation\" section of the Triton Property Fund LP pages (within this document) apply to the redemption of UBS Triton Trust units.\n\nRedemption notices served during a quarter are treated as having been served on the final business day of the quarter. The first possible date on which units subject to a redemption notice may be redeemed is the first Selling Day that occurs at least one whole quarter after the quarter in which the relevant redemption notice was served. Once a redemption notice has been served, it may only be withdrawn with the consent of the Supervisory Board.\n\nIn the usual course of business, the Manager expects to meet redemption requests within six months from the first possible date the redemption request can be paid (being the Selling Day falling one whole quarter after the quarter end in which a redemption request is deemed to be received). UBS Triton Trust’s Manager may defer redemption requests for up to 24 months from the first possible date the redemption request may be redeemed.\n"]
[]
[]
[]
["Taxation"]
[]
["Capital Gains Tax"]
["Provided that in any accounting period UBS Triton Trust only comprises Exempt Investors/Eligible Funds (and, in accordance with the applicable terms of the 2013 Regulations; UBS Triton Trust is approved by HMRC as an exempt unauthorised unit trust and satisfies the continuing requirements for such approval), any chargeable gain accruing to UBS Triton Trust should not be chargeable to capital gains tax. The Trust Manager intends to manage the investors in UBS Triton Trust so that no taxable capital gain will arise."]
[]
["Income Tax"]
["The Trust has been designated as an Exempt Unauthorised Unit Trust (“EUUT”) from 1 January 2015 and is therefore exempt from capital gains tax. The trust is subject to income tax at 20% on its taxable income and is entitled to deduct deemed distributions from this amount.\n"]
[]
["Stamp duty reserve tax"]
["The issue of Units in UBS Triton Trust in return for cash subscriptions will not attract stamp duty or SDRT. No stamp duty or SDRT is payable on the redemption of Units or, in line with published HMRC guidance, on a transfer of Units between Participants where the Trust Manager is required or authorised to update the register of Unitholders. Transfers of Units between Participants where the Trust Manager is not required or authorised to update the register of Unitholders will be subject to SDRT at 0.5% of the value of the consideration given in money or money’s worth."]
[]
["Charges"]
[]
["Annual charge"]
["The Manager of Triton is entitled to a fund management fee (plus VAT) and property management fee (plus VAT) on a tiered basis as a percentage of the Net Asset Value of Triton together with undistributed income less expenses, as at the end of each month.  0.75% p.a. is charged on the period-end Triton-level NAV of up to GBP 1 billion, decreasing to 0.65% p.a. for any tranche of NAV between GBP 1-1.25 billion, and 0.55% p.a. for any part of NAV above GBP 1.25 billion. The fee is split to reflect the fund management and property management services provided by the Manager. "]
[]
["Performance fee"]
["The Manager is entitled to a performance fee of 0.0625% per quarter of the net asset value of Triton (including net undistributed income) if, for the previous three years, it has outperformed its benchmark, the All Balanced Property Fund Index Weighted Average of the MSCI/AREF UK All Balanced Quarterly Property Fund Index (Net Total Return - unitised adjusted for crossholdings; GBP). A minimum of 0.5% p.a. outperformance is required before the performance fee is triggered.\nThe annual charge and performance fee are the same as those in respect of the Triton Property Fund LP, and no additional charges are incurred by investors investing in the Fund via the UBS Triton Property Unit Trust.\n"]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,16,null,null,null,8.6490144559999997]
["1% or greater but less than 2%",null,null,null,13,null,null,null,19.378349653000001]
["2% or greater but less than 4%",null,null,null,5,null,null,null,15.686238903]
["4% or greater but less than 8%",null,null,null,4,null,null,null,20.43072647000001]
["Greater than 8.0%",null,null,null,2,null,null,null,35.855670515]
["Total",null,null,null,40,null,null,null,99.999999997000018]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,26.825140269999999]
["Three largest holders",null,null,null,3,null,null,null,41.627271878999998]
["Five largest holders",null,null,null,5,null,null,null,52.080493902000001]
["Ten largest holders",null,null,null,10,null,null,null,69.209278756000003]
["Internal/external investors"]
["Internal",null,null,null,6,null,null,null,41.425051376000006]
["External",null,null,null,34,null,null,null,58.574948621000011]
["Source: UBS Asset Management "]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,392587,423860,443216.13600000023,493877.58600000024,489372.30000000016,490622.56200000015]
["Units issued during period",null,null,31273,34220,50661.450000000012,3623.7329999999624,14471.261999999999,36853.538]
["Units redeemed during period",null,null,"-",-14864,"-",-8129.0190000000002,-13221,-35839.760999999999]
["Units in issue at end of period",null,null,423860,443216,493877.58600000024,489372.30000000016,490622.56200000015,491636.33900000009]
["Unit transfers"]
["Matched bargains",null,null,4322,4654,"-",559,2700,0]
["Matched bargains %*",null,null,0.01,1.0500523446806975E-2,0,1.14227961002288E-3,5.5032120597829316E-3,0]
["* as % of units in issue at the end of the period   "]
["Source: UBS Asset Management "]

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["Update for period:","2021-06-30"]
[]
["Unite UK Student Accomodation Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Funds investment policy is to combine attractive current income with long term capital growth by acquiring and managing a diversified portfolio of institutional quality direct let students accommodation properties within the UK. We provide a home for over 29,000 students in 76 purpose built properties across 20 of the UK's strongest university town and cities. Its portfolio consists of 76 properties with a current market value of £2.8bn. \nThe investment objective is to generate a target return of 7.0% - 8.0% pa."]
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["INVESTOR CONSTITUENCY"]
["The Fund is open to UK and overseas tax-exempt and tax-paying expert investors."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,null,"Property Unit Trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"2006-12-15"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended*"]
["Earliest date of winding up",null,null,null,null,null,null,null,"Not applicable**"]
["Year-end",null,null,null,null,null,null,null,"2017-12-31"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1889.4733647896057]
["Source: UNITE Integrated Solutions plc"]
[]
[]
["Management/professional advisors"]
["Trust Manager",null,null,null,null,"USAF Jersey Manager Limited*"]
["Property advisor",null,null,null,null,"UNITE Integrated Solutions plc*"]
["Fund Manager",null,null,null,null,"James Watts"]
["Operator",null,null,null,null,"Mazars Corporate Finance Limited"]
["Administrator",null,null,null,null,"Sanne Fund Administration Limited"]
["Auditors",null,null,null,null,"Deloitte"]
["Source: UNITE Integrated Solutions plc"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Unite UK Student Accomodation Fund",null,null,"Other balanced funds",null,"All balanced funds",null,"All funds"]
["3 months",4.4000000000000004,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",4.9000000000000004,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",3.5,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",3.7,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",6,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",10.7,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,"The value of non-income producing assets should not exceeds 10% of the Fund’s total portfolio value"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"Nil"]
["Maximum lot-size holding as a standing investment",null,null,"All properties acquired must be at least 85% let"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,"None specified"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,"None specified"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,"None specified"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,"None specified"]
["Source: UNITE Integrated Solutions plc"]
[]
[]
["Portfolio distribution %"]
[null,null,null,"Unite UK Student Accomodation Fund",null,"Retail",null,null,"Total"]
["North West",null,null,9.9279468465418361,null,4.0117108517046467E-2,null,null,9.9680639550588825]
["Yorkshire & Humberside",null,null,13.33271351335496,null,5.3258919927803072E-2,null,null,13.385972433282763]
["South West",null,null,8.9250191336156739,null,8.9917657020966227E-2,null,null,9.0149367906366393]
["Scotland",null,null,9.7190612125392821,null,0,null,null,9.7190612125392821]
["East Midlands",null,null,8.736192053871644,null,5.1875571358249743E-3,null,null,8.7413796110074689]
["Rest of London*",null,null,14.087330158046299,null,3.4583714238833163E-2,null,null,14.121913872285132]
["West Midlands",null,null,7.0491984733013622,null,8.9917657020966209E-3,null,null,7.0581902390034585]
["Midtown",null,null,0,null,0,null,null,0]
["South East",null,null,9.9843183007511342,null,3.043366853017318E-2,null,null,10.014751969281308]
["City",null,null,0,null,0,null,null,0]
["West End",null,null,0,null,0,null,null,0]
["Eastern",null,null,0,null,0,null,null,0]
["North East",null,null,6.2741774372091124,null,2.6975297106289861E-2,null,null,6.3011527343154023]
["Wales",null,null,8.3426293858337246,null,0,null,null,8.3426293858337246]
["Northern Ireland",null,null,0,null,0,null,null,0]
["Other",null,null,0,null,0,null,null,0]
["Cash",null,null,0,null,0,null,null,3.3319477967559297]
["Overall",null,null,96.378586515065024,null,0.28946568817903356,null,null,99.999999999999986]
["Source: UNITE Integrated Solutions plc"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,76,null,null,2795.19,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,76,null,null,2795.19,null,100]
["Source: UNITE Integrated Solutions plc"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["Emily Bowes",null,null,null,"London","Other",null,122.29,4.3750156518877068]
["The Plaza",null,null,null,"Leeds","Other",null,101.53,3.6323112203463808]
["Sidney Webb House",null,null,null,"London","Other",null,87.66,3.136101660352248]
["Blithehale Court",null,null,null,"London","Other",null,85.98,3.0759984115569958]
["Piccadilly Point",null,null,null,"Manchester","Other",null,78.97,2.8252104508101414]
["Greetham Street",null,null,null,"Portsmouth","Other",null,74.94,2.6810342051881983]
["Grand Central",null,null,null,"Liverpool","Other",null,73.010000000000005,2.6119870205603197]
["Sky Plaza",null,null,null,"Leeds","Other",null,71.59,2.5611854650309995]
["New Medlock House",null,null,null,"Manchester","Other",null,61.4,2.1966306404931326]
["St Peters",null,null,null,"Nottingham","Other",null,60.41,2.1612126545959307]
["10 largest investments as % of portfolio",null,null,null,null,null,null,817.78000000000009,29.256687380822054]
["Source: UNITE Integrated Solutions plc"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,1,null,null,2.69,null,9.6236749559063958E-2]
["5-10",null,null,6,null,null,52.04,null,1.8617696829195869]
["10-25",null,null,19,null,null,320.95999999999998,null,11.482582579359542]
["25 - 50",null,null,35,null,null,1327.35,null,47.486932909748532]
["50 - 100",null,null,13,null,null,868.33,null,31.065151206179188]
["100-150",null,null,2,null,null,223.82,null,8.0073268722340867]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,76,null,null,2795.19,null,100]
["Average lot size",null,null,null,null,null,36.778815789473683]
["Source: UNITE Integrated Solutions plc"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.2499999999999998E-2,null,"Investments ",null,null,0.10023]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,"-",null,"Total",null,null,0.10023]
["Net reversionary yield",null,null,"-"]
["Source: UNITE Integrated Solutions plc"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,0.43055914040283622,null,null,null,null,0.455770715575051]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,0,null,null,null,null,0]
["Industrial",null,null,0,null,null,null,null,0]
["Other ",null,null,99.569440859597165,null,null,null,null,99.544229284424958]
["Overall",null,null,100,null,null,null,null,100.00000000000001]
["Source: UNITE Integrated Solutions plc"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Standard retail ",0.59551210799999987,"-","-",0.10509037200000015,"-",11.111111111111104,"-",117.64705882352943]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices","-","-","-","-","-","-","-","-"]
["Industrial","-","-","-","-","-","-","-","-"]
["Other ",137.71582589839599,"-","-",15.301758433155101,"-",17.647058823529441,"-",111.1111111111111]
["Overall",138.311338006396,"-","-",15.407,"-",11.139252231398855,"-",111.13925223139884]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: UNITE Integrated Solutions plc"]
[]
["Listed Investments"]
[null,null,null,"% of Issue held",null,"Valuation (GBPm)",null,null,"Est. % of total portfolio"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,0,null,0,null,null,0]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.8004260378108556]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,0]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,6.0980412011566028]
[" Less than 5 years ",null,null,null,null,null,null,89.101532761032544]
["Source: UNITE Integrated Solutions plc"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source: UNITE Integrated Solutions plc"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[380,3.4500000000000003E-2,1.9205479452054794,null,null,null,0,0,0]
[185,0.04,3.9232876712328766,null,null,null,0,0,0]
[125,2.8199999999999999E-2,3.9232876712328766,null,null,null,0,0,0]
[85,1.9299999999999998E-2,3.9232876712328766,null,null,null,0,0,0]
[0,0,0,null,null,null,150,1.5800000000000002E-2,0]
["Source: UNITE Integrated Solutions plc"]
[]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: UNITE Integrated Solutions plc"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,"Quarterly, on 31 March, 30 June, 30 September and 31 December"]
["Valuers",null,null,null,null,null,"CB  Richard Ellis"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"Yes"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full Member"]
["Source: UNITE Integrated Solutions plc"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,"75% loan to value*"]
["Cash holdings (maximum)",null,null,null,null,null,null,"**"]
["Cash holdings (minimum)",null,null,null,null,null,null,"**"]
["Source: UNITE Integrated Solutions plc"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["-",null,null,null,null,null,null,null,0]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,0]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,0]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,0]
["Source: UNITE Integrated Solutions plc"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,2795.19,0,0,0,null,null,2795.19]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-909.98918777999995,0,0,0,null,null,-909.98918777999995]
["Cash",null,96.344417309999955,0,0,0,null,null,96.344417309999955]
["Other net assets/liabilities",null,-92.071864740394105,0,0,0,null,null,-92.071864740394105]
["Total net assets",null,1889.4733647896057,0,0,0,null,null,1889.4733647896057]
["Gearing (%)"]
["Net debt (cash)/properties ",null,29.108746470544045,"-","-","-",null,null,29.108746470544045]
["Net debt (cash)/equity ",null,43.06198677537855,"-","-","-",null,null,43.06198677537855]
["Source: UNITE Integrated Solutions plc"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Bid (GBp)",null,null,1.3680000000000001,1.359,1.365,1.34,1.377,1.3660000000000001]
["Offer (GBp)",null,null,1.3859999999999999,1.359,1.365,1.34,1.377,1.3660000000000001]
["Mid (GBp)",null,null,1.377,1.359,1.365,1.34,1.377,1.3660000000000001]
["Bid/offer spread",null,null,1.2987012987012839E-2,0,0,0,0,0]
["Net asset value (GBp)",null,null,1.3680000000000001,1.359,1.365,1.34,1.377,1.3660000000000001]
["Quarterly distribution (GBp)",null,null,0.02,0,0,0,0,3.9E-2]
["Yield",null,null,4.4295182713729196E-2,3.1540496312526568E-2,1.7751384662092539E-2,1.4925373134328358E-2,0,2.8550512445095166E-2]
["Source: UNITE Integrated Solutions plc"]
[]
["Net asset value"]
["The Trust’s NAV per unit is re-calculated by the Trust Manager each quarter within five working days of the quarterly revaluation of the property portfolio.\n\nThe Trust’s fixed rate debt and any other financial instruments are marked to market each quarter and included in the re-calculation of its NAV on the basis of their market values. Performance fees are estimated and accrued and therefore also reflect in the quarterly re-calculation of the Trust’s net asset value. \n"]
[]
["Distributions"]
["The Fund distributes its income on a quarterly basis within 20 business days of quarter end.\nDistributions of income are made gross of income tax to UK residents and to overseas residents qualifying under the Non-Resident Landlord’s Scheme."]
[]
[]
["Minimum investment/disinvestment"]
["Minimum initial investment:             No minimum\nMinimum additional investment:    No minimum\nMinimum holding:                              No minimum\n\n* Including amounts due in respect of a subscription agreement. \n"]
[]
[]
["Redemption of units"]
["Unitholders may request the Fund to redeem all or part of their holdings on a semi-annual basis. Notice must be given at least 90 days prior to a calendar half-year end, and redemption requests will be effective on the first calendar half year-end following the expiry of the notice period (the ‘Redemption Effective Date’). If the Fund has insufficient liquidity to satisfy redemption requests in full, these will be met on a pro-rata basis, as and when liquid assets become available.\n\nDuring the 180-days following the Redemption Effective Day (the ‘Primary Redemption Period’) the Trust Manager will determine which liquid assets can be made available. The Trust will not be obliged to sell properties during the Primary Redemption Period.\n\nOn expiry of the Primary Redemption Period, the Trust Manager will be obliged to use its reasonable endeavours to satisfy redemptions by increasing borrowings, raising additional capital or by selling properties. The Trust Manager will not be obliged to sell properties representing more than 10% of the Trust’s gross asset value within any four consecutive quarterly periods, or to sell any property within four years of its acquisition by the Trust. \n\nUnits will be redeemed at a price equal to 98% of the Trust’s NAV/unit as at the latest quarter-end prior to redemption."]
[]
[]
[]
["Termination"]
["It is intended tha the Fund will have an infinite life. A vote to terminate would require a 80% majority."]
[]
["Taxation"]
["Capital Gains Tax"]
["Since it is registered in Jersey, the fund is not subject to UK capital gains tax. Those investors who are subject to tax may be liable to capital gains tax on the redemption or sale of their units in the fund."]
[]
["Income Tax"]
["Distributions of income are made gross of income tax to UK residents and to overseas residents qualifying under the Non-Resident Landlord’s Scheme."]
[]
["Stamp duty reserve tax"]
["The fund’s registration in Jersey means that the issue and transfer of units do not attract SDRT."]
[]
["Charges"]
["Annual fees"]
["The Trust Manager, Trustee, Administrator and Operator are entitled to annual fees for their services. \n\nThe Property Manager is entitled to:\n1) an asset managemnt fee equivlent to 0.44bps NAV and 5.6% of NOI per annum.\n2) A cash mananagement fee equivelent to 0.10% pa of the Trusts average daily balances "]
[]
["Performance fees"]
["Unite is entitled to a performance fee equivalent to 25% of the investment performance of the Trust in excess of a Priority Return to unit holders of 9% pa. The performance related participation is payable annually based on NAV and distributions for the preceding 12 months (adjusted for any cumulative underperformance) in the form of units in the Trust (at a price based on NAV at the most recent valuation date prior to issue)."]
[]
["Acquisition Fees "]
["The Property Manager is entitled to receive an acquisition fee equal to 1.0% of the gross acquisition cost of any property acquired other than from Unite. (Amounts payable will be net of any third party introductory or agency fees)."]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,60,null,null,null,29.071955301571723]
["1% or greater but less than 2%",null,null,null,13,null,null,null,18.115431650572511]
["2% or greater but less than 4%",null,null,null,4,null,null,null,10.117483619168267]
["4% or greater but less than 8%",null,null,null,2,null,null,null,12.291383152986077]
["Greater than 8.0%",null,null,null,2,null,null,null,30.403746275717538]
["Total",null,null,null,81,null,null,null,100.00000000001612]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,22.037332601939273]
["Three largest holders",null,null,null,3,null,null,null,37.264961085731791]
["Five largest holders",null,null,null,5,null,null,null,46.141273253478566]
["Ten largest holders",null,null,null,10,null,null,null,56.243367802110676]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,22]
["External",null,null,null,80,null,null,null,78]
["Source: UNITE Integrated Solutions plc"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to Dec 2017","Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1159879660,1183481191,1190608121,1194109155,1369874805,1369874805]
["Units issued during period",null,null,23601531,7126930,3501034,175765650,0,0]
["Units redeemed during period",null,null,"   -   ","   -   ",0,0,0,0]
["Units in issue at end of period",null,null,1183481191,1190608121,1194109155,1369874805,1369874805,1369874805]
["Unit transfers"]
["Matched bargains",null,null,112661422,49010358,109649246,124204052,39909704,32240014]
["Matched bargains %*",null,null,9.5194940871688088E-2,4.1164138842624272E-2,9.1825144745666068E-2,9.0668177520061774E-2,2.9133833146161119E-2,2.3535007638891495E-2]
["* as % of units in issue at the end of the period   "]
["Source: UNITE Integrated Solutions plc"]
["Note"]
["Unite Students is the UK's largest owner, manager and developer of purpose-built student accommodation, serving the country's world-leading Higher Education sector. We provide homes to 76,000 students across 180 properties in 27 leading University towns and cities. We currently partner with over 60 Universities across the UK.\n\nOur people are driven by a common purpose: to provide a 'Home for Success' for the students who live with us. Unite's accommodation is safe and secure, high quality and affordable. Students live predominantly in ensuite study bedrooms, with rents covering all bills, insurance, 24-hour security and high-speed Wi-Fi. We also hold a five-star British Safety Council audit rating.\n\nFounded in 1991 in Bristol, Unite Group is an award-winning Real Estate Investment Trust (REIT), listed on the London Stock Exchange and a member of the FTSE 250 Index. Unite is invested in and operates two specialist funds and joint ventures with institutional investment partners: the £3 billion Unite UK Student Accommodation Fund (USAF) and the £1 billion London Student Accommodation Vehicle (LSAV).\n\nFor more information, visit:\nUnite's corporate website www.unite-group.co.uk\nThe student site www.unitestudents.com\n"]

{"sheet":"Profile_59","index":66,"n_rows":285,"n_cols":9,"rows_kept":285,"cut":false,"hidden":false,"merged":[[276,0,276,1],[287,0,287,8],[231,0,231,8],[234,0,234,8],[238,0,238,8],[241,0,241,8],[249,0,249,8],[252,0,252,8],[228,0,228,8],[158,0,158,2],[158,6,158,7],[166,2,166,6],[175,5,175,8],[176,6,176,8],[177,6,177,8],[178,6,178,8],[179,6,179,8],[183,5,183,8],[184,7,184,8],[185,7,185,8],[152,7,152,8],[101,5,101,6],[102,5,102,6],[103,5,103,6],[104,5,104,6],[147,7,147,8],[148,7,148,8],[149,7,149,8],[150,7,150,8],[151,7,151,8],[122,0,122,3],[122,5,122,8],[94,5,94,6],[95,5,95,6],[96,5,96,6],[97,5,97,6],[98,5,98,6],[99,5,99,6],[100,5,100,6],[63,5,63,8],[33,0,33,1],[33,5,33,8],[34,5,34,8],[38,4,38,8],[39,1,39,2],[40,1,40,2],[41,1,41,2],[42,1,42,2],[43,1,43,2],[44,1,44,2],[45,1,45,2],[30,0,30,1],[30,5,30,8],[31,0,31,1],[31,5,31,8],[32,0,32,1],[32,4,32,8],[29,5,29,8],[11,0,12,8],[17,0,17,1],[18,0,18,1],[18,6,18,8],[19,0,19,1],[20,0,20,1],[21,0,21,1],[22,0,22,1],[23,0,23,1],[23,7,23,8],[24,0,24,1]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2021-06-30"]
[]
["West End Of London Property Unit Trust"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["WELPUT (‘the Trust’) is a closed-ended Jersey property unit trust, specialising in office property in Central London, and focusing on large, multi-let buildings. It invests strategically within the West End and wider central London sub-markets, pursuing a policy of active management, including refurbishment and development, and uses gearing to enhance unitholder returns and diversify portfolio exposure.\nWELPUT’s performance objective is an IRR of 8%\n"]
[]
[]
["INVESTOR CONSTITUENCY"]
["Pension funds, charities, insurance companies, other corporate and institutional investors are eligible to invest."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Unauthorised property unit trust"]
["Residence",null,null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,null,"12 July 2001"]
["Open/closed-ended",null,null,null,null,null,null,null,"Closed ended"]
["Earliest date of winding up",null,null,null,null,null,null,null,"Initial 8 year term from 17 January 2020. Rolling options for 5 year extension. Vote to extend in 6th year"]
["Year-end",null,null,null,null,null,null,"30 September"]
["NAV (GBPm) ",null,null,null,null,null,null,null,617.530034]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"BentallGreenOak Real Estate Advisors (Jersey) Limited"]
["Property & Investment Advisor",null,null,null,null," BentallGreenOak"]
["Portfolio manager",null,null,null,null,"Ker Gilchrist"]
["Trustees",null,null,null,"BNP Paribas Securities Services Trust Company (Jersey) Limited"]
[null,null,null,null,null,"BNP Paribas Securities Services Trust Company Limited"]
["Auditors",null,null,null,null,"Ernst & Young"]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"West End Of London Property Unit Trust",null,null,"Other Balanced Funds",null,"All balanced funds",null,"All funds"]
["3 months",4.6862700000000004,null,null,3.7971400000000002,null,3.7777400000000001,null,3.7427600000000001]
["Year-to-date",3.38625,null,null,6.0600300000000002,null,6.0474500000000004,null,5.5983999999999998]
["12 months",0.38976,null,null,8.4869500000000002,null,8.4660399999999996,null,6.8983400000000001]
["3 years+",0.22781000000000001,null,null,3.2545199999999999,null,2.9910399999999999,null,1.81053]
["5 years+",-0.35419,null,null,5.0991600000000004,null,4.89466,null,3.8698299999999999]
["10 years+",8.6440999999999999,null,null,6.9726999999999997,null,6.6564699999999997,null,6.0942800000000004]
["Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
[]
[]
["Property investment restrictions"]
["Maximum development exposure",null,null,null,null,null,null,null,"-"]
["Maximum speculative development exposure",null,null,null,null,null,null,null,"25% of ATV1"]
["Maximum lot-size holding as a standing investment",null,null,null,null,null,null,null,"-"]
["Maximum lot-size holding permitted at purchase",null,null,null,null,null,null,null,"20% of ATV2"]
["Maximum exposure to limited partnerships",null,null,null,null,null,null,null,"-"]
["Maximum exposure to joint ventures",null,null,null,null,null,null,null,"-"]
["Maximum exposure to closed and open-ended property unit trusts",null,null,null,null,null,null,null,"-"]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"West End Of London Property Unit Trust",null,"Other balanced funds",null,"All balanced funds","All funds"]
["Standard retail – South East",null,null,0,null,5.7018899999999997,null,4.9607400000000004,4.6310099999999998]
["Standard retail – Rest of UK",null,null,0,null,2.0150800000000002,null,2.3202600000000002,3.23583]
["Shopping centres",null,null,0,null,0.64107999999999998,null,1.10171,3.3957199999999998]
["Retail warehouses",null,null,0,null,10.833019999999999,null,10.377560000000001,8.7472399999999997]
["All UK retail",null,null,0,null,19.19107,null,18.760270000000002,20.009799999999998]
["City offices",null,null,7.7006317004791542,null,3.9107400000000001,null,3.6001699999999999,3.1974499999999999]
["West End offices",null,null,76.32787608160487,null,7.6611200000000004,null,8.4662600000000001,7.5096499999999997]
["Rest of South East offices",null,null,3.555815771042782,null,10.358140000000001,null,9.7359200000000001,6.9978800000000003]
["Rest of UK offices",null,null,0,null,5.7482899999999999,null,5.4456199999999999,5.0392999999999999]
["All UK offices",null,null,87.584323553126808,null,27.678290000000001,null,27.247970000000002,22.74428]
["South East  industrial",null,null,0,null,22.82009,null,23.83549,19.545539999999999]
["Rest of UK  industrial",null,null,0,null,12.525169999999999,null,12.554639999999999,10.317690000000001]
["All UK  industrial",null,null,0,null,35.345259999999996,null,36.390129999999999,29.863230000000001]
["Other UK properties",null,null,0,null,11.014340000000001,null,10.61041,21.910550000000001]
["Cash***",null,null,12.415676446873217,null,6.7710400000000002,null,6.9912200000000002,5.4721500000000001]
["Overall",null,null,100.00000000000003,null,100,null,100,100.00001]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,8,null,null,802.98000100000002,null,100]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,8,null,null,802.98000100000002,null,100]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["SOUTHSIDE,105,VICTORIA STREET,LONDON,SW1",null,null,null,"LONDON","Office ",null,"200-250m","-"]
["WARNER HOUSE, 98 THEOBALD'S ROAD",null,null,null,"LONDON","Office ",null,"150-200m","-"]
["NEW CAVENDISH PROPERTY UNIT TRUST",null,null,null,"LONDON","Office ",null,"100-150m","-"]
["20 ST JAMES'S STREET",null,null,null,"LONDON","Office ",null,"100-150m","-"]
["143-157 FARRINGDON ROAD, LONDON, EC1",null,null,null,"LONDON","Office ",null,"25-50m","-"]
["BISHOPSGATE UNIT TRUST",null,null,null,"LONDON","Office ",null,"25-50m","-"]
["REGENT'S WHARF PROPERTY UNIT TRUST",null,null,null,"LONDON","Office ",null,"25-50m","-"]
["BURY HOUSE",null,null,null,"LONDON","Office ",null,"25-50m","-"]
["-",null,null,null,"-","-",null,"-","-"]
["-",null,null,null,"-","-",null,"-","-"]
["10 largest investments as % of portfolio"]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Direct portfolio structure by lot-size bands"]
["Value band (GBPm)",null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["0 -2.5",null,null,0,null,null,0,null,0]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,0,null,null,0,null,0]
["10-25",null,null,0,null,null,0,null,0]
["25 - 50",null,null,4,null,null,152.43,null,18.983038159128448]
["50 - 100",null,null,0,null,null,0,null,0]
["100-150",null,null,2,null,null,224,null,27.896087040902529]
["Over 150",null,null,2,null,null,426.55,null,53.120874675432916]
["Total",null,null,8,null,null,802.98,null,99.999999875463899]
["Average lot size",null,null,null,null,null,100.3725]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,2.3199999999999998E-2,null,"Investments ",null,null,8.5000000000000006E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,6.0999999999999985E-2]
["True equivalent yield",null,null,4.2099999999999999E-2,null,"Total",null,null,0.14599999999999999]
["Net reversionary yield",null,null,4.7400000000000005E-2]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Central London offices",null,null,"-",null,null,null,null,"-"]
["Other offices",null,null,"-",null,null,null,null,"-"]
["Overall",null,null,0,null,null,null,null,0]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
[]
["Over Renting and Reversionary Potential, % Rent Passing"]
["Sector","Rent Passing, GBP Millions","Rent Free , % Rent Passing","Development vacancy,  % Rent Passing","Investment vacancy, % Rent Passing","Over rented,% Rent Passing","Reversionary potential,% Rent Passing","Reversionary potential Net of Over renting,% Rent Passing","Market Value,% Rent Passing"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices","-","-","-","-","-","-","-","-"]
["Overall","-","-","-","-","-","-","-","-"]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
[]
["The unexpired term of leases"]
["Years",null,null,null,null,null,null,"% of rent passing"]
[" 20 years or greater ",null,null,null,null,null,null,0]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,28.4]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,11.4]
[" Less than 5 years ",null,null,null,null,null,null,60.2]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Debt analysis"]
["Fixed rate borrowings",null,null,null,null,null,"Variable rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above LIBOR (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,0,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Development exposure*"]
[null,null,"Capital value of developments"]
[null,null,"Not yet started",null,"In progress+",null,"All developments",null,"Cost to complete\nschemes in progress+"]
["GBPm",null,0,null,0,null,0,null,0]
["% of all directly held properties*",null,0,null,0,null,0,null,0]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,"Quarterly, on last Business Day of each quarter"]
["Valuers",null,null,null,null,null,"CBRE Limited"]
["Portfolio performance monitored by MSCI",null,null,null,null,null,"No"]
["Constituent of MSCI/AREF UK Quarterly Property Fund Index",null,null,null,null,null,"Yes"]
["Member of the Association of Real Estate Funds",null,null,null,null,null,"Full member"]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,"37.5% of Aggregate Trust Value"]
["Cash holdings (maximum)",null,null,null,null,null,null,"-"]
["Cash holdings (minimum)",null,null,null,null,null,null,"-"]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Warner Bros. Entertainment UK Ltd",null,null,null,null,null,null,null,26.6]
["Daniel J Edelman Ltd",null,null,null,null,null,null,null,11.7]
["ExodusPoint Capital Management",null,null,null,null,null,null,null,7.1]
["Landmark Space Ltd",null,null,null,null,null,null,null,5.3]
["Knotel",null,null,null,null,null,null,null,4.7]
["G4S Regional Management (UK & I) Ltd",null,null,null,null,null,null,null,3.6]
["Labour Party Properties Ltd",null,null,null,null,null,null,null,3.1]
["The Assoc. of the British Pharmaceutical Industry",null,null,null,null,null,null,null,2.5]
["Camelot",null,null,null,null,null,null,null,2.4]
["Sona AM",null,null,null,null,null,null,null,2.4]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,45.4]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,55.4]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,69.400000000000006]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,802.98000100000002,0,0,0,null,null,802.98000100000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-307.15987000000001,0,0,0,null,null,-307.15987000000001]
["Cash",null,113.82790300000001,0,0,0,null,null,113.82790300000001]
["Other net assets/liabilities",null,7.8819999999999997,0,0,0,null,null,7.8819999999999997]
["Total net assets",null,617.530034,0,0,0,null,null,617.530034]
["Gearing (%)"]
["Net debt (cash)/properties ",null,24.076809728664713,"-","-","-",null,null,24.076809728664713]
["Net debt (cash)/equity ",null,31.307297840674746,"-","-","-",null,null,31.307297840674746]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2020-03-31","2020-06-30","2020-09-30","2020-12-31","2021-03-31","2021-06-30"]
["Net asset value (GBp)",null,null,822.82759999999996,812.87546450592038,792.1858870302791,785.33509721148698,772.61836837171461,805.21214817128714]
["Quarterly distribution (GBp)",null,null,"-",2.0499999999999998,2.1112690387000002,1.8824173469000001,3.0081927837000002,3.3940000000000001]
["Yield",null,null,"-",1.7115413870261637E-2,1.7437569749424234E-2,1.3821394037705863E-2,1.1713906453290237E-2,1.2909020341542154E-2]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["NAV calculation"]
["NAV is calculated quarterly on the last Business Day of the quarter"]
[]
["Distributions"]
["Distributions of income are made quarterly, payable 15 Business Days after the last Business Day of the quarter\n"]
[]
["Unitholder information:"]
["Minimum investment: GBP 100,000\nUnits are transferable on the secondary market"]
[]
["Taxation"]
["Capital Gains Tax"]
["Please refer to Prospectus"]
[]
["Income Tax"]
["Please refer to Prospectus"]
[]
["Stamp Duty Land Tax"]
["Please refer to Prospectus"]
[]
[]
["Charges"]
["Annual charge"]
["The Manager receives an Annual Management Charge equivalent to 0.5% of the Net Asset Value. This is subject to a minimum fee in 2021 of £4.0m"]
[]
["Performance fee"]
["The Manager is entitled to receive a performance-related fee. Please refer to the Prospectus for details."]
[]
[]
["Unit holder analysis"]
[null,null,null,null,"Number of unitholders",null,null,null,"Total % held"]
["Less than 1% of units in issue",null,null,null,5,null,null,null,1.8]
["1% or greater but less than 2%",null,null,null,0,null,null,null,0]
["2% or greater but less than 4%",null,null,null,1,null,null,null,3.1]
["4% or greater but less than 8%",null,null,null,0,null,null,null,0]
["Greater than 8.0%",null,null,null,3,null,null,null,95.1]
["Total",null,null,null,9,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,0]
["Three largest holders",null,null,null,3,null,null,null,0]
["Five largest holders",null,null,null,5,null,null,null,0]
["Ten largest holders",null,null,null,10,null,null,null,0]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,0.6]
["External",null,null,null,8,null,null,null,99.4]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2016","Year to\nDec 2017","Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1307535,1199632,1098033.1048000001,988307.00660000008,891406.44360000012,891406.44360000012]
["Units issued during period",null,null,"                      -   ",0,0,0,0,0]
["Units redeemed during period",null,null,-107903,-101598.8952,-109726.09819999999,-96900.562999999995,0,-124490.7403]
["Units in issue at end of period",null,null,1199632,1098033.1048000001,988307.00660000008,891406.44360000012,891406.44360000012,766915.70330000017]
["Unit transfers"]
["Matched bargains",null,null,210962,112994.20359999999,4561,0,0,0]
["Matched bargains %*",null,null,0.17599999999999999,0.10290600812129538,4.6149627287282655E-3,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: BentallGreenOak Real Estate Advisors (Jersey) Limited"]

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[]
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[]
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[]
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[]
[null,null,null,"Risk-adjusted performance rankings"]
[]
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[]
["RISK-ADJUSTED PERFORMANCE RANKINGS"]
[]
["PERFORMANCE RANKINGS BY RISK-ADJUSTED QUARTERLY RETURNS"]
[]
["Sharpe ratio"]
[null,"15 Years",null,null,"10 Years"]
["Common Investment Funds",null,null,"Common Investment Funds"]
["The Charities Property Fund",0.28743198018158145,null,"Mayfair Capital Property Income Trust for Charities",1.1742953554950473]
["COIF Charities Property Fund",0.24645985318689059,null,"The Charities Property Fund",1.1479201816049822]
["Mayfair Capital Property Income Trust for Charities",0.17946033304743222,null,"COIF Charities Property Fund",0.94255778993020012]
["Industrial",null,null,"Industrial"]
["Industrial Property Investment Fund",0.44710520985163227,null,"Industrial Property Investment Fund",1.4370926366862231]
["Airport Industrial Property Unit Trust",0.15448417789062333,null,"Airport Industrial Property Unit Trust",1.0292546472951765]
["Leisure",null,null,"Leisure"]
["The Leisure Fund Limited Partnership",7.3757666689582099E-2,null,"The Leisure Fund Limited Partnership",0.16857659204256339]
["Long Income Property Funds",null,null,"Long Income Property Funds"]
["Standard Life Investments Long Lease Property Fund",0.51616955698057121,null,"Standard Life Investments Long Lease Property Fund",2.4736838277157061]
["Managed Property Funds",null,null,"M&G Secure Property Income Fund",1.7991707044106962]
["Threadneedle Pensions Ltd",0.25623475982958754,null,"LPI (Limited Price Inflation) Income Property Fund",1.6315358191541669]
["Legal And General Managed Fund",0.20936582087023159,null,"PGIM Real Estate UK Ground Lease Fund",0.73282683694312067]
["Aviva Investors Pensions Limited",0.17443453621478563,null,"Managed Property Funds"]
["Standard Life Investments Pooled Pension Property Fund",0.15500265997245835,null,"Kames Capital Active Value Property Fund",0.97019334341867181]
["Aegon UK Property Fund Limited",3.2437542010351731E-3,null,"Threadneedle Pensions Ltd",0.85783931305971273]
["Offices",null,null,"Legal And General Managed Fund",0.80626288492542997]
["Nuveen Real Estate Central London Office Fund",0.30837387671813343,null,"Aviva Investors Pensions Limited",0.67688896864722448]
["West End of London Property Unit Trust",0.23527637999584292,null,"Standard Life Investments Pooled Pension Property Fund",0.66655765719763194]
["Other balanced funds",null,null,"Aegon UK Property Fund Limited",0.44169652550738558]
["Federated Hermes Property Unit Trust",0.30851370155827629,null,"Offices"]
["Threadneedle Property Unit Trust",0.2662742997222674,null,"Nuveen Real Estate Central London Office Fund",0.73239364252762895]
["Lothbury Property Trust",0.24185599362732524,null,"West End of London Property Unit Trust",0.68432248877601698]
["Royal London Property Fund",0.23539171547442053,null,"Other balanced funds"]
["Nuveen Real Estate UK Property Fund",0.22760544715731154,null,"Nuveen Real Estate UK Property Fund",1.2157471245144316]
["The Local Authorities’ Property Fund",0.19869518953609816,null,"Federated Hermes Property Unit Trust",1.1915481675738777]
["M&G UK Property Limited Partnership",0.17110791170258954,null,"Schroder UK Real Estate",1.161862383164056]
["BlackRock UK Property Fund",0.17048432733732066,null,"Mayfair Capital Property Unit Trust",1.1021149939601669]
["Schroder UK Real Estate",0.16458343742999967,null,"The Local Authorities’ Property Fund",1.0795135786021948]
["PATRIZIA Hanover Property Unit Trust",0.12832020060241409,null,"Lothbury Property Trust",0.97001346414251288]
["CBRE UK Property PAIF",0.1081816287736435,null,"BlackRock UK Property Fund",0.95658393587009993]
["Triton Property Fund LP",8.3269276826271887E-2,null,"Threadneedle Property Unit Trust",0.93896954035416036]
["Retail warehouses",null,null,"CBRE UK Property PAIF",0.91880485139926105]
["Aberdeen Standard UK Retail Park Trust",-0.11656074144460039,null,"M&G UK Property Limited Partnership",0.76770712749740511]
["Nuveen Real Estate UK Retail Warehouse Fund",-0.16978717033274848,null,"PATRIZIA Hanover Property Unit Trust",0.75539339991147059]
["Hercules Unit Trust",-0.32556783717777982,null,"Fidelity UK Real Estate Fund",0.7359829351595909]
["Shopping centres",null,null,"Royal London Property Fund",0.72039119931108009]
["Aberdeen Standard UK Shopping Centre Trust",-0.15941987077468633,null,"Triton Property Fund LP",0.5814796815918376]
["Nuveen Real Estate UK Shopping Centre Fund",-0.31701353744045258,null,"Residential"]
[null,null,null,"UNITE UK Student Accommodation Fund",1.2760539872609922]
[null,null,null,"Retail warehouses"]
[null,null,null,"Aberdeen Standard UK Retail Park Trust",-0.13976101781955635]
[null,null,null,"Nuveen Real Estate UK Retail Warehouse Fund",-0.21027291325393041]
[null,null,null,"Hercules Unit Trust",-0.35215458634141322]
[null,null,null,"Shopping centres"]
[null,null,null,"Grosvenor Liverpool Fund",-0.10924687198157898]
[null,null,null,"Aberdeen Standard UK Shopping Centre Trust",-0.16407255830746281]
[null,null,null,"Nuveen Real Estate UK Shopping Centre Fund",-0.41164677753984191]
["Source: MSCI"]
[]
["Sharpe ratio"]
[null,"7 Years",null,null,"5 Years"]
["Common Investment Funds",null,null,"Authorised Property Unit Trusts"]
["Mayfair Capital Property Income Trust for Charities",1.1235082232502644,null,"Kames Capital UK Active Value Property Unit Trust",0.55117054612139882]
["The Charities Property Fund",1.0905550400539226,null,"Common Investment Funds"]
["COIF Charities Property Fund",0.94809872112085258,null,"The Charities Property Fund",0.98078830972278452]
["Industrial",null,null,"COIF Charities Property Fund",0.90597110179397555]
["Industrial Property Investment Fund",1.7269362315788575,null,"Mayfair Capital Property Income Trust for Charities",0.85756197961748837]
["Airport Industrial Property Unit Trust",0.98546420600433293,null,"Industrial"]
["Leisure",null,null,"Industrial Property Investment Fund",1.5731234533219687]
["The Leisure Fund Limited Partnership",7.3122684712823823E-3,null,"Airport Industrial Property Unit Trust",0.84359845540197365]
["Long Income Property Funds",null,null,"Leisure"]
["Standard Life Investments Long Lease Property Fund",2.3473496152524653,null,"The Leisure Fund Limited Partnership",-0.18405321459969748]
["M&G Secure Property Income Fund",1.6536815001630991,null,"Long Income Property Funds"]
["LPI (Limited Price Inflation) Income Property Fund",1.4599059785191402,null,"Standard Life Investments Long Lease Property Fund",2.308965850099618]
["PGIM Real Estate UK Ground Lease Fund",0.65195343663051653,null,"M&G Secure Property Income Fund",1.3896702440557196]
["Managed Property Funds",null,null,"LPI (Limited Price Inflation) Income Property Fund",1.2028620583351668]
["Kames Capital Active Value Property Fund",0.83092797312429145,null,"AEW UK Real Return Fund",1.1214610893628498]
["Threadneedle Pensions Ltd",0.79095640675708034,null,"PGIM Real Estate UK Ground Lease Fund",0.55539278557502725]
["Aviva Investors Pensions Limited",0.67062050860675437,null,"Managed Property Funds"]
["Legal And General Managed Fund",0.66963563803274362,null,"Kames Capital Active Value Property Fund",0.92435918728173705]
["Standard Life Investments Pooled Pension Property Fund",0.581186345692423,null,"Legal And General Managed Fund",0.66728079536134144]
["Aegon UK Property Fund Limited",0.3102022024085449,null,"Standard Life Investments Pooled Pension Property Fund",0.54428874790192017]
["Offices",null,null,"Threadneedle Pensions Ltd",0.48950950564976159]
["Nuveen Real Estate Central London Office Fund",0.63330607043913545,null,"Aviva Investors Pensions Limited",0.43213505849767864]
["West End of London Property Unit Trust",0.41022908048201384,null,"Aegon UK Property Fund Limited",0.18492084273806669]
["Other balanced funds",null,null,"Offices"]
["Nuveen Real Estate UK Property Fund",1.1618069791348913,null,"Nuveen Real Estate Central London Office Fund",0.44083630149988007]
["Schroder UK Real Estate",1.1398121021821468,null,"West End of London Property Unit Trust",-5.9989714112343925E-2]
["Federated Hermes Property Unit Trust",1.120684095428099,null,"Other balanced funds"]
["Mayfair Capital Property Unit Trust",1.0857016698477246,null,"Nuveen Real Estate UK Property Fund",0.98673546340012541]
["Triton Property Fund LP",1.0698733073635935,null,"The Local Authorities’ Property Fund",0.9504875899931905]
["The Local Authorities’ Property Fund",1.0010351175076648,null,"Schroder UK Real Estate",0.90566985735546834]
["AEW UK Core Property Fund",0.91792215850591408,null,"Federated Hermes Property Unit Trust",0.90523633101096579]
["BlackRock UK Property Fund",0.9105448076118996,null,"Mayfair Capital Property Unit Trust",0.83704734352731669]
["PATRIZIA Hanover Property Unit Trust",0.90700028216512241,null,"Triton Property Fund LP",0.82351200548198278]
["Threadneedle Property Unit Trust",0.90416552823490148,null,"AEW UK Core Property Fund",0.67431072962104155]
["CBRE UK Property PAIF",0.86676575277772927,null,"PATRIZIA Hanover Property Unit Trust",0.66566256275703028]
["Fidelity UK Real Estate Fund",0.86002651086723025,null,"Fidelity UK Real Estate Fund",0.64453571346335037]
["Lothbury Property Trust",0.82722619277757103,null,"BlackRock UK Property Fund",0.63140252954195786]
["M&G UK Property Limited Partnership",0.68410867960773769,null,"Threadneedle Property Unit Trust",0.62291279421879109]
["Royal London Property Fund",0.63840750086706588,null,"CBRE UK Property PAIF",0.58926742832118206]
["Residential",null,null,"Lothbury Property Trust",0.58502743934048218]
["UNITE UK Student Accommodation Fund",1.0132030869428446,null,"M&G UK Property Limited Partnership",0.398581384812141]
["Retail warehouses",null,null,"Royal London Property Fund",0.34648253360526082]
["Aberdeen Standard UK Retail Park Trust",-0.3295180807881094,null,"Residential"]
["Nuveen Real Estate UK Retail Warehouse Fund",-0.37917000586557037,null,"UNITE UK Student Accommodation Fund",0.88455343680229626]
["Hercules Unit Trust",-0.46988676228411835,null,"Retail warehouses"]
["Shopping centres",null,null,"Aberdeen Standard UK Retail Park Trust",-0.43329040134569036]
["Grosvenor Liverpool Fund",-0.33678941070913304,null,"Nuveen Real Estate UK Retail Warehouse Fund",-0.62506743049066926]
["Aberdeen Standard UK Shopping Centre Trust",-0.45741060161766545,null,"Hercules Unit Trust",-0.67748771449910139]
["Nuveen Real Estate UK Shopping Centre Fund",-0.66171416800620808,null,"Shopping centres"]
[null,null,null,"Grosvenor Liverpool Fund",-0.72750470846474591]
[null,null,null,"Aberdeen Standard UK Shopping Centre Trust",-0.87655393883101973]
[null,null,null,"Nuveen Real Estate UK Shopping Centre Fund",-0.91460087300251136]
[]
[]
[]
[" The tables above and on the following page rank the constituents of MSCI/AREF Property Fund Vision in order in terms of their risk-adjusted investment\nperformance over the past five, seven, ten and fifteen years. The basis of calculation is the Sharpe ratio, one of the more widely used methods of calculating riskadjusted\nreturns. The Sharpe ratio is derived by firstly calculating each fund’s returns in excess of the risk-free rate (i.e. the yield on 90-day UK Treasury Bills). The\naverage of these risk-adjusted returns for each period is then divided by the standard deviation of these returns over the same period. The higher the Sharpe\nratio, the higher the return achieved per unit of risk."]

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[]
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[null,null,"DISTRIBUTION YIELDS PER UNIT"]
[]
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["DISTRIBUTION YIELDS PER UNIT"]
[]
["Balanced funds %",null,null,"Long Income Property Funds %"]
[]
["Authorised Property Unit Trusts (un-weighted/weighted average)","1.0 / 0.2",null,"Long Income Property Funds (un-weighted/weighted average)","2.3 / 2.0"]
["Kames Capital UK Active Value Property Unit Trust",4.4305792636886849,null,"AEW UK Real Return Fund",4.7680663307080566]
["Kames Capital UK Active Value Property Unit Trust II",3.2116766335728189,null,"KFIM Long Income Property Unit Trust",4.4765588143485333]
["Standard Life Investments UK Real Estate Fund",0,null,"BlackRock Long Lease Property Fund",3.9103732999561704]
["L&G UK Property Fund",0,null,"M&G Secure Property Income Fund",3.4433286754094086]
["Aviva Investors UK Property Fund",0,null,"PGIM Real Estate UK Ground Lease Fund",1.8309599311153411]
["M&G Property Portfolio",0,null,"LPI (Limited Price Inflation) Income Property Fund",0]
["Janus Henderson UK Property PAIF",0,null,"AXA UK Long Lease Property Fund",0]
["Aberdeen UK Property Fund",0,null,"Standard Life Investments Long Lease Property Fund",0]
["Common Investment Funds (un-weighted/weighted average)","4.4 / 4.3",null,"Specialist funds %"]
["COIF Charities Property Fund",4.7793605025246491]
["Mayfair Capital Property Income Trust for Charities",4.2545164002038209,null,"Healthcare (un-weighted/weighted average)","0.0 / 0.0"]
["The Charities Property Fund",4.0351587110222358,null,"Octopus Healthcare Fund",0]
["Managed Property Funds (un-weighted/weighted average)","0.0 / 0.0",null,"Industrial (un-weighted/weighted average)","2.5 / 2.3"]
["Threadneedle Pensions Ltd",4.262608620867539E-2,null,"Airport Industrial Property Unit Trust",2.8114217407923539]
["Standard Life Investments Pooled Pension Property Fund",0,null,"Industrial Property Investment Fund",2.2140225634696771]
["Aviva Investors Pensions Limited",0,null,"Leisure (un-weighted/weighted average)","0.0 / 0.0"]
["Legal And General Managed Fund",0,null,"The Leisure Fund Limited Partnership",3.2962230672450077E-2]
["Kames Capital Active Value Property Fund",0,null,"Offices (un-weighted/weighted average)","1.5 / 1.5"]
["Aegon UK Property Fund Limited",0,null,"Nuveen Real Estate Central London Office Fund",1.7773304890488661]
["Other balanced funds (un-weighted/weighted average)","2.9 / 2.8",null,"West End of London Property Unit Trust",1.2909020341542157]
["PATRIZIA Hanover Property Unit Trust",4.6379002568163044,null,"Residential (un-weighted/weighted average)","2.9 / 2.9"]
["AEW UK Core Property Fund",4.6371082417895089,null,"UNITE UK Student Accommodation Fund",2.8550512445095166]
["Tritax Property Income Fund",4.5167611978180293,null,"Retail warehouses (un-weighted/weighted average)","8.1 / 9.0"]
["Threadneedle Property Unit Trust",4.1689547618725742,null,"Nuveen Real Estate UK Retail Warehouse Fund",13.023983808828147]
["The Local Authorities’ Property Fund",4.0717373065303493,null,"Hercules Unit Trust",5.9258066298510093]
["Federated Hermes Property Unit Trust",3.7978582671232872,null,"Aberdeen Standard UK Retail Park Trust",5.2496991576413956]
["Royal London Property Fund",3.7939769262572871,null,"Shopping centres (un-weighted/weighted average)","-1.9 / 0.0"]
["Mayfair Capital Property Unit Trust",3.4726349142345061,null,"Aberdeen Standard UK Shopping Centre Trust",1.863079920722406]
["M&G UK Property Limited Partnership",3.3718495692389063,null,"Grosvenor Liverpool Fund",0]
["Triton Property Fund LP",3.2522467380913267,null,"Nuveen Real Estate UK Shopping Centre Fund",-7.4002823604964592]
["CBRE UK Property PAIF",2.9935374947755231,null,"Specialist funds (un-weighted/weighted average)","2.7/2.5"]
["Schroder UK Real Estate",2.8054602437221585]
["Lothbury Property Trust",2.7190196573707475]
["Royal London UK Real Estate Fund",2.6802805372911518]
["Nuveen Real Estate UK Property Fund",2.3481725201959471]
["BlackRock UK Property Fund",1.6889536735391997]
["LF Canlife UK Property ACS",0]
["Fidelity UK Real Estate Fund",0]
["BMO UK Property Fund",0]
["Balanced funds (un-weighted/weighted average)","3.4/2.9"]

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["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["RETAIL WAREHOUSES"]
["Portfolio weightings %:June 2021"]
[null,"Retail warehouses","Shopping centres","Standard retail","All retail"]
["Hercules Unit Trust",98.867933181241739,0,0,98.867933181241739]
["Nuveen Real Estate UK Retail Warehouse Fund",98.255977653713174,0,0,98.255977653713174]
["Aegon UK Property Fund Limited",30.445966472700018,0,3.6321503862168423,34.078116858916857]
["Kames Capital Active Value Property Fund",20.546943714074331,0,15.499371748904448,36.046315462978782]
["Kames Capital UK Active Value Property Unit Trust II",20.090279780743248,0,9.2154820711931862,29.305761851936435]
["The Charities Property Fund",17.927862542298719,0,1.3411382319871437,19.269000774285864]
["Kames Capital UK Active Value Property Unit Trust",17.760054685779359,0.22940867193687003,11.647041860159979,29.636505217876206]
["Triton Property Fund LP",17.604798643663635,0,2.1587357759458605,19.763534419609496]
["M&G UK Property Limited Partnership",17.590922407180532,0.94108120332691259,5.1342963183519581,23.666299928859402]
["CBRE UK Property PAIF",15.783215144397371,0,7.8774738529435346,23.660688997340905]
["COIF Charities Property Fund",15.425914597993653,0,3.3617343495422896,18.787648947535942]
["BMO UK Property Fund",15.035551898774262,0,3.9694480894585573,19.004999988232818]
["Threadneedle Property Unit Trust",13.315031096480338,0,4.4543879215501576,17.769419018030497]
["Aviva Investors Pensions Limited",13.002282674811282,0,4.5216101383425364,17.523892813153818]
["Federated Hermes Property Unit Trust",12.133357834535824,1.1354648701038765,7.3145914374111047,20.583414142050806]
["UK Specialist Property Fund Index",11.677009999999999,12.85229,0,24.529299999999999]
["LF Canlife UK Property ACS",11.559624554925366,5.3328401280055688,2.9870069849927114,19.879471667923646]
["Tritax Property Income Fund",11.241071279743878,0,0,11.241071279743878]
["BlackRock UK Property Fund",11.123221645125762,2.1014905225812188,1.9553712596829984,15.180083427389979]
["Aviva Investors UK Property Fund",11.103526543024286,9.7494379402164419,4.0216431503392958,24.87460763358002]
["UK Other Balanced Property Fund Index",10.833019999999999,0.64107999999999998,7.7169699999999999,19.19107]
["UK All Balanced Property Fund Index",10.377560000000001,1.10171,7.2810000000000006,18.760270000000002]
["Mayfair Capital Property Unit Trust",10.05336307138953,0,10.541858250704228,20.595221322093757]
["Royal London UK Real Estate Fund",9.9972312696690011,0,18.879325197833289,28.87655646750229]
["Threadneedle Pensions Ltd",9.5527692695515611,1.1704974203798351,5.8488331037086025,16.57209979364]
["The Local Authorities’ Property Fund",9.4599898056120857,0,1.9601450991896219,11.420134904801708]
["M&G Property Portfolio",9.4457702632599716,15.079422057857515,0.70367818739721821,25.228870508514706]
["Janus Henderson UK Property PAIF",9.3949485092932683,3.2624473940212786,5.8634054543582348,18.520801357672781]
["UK Managed Property Fund Index",9.1735699999999998,2.3193600000000001,6.12852,17.621449999999999]
["Legal And General Managed Fund",9.0450177948270873,2.0845262942299514,5.8694214689495938,16.998965558006631]
["Royal London Property Fund",8.8484600725395239,0,7.8270105787693129,16.675470651308835]
["UK All Property Fund Index",8.7472399999999997,3.3957199999999998,7.8668399999999998,20.009799999999998]
["Mayfair Capital Property Income Trust for Charities",8.3607299822697385,0,4.7993712858932902,13.160101268163029]
["Fidelity UK Real Estate Fund",7.8964995096766835,0,2.2477866329132588,10.144286142589943]
["Lothbury Property Trust",7.8773734620189613,0,20.84896379000061,28.726337252019572]
["Standard Life Investments Pooled Pension Property Fund",7.5343140255256955,4.0707719371407141,6.0301673103531304,17.63525327301954]
["L&G UK Property Fund",7.2241529003629914,0,5.990383982831502,13.214536883194494]
["Standard Life Investments UK Real Estate Fund",6.849946393833112,3.403142631213826,12.404127432288865,22.657216457335803]
["Nuveen Real Estate UK Property Fund",5.7749614721678961,0,15.379634236405019,21.154595708572916]
["KFIM Long Income Property Unit Trust",5.0106642368973526,0,26.83485224201166,31.845516478909012]
["PATRIZIA Hanover Property Unit Trust",4.9362512932199465,4.9074964313176972,0.95657840594825483,10.800326130485898]
["Schroder UK Real Estate",4.6697782934906771,0.53983635933251983,6.1262819747165524,11.33589662753975]
["AEW UK Core Property Fund",4.3313353969657049,1.1827262707581609,12.472967320265814,17.987028987989682]
["Aberdeen UK Property Fund",3.4827413010865031,0,0,3.4827413010865031]
["BlackRock Long Lease Property Fund",1.8538362175962815,0,18.11158617413199,19.965422391728271]
["UK Long Income Property Fund Index",1.8259000000000001,0.58425000000000005,16.651870000000002,19.062020000000004]
["Industrial Property Investment Fund",0.28412469946025387,0,0,0.28412469946025387]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index  (Not all constituents of\nMSCI/AREF Property Fund Vision are constituents of the MSCI/AREF UK Quarterly Property Fund Index "]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["SHOPPING CENTRES"]
["Portfolio weightings %:June 2021"]
[null,"Shopping centres","Retail warehouses","Standard retail","All retail"]
["Nuveen Real Estate UK Shopping Centre Fund",98.176158376112511,0,0,98.176158376112511]
["Grosvenor Liverpool Fund",91.735695934628083,0,3.9044087687912779,95.640104703419354]
["M&G Property Portfolio",15.079422057857515,9.4457702632599716,0.70367818739721821,25.228870508514706]
["UK Specialist Property Fund Index",12.85229,11.677009999999999,0,24.529299999999999]
["Aviva Investors UK Property Fund",9.7494379402164419,11.103526543024286,4.0216431503392958,24.87460763358002]
["PGIM Real Estate UK Ground Lease Fund",7.0997549119063521,0,3.3409399189478637,10.440694830854216]
["LF Canlife UK Property ACS",5.3328401280055688,11.559624554925366,2.9870069849927114,19.879471667923646]
["PATRIZIA Hanover Property Unit Trust",4.9074964313176972,4.9362512932199465,0.95657840594825483,10.800326130485898]
["Standard Life Investments Pooled Pension Property Fund",4.0707719371407141,7.5343140255256955,6.0301673103531304,17.63525327301954]
["Standard Life Investments UK Real Estate Fund",3.403142631213826,6.849946393833112,12.404127432288865,22.657216457335803]
["UK All Property Fund Index",3.3957199999999998,8.7472399999999997,7.8668399999999998,20.009799999999998]
["Janus Henderson UK Property PAIF",3.2624473940212786,9.3949485092932683,5.8634054543582348,18.520801357672781]
["UK Managed Property Fund Index",2.3193600000000001,9.1735699999999998,6.12852,17.621449999999999]
["BlackRock UK Property Fund",2.1014905225812188,11.123221645125762,1.9553712596829984,15.180083427389979]
["Legal And General Managed Fund",2.0845262942299514,9.0450177948270873,5.8694214689495938,16.998965558006631]
["AEW UK Core Property Fund",1.1827262707581609,4.3313353969657049,12.472967320265814,17.987028987989682]
["Threadneedle Pensions Ltd",1.1704974203798351,9.5527692695515611,5.8488331037086025,16.57209979364]
["Federated Hermes Property Unit Trust",1.1354648701038765,12.133357834535824,7.3145914374111047,20.583414142050806]
["LPI (Limited Price Inflation) Income Property Fund",1.1287545164404538,0,7.6383851402227654,8.7671396566632183]
["UK All Balanced Property Fund Index",1.10171,10.377560000000001,7.2810000000000006,18.760270000000002]
["M&G UK Property Limited Partnership",0.94108120332691259,17.590922407180532,5.1342963183519581,23.666299928859402]
["UK Other Balanced Property Fund Index",0.64107999999999998,10.833019999999999,7.7169699999999999,19.19107]
["UK Long Income Property Fund Index",0.58425000000000005,1.8259000000000001,16.651870000000002,19.062020000000004]
["Schroder UK Real Estate",0.53983635933251983,4.6697782934906771,6.1262819747165524,11.33589662753975]
["Kames Capital UK Active Value Property Unit Trust",0.22940867193687003,17.760054685779359,11.647041860159979,29.636505217876206]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index (Not all constituents of\n MSCI/AREF Property Fund Vision are constituents of the MSCI/AREF UK Quarterly Property Fund Index )"]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["STANDARD RETAIL"]
["Portfolio weightings %:June 2021"]
[null,"Standard retail","Retail warehouses","Shopping centres","All retail"]
["KFIM Long Income Property Unit Trust",26.83485224201166,5.0106642368973526,0,31.845516478909012]
["M&G Secure Property Income Fund",26.58031540057685,0,0,26.58031540057685]
["AXA UK Long Lease Property Fund",25.381467844494072,0,0,25.381467844494072]
["Lothbury Property Trust",20.84896379000061,7.8773734620189613,0,28.726337252019572]
["AEW UK Real Return Fund",20.650056598687573,0,0,20.650056598687573]
["Royal London UK Real Estate Fund",18.879325197833289,9.9972312696690011,0,28.87655646750229]
["BlackRock Long Lease Property Fund",18.11158617413199,1.8538362175962815,0,19.965422391728271]
["Standard Life Investments Long Lease Property Fund",17.592159144036966,0,0,17.592159144036966]
["UK Long Income Property Fund Index",16.651870000000002,1.8259000000000001,0.58425000000000005,19.062020000000004]
["Kames Capital Active Value Property Fund",15.499371748904448,20.546943714074331,0,36.046315462978782]
["Nuveen Real Estate UK Property Fund",15.379634236405019,5.7749614721678961,0,21.154595708572916]
["AEW UK Core Property Fund",12.472967320265814,4.3313353969657049,1.1827262707581609,17.987028987989682]
["Standard Life Investments UK Real Estate Fund",12.404127432288865,6.849946393833112,3.403142631213826,22.657216457335803]
["Kames Capital UK Active Value Property Unit Trust",11.647041860159979,17.760054685779359,0.22940867193687003,29.636505217876206]
["Mayfair Capital Property Unit Trust",10.541858250704228,10.05336307138953,0,20.595221322093757]
["Kames Capital UK Active Value Property Unit Trust II",9.2154820711931862,20.090279780743248,0,29.305761851936435]
["CBRE UK Property PAIF",7.8774738529435346,15.783215144397371,0,23.660688997340905]
["UK All Property Fund Index",7.8668399999999998,8.7472399999999997,3.3957199999999998,20.009799999999998]
["Royal London Property Fund",7.8270105787693129,8.8484600725395239,0,16.675470651308835]
["UK Other Balanced Property Fund Index",7.7169699999999999,10.833019999999999,0.64107999999999998,19.19107]
["LPI (Limited Price Inflation) Income Property Fund",7.6383851402227654,0,1.1287545164404538,8.7671396566632183]
["Federated Hermes Property Unit Trust",7.3145914374111047,12.133357834535824,1.1354648701038765,20.583414142050806]
["UK All Balanced Property Fund Index",7.2810000000000006,10.377560000000001,1.10171,18.760270000000002]
["UK Managed Property Fund Index",6.12852,9.1735699999999998,2.3193600000000001,17.621449999999999]
["Schroder UK Real Estate",6.1262819747165524,4.6697782934906771,0.53983635933251983,11.33589662753975]
["Standard Life Investments Pooled Pension Property Fund",6.0301673103531304,7.5343140255256955,4.0707719371407141,17.63525327301954]
["L&G UK Property Fund",5.990383982831502,7.2241529003629914,0,13.214536883194494]
["Legal And General Managed Fund",5.8694214689495938,9.0450177948270873,2.0845262942299514,16.998965558006631]
["Janus Henderson UK Property PAIF",5.8634054543582348,9.3949485092932683,3.2624473940212786,18.520801357672781]
["Threadneedle Pensions Ltd",5.8488331037086025,9.5527692695515611,1.1704974203798351,16.57209979364]
["M&G UK Property Limited Partnership",5.1342963183519581,17.590922407180532,0.94108120332691259,23.666299928859402]
["Mayfair Capital Property Income Trust for Charities",4.7993712858932902,8.3607299822697385,0,13.160101268163029]
["Aviva Investors Pensions Limited",4.5216101383425364,13.002282674811282,0,17.523892813153818]
["Threadneedle Property Unit Trust",4.4543879215501576,13.315031096480338,0,17.769419018030497]
["Aviva Investors UK Property Fund",4.0216431503392958,11.103526543024286,9.7494379402164419,24.87460763358002]
["BMO UK Property Fund",3.9694480894585573,15.035551898774262,0,19.004999988232818]
["Grosvenor Liverpool Fund",3.9044087687912779,0,91.735695934628083,95.640104703419354]
["Aegon UK Property Fund Limited",3.6321503862168423,30.445966472700018,0,34.078116858916857]
["COIF Charities Property Fund",3.3617343495422896,15.425914597993653,0,18.787648947535942]
["PGIM Real Estate UK Ground Lease Fund",3.3409399189478637,0,7.0997549119063521,10.440694830854216]
["LF Canlife UK Property ACS",2.9870069849927114,11.559624554925366,5.3328401280055688,19.879471667923646]
["Fidelity UK Real Estate Fund",2.2477866329132588,7.8964995096766835,0,10.144286142589943]
["Triton Property Fund LP",2.1587357759458605,17.604798643663635,0,19.763534419609496]
["The Local Authorities’ Property Fund",1.9601450991896219,9.4599898056120857,0,11.420134904801708]
["BlackRock UK Property Fund",1.9553712596829984,11.123221645125762,2.1014905225812188,15.180083427389979]
["The Charities Property Fund",1.3411382319871437,17.927862542298719,0,19.269000774285864]
["PATRIZIA Hanover Property Unit Trust",0.95657840594825483,4.9362512932199465,4.9074964313176972,10.800326130485898]
["M&G Property Portfolio",0.70367818739721821,9.4457702632599716,15.079422057857515,25.228870508514706]
["UNITE UK Student Accommodation Fund",0.28946568817903368,0,0,0.28946568817903368]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index  (Not all constituents of MSCI/AREF Property Fund Vision are constituents of the MSCI/AREF UK Quarterly Property Fund Index)"]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["ALL RETAIL"]
["Portfolio weightings %:June 2021"]
[null,"All retail","Retail warehouses","Shopping centres","Standard retail"]
["Hercules Unit Trust",98.867933181241739,98.867933181241739,0,0]
["Nuveen Real Estate UK Retail Warehouse Fund",98.255977653713174,98.255977653713174,0,0]
["Nuveen Real Estate UK Shopping Centre Fund",98.176158376112511,0,98.176158376112511,0]
["Grosvenor Liverpool Fund",95.640104703419354,0,91.735695934628083,3.9044087687912779]
["Kames Capital Active Value Property Fund",36.046315462978782,20.546943714074331,0,15.499371748904448]
["Aegon UK Property Fund Limited",34.078116858916857,30.445966472700018,0,3.6321503862168423]
["KFIM Long Income Property Unit Trust",31.845516478909012,5.0106642368973526,0,26.83485224201166]
["Kames Capital UK Active Value Property Unit Trust",29.636505217876206,17.760054685779359,0.22940867193687003,11.647041860159979]
["Kames Capital UK Active Value Property Unit Trust II",29.305761851936435,20.090279780743248,0,9.2154820711931862]
["Royal London UK Real Estate Fund",28.87655646750229,9.9972312696690011,0,18.879325197833289]
["Lothbury Property Trust",28.726337252019572,7.8773734620189613,0,20.84896379000061]
["M&G Secure Property Income Fund",26.58031540057685,0,0,26.58031540057685]
["AXA UK Long Lease Property Fund",25.381467844494072,0,0,25.381467844494072]
["M&G Property Portfolio",25.228870508514706,9.4457702632599716,15.079422057857515,0.70367818739721821]
["Aviva Investors UK Property Fund",24.87460763358002,11.103526543024286,9.7494379402164419,4.0216431503392958]
["UK Specialist Property Fund Index",24.529299999999999,11.677009999999999,12.85229,0]
["M&G UK Property Limited Partnership",23.666299928859402,17.590922407180532,0.94108120332691259,5.1342963183519581]
["CBRE UK Property PAIF",23.660688997340905,15.783215144397371,0,7.8774738529435346]
["Standard Life Investments UK Real Estate Fund",22.657216457335803,6.849946393833112,3.403142631213826,12.404127432288865]
["Nuveen Real Estate UK Property Fund",21.154595708572916,5.7749614721678961,0,15.379634236405019]
["AEW UK Real Return Fund",20.650056598687573,0,0,20.650056598687573]
["Mayfair Capital Property Unit Trust",20.595221322093757,10.05336307138953,0,10.541858250704228]
["Federated Hermes Property Unit Trust",20.583414142050806,12.133357834535824,1.1354648701038765,7.3145914374111047]
["UK All Property Fund Index",20.009799999999998,8.7472399999999997,3.3957199999999998,7.8668399999999998]
["BlackRock Long Lease Property Fund",19.965422391728271,1.8538362175962815,0,18.11158617413199]
["LF Canlife UK Property ACS",19.879471667923646,11.559624554925366,5.3328401280055688,2.9870069849927114]
["Triton Property Fund LP",19.763534419609496,17.604798643663635,0,2.1587357759458605]
["The Charities Property Fund",19.269000774285864,17.927862542298719,0,1.3411382319871437]
["UK Other Balanced Property Fund Index",19.19107,10.833019999999999,0.64107999999999998,7.7169699999999999]
["UK Long Income Property Fund Index",19.062020000000004,1.8259000000000001,0.58425000000000005,16.651870000000002]
["BMO UK Property Fund",19.004999988232818,15.035551898774262,0,3.9694480894585573]
["COIF Charities Property Fund",18.787648947535942,15.425914597993653,0,3.3617343495422896]
["UK All Balanced Property Fund Index",18.760270000000002,10.377560000000001,1.10171,7.2810000000000006]
["Janus Henderson UK Property PAIF",18.520801357672781,9.3949485092932683,3.2624473940212786,5.8634054543582348]
["AEW UK Core Property Fund",17.987028987989682,4.3313353969657049,1.1827262707581609,12.472967320265814]
["Threadneedle Property Unit Trust",17.769419018030497,13.315031096480338,0,4.4543879215501576]
["Standard Life Investments Pooled Pension Property Fund",17.63525327301954,7.5343140255256955,4.0707719371407141,6.0301673103531304]
["UK Managed Property Fund Index",17.621449999999999,9.1735699999999998,2.3193600000000001,6.12852]
["Standard Life Investments Long Lease Property Fund",17.592159144036966,0,0,17.592159144036966]
["Aviva Investors Pensions Limited",17.523892813153818,13.002282674811282,0,4.5216101383425364]
["Legal And General Managed Fund",16.998965558006631,9.0450177948270873,2.0845262942299514,5.8694214689495938]
["Royal London Property Fund",16.675470651308835,8.8484600725395239,0,7.8270105787693129]
["Threadneedle Pensions Ltd",16.57209979364,9.5527692695515611,1.1704974203798351,5.8488331037086025]
["BlackRock UK Property Fund",15.180083427389979,11.123221645125762,2.1014905225812188,1.9553712596829984]
["L&G UK Property Fund",13.214536883194494,7.2241529003629914,0,5.990383982831502]
["Mayfair Capital Property Income Trust for Charities",13.160101268163029,8.3607299822697385,0,4.7993712858932902]
["The Local Authorities’ Property Fund",11.420134904801708,9.4599898056120857,0,1.9601450991896219]
["Schroder UK Real Estate",11.33589662753975,4.6697782934906771,0.53983635933251983,6.1262819747165524]
["Tritax Property Income Fund",11.241071279743878,11.241071279743878,0,0]
["PATRIZIA Hanover Property Unit Trust",10.800326130485898,4.9362512932199465,4.9074964313176972,0.95657840594825483]
["PGIM Real Estate UK Ground Lease Fund",10.440694830854216,0,7.0997549119063521,3.3409399189478637]
["Fidelity UK Real Estate Fund",10.144286142589943,7.8964995096766835,0,2.2477866329132588]
["LPI (Limited Price Inflation) Income Property Fund",8.7671396566632183,0,1.1287545164404538,7.6383851402227654]
["Aberdeen UK Property Fund",3.4827413010865031,3.4827413010865031,0,0]
["UNITE UK Student Accommodation Fund",0.28946568817903368,0,0,0.28946568817903368]
["Industrial Property Investment Fund",0.28412469946025387,0.28412469946025387,0,0]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index  (Not all constituents of \nMSCI/AREF Property Fund Vision are constituents of the MSCI/AREF UK Quarterly Property Fund Index) "]
[]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["CITY OF LONDON OFFICES"]
["Portfolio weightings %:June 2021"]
[null,"City of London","West End*","All central London","All offices"]
["Nuveen Real Estate Central London Office Fund",25.116934146071731,0,25.116934146071731,67.780495579596547]
["COIF Charities Property Fund",11.62126216935642,0,11.62126216935642,28.878877766797292]
["Triton Property Fund LP",9.0255714822879138,0,9.0255714822879138,19.140790546719934]
["West End of London Property Unit Trust",7.7006317004791569,76.327876081604842,84.028507782084006,87.584323553126779]
["The Charities Property Fund",7.2623073542571728,0,7.2623073542571728,20.049140007271841]
["Schroder UK Real Estate",6.7359955698912799,4.727891188767078,11.463886758658358,47.834377208024193]
["M&G Secure Property Income Fund",6.5863305554511431,6.5741569957737562,13.1604875512249,24.889929685374913]
["Royal London UK Real Estate Fund",6.5483064964143436,20.237492471163634,26.785798967577978,30.925475481220595]
["Kames Capital UK Active Value Property Unit Trust",5.6587472411094613,0,5.6587472411094613,42.724634092623745]
["Threadneedle Pensions Ltd",5.6128615239808584,8.8706896073114851,14.483551131292344,29.74956129083969]
["LF Canlife UK Property ACS",5.5100877045144303,10.65026742327125,16.160355127785682,40.589695020527991]
["Royal London Property Fund",5.4026063586159285,21.068934136561392,26.471540495177322,29.745101523404738]
["Federated Hermes Property Unit Trust",5.1022663356603264,8.0801145272553363,13.182380862915663,28.948860002793545]
["Standard Life Investments Long Lease Property Fund",5.0071965400895024,4.0512914256080448,9.0584879656975481,25.183382048596414]
["Standard Life Investments Pooled Pension Property Fund",4.6063512269184326,6.9468446006289719,11.553195827547405,16.326998542773001]
["Fidelity UK Real Estate Fund",4.5122854341009626,0,4.5122854341009626,39.549346221481173]
["BlackRock UK Property Fund",4.4032793605959641,5.2389502012161513,9.6422295618121154,21.50251669862989]
["UK Other Balanced Property Fund Index",3.9107400000000001,7.6611200000000004,11.571860000000001,27.678290000000001]
["UK Long Income Property Fund Index",3.8747500000000001,6.1215700000000002,9.9963200000000008,23.661840000000002]
["UK All Balanced Property Fund Index",3.6001699999999999,8.4662600000000001,12.06643,27.247970000000002]
["UK All Property Fund Index",3.1974499999999999,7.5096499999999997,10.707100000000001,22.74428]
["Threadneedle Property Unit Trust",2.8424367721674724,5.2024169285219113,8.0448537006893837,28.270250217900028]
["UK Managed Property Fund Index",2.7791999999999999,10.594609999999999,13.373809999999999,26.11045]
["Janus Henderson UK Property PAIF",2.5289592212964909,0,2.5289592212964909,17.835462408556332]
["L&G UK Property Fund",2.0043613261912991,2.3883293392809626,4.3926906654722622,15.993837425740951]
["UK Specialist Property Fund Index",1.3385100000000001,6.3365400000000003,7.6750500000000006,9.15794]
["The Local Authorities’ Property Fund",1.0769327789153138,3.1832193184761057,4.2601520973914191,28.890625234555781]
["CBRE UK Property PAIF",0.88379906426411659,2.760544372388904,3.6443434366530205,15.040445283659693]
[]
[" * Including Holborn/mid-town\n^ MSCI/AREF UK Quarterly Property Fund Index  (Not all constituents of\nMSCI/AREF Property Fund Vision are constituents of the MSCI/AREF UK Quarterly Property Fund Index "]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["WEST END OF LONDON OFFICES"]
["Portfolio weightings %:June 2021"]
[null,"West End of London*","City of London","All Central London","All offices"]
["West End of London Property Unit Trust",76.327876081604842,7.7006317004791569,84.028507782084006,87.584323553126779]
["Aviva Investors Pensions Limited",25.845353725033014,0,25.845353725033014,36.332092731329823]
["Royal London Property Fund",21.068934136561392,5.4026063586159285,26.471540495177322,29.745101523404738]
["Royal London UK Real Estate Fund",20.237492471163634,6.5483064964143436,26.785798967577978,30.925475481220595]
["Lothbury Property Trust",19.425041413242688,0,19.425041413242688,25.576288216756055]
["LPI (Limited Price Inflation) Income Property Fund",15.45988225298515,0,15.45988225298515,44.017240724662521]
["Legal And General Managed Fund",12.993381230273354,0,12.993381230273354,30.37701357869182]
["LF Canlife UK Property ACS",10.65026742327125,5.5100877045144303,16.160355127785682,40.589695020527991]
["UK Managed Property Fund Index",10.594609999999999,2.7791999999999999,13.373809999999999,26.11045]
["Threadneedle Pensions Ltd",8.8706896073114851,5.6128615239808584,14.483551131292344,29.74956129083969]
["UK All Balanced Property Fund Index",8.4662600000000001,3.6001699999999999,12.06643,27.247970000000002]
["Federated Hermes Property Unit Trust",8.0801145272553363,5.1022663356603264,13.182380862915663,28.948860002793545]
["UK Other Balanced Property Fund Index",7.6611200000000004,3.9107400000000001,11.571860000000001,27.678290000000001]
["UK All Property Fund Index",7.5096499999999997,3.1974499999999999,10.707100000000001,22.74428]
["Standard Life Investments Pooled Pension Property Fund",6.9468446006289719,4.6063512269184326,11.553195827547405,16.326998542773001]
["M&G Secure Property Income Fund",6.5741569957737562,6.5863305554511431,13.1604875512249,24.889929685374913]
["Nuveen Real Estate UK Property Fund",6.5044302897048913,0,6.5044302897048913,25.555724241046111]
["UK Specialist Property Fund Index",6.3365400000000003,1.3385100000000001,7.6750500000000006,9.15794]
["UK Long Income Property Fund Index",6.1215700000000002,3.8747500000000001,9.9963200000000008,23.661840000000002]
["BlackRock UK Property Fund",5.2389502012161513,4.4032793605959641,9.6422295618121154,21.50251669862989]
["Threadneedle Property Unit Trust",5.2024169285219113,2.8424367721674724,8.0448537006893837,28.270250217900028]
["Schroder UK Real Estate",4.727891188767078,6.7359955698912799,11.463886758658358,47.834377208024193]
["M&G Property Portfolio",4.2939161465199662,0,4.2939161465199662,24.78299634172545]
["Standard Life Investments Long Lease Property Fund",4.0512914256080448,5.0071965400895024,9.0584879656975481,25.183382048596414]
["The Local Authorities’ Property Fund",3.1832193184761057,1.0769327789153138,4.2601520973914191,28.890625234555781]
["Standard Life Investments UK Real Estate Fund",3.03202301426749,0,3.03202301426749,25.614530424531758]
["CBRE UK Property PAIF",2.760544372388904,0.88379906426411659,3.6443434366530205,15.040445283659693]
["L&G UK Property Fund",2.3883293392809626,2.0043613261912991,4.3926906654722622,15.993837425740951]
["AXA UK Long Lease Property Fund",0.91534418398671813,0,0.91534418398671813,0.91534418398671813]
[]
[" * Including Holborn/mid-town\n^ MSCI/AREF UK Quarterly Property Fund Index  (Not all constituents\nof MSCI/AREF Property Fund Visionare constituents of theMSCI/AREF UK Quarterly Property Fund Index )"]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["SOUTH-EASTERN OFFICES (EXCLUDING CENTRAL LONDON)"]
["Portfolio weightings %:June 2021"]
[null,"SE Region (ex central London)","Rest of UK","Central London","All offices"]
["Nuveen Real Estate Central London Office Fund",42.663561433524812,3.5527136788005009E-15,25.116934146071731,67.780495579596547]
["Schroder UK Real Estate",31.483623647157959,4.8868668022078765,11.463886758658358,47.834377208024193]
["Aegon UK Property Fund Limited",24.06967305572007,9.7146669337233824,0,33.784339989443453]
["Kames Capital UK Active Value Property Unit Trust II",23.601569219224114,4.0769866879832968,0,27.678555907207411]
["Tritax Property Income Fund",20.194052881769686,5.0129101652911956,0,25.206963047060881]
["Nuveen Real Estate UK Property Fund",19.051293951341219,8.8817841970012523E-16,6.5044302897048913,25.555724241046111]
["Kames Capital UK Active Value Property Unit Trust",18.978105491539406,18.087781359974876,5.6587472411094613,42.724634092623745]
["PATRIZIA Hanover Property Unit Trust",16.783254396947857,12.422100341772936,0,29.205354738720793]
["LF Canlife UK Property ACS",15.474484070860118,8.954855821882191,16.160355127785682,40.589695020527991]
["Janus Henderson UK Property PAIF",15.306503187259839,1.7763568394002505E-15,2.5289592212964909,17.835462408556332]
["Fidelity UK Real Estate Fund",15.049307531140402,19.987753256239809,4.5122854341009626,39.549346221481173]
["Threadneedle Property Unit Trust",14.898523285745121,5.3268732314655232,8.0448537006893837,28.270250217900028]
["The Local Authorities’ Property Fund",13.409963303129004,11.220509834035358,4.2601520973914191,28.890625234555781]
["Mayfair Capital Property Unit Trust",13.341493098498137,8.94125702486458,0,22.282750123362717]
["Kames Capital Active Value Property Fund",12.918966649593079,13.76424102213875,0,26.683207671731829]
["Threadneedle Pensions Ltd",12.541101908898264,2.7249082506490794,14.483551131292344,29.74956129083969]
["COIF Charities Property Fund",12.356905638654942,4.9007099587859315,11.62126216935642,28.878877766797292]
["Legal And General Managed Fund",10.894678329031203,6.4889540193872612,12.993381230273354,30.37701357869182]
["Aviva Investors Pensions Limited",10.486739006296798,1.0658141036401503E-14,25.845353725033014,36.332092731329823]
["UK Other Balanced Property Fund Index",10.358140000000001,5.7482899999999999,11.571860000000001,27.678290000000001]
["Mayfair Capital Property Income Trust for Charities",10.27602919968456,16.317451535866063,0,26.593480735550621]
["Triton Property Fund LP",10.11521906443202,0,9.0255714822879138,19.140790546719934]
["Standard Life Investments UK Real Estate Fund",10.062920541592099,12.519586868672167,3.03202301426749,25.614530424531758]
["UK All Balanced Property Fund Index",9.7359200000000001,5.4456199999999999,12.06643,27.247970000000002]
["CBRE UK Property PAIF",9.1738192046836122,2.2222826423230604,3.6443434366530205,15.040445283659693]
["M&G UK Property Limited Partnership",8.8604522962276384,7.9770581854221057,0,16.837510481649744]
["M&G Secure Property Income Fund",8.6971388495111626,3.03230328463885,13.1604875512249,24.889929685374913]
["Federated Hermes Property Unit Trust",8.6533411471626209,7.1131379927152611,13.182380862915663,28.948860002793545]
["The Charities Property Fund",8.311989075044492,4.4748435779701765,7.2623073542571728,20.049140007271841]
["UK Managed Property Fund Index",8.0911200000000001,4.6455200000000003,13.373809999999999,26.11045]
["M&G Property Portfolio",7.0663659419108162,13.422714253294668,4.2939161465199662,24.78299634172545]
["UK All Property Fund Index",6.9978800000000003,5.0392999999999999,10.707100000000001,22.74428]
["LPI (Limited Price Inflation) Income Property Fund",6.7842985825916982,21.773059889085676,15.45988225298515,44.017240724662521]
["BMO UK Property Fund",6.5226844440533167,6.4259827617168046,0,12.948667205770121]
["AEW UK Core Property Fund",6.0814506219389299,0.25572459908284628,0,6.3371752210217762]
["Standard Life Investments Long Lease Property Fund",5.2600599653640261,10.864834117534841,9.0584879656975481,25.183382048596414]
["BlackRock UK Property Fund",5.1240249382624929,6.7362621985552806,9.6422295618121154,21.50251669862989]
["L&G UK Property Fund",5.0483341595215832,6.5528126007471066,4.3926906654722622,15.993837425740951]
["UK Long Income Property Fund Index",5.01877,8.6467500000000008,9.9963200000000008,23.661840000000002]
["BlackRock Long Lease Property Fund",4.5830163193803495,4.2051304163622172,0,8.7881467357425667]
["West End of London Property Unit Trust",3.555815771042782,-1.4210854715202004E-14,84.028507782084006,87.584323553126779]
["Royal London Property Fund",3.273561028227415,0,26.471540495177322,29.745101523404738]
["Lothbury Property Trust",2.5097243540863956,3.6415224494269722,19.425041413242688,25.576288216756055]
["PGIM Real Estate UK Ground Lease Fund",2.2390685543675599,0,0,2.2390685543675599]
["Royal London UK Real Estate Fund",2.1577657527321792,1.9819107609104378,26.785798967577978,30.925475481220595]
["Standard Life Investments Pooled Pension Property Fund",1.7931662233579404,2.9806364918676564,11.553195827547405,16.326998542773001]
["UK Specialist Property Fund Index",1.48289,0,7.6750500000000006,9.15794]
["Industrial Property Investment Fund",0.24499395729207057,0,0,0.24499395729207057]
["Airport Industrial Property Unit Trust",0.13493716656193031,0,0,0.13493716656193031]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index (Not all constituents of MSCI/AREF Property Fund Vision are constituents of theMSCI/AREF UK Quarterly Property Fund Index )"]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["REST OF UK OFFICES"]
["Portfolio weightings %:June 2021"]
[null,"Rest of UK offices","Central London","Rest of South-east","All offices"]
["LPI (Limited Price Inflation) Income Property Fund",21.773059889085676,15.45988225298515,6.7842985825916982,44.017240724662521]
["Fidelity UK Real Estate Fund",19.987753256239809,4.5122854341009626,15.049307531140402,39.549346221481173]
["Kames Capital UK Active Value Property Unit Trust",18.087781359974876,5.6587472411094613,18.978105491539406,42.724634092623745]
["Aberdeen UK Property Fund",17.305790577793221,0,0,17.305790577793221]
["Mayfair Capital Property Income Trust for Charities",16.317451535866063,0,10.27602919968456,26.593480735550621]
["Kames Capital Active Value Property Fund",13.76424102213875,0,12.918966649593079,26.683207671731829]
["M&G Property Portfolio",13.422714253294668,4.2939161465199662,7.0663659419108162,24.78299634172545]
["Aviva Investors UK Property Fund",13.222675206418579,0,0,13.222675206418579]
["Standard Life Investments UK Real Estate Fund",12.519586868672167,3.03202301426749,10.062920541592099,25.614530424531758]
["PATRIZIA Hanover Property Unit Trust",12.422100341772936,0,16.783254396947857,29.205354738720793]
["The Local Authorities’ Property Fund",11.220509834035358,4.2601520973914191,13.409963303129004,28.890625234555781]
["Standard Life Investments Long Lease Property Fund",10.864834117534841,9.0584879656975481,5.2600599653640261,25.183382048596414]
["Aegon UK Property Fund Limited",9.7146669337233824,0,24.06967305572007,33.784339989443453]
["LF Canlife UK Property ACS",8.954855821882191,16.160355127785682,15.474484070860118,40.589695020527991]
["Mayfair Capital Property Unit Trust",8.94125702486458,0,13.341493098498137,22.282750123362717]
["UK Long Income Property Fund Index",8.6467500000000008,9.9963200000000008,5.01877,23.661840000000002]
["M&G UK Property Limited Partnership",7.9770581854221057,0,8.8604522962276384,16.837510481649744]
["Federated Hermes Property Unit Trust",7.1131379927152611,13.182380862915663,8.6533411471626209,28.948860002793545]
["BlackRock UK Property Fund",6.7362621985552806,9.6422295618121154,5.1240249382624929,21.50251669862989]
["L&G UK Property Fund",6.5528126007471066,4.3926906654722622,5.0483341595215832,15.993837425740951]
["Legal And General Managed Fund",6.4889540193872612,12.993381230273354,10.894678329031203,30.37701357869182]
["BMO UK Property Fund",6.4259827617168046,0,6.5226844440533167,12.948667205770121]
["UK Other Balanced Property Fund Index",5.7482899999999999,11.571860000000001,10.358140000000001,27.678290000000001]
["UK All Balanced Property Fund Index",5.4456199999999999,12.06643,9.7359200000000001,27.247970000000002]
["Threadneedle Property Unit Trust",5.3268732314655232,8.0448537006893837,14.898523285745121,28.270250217900028]
["UK All Property Fund Index",5.0392999999999999,10.707100000000001,6.9978800000000003,22.74428]
["Tritax Property Income Fund",5.0129101652911956,0,20.194052881769686,25.206963047060881]
["COIF Charities Property Fund",4.9007099587859315,11.62126216935642,12.356905638654942,28.878877766797292]
["Schroder UK Real Estate",4.8868668022078765,11.463886758658358,31.483623647157959,47.834377208024193]
["UK Managed Property Fund Index",4.6455200000000003,13.373809999999999,8.0911200000000001,26.11045]
["The Charities Property Fund",4.4748435779701765,7.2623073542571728,8.311989075044492,20.049140007271841]
["BlackRock Long Lease Property Fund",4.2051304163622172,0,4.5830163193803495,8.7881467357425667]
["Kames Capital UK Active Value Property Unit Trust II",4.0769866879832968,0,23.601569219224114,27.678555907207411]
["Lothbury Property Trust",3.6415224494269722,19.425041413242688,2.5097243540863956,25.576288216756055]
["M&G Secure Property Income Fund",3.03230328463885,13.1604875512249,8.6971388495111626,24.889929685374913]
["Standard Life Investments Pooled Pension Property Fund",2.9806364918676564,11.553195827547405,1.7931662233579404,16.326998542773001]
["Threadneedle Pensions Ltd",2.7249082506490794,14.483551131292344,12.541101908898264,29.74956129083969]
["CBRE UK Property PAIF",2.2222826423230604,3.6443434366530205,9.1738192046836122,15.040445283659693]
["Royal London UK Real Estate Fund",1.9819107609104378,26.785798967577978,2.1577657527321792,30.925475481220595]
["AEW UK Real Return Fund",1.8391935614862764,0,0,1.8391935614862764]
["KFIM Long Income Property Unit Trust",0.81319481745226541,0,0,0.81319481745226541]
["AEW UK Core Property Fund",0.25572459908284628,0,6.0814506219389299,6.3371752210217762]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index  (Not all constituents of MSCI/AREF Property Fund Vision are constituents of theMSCI/AREF UK Quarterly Property Fund Index )"]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["ALL OFFICES"]
["Portfolio weightings %:June 2021"]
[null,"All offices","Central London","Rest of South-east","Rest of UK"]
["West End of London Property Unit Trust",87.584323553126779,84.028507782084006,3.555815771042782,-1.4210854715202004E-14]
["Nuveen Real Estate Central London Office Fund",67.780495579596547,25.116934146071731,42.663561433524812,3.5527136788005009E-15]
["Schroder UK Real Estate",47.834377208024193,11.463886758658358,31.483623647157959,4.8868668022078765]
["LPI (Limited Price Inflation) Income Property Fund",44.017240724662521,15.45988225298515,6.7842985825916982,21.773059889085676]
["Kames Capital UK Active Value Property Unit Trust",42.724634092623745,5.6587472411094613,18.978105491539406,18.087781359974876]
["LF Canlife UK Property ACS",40.589695020527991,16.160355127785682,15.474484070860118,8.954855821882191]
["Fidelity UK Real Estate Fund",39.549346221481173,4.5122854341009626,15.049307531140402,19.987753256239809]
["Aviva Investors Pensions Limited",36.332092731329823,25.845353725033014,10.486739006296798,1.0658141036401503E-14]
["Aegon UK Property Fund Limited",33.784339989443453,0,24.06967305572007,9.7146669337233824]
["Royal London UK Real Estate Fund",30.925475481220595,26.785798967577978,2.1577657527321792,1.9819107609104378]
["Legal And General Managed Fund",30.37701357869182,12.993381230273354,10.894678329031203,6.4889540193872612]
["Threadneedle Pensions Ltd",29.74956129083969,14.483551131292344,12.541101908898264,2.7249082506490794]
["Royal London Property Fund",29.745101523404738,26.471540495177322,3.273561028227415,0]
["PATRIZIA Hanover Property Unit Trust",29.205354738720793,0,16.783254396947857,12.422100341772936]
["Federated Hermes Property Unit Trust",28.948860002793545,13.182380862915663,8.6533411471626209,7.1131379927152611]
["The Local Authorities’ Property Fund",28.890625234555781,4.2601520973914191,13.409963303129004,11.220509834035358]
["COIF Charities Property Fund",28.878877766797292,11.62126216935642,12.356905638654942,4.9007099587859315]
["Threadneedle Property Unit Trust",28.270250217900028,8.0448537006893837,14.898523285745121,5.3268732314655232]
["Kames Capital UK Active Value Property Unit Trust II",27.678555907207411,0,23.601569219224114,4.0769866879832968]
["UK Other Balanced Property Fund Index",27.678290000000001,11.571860000000001,10.358140000000001,5.7482899999999999]
["UK All Balanced Property Fund Index",27.247970000000002,12.06643,9.7359200000000001,5.4456199999999999]
["Kames Capital Active Value Property Fund",26.683207671731829,0,12.918966649593079,13.76424102213875]
["Mayfair Capital Property Income Trust for Charities",26.593480735550621,0,10.27602919968456,16.317451535866063]
["UK Managed Property Fund Index",26.11045,13.373809999999999,8.0911200000000001,4.6455200000000003]
["Standard Life Investments UK Real Estate Fund",25.614530424531758,3.03202301426749,10.062920541592099,12.519586868672167]
["Lothbury Property Trust",25.576288216756055,19.425041413242688,2.5097243540863956,3.6415224494269722]
["Nuveen Real Estate UK Property Fund",25.555724241046111,6.5044302897048913,19.051293951341219,8.8817841970012523E-16]
["Tritax Property Income Fund",25.206963047060881,0,20.194052881769686,5.0129101652911956]
["Standard Life Investments Long Lease Property Fund",25.183382048596414,9.0584879656975481,5.2600599653640261,10.864834117534841]
["M&G Secure Property Income Fund",24.889929685374913,13.1604875512249,8.6971388495111626,3.03230328463885]
["M&G Property Portfolio",24.78299634172545,4.2939161465199662,7.0663659419108162,13.422714253294668]
["UK Long Income Property Fund Index",23.661840000000002,9.9963200000000008,5.01877,8.6467500000000008]
["UK All Property Fund Index",22.74428,10.707100000000001,6.9978800000000003,5.0392999999999999]
["Mayfair Capital Property Unit Trust",22.282750123362717,0,13.341493098498137,8.94125702486458]
["BlackRock UK Property Fund",21.50251669862989,9.6422295618121154,5.1240249382624929,6.7362621985552806]
["The Charities Property Fund",20.049140007271841,7.2623073542571728,8.311989075044492,4.4748435779701765]
["Triton Property Fund LP",19.140790546719934,9.0255714822879138,10.11521906443202,0]
["Janus Henderson UK Property PAIF",17.835462408556332,2.5289592212964909,15.306503187259839,1.7763568394002505E-15]
["Aberdeen UK Property Fund",17.305790577793221,0,0,17.305790577793221]
["M&G UK Property Limited Partnership",16.837510481649744,0,8.8604522962276384,7.9770581854221057]
["Standard Life Investments Pooled Pension Property Fund",16.326998542773001,11.553195827547405,1.7931662233579404,2.9806364918676564]
["L&G UK Property Fund",15.993837425740951,4.3926906654722622,5.0483341595215832,6.5528126007471066]
["CBRE UK Property PAIF",15.040445283659693,3.6443434366530205,9.1738192046836122,2.2222826423230604]
["Aviva Investors UK Property Fund",13.222675206418579,0,0,13.222675206418579]
["BMO UK Property Fund",12.948667205770121,0,6.5226844440533167,6.4259827617168046]
["UK Specialist Property Fund Index",9.15794,7.6750500000000006,1.48289,0]
["BlackRock Long Lease Property Fund",8.7881467357425667,0,4.5830163193803495,4.2051304163622172]
["AEW UK Core Property Fund",6.3371752210217762,0,6.0814506219389299,0.25572459908284628]
["PGIM Real Estate UK Ground Lease Fund",2.2390685543675599,0,2.2390685543675599,0]
["AEW UK Real Return Fund",1.8391935614862764,0,0,1.8391935614862764]
["AXA UK Long Lease Property Fund",0.91534418398671813,0.91534418398671813,0,0]
["KFIM Long Income Property Unit Trust",0.81319481745226541,0,0,0.81319481745226541]
["Industrial Property Investment Fund",0.24499395729207057,0,0.24499395729207057,0]
["Airport Industrial Property Unit Trust",0.13493716656193031,0,0.13493716656193031,0]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index (Not all constituents of MSCI/AREF Property Fund Vision are constituents of the MSCI/AREF UK Quarterly Property Fund Index )"]
[]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["SOUTH-EASTERN INDUSTRIAL"]
["Portfolio weightings %:June 2021"]
[null,null,"London & South-eastern","Rest of UK","All industrial"]
["Airport Industrial Property Unit Trust",null,98.112288415231177,0,98.112288415231177]
["Industrial Property Investment Fund",null,70.337520679997638,26.401415232033898,96.738935912031536]
["Nuveen Real Estate UK Property Fund",null,43.388197376419292,8.2673132654193111,51.655510641838603]
["CBRE UK Property PAIF",null,39.911409903418146,5.5686904381067279,45.480100341524874]
["PATRIZIA Hanover Property Unit Trust",null,35.910030038929193,17.521295852438996,53.431325891368189]
["Aviva Investors Pensions Limited",null,34.379096803031629,3.5790773207725408,37.95817412380417]
["Mayfair Capital Property Unit Trust",null,33.579555469371478,15.694206824791358,49.273762294162836]
["Standard Life Investments UK Real Estate Fund",null,32.599826325721729,12.506488529250539,45.106314854972268]
["Triton Property Fund LP",null,32.224271303077529,15.352723244643549,47.576994547721078]
["Standard Life Investments Pooled Pension Property Fund",null,31.474181742216047,15.300281703038173,46.77446344525422]
["Federated Hermes Property Unit Trust",null,30.283946922641459,4.5327025056566121,34.816649428298071]
["Legal And General Managed Fund",null,29.851905629845522,3.4243539954306179,33.27625962527614]
["Aberdeen UK Property Fund",null,29.725932795189042,0,29.725932795189042]
["BMO UK Property Fund",null,29.2834529978721,17.047570773195321,46.331023771067422]
["Threadneedle Property Unit Trust",null,26.663776580501587,14.402140762826416,41.065917343328003]
["UK Managed Property Fund Index",null,26.519659999999998,12.632540000000001,39.152200000000001]
["Aegon UK Property Fund Limited",null,26.206232106435827,0,26.206232106435827]
["UK Specialist Property Fund Index",null,25.28501,7.0014200000000004,32.286430000000003]
["M&G UK Property Limited Partnership",null,24.794101841155356,9.277478473984079,34.071580315139435]
["Royal London UK Real Estate Fund",null,24.154540065591046,5.1446336185651518,29.299173684156198]
["Royal London Property Fund",null,24.109082291247528,13.611122169998207,37.720204461245736]
["UK All Balanced Property Fund Index",null,23.83549,12.554639999999999,36.390129999999999]
["UK Other Balanced Property Fund Index",null,22.82009,12.525169999999999,35.345259999999996]
["BlackRock UK Property Fund",null,20.65794615358454,14.926003870027081,35.583950023611621]
["Lothbury Property Trust",null,19.772850356678951,6.9597998397177712,26.732650196396722]
["UK All Property Fund Index",null,19.545539999999999,10.317690000000001,29.863230000000001]
["Schroder UK Real Estate",null,19.430540172138954,5.5053472709365074,24.935887443075462]
["Tritax Property Income Fund",null,18.950319488487196,32.422515557707172,51.372835046194368]
["The Local Authorities’ Property Fund",null,17.550353911167772,20.900876021481604,38.451229932649376]
["Fidelity UK Real Estate Fund",null,17.414071988620769,22.177054653546563,39.591126642167332]
["Kames Capital Active Value Property Fund",null,16.162751636218768,3.087748050765466,19.250499686984234]
["Threadneedle Pensions Ltd",null,15.961151296176391,24.019435305784086,39.980586601960475]
["Mayfair Capital Property Income Trust for Charities",null,15.520545621063265,25.521612332829058,41.042157953892321]
["COIF Charities Property Fund",null,13.48895346517423,27.133875663927871,40.622829129102101]
["L&G UK Property Fund",null,13.46544428294302,20.658203572172916,34.123647855115934]
["The Charities Property Fund",null,12.59618064944787,18.681704947206534,31.277885596654404]
["LF Canlife UK Property ACS",null,12.022009537122388,3.0609885821442351,15.082998119266623]
["Janus Henderson UK Property PAIF",null,11.960807135597998,15.002758085057854,26.963565220655852]
["BlackRock Long Lease Property Fund",null,9.6100650642865038,9.9607908351830989,19.570855899469603]
["AEW UK Real Return Fund",null,7.867661346357953,4.5979839037156873,12.46564525007364]
["M&G Property Portfolio",null,7.8524568899941931,12.917671950628229,20.770128840622423]
["AEW UK Core Property Fund",null,6.4570461268418606,43.009681008246147,49.466727135088007]
["AXA UK Long Lease Property Fund",null,5.7706109736660451,15.070793393890401,20.841404367556446]
["Standard Life Investments Long Lease Property Fund",null,4.8029968061889816,12.512284710916994,17.315281517105976]
["UK Long Income Property Fund Index",null,3.1535799999999998,7.6014400000000002,10.75502]
["KFIM Long Income Property Unit Trust",null,2.8444862633784496,4.6565496142621292,7.5010358776405788]
["M&G Secure Property Income Fund",null,1.9626604204861937,2.6790526690005887,4.6417130894867826]
["Kames Capital UK Active Value Property Unit Trust",null,1.4756803857526442,14.363531848491808,15.839212234244453]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index  (Not all constituents of\nMSCI/AREF Property Fund Vision are constituents of theMSCI/AREF UK Quarterly Property Fund Index )"]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["REST OF UK INDUSTRIAL"]
["Portfolio weightings %:June 2021"]
[null,null,"Rest of UK","London & South-eastern","All industrial"]
["AEW UK Core Property Fund",null,43.009681008246147,6.4570461268418606,49.466727135088007]
["Kames Capital UK Active Value Property Unit Trust II",null,37.455957616887986,0,37.455957616887986]
["Tritax Property Income Fund",null,32.422515557707172,18.950319488487196,51.372835046194368]
["COIF Charities Property Fund",null,27.133875663927871,13.48895346517423,40.622829129102101]
["Industrial Property Investment Fund",null,26.401415232033898,70.337520679997638,96.738935912031536]
["Mayfair Capital Property Income Trust for Charities",null,25.521612332829058,15.520545621063265,41.042157953892321]
["Threadneedle Pensions Ltd",null,24.019435305784086,15.961151296176391,39.980586601960475]
["Fidelity UK Real Estate Fund",null,22.177054653546563,17.414071988620769,39.591126642167332]
["The Local Authorities’ Property Fund",null,20.900876021481604,17.550353911167772,38.451229932649376]
["L&G UK Property Fund",null,20.658203572172916,13.46544428294302,34.123647855115934]
["The Charities Property Fund",null,18.681704947206534,12.59618064944787,31.277885596654404]
["PATRIZIA Hanover Property Unit Trust",null,17.521295852438996,35.910030038929193,53.431325891368189]
["BMO UK Property Fund",null,17.047570773195321,29.2834529978721,46.331023771067422]
["Mayfair Capital Property Unit Trust",null,15.694206824791358,33.579555469371478,49.273762294162836]
["Triton Property Fund LP",null,15.352723244643549,32.224271303077529,47.576994547721078]
["Standard Life Investments Pooled Pension Property Fund",null,15.300281703038173,31.474181742216047,46.77446344525422]
["AXA UK Long Lease Property Fund",null,15.070793393890401,5.7706109736660451,20.841404367556446]
["Janus Henderson UK Property PAIF",null,15.002758085057854,11.960807135597998,26.963565220655852]
["BlackRock UK Property Fund",null,14.926003870027081,20.65794615358454,35.583950023611621]
["Threadneedle Property Unit Trust",null,14.402140762826416,26.663776580501587,41.065917343328003]
["Kames Capital UK Active Value Property Unit Trust",null,14.363531848491808,1.4756803857526442,15.839212234244453]
["Royal London Property Fund",null,13.611122169998207,24.109082291247528,37.720204461245736]
["M&G Property Portfolio",null,12.917671950628229,7.8524568899941931,20.770128840622423]
["UK Managed Property Fund Index",null,12.632540000000001,26.519659999999998,39.152200000000001]
["UK All Balanced Property Fund Index",null,12.554639999999999,23.83549,36.390129999999999]
["UK Other Balanced Property Fund Index",null,12.525169999999999,22.82009,35.345259999999996]
["Standard Life Investments Long Lease Property Fund",null,12.512284710916994,4.8029968061889816,17.315281517105976]
["Standard Life Investments UK Real Estate Fund",null,12.506488529250539,32.599826325721729,45.106314854972268]
["LPI (Limited Price Inflation) Income Property Fund",null,12.186101824827219,0,12.186101824827219]
["UK All Property Fund Index",null,10.317690000000001,19.545539999999999,29.863230000000001]
["BlackRock Long Lease Property Fund",null,9.9607908351830989,9.6100650642865038,19.570855899469603]
["M&G UK Property Limited Partnership",null,9.277478473984079,24.794101841155356,34.071580315139435]
["Nuveen Real Estate UK Property Fund",null,8.2673132654193111,43.388197376419292,51.655510641838603]
["UK Long Income Property Fund Index",null,7.6014400000000002,3.1535799999999998,10.75502]
["UK Specialist Property Fund Index",null,7.0014200000000004,25.28501,32.286430000000003]
["Lothbury Property Trust",null,6.9597998397177712,19.772850356678951,26.732650196396722]
["CBRE UK Property PAIF",null,5.5686904381067279,39.911409903418146,45.480100341524874]
["Schroder UK Real Estate",null,5.5053472709365074,19.430540172138954,24.935887443075462]
["Aviva Investors UK Property Fund",null,5.2538637788944262,0,5.2538637788944262]
["Royal London UK Real Estate Fund",null,5.1446336185651518,24.154540065591046,29.299173684156198]
["KFIM Long Income Property Unit Trust",null,4.6565496142621292,2.8444862633784496,7.5010358776405788]
["AEW UK Real Return Fund",null,4.5979839037156873,7.867661346357953,12.46564525007364]
["Federated Hermes Property Unit Trust",null,4.5327025056566121,30.283946922641459,34.816649428298071]
["Aviva Investors Pensions Limited",null,3.5790773207725408,34.379096803031629,37.95817412380417]
["Legal And General Managed Fund",null,3.4243539954306179,29.851905629845522,33.27625962527614]
["Kames Capital Active Value Property Fund",null,3.087748050765466,16.162751636218768,19.250499686984234]
["LF Canlife UK Property ACS",null,3.0609885821442351,12.022009537122388,15.082998119266623]
["M&G Secure Property Income Fund",null,2.6790526690005887,1.9626604204861937,4.6417130894867826]
["PGIM Real Estate UK Ground Lease Fund",null,0.50000761761679013,0,0.50000761761679013]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index  (Not all constituents of MSCI/AREF Property Fund Vision are constituents of theMSCI/AREF UK Quarterly Property Fund Index )"]
[]
["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["ALL INDUSTRIAL"]
["Portfolio weightings %:June 2021"]
[null,null,"All Industrial","London & South-Eastern","Rest of UK"]
["Airport Industrial Property Unit Trust",null,98.112288415231177,98.112288415231177,0]
["Industrial Property Investment Fund",null,96.738935912031536,70.337520679997638,26.401415232033898]
["PATRIZIA Hanover Property Unit Trust",null,53.431325891368189,35.910030038929193,17.521295852438996]
["Nuveen Real Estate UK Property Fund",null,51.655510641838603,43.388197376419292,8.2673132654193111]
["Tritax Property Income Fund",null,51.372835046194368,18.950319488487196,32.422515557707172]
["AEW UK Core Property Fund",null,49.466727135088007,6.4570461268418606,43.009681008246147]
["Mayfair Capital Property Unit Trust",null,49.273762294162836,33.579555469371478,15.694206824791358]
["Triton Property Fund LP",null,47.576994547721078,32.224271303077529,15.352723244643549]
["Standard Life Investments Pooled Pension Property Fund",null,46.77446344525422,31.474181742216047,15.300281703038173]
["BMO UK Property Fund",null,46.331023771067422,29.2834529978721,17.047570773195321]
["CBRE UK Property PAIF",null,45.480100341524874,39.911409903418146,5.5686904381067279]
["Standard Life Investments UK Real Estate Fund",null,45.106314854972268,32.599826325721729,12.506488529250539]
["Threadneedle Property Unit Trust",null,41.065917343328003,26.663776580501587,14.402140762826416]
["Mayfair Capital Property Income Trust for Charities",null,41.042157953892321,15.520545621063265,25.521612332829058]
["COIF Charities Property Fund",null,40.622829129102101,13.48895346517423,27.133875663927871]
["Threadneedle Pensions Ltd",null,39.980586601960475,15.961151296176391,24.019435305784086]
["Fidelity UK Real Estate Fund",null,39.591126642167332,17.414071988620769,22.177054653546563]
["UK Managed Property Fund Index",null,39.152200000000001,26.519659999999998,12.632540000000001]
["The Local Authorities’ Property Fund",null,38.451229932649376,17.550353911167772,20.900876021481604]
["Aviva Investors Pensions Limited",null,37.95817412380417,34.379096803031629,3.5790773207725408]
["Royal London Property Fund",null,37.720204461245736,24.109082291247528,13.611122169998207]
["Kames Capital UK Active Value Property Unit Trust II",null,37.455957616887986,0,37.455957616887986]
["UK All Balanced Property Fund Index",null,36.390129999999999,23.83549,12.554639999999999]
["BlackRock UK Property Fund",null,35.583950023611621,20.65794615358454,14.926003870027081]
["UK Other Balanced Property Fund Index",null,35.345259999999996,22.82009,12.525169999999999]
["Federated Hermes Property Unit Trust",null,34.816649428298071,30.283946922641459,4.5327025056566121]
["L&G UK Property Fund",null,34.123647855115934,13.46544428294302,20.658203572172916]
["M&G UK Property Limited Partnership",null,34.071580315139435,24.794101841155356,9.277478473984079]
["Legal And General Managed Fund",null,33.27625962527614,29.851905629845522,3.4243539954306179]
["UK Specialist Property Fund Index",null,32.286430000000003,25.28501,7.0014200000000004]
["The Charities Property Fund",null,31.277885596654404,12.59618064944787,18.681704947206534]
["UK All Property Fund Index",null,29.863230000000001,19.545539999999999,10.317690000000001]
["Aberdeen UK Property Fund",null,29.725932795189042,29.725932795189042,0]
["Royal London UK Real Estate Fund",null,29.299173684156198,24.154540065591046,5.1446336185651518]
["Janus Henderson UK Property PAIF",null,26.963565220655852,11.960807135597998,15.002758085057854]
["Lothbury Property Trust",null,26.732650196396722,19.772850356678951,6.9597998397177712]
["Aegon UK Property Fund Limited",null,26.206232106435827,26.206232106435827,0]
["Schroder UK Real Estate",null,24.935887443075462,19.430540172138954,5.5053472709365074]
["AXA UK Long Lease Property Fund",null,20.841404367556446,5.7706109736660451,15.070793393890401]
["M&G Property Portfolio",null,20.770128840622423,7.8524568899941931,12.917671950628229]
["BlackRock Long Lease Property Fund",null,19.570855899469603,9.6100650642865038,9.9607908351830989]
["Kames Capital Active Value Property Fund",null,19.250499686984234,16.162751636218768,3.087748050765466]
["Standard Life Investments Long Lease Property Fund",null,17.315281517105976,4.8029968061889816,12.512284710916994]
["Kames Capital UK Active Value Property Unit Trust",null,15.839212234244453,1.4756803857526442,14.363531848491808]
["LF Canlife UK Property ACS",null,15.082998119266623,12.022009537122388,3.0609885821442351]
["AEW UK Real Return Fund",null,12.46564525007364,7.867661346357953,4.5979839037156873]
["LPI (Limited Price Inflation) Income Property Fund",null,12.186101824827219,0,12.186101824827219]
["UK Long Income Property Fund Index",null,10.75502,3.1535799999999998,7.6014400000000002]
["KFIM Long Income Property Unit Trust",null,7.5010358776405788,2.8444862633784496,4.6565496142621292]
["Aviva Investors UK Property Fund",null,5.2538637788944262,0,5.2538637788944262]
["M&G Secure Property Income Fund",null,4.6417130894867826,1.9626604204861937,2.6790526690005887]
["PGIM Real Estate UK Ground Lease Fund",null,0.50000761761679013,0,0.50000761761679013]
[]
[" ^ MSCI/AREF UK Quarterly Property Fund Index (Not all constituents of MSCI/AREF Property Fund Vision are constituents of the MSCI/AREF UK Quarterly Property Fund Index) "]

{"sheet":"Balance sheet Ratios","index":70,"n_rows":240,"n_cols":5,"rows_kept":240,"cut":false,"hidden":false,"merged":[[164,0,164,4],[208,0,208,4],[209,0,209,4],[239,0,239,1],[165,0,165,4],[178,0,178,1],[181,0,181,4],[182,0,182,4],[205,0,205,1],[98,0,98,4],[145,0,145,1],[148,0,148,4],[149,0,149,4],[161,0,161,1],[17,0,17,4],[50,0,50,4],[51,0,51,4],[94,0,94,1],[97,0,97,4]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["BALANCE SHEET RATIOS"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
[]
[]
[]
["BALANCE SHEET RATIOS"]
["Balanced funds"]
[null,"Gross Debt/Gross Assets~ (%)",null,null,"Net Debt (Cash)/Property Assets+ (%)"]
["Authorised Property Unit Trusts(un-weighted/weighted average)","0.0 / 0.0",null,"Authorised Property Unit Trusts(un-weighted/weighted average)","-20.7 / -18.3"]
["Standard Life Investments UK Real Estate Fund","-",null,"Aviva Investors UK Property Fund",-69.8]
["L&G UK Property Fund","-",null,"Janus Henderson UK Property PAIF",-23.8]
["Aviva Investors UK Property Fund","-",null,"L&G UK Property Fund",-23.1]
["M&G Property Portfolio","-",null,"M&G Property Portfolio",-17.2]
["Kames Capital UK Active Value Property Unit Trust II","-",null,"Aberdeen UK Property Fund",-15.7]
["Kames Capital UK Active Value Property Unit Trust","-",null,"Kames Capital UK Active Value Property Unit Trust",-9.8000000000000007]
["Janus Henderson UK Property PAIF","-",null,"Kames Capital UK Active Value Property Unit Trust II",-5.9]
["Aberdeen UK Property Fund","-",null,"Standard Life Investments UK Real Estate Fund","-"]
["Common Investment Funds(un-weighted/weighted average)","3.8 / 3.1",null,"Common Investment Funds(un-weighted/weighted average)","-4.7 / -5.2"]
["COIF Charities Property Fund","-",null,"The Charities Property Fund",-6.9]
["The Charities Property Fund","-",null,"COIF Charities Property Fund",-4.7]
["Mayfair Capital Property Income Trust for Charities",11.3,null,"Mayfair Capital Property Income Trust for Charities",-2.5]
["Managed Property Funds(un-weighted/weighted average)","0.2 / 0.5",null,"Managed Property Funds(un-weighted/weighted average)","-7.4 / -7.7"]
["Threadneedle Pensions Ltd","-",null,"Kames Capital Active Value Property Fund",-12.2]
["Aviva Investors Pensions Limited","-",null,"Standard Life Investments Pooled Pension Property Fund",-11.9]
["Kames Capital Active Value Property Fund","-",null,"Threadneedle Pensions Ltd",-8.6999999999999993]
["Standard Life Investments Pooled Pension Property Fund","-",null,"Aegon UK Property Fund Limited",-6]
["Aegon UK Property Fund Limited","-",null,"Legal And General Managed Fund",-4.8]
["Legal And General Managed Fund",1.4,null,"Aviva Investors Pensions Limited",-1]
["Other balanced funds(un-weighted/weighted average)","2.3 / 1.4",null,"Other balanced funds(un-weighted/weighted average)","-6.0 / -5.6"]
["Lothbury Property Trust","-",null,"LF Canlife UK Property ACS",-32.4]
["BMO UK Property Fund","-",null,"BMO UK Property Fund",-23.1]
["Fidelity UK Real Estate Fund","-",null,"M&G UK Property Limited Partnership",-14.1]
["LF Canlife UK Property ACS","-",null,"Fidelity UK Real Estate Fund",-12]
["M&G UK Property Limited Partnership","-",null,"CBRE UK Property PAIF",-11.2]
["Mayfair Capital Property Unit Trust","-",null,"The Local Authorities’ Property Fund",-9.3000000000000007]
["Royal London UK Real Estate Fund","-",null,"Royal London Property Fund",-7.7]
["Threadneedle Property Unit Trust","-",null,"Schroder UK Real Estate",-7.7]
["The Local Authorities’ Property Fund","-",null,"Threadneedle Property Unit Trust",-7.2]
["CBRE UK Property PAIF","-",null,"BlackRock UK Property Fund",-6.8]
["Royal London Property Fund","-",null,"Mayfair Capital Property Unit Trust",-5.8]
["Nuveen Real Estate UK Property Fund","-",null,"Royal London UK Real Estate Fund",-3.5]
["Schroder UK Real Estate",0.3,null,"Lothbury Property Trust",-2.2000000000000002]
["BlackRock UK Property Fund",2.6,null,"Nuveen Real Estate UK Property Fund",-1.7]
["Triton Property Fund LP",3.2,null,"Federated Hermes Property Unit Trust",-1.1000000000000001]
["Federated Hermes Property Unit Trust",3.5,null,"Triton Property Fund LP",1.5]
["AEW UK Core Property Fund",4.8,null,"AEW UK Core Property Fund",4.0999999999999996]
["PATRIZIA Hanover Property Unit Trust",6.9,null,"PATRIZIA Hanover Property Unit Trust",6.1]
["Tritax Property Income Fund",23.2,null,"Tritax Property Income Fund",19.399999999999999]
["All Balanced funds (un-weighted/weighted average)","1.6 / 1.0",null,"All Balanced funds(un-weighted/weighted average)","-9.4 / -8.2"]
["~ Gross assets = net assets plus gross debt\n* Including other funds open to investment only by registered charities\n+ ‘Property assets’ comprise properties held directly, jointly & indirectly plus\nproperty company shares. Negative figures indicate net cash (rather than net\ndebt) as a percentage of property assets"]
[]
[]
[]
["Balanced funds (cont’d)"]
[null,"Net Debt/Equity Ratio^ (%)",null,null,"Gearing Risk/Reward Impact #"]
["Authorised Property Unit Trusts(un-weighted/weighted average)","-15.3 / -15.5",null,"Authorised Property Unit Trusts(un-weighted/weighted average)","8.5 / 8.5"]
["Aviva Investors UK Property Fund",-41.1,null,"Aviva Investors UK Property Fund",5.9]
["Janus Henderson UK Property PAIF",-19.2,null,"Janus Henderson UK Property PAIF",8.1]
["L&G UK Property Fund",-18.8,null,"L&G UK Property Fund",8.1]
["M&G Property Portfolio",-14.8,null,"Aberdeen UK Property Fund",8.5]
["Aberdeen UK Property Fund",-13.4,null,"M&G Property Portfolio",8.6]
["Kames Capital UK Active Value Property Unit Trust",-9.3000000000000007,null,"Kames Capital UK Active Value Property Unit Trust",9.5]
["Kames Capital UK Active Value Property Unit Trust II",-5.6,null,"Kames Capital UK Active Value Property Unit Trust II",9.6]
["Standard Life Investments UK Real Estate Fund","-",null,"Standard Life Investments UK Real Estate Fund",10]
[]
["Common Investment Funds(un-weighted/weighted average)","-4.4 / -4.9",null,"Common Investment Funds(un-weighted/weighted average)","9.5 / 9.5"]
["The Charities Property Fund",-6.4,null,"The Charities Property Fund",9.3000000000000007]
["COIF Charities Property Fund",-4.5,null,"COIF Charities Property Fund",9.5]
["Mayfair Capital Property Income Trust for Charities",-2.4,null,"Mayfair Capital Property Income Trust for Charities",9.6999999999999993]
[]
["Managed Property Funds(un-weighted/weighted average)","-6.8 / -7.1",null,"Managed Property Funds(un-weighted/weighted average)","9.3 / 9.2"]
["Kames Capital Active Value Property Fund",-10.6,null,"Kames Capital Active Value Property Fund",8.8000000000000007]
["Standard Life Investments Pooled Pension Property Fund",-10.6,null,"Standard Life Investments Pooled Pension Property Fund",8.9]
["Threadneedle Pensions Ltd",-8.1,null,"Threadneedle Pensions Ltd",9.3000000000000007]
["Aegon UK Property Fund Limited",-5.7,null,"Legal And General Managed Fund",9.4]
["Legal And General Managed Fund",-4.5,null,"Aegon UK Property Fund Limited",9.4]
["Aviva Investors Pensions Limited",-1,null,"Aviva Investors Pensions Limited",9.9]
[]
["Other balanced funds(un-weighted/weighted average)","-4.7 / -5.3",null,"Other balanced funds(un-weighted/weighted average)","9.6 / 9.5"]
["LF Canlife UK Property ACS",-24.7,null,"LF Canlife UK Property ACS",7.6]
["BMO UK Property Fund",-18.8,null,"BMO UK Property Fund",8.1]
["M&G UK Property Limited Partnership",-12.6,null,"M&G UK Property Limited Partnership",9]
["Fidelity UK Real Estate Fund",-10.8,null,"CBRE UK Property PAIF",9]
["CBRE UK Property PAIF",-10.1,null,"Fidelity UK Real Estate Fund",9]
["The Local Authorities’ Property Fund",-8.5,null,"The Local Authorities’ Property Fund",9.1]
["Royal London Property Fund",-7.1,null,"Royal London Property Fund",9.3000000000000007]
["Schroder UK Real Estate",-7.1,null,"Schroder UK Real Estate",9.3000000000000007]
["Threadneedle Property Unit Trust",-6.7,null,"Threadneedle Property Unit Trust",9.3000000000000007]
["BlackRock UK Property Fund",-6.3,null,"BlackRock UK Property Fund",9.4]
["Mayfair Capital Property Unit Trust",-5.5,null,"Mayfair Capital Property Unit Trust",9.5]
["Royal London UK Real Estate Fund",-3.4,null,"Royal London UK Real Estate Fund",9.6999999999999993]
["Lothbury Property Trust",-2.1,null,"Nuveen Real Estate UK Property Fund",9.8000000000000007]
["Nuveen Real Estate UK Property Fund",-1.6,null,"Lothbury Property Trust",9.8000000000000007]
["Federated Hermes Property Unit Trust",-1.1000000000000001,null,"Federated Hermes Property Unit Trust",9.9]
["Triton Property Fund LP",1.6,null,"Triton Property Fund LP",10.3]
["AEW UK Core Property Fund",4.3,null,"AEW UK Core Property Fund",10.5]
["PATRIZIA Hanover Property Unit Trust",6.5,null,"PATRIZIA Hanover Property Unit Trust",10.7]
["Tritax Property Income Fund",24.6,null,"Tritax Property Income Fund",12.7]
[]
["All Balanced funds (un-weighted/weighted average)","-7.4 / -7.5",null,"All Balanced funds(un-weighted/weighted average)","9.3 / 9.2"]
["Notes * Including other funds open to investment only by registered charities\n^ Negative figures indicate net cash/equity (rather than net debt/equity)\n# The percentage change in NAV which would result (ignoring management fees)\nfrom a 10% change in the underlying value of the fund’s property assets\n(including those\nHeld jointly & indirectly, and property company shares). This analysis is\nindicative only, and is not in any way predictive of what would occur even in\nthe event of a change\nin property values of the sort used for illustration."]
[]
[]
[]
["Long Income Property Funds"]
[null,"Gross Debt/Gross Assets~ (%)",null,null,"Net Debt (Cash)/Property Assets+ (%)"]
["Long Income Property Funds(un-weighted/weighted average)","0.0 / 0.0",null,"Long Income Property Funds(un-weighted/weighted average)","-2.5 / -2.0"]
["LPI (Limited Price Inflation) Income Property Fund","-",null,"AXA UK Long Lease Property Fund",-5.5]
["AXA UK Long Lease Property Fund","-",null,"Standard Life Investments Long Lease Property Fund",-4.3]
["Standard Life Investments Long Lease Property Fund","-",null,"AEW UK Real Return Fund",-3.5]
["PGIM Real Estate UK Ground Lease Fund","-",null,"PGIM Real Estate UK Ground Lease Fund",-3.1]
["KFIM Long Income Property Unit Trust","-",null,"LPI (Limited Price Inflation) Income Property Fund",-1.2]
["BlackRock Long Lease Property Fund","-",null,"KFIM Long Income Property Unit Trust",-1.1000000000000001]
["AEW UK Real Return Fund","-",null,"M&G Secure Property Income Fund",-0.9]
["M&G Secure Property Income Fund","-",null,"BlackRock Long Lease Property Fund",-0.5]
["All Long Income Property Funds (un-weighted/weighted average)","0.0 / 0.0",null,"All Long Income Property Funds(un-weighted/weighted average)","-2.5 / -2.0"]
[]
[]
[]
[]
["Long Income Property Funds"]
[null,"Net Debt/Equity Ratio^ (%)",null,null,"Gearing Risk/Reward Impact #"]
["Long Income Property Funds(un-weighted/weighted average)","-2.4 / -2.0",null,"Long Income Property Funds(un-weighted/weighted average)","9.7 / 9.7"]
["AXA UK Long Lease Property Fund",-5.2,null,"AXA UK Long Lease Property Fund",9.5]
["Standard Life Investments Long Lease Property Fund",-4.0999999999999996,null,"M&G Secure Property Income Fund",9.6]
["AEW UK Real Return Fund",-3.4,null,"Standard Life Investments Long Lease Property Fund",9.6]
["PGIM Real Estate UK Ground Lease Fund",-3,null,"AEW UK Real Return Fund",9.6]
["LPI (Limited Price Inflation) Income Property Fund",-1.2,null,"PGIM Real Estate UK Ground Lease Fund",9.6999999999999993]
["KFIM Long Income Property Unit Trust",-1.1000000000000001,null,"LPI (Limited Price Inflation) Income Property Fund",9.9]
["M&G Secure Property Income Fund",-0.8,null,"KFIM Long Income Property Unit Trust",9.9]
["BlackRock Long Lease Property Fund",-0.5,null,"BlackRock Long Lease Property Fund",9.9]
[]
["All Long Income Property Funds (un-weighted/weighted average)","-2.4 / -2.0",null,"All Long Income Property Funds(un-weighted/weighted average)","9.7 / 9.7"]
["~ Gross assets = net assets plus gross debt\n+ ‘Property assets’ comprise properties held directly, jointly & indirectly plus property company shares. Negative figures indicate net cash (rather than net debt) as a\nPercentage of property assets\n# the percentage change in NAV which would result (ignoring management fees) from a 10% change in the underlying value of the fund’s property assets (including those held jointly & indirectly, and property\ncompany shares). This analysis is indicative only, and is not in any way predictive of what would occur even in the event of a change"]
[]
[]
[]
["Specialist funds"]
[null,"Gross Debt/Gross Assets~ (%)",null,null,"Net Debt (Cash)/Property Assets+ (%)"]
["Healthcare(un-weighted/weighted average)","21.2 / 21.2",null,"Healthcare(un-weighted/weighted average)","19.8 / 19.8"]
["Octopus Healthcare Fund",21.2,null,"Octopus Healthcare Fund",19.8]
["Industrial(un-weighted/weighted average)","9.3 / 10.4",null,"Industrial(un-weighted/weighted average)","7.7 / 8.3"]
["Airport Industrial Property Unit Trust",7.4,null,"Airport Industrial Property Unit Trust",6.6]
["Industrial Property Investment Fund",11.2,null,"Industrial Property Investment Fund",8.6999999999999993]
["Leisure(un-weighted/weighted average)","34.5 / 34.5",null,"Leisure(un-weighted/weighted average)","36.3 / 36.3"]
["The Leisure Fund Limited Partnership",34.5,null,"The Leisure Fund Limited Partnership",36.299999999999997]
["Offices(un-weighted/weighted average)","16.6 / 24.8",null,"Offices(un-weighted/weighted average)","-11.7 / 9.3"]
["Nuveen Real Estate Central London Office Fund","-",null,"Nuveen Real Estate Central London Office Fund",-47.5]
["West End of London Property Unit Trust",33.200000000000003,null,"West End of London Property Unit Trust",24.1]
["Residential(un-weighted/weighted average)","32.5 / 32.5",null,"Residential(un-weighted/weighted average)","29.1 / 29.1"]
["UNITE UK Student Accommodation Fund",32.5,null,"UNITE UK Student Accommodation Fund",29.1]
["Retail warehouses(un-weighted/weighted average)","43.1 / 61.2",null,"Retail warehouses(un-weighted/weighted average)","40.9 / 60.8"]
["Aberdeen Standard UK Retail Park Trust","-",null,"Aberdeen Standard UK Retail Park Trust",-6.2]
["Nuveen Real Estate UK Retail Warehouse Fund",57,null,"Nuveen Real Estate UK Retail Warehouse Fund",56.9]
["Hercules Unit Trust",72.400000000000006,null,"Hercules Unit Trust",72.099999999999994]
["Shopping centres(un-weighted/weighted average)","44.9 / 41.4",null,"Shopping centres(un-weighted/weighted average)","40.3 / 37.5"]
["Aberdeen Standard UK Shopping Centre Trust","-",null,"Aberdeen Standard UK Shopping Centre Trust",-12.7]
["Nuveen Real Estate UK Shopping Centre Fund",61.5,null,"Nuveen Real Estate UK Shopping Centre Fund",63.3]
["Grosvenor Liverpool Fund",73.099999999999994,null,"Grosvenor Liverpool Fund",70.3]
["All Specialist funds (un-weighted/weighted average)","31.1 / 28.5",null,"All Specialist funds(un-weighted/weighted average)","24.7 / 25.0"]
["~ Gross assets = net assets plus gross debt\n+ ‘Property assets’ comprise properties held directly, jointly & indirectly plus\nproperty company shares. Negative figures indicate net cash (rather than net\ndebt) as a\npercentage of property assets"]
[]
[]
[]
["Specialist funds (cont’d)"]
[null,"Net Debt/Equity Ratio^ (%)",null,null,"Gearing Risk/Reward Impact #"]
["Healthcare(un-weighted/weighted average)","25.0 / 25.0",null,"Healthcare(un-weighted/weighted average)","12.6 / 12.6"]
["Octopus Healthcare Fund",25,null,"Octopus Healthcare Fund",12.6]
[]
["Industrial(un-weighted/weighted average)","8.4 / 9.1",null,"Industrial(un-weighted/weighted average)","10.9 / 10.9"]
["Airport Industrial Property Unit Trust",7.1,null,"Airport Industrial Property Unit Trust",10.8]
["Industrial Property Investment Fund",9.6,null,"Industrial Property Investment Fund",10.9]
[]
["Leisure(un-weighted/weighted average)","52.2 / 52.2",null,"Leisure(un-weighted/weighted average)","14.4 / 14.4"]
["The Leisure Fund Limited Partnership",52.2,null,"The Leisure Fund Limited Partnership",14.4]
[]
["Offices(un-weighted/weighted average)","-0.1 / 10.1",null,"Offices(un-weighted/weighted average)","9.8 / 10.9"]
["Nuveen Real Estate Central London Office Fund",-31.5,null,"Nuveen Real Estate Central London Office Fund",6.6]
["West End of London Property Unit Trust",31.3,null,"West End of London Property Unit Trust",13]
[]
["Residential(un-weighted/weighted average)","43.1 / 43.1",null,"Residential(un-weighted/weighted average)","14.8 / 14.8"]
["UNITE UK Student Accommodation Fund",43.1,null,"UNITE UK Student Accommodation Fund",14.8]
[]
["Retail warehouses(un-weighted/weighted average)","127.1 / 153.6",null,"Retail warehouses(un-weighted/weighted average)","22.6 / 25.2"]
["Aberdeen Standard UK Retail Park Trust",-5.8,null,"Aberdeen Standard UK Retail Park Trust",9.4]
["Nuveen Real Estate UK Retail Warehouse Fund",128.69999999999999,null,"Nuveen Real Estate UK Retail Warehouse Fund",22.6]
["Hercules Unit Trust",258.39999999999998,null,"Hercules Unit Trust",35.799999999999997]
[]
["Shopping centres(un-weighted/weighted average)","133.1 / 59.6",null,"Shopping centres(un-weighted/weighted average)","23.2 / 15.9"]
["Aberdeen Standard UK Shopping Centre Trust",-11.2,null,"Aberdeen Standard UK Shopping Centre Trust",8.8000000000000007]
["Nuveen Real Estate UK Shopping Centre Fund",155.19999999999999,null,"Nuveen Real Estate UK Shopping Centre Fund",24.5]
["Grosvenor Liverpool Fund",255.4,null,"Grosvenor Liverpool Fund",36.299999999999997]
[]
["All Specialist funds (un-weighted/weighted average)","70.6 / 33.6",null,"All Specialist funds(un-weighted/weighted average)","17.0 / 13.4"]
["^ Negative figures indicate net cash/equity (rather than net debt/equity)\n# The percentage change in NAV which would result (ignoring management fees)\nfrom a 10% change in the underlying value of the fund’s property assets\n(including those held jointly & indirectly, and property company shares). This\nanalysis is indicative only, and is not in any way predictive of what would occur\neven in the event of a change in property values of the sort used for\nillustration."]

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[]
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[]
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[]
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[]
[]
[null,"PORTFOLIO ANALYSIS"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
["LONGEVITY OF LEASES"]
[]
["Balanced funds"]
[null,"% of income from leases expiring* within 5 Years",null,null,"% of income from leases expiring* After 5 Years"]
["Authorised Property Unit Trusts (un-weighted/weighted average)","62.0 / 58.7",null,"Authorised Property Unit Trusts (un-weighted/weighted average)","38.0 / 41.3"]
["Kames Capital UK Active Value Property Unit Trust",78.42,null,"Janus Henderson UK Property PAIF",49.2]
["Kames Capital UK Active Value Property Unit Trust II",78.33,null,"Aberdeen UK Property Fund",44.39]
["M&G Property Portfolio",60.28,null,"Aviva Investors UK Property Fund",44.1]
["Standard Life Investments UK Real Estate Fund",58.38,null,"L&G UK Property Fund",41.7]
["L&G UK Property Fund",58.3,null,"Standard Life Investments UK Real Estate Fund",41.62]
["Aviva Investors UK Property Fund",55.9,null,"M&G Property Portfolio",39.72]
["Aberdeen UK Property Fund",55.61,null,"Kames Capital UK Active Value Property Unit Trust II",21.67]
["Janus Henderson UK Property PAIF",50.8,null,"Kames Capital UK Active Value Property Unit Trust",21.58]
["Common Investment Funds (un-weighted/weighted average)","48.3 / 46.6",null,"Common Investment Funds (un-weighted/weighted average)","51.7 / 53.4"]
["COIF Charities Property Fund",60.5,null,"The Charities Property Fund",63.29]
["Mayfair Capital Property Income Trust for Charities",47.7,null,"Mayfair Capital Property Income Trust for Charities",52.3]
["The Charities Property Fund",36.71,null,"COIF Charities Property Fund",39.5]
["Managed Property Funds (un-weighted/weighted average)","64.1 / 59.5",null,"Managed Property Funds (un-weighted/weighted average)","35.9 / 40.5"]
["Kames Capital Active Value Property Fund",73.5,null,"Legal And General Managed Fund",48.88]
["Aegon UK Property Fund Limited",71.39,null,"Standard Life Investments Pooled Pension Property Fund",46.83]
["Threadneedle Pensions Ltd",69.3,null,"Aviva Investors Pensions Limited",33.76]
["Aviva Investors Pensions Limited",66.239999999999995,null,"Threadneedle Pensions Ltd",30.7]
["Standard Life Investments Pooled Pension Property Fund",53.17,null,"Aegon UK Property Fund Limited",28.61]
["Legal And General Managed Fund",51.12,null,"Kames Capital Active Value Property Fund",26.5]
["Other balanced funds (un-weighted/weighted average)","59.7 / 58.3",null,"Other balanced funds (un-weighted/weighted average)","40.3 / 41.7"]
["Nuveen Real Estate UK Property Fund",83.5,null,"Tritax Property Income Fund",76.099999999999994]
["LF Canlife UK Property ACS",76.27,null,"Schroder UK Real Estate",56.2]
["AEW UK Core Property Fund",72.099999999999994,null,"Fidelity UK Real Estate Fund",54.08]
["Threadneedle Property Unit Trust",70.2,null,"The Local Authorities’ Property Fund",47.53]
["Federated Hermes Property Unit Trust",68.14,null,"BMO UK Property Fund",45.68]
["Lothbury Property Trust",67.28,null,"Mayfair Capital Property Unit Trust",43.24]
["Royal London Property Fund",64.959999999999994,null,"CBRE UK Property PAIF",42.52]
["PATRIZIA Hanover Property Unit Trust",61.51,null,"Royal London UK Real Estate Fund",42.21]
["Triton Property Fund LP",60.71,null,"M&G UK Property Limited Partnership",41.78]
["BlackRock UK Property Fund",58.85,null,"BlackRock UK Property Fund",41.15]
["M&G UK Property Limited Partnership",58.22,null,"Triton Property Fund LP",39.29]
["Royal London UK Real Estate Fund",57.79,null,"PATRIZIA Hanover Property Unit Trust",38.49]
["CBRE UK Property PAIF",57.48,null,"Royal London Property Fund",35.04]
["Mayfair Capital Property Unit Trust",56.76,null,"Lothbury Property Trust",32.72]
["BMO UK Property Fund",54.32,null,"Federated Hermes Property Unit Trust",31.86]
["The Local Authorities’ Property Fund",52.47,null,"Threadneedle Property Unit Trust",29.8]
["Fidelity UK Real Estate Fund",45.92,null,"AEW UK Core Property Fund",27.9]
["Schroder UK Real Estate",43.8,null,"LF Canlife UK Property ACS",23.73]
["Tritax Property Income Fund",23.9,null,"Nuveen Real Estate UK Property Fund",16.5]
["All Balanced funds (un-weighted/weighted average)","60.0/57.8",null,"All Balanced funds (un-weighted/weighted average)","40.0/42.2"]
["* Or subject to breaks and in respect of directly held properties only\n(including joint interests of 50% or more).\n** And other funds in which only Charities are allowed to invest"]
[]
[]
[null,"% of income from leases expiring* After 10 Years",null,null,"% of income from leases expiring* After 15 Years"]
["Authorised Property Unit Trusts (un-weighted/weighted average)","19.7 / 21.0",null,"Authorised Property Unit Trusts (un-weighted/weighted average)","8.8 / 9.3"]
["Aberdeen UK Property Fund",34.700000000000003,null,"Aberdeen UK Property Fund",17.93]
["Janus Henderson UK Property PAIF",27.85,null,"Aviva Investors UK Property Fund",14.64]
["Aviva Investors UK Property Fund",22.21,null,"L&G UK Property Fund",11.5]
["L&G UK Property Fund",21.9,null,"Janus Henderson UK Property PAIF",8.48]
["M&G Property Portfolio",18.47,null,"M&G Property Portfolio",7.79]
["Standard Life Investments UK Real Estate Fund",17.760000000000002,null,"Standard Life Investments UK Real Estate Fund",7.09]
["Kames Capital UK Active Value Property Unit Trust",9.14,null,"Kames Capital UK Active Value Property Unit Trust",1.78]
["Kames Capital UK Active Value Property Unit Trust II",5.74,null,"Kames Capital UK Active Value Property Unit Trust II",1.42]
["Common Investment Funds (un-weighted/weighted average)","20.0 / 21.5",null,"Common Investment Funds (un-weighted/weighted average)","10.0 / 10.5"]
["The Charities Property Fund",28.8,null,"The Charities Property Fund",12.81]
["Mayfair Capital Property Income Trust for Charities",15.9,null,"Mayfair Capital Property Income Trust for Charities",9.5]
["COIF Charities Property Fund",15.31,null,"COIF Charities Property Fund",7.78]
["Managed Property Funds (un-weighted/weighted average)","13.9 / 18.8",null,"Managed Property Funds (un-weighted/weighted average)","7.5 / 9.8"]
["Standard Life Investments Pooled Pension Property Fund",26.38,null,"Legal And General Managed Fund",15.77]
["Legal And General Managed Fund",22.79,null,"Standard Life Investments Pooled Pension Property Fund",14.69]
["Threadneedle Pensions Ltd",12.3,null,"Aegon UK Property Fund Limited",9.48]
["Aviva Investors Pensions Limited",9.82,null,"Aviva Investors Pensions Limited",2.97]
["Aegon UK Property Fund Limited",9.48,null,"Threadneedle Pensions Ltd",2.1]
["Kames Capital Active Value Property Fund",2.86,null,"Kames Capital Active Value Property Fund",0.17]
["Other balanced funds (un-weighted/weighted average)","14.9 / 15.4",null,"Other balanced funds (un-weighted/weighted average)","7.0 / 7.8"]
["Tritax Property Income Fund",39.75,null,"Schroder UK Real Estate",23.1]
["PATRIZIA Hanover Property Unit Trust",31.16,null,"Tritax Property Income Fund",18.010000000000002]
["Schroder UK Real Estate",30.8,null,"PATRIZIA Hanover Property Unit Trust",13.04]
["Royal London UK Real Estate Fund",21.81,null,"Lothbury Property Trust",12.94]
["The Local Authorities’ Property Fund",17.809999999999999,null,"Royal London UK Real Estate Fund",11.45]
["AEW UK Core Property Fund",17.7,null,"AEW UK Core Property Fund",10.199999999999999]
["Lothbury Property Trust",16.39,null,"The Local Authorities’ Property Fund",9.0299999999999994]
["M&G UK Property Limited Partnership",16.02,null,"M&G UK Property Limited Partnership",8.1300000000000008]
["Mayfair Capital Property Unit Trust",15.15,null,"Mayfair Capital Property Unit Trust",6.9]
["BlackRock UK Property Fund",13.1,null,"BlackRock UK Property Fund",6.01]
["Royal London Property Fund",11.96,null,"LF Canlife UK Property ACS",5.63]
["Triton Property Fund LP",10.24,null,"Federated Hermes Property Unit Trust",4.22]
["LF Canlife UK Property ACS",7.85,null,"Threadneedle Property Unit Trust",1.7]
["BMO UK Property Fund",7.54,null,"CBRE UK Property PAIF",1.59]
["Threadneedle Property Unit Trust",7.3,null,"BMO UK Property Fund",0.38]
["Fidelity UK Real Estate Fund",6.07,null,"Royal London Property Fund",0]
["Federated Hermes Property Unit Trust",5.75,null,"Triton Property Fund LP",0]
["Nuveen Real Estate UK Property Fund",3.5,null,"Fidelity UK Real Estate Fund",0]
["CBRE UK Property PAIF",2.39,null,"Nuveen Real Estate UK Property Fund",0]
["All Balanced funds (un-weighted/weighted average)","16.2/17.6",null,"All Balanced funds (un-weighted/weighted average)","7.7/8.7"]
["* Or subject to breaks and in respect of directly held properties only (including joint interests of 50% or more).\n** And other funds in which only Charities are allowed to invest"]
[]
[]
[null,"% of income from leases expiring* After 20 Years"]
["Authorised Property Unit Trusts (un-weighted/weighted average)","6.0 / 5.2"]
["Aberdeen UK Property Fund",17.93]
["Aviva Investors UK Property Fund",13.34]
["L&G UK Property Fund",7.2]
["Janus Henderson UK Property PAIF",4.13]
["M&G Property Portfolio",3.94]
["Kames Capital UK Active Value Property Unit Trust",0.78]
["Kames Capital UK Active Value Property Unit Trust II",0.56999999999999995]
["Standard Life Investments UK Real Estate Fund",0]
["Common Investment Funds (un-weighted/weighted average)","5.9 / 6.4"]
["The Charities Property Fund",8.1999999999999993]
["COIF Charities Property Fund",6.32]
["Mayfair Capital Property Income Trust for Charities",3.3]
["Managed Property Funds (un-weighted/weighted average)","4.7 / 5.0"]
["Legal And General Managed Fund",11.07]
["Aegon UK Property Fund Limited",9.48]
["Standard Life Investments Pooled Pension Property Fund",3.77]
["Aviva Investors Pensions Limited",2.97]
["Threadneedle Pensions Ltd",1]
["Kames Capital Active Value Property Fund",7.0000000000000007E-2]
["Other balanced funds (un-weighted/weighted average)","4.0 / 4.6"]
["Schroder UK Real Estate",12.6]
["PATRIZIA Hanover Property Unit Trust",11.44]
["Tritax Property Income Fund",11.14]
["Royal London UK Real Estate Fund",9.4]
["Lothbury Property Trust",7.99]
["The Local Authorities’ Property Fund",6.22]
["M&G UK Property Limited Partnership",4.63]
["Federated Hermes Property Unit Trust",3.59]
["Mayfair Capital Property Unit Trust",2.77]
["LF Canlife UK Property ACS",2.76]
["BlackRock UK Property Fund",2]
["AEW UK Core Property Fund",0.9]
["Threadneedle Property Unit Trust",0.4]
["BMO UK Property Fund",0.38]
["Royal London Property Fund",0]
["Fidelity UK Real Estate Fund",0]
["Triton Property Fund LP",0]
["CBRE UK Property PAIF",0]
["Nuveen Real Estate UK Property Fund",0]
["All Balanced funds (un-weighted/weighted average)","4.7/4.9"]
["* Or subject to breaks and in respect of directly held properties only (including\njoint interests of 50% or more).\n** And other funds in which only Charities are allowed to invest"]
[]
["Long Income Property Funds"]
[null,"% of income from leases expiring* within 5 Years",null,null,"% of income from leases expiring* After 5 Years"]
["Long Income Property Funds (un-weighted/weighted average)","2.0 / 0.4",null,"Long Income Property Funds (un-weighted/weighted average)","98.0 / 99.6"]
["AEW UK Real Return Fund",13.9,null,"LPI (Limited Price Inflation) Income Property Fund",100]
["KFIM Long Income Property Unit Trust",2.35,null,"AXA UK Long Lease Property Fund",100]
["LPI (Limited Price Inflation) Income Property Fund",0,null,"Standard Life Investments Long Lease Property Fund",100]
["AXA UK Long Lease Property Fund",0,null,"PGIM Real Estate UK Ground Lease Fund",100]
["Standard Life Investments Long Lease Property Fund",0,null,"BlackRock Long Lease Property Fund",100]
["PGIM Real Estate UK Ground Lease Fund",0,null,"M&G Secure Property Income Fund",100]
["BlackRock Long Lease Property Fund",0,null,"KFIM Long Income Property Unit Trust",97.65]
["M&G Secure Property Income Fund",0,null,"AEW UK Real Return Fund",86.1]
[]
[]
[null,"% of income from leases expiring* After 10 Years",null,null,"% of income from leases expiring* After 15 Years"]
["Long Income Property Funds (un-weighted/weighted average)","95.6 / 98.5",null,"Long Income Property Funds (un-weighted/weighted average)","79.9 / 79.9"]
["LPI (Limited Price Inflation) Income Property Fund",100,null,"PGIM Real Estate UK Ground Lease Fund",100]
["AXA UK Long Lease Property Fund",100,null,"LPI (Limited Price Inflation) Income Property Fund",91.69]
["PGIM Real Estate UK Ground Lease Fund",100,null,"AXA UK Long Lease Property Fund",85.39]
["M&G Secure Property Income Fund",100,null,"BlackRock Long Lease Property Fund",82.3]
["BlackRock Long Lease Property Fund",99.66,null,"Standard Life Investments Long Lease Property Fund",78.930000000000007]
["KFIM Long Income Property Unit Trust",97.65,null,"M&G Secure Property Income Fund",76.5]
["Standard Life Investments Long Lease Property Fund",96.91,null,"KFIM Long Income Property Unit Trust",69.52]
["AEW UK Real Return Fund",70.400000000000006,null,"AEW UK Real Return Fund",55.1]
[]
[]
[null,"% of income from leases expiring* After 20 Years"]
["Long Income Property Funds (un-weighted/weighted average)","53.8 / 51.8"]
["PGIM Real Estate UK Ground Lease Fund",100]
["LPI (Limited Price Inflation) Income Property Fund",69.05]
["M&G Secure Property Income Fund",51.33]
["Standard Life Investments Long Lease Property Fund",47.28]
["BlackRock Long Lease Property Fund",42.15]
["KFIM Long Income Property Unit Trust",40.880000000000003]
["AXA UK Long Lease Property Fund",40.6]
["AEW UK Real Return Fund",38.9]
["* Or subject to breaks and in respect of directly held properties only\n(including\njoint interests of 50% or more).\n** And other funds in which only Charities are allowed to invest"]
[]
["Specialist funds"]
[null,"% of income from leases expiring* within 5 Years",null,null,"% of income from leases expiring* After 5 Years"]
["Healthcare (un-weighted/weighted average)","1.7 / 1.7",null,"Healthcare (un-weighted/weighted average)","98.3 / 98.3"]
["Octopus Healthcare Fund",1.7,null,"Octopus Healthcare Fund",98.3]
["Industrial (un-weighted/weighted average)","73.8 / 73.6",null,"Industrial (un-weighted/weighted average)","26.3 / 26.4"]
["Airport Industrial Property Unit Trust",73.900000000000006,null,"Industrial Property Investment Fund",26.4]
["Industrial Property Investment Fund",73.599999999999994,null,"Airport Industrial Property Unit Trust",26.1]
["Leisure (un-weighted/weighted average)","10.5 / 10.5",null,"Leisure (un-weighted/weighted average)","89.5 / 89.5"]
["The Leisure Fund Limited Partnership",10.5,null,"The Leisure Fund Limited Partnership",89.5]
["Offices (un-weighted/weighted average)","47.8 / 35.4",null,"Offices (un-weighted/weighted average)","52.2 / 64.6"]
["West End of London Property Unit Trust",60.2,null,"Nuveen Real Estate Central London Office Fund",64.59]
["Nuveen Real Estate Central London Office Fund",35.409999999999997,null,"West End of London Property Unit Trust",39.799999999999997]
["Residential (un-weighted/weighted average)","89.1 / 89.1",null,"Residential (un-weighted/weighted average)","10.9 / 10.9"]
["UNITE UK Student Accommodation Fund",89.1,null,"UNITE UK Student Accommodation Fund",10.9]
["Retail warehouses (un-weighted/weighted average)","76.1 / 70.9",null,"Retail warehouses (un-weighted/weighted average)","23.9 / 29.1"]
["Aberdeen Standard UK Retail Park Trust",85.4,null,"Hercules Unit Trust",31.67]
["Nuveen Real Estate UK Retail Warehouse Fund",74.56,null,"Nuveen Real Estate UK Retail Warehouse Fund",25.44]
["Hercules Unit Trust",68.33,null,"Aberdeen Standard UK Retail Park Trust",14.6]
["Shopping centres (un-weighted/weighted average)","57.8 / 57.6",null,"Shopping centres (un-weighted/weighted average)","42.2 / 42.4"]
["Aberdeen Standard UK Shopping Centre Trust",61.75,null,"Grosvenor Liverpool Fund",48.99]
["Nuveen Real Estate UK Shopping Centre Fund",60.5,null,"Nuveen Real Estate UK Shopping Centre Fund",39.5]
["Grosvenor Liverpool Fund",51.01,null,"Aberdeen Standard UK Shopping Centre Trust",38.25]
["All Specialist funds (un-weighted/weighted average)","57.4/63.8",null,"All Specialist funds (un-weighted/weighted average)","42.6/36.2"]
["* Or subject to breaks and in respect of directly held properties only\n(including joint interests of 50% or more)."]
[]
[]
[null,"% of income from leases expiring* After 10 Years",null,null,"% of income from leases expiring* After 15 Years"]
["Healthcare (un-weighted/weighted average)","96.8 / 96.8",null,"Healthcare (un-weighted/weighted average)","96.8 / 96.8"]
["Octopus Healthcare Fund",96.79,null,"Octopus Healthcare Fund",96.79]
["Industrial (un-weighted/weighted average)","5.3 / 7.1",null,"Industrial (un-weighted/weighted average)","2.2 / 3.1"]
["Industrial Property Investment Fund",7.8,null,"Industrial Property Investment Fund",3.5]
["Airport Industrial Property Unit Trust",2.7,null,"Airport Industrial Property Unit Trust",0.8]
["Leisure (un-weighted/weighted average)","66.4 / 66.4",null,"Leisure (un-weighted/weighted average)","47.7 / 47.7"]
["The Leisure Fund Limited Partnership",66.400000000000006,null,"The Leisure Fund Limited Partnership",47.7]
["Offices (un-weighted/weighted average)","14.2 / 0.0",null,"Offices (un-weighted/weighted average)","0.0 / 0.0"]
["West End of London Property Unit Trust",28.4,null,"West End of London Property Unit Trust",0]
["Nuveen Real Estate Central London Office Fund",0,null,"Nuveen Real Estate Central London Office Fund",0]
["Residential (un-weighted/weighted average)","4.8 / 4.8",null,"Residential (un-weighted/weighted average)","4.8 / 4.8"]
["UNITE UK Student Accommodation Fund",4.8,null,"UNITE UK Student Accommodation Fund",4.8]
["Retail warehouses (un-weighted/weighted average)","4.4 / 6.9",null,"Retail warehouses (un-weighted/weighted average)","2.3 / 3.5"]
["Hercules Unit Trust",8.3800000000000008,null,"Hercules Unit Trust",3.89]
["Nuveen Real Estate UK Retail Warehouse Fund",4.7699999999999996,null,"Nuveen Real Estate UK Retail Warehouse Fund",3.03]
["Aberdeen Standard UK Retail Park Trust",0,null,"Aberdeen Standard UK Retail Park Trust",0]
["Shopping centres (un-weighted/weighted average)","8.6 / 9.4",null,"Shopping centres (un-weighted/weighted average)","5.5 / 6.2"]
["Aberdeen Standard UK Shopping Centre Trust",16.2,null,"Aberdeen Standard UK Shopping Centre Trust",11]
["Nuveen Real Estate UK Shopping Centre Fund",9.6,null,"Nuveen Real Estate UK Shopping Centre Fund",5.6]
["Grosvenor Liverpool Fund",0,null,"Grosvenor Liverpool Fund",0]
["All Specialist funds (un-weighted/weighted average)","18.9/17.7",null,"All Specialist funds (un-weighted/weighted average)","13.6/14.5"]
["* Or subject to breaks and in respect of directly held properties only (including joint interests of 50% or more)"]
[]
[]
[null,"% of income from leases expiring* After 20 Years"]
["Healthcare (un-weighted/weighted average)","83.9 / 83.9"]
["Octopus Healthcare Fund",83.94]
["Industrial (un-weighted/weighted average)","1.6 / 2.2"]
["Industrial Property Investment Fund",2.4]
["Airport Industrial Property Unit Trust",0.8]
["Leisure (un-weighted/weighted average)","15.3 / 15.3"]
["The Leisure Fund Limited Partnership",15.3]
["Offices (un-weighted/weighted average)","0.0 / 0.0"]
["West End of London Property Unit Trust",0]
["Nuveen Real Estate Central London Office Fund",0]
["Residential (un-weighted/weighted average)","0.0 / 0.0"]
["UNITE UK Student Accommodation Fund",0]
["Retail warehouses (un-weighted/weighted average)","1.1 / 1.4"]
["Nuveen Real Estate UK Retail Warehouse Fund",2.2999999999999998]
["Hercules Unit Trust",0.94]
["Aberdeen Standard UK Retail Park Trust",0]
["Shopping centres (un-weighted/weighted average)","0.1 / 0.1"]
["Aberdeen Standard UK Shopping Centre Trust",0.19]
["Nuveen Real Estate UK Shopping Centre Fund",0.1]
["Grosvenor Liverpool Fund",0]
["All Specialist funds (un-weighted/weighted average)","8.2/8.7"]
["* Or subject to breaks and in respect of directly held properties only (including joint interests of 50% or more)"]
[]
[]
["MAJOR TENANTS PERCENTAGE CONTRIBUTION TO RENTAL INCOME"]
[]
["Balanced funds"]
[null,"Largest Tenants %",null,null,"3 Largest Tenants %"]
["Authorised Property Unit Trusts (un-weighted/weighted average)","7.4 / 5.5",null,"Authorised Property Unit Trusts (un-weighted/weighted average)","18.2 / 13.9"]
["Aberdeen UK Property Fund",12.73,null,"Aberdeen UK Property Fund",33.799999999999997]
["Kames Capital UK Active Value Property Unit Trust",12.25,null,"Kames Capital UK Active Value Property Unit Trust",25.67]
["Kames Capital UK Active Value Property Unit Trust II",8.24,null,"Aviva Investors UK Property Fund",19.7]
["Aviva Investors UK Property Fund",7.54,null,"Kames Capital UK Active Value Property Unit Trust II",18.88]
["Janus Henderson UK Property PAIF",5.12,null,"Janus Henderson UK Property PAIF",14.14]
["M&G Property Portfolio",4.8499999999999996,null,"M&G Property Portfolio",12.35]
["Standard Life Investments UK Real Estate Fund",4.5599999999999996,null,"Standard Life Investments UK Real Estate Fund",11.96]
["L&G UK Property Fund",3.87,null,"L&G UK Property Fund",9.1999999999999993]
[]
["Common Investment Funds (un-weighted/weighted average)","5.4 / 5.4",null,"Common Investment Funds (un-weighted/weighted average)","14.1 / 14.1"]
["COIF Charities Property Fund",6.66,null,"COIF Charities Property Fund",14.58]
["Mayfair Capital Property Income Trust for Charities",4.88,null,"Mayfair Capital Property Income Trust for Charities",14.21]
["The Charities Property Fund",4.7699999999999996,null,"The Charities Property Fund",13.64]
[]
["Managed Property Funds (un-weighted/weighted average)","6.5 / 4.7",null,"Managed Property Funds (un-weighted/weighted average)","15.8 / 11.5"]
["Aegon UK Property Fund Limited",12.88,null,"Aegon UK Property Fund Limited",30.04]
["Aviva Investors Pensions Limited",7.7,null,"Aviva Investors Pensions Limited",19.11]
["Standard Life Investments Pooled Pension Property Fund",6.62,null,"Standard Life Investments Pooled Pension Property Fund",14.68]
["Kames Capital Active Value Property Fund",5.3,null,"Kames Capital Active Value Property Fund",14.16]
["Threadneedle Pensions Ltd",3.17,null,"Legal And General Managed Fund",8.68]
["Legal And General Managed Fund",3.05,null,"Threadneedle Pensions Ltd",8.34]
[]
["Other balanced funds (un-weighted/weighted average)","7.6 / 7.2",null,"Other balanced funds (un-weighted/weighted average)","16.8 / 15.1"]
["Tritax Property Income Fund",14.35,null,"Tritax Property Income Fund",30.39]
["BlackRock UK Property Fund",11.82,null,"Triton Property Fund LP",21.44]
["PATRIZIA Hanover Property Unit Trust",10.9,null,"Lothbury Property Trust",21.33]
["Lothbury Property Trust",9.66,null,"LF Canlife UK Property ACS",20.29]
["Schroder UK Real Estate",9.6,null,"M&G UK Property Limited Partnership",19.100000000000001]
["Nuveen Real Estate UK Property Fund",9.4,null,"Schroder UK Real Estate",18.7]
["Triton Property Fund LP",9.09,null,"PATRIZIA Hanover Property Unit Trust",18.190000000000001]
["LF Canlife UK Property ACS",8.34,null,"AEW UK Core Property Fund",17.899999999999999]
["AEW UK Core Property Fund",8.1999999999999993,null,"Nuveen Real Estate UK Property Fund",17.79]
["M&G UK Property Limited Partnership",7,null,"BlackRock UK Property Fund",17.27]
["Royal London Property Fund",6.07,null,"BMO UK Property Fund",16.079999999999998]
["BMO UK Property Fund",5.75,null,"Mayfair Capital Property Unit Trust",15.56]
["Mayfair Capital Property Unit Trust",5.71,null,"Royal London Property Fund",15.33]
["Fidelity UK Real Estate Fund",5.53,null,"Fidelity UK Real Estate Fund",13.99]
["The Local Authorities’ Property Fund",5,null,"Federated Hermes Property Unit Trust",13.65]
["CBRE UK Property PAIF",5,null,"The Local Authorities’ Property Fund",13]
["Federated Hermes Property Unit Trust",4.76,null,"Royal London UK Real Estate Fund",11.38]
["Royal London UK Real Estate Fund",4.5999999999999996,null,"CBRE UK Property PAIF",10.7]
["Threadneedle Property Unit Trust",3.43,null,"Threadneedle Property Unit Trust",7.75]
[]
["All Balanced funds (un-weighted/weighted average)","7.2/6.2",null,"All Balanced funds (un-weighted/weighted average)","16.7/14.0"]
[]
[" ** And other funds in which only Charities are allowed to invest"]
[]
[]
[null,"5 Largest Tenants %",null,null,"10 Largest Tenants %"]
["Authorised Property Unit Trusts (un-weighted/weighted average)","25.5 / 20.0",null,"Authorised Property Unit Trusts (un-weighted/weighted average)","38.7 / 31.9"]
["Aberdeen UK Property Fund",44.17,null,"Aberdeen UK Property Fund",58.85]
["Kames Capital UK Active Value Property Unit Trust",33.57,null,"Kames Capital UK Active Value Property Unit Trust",47.38]
["Aviva Investors UK Property Fund",29.42,null,"Aviva Investors UK Property Fund",46.56]
["Kames Capital UK Active Value Property Unit Trust II",26.67,null,"Kames Capital UK Active Value Property Unit Trust II",40.299999999999997]
["Janus Henderson UK Property PAIF",21.18,null,"Janus Henderson UK Property PAIF",35.200000000000003]
["Standard Life Investments UK Real Estate Fund",18.14,null,"Standard Life Investments UK Real Estate Fund",30.52]
["M&G Property Portfolio",17.190000000000001,null,"M&G Property Portfolio",27.52]
["L&G UK Property Fund",13.87,null,"L&G UK Property Fund",23.47]
[]
["Common Investment Funds (un-weighted/weighted average)","21.2 / 21.2",null,"Common Investment Funds (un-weighted/weighted average)","34.4 / 34.0"]
["COIF Charities Property Fund",21.28,null,"Mayfair Capital Property Income Trust for Charities",35.75]
["Mayfair Capital Property Income Trust for Charities",21.14,null,"COIF Charities Property Fund",35.549999999999997]
["The Charities Property Fund",21.1,null,"The Charities Property Fund",31.91]
[]
["Managed Property Funds (un-weighted/weighted average)","22.3 / 16.6",null,"Managed Property Funds (un-weighted/weighted average)","34.4 / 25.6"]
["Aegon UK Property Fund Limited",40.11,null,"Aegon UK Property Fund Limited",57.62]
["Aviva Investors Pensions Limited",27.02,null,"Aviva Investors Pensions Limited",42.78]
["Kames Capital Active Value Property Fund",20.79,null,"Kames Capital Active Value Property Fund",35.18]
["Standard Life Investments Pooled Pension Property Fund",20.2,null,"Standard Life Investments Pooled Pension Property Fund",29.16]
["Legal And General Managed Fund",13.58,null,"Legal And General Managed Fund",22.64]
["Threadneedle Pensions Ltd",12.07,null,"Threadneedle Pensions Ltd",18.73]
[]
["Other balanced funds (un-weighted/weighted average)","23.7 / 20.9",null,"Other balanced funds (un-weighted/weighted average)","36.3 / 31.5"]
["Tritax Property Income Fund",42.94,null,"Tritax Property Income Fund",64.23]
["Triton Property Fund LP",30.45,null,"M&G UK Property Limited Partnership",48.29]
["M&G UK Property Limited Partnership",29.93,null,"BMO UK Property Fund",43.78]
["LF Canlife UK Property ACS",27.19,null,"Triton Property Fund LP",42.68]
["Lothbury Property Trust",26.7,null,"LF Canlife UK Property ACS",41.66]
["AEW UK Core Property Fund",26.7,null,"Nuveen Real Estate UK Property Fund",40.07]
["Schroder UK Real Estate",25.9,null,"AEW UK Core Property Fund",39.299999999999997]
["Nuveen Real Estate UK Property Fund",25.31,null,"Schroder UK Real Estate",37.4]
["BMO UK Property Fund",25.24,null,"Royal London Property Fund",37.299999999999997]
["PATRIZIA Hanover Property Unit Trust",23.31,null,"Lothbury Property Trust",36.33]
["Royal London Property Fund",22.56,null,"Mayfair Capital Property Unit Trust",36.090000000000003]
["Mayfair Capital Property Unit Trust",22.05,null,"Fidelity UK Real Estate Fund",34.659999999999997]
["Fidelity UK Real Estate Fund",20.98,null,"PATRIZIA Hanover Property Unit Trust",33.07]
["BlackRock UK Property Fund",20.65,null,"The Local Authorities’ Property Fund",31.6]
["The Local Authorities’ Property Fund",19.2,null,"Federated Hermes Property Unit Trust",28.69]
["Federated Hermes Property Unit Trust",18.350000000000001,null,"Royal London UK Real Estate Fund",27.38]
["Royal London UK Real Estate Fund",16.71,null,"BlackRock UK Property Fund",27.08]
["CBRE UK Property PAIF",15.03,null,"CBRE UK Property PAIF",22.56]
["Threadneedle Property Unit Trust",11.09,null,"Threadneedle Property Unit Trust",17.04]
[]
["All Balanced funds (un-weighted/weighted average)","23.7/19.8",null,"All Balanced funds (un-weighted/weighted average)","36.3/30.4"]
[]
[" ** And other funds in which only Charities are allowed to invest"]
[]
["Long Income Property Funds"]
[null,"Largest Tenants %",null,null,"3 Largest Tenants %"]
["Long Income Property Funds (un-weighted/weighted average)","11.8 / 8.4",null,"Long Income Property Funds (un-weighted/weighted average)","28.1 / 21.6"]
["AEW UK Real Return Fund",18.7,null,"AEW UK Real Return Fund",35.299999999999997]
["PGIM Real Estate UK Ground Lease Fund",13.93,null,"PGIM Real Estate UK Ground Lease Fund",34.81]
["AXA UK Long Lease Property Fund",10.68,null,"AXA UK Long Lease Property Fund",29.86]
["BlackRock Long Lease Property Fund",10.35,null,"BlackRock Long Lease Property Fund",25.44]
["Standard Life Investments Long Lease Property Fund",5.51,null,"Standard Life Investments Long Lease Property Fund",15.29]
["LPI (Limited Price Inflation) Income Property Fund",null,null,"KFIM Long Income Property Unit Trust"]
["KFIM Long Income Property Unit Trust",null,null,"M&G Secure Property Income Fund"]
["M&G Secure Property Income Fund",null,null,"LPI (Limited Price Inflation) Income Property Fund"]
[]
[]
[null,"5 Largest Tenants %",null,null,"10 Largest Tenants %"]
["Long Income Property Funds (un-weighted/weighted average)","40.8 / 32.5",null,"Long Income Property Funds (un-weighted/weighted average)","60.1 / 51.4"]
["PGIM Real Estate UK Ground Lease Fund",49.82,null,"AXA UK Long Lease Property Fund",70.94]
["AEW UK Real Return Fund",46.5,null,"PGIM Real Estate UK Ground Lease Fund",68.540000000000006]
["AXA UK Long Lease Property Fund",45.65,null,"AEW UK Real Return Fund",61.3]
["BlackRock Long Lease Property Fund",37.74,null,"BlackRock Long Lease Property Fund",58.42]
["Standard Life Investments Long Lease Property Fund",24.1,null,"Standard Life Investments Long Lease Property Fund",41.32]
["KFIM Long Income Property Unit Trust",null,null,"LPI (Limited Price Inflation) Income Property Fund"]
["M&G Secure Property Income Fund",null,null,"KFIM Long Income Property Unit Trust"]
["LPI (Limited Price Inflation) Income Property Fund",null,null,"M&G Secure Property Income Fund"]
[]
["Specialist funds"]
[null,"Largest Tenants %",null,null,"3 Largest Tenants %"]
["Healthcare (un-weighted/weighted average)","0.0 / 0.0",null,"Healthcare (un-weighted/weighted average)","0.0 / 0.0"]
["Octopus Healthcare Fund",null,null,"Octopus Healthcare Fund"]
[]
["Industrial (un-weighted/weighted average)","11.2 / 4.6",null,"Industrial (un-weighted/weighted average)","22.7 / 9.8"]
["Airport Industrial Property Unit Trust",20.2,null,"Airport Industrial Property Unit Trust",40.299999999999997]
["Industrial Property Investment Fund",2.1,null,"Industrial Property Investment Fund",5]
[]
["Leisure (un-weighted/weighted average)","15.4 / 15.4",null,"Leisure (un-weighted/weighted average)","43.0 / 43.0"]
["The Leisure Fund Limited Partnership",15.4,null,"The Leisure Fund Limited Partnership",43]
[]
["Offices (un-weighted/weighted average)","44.9 / 65.0",null,"Offices (un-weighted/weighted average)","64.7 / 86.8"]
["Nuveen Real Estate Central London Office Fund",63.28,null,"Nuveen Real Estate Central London Office Fund",83.91]
["West End of London Property Unit Trust",26.6,null,"West End of London Property Unit Trust",45.4]
[]
["Residential (un-weighted/weighted average)","0.0 / 0.0",null,"Residential (un-weighted/weighted average)","0.0 / 0.0"]
["UNITE UK Student Accommodation Fund",null,null,"UNITE UK Student Accommodation Fund"]
[]
["Retail warehouses (un-weighted/weighted average)","13.1 / 7.8",null,"Retail warehouses (un-weighted/weighted average)","28.3 / 18.4"]
["Aberdeen Standard UK Retail Park Trust",23.29,null,"Aberdeen Standard UK Retail Park Trust",48.47]
["Nuveen Real Estate UK Retail Warehouse Fund",9.9,null,"Nuveen Real Estate UK Retail Warehouse Fund",19.43]
["Hercules Unit Trust",6.13,null,"Hercules Unit Trust",16.91]
[]
["Shopping centres (un-weighted/weighted average)","9.7 / 10.4",null,"Shopping centres (un-weighted/weighted average)","16.5 / 17.3"]
["Grosvenor Liverpool Fund",17.05,null,"Grosvenor Liverpool Fund",23.13]
["Aberdeen Standard UK Shopping Centre Trust",6.83,null,"Aberdeen Standard UK Shopping Centre Trust",14.49]
["Nuveen Real Estate UK Shopping Centre Fund",5.3,null,"Nuveen Real Estate UK Shopping Centre Fund",12]
[]
["All Specialist funds (un-weighted/weighted average)","17.8/9.2",null,"All Specialist funds (un-weighted/weighted average)","32.0/18.6"]
[]
[]
[null,"5 Largest Tenants %",null,null,"10 Largest Tenants %"]
["Healthcare (un-weighted/weighted average)","0.0 / 0.0",null,"Healthcare (un-weighted/weighted average)","0.0 / 0.0"]
["Octopus Healthcare Fund",null,null,"Octopus Healthcare Fund"]
[]
["Industrial (un-weighted/weighted average)","28.0 / 12.8",null,"Industrial (un-weighted/weighted average)","38.6 / 18.6"]
["Airport Industrial Property Unit Trust",48.7,null,"Airport Industrial Property Unit Trust",65.900000000000006]
["Industrial Property Investment Fund",7.2,null,"Industrial Property Investment Fund",11.2]
[]
["Leisure (un-weighted/weighted average)","51.4 / 51.4",null,"Leisure (un-weighted/weighted average)","64.9 / 64.9"]
["The Leisure Fund Limited Partnership",51.4,null,"The Leisure Fund Limited Partnership",64.900000000000006]
[]
["Offices (un-weighted/weighted average)","72.2 / 92.5",null,"Offices (un-weighted/weighted average)","84.0 / 102.8"]
["Nuveen Real Estate Central London Office Fund",89,null,"Nuveen Real Estate Central London Office Fund",98.5]
["West End of London Property Unit Trust",55.4,null,"West End of London Property Unit Trust",69.400000000000006]
[]
["Residential (un-weighted/weighted average)","0.0 / 0.0",null,"Residential (un-weighted/weighted average)","0.0 / 0.0"]
["UNITE UK Student Accommodation Fund",null,null,"UNITE UK Student Accommodation Fund"]
[]
["Retail warehouses (un-weighted/weighted average)","40.4 / 27.3",null,"Retail warehouses (un-weighted/weighted average)","59.9 / 41.7"]
["Aberdeen Standard UK Retail Park Trust",67.75,null,"Aberdeen Standard UK Retail Park Trust",98.48]
["Nuveen Real Estate UK Retail Warehouse Fund",27.43,null,"Hercules Unit Trust",40.880000000000003]
["Hercules Unit Trust",26,null,"Nuveen Real Estate UK Retail Warehouse Fund",40.36]
[]
["Shopping centres (un-weighted/weighted average)","21.8 / 22.6",null,"Shopping centres (un-weighted/weighted average)","30.5 / 31.7"]
["Grosvenor Liverpool Fund",27.52,null,"Grosvenor Liverpool Fund",35.380000000000003]
["Aberdeen Standard UK Shopping Centre Trust",20.47,null,"Aberdeen Standard UK Shopping Centre Trust",30.64]
["Nuveen Real Estate UK Shopping Centre Fund",17.3,null,"Nuveen Real Estate UK Shopping Centre Fund",25.4]
[]
["All Specialist funds (un-weighted/weighted average)","39.8/24.3",null,"All Specialist funds (un-weighted/weighted average)","52.8/34.0"]

{"sheet":"Portfolio Analysis 2","index":72,"n_rows":429,"n_cols":5,"rows_kept":429,"cut":false,"hidden":false,"merged":[[50,0,50,4],[52,0,52,4]]}
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"MAJOR TENANTS’ % CONTRIBUTION TO RENTAL INCOME"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["MAJOR TENANTS’ % CONTRIBUTION TO RENTAL INCOME"]
[]
["All funds"]
["Aah Pharmaceuticals Limited",null,"M&G UK Property Limited Partnership",null,3.18478533693398]
["ACCOR",null,"Royal London Property Fund",null,2.6470943951157802]
["AGILITY LOGISTICS LTD",null,"Airport Industrial Property Unit Trust",null,3.6]
["ALDI STORES LTD",null,"Mayfair Capital Property Unit Trust",null,2.94]
["AMAZON UK SERVICES LTD.",null,"Janus Henderson UK Property PAIF",null,4.3807708964273999]
["Amec Foster Wheeler Group Limited",null,"M&G Property Portfolio",null,2.8614427779975302]
["American Golf (Trading) Ltd",null,"Aberdeen Standard UK Retail Park Trust",null,3.7688511056698899]
["ANTOLIN INTERIORS UK LTD",null,"Mayfair Capital Property Income Trust for Charities",null,3.2566097157996801]
["Aon Benfield Ltd",null,"Aviva Investors UK Property Fund",null,4.5030631030665598]
["APRIROSE",null,"PGIM Real Estate UK Ground Lease Fund",null,8.7378880298238393]
["Arcadia",null,"Aberdeen Standard UK Retail Park Trust",null,23.285591904279698]
["ARGOS LTD",null,"Nuveen Real Estate UK Property Fund",null,9.4044159111612409]
["ARRIVAL LTD",null,"Schroder UK Real Estate",null,3.7]
["Arrow",null,"Kames Capital UK Active Value Property Unit Trust II",null,2.5099999999999998]
["Asda",null,"Standard Life Investments Pooled Pension Property Fund",null,3.4008135271468301]
["Asda Group",null,"Hercules Unit Trust",null,4.1265803446687004]
["ASDA STORES LIMITED",null,"Aviva Investors Pensions Limited",null,7.7]
["Asda Stores Limited",null,"Standard Life Investments Long Lease Property Fund",null,3.6796649413912998]
["ASDA STORES LTD",null,"Standard Life Investments UK Real Estate Fund",null,3.5]
["Ashtead Plant Hire Company Limited",null,"Kames Capital Active Value Property Fund",null,2.5]
["ASOS",null,"Mayfair Capital Property Income Trust for Charities",null,3.0554395463329902]
["AUTOMATIC DATA PROCESSING LTD",null,"COIF Charities Property Fund",null,4.14648375137652]
["AVIATION SERVICING COMPANY LTD",null,"Airport Industrial Property Unit Trust",null,3.3]
["B & Q Plc",null,"BlackRock UK Property Fund",null,3.5664173895495299]
["B&M Retail Limited",null,"Kames Capital Active Value Property Fund",null,3.35]
["B&M RETAIL LIMITED",null,"Tritax Property Income Fund",null,4.5745901460301504]
["B&M Retail Limited.",null,"BMO UK Property Fund",null,3.9510713836379199]
["B&M RETAIL LTD",null,"Aegon UK Property Fund Limited",null,5.4472335187558398]
["B&M RETAIL LTD",null,"COIF Charities Property Fund",null,2.6400802559726202]
["B&Q",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,3.6986911777509599]
["B&Q LIMITED",null,"Aviva Investors Pensions Limited",null,4.1500000000000004]
["B&Q PLC",null,"Aberdeen UK Property Fund",null,3.32]
["B&Q PLC",null,"COIF Charities Property Fund",null,2.7937667451646302]
["B&Q PLC",null,"Federated Hermes Property Unit Trust",null,4.7598821093842201]
["B&Q PLC",null,"The Local Authorities’ Property Fund",null,2.8]
["Bae Systems Applied Intelligence Limited",null,"M&G UK Property Limited Partnership",null,5.6050503906929698]
["BANK OF SCOTLAND PLC",null,"Aberdeen UK Property Fund",null,2.88]
["BARCLAY & MATHIESON LTD",null,"AEW UK Real Return Fund",null,3.2]
["BARCLAYS BANK PLC",null,"Nuveen Real Estate UK Property Fund",null,4.4933256787189704]
["Barclays Execution Services Limited",null,"M&G Property Portfolio",null,4.6436997287589001]
["BE YEOVIL BV",null,"PGIM Real Estate UK Ground Lease Fund",null,2.6508557609463699]
["BELLERIVE FINANCE PLC",null,"LF Canlife UK Property ACS",null,2.8816064835340498]
["BESTWAY LTD",null,"AEW UK Core Property Fund",null,5.2]
["BEVAN BRITTAN LLP",null,"The Local Authorities’ Property Fund",null,3.1]
["BEVERAGE SERVICES LIMITED",null,"Royal London UK Real Estate Fund",null,4.0217553892583]
["BOND STREET VS LIMITED",null,"Royal London UK Real Estate Fund",null,2.5743968635458701]
["BOOKING.COM TRANSPORT LTD",null,"Aberdeen UK Property Fund",null,8.4700000000000006]
["Boots",null,"Aberdeen Standard UK Retail Park Trust",null,14.2605176971293]
["Boots",null,"Aberdeen Standard UK Shopping Centre Trust",null,2.81763852488531]
["Boots",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,4.6636795718352397]
["Boots Uk Limited",null,"M&G UK Property Limited Partnership",null,6.9990113901561202]
["BRINK'S LIMITED",null,"Airport Industrial Property Unit Trust",null,4.3]
["BROCADE COMMUNICATIONS UK LIMITED",null,"Royal London Property Fund",null,3.2572859183353402]
["CARE UK",null,"AXA UK Long Lease Property Fund",null,9.3417975056254292]
["CARE UK COMMUNITY PARTNERSHIPS LIMITED",null,"BlackRock Long Lease Property Fund",null,6.8557841813796001]
["CARE UK COMMUNITY PARTNERSHIPS LIMITED",null,"Janus Henderson UK Property PAIF",null,4.6388067105350999]
["CARE UK COMMUNITY PARTNERSHIPS LTD",null,"AEW UK Real Return Fund",null,5.3]
["Carpetright",null,"Standard Life Investments Pooled Pension Property Fund",null,4.6600016980593804]
["Caspian",null,"Aberdeen Standard UK Retail Park Trust",null,3.79431631584333]
["CDS (SUPERSTORES INTERNATIONAL) LIMITED",null,"LF Canlife UK Property ACS",null,3.1885966342868501]
["CELESTRA LIMITED",null,"AEW UK Real Return Fund",null,2.5]
["CEVA LOGISTICS LTD",null,"COIF Charities Property Fund",null,6.6639060779909203]
["CHECKOUT LIMITED",null,"Schroder UK Real Estate",null,4]
["Churchill Retirement Living",null,"PGIM Real Estate UK Ground Lease Fund",null,11.0331079922162]
["CINE-UK LTD",null,"AEW UK Core Property Fund",null,2.7]
["CINEWORLD",null,"AEW UK Core Property Fund",null,4.5]
["CINEWORLD CINEMAS LTD",null,"The Leisure Fund Limited Partnership",null,13.9]
["CLINISYS SOLUTIONS LTD",null,"Nuveen Real Estate UK Property Fund",null,3.6796432413333702]
["Coca-Cola European Partners Gb Limited",null,"M&G Property Portfolio",null,4.8491148742819599]
["COMPASS GROUP HOLDINGS PLC",null,"Nuveen Real Estate UK Property Fund",null,3.0936605398247998]
["CO-OPERATIVE GROUP LTD",null,"Mayfair Capital Property Unit Trust",null,5.39]
["COOPERVISION MANUFACTURING LTD",null,"Mayfair Capital Property Unit Trust",null,2.7]
["Core Fulfilment Limited",null,"Kames Capital UK Active Value Property Unit Trust II",null,3.95]
["CRM Students Ltd",null,"Aviva Investors UK Property Fund",null,7.5449214054167602]
["DACHSER UK LTD",null,"Aegon UK Property Fund Limited",null,4.6227538183657604]
["Daniel J Edelman Ltd",null,"West End of London Property Unit Trust",null,11.7]
["DC MANAGEMENT SERVICES LIMITED",null,"The Local Authorities’ Property Fund",null,3.1]
["DELOITTE LLP",null,"Fidelity UK Real Estate Fund",null,3.0554489906986402]
["Design Blue Limited t/a D30",null,"Kames Capital Active Value Property Fund",null,3.04]
["DFS FURNITURE CO LTD",null,"Royal London Property Fund",null,3.0904536012431798]
["DHL SUPPLY CHAIN LIMITED",null,"Airport Industrial Property Unit Trust",null,3.8]
["DHL SUPPLY CHAIN LIMITED",null,"COIF Charities Property Fund",null,2.8969609292120202]
["DHL Supply Chain Limited",null,"L&G UK Property Fund",null,2.64]
["DHL SUPPLY CHAINS LTD",null,"AEW UK Core Property Fund",null,8.1999999999999993]
["DHR Business Solutions Ltd",null,"Aviva Investors UK Property Fund",null,5.1009013024665997]
["DHX WORLDWIDE LIMITED",null,"Aviva Investors Pensions Limited",null,3.17]
["DIGITAL LONDON LIMITED",null,"Airport Industrial Property Unit Trust",null,3.2]
["DNATA LTD",null,"Airport Industrial Property Unit Trust",null,20.2]
["DO & CO EVENT AIRLINE CATERING",null,"Airport Industrial Property Unit Trust",null,4.0999999999999996]
["DPD GROUP UK LIMITED",null,"Tritax Property Income Fund",null,6.6136756884936601]
["DPD GROUP UK LTD",null,"AXA UK Long Lease Property Fund",null,5.5706893212687802]
["DSG RETAIL LIMITED",null,"Janus Henderson UK Property PAIF",null,2.7876852572109501]
["DSG RETAIL LIMITED",null,"Tritax Property Income Fund",null,14.3490044070672]
["Dunelm (Soft Furnishings) Limited",null,"Kames Capital Active Value Property Fund",null,2.64]
["DUNELM (SOFT FURNISHINGS) LTD",null,"Aegon UK Property Fund Limited",null,4.6227538183657604]
["Dura Automotive Body & Glass Systems UK Ltd",null,"Aviva Investors UK Property Fund",null,2.8978628650753602]
["EDDIE STOBART LIMITED",null,"Janus Henderson UK Property PAIF",null,5.1204389031418103]
["EDDIE STOBART LIMITED",null,"Tritax Property Income Fund",null,5.9332920698122704]
["EI Group PLC",null,"Federated Hermes Property Unit Trust",null,4.1471709772007603]
["Eldon Electric Ltd",null,"Kames Capital UK Active Value Property Unit Trust",null,2.79]
["ENQUEST HEATHER LIMITED",null,"PATRIZIA Hanover Property Unit Trust",null,10.9]
["ESURE PROPERTY LTD",null,"Fidelity UK Real Estate Fund",null,4.3942189502912896]
["EUI LTD T/A ADMIRAL INSURANCE",null,"Mayfair Capital Property Income Trust for Charities",null,4.8819276865324301]
["EV RETAIL LIMITED",null,"Threadneedle Property Unit Trust",null,3.43]
["Evercore Partners International LLP",null,"Lothbury Property Trust",null,3.0710446973654499]
["ExodusPoint Capital Management",null,"West End of London Property Unit Trust",null,7.1]
["EXPERT LOGISTICS LIMITED",null,"Janus Henderson UK Property PAIF",null,3.7353535352494802]
["FIRMDALE HOLDINGS LTD",null,"Royal London UK Real Estate Fund",null,2.7001038042605301]
["First Choice Holidays Limited.",null,"BMO UK Property Fund",null,3.7752487070660301]
["Flamingo Produce Ltd.",null,"M&G UK Property Limited Partnership",null,3.0645237193558899]
["FREETHS LLP",null,"Fidelity UK Real Estate Fund",null,2.8712226095653302]
["FURNITURE VILLAGE LTD",null,"Royal London Property Fund",null,3.60672804923118]
["G4S Regional Management (UK & I) Ltd",null,"West End of London Property Unit Trust",null,3.6]
["GANDER AND WHITE SHIPPING LTD",null,"Aberdeen UK Property Fund",null,3.97]
["GE ENERGY POWER CONVERSION UK LTD",null,"Janus Henderson UK Property PAIF",null,3.1574055443883]
["GENESIS OIL AND GAS CONSULTANTS LTD",null,"Royal London UK Real Estate Fund",null,2.6267429331046399]
["GENTRACK UK LIMITED",null,"Aviva Investors Pensions Limited",null,3.76]
["Goldsmiths",null,"Nuveen Real Estate UK Shopping Centre Fund",null,2.7]
["GOUSTO",null,"CBRE UK Property PAIF",null,3]
["GPA Property Partner Accounts",null,"Aviva Investors UK Property Fund",null,4.6127078352174298]
["H&M Hennes",null,"Aberdeen Standard UK Shopping Centre Trust",null,4.4188718295872196]
["HAMMER HOLDINGS",null,"Nuveen Real Estate Central London Office Fund",null,5.1300926231275001]
["HEALTH MANAGEMENT LTD",null,"Nuveen Real Estate UK Property Fund",null,2.7371951008206299]
["HHGL Limited  t/a Homebase In Administration",null,"Kames Capital UK Active Value Property Unit Trust II",null,8.24]
["HOBBS LIMITED",null,"Aviva Investors Pensions Limited",null,3.51]
["Hobbycraft",null,"Aberdeen Standard UK Retail Park Trust",null,8.8965258261948108]
["HOLLAND & BARRETT RETAIL LIMITED",null,"AXA UK Long Lease Property Fund",null,8.7550411136306394]
["Homestyle",null,"Aberdeen Standard UK Retail Park Trust",null,8.8760721693834999]
["Hyaltech Ltd",null,"Kames Capital UK Active Value Property Unit Trust II",null,2.63]
["I D MEDICAL GROUP LIMITED",null,"Tritax Property Income Fund",null,3.3469489781062398]
["IBIS (ACCOR)",null,"AXA UK Long Lease Property Fund",null,7.02922358165688]
["IMPELLAM HOLDINGS LIMITED",null,"Tritax Property Income Fund",null,7.0191776237906902]
["Inditex",null,"Aberdeen Standard UK Shopping Centre Trust",null,6.8329018878424801]
["Ingram Content Group UK Ltd.",null,"BMO UK Property Fund",null,5.4436983507900303]
["INTELLIGENT PROCESSING SOLUTIONS",null,"COIF Charities Property Fund",null,3.7663189059490501]
["INTERSYSTEMS CORPORATION",null,"LF Canlife UK Property ACS",null,3.4]
["INTO NEWCASTLE UNIVERSITY LLP",null,"Legal And General Managed Fund",null,2.5421824125126098]
["INTO University of Exeter LLP",null,"L&G UK Property Fund",null,3.87]
["IPF HOLDINGS LIMITED",null,"LF Canlife UK Property ACS",null,7.3178388595667796]
["J Sainsbury plc",null,"Aviva Investors UK Property Fund",null,3.3104677897714199]
["J Sainsbury plc (Argos)",null,"Hercules Unit Trust",null,2.8470316595359901]
["J Sainsbury plc / Sainsbury's Supermarkets Limited",null,"Standard Life Investments Long Lease Property Fund",null,4.52234701929431]
["JCT600 LTD",null,"Mayfair Capital Property Unit Trust",null,2.74]
["JD Sports",null,"Aberdeen Standard UK Shopping Centre Trust",null,3.2364879639763098]
["JD SPORTS FASHION PLC",null,"Grosvenor Liverpool Fund",null,3.1047714438025502]
["JD Sports Fashion plc - Turnover ONLY - H/O",null,"Kames Capital Active Value Property Fund",null,2.94]
["JD Sports plc",null,"Hercules Unit Trust",null,4.1962968602287596]
["John Lewis",null,"Standard Life Investments Pooled Pension Property Fund",null,6.6230417895888101]
["JURYS HOTEL MANAGEMENT (UK) LIMITED",null,"AXA UK Long Lease Property Fund",null,10.6787799245601]
["JURYS HOTEL MANAGEMENT (UK) LTD",null,"BlackRock Long Lease Property Fund",null,4.1056183003200299]
["JURY'S HOTEL MANAGEMENT LTD",null,"The Charities Property Fund",null,3.3367354555195199]
["KAPLAN ESTATES LIMITED",null,"The Local Authorities’ Property Fund",null,3.9]
["KCCLP",null,"PGIM Real Estate UK Ground Lease Fund",null,3.56371265466528]
["KEW GREEN HOTELS (YORK) LTD",null,"PATRIZIA Hanover Property Unit Trust",null,2.56]
["Kingfisher plc (B&Q)",null,"Hercules Unit Trust",null,4.9033987106401398]
["Knotel",null,"West End of London Property Unit Trust",null,4.7]
["KUEHNE & NAGEL LTD",null,"Fidelity UK Real Estate Fund",null,3.0168643361374898]
["KUEHNE + NAGEL LIMITED",null,"Airport Industrial Property Unit Trust",null,14.5]
["Labour Party Properties Ltd",null,"West End of London Property Unit Trust",null,3.1]
["Landmark Space Ltd",null,"West End of London Property Unit Trust",null,5.3]
["LEIGH DAY & CO",null,"Nuveen Real Estate Central London Office Fund",null,15.491497943378899]
["Liberty global (Virgin Media)",null,"Threadneedle Pensions Ltd",null,2.96]
["Lloyds Bank plc",null,"Standard Life Investments Long Lease Property Fund",null,3.2470056266394098]
["LLOYDS TSB BANK PLC",null,"Schroder UK Real Estate",null,2.7]
["London & Quadrant Housing Trust",null,"Kames Capital UK Active Value Property Unit Trust",null,6.06]
["LONDON WILTON ROAD CENTRE LIMITED",null,"Royal London UK Real Estate Fund",null,4.6048022165173101]
["M&S",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,4.2970278010697802]
["M&S plc",null,"Hercules Unit Trust",null,5.0635691750739902]
["MACMILLAN",null,"The Charities Property Fund",null,4.4811389702181197]
["MAERSK LINE (UK) LIMITED",null,"Aegon UK Property Fund Limited",null,12.877975132127]
["MANCHESTER AIRPORT PLC",null,"Aberdeen UK Property Fund",null,6.13]
["Mapfre Asistencia Co.Int.De Seguros S.A.",null,"M&G UK Property Limited Partnership",null,5.2764784712385602]
["MARKS & SPENCER PLC",null,"The Local Authorities’ Property Fund",null,4.0999999999999996]
["MARKS & SPENCERS PLC",null,"Aegon UK Property Fund Limited",null,7.6252786509325103]
["MARKS AND SPENCER P.L.C.",null,"Royal London UK Real Estate Fund",null,2.75738499260672]
["Marston's plc",null,"Standard Life Investments Long Lease Property Fund",null,4.2934630135552299]
["Matalan",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,2.50101317955987]
["Matalan Retail Limited",null,"Kames Capital Active Value Property Fund",null,5.12]
["MATALAN RETAIL LTD",null,"Aegon UK Property Fund Limited",null,3.66941485528874]
["MATALAN RETAIL LTD",null,"LF Canlife UK Property ACS",null,3.28759246127288]
["Matalan Retail Ltd.",null,"BMO UK Property Fund",null,4.6406065080713299]
["Mecca Bingo Limited",null,"Kames Capital Active Value Property Fund",null,3.74]
["Mecca Bingo Limited",null,"Kames Capital UK Active Value Property Unit Trust",null,2.8]
["MITCHELLS & BUTLER RETAIL LTD",null,"The Leisure Fund Limited Partnership",null,2.8]
["Mma Holdings Uk Plc",null,"M&G UK Property Limited Partnership",null,3.2440133868579699]
["MONTEFIORE HOSPITAL",null,"BlackRock Long Lease Property Fund",null,3.6936408755041201]
["MOORES FURNITURE GROUP LTD",null,"PATRIZIA Hanover Property Unit Trust",null,4.04]
["MORRISONS",null,"BlackRock Long Lease Property Fund",null,7.7868513799074703]
["MOTEL ONE (UK) LTD",null,"Aberdeen UK Property Fund",null,12.6]
["Motorpoint Limited",null,"Kames Capital Active Value Property Fund",null,3.27]
["NANDOS CHICKENLAND LTD",null,"The Leisure Fund Limited Partnership",null,3.9]
["NAPIER UNIVERSITY",null,"AXA UK Long Lease Property Fund",null,4.9974012773574596]
["NEW LOOK RETAILERS LTD",null,"AEW UK Core Property Fund",null,2.5]
["Newell Rubbermaid UK Services Ltd",null,"L&G UK Property Fund",null,2.6]
["Next",null,"Aberdeen Standard UK Retail Park Trust",null,6.4491296673630396]
["Next",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,3.1113286396189901]
["NEXT GROUP PLC",null,"Aegon UK Property Fund Limited",null,2.7533121742186499]
["Next Group PLC",null,"Kames Capital UK Active Value Property Unit Trust II",null,2.86]
["NEXT GROUP PLC",null,"Nuveen Real Estate UK Shopping Centre Fund",null,5.3]
["NEXT HOLDINGS LIMITED",null,"Tritax Property Income Fund",null,3.5174889974101902]
["Next Holdings Ltd",null,"Aviva Investors UK Property Fund",null,6.2724840657188699]
["Next plc",null,"Hercules Unit Trust",null,5.7110210421119501]
["Next PLC",null,"Threadneedle Pensions Ltd",null,3.17]
["NOVO NORDISK LTD",null,"Fidelity UK Real Estate Fund",null,3.5076769546856501]
["NPOWER LIMITED",null,"Fidelity UK Real Estate Fund",null,5.5292222637688697]
["NTT UNITED KINGDOM LIMITED",null,"Fidelity UK Real Estate Fund",null,3.4797692257463]
["Nuffield Health",null,"Kames Capital UK Active Value Property Unit Trust",null,3.02]
["NUFFIELD HEALTH",null,"Tritax Property Income Fund",null,4.7769403273020004]
["NUFFIELD HEALTH WELLBEING LTD",null,"The Leisure Fund Limited Partnership",null,3.3]
["ODEON CINEMAS LIMITED.",null,"Grosvenor Liverpool Fund",null,2.5331261001887002]
["ODEON CINEMAS LTD",null,"BlackRock Long Lease Property Fund",null,5.4421955038657899]
["ODEON CINEMAS LTD",null,"The Leisure Fund Limited Partnership",null,13.7]
["OFFICE DEPOT INTERNATIONAL (UK) LTD",null,"Standard Life Investments UK Real Estate Fund",null,4.5599999999999996]
["OFFICE DEPOT INTERNATIONAL (UK) LTD",null,"Triton Property Fund LP",null,4.8107878881165496]
["OKA DIRECT LTD",null,"Tritax Property Income Fund",null,9.0221851709780108]
["OXFORD INSTRUMENTS",null,"AXA UK Long Lease Property Fund",null,3.9139556312580002]
["PARTS ALLIANCE GROUP LTD",null,"Royal London Property Fund",null,3.6263110627514701]
["PCL 24/7 LTD (ARLA FOODS PLC)",null,"Triton Property Fund LP",null,6.4638721524029199]
["PerkinElmer Limited.",null,"BMO UK Property Fund",null,4.8876216375372801]
["PETS AT HOME LTD",null,"Aegon UK Property Fund Limited",null,2.6626484149559499]
["PINBOARD NOMINEE 1 LIMITED & PINBOARD NOMINEE 2 LTD",null,"PGIM Real Estate UK Ground Lease Fund",null,9.8448872066547093]
["PINSENT MASON",null,"The Local Authorities’ Property Fund",null,2.7]
["PITCHER & PIANO / MARSTON",null,"AXA UK Long Lease Property Fund",null,3.92039394082716]
["Premier Inn Hotels Limited / Whitbread plc",null,"Standard Life Investments Long Lease Property Fund",null,5.5127940369128803]
["PREMIER INN HOTELS LTD",null,"AXA UK Long Lease Property Fund",null,6.8924309379928603]
["PREMIER INN HOTELS LTD",null,"BlackRock Long Lease Property Fund",null,4.5788539581724903]
["PREMIER INN HOTELS LTD",null,"Janus Henderson UK Property PAIF",null,2.66084266263716]
["PREMIER INN HOTELS LTD",null,"Mayfair Capital Property Income Trust for Charities",null,3.3]
["PREMIER INN HOTELS LTD",null,"Royal London Property Fund",null,5.2590757485783604]
["Primark Stores Limited",null,"M&G UK Property Limited Partnership",null,5.5523242615005204]
["Primary Healthcare",null,"BlackRock UK Property Fund",null,11.8222982111288]
["PRIME LIFE LIMITED",null,"AEW UK Real Return Fund",null,18.7]
["PRINCIPAL HAYLEY GROUP LIMITED",null,"PGIM Real Estate UK Ground Lease Fund",null,13.9344587037595]
["PRIVATE INDIVIDUAL",null,"Aviva Investors Pensions Limited",null,2.99]
["PTS GROUP LTD (ASSIGNED TO BSS GROUP LIMITED)",null,"Nuveen Real Estate UK Property Fund",null,2.5554424380835301]
["PUBLIEUROPE LTD",null,"LF Canlife UK Property ACS",null,2.7712710759755899]
["PURE GYM LTD",null,"AEW UK Real Return Fund",null,2.8]
["Q PARK LIMITED.",null,"Grosvenor Liverpool Fund",null,17.046910612698699]
["Q-PARK LTD",null,"The Leisure Fund Limited Partnership",null,2.6]
["QVC",null,"Standard Life Investments Long Lease Property Fund",null,3.34715225796743]
["RAKUTEN MARKETING EUROPE LIMITED",null,"Nuveen Real Estate UK Property Fund",null,2.7409392056730102]
["RANK GROUP GAMING DIVISION LIMITED",null,"Triton Property Fund LP",null,4.2054001138383201]
["RBS",null,"Kames Capital UK Active Value Property Unit Trust",null,3.08]
["REHAU LIMITED",null,"Mayfair Capital Property Income Trust for Charities",null,2.56523826199806]
["RESTORE DIGITAL LTD",null,"Fidelity UK Real Estate Fund",null,4.0699615167190197]
["REZIDOR LIFESTYLE EDINBURGH LTD",null,"Aberdeen UK Property Fund",null,12.73]
["River Island",null,"Nuveen Real Estate UK Shopping Centre Fund",null,2.8]
["RIVERBANK HOTEL HOLDING BV",null,"PGIM Real Estate UK Ground Lease Fund",null,6.2675750399361698]
["RMH GUILDFORD LLP",null,"PGIM Real Estate UK Ground Lease Fund",null,3.7202864927872201]
["Roomzzz (Corn Exchange) Limited",null,"Aviva Investors UK Property Fund",null,5.8846467640248203]
["ROWAN INTERNATIONAL LIMITED",null,"Mayfair Capital Property Unit Trust",null,2.96]
["ROYAL MAIL GROUP LIMITED",null,"Aviva Investors Pensions Limited",null,6.72]
["Royal Mail Group Limited",null,"Standard Life Investments Pooled Pension Property Fund",null,2.8411016260911901]
["Royal Mail Group Limited.",null,"BMO UK Property Fund",null,5.7510039028507496]
["RSW PROPCOLIMITED",null,"PGIM Real Estate UK Ground Lease Fund",null,4.3733777981757296]
["RUBBER COMPANY EUROPE LTD",null,"AEW UK Core Property Fund",null,4.3]
["SABA PARK SERVICES UK LIMITED",null,"Aviva Investors Pensions Limited",null,3.45]
["Sabre Retail Fashions Ltd",null,"Kames Capital UK Active Value Property Unit Trust II",null,4.63]
["SAFFERY CHAMPNESS",null,"Aegon UK Property Fund Limited",null,3.79955693216028]
["SAGE (UK) LTD",null,"Fidelity UK Real Estate Fund",null,2.5361634146056198]
["Sainsbury’s / Argos",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,9.9009815324945105]
["Sainsburys",null,"Standard Life Investments Pooled Pension Property Fund",null,2.6773894097380602]
["SAINSBURY'S SUPERMARKET LTD",null,"BlackRock Long Lease Property Fund",null,7.30131981342873]
["Sainsbury's Supermarket Ltd",null,"Federated Hermes Property Unit Trust",null,4.7417917020527298]
["Sainsbury's Supermarkets Limited",null,"Lothbury Property Trust",null,9.6615233554778897]
["SAINSBURY'S SUPERMARKETS LTD",null,"CBRE UK Property PAIF",null,5]
["SAINSBURY'S SUPERMARKETS LTD",null,"Janus Henderson UK Property PAIF",null,3.2621983487157999]
["Sainsbury'S Supermarkets Ltd",null,"M&G UK Property Limited Partnership",null,4.5528449905112396]
["SAINT GOBAIN BUILDING DISTRIBUTION LTD",null,"LF Canlife UK Property ACS",null,4.6308656457017303]
["Salford Villages Limited / University of Salford",null,"Standard Life Investments Long Lease Property Fund",null,3.52599299546113]
["SALMON LTD",null,"Mayfair Capital Property Income Trust for Charities",null,2.9]
["Salts Healthcare Limited.",null,"BMO UK Property Fund",null,4.5187415646820996]
["SAMWORTH BROTHERS LTD",null,"Mayfair Capital Property Unit Trust",null,2.89]
["Secretary of State for Communites & Local Government",null,"Standard Life Investments Long Lease Property Fund",null,3.4131703486946701]
["SECRETARY OF STATE FOR HOUSING",null,"Aberdeen UK Property Fund",null,4.24]
["Secretary of State for Scottish Ministers Office",null,"Kames Capital Active Value Property Fund",null,5.3]
["SeeWoo Foods (Glasgow) Ltd",null,"Kames Capital UK Active Value Property Unit Trust II",null,6.01]
["Serlfridges",null,"Nuveen Real Estate UK Shopping Centre Fund",null,2.6]
["SHARP ELECTRONICS (EUROPE) LTD.",null,"LF Canlife UK Property ACS",null,8.3428306347467096]
["Signet",null,"Aberdeen Standard UK Shopping Centre Trust",null,2.8282367477980599]
["SKY CP LIMITED",null,"Mayfair Capital Property Income Trust for Charities",null,3.6733236195337602]
["SMITH INTERNATIONAL (NORTH SEA) LTD",null,"Royal London Property Fund",null,2.88064974030166]
["SOUTH TEES NHS TRUST",null,"AEW UK Real Return Fund",null,8]
["Sportdirect.com Retail Limited",null,"Kames Capital UK Active Value Property Unit Trust",null,4.2300000000000004]
["Sports World",null,"Aberdeen Standard UK Retail Park Trust",null,7.8432847334211102]
["SportsDirect.com Retail Ltd",null,"Aviva Investors UK Property Fund",null,3.5398500746058801]
["SPRINGER NATURE HOLDINGS LIMITED",null,"Nuveen Real Estate Central London Office Fund",null,63.284657735647201]
["STANDARD LIFE INVESTMENTS",null,"PGIM Real Estate UK Ground Lease Fund",null,4.4168377085984796]
["STAPLETON'S (TYRE SERVICES) LIMITED",null,"Royal London Property Fund",null,2.8596369083272002]
["STYROPACK (UK) LIMTED",null,"AEW UK Real Return Fund",null,3.7]
["SUNGUARD AVAILIBILITY SERVICES",null,"Triton Property Fund LP",null,9.0895070697132905]
["SUPERDRUG",null,"Nuveen Real Estate UK Property Fund",null,3.8895069825738]
["SWISSPORT GB LIMITED",null,"Airport Industrial Property Unit Trust",null,5.6]
["SYTNER PROPERTIES LTD T/A JAGUAR LAND ROVER",null,"The Charities Property Fund",null,4.77166144977559]
["T P BENNETT LLP",null,"Standard Life Investments UK Real Estate Fund",null,2.95]
["TATA STEEL UK LTD",null,"Schroder UK Real Estate",null,3.5]
["TECHNICOLOUR LIMITED",null,"Royal London Property Fund",null,6.0678470578742498]
["TECHNIP UK LIMITED",null,"COIF Charities Property Fund",null,3.3947383136515401]
["TENPIN LTD",null,"AEW UK Real Return Fund",null,8.6]
["TESCO",null,"AXA UK Long Lease Property Fund",null,9.8401751830767896]
["TESCO PROPERTY NOMINEES (NO'S 5&6) LTD",null,"Standard Life Investments UK Real Estate Fund",null,3.9]
["TESCO STORES LIMITED",null,"AEW UK Real Return Fund",null,2.6]
["TESCO STORES LIMITED",null,"BlackRock Long Lease Property Fund",null,4.7448509840486697]
["TESCO STORES LIMITED",null,"Legal And General Managed Fund",null,3.05327879484945]
["Tesco Stores Limited",null,"Standard Life Investments Long Lease Property Fund",null,4.8653048096888298]
["Tesco Stores Ltd",null,"Lothbury Property Trust",null,8.5955723214854096]
["TESCO STORES LTD",null,"Nuveen Real Estate UK Property Fund",null,3.8438749473825999]
["TESCO STORES LTD",null,"The Charities Property Fund",null,4.3919856009098401]
["The Assoc. of the British Pharmaceutical Industry",null,"West End of London Property Unit Trust",null,2.5]
["THE BANK OF NEW YORK MELLON",null,"Legal And General Managed Fund",null,2.65076356009327]
["THE DELTIC GROUP LTD",null,"AEW UK Core Property Fund",null,4.5]
["The Fresh Olive Company Ltd.",null,"BMO UK Property Fund",null,3.72085562435129]
["THE OFFICE GROUP",null,"Schroder UK Real Estate",null,5.0999999999999996]
["THE ORIGINAL BOWLING COMPANY LTD",null,"The Leisure Fund Limited Partnership",null,4.5]
["THE PRUDENTIAL ASSURANCE COMPANY LTD",null,"Standard Life Investments UK Real Estate Fund",null,2.5499999999999998]
["THE RANGE (CDS SUPERSTORES LTD)",null,"Mayfair Capital Property Income Trust for Charities",null,4.8604751991457196]
["THE SECRETARY OF STATE",null,"Schroder UK Real Estate",null,9.6]
["THE SECRETARY OF STATE FOR COM",null,"Mayfair Capital Property Unit Trust",null,3.53]
["TJX Cos Inc (TK Maxx)",null,"Hercules Unit Trust",null,3.0225002368193699]
["TJX UK",null,"Legal And General Managed Fund",null,2.9723868166545899]
["Tjx Uk",null,"M&G UK Property Limited Partnership",null,6.4939040062126097]
["TK Maxx",null,"Aberdeen Standard UK Retail Park Trust",null,10.920745196797901]
["TK MAXX",null,"CBRE UK Property PAIF",null,2.7022351575896502]
["TK Maxx",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,4.8685076245523904]
["TNS",null,"Kames Capital UK Active Value Property Unit Trust",null,7.36]
["TRANSLUX INTERNATIONAL LIMITED",null,"PATRIZIA Hanover Property Unit Trust",null,2.56]
["TRAVELODGE HOTELS LIMITED",null,"COIF Charities Property Fund",null,3.30627265200811]
["TRAVELODGE HOTELS LTD",null,"Aviva Investors Pensions Limited",null,4.6900000000000004]
["TRAVELODGE HOTELS LTD",null,"BlackRock Long Lease Property Fund",null,3.5556500766742398]
["TRAVELODGE HOTELS LTD",null,"PATRIZIA Hanover Property Unit Trust",null,3.25]
["TRAVELODGE HOTELS LTD",null,"The Charities Property Fund",null,4.1194608450702903]
["TRAVELODGE HOTELS LTD",null,"The Leisure Fund Limited Partnership",null,3]
["TRAVELODGE HOTELS LTD",null,"The Local Authorities’ Property Fund",null,5]
["TRAVIS PERKINS",null,"Nuveen Real Estate UK Property Fund",null,3.6350532547418699]
["TRIPADVISOR LTD",null,"Mayfair Capital Property Unit Trust",null,4.46]
["TUI",null,"Aberdeen Standard UK Retail Park Trust",null,10.3898057507656]
["TUI Northern Europe Limited",null,"Kames Capital UK Active Value Property Unit Trust",null,12.25]
["UK INSURANCE LIMITED",null,"Standard Life Investments UK Real Estate Fund",null,2.85]
["University of Durham",null,"Lothbury Property Trust",null,2.9781626177237399]
["UNIVERSITY OF DURHAM",null,"Triton Property Fund LP",null,4.1774166253047902]
["VF Northern Europe Limited.",null,"BMO UK Property Fund",null,3.7315674178802598]
["Viapath Services LLP",null,"Standard Life Investments Long Lease Property Fund",null,4.9107969510811698]
["VOLKSWAGEN GROUP UK LIMITED",null,"AEW UK Real Return Fund",null,5.9]
["VUE ENTERTAINMENT LTD",null,"The Leisure Fund Limited Partnership",null,15.4]
["VW GROUP UNITED KINGDOM LIMITED",null,"The Charities Property Fund",null,2.7013100733113502]
["VWR INTERNATIONAL LTD",null,"COIF Charities Property Fund",null,3.08460927602105]
["WAITROSE",null,"Royal London Property Fund",null,4.0024962980419199]
["Waitrose Ltd",null,"L&G UK Property Fund",null,2.69]
["Walgreens (Boots)",null,"Hercules Unit Trust",null,6.1307031439643298]
["Warner Bros. Entertainment UK Ltd",null,"West End of London Property Unit Trust",null,26.6]
["WDFG UK LIMITED",null,"Airport Industrial Property Unit Trust",null,3.3]
["WEATHERFORD UK LIMITED",null,"Standard Life Investments UK Real Estate Fund",null,3.23]
["WESTON (BUSINESS CENTRES) LTD",null,"Aegon UK Property Fund Limited",null,9.5344297503793793]
["WEWORK UK LEASECO I LTD",null,"Triton Property Fund LP",null,5.8829617555775497]
["WH Smith",null,"Aberdeen Standard UK Shopping Centre Trust",null,3.1568252231446698]
["WH Smith Retail Holdings Ltd",null,"Kames Capital UK Active Value Property Unit Trust II",null,3.28]
["WHISTLES LIMITED",null,"Aviva Investors Pensions Limited",null,2.64]
["WHITECROFT LIGHTING LTD",null,"AEW UK Core Property Fund",null,2.8]
["Wickes",null,"Kames Capital UK Active Value Property Unit Trust",null,3.67]
["Wickes Building Supplies Limited",null,"Kames Capital Active Value Property Fund",null,3.28]
["WICKES BUILDING SUPPLIES LTD",null,"COIF Charities Property Fund",null,2.86166387461815]
["WICKES BUILDING SUPPLIES LTD",null,"LF Canlife UK Property ACS",null,3.5]
["WICKES BUILDING SUPPLIES LTD",null,"Mayfair Capital Property Income Trust for Charities",null,2.79015418444307]
["WICKES BUILDING SUPPLIES LTD",null,"Mayfair Capital Property Unit Trust",null,5.71]
["WILTSHIRE COUNCIL",null,"Janus Henderson UK Property PAIF",null,3.3059790779589702]
["WINCANTON HOLDINGS LTD (SUBLET",null,"Mayfair Capital Property Income Trust for Charities",null,4.4630731803285997]
["WYEVALE GARDEN CENTRES HOLDINGS LIMITED",null,"BlackRock Long Lease Property Fund",null,10.3505031836697]
["Xpo Supply Chain Uk Limited",null,"M&G UK Property Limited Partnership",null,4.32082811726983]
["XPO SUPPLY CHAIN UK LIMITED",null,"Tritax Property Income Fund",null,5.0795954233829601]
["XYNTEO",null,"Nuveen Real Estate Central London Office Fund",null,2.8032438942600901]
["YODEL DELIVERY NETWORK LIMITED",null,"Mayfair Capital Property Unit Trust",null,2.77]
["Yodel Delivery Network Limited.",null,"BMO UK Property Fund",null,3.35688878192965]
["Young's Seafood Ltd",null,"Kames Capital UK Active Value Property Unit Trust II",null,3.84]
["Zara",null,"Nuveen Real Estate UK Shopping Centre Fund",null,3.9]
["Zara UK Limited",null,"Aviva Investors UK Property Fund",null,2.8885176608783998]
["ZARA UK LTD.",null,"Grosvenor Liverpool Fund",null,2.9758044126460699]

{"sheet":"Portfolio Yields","index":73,"n_rows":86,"n_cols":11,"rows_kept":86,"cut":false,"hidden":false,"merged":[[85,0,85,3],[85,6,85,8],[81,0,81,3],[81,6,81,8],[82,0,82,3],[83,0,83,3],[84,0,84,3],[82,6,82,8],[83,6,83,8],[84,6,84,8],[78,0,78,3],[79,0,79,3],[80,0,80,3],[78,6,78,8],[79,6,79,8],[80,6,80,8],[75,0,75,3],[75,6,75,8],[76,0,76,3],[76,6,76,8],[77,0,77,3],[77,6,77,8],[71,0,71,3],[71,6,71,8],[72,0,72,3],[72,6,72,8],[73,0,73,3],[74,0,74,3],[73,6,73,8],[74,6,74,8],[68,0,68,3],[69,0,69,3],[68,6,68,8],[69,6,69,8],[70,0,70,3],[70,6,70,8],[65,0,65,3],[65,6,65,8],[66,0,66,3],[66,6,66,8],[67,0,67,3],[67,6,67,8],[54,6,54,8],[55,6,55,8],[56,6,56,8],[57,6,57,8],[58,6,58,8],[59,6,59,8],[54,0,54,3],[55,0,55,3],[56,0,56,3],[57,0,57,3],[58,0,58,3],[59,0,59,3],[51,0,51,3],[51,6,51,8],[52,0,52,3],[53,0,53,3],[52,6,52,8],[53,6,53,8],[39,6,39,8],[40,6,40,8],[41,6,41,8],[42,6,42,8],[43,6,43,8],[44,6,44,8],[38,6,38,8],[42,0,42,3],[43,0,43,3],[44,0,44,3],[38,0,38,3],[39,0,39,3],[40,0,40,3],[41,0,41,3],[45,0,45,3],[45,6,45,8],[30,6,30,8],[31,6,31,8],[32,6,32,8],[36,0,36,3],[37,0,37,3],[30,0,30,3],[31,0,31,3],[32,0,32,3],[33,0,33,3],[34,0,34,3],[35,0,35,3],[33,6,33,8],[34,6,34,8],[35,6,35,8],[36,6,36,8],[37,6,37,8],[26,0,26,3],[27,0,27,3],[28,0,28,3],[29,0,29,3],[19,6,19,8],[20,6,20,8],[21,6,21,8],[22,6,22,8],[23,6,23,8],[24,6,24,8],[19,0,19,3],[20,0,20,3],[21,0,21,3],[22,0,22,3],[23,0,23,3],[24,0,24,3],[26,6,26,8],[27,6,27,8],[28,6,28,8],[29,6,29,8],[18,0,18,3],[18,6,18,8],[12,6,12,8],[13,6,13,8],[14,0,14,3],[14,6,14,8],[15,0,15,3],[16,0,16,3],[25,0,25,3],[25,6,25,8],[13,0,13,3],[6,6,6,8],[7,6,7,8],[8,6,8,8],[9,6,9,8],[10,6,10,8],[11,6,11,8],[17,0,17,3],[15,6,15,8],[16,6,16,8],[17,6,17,8],[5,0,5,3],[5,6,5,8],[6,0,6,3],[7,0,7,3],[8,0,8,3],[9,0,9,3],[10,0,10,3],[11,0,11,3],[12,0,12,3]]}
[]
[]
["PORTFOLIO YIELDS"]
["Balanced funds"]
["Initial Yield",null,null,null,"%",null,"Equivalent Yield",null,null,"Nominal %","True %"]
["Authorised Property Unit Trusts  (un-weighted/weighted average)",null,null,null,"4.91 / 4.62",null,"Authorised Property Unit Trusts  (un-weighted/weighted average)",null,null,"6.41 / 5.82","6.30 / 5.87"]
["Aviva Investors UK Property Fund",null,null,null,6.14,null,"Aberdeen UK Property Fund",null,null,0,4.75]
["Kames Capital UK Active Value Property Unit Trust II",null,null,null,5.68,null,"Aviva Investors UK Property Fund",null,null,0,7.07]
["Kames Capital UK Active Value Property Unit Trust",null,null,null,5.67,null,"Janus Henderson UK Property PAIF",null,null,0,5.9389840378979999]
["M&G Property Portfolio",null,null,null,5.1047883950742401,null,"Kames Capital UK Active Value Property Unit Trust",null,null,7.46,7.8]
["Standard Life Investments UK Real Estate Fund",null,null,null,4.67,null,"Kames Capital UK Active Value Property Unit Trust II",null,null,6.81,7.1]
["L&G UK Property Fund",null,null,null,4.5110000000000001,null,"L&G UK Property Fund",null,null,5.5570000000000004,5.7499000000000002]
["Janus Henderson UK Property PAIF",null,null,null,3.9763130254869998,null,"M&G Property Portfolio",null,null,5.8091369583945696,0]
["Aberdeen UK Property Fund",null,null,null,3.52,null,"Standard Life Investments UK Real Estate Fund",null,null,0,5.69]
["Common Investment Funds  (un-weighted/weighted average)",null,null,null,"4.83 / 4.87",null,"Common Investment Funds  (un-weighted/weighted average)",null,null,"5.96 / 5.96","5.93 / 5.87"]
["COIF Charities Property Fund",null,null,null,5.0599999999999996,null,"COIF Charities Property Fund",null,null,6.31,6.34]
["The Charities Property Fund",null,null,null,5,null,"Mayfair Capital Property Income Trust for Charities",null,null,5.601,5.7949999999999999]
["Mayfair Capital Property Income Trust for Charities",null,null,null,4.42,null,"The Charities Property Fund",null,null,0,5.654604563705]
["Managed Property Funds  (un-weighted/weighted average)",null,null,null,"4.79 / 4.36",null,"Managed Property Funds  (un-weighted/weighted average)",null,null,"5.83 / 5.29","6.16 / 5.99"]
["Kames Capital Active Value Property Fund",null,null,null,6.07,null,"Aegon UK Property Fund Limited",null,null,0,6.28]
["Aegon UK Property Fund Limited",null,null,null,5.54,null,"Aviva Investors Pensions Limited",null,null,0,5.04]
["Threadneedle Pensions Ltd",null,null,null,5.5,null,"Kames Capital Active Value Property Fund",null,null,7.08,7.39]
["Standard Life Investments Pooled Pension Property Fund",null,null,null,3.93,null,"Legal And General Managed Fund",null,null,5.4340999999999999,5.9922000000000004]
["Legal And General Managed Fund",null,null,null,3.8523999999999998,null,"Standard Life Investments Pooled Pension Property Fund",null,null,4.99,5.15]
["Aviva Investors Pensions Limited",null,null,null,3.83,null,"Threadneedle Pensions Ltd",null,null,0,7.1]
["Other balanced funds  (un-weighted/weighted average)",null,null,null,"4.76 / 4.46",null,"Other balanced funds  (un-weighted/weighted average)",null,null,"5.78 / 5.45","5.87 / 5.46"]
["Tritax Property Income Fund",null,null,null,6.0646150809419996,null,"AEW UK Core Property Fund",null,null,7.67,8.0299999999999994]
["M&G UK Property Limited Partnership",null,null,null,5.7567294355992598,null,"BlackRock UK Property Fund",null,null,0,0]
["AEW UK Core Property Fund",null,null,null,5.75,null,"BMO UK Property Fund",null,null,5.3,5.48]
["Threadneedle Property Unit Trust",null,null,null,5.6,null,"CBRE UK Property PAIF",null,null,0,5.2206031440520002]
["Royal London Property Fund",null,null,null,5.2574157773849999,null,"Federated Hermes Property Unit Trust",null,null,5.36,5.38]
["PATRIZIA Hanover Property Unit Trust",null,null,null,5.0218999999999996,null,"Fidelity UK Real Estate Fund",null,null,6.03,0]
["Fidelity UK Real Estate Fund",null,null,null,4.91,null,"LF Canlife UK Property ACS",null,null,0,7.7686911740850002]
["BMO UK Property Fund",null,null,null,4.76,null,"Lothbury Property Trust",null,null,4.2,4.22]
["Triton Property Fund LP",null,null,null,4.6634290989269997,null,"M&G UK Property Limited Partnership",null,null,5.5874906131560396,0]
["The Local Authorities’ Property Fund",null,null,null,4.6500000000000004,null,"Mayfair Capital Property Unit Trust",null,null,5.8,6]
["Nuveen Real Estate UK Property Fund",null,null,null,4.5999999999999996,null,"Nuveen Real Estate UK Property Fund",null,null,5.64,5.83]
["Mayfair Capital Property Unit Trust",null,null,null,4.5646329394359997,null,"PATRIZIA Hanover Property Unit Trust",null,null,6.4480000000000004,6.4829999999999997]
["BlackRock UK Property Fund",null,null,null,4.4770450001348197,null,"Royal London Property Fund",null,null,0,5.436783779432]
["LF Canlife UK Property ACS",null,null,null,4.3127615901259997,null,"Royal London UK Real Estate Fund",null,null,0,4.7724000000000002]
["Federated Hermes Property Unit Trust",null,null,null,4.25,null,"Schroder UK Real Estate",null,null,0,5.4]
["Schroder UK Real Estate",null,null,null,4.0999999999999996,null,"The Local Authorities’ Property Fund",null,null,5.76,5.79]
["CBRE UK Property PAIF",null,null,null,4.0660890527409999,null,"Threadneedle Property Unit Trust",null,null,0,6.7]
["Royal London UK Real Estate Fund",null,null,null,3.9895719894294301,null,"Tritax Property Income Fund",null,null,0,5.7763050345779998]
["Lothbury Property Trust",null,null,null,3.62,null,"Triton Property Fund LP",null,null,0,5.6826796044080004]
["All Balanced Funds (un-weighted/weighted average)",null,null,null,"4.80 / 4.49",null,"All Balanced Funds (un-weighted/weighted average)",null,null,"5.94 / 5.50","6.03 / 5.70"]
[]
[]
[]
["Long Income Property Funds"]
["Initial Yield",null,null,null,"%",null,"Equivalent Yield",null,null,"Nominal %","True %"]
["Long Income Property Funds  (un-weighted/weighted average)",null,null,null,"4.37 / 4.09",null,"Long Income Property Funds  (un-weighted/weighted average)",null,null,"4.76 / 4.53","5.11 / 4.71"]
["AEW UK Real Return Fund",null,null,null,6.14,null,"AEW UK Real Return Fund",null,null,6.66,6.7]
["BlackRock Long Lease Property Fund",null,null,null,5.1876464843249996,null,"AXA UK Long Lease Property Fund",null,null,0,4.7]
["KFIM Long Income Property Unit Trust",null,null,null,5.1368682828810002,null,"BlackRock Long Lease Property Fund",null,null,0,4.7502097421710001]
["AXA UK Long Lease Property Fund",null,null,null,4.4000000000000004,null,"KFIM Long Income Property Unit Trust",null,null,0,5.81]
["M&G Secure Property Income Fund",null,null,null,4.2699999999999996,null,"LPI (Limited Price Inflation) Income Property Fund",null,null,0,3.8866148393]
["Standard Life Investments Long Lease Property Fund",null,null,null,3.7013206727403101,null,"M&G Secure Property Income Fund",null,null,0,0]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,3.427116985868,null,"PGIM Real Estate UK Ground Lease Fund",null,null,2.81,0]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,2.7,null,"Standard Life Investments Long Lease Property Fund",null,null,4.8,4.8]
[]
[]
[]
["Specialist funds"]
["Initial Yield",null,null,null,"%",null,"Equivalent Yield",null,null,"Nominal %","True %"]
["Healthcare  (un-weighted/weighted average)",null,null,null,"5.49 / 5.49",null,"Healthcare  (un-weighted/weighted average)",null,null,"- / -","5.64 / 5.64"]
["Octopus Healthcare Fund",null,null,null,5.4852575228119997,null,"Octopus Healthcare Fund",null,null,0,5.6360539371430001]
["Industrial  (un-weighted/weighted average)",null,null,null,"3.07 / 3.47",null,"Industrial  (un-weighted/weighted average)",null,null,"4.48 / 4.48","4.21 / 4.45"]
["Industrial Property Investment Fund",null,null,null,3.74,null,"Airport Industrial Property Unit Trust",null,null,0,3.8]
["Airport Industrial Property Unit Trust",null,null,null,2.4,null,"Industrial Property Investment Fund",null,null,4.4800000000000004,4.6100000000000003]
["Leisure  (un-weighted/weighted average)",null,null,null,"6.20 / 6.20",null,"Leisure  (un-weighted/weighted average)",null,null,"7.20 / 7.20","7.50 / 7.50"]
["The Leisure Fund Limited Partnership",null,null,null,6.2,null,"The Leisure Fund Limited Partnership",null,null,7.2,7.5]
["Offices  (un-weighted/weighted average)",null,null,null,"2.92 / 2.57",null,"Offices  (un-weighted/weighted average)",null,null,"- / -","4.42 / 4.30"]
["Nuveen Real Estate Central London Office Fund",null,null,null,3.52,null,"Nuveen Real Estate Central London Office Fund",null,null,0,4.63]
["West End of London Property Unit Trust",null,null,null,2.3199999999999998,null,"West End of London Property Unit Trust",null,null,0,4.21]
["Residential  (un-weighted/weighted average)",null,null,null,"5.25 / 5.25",null,"Residential  (un-weighted/weighted average)",null,null,"- / -","- / -"]
["UNITE UK Student Accommodation Fund",null,null,null,5.25,null,"UNITE UK Student Accommodation Fund",null,null,0,0]
["Retail warehouses  (un-weighted/weighted average)",null,null,null,"8.28 / 7.67",null,"Retail warehouses  (un-weighted/weighted average)",null,null,"7.45 / 7.45","9.29 / 8.00"]
["Aberdeen Standard UK Retail Park Trust",null,null,null,10,null,"Aberdeen Standard UK Retail Park Trust",null,null,0,11.08]
["Hercules Unit Trust",null,null,null,7.99,null,"Hercules Unit Trust",null,null,7.45,0]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,6.8586999999999998,null,"Nuveen Real Estate UK Retail Warehouse Fund",null,null,0,7.5061999999999998]
["Shopping centres  (un-weighted/weighted average)",null,null,null,"5.23 / 5.18",null,"Shopping centres  (un-weighted/weighted average)",null,null,"7.14 / 7.14","7.69 / 7.72"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,6.9050000000000002,null,"Aberdeen Standard UK Shopping Centre Trust",null,null,0,7.2249999999999996]
["Nuveen Real Estate UK Shopping Centre Fund",null,null,null,5.64,null,"Grosvenor Liverpool Fund",null,null,0,8.3739780252100005]
["Grosvenor Liverpool Fund",null,null,null,3.1510578651690002,null,"Nuveen Real Estate UK Shopping Centre Fund",null,null,7.14,7.4703999999999997]
["All Specialist Funds (un-weighted/weighted average)",null,null,null,"5.34 / 4.78",null,"All Specialist Funds (un-weighted/weighted average)",null,null,"6.57 / 5.45","6.55 / 5.59"]

{"sheet":"Average Lot Size","index":74,"n_rows":80,"n_cols":11,"rows_kept":80,"cut":false,"hidden":false,"merged":[[77,0,77,3],[77,6,77,9],[78,0,78,3],[78,6,78,9],[79,0,79,3],[79,6,79,9],[74,0,74,3],[74,6,74,9],[75,0,75,3],[75,6,75,9],[76,0,76,3],[76,6,76,9],[71,0,71,3],[71,6,71,9],[72,0,72,3],[72,6,72,9],[73,0,73,3],[73,6,73,9],[68,0,68,3],[68,6,68,9],[69,0,69,3],[69,6,69,9],[70,0,70,3],[70,6,70,9],[65,0,65,3],[65,6,65,9],[66,0,66,3],[66,6,66,9],[67,0,67,3],[67,6,67,9],[62,0,62,3],[62,6,62,9],[63,0,63,3],[63,6,63,9],[64,0,64,3],[64,6,64,9],[59,0,59,3],[59,6,59,9],[60,0,60,3],[60,6,60,9],[61,0,61,3],[61,6,61,9],[53,0,53,3],[53,6,53,9],[54,0,54,3],[54,6,54,9],[55,0,55,3],[55,6,55,9],[50,0,50,3],[50,6,50,9],[51,0,51,3],[51,6,51,9],[52,0,52,3],[52,6,52,9],[47,0,47,3],[47,6,47,9],[48,0,48,3],[48,6,48,9],[49,0,49,3],[49,6,49,9],[41,0,41,3],[41,6,41,9],[42,0,42,3],[42,6,42,9],[43,0,43,3],[43,6,43,9],[38,0,38,3],[38,6,38,9],[39,0,39,3],[39,6,39,9],[40,0,40,3],[40,6,40,9],[35,0,35,3],[35,6,35,9],[36,0,36,3],[36,6,36,9],[37,0,37,3],[37,6,37,9],[32,0,32,3],[32,6,32,9],[33,0,33,3],[33,6,33,9],[34,0,34,3],[34,6,34,9],[29,0,29,3],[29,6,29,9],[30,0,30,3],[30,6,30,9],[31,0,31,3],[31,6,31,9],[26,0,26,3],[26,6,26,9],[27,0,27,3],[27,6,27,9],[28,0,28,3],[28,6,28,9],[23,0,23,3],[23,6,23,9],[24,0,24,3],[24,6,24,9],[25,0,25,3],[25,6,25,9],[20,0,20,3],[20,6,20,9],[21,0,21,3],[21,6,21,9],[22,0,22,3],[22,6,22,9],[18,0,18,3],[18,6,18,9],[19,0,19,3],[19,6,19,9],[14,0,14,3],[14,6,14,9],[15,0,15,3],[15,6,15,9],[16,0,16,3],[16,6,16,9],[13,0,13,3],[13,6,13,9],[8,0,8,3],[8,6,8,9],[9,0,9,3],[9,6,9,9],[10,0,10,3],[10,6,10,9],[17,0,17,3],[17,6,17,9],[5,0,5,3],[5,6,5,9],[6,0,6,3],[6,6,6,9],[7,0,7,3],[7,6,7,9],[11,0,11,3],[11,6,11,9],[12,0,12,3],[12,6,12,9]]}
[]
[]
["AVERAGE LOT-SIZE OF DIRECT PROPERTY INVESTMENTS"]
["Balanced funds"]
[null,null,null,null,"GBPm",null,null,null,null,null,"% of total portfolio"]
["Authorised Property Unit Trusts (weighted average)",null,null,null,18.351229235880396,null,"Authorised Property Unit Trusts (weighted average)",null,null,null,2.6578073089700998]
["Kames Capital UK Active Value Property Unit Trust",null,null,null,5.5505714285714287,null,"L&G UK Property Fund",null,null,null,1.1020413598959244]
["Kames Capital UK Active Value Property Unit Trust II",null,null,null,6.6738095238095241,null,"Janus Henderson UK Property PAIF",null,null,null,2.1739130410563976]
["L&G UK Property Fund",null,null,null,19.355988372093023,null,"Standard Life Investments UK Real Estate Fund",null,null,null,2.1739130413690271]
["Janus Henderson UK Property PAIF",null,null,null,19.513478260869565,null,"M&G Property Portfolio",null,null,null,2.2198202792441211]
["Aviva Investors UK Property Fund",null,null,null,19.770454545454545,null,"Kames Capital UK Active Value Property Unit Trust",null,null,null,2.8571428571428572]
["Standard Life Investments UK Real Estate Fund",null,null,null,22.405760869565217,null,"Kames Capital UK Active Value Property Unit Trust II",null,null,null,4.6113729651473649]
["M&G Property Portfolio",null,null,null,22.887804878048779,null,"Aberdeen UK Property Fund",null,null,null,6.666666651533208]
["Aberdeen UK Property Fund",null,null,null,29.368333333333332,null,"Aviva Investors UK Property Fund",null,null,null,9.090853808819908]
["Common Investment Funds (weighted average)",null,null,null,9.6394181034482749,null,"Common Investment Funds (weighted average)",null,null,null,1.2931034482758621]
["COIF Charities Property Fund",null,null,null,9.0830769230769235,null,"The Charities Property Fund",null,null,null,0.85470085390024308]
["The Charities Property Fund",null,null,null,9.1244444444444444,null,"COIF Charities Property Fund",null,null,null,1.5384615358557432]
["Mayfair Capital Property Income Trust for Charities",null,null,null,11.5677,null,"Mayfair Capital Property Income Trust for Charities",null,null,null,1.9999999965420956]
["Managed Property Funds (weighted average)",null,null,null,16.478938481683034,null,"Managed Property Funds (weighted average)",null,null,null,1.3392857142857142]
["Kames Capital Active Value Property Fund",null,null,null,4.6079411764705878,null,"Threadneedle Pensions Ltd",null,null,null,0.3653848726170893]
["Threadneedle Pensions Ltd",null,null,null,6.8973880597014929,null,"Legal And General Managed Fund",null,null,null,1.242359319635975]
["Aegon UK Property Fund Limited",null,null,null,10.837692307692306,null,"Standard Life Investments Pooled Pension Property Fund",null,null,null,1.8625280032196621]
["Aviva Investors Pensions Limited",null,null,null,33.304285714285712,null,"Kames Capital Active Value Property Fund",null,null,null,2.9411764705882351]
["Legal And General Managed Fund",null,null,null,37.355151515151519,null,"Aegon UK Property Fund Limited",null,null,null,3.1782927631255302]
["Standard Life Investments Pooled Pension Property Fund",null,null,null,43.486876222528295,null,"Aviva Investors Pensions Limited",null,null,null,7.1428571275376704]
["Other balanced funds (weighted average)",null,null,null,16.066116466035943,null,"Other balanced funds (weighted average)",null,null,null,2.0084566596194504]
["AEW UK Core Property Fund",null,null,null,5.010403225806451,null,"Threadneedle Property Unit Trust",null,null,null,0.53370828146446458]
["Mayfair Capital Property Unit Trust",null,null,null,6.760102040816327,null,"BlackRock UK Property Fund",null,null,null,0.70422535185915358]
["Threadneedle Property Unit Trust",null,null,null,7.0488152173913043,null,"The Local Authorities’ Property Fund",null,null,null,1.3140551984436]
["BMO UK Property Fund",null,null,null,7.8927272727272717,null,"Federated Hermes Property Unit Trust",null,null,null,1.3888888878228911]
["LF Canlife UK Property ACS",null,null,null,8.1431666666666658,null,"AEW UK Core Property Fund",null,null,null,1.612903220614341]
["Nuveen Real Estate UK Property Fund",null,null,null,8.516578947368421,null,"CBRE UK Property PAIF",null,null,null,1.7543859636432346]
["Tritax Property Income Fund",null,null,null,13.255263157894737,null,"Lothbury Property Trust",null,null,null,1.9607843133341851]
["Fidelity UK Real Estate Fund",null,null,null,13.356249999999999,null,"Mayfair Capital Property Unit Trust",null,null,null,2.0408163203695642]
["The Local Authorities’ Property Fund",null,null,null,15.07171052631579,null,"Schroder UK Real Estate",null,null,null,2.1108997551673392]
["M&G UK Property Limited Partnership",null,null,null,15.082613636363636,null,"Fidelity UK Real Estate Fund",null,null,null,2.5]
["Federated Hermes Property Unit Trust",null,null,null,18.095833333333335,null,"BMO UK Property Fund",null,null,null,3.0303030186686026]
["BlackRock UK Property Fund",null,null,null,19.561711113943662,null,"LF Canlife UK Property ACS",null,null,null,3.3224531848638827]
["CBRE UK Property PAIF",null,null,null,24.253421052631577,null,"Triton Property Fund LP",null,null,null,3.5558154034565961]
["PATRIZIA Hanover Property Unit Trust",null,null,null,24.629761904761907,null,"M&G UK Property Limited Partnership",null,null,null,3.7288182312508487]
["Lothbury Property Trust",null,null,null,30.458338915490195,null,"PATRIZIA Hanover Property Unit Trust",null,null,null,4.7619047619047628]
["Triton Property Fund LP",null,null,null,34.177964285714282,null,"Tritax Property Income Fund",null,null,null,5.257563187830594]
["Schroder UK Real Estate",null,null,null,44.854766195121947,null,"Nuveen Real Estate UK Property Fund",null,null,null,5.2631578622110702]
["All Balanced Funds (weighted average)",null,null,null,16.465969414532434,null,"All Balanced Funds (weighted average)",null,null,null,1.9536978606643158]
[]
["Long Income Property Funds"]
[null,null,null,null,"GBPm",null,null,null,null,null,"% of total portfolio"]
["Long Income Property Funds (weighted average)",null,null,null,15.551869478341585,null,"Long Income Property Funds (weighted average)",null,null,null,0.99009900990099009]
["AEW UK Real Return Fund",null,null,null,2.7804978627450976,null,"M&G Secure Property Income Fund",null,null,null,0.41189938975733792]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,5.2291428571428566,null,"PGIM Real Estate UK Ground Lease Fund",null,null,null,0.79365079365079361]
["KFIM Long Income Property Unit Trust",null,null,null,8.4934089603960388,null,"Standard Life Investments Long Lease Property Fund",null,null,null,0.91684152378056039]
["AXA UK Long Lease Property Fund",null,null,null,11.392189189189191,null,"KFIM Long Income Property Unit Trust",null,null,null,0.99009900874680556]
["BlackRock Long Lease Property Fund",null,null,null,15.024034648648648,null,"LPI (Limited Price Inflation) Income Property Fund",null,null,null,1.3513513499197329]
["M&G Secure Property Income Fund",null,null,null,18.785915369198314,null,"BlackRock Long Lease Property Fund",null,null,null,1.3513513501358652]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,25.511689189189191,null,"AEW UK Real Return Fund",null,null,null,1.9607842998981995]
["Standard Life Investments Long Lease Property Fund",null,null,null,28.092429037037036,null,"AXA UK Long Lease Property Fund",null,null,null,2.7027027027027026]
[]
["Specialist funds"]
[null,null,null,null,"GBPm",null,null,null,null,null,"% of total portfolio"]
["Healthcare (weighted average)",null,null,null,13.138823529411766,null,"Healthcare (weighted average)",null,null,null,1.4705882352941178]
["Octopus Healthcare Fund",null,null,null,13.138823529411766,null,"Octopus Healthcare Fund",null,null,null,1.4705882352941178]
["Industrial (weighted average)",null,null,null,18.667916230366494,null,"Industrial (weighted average)",null,null,null,1.0471204188481675]
["Industrial Property Investment Fund",null,null,null,16.571930232558138,null,"Industrial Property Investment Fund",null,null,null,0.5813953486332375]
["Airport Industrial Property Unit Trust",null,null,null,37.642105263157895,null,"Airport Industrial Property Unit Trust",null,null,null,5.2631578873778402]
["Leisure (weighted average)",null,null,null,24.227777777777778,null,"Leisure (weighted average)",null,null,null,5.5555555555555554]
["The Leisure Fund Limited Partnership",null,null,null,24.227777777777778,null,"The Leisure Fund Limited Partnership",null,null,null,5.5555555428163776]
["Offices (weighted average)",null,null,null,72.240214285714288,null,"Offices (weighted average)",null,null,null,14.285714285714285]
["Nuveen Real Estate Central London Office Fund",null,null,null,34.730499999999999,null,"West End of London Property Unit Trust",null,null,null,12.499999984432987]
["West End of London Property Unit Trust",null,null,null,100.3725,null,"Nuveen Real Estate Central London Office Fund",null,null,null,16.666666666666664]
["Residential (weighted average)",null,null,null,36.778815789473683,null,"Residential (weighted average)",null,null,null,1.3157894736842104]
["UNITE UK Student Accommodation Fund",null,null,null,36.778815789473683,null,"UNITE UK Student Accommodation Fund",null,null,null,1.3157894736842104]
["Retail warehouses (weighted average)",null,null,null,55.535681818181814,null,"Retail warehouses (weighted average)",null,null,null,13.636363636363637]
["Aberdeen Standard UK Retail Park Trust",null,null,null,16.559999999999999,null,"Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,9.0909090734265732]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,47.272727272727273,null,"Hercules Unit Trust",null,null,null,9.9999999854062551]
["Hercules Unit Trust",null,null,null,68.522500000000008,null,"Aberdeen Standard UK Retail Park Trust",null,null,null,19.6381707361775]
["Shopping centres (weighted average)",null,null,null,186.89130866666667,null,"Shopping centres (weighted average)",null,null,null,49.999999999999993]
["Nuveen Real Estate UK Shopping Centre Fund",null,null,null,52.45,null,"Nuveen Real Estate UK Shopping Centre Fund",null,null,null,14.502872266288586]
["Grosvenor Liverpool Fund",null,null,null,178,null,"Grosvenor Liverpool Fund",null,null,null,33.333333270911361]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,267.44892599999997,null,"Aberdeen Standard UK Shopping Centre Trust",null,null,null,49.999999906524209]
["All Specialist Funds (weighted average)",null,null,null,28.915863119374691,null,"All Specialist Funds (weighted average)",null,null,null,3.4034685431911429]

{"sheet":"10 Largest Direct Investment","index":75,"n_rows":81,"n_cols":11,"rows_kept":81,"cut":false,"hidden":false,"merged":[[80,0,80,10],[68,0,68,9],[69,0,69,9],[70,0,70,9],[71,0,71,9],[72,0,72,9],[73,0,73,9],[74,0,74,9],[75,0,75,9],[76,0,76,9],[77,0,77,9],[78,0,78,9],[67,0,67,9],[54,0,54,9],[55,0,55,9],[58,0,58,9],[59,0,59,9],[60,0,60,9],[61,0,61,9],[62,0,62,9],[63,0,63,9],[64,0,64,9],[65,0,65,9],[66,0,66,9],[53,0,53,9],[40,0,40,9],[41,0,41,9],[42,0,42,9],[43,0,43,9],[44,0,44,9],[47,0,47,9],[48,0,48,9],[49,0,49,9],[50,0,50,9],[51,0,51,9],[52,0,52,9],[39,0,39,9],[28,0,28,9],[29,0,29,9],[30,0,30,9],[31,0,31,9],[32,0,32,9],[33,0,33,9],[34,0,34,9],[35,0,35,9],[36,0,36,9],[37,0,37,9],[38,0,38,9],[27,0,27,9],[16,0,16,9],[17,0,17,9],[18,0,18,9],[19,0,19,9],[20,0,20,9],[21,0,21,9],[22,0,22,9],[23,0,23,9],[24,0,24,9],[25,0,25,9],[26,0,26,9],[15,0,15,9],[4,0,4,9],[5,0,5,9],[6,0,6,9],[7,0,7,9],[8,0,8,9],[9,0,9,9],[10,0,10,9],[11,0,11,9],[12,0,12,9],[13,0,13,9],[14,0,14,9]]}
[]
[]
["10 LARGEST DIRECT HOLDINGS AS % OF TOTAL PORTFOLIO"]
["Balanced funds %"]
["Authorised Property Unit Trusts  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"66.7 / 19.3"]
["Aviva Investors UK Property Fund",null,null,null,null,null,null,null,null,null,0]
["M&G Property Portfolio",null,null,null,null,null,null,null,null,null,0]
["L&G UK Property Fund",null,null,null,null,null,null,null,null,null,0]
["Janus Henderson UK Property PAIF",null,null,null,null,null,null,null,null,null,0]
["Standard Life Investments UK Real Estate Fund",null,null,null,null,null,null,null,null,null,46.129925779831531]
["Kames Capital UK Active Value Property Unit Trust",null,null,null,null,null,null,null,null,null,59.208833067380453]
["Kames Capital UK Active Value Property Unit Trust II",null,null,null,null,null,null,null,null,null,67.973743306270535]
["Aberdeen UK Property Fund",null,null,null,null,null,null,null,null,null,93.377220150099959]
["Common Investment Funds  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"36.9 / 35.2"]
["The Charities Property Fund",null,null,null,null,null,null,null,null,null,28.546404859168188]
["Mayfair Capital Property Income Trust for Charities",null,null,null,null,null,null,null,null,null,37.008221103575956]
["COIF Charities Property Fund",null,null,null,null,null,null,null,null,null,45.291327836566175]
["Managed Property Funds  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"41.0 / 20.9"]
["Aviva Investors Pensions Limited",null,null,null,null,null,null,null,null,null,0]
["Legal And General Managed Fund",null,null,null,null,null,null,null,null,null,0]
["Threadneedle Pensions Ltd",null,null,null,null,null,null,null,null,null,22.488949687207089]
["Aegon UK Property Fund Limited",null,null,null,null,null,null,null,null,null,39.722455901409553]
["Standard Life Investments Pooled Pension Property Fund",null,null,null,null,null,null,null,null,null,45.737551552998198]
["Kames Capital Active Value Property Fund",null,null,null,null,null,null,null,null,null,55.881789749154287]
["Other balanced funds  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"53.6 / 13.5"]
["Schroder UK Real Estate",null,null,null,null,null,null,null,null,null,0]
["BlackRock UK Property Fund",null,null,null,null,null,null,null,null,null,0]
["Royal London UK Real Estate Fund",null,null,null,null,null,null,null,null,null,0]
["Lothbury Property Trust",null,null,null,null,null,null,null,null,null,0]
["Nuveen Real Estate UK Property Fund",null,null,null,null,null,null,null,null,null,0]
["Triton Property Fund LP",null,null,null,null,null,null,null,null,null,0]
["Threadneedle Property Unit Trust",null,null,null,null,null,null,null,null,null,0]
["M&G UK Property Limited Partnership",null,null,null,null,null,null,null,null,null,0]
["CBRE UK Property PAIF",null,null,null,null,null,null,null,null,null,0]
["The Local Authorities’ Property Fund",null,null,null,null,null,null,null,null,null,34.046470975956311]
["Mayfair Capital Property Unit Trust",null,null,null,null,null,null,null,null,null,36.362812913816626]
["Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,null,null,39.385217561297708]
["AEW UK Core Property Fund",null,null,null,null,null,null,null,null,null,47.127750174225405]
["Fidelity UK Real Estate Fund",null,null,null,null,null,null,null,null,null,47.786616752456716]
["BMO UK Property Fund",null,null,null,null,null,null,null,null,null,55.210012841856667]
["Royal London Property Fund",null,null,null,null,null,null,null,null,null,58.555074112304951]
["LF Canlife UK Property ACS",null,null,null,null,null,null,null,null,null,63.179583169058581]
["Tritax Property Income Fund",null,null,null,null,null,null,null,null,null,75.2127971822718]
["PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,null,null,79.269176857267141]
["All Balanced Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"51.3 / 17.6"]
[]
["Long Income Property Funds %"]
["Long Income Property Funds  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"44.6 / 10.7"]
["AXA UK Long Lease Property Fund",null,null,null,null,null,null,null,null,null,0]
["KFIM Long Income Property Unit Trust",null,null,null,null,null,null,null,null,null,0]
["BlackRock Long Lease Property Fund",null,null,null,null,null,null,null,null,null,0]
["AEW UK Real Return Fund",null,null,null,null,null,null,null,null,null,0]
["M&G Secure Property Income Fund",null,null,null,null,null,null,null,null,null,0]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,null,null,null,null,null,null,0]
["Standard Life Investments Long Lease Property Fund",null,null,null,null,null,null,null,null,null,32.054368449560428]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,null,null,null,null,null,null,57.200488106946423]
[]
["Specialist funds %"]
["Healthcare  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"- / -"]
["Octopus Healthcare Fund",null,null,null,null,null,null,null,null,null,0]
["Industrial  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"- / -"]
["Airport Industrial Property Unit Trust",null,null,null,null,null,null,null,null,null,0]
["Industrial Property Investment Fund",null,null,null,null,null,null,null,null,null,0]
["Leisure  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"79.1 / 79.1"]
["The Leisure Fund Limited Partnership",null,null,null,null,null,null,null,null,null,79.087365101840476]
["Offices  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"100.0 / 20.6"]
["West End of London Property Unit Trust",null,null,null,null,null,null,null,null,null,0]
["Nuveen Real Estate Central London Office Fund",null,null,null,null,null,null,null,null,null,100]
["Residential  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"29.3 / 29.3"]
["UNITE UK Student Accommodation Fund",null,null,null,null,null,null,null,null,null,29.256687380822054]
["Retail warehouses  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"- / -"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,null,null,null,null,null,null,0]
["Aberdeen Standard UK Retail Park Trust",null,null,null,null,null,null,null,null,null,0]
["Hercules Unit Trust",null,null,null,null,null,null,null,null,null,0]
["Shopping centres  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"100.0 / 37.3"]
["Nuveen Real Estate UK Shopping Centre Fund",null,null,null,null,null,null,null,null,null,0]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,null,null,0]
["Grosvenor Liverpool Fund",null,null,null,null,null,null,null,null,null,99.999999812734089]
["All Specialist Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"77.1 / 16.7"]
[]
["* And other funds in which only Charities are allowed to invest"]

{"sheet":"Voids as % of ERV","index":76,"n_rows":83,"n_cols":11,"rows_kept":83,"cut":false,"hidden":false,"merged":[[82,0,82,7],[71,0,71,7],[72,0,72,7],[73,0,73,7],[74,0,74,7],[75,0,75,7],[76,0,76,7],[77,0,77,7],[78,0,78,7],[79,0,79,7],[80,0,80,7],[81,0,81,7],[70,0,70,7],[56,0,56,7],[57,0,57,7],[58,0,58,7],[62,0,62,7],[63,0,63,7],[64,0,64,7],[65,0,65,7],[66,0,66,7],[67,0,67,7],[68,0,68,7],[69,0,69,7],[55,0,55,7],[41,0,41,7],[42,0,42,7],[43,0,43,7],[44,0,44,7],[45,0,45,7],[46,0,46,10],[50,0,50,7],[51,0,51,7],[52,0,52,7],[53,0,53,7],[54,0,54,7],[40,0,40,7],[29,0,29,7],[30,0,30,7],[31,0,31,7],[32,0,32,7],[33,0,33,7],[34,0,34,7],[35,0,35,7],[36,0,36,7],[37,0,37,7],[38,0,38,7],[39,0,39,7],[28,0,28,7],[17,0,17,7],[18,0,18,7],[19,0,19,7],[20,0,20,7],[21,0,21,7],[22,0,22,7],[23,0,23,7],[24,0,24,7],[25,0,25,7],[26,0,26,7],[27,0,27,7],[16,0,16,7],[5,0,5,7],[6,0,6,7],[7,0,7,7],[8,0,8,7],[9,0,9,7],[10,0,10,7],[11,0,11,7],[12,0,12,7],[13,0,13,7],[14,0,14,7],[15,0,15,7]]}
[]
[]
["VOIDS AS % OF ESTIMATED RENTAL VALUE"]
["Balanced funds"]
[null,null,null,null,null,null,null,null,"Investment voids %","Development voids %","Total voids %"]
["Authorised Property Unit Trusts (un-weighted/weighted average)",null,null,null,null,null,null,null,"12.0 / 10.6","1.1 / 1.3","13.1 / 7.0"]
["M&G Property Portfolio",null,null,null,null,null,null,null,7.6902977306698901,0,7.6902977306698901]
["Standard Life Investments UK Real Estate Fund",null,null,null,null,null,null,null,9.19,0,0]
["L&G UK Property Fund",null,null,null,null,null,null,null,10.37,4.41,14.78]
["Kames Capital UK Active Value Property Unit Trust II",null,null,null,null,null,null,null,10.75,0,10.75]
["Janus Henderson UK Property PAIF",null,null,null,null,null,null,null,11.659319069399,0,0]
["Aberdeen UK Property Fund",null,null,null,null,null,null,null,11.89,0,0]
["Aviva Investors UK Property Fund",null,null,null,null,null,null,null,15.644762423353001,0,0]
["Kames Capital UK Active Value Property Unit Trust",null,null,null,null,null,null,null,19.2,0,19.2]
["Common Investment Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"8.0 / 7.5","2.3 / 1.3","11.8 / 6.6"]
["The Charities Property Fund",null,null,null,null,null,null,null,5.0999999999999996,0,0]
["COIF Charities Property Fund",null,null,null,null,null,null,null,8.9,4.5999999999999996,13.5]
["Mayfair Capital Property Income Trust for Charities",null,null,null,null,null,null,null,10.1,0,10.1]
["Managed Property Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"10.9 / 11.2","0.4 / 0.8","11.3 / 12.0"]
["Aviva Investors Pensions Limited",null,null,null,null,null,null,null,7.5,-0.40000000000000036,7.1]
["Standard Life Investments Pooled Pension Property Fund",null,null,null,null,null,null,null,8.6,2.9700000000000006,11.57]
["Kames Capital Active Value Property Fund",null,null,null,null,null,null,null,10.51,0,10.51]
["Threadneedle Pensions Ltd",null,null,null,null,null,null,null,12.3,0,12.3]
["Legal And General Managed Fund",null,null,null,null,null,null,null,13.0171489867743,0,13.0171489867743]
["Aegon UK Property Fund Limited",null,null,null,null,null,null,null,13.256499734947001,0,13.256499734947001]
["Other balanced funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"9.1 / 7.9","1.7 / 1.8","10.9 / 7.9"]
["Tritax Property Income Fund",null,null,null,null,null,null,null,0.256007652817,0,0]
["The Local Authorities’ Property Fund",null,null,null,null,null,null,null,0.53700000000000003,10.106,10.643000000000001]
["M&G UK Property Limited Partnership",null,null,null,null,null,null,null,1.4308031610224401,0,1.4308031610224401]
["Lothbury Property Trust",null,null,null,null,null,null,null,3.3149999999999999,4.7650000000000006,8.08]
["BMO UK Property Fund",null,null,null,null,null,null,null,3.7529547665780001,0,0]
["BlackRock UK Property Fund",null,null,null,null,null,null,null,5.5349975936888196,4.4148240889220496,9.9498216826108692]
["Triton Property Fund LP",null,null,null,null,null,null,null,5.770163589159,0,0]
["Royal London UK Real Estate Fund",null,null,null,null,null,null,null,5.8030498991035797,3.0003467695716894,8.8033966686752692]
["Schroder UK Real Estate",null,null,null,null,null,null,null,6.9,0,0]
["Threadneedle Property Unit Trust",null,null,null,null,null,null,null,7.2,0,7.2]
["Royal London Property Fund",null,null,null,null,null,null,null,7.223019103355,0,7.223019103355]
["CBRE UK Property PAIF",null,null,null,null,null,null,null,9,0,9]
["Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,9.5,0,9.5]
["PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,10.85,0,10.85]
["Mayfair Capital Property Unit Trust",null,null,null,null,null,null,null,12.1,0,12.1]
["Nuveen Real Estate UK Property Fund",null,null,null,null,null,null,null,12.442828793041,0,0]
["AEW UK Core Property Fund",null,null,null,null,null,null,null,15.92,0,15.92]
["LF Canlife UK Property ACS",null,null,null,null,null,null,null,24.64597815318,0,0]
["Fidelity UK Real Estate Fund",null,null,null,null,null,null,null,30.8,0,30.8]
["All Balanced Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"10.0 / 9.2","1.4 / 1.4","11.4 / 8.6"]
["* And other funds in which only Charities are allowed to invest"]
[]
["Long Income Property Funds"]
[null,null,null,null,null,null,null,null,"Investment voids %","Development voids %","Total voids %"]
["Long Income Property Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"0.1 / 0.0","0.0 / 0.0","0.0 / 0.0"]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,null,null,null,null,0,0,0]
["M&G Secure Property Income Fund",null,null,null,null,null,null,null,0,0,0]
["AXA UK Long Lease Property Fund",null,null,null,null,null,null,null,0,0,0]
["BlackRock Long Lease Property Fund",null,null,null,null,null,null,null,0,0,0]
["AEW UK Real Return Fund",null,null,null,null,null,null,null,0,0,0]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,null,null,null,null,0,0,0]
["Standard Life Investments Long Lease Property Fund",null,null,null,null,null,null,null,5.2761212016776401E-2,1.406789498723901E-3,5.4168001515500303E-2]
["KFIM Long Income Property Unit Trust",null,null,null,null,null,null,null,0.255,0,0]
[]
["Specialist funds"]
[null,null,null,null,null,null,null,null,"Investment voids %","Development voids %","Total voids %"]
["Healthcare (un-weighted/weighted average)",null,null,null,null,null,null,null,"1.5 / 1.5","0.0 / 0.0","0.0 / 0.0"]
["Octopus Healthcare Fund",null,null,null,null,null,null,null,1.4575011797919999,0,0]
["Industrial (un-weighted/weighted average)",null,null,null,null,null,null,null,"3.8 / 5.8","9.6 / 4.8","13.4 / 10.5"]
["Airport Industrial Property Unit Trust",null,null,null,null,null,null,null,0.7,17.2,17.899999999999999]
["Industrial Property Investment Fund",null,null,null,null,null,null,null,6.9,2,8.9]
["Leisure (un-weighted/weighted average)",null,null,null,null,null,null,null,"7.5 / 0.0","0.0 / 0.0","7.5 / 0.0"]
["The Leisure Fund Limited Partnership",null,null,null,null,null,null,null,7.5,0,7.5]
["Offices (un-weighted/weighted average)",null,null,null,null,null,null,null,"7.2 / 5.9","3.1 / 0.0","10.3 / 5.9"]
["Nuveen Real Estate Central London Office Fund",null,null,null,null,null,null,null,5.9396318788459999,3.6812115400053358E-4,5.94]
["West End of London Property Unit Trust",null,null,null,null,null,null,null,8.5,6.1,14.6]
["Residential (un-weighted/weighted average)",null,null,null,null,null,null,null,"10.0 / 10.0","0.0 / 0.0","10.0 / 10.0"]
["UNITE UK Student Accommodation Fund",null,null,null,null,null,null,null,10.023,0,10.023]
["Retail warehouses (un-weighted/weighted average)",null,null,null,null,null,null,null,"11.7 / 8.0","0.0 / 0.0","19.7 / 0.4"]
["Hercules Unit Trust",null,null,null,null,null,null,null,7.6,0,0]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,null,null,null,null,7.9143903892615901,0,0]
["Aberdeen Standard UK Retail Park Trust",null,null,null,null,null,null,null,19.649999999999999,0,19.649999999999999]
["Shopping centres (un-weighted/weighted average)",null,null,null,null,null,null,null,"7.9 / 7.3","0.0 / 0.0","8.0 / 4.1"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,4.7699999999999996,0,4.7699999999999996]
["Grosvenor Liverpool Fund",null,null,null,null,null,null,null,7.8108809193960003,0,0]
["Nuveen Real Estate UK Shopping Centre Fund",null,null,null,null,null,null,null,11.14,0,11.14]
["All Specialist Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"7.7 / 7.2","2.8 / 1.4","11.2 / 6.5"]

{"sheet":"Reversionary Potential","index":77,"n_rows":84,"n_cols":11,"rows_kept":84,"cut":false,"hidden":false,"merged":[[83,0,83,10],[71,0,71,7],[72,0,72,7],[73,0,73,7],[74,0,74,7],[75,0,75,7],[76,0,76,7],[77,0,77,7],[78,0,78,7],[79,0,79,7],[80,0,80,7],[81,0,81,10],[70,0,70,7],[56,0,56,7],[57,0,57,7],[61,0,61,7],[62,0,62,7],[63,0,63,7],[64,0,64,7],[65,0,65,7],[66,0,66,7],[67,0,67,7],[68,0,68,7],[69,0,69,7],[55,0,55,7],[41,0,41,7],[42,0,42,7],[43,0,43,7],[44,0,44,7],[45,0,45,10],[49,0,49,7],[50,0,50,7],[51,0,51,7],[52,0,52,7],[53,0,53,7],[54,0,54,7],[40,0,40,7],[29,0,29,7],[30,0,30,7],[31,0,31,7],[32,0,32,7],[33,0,33,7],[34,0,34,7],[35,0,35,7],[36,0,36,7],[37,0,37,7],[38,0,38,7],[39,0,39,7],[28,0,28,7],[17,0,17,7],[18,0,18,7],[19,0,19,7],[20,0,20,7],[21,0,21,7],[22,0,22,7],[23,0,23,7],[24,0,24,7],[25,0,25,7],[26,0,26,7],[27,0,27,7],[16,0,16,7],[5,0,5,7],[6,0,6,7],[7,0,7,7],[8,0,8,7],[9,0,9,7],[10,0,10,7],[11,0,11,7],[12,0,12,7],[13,0,13,7],[14,0,14,7],[15,0,15,7]]}
[]
[]
["REVERSIONARY INCOME POTENTIAL %"]
["Balanced funds"]
[null,null,null,null,null,null,null,null,"Over-renting (top slice income) %","Reversionary potential %","Net reversionary potential %"]
["Authorised Property Unit Trusts"]
["Kames Capital UK Active Value Property Unit Trust II",null,null,null,null,null,null,null,-8.6900000000000005E-2,6.4899999999999999E-2,-2.2000000000000006E-2]
["Aberdeen UK Property Fund",null,null,null,null,null,null,null,-3.4459552975509999,31.700270948018002,28.254315650467003]
["Standard Life Investments UK Real Estate Fund",null,null,null,null,null,null,null,-4.2744427329399999,20.906502707822,16.632059974882001]
["Janus Henderson UK Property PAIF",null,null,null,null,null,null,null,-8.1527844034010002,15.347150654656,7.1943662512549995]
["L&G UK Property Fund",null,null,null,null,null,null,null,-8.3146182600090004,24.045952543129001,15.731334283120001]
["Kames Capital UK Active Value Property Unit Trust",null,null,null,null,null,null,null,-10.69,12.95,2.2599999999999998]
["M&G Property Portfolio",null,null,null,null,null,null,null,-11.7649538467215,5.1785837650846602,-6.58637008163684]
["Aviva Investors UK Property Fund",null,null,null,null,null,null,null,-14.123825730385001,12.668230718967999,-1.4555950114170013]
["Common Investment Funds"]
["The Charities Property Fund",null,null,null,null,null,null,null,-3.4413269128640001,21.058621279665001,17.617294366801001]
["Mayfair Capital Property Income Trust for Charities",null,null,null,null,null,null,null,-4.9981194995690004,21.286605107905999,16.288485608336998]
["COIF Charities Property Fund",null,null,null,null,null,null,null,-7.89,15.2,7.31]
["Managed Property Funds"]
["Kames Capital Active Value Property Fund",null,null,null,null,null,null,null,-0.1159,3.9100000000000003E-2,-7.6800000000000007E-2]
["Standard Life Investments Pooled Pension Property Fund",null,null,null,null,null,null,null,-3.8283708378618702,26.257151741824401,22.428780903962533]
["Aviva Investors Pensions Limited",null,null,null,null,null,null,null,-6.3376513636530003,35.067147934894003,28.729496571241]
["Aegon UK Property Fund Limited",null,null,null,null,null,null,null,-11.926528444529,20.766217875039001,8.8396894305100009]
["Legal And General Managed Fund",null,null,null,null,null,null,null,-16.482638450621401,37.569328625967501,21.086690175346099]
["Threadneedle Pensions Ltd",null,null,null,null,null,null,null,"-","-","-"]
["Other balanced funds"]
["The Local Authorities’ Property Fund",null,null,null,null,null,null,null,-3.101,13.675000000000001,10.574000000000002]
["Nuveen Real Estate UK Property Fund",null,null,null,null,null,null,null,-3.4379348830179999,29.608091616711,26.170156733693002]
["Mayfair Capital Property Unit Trust",null,null,null,null,null,null,null,-3.92,2.76,-1.1600000000000001]
["BMO UK Property Fund",null,null,null,null,null,null,null,-4.7774782059199996,10.110776744460001,5.3332985385400011]
["LF Canlife UK Property ACS",null,null,null,null,null,null,null,-6.280321340415,61.067909628155,54.78758828774]
["Royal London Property Fund",null,null,null,null,null,null,null,-6.2900378954449998,8.1935585153900004,1.9035206199450005]
["Royal London UK Real Estate Fund",null,null,null,null,null,null,null,-6.3399473529390002,24.720286014412999,18.380338661473999]
["Triton Property Fund LP",null,null,null,null,null,null,null,-6.377992078418,14.511772634478,8.1337805560599996]
["Schroder UK Real Estate",null,null,null,null,null,null,null,-6.7504718339667198,12.1807716242787,5.4302997903119801]
["BlackRock UK Property Fund",null,null,null,null,null,null,null,-6.8404905100000004,16.660256829158001,9.8197663191580009]
["CBRE UK Property PAIF",null,null,null,null,null,null,null,-6.9220490544600004,20.275197578017998,13.353148523557998]
["AEW UK Core Property Fund",null,null,null,null,null,null,null,-7.0712218016601298,16.9971429802534,9.9259211785932706]
["Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,-7.7726448024519996,26.907241224109001,19.134596421657001]
["M&G UK Property Limited Partnership",null,null,null,null,null,null,null,-9.6098369811577005,-1.06194183090712,-10.67177881206482]
["PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,-10.030809313249,21.353591150540002,11.322781837291002]
["Tritax Property Income Fund",null,null,null,null,null,null,null,-11.909213722703001,9.6460899647840002,-2.2631237579190007]
["Threadneedle Property Unit Trust",null,null,null,null,null,null,null,"-","-","-"]
["Lothbury Property Trust",null,null,null,null,null,null,null,"-","-","-"]
["Fidelity UK Real Estate Fund",null,null,null,null,null,null,null,"-","-","-"]
["* And other funds in which only Charities are allowed to invest"]
[]
["Long Income Property Funds"]
[null,null,null,null,null,null,null,null,"Over-renting (top slice income) %","Reversionary potential %","Net reversionary potential %"]
["Long Income Property Funds"]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,null,null,null,null,-1.546027E-6,0.44717899999999999,0.44717745397300002]
["AEW UK Real Return Fund",null,null,null,null,null,null,null,-6.1160175761702101E-2,0.10438969238482,4.32295166231179E-2]
["KFIM Long Income Property Unit Trust",null,null,null,null,null,null,null,-6.3333767108550001,3.9053960224759998,-2.4279806883790003]
["AXA UK Long Lease Property Fund",null,null,null,null,null,null,null,-6.4119734832470003,17.965356994185999,11.553383510939]
["Standard Life Investments Long Lease Property Fund",null,null,null,null,null,null,null,-8.7905204689745595,15.2828982257048,6.4923777567302405]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,null,null,null,null,-12.755721275895,0.26867183061186101,-12.487049445283139]
["BlackRock Long Lease Property Fund",null,null,null,null,null,null,null,-13.609332595958,-10.980929016857001,-24.590261612814999]
["M&G Secure Property Income Fund",null,null,null,null,null,null,null,"-",7.2397589550706298,"-"]
[]
["Specialist funds"]
[null,null,null,null,null,null,null,null,"Over-renting (top slice income) %","Reversionary potential %","Net reversionary potential %"]
["Healthcare"]
["Octopus Healthcare Fund",null,null,null,null,null,null,null,-4.7272235809350001,0.61093890839499998,-4.11628467254]
["Industrial"]
["Industrial Property Investment Fund",null,null,null,null,null,null,null,-2.59698305092,20.451370245168999,17.854387194249]
["Airport Industrial Property Unit Trust",null,null,null,null,null,null,null,-4.5999999999999996,70.608775611315906,66.008775611315912]
["Leisure"]
["The Leisure Fund Limited Partnership",null,null,null,null,null,null,null,"-","-","-"]
["Offices"]
["Nuveen Real Estate Central London Office Fund",null,null,null,null,null,null,null,-0.20332969739599999,66.541661005064995,66.338331307668994]
["West End of London Property Unit Trust",null,null,null,null,null,null,null,"-","-","-"]
["Residential"]
["UNITE UK Student Accommodation Fund",null,null,null,null,null,null,null,"-",11.139252231398901,"-"]
["Retail warehouses"]
["Aberdeen Standard UK Retail Park Trust",null,null,null,null,null,null,null,-0.112,0,-0.112]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,null,null,null,null,-10.228031887199799,7.9458500112810002,-2.2821818759187993]
["Hercules Unit Trust",null,null,null,null,null,null,null,-29.158236979237,-9.4817859932899999,-38.640022972526999]
["Shopping centres"]
["Grosvenor Liverpool Fund",null,null,null,null,null,null,null,-9.1228848538049991,18.820158709360999,9.6972738555560003]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,-36.821648712029997,-22.009159593814999,-58.830808305844997]
["Nuveen Real Estate UK Shopping Centre Fund",null,null,null,null,null,null,null,"-","-","-"]
["+ Not disclosed"]
[]
["\nPROPERTIES ARE OVER-RENTED (OR GENERATING ‘TOP-SLICE INCOME’) WHEN THE RENTAL INCOME THAT THEY PRODUCE EXCEEDS THEIR ESTIMATED RENTAL\nVALUE (‘ERV’). THE ABOVE TABLE EXPRESSES THE AGGREGATE OF ANY TOP-SLICE INCOME IN EACH FUND’S PORTFOLIO AS A PERCENTAGE OF THE FUND’S\nOVERALL RENT PASSING.                                                                                                                                                                                                                                                                         \n\nREVERSIONARY  POTENTIAL IS THE OPPOSITE OF  OVER RENTED INCOME. IN THE ABOVE TABLE, IT IS THE DIFFERENCE BETWEEN THE AGGREGATE\nINCOMES FROM THE PROPERTIES IN EACH FUND’S PORTFOLIO WHICH ARE LET BUT CURRENTLY PRODUCING LESS THAN THEIR ERV, AS A PERCENTAGE OF THE\nFUND’S OVERALL RENT PASSING. (THIS DEFINITION EXCLUDES ANY POTENTIAL BENEFIT FROM THE ELIMINATION OF VOIDS, FROM UPLIFTS IN INCOME ARISING FROM\nPRE-LETTINGS AND FROM THE EXPIRY OF RENT-FREE PERIODS.)\nNET REVERSIONARY POTENTIAL IS  REVERSIONARY POTENTIAL LESS OVER-RENTING (TOP-SLICE INCOME).\n\n"]

{"sheet":"Units in Issue- Non Cumulative","index":78,"n_rows":109,"n_cols":11,"rows_kept":109,"cut":false,"hidden":false,"merged":[[47,0,47,10],[48,0,48,10],[93,0,93,10],[96,0,96,10],[97,0,97,10]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"Units in issue in open-ended funds"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Balanced funds"]
["Non Cumulative Changes in Numbers of Units in Issue"]
[null,null,null,null,"% change: year to",null,null,null,null,"% change: Quarter ending"]
["Fund","Launched","Jun 18'","Jun 19'","Jun 20'","Jun 21'",null,"Sep 20'","Dec 20'","Mar 21'","Jun 21'"]
["Authorised Property Unit Trusts(unweighted average)",null,{"$f":"ROUND(AVERAGE(C53:C60),2)","v":-5.34},{"$f":"ROUND(AVERAGE(D53:D60),2)","v":-2.91},{"$f":"ROUND(AVERAGE(E53:E60),2)","v":-7.49},{"$f":"ROUND(AVERAGE(F53:F60),2)","v":-11.76},null,{"$f":"ROUND(AVERAGE(H53:H60),2)","v":-0.02},{"$f":"ROUND(AVERAGE(I53:I60),2)","v":-8.9700000000000006},{"$f":"ROUND(AVERAGE(J53:J60),2)","v":-1.77},{"$f":"ROUND(AVERAGE(K53:K60),2)","v":-2.0499999999999998}]
["Aberdeen UK Property Fund","Nov 2004",-10.47,-15.36,-18.82,-19.899999999999999,null,-0.17,-6.83,-6.72,-7.69]
["Janus Henderson UK Property PAIF","Jun 1999",0,0,0,0,null,0,0,0,0]
["Kames Capital UK Active Value Property Unit Trust","Oct 2013",-23.92,-1.38,4.3499999999999996,2.98,null,0,0,2.98,0]
["Kames Capital UK Active Value Property Unit Trust II","Jul 2016",0,0,0,0,null,0,0,0,0]
["M&G Property Portfolio","Nov 2005",-9.91,-12.63,-18.86,0,null,0,0,0,0]
["Aviva Investors UK Property Fund","Sep 1991",0,0,0,0,null,0,0,0,0]
["L&G UK Property Fund","Jan 2006",11.83,-0.8,-8.41,-25.99,null,0,-19.53,-4.55,-3.63]
["Standard Life Investments UK Real Estate Fund","Dec 2004",-10.210000000000001,6.9,-18.149999999999999,-51.2,null,0,-45.42,-5.85,-5.04]
["Common Investment Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C62:C64),2)","v":6.66},{"$f":"ROUND(AVERAGE(D62:D64),2)","v":9.3000000000000007},{"$f":"ROUND(AVERAGE(E62:E64),2)","v":4.13},{"$f":"ROUND(AVERAGE(F62:F64),2)","v":-2.2999999999999998},null,{"$f":"ROUND(AVERAGE(H62:H64),2)","v":-1.22},{"$f":"ROUND(AVERAGE(I62:I64),2)","v":-2.15},{"$f":"ROUND(AVERAGE(J62:J64),2)","v":-0.46},{"$f":"ROUND(AVERAGE(K62:K64),2)","v":1.59}]
["Mayfair Capital Property Income Trust for Charities","Sep 2004",10.49,13.87,10.62,-2.91,null,0,-1.93,-1.02,0.02]
["COIF Charities Property Fund","Aug 2002",2.25,10.039999999999999,5.0999999999999996,-1.36,null,-3.67,0.13,0.13,2.13]
["The Charities Property Fund","Sep 2000",7.24,3.99,-3.33,-2.63,null,0,-4.6500000000000004,-0.48,2.61]
["Managed Property Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C66:C71),2)","v":-3.74},{"$f":"ROUND(AVERAGE(D66:D71),2)","v":-4.22},{"$f":"ROUND(AVERAGE(E66:E71),2)","v":-6.6},{"$f":"ROUND(AVERAGE(F66:F71),2)","v":-8.92},null,{"$f":"ROUND(AVERAGE(H66:H71),2)","v":-0.82},{"$f":"ROUND(AVERAGE(I66:I71),2)","v":-5.33},{"$f":"ROUND(AVERAGE(J66:J71),2)","v":-0.64},{"$f":"ROUND(AVERAGE(K66:K71),2)","v":-2.2999999999999998}]
["Aegon UK Property Fund Limited","Jan 1983",-15.55,-3.36,-15.15,-28.77,null,-1.93,-26.69,0,-0.93]
["Kames Capital Active Value Property Fund","Dec 2009",-4.1500000000000004,-1.83,-13.61,-11,null,0,-0.24,-0.31,-10.51]
["Legal And General Managed Fund","Jun 1971",3.31,-6.16,-3.21,-5.7,null,0,-3.29,-2.4900000000000002,0]
["Aviva Investors Pensions Limited","Aug 1972",0,0,0,0,null,0,0,0,0]
["Threadneedle Pensions Ltd","Dec 1979",-1.57,-0.31,-0.44,-5.93,null,-0.53,-3,-0.84,-1.68]
["Standard Life Investments Pooled Pension Property Fund","Mar 1980",-4.45,-13.68,-7.16,-2.14,null,-2.46,1.25,-0.22,-0.7]
["Other balanced funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C73:C93),2)","v":5.49},{"$f":"ROUND(AVERAGE(D73:D93),2)","v":0.12},{"$f":"ROUND(AVERAGE(E73:E93),2)","v":-2.62},{"$f":"ROUND(AVERAGE(F73:F93),2)","v":-4.37},null,{"$f":"ROUND(AVERAGE(H73:H93),2)","v":0.17},{"$f":"ROUND(AVERAGE(I73:I93),2)","v":-1.43},{"$f":"ROUND(AVERAGE(J73:J93),2)","v":-1.47},{"$f":"ROUND(AVERAGE(K73:K93),2)","v":-1.89}]
["AEW UK Core Property Fund","Jan 2012",0.42,6.78,2.3199999999999998,-2,null,-0.79,0.28999999999999998,-1.72,0.23]
["BlackRock UK Property Fund","Mar 1982",0,-0.39,-2.66,-1.24,null,0,0,-1.24,0]
["BMO UK Property Fund","Jun 2010",49.14,-7.32,-4.32,-43.26,null,0,-21.84,-18.559999999999999,-10.86]
["CBRE UK Property PAIF","Dec 1997",0.25,0.04,-3.64,2.04,null,0,2.04,0,0]
["Federated Hermes Property Unit Trust","Jun 1967",-0.35,3.03,-10.19,-7.75,null,0,0,-7.75,0]
["Fidelity UK Real Estate Fund","May 2008",17.04,9.56,-3.76,-0.56000000000000005,null,0,-0.56000000000000005,0,0]
["LF Canlife UK Property ACS","Oct 2017",0,0,-6.19,-6.6,null,0,-3.17,0.08,-3.62]
["M&G UK Property Limited Partnership","May 2013",-10.220000000000001,-7.23,-17.54,-7.92,null,0,-3.55,0,-4.53]
["Mayfair Capital Property Unit Trust","Jun 2010",14.25,1.26,0,-7.14,null,0,0,-1.1499999999999999,-6.06]
["Nuveen Real Estate UK Property Fund","Jun 1994",-0.06,-8.3699999999999992,-5.83,-3.62,null,0,-3.25,-0.38,0]
["Lothbury Property Trust","Feb 2000",1.76,0.87,-1.78,-3.68,null,0,0.15,-2.94,-0.92]
["PATRIZIA Hanover Property Unit Trust","Jul 1967",-5.0199999999999996,0.08,5.83,-3.01,null,0,0,0,-3.01]
["Royal London Property Fund","Mar 1991",-2.12,-1.85,0.08,0.15,null,0,0.13,0.05,-0.02]
["Royal London UK Real Estate Fund","Oct 2017",0,0,0,0,null,0,0,0,0]
["The Local Authorities’ Property Fund","Apr 1972",28.63,5.35,3.16,0.02,null,0,0.02,0,0]
["Threadneedle Property Unit Trust","Jun 1967",5.45,0.48,0.82,-6.74,null,0,-1.47,-0.55000000000000004,-4.83]
["Triton Property Fund LP","May 2003",0,0,-2.12,0,null,-0.24,3.04,0,0]
["Schroder UK Real Estate","Jun 1971",0.95,0.5,-8.76,-1,null,0,0,0.14000000000000001,-1.1399999999999999]
["Tritax Property Income Fund","Jan 2016",0,3.35,0.56999999999999995,-0.04,null,2.25,0,-2.2400000000000002,0]
["Triton Property Fund (Jersey)","May 2003",0,-5.84,0,0,null,0,0,0,0]
["UBS Triton Property Unit Trust","Apr 1994",15.11,2.15,-1.1100000000000001,0.61,null,2.34,-1.89,5.43,-4.96]
[]
[]
[]
["Long Income Property Funds"]
["Non Cumulative Changes in Numbers of Units in Issue"]
[null,null,null,null,"% change: year to",null,null,null,null,"% change: Quarter ending"]
["Fund","Launched","Jun 18'","Jun 19'","Jun 20'","Jun 21'",null,"Sep 20'","Dec 20'","Mar 21'","Jun 21'"]
["Long Income Property Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C102:C109),2)","v":18.3},{"$f":"ROUND(AVERAGE(D102:D109),2)","v":10.11},{"$f":"ROUND(AVERAGE(E102:E109),2)","v":33.67},{"$f":"ROUND(AVERAGE(F102:F109),2)","v":2.64},null,{"$f":"ROUND(AVERAGE(H102:H109),2)","v":0.1},{"$f":"ROUND(AVERAGE(I102:I109),2)","v":7.0000000000000007E-2},{"$f":"ROUND(AVERAGE(J102:J109),2)","v":1.79},{"$f":"ROUND(AVERAGE(K102:K109),2)","v":0.69}]
["AEW UK Real Return Fund","Mar 2016",79.489999999999995,30.64,2.02,4.17,null,0,0.17,0.18,3.8]
["M&G Secure Property Income Fund","Aug 2007",0.38,2.16,4.51,2.68,null,0,0,0.59,2.08]
["BlackRock Long Lease Property Fund","Jun 2013",21.18,29.13,3.96,0,null,0,0,0,0]
["KFIM Long Income Property Unit Trust","Dec 2015",0,0,240.01,0,null,0,0,0,0]
["PGIM Real Estate UK Ground Lease Fund","Feb 2007",21.21,6,0,0,null,0,0,0,0]
["Standard Life Investments Long Lease Property Fund","Sep 2003",9.92,6.64,-0.44,11.65,null,-0.59,-0.43,13.22,-0.37]
["AXA UK Long Lease Property Fund","Oct 2012",0,0,-0.47,0.16,null,0,0.13,0.02,0.01]
["LPI (Limited Price Inflation) Income Property Fund","May 2010",14.18,6.32,19.75,2.44,null,1.4,0.68,0.34,0.01]

{"sheet":"Units in Issue- Cumulative","index":79,"n_rows":109,"n_cols":7,"rows_kept":109,"cut":false,"hidden":false,"merged":[[47,0,47,10],[48,0,48,6],[93,0,93,6],[96,0,96,10],[97,0,97,6]]}
[]
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[]
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[]
[]
[]
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[]
[]
[]
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[]
[]
[]
[]
[]
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[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Balanced funds"]
["Cumulative Changes % in Numbers of Units in Issue"]
["Years to Jun 2021",null,"1 Year","2 Year","3 Year","4 Year","5 Year"]
["Fund","Launched","%","%pa","%pa","%pa","%pa"]
["Authorised Property Unit Trusts(unweighted average)",null,{"$f":"ROUND(AVERAGE(C53:C60),2)","v":-11.76},{"$f":"ROUND(AVERAGE(D53:D60),2)","v":-10.01},{"$f":"ROUND(AVERAGE(E53:E60),2)","v":-8},{"$f":"ROUND(AVERAGE(F53:F60),2)","v":-7.53},{"$f":"ROUND(AVERAGE(G53:G60),2)","v":-7.07}]
["Aberdeen UK Property Fund","Nov 2004",-19.898848260252905,-19.363425789696777,-18.051330051477848,-16.218705840398627,-17.93805679239216]
["Janus Henderson UK Property PAIF","Jun 1999",0,0,0,0,5.6196824971266324E-10]
["Kames Capital UK Active Value Property Unit Trust","Oct 2013",2.978189154608117,3.6622471879010305,1.9532120603330156,-5.2399756693381221,-4.2144205448106078]
["Kames Capital UK Active Value Property Unit Trust II","Jul 2016",0,0,0,0,0]
["M&G Property Portfolio","Nov 2005",0,-9.9247983272645399,-10.834730430480818,-10.605054602779916,-10.53144403343039]
["Aviva Investors UK Property Fund","Sep 1991",0,0,0,0,0]
["L&G UK Property Fund","Jan 2006",-25.985239675614352,-17.665962397427521,-12.387917594339768,-6.8752268780542636,-3.7670686380638472]
["Standard Life Investments UK Real Estate Fund","Dec 2004",-51.200666536967084,-36.799286326380077,-24.697512155852891,-21.310915991106199,-20.145930075775837]
["Common Investment Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C62:C64),2)","v":-2.2999999999999998},{"$f":"ROUND(AVERAGE(D62:D64),2)","v":0.82},{"$f":"ROUND(AVERAGE(E62:E64),2)","v":3.57},{"$f":"ROUND(AVERAGE(F62:F64),2)","v":4.32},{"$f":"ROUND(AVERAGE(G62:G64),2)","v":3.97}]
["Mayfair Capital Property Income Trust for Charities","Sep 2004",-2.9060719300226623,3.6346415440760182,6.9396924680709304,7.8153046800958066,7.6773715305617571]
["COIF Charities Property Fund","Aug 2002",-1.362242506903371,1.8177115990065005,4.4863560239506199,3.9229164524003437,2.3815878631762644]
["The Charities Property Fund","Sep 2000",-2.6305520321300264,-2.9816360707685163,-0.71012814680558733,1.2200107581901847,1.8506643153632325]
["Managed Property Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C66:C71),2)","v":-8.92},{"$f":"ROUND(AVERAGE(D66:D71),2)","v":-7.82},{"$f":"ROUND(AVERAGE(E66:E71),2)","v":-6.74},{"$f":"ROUND(AVERAGE(F66:F71),2)","v":-6.01},{"$f":"ROUND(AVERAGE(G66:G71),2)","v":-5.98}]
["Aegon UK Property Fund Limited","Jan 1983",-28.772395681414821,-22.259664049338539,-16.411268317952008,-16.197160604584269,-17.552013084999558]
["Kames Capital Active Value Property Fund","Dec 2009",-11.001068053452173,-12.315931154146284,-8.9511078748178932,-7.7734166694854565,-7.8522773868455289]
["Legal And General Managed Fund","Jun 1971",-5.6995171627762176,-4.4638415417598338,-5.0341406651354532,-3.0134087626008466,-1.4763263032568545]
["Aviva Investors Pensions Limited","Aug 1972",0,0,0,0,0]
["Threadneedle Pensions Ltd","Dec 1979",-5.9313065996387593,-3.2226224814456685,-2.2604272481923147,-2.0870814800803572,-1.3557377167735041]
["Standard Life Investments Pooled Pension Property Fund","Mar 1980",-2.1439900367806075,-4.6865127031648512,-7.7823343331092474,-6.9611108680138472,-7.6203722919591428]
["Other balanced funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C73:C93),2)","v":-4.37},{"$f":"ROUND(AVERAGE(D73:D93),2)","v":-4.21},{"$f":"ROUND(AVERAGE(E73:E93),2)","v":-2.62},{"$f":"ROUND(AVERAGE(F73:F93),2)","v":-0.5},{"$f":"ROUND(AVERAGE(G73:G93),2)","v":1.54}]
["AEW UK Core Property Fund","Jan 2012",-1.9967672150239508,0.13646301754958756,2.3036494550280082,1.8301823937745922,2.3791378660685609]
["BlackRock UK Property Fund","Mar 1982",-1.2417256004583805,-1.9511902069705371,-1.4331929893081536,-1.0768319994390652,-1.2009763164861198]
["BMO UK Property Fund","Jun 2010",-43.262037661888286,-26.319405165748975,-20.463818411558634,-6.9272258989579996,-3.7548856771971657]
["CBRE UK Property PAIF","Dec 1997",2.0385592541682911,-0.83901801532336151,-0.54659363006027206,-0.3489005838313517,26.89389246131168]
["Federated Hermes Property Unit Trust","Jun 1967",-7.7500252904430482,-8.9798588682354676,-5.1398844610705368,-3.9637622573509219,-2.5272568970298011]
["Fidelity UK Real Estate Fund","May 2008",-0.56033259574054739,-2.1753207161081036,1.5900729253455665,5.250867563013955,2.88129162305421]
["LF Canlife UK Property ACS","Oct 2017",-6.6033168090499146,-6.3978037101822878,0,0,0]
["M&G UK Property Limited Partnership","May 2013",-7.9215834423846871,-12.862862113036115,-11.025518290822305,-10.825929998965989,0]
["Mayfair Capital Property Unit Trust","Jun 2010",-7.1397425291004453,-3.6360030236743626,-2.0305054815171957,1.8079224784082015,5.5149667407785188]
["Nuveen Real Estate UK Property Fund","Jun 1994",-3.6173988225765044,-4.7291694856080682,-5.958495077392584,-4.517822436619781,-5.1216064548439277]
["Lothbury Property Trust","Feb 2000",-3.682521067418179,-2.735205906396331,-1.5486577782179296,-0.73068938606940037,-0.29371052961512589]
["PATRIZIA Hanover Property Unit Trust","Jul 1967",-3.0057738027850007,1.3152586977938796,0.90314436599902592,-0.61063879854012271,-2.5096463139857406]
["Royal London Property Fund","Mar 1991",0.15437511999391518,0.11779502134817221,-0.54246519260328796,-0.93887415887142822,-1.8140275274532485]
["Royal London UK Real Estate Fund","Oct 2017",0,0,0,0,0]
["The Local Authorities’ Property Fund","Apr 1972",1.8362548548040536E-2,1.5782594894705397,2.8202217691376319,8.7421943748987161,12.45576124272651]
["Threadneedle Property Unit Trust","Jun 1967",-6.7414991283596635,-3.0358479459339094,-1.8787507276355768,-9.6598677331371618E-2,1.4238003351974271]
["Triton Property Fund LP","May 2003",0,0,0,0,0]
["Schroder UK Real Estate","Jun 1971",-1.0035249581218153,-4.9610578568382522,-3.1753082450665744,-2.1590705653448055,-1.5063172316572064]
["Tritax Property Income Fund","Jan 2016",-3.9038570603452172E-2,0.26466731588412529,1.2828714074039027,0,0]
["Triton Property Fund (Jersey)","May 2003",0,-13.040047989897403,-10.703012489369186,0,-3.4999041864716958]
["UBS Triton Property Unit Trust","Apr 1994",0.60920139554292518,-0.25392264312681334,0.5420744578637624,4.0002971542928663,3.0111971240751103]
[]
[]
[]
["Long Income Property Funds"]
["Cumulative Changes % in Numbers of Units in Issue"]
["Years to Jun 2021",null,"1 Year","2 Year","3 Year","4 Year","5 Year"]
["Fund","Launched","%","%pa","%pa","%pa","%pa"]
["Long Income Property Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C102:C109),2)","v":2.64},{"$f":"ROUND(AVERAGE(D102:D109),2)","v":13.63},{"$f":"ROUND(AVERAGE(E102:E109),2)","v":5.25},{"$f":"ROUND(AVERAGE(F102:F109),2)","v":8.1},{"$f":"ROUND(AVERAGE(G102:G109),2)","v":6.94}]
["AEW UK Real Return Fund","Mar 2016",4.168236026910705,3.0906079666239634,11.558492874555697,25.643357098703959,28.690502994776182]
["M&G Secure Property Income Fund","Aug 2007",2.6789736272538676,3.5891676965851076,3.1093170639609298,2.4189004008627251,3.7255434938299175]
["BlackRock Long Lease Property Fund","Jun 2013",0,1.9586540888123949,10.313358106305841,12.93600790284664,0]
["KFIM Long Income Property Unit Trust","Dec 2015",0,84.393428258591797,0,0,0]
["PGIM Real Estate UK Ground Lease Fund","Feb 2007",2.4832274903019425E-8,0,1.9599535199733396,6.4647822035831979,6.648051899422839]
["Standard Life Investments Long Lease Property Fund","Sep 2003",11.645780857647935,5.4284173578418091,5.8291892757334978,6.8379972158372055,5.6787551889464254]
["AXA UK Long Lease Property Fund","Oct 2012",0.16189502385822152,-0.15559808562336741,0,0,0]
["LPI (Limited Price Inflation) Income Property Fund","May 2010",2.4375134925005,10.75472861353191,9.2551296885066137,10.466484505990124,10.788135551971536]

{"sheet":"Published_NAV","index":80,"n_rows":219,"n_cols":10,"rows_kept":219,"cut":false,"hidden":false,"merged":[[181,0,181,10],[184,0,184,10],[197,0,197,10],[109,0,109,10],[112,0,112,10],[113,4,113,5],[135,0,135,10],[138,0,138,10],[139,0,139,10],[98,4,98,5],[50,0,50,10],[51,0,51,10],[52,4,52,5],[94,0,94,10],[97,0,97,10]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"THE CALCULATION BASIS OF PUBLISHED NAVS"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["THE CALCULATION BASIS OF PUBLISHED NAVS"]
["Balanced funds – part A: valuations"]
[null,null,null,null,"---------Valuation -------"]
[null,null,null,null,"Frequency","Date",null,"Performance fees charged or accrued in published NAV",null,"Indirect investments all at current values"]
["Authorised Property Unit Trusts"]
["Aberdeen UK Property Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["Janus Henderson UK Property PAIF",null,null,null,"Twice monthly","28th",null,"0",null,"a"]
["Kames Capital UK Active Value Property Unit Trust",null,null,null,"Quarterly",null,null,"0",null,"0"]
["Kames Capital UK Active Value Property Unit Trust II",null,null,null,"Quaterly","L",null,"0",null,"0"]
["M&G Property Portfolio",null,null,null,"Monthly","L",null,"0",null,"0"]
["Aviva Investors UK Property Fund",null,null,null,"Monthly","L",null,"0",null,"a"]
["L&G UK Property Fund",null,null,null,"Monthly >","28th",null,"0",null,"0"]
["Standard Life Investments UK Real Estate Fund",null,null,null,"Monthly","L",null,"0",null,"r"]
["Common Investment Funds"]
["Mayfair Capital Property Income Trust for Charities",null,null,null,"Monthly","LW",null,"0",null,"0"]
["COIF Charities Property Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["The Charities Property Fund",null,null,null,"Quarterly","P",null,"0",null,"0"]
["Managed Property Funds"]
["Aegon UK Property Fund Limited",null,null,null,"Monthly","L",null,"0",null,"a"]
["Kames Capital Active Value Property Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["Legal And General Managed Fund",null,null,null,"Monthly>","L",null,"0",null,"a"]
["Aviva Investors Pensions Limited",null,null,null,"Monthly","L",null,"0",null,"0"]
["Threadneedle Pensions Ltd",null,null,null,"Twice monthly","T",null,"0",null,"a"]
["Standard Life Investments Pooled Pension Property Fund",null,null,null,"Monthly","R",null,"0",null,"a"]
["Other balanced funds"]
["AEW UK Core Property Fund",null,null,null,"Quarterly","L",null,"0",null,"0"]
["BlackRock UK Property Fund",null,null,null,"Monthly","LW",null,"0",null,"r"]
["BMO UK Property Fund",null,null,null,"Monthly","L",null,"a",null,"0"]
["CBRE UK Property PAIF",null,null,null,"Quarterly","LW",null,"0",null,"0"]
["Federated Hermes Property Unit Trust",null,null,null,"Monthly","25th **",null,"0",null,"0"]
["Fidelity UK Real Estate Fund",null,null,null,"Monthly","L",null,"a",null,"0"]
["LF Canlife UK Property ACS",null,null,null,null,null,null,"a",null,"0"]
["M&G UK Property Limited Partnership",null,null,null,"Monthly","C",null,"0",null,"0"]
["Mayfair Capital Property Unit Trust",null,null,null,"Quarterly","L",null,"0",null,"0"]
["Nuveen Real Estate UK Property Fund",null,null,null,"Monthly","23rd",null,"r",null,"r"]
["Lothbury Property Trust",null,null,null,"Monthly","L",null,"0",null,"a"]
["PATRIZIA Hanover Property Unit Trust",null,null,null,"Quarterly","20th ^^",null,"a",null,"a"]
["Royal London Property Fund",null,null,null,"Monthly","LW",null,"r",null,"0"]
["Royal London UK Real Estate Fund",null,null,null,"Monthly","LW",null,"0",null,"0"]
["The Local Authorities’ Property Fund",null,null,null,"Monthly (note A)","L",null,"0",null,"0"]
["Threadneedle Property Unit Trust",null,null,null,"Monthly","LW",null,"0",null,"0"]
["Triton Property Fund LP",null,null,null,"Monthly","L",null,"a",null,"a"]
["Schroder UK Real Estate",null,null,null,"Monthly","LW",null,"0",null,"a"]
["Tritax Property Income Fund",null,null,null,"Monthly",null,null,"0",null,"0"]
["See overleaf"]
[]
[]
["Long Income Property Funds – part A: valuations"]
[null,null,null,null,"---------Valuation -------"]
[null,null,null,null,"Frequency","Date",null,"Performance fees charged or accrued in published NAV",null,"Indirect investments all at current values"]
["Long Income Property Funds"]
["AEW UK Real Return Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["M&G Secure Property Income Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["BlackRock Long Lease Property Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["KFIM Long Income Property Unit Trust",null,null,null,"Monthly",null,null,"r",null,"r"]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["Standard Life Investments Long Lease Property Fund",null,null,null,"Quarterly","L",null,"0",null,"0"]
["AXA UK Long Lease Property Fund",null,null,null,"Quarterly","LW",null,"r",null,"r"]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["See overleaf"]
[]
[]
["Specialist funds – part A: valuations"]
[null,null,null,null,"---------Valuation -------"]
[null,null,null,null,"Frequency","Date",null,"Performance fees charged or accrued in published NAV",null,"Indirect investments all at current values"]
["Healthcare"]
["Octopus Healthcare Fund",null,null,null,"Quarterly","LW",null,"r",null,"r"]
["Industrial"]
["Airport Industrial Property Unit Trust",null,null,null,"Quarterly","L",null,"a",null,"a"]
["Industrial Property Investment Fund",null,null,null,"Quarterly","L",null,"0",null,"a"]
["Leisure"]
["The Leisure Fund Limited Partnership",null,null,null,"Quarterly","L",null,"a",null,"0"]
["Offices"]
["Nuveen Real Estate Central London Office Fund",null,null,null,"Monthly","L",null,"a",null,"0"]
["West End of London Property Unit Trust",null,null,null,"Monthly","P",null,"a",null,"0"]
["Residential"]
["UNITE UK Student Accommodation Fund",null,null,null,"Quarterly","L",null,"a",null,"0"]
["Retail warehouses"]
["Aberdeen Standard UK Retail Park Trust",null,null,null,"Monthly","L",null,"a",null,"0"]
["Hercules Unit Trust",null,null,null,"Monthly","P",null,"a",null,"0"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,"Monthly","L",null,"a",null,"0"]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,"Monthly","L",null,"a",null,"0"]
["Grosvenor Liverpool Fund",null,null,null,"Quarterly","L",null,"a",null,"0"]
["Nuveen Real Estate UK Shopping Centre Fund",null,null,null,"Monthly","L",null,"a",null,"a"]
["A Quarterly external valuations with internal valuations in the interim months, if necessary, in consultation with the external valuer\n** Except for 29th September\n++ See the fund’s profile (‘unit pricing’) re the basis of valuing the portfolio\n^ Including other funds in which only charities are allowed to invest\n^^ Of the last month in the quarter\n< Or on the preceding business day\nC On the Friday before the last Wednesday in the month and on 31st December\nF On the first day of the month or quarter\nL On the last day of the month or quarter\nLW On the last working day of the month or quarter\nN On 30 June and 31 December\nP On the penultimate business day of the month or quarter\nR On a rolling basis so that each property is re-valued at least once every month\nT Twice monthly, generally on or around 15th/16th and on the last working day of the month"]
[]
[]
["THE CALCULATION BASIS OF PUBLISHED NAVS (CONT’D)"]
["Balanced funds – part B: valuations"]
[null,null,null,null,"Does the fund have fixed rate borrowings, swaps etc?",null,null,"Does the fund publish the market value of its fixed rate debt, swaps etc?",null,"Is the market value of fixed rate debt, swaps etc used to calculate the fund’s published NAV?"]
["Authorised Property Unit Trusts"]
["Aberdeen UK Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Janus Henderson UK Property PAIF",null,null,null,"r",null,null,"0",null,"0"]
["Kames Capital UK Active Value Property Unit Trust",null,null,null,"0",null,null,"0",null,"0"]
["Kames Capital UK Active Value Property Unit Trust II",null,null,null,"r",null,null,"0",null,"0"]
["M&G Property Portfolio",null,null,null,"r",null,null,"0",null,"0"]
["Aviva Investors UK Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["L&G UK Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Standard Life Investments UK Real Estate Fund",null,null,null,"r",null,null,"0",null,"0"]
["Common Investment Funds"]
["Mayfair Capital Property Income Trust for Charities",null,null,null,"r",null,null,"r",null,"r"]
["COIF Charities Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["The Charities Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Managed Property Funds"]
["Aegon UK Property Fund Limited",null,null,null,"r",null,null,"0",null,"0"]
["Kames Capital Active Value Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Legal And General Managed Fund",null,null,null,"r",null,null,"0",null,"0"]
["Aviva Investors Pensions Limited",null,null,null,"r",null,null,"0",null,"0"]
["Threadneedle Pensions Ltd",null,null,null,"r",null,null,"0",null,"0"]
["Standard Life Investments Pooled Pension Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Other balanced funds"]
["AEW UK Core Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["BlackRock UK Property Fund",null,null,null,"a",null,null,"r",null,"r"]
["BMO UK Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["CBRE UK Property PAIF",null,null,null,"r",null,null,"0",null,"0"]
["Federated Hermes Property Unit Trust",null,null,null,"r",null,null,"0",null,"0"]
["Fidelity UK Real Estate Fund",null,null,null,"r",null,null,"0",null,"0"]
["LF Canlife UK Property ACS",null,null,null,"0",null,null,"0",null,"0"]
["M&G UK Property Limited Partnership",null,null,null,"r",null,null,"0",null,"0"]
["Mayfair Capital Property Unit Trust",null,null,null,"r",null,null,"0",null,"0"]
["Nuveen Real Estate UK Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Lothbury Property Trust",null,null,null,"r",null,null,"0",null,"0"]
["PATRIZIA Hanover Property Unit Trust",null,null,null,"a",null,null,"0",null,"0"]
["Royal London Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Royal London UK Real Estate Fund",null,null,null,"r",null,null,"0",null,"0"]
["The Local Authorities’ Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Threadneedle Property Unit Trust",null,null,null,"r",null,null,"0",null,"0"]
["Triton Property Fund LP",null,null,null,"r",null,null,"0",null,"0"]
["Schroder UK Real Estate",null,null,null,"r",null,null,"0",null,"0"]
["Tritax Property Income Fund",null,null,null,"r",null,null,"0",null,"0"]
["^ Including other funds in which only charities are allowed to invest"]
[]
[]
["Long Income Property Funds – part B: valuations"]
[null,null,null,null,"Does the fund have fixed rate borrowings, swaps etc?",null,null,"Does the fund publish the market value of its fixed rate debt, swaps etc?",null,"Is the market value of fixed rate debt, swaps etc used to calculate the fund’s published NAV?"]
["Long Income Property Funds"]
["AEW UK Real Return Fund",null,null,null,"r",null,null,"0",null,"0"]
["M&G Secure Property Income Fund",null,null,null,"r",null,null,"0",null,"0"]
["BlackRock Long Lease Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["KFIM Long Income Property Unit Trust",null,null,null,"0",null,null,"0",null,"0"]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,"r",null,null,"0",null,"0"]
["Standard Life Investments Long Lease Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["AXA UK Long Lease Property Fund",null,null,null,"0",null,null,"0",null,"0"]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,"r",null,null,"0",null,"0"]
[]
[]
["Specialist funds – part B: valuations"]
[null,null,null,null,"Does the fund have fixed rate borrowings, swaps etc?",null,null,"Does the fund publish the market value of its fixed rate debt, swaps etc?",null,"Is the market value of fixed rate debt, swaps etc used to calculate the fund’s published NAV?"]
["Healthcare"]
["Octopus Healthcare Fund",null,null,null,"0",null,null,"0",null,"0"]
["Industrial"]
["Airport Industrial Property Unit Trust",null,null,null,"a",null,null,"a",null,"0"]
["Industrial Property Investment Fund",null,null,null,"a",null,null,"a",null,"0"]
["Leisure"]
["The Leisure Fund Limited Partnership",null,null,null,"a",null,null,"a",null,"r"]
["Offices"]
["Nuveen Real Estate Central London Office Fund",null,null,null,"a",null,null,"a",null,"r"]
["West End of London Property Unit Trust",null,null,null,"a",null,null,"a",null,"r"]
["Residential"]
["UNITE UK Student Accommodation Fund",null,null,null,"a",null,null,"a",null,"a"]
["Retail warehouses"]
["Aberdeen Standard UK Retail Park Trust",null,null,null,"r",null,null,"0",null,"0"]
["Hercules Unit Trust",null,null,null,"a",null,null,"a",null,"r"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,"a",null,null,"a",null,"r"]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,"r",null,null,"0",null,"0"]
["Grosvenor Liverpool Fund",null,null,null,"r",null,null,"a",null,"r"]
["Nuveen Real Estate UK Shopping Centre Fund",null,null,null,"r",null,null,"0",null,"0"]

{"sheet":"Winding_Up_Dates","index":81,"n_rows":67,"n_cols":6,"rows_kept":67,"cut":false,"hidden":false,"merged":[[50,0,50,7],[51,0,51,7],[52,0,52,7],[66,0,66,7]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"FUND WINDING-UP DATES"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["FUND WINDING-UP DATES"]
["FUNDS WITH LESS THAN 75 YEARS TO EARLIEST DATES OF WINDING-UP"]
[]
[null,null,"Value of portfolio (GBPm)","Earliest date of winding-up","Years (Note A)","Provisions for extensions (Note B)"]
["Aberdeen Standard UK Retail Park Trust",null,89.9,"30-Jun-20","1"]
["Aberdeen Standard UK Shopping Centre Trust",null,605.1,"30-Jun-25","4"]
["Airport Industrial Property Unit Trust",null,662.4,"31-Dec-36","15.5","5 years"]
["Grosvenor Liverpool Fund",null,147.1,"31-Dec-38","17.5","5 years"]
["Hercules Unit Trust",null,191.2,"30-Sep-20","0.7","Potential to extend subject to unit holder consent"]
["Industrial Property Investment Fund",null,2603.5,"30-Jun-20","1"]
["Kames Capital UK Active Value Property Unit Trust II",null,151.5,"26-May-23","1.9"]
["Nuveen Real Estate Central London Office Fund",null,314.10000000000002,"31-Dec-21","0.5"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,229.8,"31-Dec-21","0.5"]
["Nuveen Real Estate UK Shopping Centre Fund",null,147.4,"31-Dec-21","0.5"]
["The Leisure Fund Limited Partnership",null,303.39999999999998,"31-Dec-20","0.5"]
["Triton Property Fund LP",null,936.2,"31-Mar-70","48.8"]
["Note A: Years remaining until the earliest winding-up date of the Fund\nNote B: All provisions for extension are subject to a 75% vote in favour unless otherwise stated"]

{"sheet":"Definition","index":82,"n_rows":300,"n_cols":1,"rows_kept":300,"cut":false,"hidden":false,"merged":[]}
[]
["DEFINITION OF TERMS"]
[]
["ANCHOR TENANT(S)"]
["One or more large stores located in key positions in a shopping centre to attract shoppers and encourage other retailers to lease units."]
[]
["AUTHORISED INVESTMENT FUND"]
["Authorised Investment Funds may be either Authorised Unit Trusts (q.v.) or Open Ended Investment Companies (‘OEICs’) (q.v.) and are authorised and regulated"]
["by the Financial Services Authority."]
[]
["AUTHORISED PROPERTY UNIT TRUSTS"]
["Authorised PUTs are Non-UCITS retail funds (also known as ‘NURS’) and are regulated by the Financial Services Authority. While available to all types of investor,"]
["they are designed primarily for investment by the private investor. They pay corporation tax on their income but do not pay capital gains tax within the vehicle."]
["Non-exempt investors are potentially liable to CGT on the disposal of their units. Transfers of units are subject to stamp duty at 0.5%. APUTs were originally"]
["restricted to holding a maximum of 80% of their assets in the form of direct property. However, this restriction does not apply to APUTs created under (or electing"]
["to be subject to) new FSA regulations published in March 2004. (Also see ‘COLL’) Since April 2008 it has been possible for Authorised Property Unit Trusts to"]
["convert into Open Ended Investment Companies (‘OEICs’) and elect to be taxed like REITS (q.v.)."]
[]
["AVERAGE UNEXPIRED TERM OF LEASES"]
["The average unexpired lease term is the average lease term remaining to expiry across the portfolio, weighted by rental income. Unless otherwise stated, it is"]
["calculated assuming that all break clauses are exercised at the earliest date."]
[]
["AREF"]
["The Association of Real Estate Funds. The Association’s objective is to raise awareness of pooled property funds and demonstrate their advantages as effective"]
["property investment vehicles. Its members are bound by a voluntary code of practice, drawn up jointly with the National Association of Pension Funds. (AREF was"]
["previously known as APUT, The Association of Property Unit Trusts.)"]
[]
["BALANCED PUT/BALANCED FUND"]
["Balanced PUTs and other balanced funds generally hold a wide mix of property assets, diversified both by type and location."]
[]
["BID PRICE"]
["Bid price (or redemption price) is the price at which units in a PUT or managed fund can be redeemed. It is based on NAV, less an adjustment for the costs of"]
["potentially disposing of the underlying property, and divided by the number of units in issue. The basis of calculation may differ in detail from fund to fund."]
[]
["BID/OFFER SPREAD"]
["The difference between bid and offer price expressed as a percentage of the offer price."]
[]
["BREAK CLAUSE"]
["A clause in a lease which gives the landlord and/or the tenant the right, in specified circumstances, to terminate the lease before its ultimate expiry date."]
[]
["CGT"]
["Capital gains tax."]
[]
["CLOSED-ENDED PROPERTY UNIT TRUST"]
["The number of units in a closed-ended PUT is fixed at launch. Such vehicles normally have a limited life (usually of between seven and 12 years). There is no"]
["obligation on the manager to redeem units as there is in the case of an open-ended PUT."]
[]
["‘COLL’"]
["COLL is the short name for the New Collective Investment Scheme Sourcebook published by the FSA in March 2004. This created a new class of authorised funds,"]
["called ‘non-UCITS funds’ which include Authorised Property Unit Trusts (APUTs). These APUTs may be 100% invested in direct property compared with a"]
["maximum of 80% under the old regulations."]
[]
["COLLECTIVE INVESTMENT SCHEME"]
["An arrangement allowing a group of investors to benefit from the acquisition, holding or disposal of one or more properties."]
[]
["COMMON INVESTMENT FUND"]
["Common Investment Funds are similar to unit trusts but are designed specifically for charities and established under Section 24 of the Charities Act 1993."]
["Common Investment Funds are themselves charities and are therefore subject to approval by the Charity Commission. As charities, they do not incur stamp duty"]
["when acquiring properties for investment, and are exempt from capital gains tax and income tax."]
[]
["COVENANT STRENGTH"]
["Covenant strength is a subjective view of the character and quality of a tenant in terms of the ability to pay the rent and to meet the other terms and conditions"]
["specified in a lease."]
[]
["DISTRIBUTING FUND/DISTRIBUTOR STATUS"]
["A distributing fund is an offshore fund that distributes the whole, or substantially the whole, of its income. It also has to meet certain other conditions relating to"]
["its assets and investments. Capital gains arising from investment in those offshore funds that are certified as distributing funds are taxed as capital gains in the"]
["hands of UK taxpaying investors and, as a result, CGT reliefs (such as indexation, annual relief and taper relief) are available as normal. Under UK Offshore Funds"]
["Legislation, capital gains arising from investment in offshore funds that are not certified as 'distributing funds' are classified as offshore income gains and are"]
["taxed as income in the hands of UK taxpaying investors, with the result that normal CGT reliefs are not available. Distributing fund certification is received"]
["annually and is retrospective, with funds applying for certification not later than six months after their year-end."]
[]
["THE EUROPEAN PUBLIC REAL ESTATE ASSOCIATION (‘EPRA’)"]
["EPRA is a not-for-profit common interest group established under Dutch law in October 1999 to promote, develop and represent the public (ie listed) real estate"]
["sector."]
[]
["EQUIVALENT YIELD"]
["Equivalent yield is a weighted average of the initial yield and reversionary yield, and represents the yield a property will produce based upon the timing of the"]
["income received. Nominal equivalent yields assume that rents are received annually in arrears, while true equivalent yields are based on rents being received"]
["quarterly in advance. The latter are a more accurate reflection of the return that an investment will produce based on the timing of the income received."]
[]
["ESTIMATED RENTAL VALUE (‘ERV’)"]
["Estimated rental value is the valuer’s opinion as to the open market rent that, on the date of the valuation, could reasonably be expected to be achieved on a new"]
["letting or rent review of a property."]
[]
["EXEMPT FUNDS"]
["Investors such as UK pension schemes and registered charities that are not subject to CGT other than for reasons of non-residence."]
[]
["EXEMPT UNAUTHORISED PUT"]
["Exempt PUTs are available for investment only by exempt funds. They are not subject to CGT. Their income is taxable at the basic rate of income tax, but this is"]
["fully recoverable by investors. Transfers of units are subject to stamp duty at 0.5%."]
[]
["FEEDER FUND"]
["A fund which is 100% permanently invested in the units of another fund."]
[]
["FUND OF FUNDS"]
["A fund which invests all (or substantially all) of its assets in other funds."]
[]
["GEARING"]
["Gearing is defined within this note as net debt, on and off balance sheet, as a percentage of net asset value."]
[]
["GROSS FUNDS"]
["Gross funds do not pay taxation on their income or capital gains. Examples include charities, friendly societies and pension funds."]
[]
["GROSS YIELD"]
["The gross yields (or Historic Distribution Yields) per unit shown within Pooled Property Funds are the gross distributions to unit holders over the preceding 12"]
["months as a percentage of the net asset value per unit at the end of this period."]
[]
["HURDLE RATE"]
["The hurdle rate is the percentage return which a fund must achieve before a fund manager will become entitled to a performance-related fee."]
[]
["INITIAL YIELD"]
["The initial yield shown by a property is the annualised net rent that it generates as a percentage of its valuation."]
[]
["ICVC"]
["The initials ‘ICVC’ stand for an Investment Company with Variable Capital. An ICVC is an open-ended collective investment scheme structured as a corporation."]
["(ICVCs are also known as open-ended companies or ‘OEICs’.)"]
[]
["INREV"]
["INREV is the European Association for Investors in Non-listed Real Estate Investment Vehicles. Its aims are to improve the accessibility of market information and"]
["the liquidity of the non-listed real estate investment vehicle market."]
[]
["MSCI"]
["MSCI is a global information business, dedicated to the supply of independent market indices and portfolio analysis to the real estate industry. MSCI indices are"]
["the basis for the developing commercial property derivatives market and the most authoritative measures of real estate returns worldwide."]
["Operating on five continents, MSCI has established services in more than 20 countries including most of Europe, the US, Canada, Australia, New Zealand, South"]
["Africa, Japan and South Korea."]
["As the world leader in performance analysis for the owners, investors, managers and occupiers of real estate, MSCI provides accurate and comprehensive"]
["information with which to measure real estate returns, take advantage of emerging trends and get the most out of real estate assets. Its full range of services"]
["includes Performance Analysis, Indices, Research & Publications and Events & Training courses."]
[]
["LIMITED PARTNERSHIPS (LPS)"]
["LPs were created under the Limited Partnerships Act 1907 and, while they vary in their structure, they have the common feature that at least one partner, the"]
["general partner, must have unlimited liability in respect of the partnership. The liability of the other partners is limited to the extent of their capital invested in the"]
["partnership. LPs are tax-transparent, allowing the likes of pension funds and insurance companies (which are either wholly or partly tax exempt) to invest jointly"]
["with tax paying entities such as property companies without losing their tax advantages. The limited partners may form an advisory committee, but to preserve"]
["their limited liability status, must not be seen to be making investment management decisions with respect to the partnership. LPs normally have a predetermined"]
["life span (typically 7-12 years) although this can usually be extended subject to the agreement of, say, 75% of the partners."]
[]
["LIMITED LIABILITY PARTNERSHIPS (LLPS)"]
["LLPs were created under the Limited Liability Partnerships Act 2000 and are something of a hybrid between a limited partnership (LP) and limited companies. As"]
["with an LP, the liability of the limited partners is limited to their capital invested in the partnership, and the vehicle is, effectively, tax-transparent. However, like a"]
["company, an LLP is a ‘body corporate’: it has to be registered with the Registrar of Companies and (unlike an LP) must file audited accounts. Again in contrast to"]
["LPs, LLPs are permitted to have more than 20 partners, making them a more suitable structure for larger collective investment vehicles."]
[]
["LONG INCOME PROPERTY FUNDS"]
["Funds with a non-property specific performance objective to outperform long-term bonds or gilts. Funds typically maintain average unexpired lease lengths of"]
["over 15 years. Lease length, tenant quality and minimum leverage, in addition to a diversified portfolio, aims to maintain consistent long term income."]
[]
["MANAGED PROPERTY FUNDS"]
["Managed Property Funds are similar to Exempt PUTs in operating effectively free of tax, in being unitised and being open-ended. However, unlike PUTs, they do"]
["not distribute their income and are managed mainly by insurance companies as vehicles for investment by their occupational pension fund clients."]
[]
["MANAGEMENT FEE"]
["Management fees are charged by fund managers for their services in managing a fund. The basis on which they are charged varies considerably and is usually"]
["defined in a Fund Management Agreement. The size of the fee is generally related to the (net or gross) asset value of the fund."]
[]
["MARK TO MARKET"]
["To mark an asset or liability to market is to increase or decrease its cost or book value to its estimated current market value."]
[]
["MARRIAGE VALUE"]
["Marriage value is the latent value which is, or would be, released by the merger of two or more interests in a property."]
[]
["MID PRICE"]
["The average of bid (or redemption) price and offer price of PUT or managed fund units."]
[]
["MIDDLE PRICE"]
["Middle price (not to be confused with mid price) is the term used by some managed fund managers for Net Asset Value (in the context of the setting of their bid"]
["and offer prices)."]
[]
["NET ASSET VALUE (NAV)"]
["NAV is the market value of the assets of a Pooled Property Vehicle, net of all liabilities. The basis of calculation may differ in detail from vehicle to vehicle."]
[]
["NET RENTAL INCOME"]
["Net rental income is the rental income receivable during a period, after the payment of ground rent and other property outgoings. (It includes income from backdated"]
["rent reviews, and thus differs from annualised net rents/net rents passing, which exclude back-dated rent reviews and other non-recurring"]
["income/outgoings.)"]
[]
["NON-EXEMPT ONSHORE UNAUTHORISED PUT"]
["Non exempt unauthorised PUTs are available to both exempt and non-exempt investors. Their income and capital gains are subject to tax at the basic rate of"]
["income tax. Exempt investors are able to reclaim the tax suffered by the trust. Non-exempt investors are subject to tax on the gross amount of the distributions"]
["they receive from the trust. The tax paid by the trust is fully creditable pro-rata to their holdings to offset this liability. Non-exempt investors are also potentially"]
["liable to CGT on the disposal of their units. Transfers of units are subject to stamp duty at 0.5%."]
[]
["NON-UCITS RETAIL SCHEMES (‘NURS’)"]
["These are funds Authorised and Regulated by the Financial Services Authority and include Authorised Property Unit Trusts (q.v.). They can be marketed to retail"]
["investors and do not include Qualified Investor Schemes (q.v.)."]
[]
["OEIC"]
["An ‘OEIC’ is an Open-Ended Investment Company. OEICs are also known as ‘ICVCs’ or Open Ended Companies with Variable Capital (q.v.)."]
[]
["OFFER PRICE"]
["The price at which new units in a PUT or managed fund are issued. It is based on NAV, plus an adjustment for the costs of potentially acquiring of the underlying"]
["property, and divided by the number of units in issue. The method of calculation may differ in detail from fund to fund."]
[]
["OFFSHORE PROPERTY UNIT TRUST"]
["Offshore PUTs are resident outside the UK, most commonly in Jersey, Guernsey and Eire. They usually have a local manager or operator, regulated in the local"]
["jurisdiction, and/or the vehicle will be set up in accordance with local regulations. They do not meet the requirements of either the EU’s Undertaking for"]
["Collective Investment in Transferable Securities directive or the FSA’s regulations with regard to collective investment schemes. Like onshore unauthorised PUTs,"]
["offshore PUTs are thus not available for marketing to the general public in the UK, although they are usually available to financially sophisticated, high net worth"]
["individuals. By reason of their non-residence, Offshore PUTs are not liable to CGT in the UK, and are normally structured insofar as revenue taxes are concerned to"]
["be tax transparent. Non-exempt investors are potentially liable to CGT on the disposal of their units. The transfer of units in offshore PUTs does not attract stamp"]
["duty."]
[]
["ONSHORE UNAUTHORISED PUT"]
["In contrast to Authorised PUTs, onshore unauthorised property unit trusts are not subject to the FSA regulations relating to collective investment schemes"]
["(although the operator/ manager must be authorised by the FSA). They can thus be constituted to meet investment requirements rather more sophisticated than"]
["those of retail investors. Onshore unauthorised PUTs can be either Exempt or Non-exempt."]
[]
["OPEN-ENDED PROPERTY UNIT TRUST"]
["There is no fixed number of units in issue in an open-ended property unit trust. Units can be created and redeemed, depending on changes in investor demand"]
["and in line with the procedures set out in the trust deed."]
[]
["OVER-RENTED"]
["A property is over-rented if the annualised rental income that it generates exceeds its estimated rental value."]
[]
["PERFORMANCE FEE"]
["A performance fee is an additional management fee, the size of which depends on the percentage outperformance of one or more predetermined benchmarks."]
[]
["POOLED PROPERTY FUND INDEX"]
["The MSCI/AREF UK Quarterly Property Fund Index is a value-weighted index based on the most recent quarter-end Net Asset Value (NAV) of its constituent"]
["pooled property funds. It is sponsored by AREF and compiled and calculated by MSCI."]
[]
["POOLED PROPERTY FUND"]
["An arrangement for the purpose of allowing two or more investors to benefit from the acquisition, holding or disposal of one or more properties."]
[]
["PORTFOLIO DISTRIBUTIONS"]
["The portfolio distributions (%) shown in this document are based on each fund’s direct and indirect property exposure."]
[]
["PRIME PROPERTIES"]
["Prime properties are defined as those in first class physical condition, in the best location, let on contemporary lease terms to one or more top quality tenants."]
[]
["PROPERTY AUTHORISED INVESTMENT FUND (‘PAIF’)"]
["PAIFs are tax efficient OEICs (q.v.), authorised by the Financial Services Authority, and introduced by the UK government in 2008. They may be available either to"]
["all investors (including small private investors) or structured as a Qualified Investor Scheme (‘QIS’) (q.v.) and authorised for investment only by institutional"]
["investors. Provided certain conditions are met, PAIFs are exempted from tax on the income arising from their property related assets. This makes them a more tax"]
["efficient investment to non tax-paying investors (such as pension funds and charities) than Authorised Property Unit Trusts (‘APUTS’) (q.v.) which are subject to"]
["corporation tax on their income."]
[]
["PROPERTY UNIT TRUST (PUT)"]
["A PUT is collective investment scheme where the underlying properties are held on trust for the participants. While the underlying assets of a PUT are mainly"]
["direct property investments, some PUTs also invest in other indirect property vehicles."]
["PRIVATE PROPERTY VEHICLES"]
["Non-listed property vehicles, including Limited Partnerships, authorised and unauthorised property unit trusts, managed funds and private property companies."]
[]
["QUALIFIED INVESTOR SCHEMES (‘QIS’)"]
["QIS are Authorised Investment Funds with wider investment and borrowing powers than either UCITS (q.v.) or NURS (q.v.) and may be marketed only to"]
["sophisticated or ‘qualified’ investors as defined by the Financial Services Authority."]
[]
["REAL ESTATE INVESTMENT TRUSTS (‘REITS’)"]
["REITs existed outside the UK for many years, but have been permitted in the UK only since 1 January 2007. UK REITs are listed, closed-ended property vehicles"]
["which, providing they fulfil certain conditions, are exempt from income tax and capital gains tax in respect of their property investment activities. The three"]
["principal of these conditions are to distribute at least 90% of their net taxable income, to hold at least 75% of their gross assets in the form of investment"]
["properties and to derive at least 75% of their income by way of rents from these properties. In exchange for REIT status, companies are required to pay to HMRC a"]
["one-off charge equivalent to 2% of the value of their investment properties."]
[]
["REDEMPTION PRICE"]
["This is the price at which units in an open-ended PUT or in a managed fund can be redeemed. It is based on NAV, less an adjustment for the costs of potentially"]
["disposing of the underlying property, and divided by the number of units in issue. The basis of calculation may differ in detail from fund to fund."]
[]
["REVERSIONARY POTENTIAL"]
["Net reversionary potential is defined within Pooled Property Funds as the change in the rental income that would occur were the rents in respect of the income"]
["producing properties in a portfolio to be reviewed to their current estimated rental values (ERVs) Gross reversionary potential of a portfolio is the sum of the"]
["reversionary potential of only those properties in the portfolio whose ERV exceeds their current rental income."]
["Its being ‘reversionary’, or ‘having reversionary income potential’, is one of several reasons why a portfolio might currently generate a lower rental income than"]
["its ERV. This also arises when properties have been let subject to unexpired rent-fee periods, and/or when it includes investment or development voids."]
["Net reversionary potential is calculated within Pooled Property Funds as the difference between rents passing and ERV, less the rental income deferred by rentfree"]
["periods and the rental value of investment and development voids. Gross reversionary potential is the same figure plus the amount by which any properties"]
["within the portfolio are over-rented."]
[]
["REVERSIONARY YIELD"]
["The reversionary yield is the initial yield that a property (or portfolio) would show were it let at its estimated rental value."]
[]
["SECONDARY/TERTIARY PROPERTY"]
["Secondary and tertiary properties attract higher investment yields than those deemed ‘prime’: this will reflect factors such as their physical condition, location,"]
["configuration and the covenant strength of their tenants."]
[]
["SHARPE RATIO"]
["This is one of the best-known methods of calculating risk-adjusted returns, and was devised by Professor William Sharpe in 1966. It is derived by calculating the"]
["returns on an investment in excess of the risk-free rate of return (usually the yield on 90-day Treasury Bills) and dividing the average of these risk-adjusted returns"]
["over a period by the standard deviation of these returns over the same period."]
[]
["SPECIALIST PUT/SPECIALIST FUND"]
["Specialist PUTs/Funds focus upon specific types of property or on properties within particular geographic regions."]
[]
["TRANSFER IN SPECIE"]
["A transfer in specie is a mechanism facilitating the allocation of units or a partnership interest to an investor in exchange for property rather than cash."]
[]
["‘UCITS’"]
["UCITS are Undertakings for Collective Investment in Transferable Securities. They were created under a set of EU Directives that aim to allow funds to operate"]
["freely within the EU on the basis of a single authorisation from one member state, with the objective of creating a single market. They do not apply to real estate"]
["funds, principally because real estate is not a transferable security. (See Non-UCITS Retail Schemes)"]
[]
["VEHICLE STYLE"]
["Vehicle style is the term used to categorise investment vehicles (under headings such as ‘Core’, ‘Value added’ and ‘Opportunistic’) according to the investment"]
["risks attributable to the levels of their gearing and target returns."]
[]
["ZONING METHOD / ZONE ‘A’"]
["The rental value of shop units is generally determined by dividing their area into strips parallel with the frontage. The most valuable strip per square foot is"]
["referred to as Zone A and is that at the front of the unit: the rental value of each successive strip is ‘halved back’ in value from this."]

{"sheet":"Appendix","index":83,"n_rows":129,"n_cols":1,"rows_kept":129,"cut":false,"hidden":false,"merged":[]}
[]
["APPENDIX"]
[]
["LOTHBURY PROPERTY UNIT TRUST"]
[]
["Important information"]
[]
["This information has been provided by Lothbury Investment Management Limited of 155 Bishopsgate, London EC2M 3TQ, United Kingdom, a company registered"]
["in England with registered number 04185370. Lothbury Investment Management Limited (or “LIM”) is authorised and regulated by the Financial Conduct"]
["Authority in the United Kingdom."]
[]
["This information concerns Lothbury Property Trust (the \"Fund\"), which is managed by LIM. Lothbury Property Trust is a sub-fund of the Lothbury Global"]
["Institutional Funds, which is regulated by the Central Bank of Ireland."]
[]
["The Fund is an alternative investment fund (“AIF”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM"]
["has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIF. For these purposes, LIM is authorised and regulated in the"]
["United Kingdom by the Financial Conduct Authority (or any successor body responsible for the regulation of alternative investment fund managers) (the “FCA”)"]
["for the purposes of managing unauthorised AIFs. The Fund is also an unregulated collective investment scheme for the purposes of the United Kingdom Financial"]
["Services and Markets Act 2000 (the \"Act\")."]
[]
["RESTRICTIONS ON DISTRIBUTION"]
[]
["Certain jurisdictions may restrict by law the distribution to their residents or nationals of this information. The information is not intended to be viewed by,"]
["distributed to or used by residents or nationals of such jurisdictions. LIM has made every attempt to provide the information only in accordance with national"]
["laws. However, it is also the responsibility of any person receiving this information to satisfy itself that its receipt of this information complies with the laws of any"]
["relevant jurisdiction."]
[]
["Under United Kingdom legislation, the promotion of units by LIM in the European Economic Area (the “EEA”) is restricted by section 238 of the Act. The"]
["promotion of units by the Fund or by their trustees in the EEA is restricted by section 21 of the Act. Accordingly, the information is directed only at:"]
[]
["1) persons who are outside the EEA;"]
[]
["2) persons having professional experience of participating in unregulated collective investment schemes, that is persons within Article 14 of the Financial"]
["Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the \"PCIS Exemptions Order\") and Article 14 of"]
["the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the \"Financial Promotion Order\"); and/or"]
[]
["3) high net worth organisations to whom Article 22 of the PCIS Exemptions Order and Article 49 of the Financial Promotion Order apply (broadly,"]
["companies or partnerships with net assets of £5m sterling or more and trustees of trusts with assets of £10m or more); and"]
[]
["4) others to whom it may lawfully be made available,"]
[]
["All such persons being \"exempt persons\". Units in the Fund may only be promoted to exempt persons. Persons other than exempt persons should not rely or act"]
["upon the information. They should return it to LIM at the address given above."]
[]
["This information is confidential. A person to whom this information is made available should not pass it on without the consent of LIM and then only to an"]
["exempt person."]
[]
["PURPOSE"]
[]
["The purpose of this document is to provide information about LIM and the Fund. So far as relevant, the only client of LIM is the Fund and its affiliates. Nothing in"]
["this document is investment, tax or legal advice. Investors are not a client of LIM as the AIFM. Accordingly, neither you, nor any other investor, enjoys the"]
["protections afforded to clients of LIM and no representative of LIM is entitled to lead you to believe otherwise. You should take your own independent"]
["investment, tax and legal advice as you think fit. Nor is anything in this document an offer to buy or sell units or any other investment."]
["Please be aware that ultimately the interests in the Fund, as an AIF, may only be acquired by professional investors. A professional investor (for these purposes),"]
["is every investor that is considered, or may be treated based on a request to LIM (as the AIFM), as a professional client within the meaning of Annex II of the"]
["Markets in Financial Instruments Directive (2004/39/EC)."]
[]
["Any marketing (within the meaning of the Directive) in the European Economic Area is carried out pursuant to LIM’s rights as an AIFM under Articles 31 and 32 of"]
["the Directive. The European Economic Area comprises of the Member States of the European Union (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic,"]
["Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania,"]
["Slovakia, Spain, Sweden and the United Kingdom) plus Iceland, Liechtenstein and Norway. Potential investors can request from LIM details of jurisdictions where"]
["notifications of the exercise of such rights has been given to the FCA."]
[]
["Potential investors should note that past performance is not necessarily a guide to future performance; the price of units and the income from them may"]
["fluctuate upwards or downwards and cannot be guaranteed. Units or shares in unauthorised or unrecognised collective investment schemes investing in property"]
["are not readily realisable investments. Potential investors should be aware that the underlying property of these vehicles may not be readily saleable and that the"]
["value of real property is generally a matter of valuer's opinion. There is no recognised market for the investment and it may be difficult for the investor to deal in"]
["the investment or for the investor to obtain reliable information about its value or the extent of the risks to which it is exposed."]
[]
["THREADNEEDLE PROPERTY UNIT TRUST"]
[]
["Past performance is not necessarily a guide to future returns. The value of investments can go down as well as up and the investor may not get back the amount"]
["originally invested. It may be difficult or impossible to realise an investment because the underlying property concerned may not be readily saleable. The value"]
["of property is a matter of a valuer’s opinion and the true value may not be recognised until the property is sold."]
[]
["Changes in exchange rates may also cause the value of investments to fall as well as rise. The mention of specific securities should not be taken as a"]
["recommendation to deal."]
[]
["The research or analysis included in the report has been produced by Threadneedle Asset Management Limited for its own investment management activities,"]
["may have been acted upon prior to publication, and is made available here incidentally."]
[]
["In some instances the information contained in this note, other than statements of fact, may have been obtained from external sources believed to be reliable but"]
["its accuracy or completeness cannot be guaranteed."]
[]
["Any opinions expressed are as at the date of issue but are subject to change without notice."]
[]
["This document is for investment professional use only and is not for onwards distribution to, or to be relied upon by private investors, other than in those"]
["circumstances provided for in the relevant regulations to permit the promotion of unregulated collective investment schemes/unclassified funds. Intermediaries"]
["also have a responsibility to determine that appropriate regulatory permissions are available to them in the relevant jurisdiction."]
[]
["This document does not constitute or form any part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any units nor shall it, or"]
["the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. Recipients of this document who intend to apply for units"]
["are reminded that any such application may be made solely on the basis of the information and opinions contained in the prospectus which may be different from"]
["the information and opinions contained in this document."]
[]
["THREADNEEDLE PROPERTY UNIT TRUST"]
[]
["Please note that the use of gearing creates additional risk by raising the Trust's exposure to capital risk and interest costs. In some circumstances the use of"]
["gearing can affect the eligibility of the Trust to certain investors."]
[]
["In the UK, the Threadneedle Property Unit Trust (‘the Trust’) is an unregulated collective investment scheme for the purposes of Section 238 of the Financial"]
["Services and Markets Act 2000. Accordingly, this document may only be communicated in the UK to persons described in the Financial Services and Markets Act"]
["2000 (Promotion of Collective Investment Schemes) Exemptions Order 2001 and to persons whom units are permitted to be promoted in accordance with the"]
["FSA’s Conduct of Business rules. Approved for UK purposes by Threadneedle Asset Management Limited. Regulated by the Financial Services Authority."]
[]
["Units in the Trust may only be promoted in accordance with the aforementioned legislation."]
[]
["The Manager of the Trust is Threadneedle Investments (Channel Islands) Limited. As an Investment Advisor to the Trust, Threadneedle Asset Management"]
["Limited (regulated by the Financial Services Authority) has approved these details for UK purposes. Any investment would have to be made solely on the basis of"]
["the information contained in the Prospectus."]
[]
["Threadneedle Investments is a brand name and both the Threadneedle name and logo are trademarks or registered trademarks of the Threadneedle group of"]
["companies."]
[]
["Threadneedle Asset Management Limited is authorised and regulated by the Financial Services Authority (“FSA”), registration number 122194. Confirmation of"]
["this can be found at the FSA’s website www.fsa.gov.uk."]
[]
["Threadneedle Asset Management Limited"]
[]
["Registered Office Address: 60 ST MARY AXE, LONDON, EC3A 8JQ"]
[]
["Tel: 020 7464 5000"]
[]
["Fax: 020 7464 5466"]
[]
["Threadneedle Investments is a brand name and both the Threadneedle name and logo are trademarks or registered trademarks of the Threadneedle group of"]
["companies."]
[]
["For investment professional use only (not for onward distribution to, or to be relied upon by private investors)."]

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[]
[]
["CONTACT US",null,null,"AMERICAS",null,null,null,null,"ABOUT MSCI"]
[]
["realestate@msci.com",null,null,"Canada ",null,"+ 1 416 687 6284",null,null,"MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. For data licensing and subscription requests contact realestate@msci.com  \n\nFor more information, visit us at"]
[null,null,null,"US",null,"+ 1 212 804 3900"]
["+ 44 20 7336 4783"]
[null,null,null,"EUROPE, MIDDLE EAST & AFRICA"]
[]
[null,null,null,"UK ",null,"+ 44 20 7336 9200"]
[null,null,null,"France ",null,"+ 44 20 7336 4783"]
[null,null,null,"Germany ",null,"+ 49 691 3385 900"]
[null,null,null,"Italy",null,"+ 44 20 7336 9684"]
[null,null,null,"Netherlands",null,"+ 44 20 7336 9200"]
[null,null,null,"Spain ",null,"+ 34 93 467 7403"]
[null,null,null,"South Africa",null,"+ 27 21 673 0100"]
[null,null,null,"Sweden ",null,"+ 46 8 400 252 30"]
[]
[null,null,null,"ASIA PACIFIC"]
[null,null,null,null,null,null,null,null,"www.msci.com."]
[null,null,null,"Australia",null,"+ 61 2 9033 9300"]
[null,null,null,"Hong Kong",null,"+ 852 2844 9333"]
[null,null,null,"Singapore",null,"+ 65 6826 9339"]
[null,null,null,"Japan",null,"+ 81 3 5211 1455"]

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[]
[null,null,"This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the “Information Providers”) and is provided for informational purposes only.  The Information may not be modified, reverse-engineered, reproduced or redisseminated in whole or in part without prior written permission from MSCI. \nThe Information may not be used to create derivative works or to verify or correct other data or information.   For example (but without limitation), the Information may not be used to create indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any other MSCI data, information, products or services.  \n"]
["NOTICE AND DISCLAIMER",null,"The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.  NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.\nWithout limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable), any liability for death or personal injury to the extent that such injury results from the negligence or willful default of itself, its servants, agents or sub-contractors.  \nInformation containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction.  Past performance does not guarantee future results.  \nThe Information should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions.  All Information is impersonal and not tailored to the needs of any person, entity or group of persons.\nNone of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading strategy. \nIt is not possible to invest directly in an index.  Exposure to an asset class or trading strategy or other category represented by an index is only available through third party investable instruments (if any) based on that index.   MSCI does not issue, sponsor, endorse, market, offer, review or otherwise express any opinion regarding any fund, ETF, derivative or other security, investment, financial product or trading strategy that is based on, linked to or seeks to provide an investment return related to the performance of any MSCI index (collectively, “Index Linked Investments”). MSCI makes no assurance that any Index Linked Investments will accurately track index performance or provide positive investment returns.  MSCI Inc. is not an investment adviser or fiduciary and MSCI makes no representation regarding the advisability of investing in any Index Linked Investments.\nIndex returns do not represent the results of actual trading of investible assets/securities. MSCI maintains and calculates indexes, but does not manage actual assets. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the index or Index Linked Investments. The imposition of these fees and charges would cause the performance of an Index Linked Investment to be different than the MSCI index performance.\n"]
[null,null,"The Information may contain back tested data.  Back-tested performance is not actual performance, but is hypothetical.  There are frequently material differences between back tested performance results and actual results subsequently achieved by any investment strategy.  \nConstituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index methodologies. Accordingly, constituents in MSCI equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI.  Inclusion of a security within an MSCI index is not a recommendation by MSCI to buy, sell, or hold such security, nor is it considered to be investment advice.\nData and information produced by various affiliates of MSCI Inc., including MSCI ESG Research LLC and Barra LLC, may be used in calculating certain MSCI indexes.  More information can be found in the relevant index methodologies on www.msci.com. \nMSCI receives compensation in connection with licensing its indexes to third parties.  MSCI Inc.’s revenue includes fees based on assets in Index Linked Investments. Information can be found in MSCI Inc.’s company filings on the Investor Relations section of www.msci.com.\nMSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc.  Except with respect to any applicable products or services from MSCI ESG Research, neither MSCI nor any of its products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies and MSCI’s products or services are not intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Issuers mentioned or included in any MSCI ESG Research materials may include MSCI Inc., clients of MSCI or suppliers to MSCI, and may also purchase research or other products or services from MSCI ESG Research.  MSCI ESG Research materials, including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body.\n"]
[null,null,"Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions.  The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s.  “Global Industry Classification Standard (GICS)” is a service mark of MSCI and Standard & Poor’s.\nMIFID2/MIFIR notice: MSCI ESG Research LLC does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution services for others or manage client accounts. No MSCI ESG Research product or service supports, promotes or is intended to support or promote any such activity. MSCI ESG Research is an independent provider of ESG data, reports and ratings based on published methodologies and available to clients on a subscription basis.  We do not provide custom or one-off ratings or recommendations of securities or other financial instruments upon request.\nNO REGULATED USE OF ANY MSCI PRIVATE REAL ASSETS ESTATE INDEX IN ANY JURISDICTION IS PERMITTED WITHOUT MSCI’S EXPRESS WRITTEN AUTHORIZATION. THE PROCESS FOR APPLYING FOR MSCI’S EXPRESS WRITTEN AUTHORIZATION CAN BE FOUND ON THE INDEX REGULATION PAGE OF MSCI’S WEBSITE AT: https://www.msci.com/index-regulation.\nPrivacy notice: For information about how MSCI ESG Research LLC collects and uses personal data concerning officers and directors, please refer to our Privacy Notice at https://www.msci.com/privacy-pledge.\n"]

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[]
["Property Fund Returns "]
[{"$f":"Index!$T$7 & \" \" & Index!$T$4","v":"June 2021"}]
["Chart 8: Quarterly Property Fund returns by type of fund (%)"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["+ Also see Table 6\n Source: MSCI/AREF UK Quarterly Property Fund Index  \n"]

{"sheet":"Tab_Master","index":87,"n_rows":86,"n_cols":54,"rows_kept":86,"cut":false,"hidden":true,"merged":[]}
["Title",1,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_41","Profile_1"]
["Index",4,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_42","Profile_2"]
["Article1",2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_1","Profile_3"]
["ContactUs",1,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_2","Profile_4"]
["Article2",4,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_3","Profile_5"]
["Article4",4,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_4","Profile_6"]
["Article5",4,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_5","Profile_7"]
["tbl1_IRR",10,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_6","Profile_8"]
["Profile_1",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_7","Profile_9"]
["Profile_2",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_83","Profile_10"]
["Profile_3",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_8","Profile_11"]
["Profile_4",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_9","Profile_12"]
["Profile_5",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_13","Profile_13"]
["Profile_6",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_10","Profile_14"]
["Profile_7",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_12","Profile_15"]
["Profile_8",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_19","Profile_16"]
["Profile_9",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_14","Profile_17"]
["Profile_10",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_15","Profile_18"]
["Profile_11",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_18","Profile_19"]
["Profile_12",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_20","Profile_20"]
["Profile_13",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_17","Profile_21"]
["Profile_14",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_21","Profile_22"]
["Profile_15",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_22","Profile_23"]
["Profile_16",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_86","Profile_24"]
["Profile_17",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_82","Profile_25"]
["Profile_18",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_25","Profile_26"]
["Profile_19",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_24","Profile_27"]
["Profile_20",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_84","Profile_28"]
["Profile_21",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_27","Profile_29"]
["Profile_22",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_28","Profile_30"]
["Profile_23",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_29","Profile_31"]
["Profile_24",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_30","Profile_32"]
["Profile_25",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_46","Profile_33"]
["Profile_26",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_31","Profile_34"]
["Profile_27",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_32","Profile_35"]
["Profile_28",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_11","Profile_36"]
["Profile_29",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_53","Profile_37"]
["Profile_30",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_54","Profile_38"]
["Profile_31",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_55","Profile_39"]
["Profile_32",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_85","Profile_40"]
["Profile_33",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_34","Profile_41"]
["Profile_34",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_33","Profile_42"]
["Profile_35",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_35","Profile_43"]
["Profile_36",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_81","Profile_44"]
["Profile_37",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_37","Profile_45"]
["Profile_38",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_38","Profile_46"]
["Profile_39",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_39","Profile_47"]
["Profile_40",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_40","Profile_48"]
["Profile_41",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_43","Profile_49"]
["Profile_42",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_44","Profile_50"]
["Profile_43",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_45","Profile_51"]
["Profile_44",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_47","Profile_52"]
["Profile_45",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_48","Profile_53"]
["Profile_46",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_80","Profile_54"]
["Profile_47",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_51","Profile_55"]
["Profile_48",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_50","Profile_56"]
["Profile_49",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_52","Profile_57"]
["Profile_50",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_56","Profile_58"]
["Profile_51",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Fund_58","Profile_59"]
["Profile_52"]
["Profile_53"]
["Profile_54"]
["Profile_55"]
["Profile_56"]
["Profile_57"]
["Profile_58"]
["Profile_59"]
["tbl2_Risk",3]
["tbl3_DistYield",2]
["tbl4_PortWeight",13]
["tbl5_BSRatios",4]
["tbl6a_PortAna",8]
["tbl6b_PortAna",5]
["Portfolio Yields",2]
["AvgLotSize",2]
["10_LargeDirHold",2]
["VoidAsPerOfERV",2]
["ReversionaryPotential",2]
["Units-Tables-Non-Cumulative",3]
["Units-Tables-Cumulative",3]
["Published_NAV"]
["Winding_Up_Dates"]
["Definition"]
["Appendix"]
["Contact_Us"]
["Notice_And_Disclaimer"]

{"sheet":"Table1","index":88,"n_rows":8,"n_cols":10,"rows_kept":8,"cut":false,"hidden":true,"merged":[[1,0,1,9]]}
[]
["Table 1: Funds monitored by fund type and size"]
[null,null,null,null,null,"Property Portfolio Value",null,"Gross Asset Value",null,"Net Asset Value"]
["Fund Type",null,null,"Number of Funds'","GBPm","%","GBPm","%","GBPm","%"]
["Balanced funds",null,null,36,35004.480000000003,59.2,38241.050000000003,60.43,37843.730000000003,63.61]
["Long Income Property Funds",null,null,8,12704.51,21.49,13136.39,20.76,13136.39,22.08]
["Specialist funds",null,null,13,11421.77,19.32,11899.57,18.809999999999999,8509.7099999999991,14.3]
["Total Property Funds",null,null,57,59130.76,100,63277,100,59489.83,100]

{"sheet":"Table2","index":89,"n_rows":61,"n_cols":10,"rows_kept":61,"cut":false,"hidden":true,"merged":[[1,0,1,9]]}
[]
["Table 2: Balanced funds monitored by fund type and size"]
[null,null,null,null,null,"Property Portfolio Value",null,"Gross Asset Value",null,"Net Asset Value"]
["Fund Type","Fund Sub-Type","Fund Name",null,"GBPm","%","GBPm","%","GBPm","%"]
["Balanced funds","Authorised Property Unit Trusts","Aberdeen UK Property Fund",null,440.52500099999997,7.4500141910322747E-3,515.86600099999998,8.1525040140998321E-3,515.86600099999998,8.6714988166091481E-3]
["Balanced funds","Authorised Property Unit Trusts","Aviva Investors UK Property Fund",null,217.47632247999999,3.6778881675537667E-3,369.25337874000002,5.8355069854618613E-3,369.25337874000002,6.2069999390652608E-3]
["Balanced funds","Authorised Property Unit Trusts","Janus Henderson UK Property PAIF",null,897.620001,1.5180254765164634E-2,1111.12902968,1.7559761366496899E-2,1111.12902968,1.8677629553590588E-2]
["Balanced funds","Authorised Property Unit Trusts","Kames Capital UK Active Value Property Unit Trust",null,194.27,3.285430460487849E-3,204.767,3.2360415034507774E-3,204.767,3.4420504447638632E-3]
["Balanced funds","Authorised Property Unit Trusts","Kames Capital UK Active Value Property Unit Trust II",null,144.72499999999999,2.4475416862825136E-3,151.52700000000002,2.3946615465059605E-3,151.52700000000002,2.5471075795598604E-3]
["Balanced funds","Authorised Property Unit Trusts","L&G UK Property Fund",null,1756.3758563399999,2.9703251858160629E-2,2162.24582642,3.4171117587103124E-2,2162.24582642,3.6346477745524269E-2]
["Balanced funds","Authorised Property Unit Trusts","M&G Property Portfolio",null,1031.0656719399999,1.7437044141427122E-2,1196.5300000881646,1.8909398196043616E-2,1196.5300000881646,2.0113185322716904E-2]
["Balanced funds","Authorised Property Unit Trusts","Standard Life Investments UK Real Estate Fund",null,1030.6650010000001,1.74302681260315E-2,1030.6650010000001,1.6288145645490422E-2,1030.6650010000001,1.7325061777994491E-2]
["Balanced funds","Common Investment Funds","COIF Charities Property Fund",null,590.40000099999997,9.9846509865519958E-3,618.27776799999992,9.7709714842182122E-3,618.27776699999993,1.0392999179017898E-2]
["Balanced funds","Common Investment Funds","Mayfair Capital Property Income Trust for Charities",null,578.38500099999999,9.7814572511180052E-3,669.01688999999999,1.0572828739736204E-2,593.51688999999999,9.9767788520580217E-3]
["Balanced funds","Common Investment Funds","The Charities Property Fund",null,1067.5600010000001,1.8054224253275537E-2,1143.061001,1.806439924505409E-2,1143.060999,1.921439304184842E-2]
["Balanced funds","Managed Property Funds","Aegon UK Property Fund Limited",null,340.99100100000004,5.7667278603883388E-3,362.13003530000003,5.7229330110657242E-3,362.13003430000003,6.0872594003167895E-3]
["Balanced funds","Managed Property Funds","Aviva Investors Pensions Limited",null,466.26000099999999,7.8852360621428676E-3,471.07113361,7.4445869668431268E-3,471.07113361,7.9185152146474657E-3]
["Balanced funds","Managed Property Funds","Kames Capital Active Value Property Fund",null,156.66999999999999,2.6495516046977467E-3,178.82999999999998,2.826145336221669E-3,178.82999999999998,3.0060599658984191E-3]
["Balanced funds","Managed Property Funds","Legal And General Managed Fund",null,3006.7912660000002,5.084986675063171E-2,3242.6494581100001,5.1245309193308164E-2,3198.2658831100002,5.3761555843626491E-2]
["Balanced funds","Managed Property Funds","Standard Life Investments Pooled Pension Property Fund",null,2334.8307326040003,3.9485890816803121E-2,2619.8705386540005,4.1403203625351201E-2,2619.8705376540006,4.4038964038911027E-2]
["Balanced funds","Managed Property Funds","Threadneedle Pensions Ltd",null,1887.70487686,3.1924245137423729E-2,2037.22837815,3.2195400546480221E-2,2037.22837815,3.4244985007822408E-2]
["Balanced funds","Other balanced funds","AEW UK Core Property Fund",null,310.64500099999998,5.2535262710849753E-3,312.05354580999995,4.9315476885442395E-3,297.05354580999995,4.9933499512811773E-3]
["Balanced funds","Other balanced funds","BlackRock UK Property Fund",null,2777.76297918,4.6976615554709659E-2,3045.45746818,4.8128979591558235E-2,2965.45746818,4.9848140556228729E-2]
["Balanced funds","Other balanced funds","BMO UK Property Fund",null,260.46000099999998,4.4048140269938516E-3,320.57353670999998,5.066193623491878E-3,320.57353670999998,5.3887114848202109E-3]
["Balanced funds","Other balanced funds","CBRE UK Property PAIF",null,1382.445001,2.3379455995442191E-2,1537.0759270000001,2.4291226094668956E-2,1537.0759250000001,2.5837624574673052E-2]
["Balanced funds","Other balanced funds","Federated Hermes Property Unit Trust",null,1302.900001,2.2034217070340499E-2,1365.0796640839999,2.1573077930000777E-2,1317.0796640839999,2.2139576413923001E-2]
["Balanced funds","Other balanced funds","Fidelity UK Real Estate Fund",null,534.25,9.0350606038793087E-3,592.56170999999995,9.3645669805963051E-3,592.56170999999995,9.9607226626142638E-3]
["Balanced funds","Other balanced funds","LF Canlife UK Property ACS",null,245.09500100000002,4.1449661913764337E-3,321.05700100000001,5.0738340660821217E-3,321.05700100000001,5.3968383239809247E-3]
["Balanced funds","Other balanced funds","Lothbury Property Trust",null,1553.3752850000001,2.6270172841447437E-2,1585.5077269999999,2.5056619516884579E-2,1585.5077269999999,2.6651743576342337E-2]
["Balanced funds","Other balanced funds","M&G UK Property Limited Partnership",null,404.48776800000002,6.8405643376843678E-3,451.87474801595994,7.1412163040968915E-3,451.87474801595994,7.5958317374669425E-3]
["Balanced funds","Other balanced funds","Mayfair Capital Property Unit Trust",null,331.245001,5.601906708033808E-3,348.286517,5.5041565491720582E-3,348.286517,5.85455547400268E-3]
["Balanced funds","Other balanced funds","Nuveen Real Estate UK Property Fund",null,161.815001,2.7365621724881437E-3,165.44526300000001,2.6146192385361378E-3,165.44526200000001,2.7810679340478394E-3]
["Balanced funds","Other balanced funds","PATRIZIA Hanover Property Unit Trust",null,517.22500000000002,8.7471393932456246E-3,518.64300000000003,8.196390402136192E-3,482.64300000000003,8.1130336080138168E-3]
["Balanced funds","Other balanced funds","Royal London Property Fund",null,377.25167861,6.379956535622928E-3,406.28538725999999,6.4207434568017878E-3,406.28538626,6.8294930065747458E-3]
["Balanced funds","Other balanced funds","Royal London UK Real Estate Fund",null,2897.3069569999998,4.899830406090059E-2,2999.6305208700001,4.7404752037940652E-2,2999.6305208700001,5.0422575749451047E-2]
["Balanced funds","Other balanced funds","Schroder UK Real Estate",null,2124.9121890000001,3.5935817324355343E-2,2294.1908680000006,3.6256315058997624E-2,2286.5203680000004,3.8435482522262053E-2]
["Balanced funds","Other balanced funds","The Local Authorities’ Property Fund",null,1146.9617519999999,1.9397040598318368E-2,1253.5359779999999,1.9810293899294125E-2,1253.5359769999998,2.1071432736526653E-2]
["Balanced funds","Other balanced funds","Threadneedle Property Unit Trust",null,1320.7243473999999,2.2335656564862794E-2,1414.07969776,2.2347451450372823E-2,1414.07969776,2.3770107744931348E-2]
["Balanced funds","Other balanced funds","Tritax Property Income Fund",null,252.11799999999999,4.2637368447895991E-3,258.58209879999998,4.0865100517476424E-3,198.58209879999998,3.3380847572933203E-3]
["Balanced funds","Other balanced funds","Triton Property Fund LP",null,961.18499999999995,1.6255245159643859E-2,967.00900000000001,1.5282156100399151E-2,936.24900000000002,1.573796699106654E-2]
["Long Income Property Funds","Long Income Property Funds","AEW UK Real Return Fund",null,141.80539200000001,2.3981662343039068E-3,147.38447275999999,2.3291949914564874E-3,147.38447275999999,2.4774733722467265E-3]
["Long Income Property Funds","Long Income Property Funds","AXA UK Long Lease Property Fund",null,421.51100000000002,7.1284556484824914E-3,444.64149000000003,7.0269052913613716E-3,444.64149000000003,7.4742435959650085E-3]
["Long Income Property Funds","Long Income Property Funds","BlackRock Long Lease Property Fund",null,1111.7785650000001,1.8802034090536213E-2,1117.6823411100002,1.7663326822710639E-2,1117.6823411100002,1.878778806801092E-2]
["Long Income Property Funds","Long Income Property Funds","KFIM Long Income Property Unit Trust",null,857.83430599999997,1.4507412153105749E-2,866.95092899999997,1.3700885336500551E-2,866.95092899999997,1.4573094447605787E-2]
["Long Income Property Funds","Long Income Property Funds","LPI (Limited Price Inflation) Income Property Fund",null,1887.865002,3.192695312122177E-2,1911.3987790000001,3.0206848654759512E-2,1911.3987790000001,3.2129840342330823E-2]
["Long Income Property Funds","Long Income Property Funds","M&G Secure Property Income Fund",null,4560.8019425000002,7.7130785124525925E-2,4773.5380083399996,7.5438752891276439E-2,4773.5380073399992,8.0241243077555702E-2]
["Long Income Property Funds","Long Income Property Funds","PGIM Real Estate UK Ground Lease Fund",null,658.87199999999996,1.1142626954046171E-2,679.38965034,1.0736754972799092E-2,679.38965034,1.1420265219106411E-2]
["Long Income Property Funds","Long Income Property Funds","Standard Life Investments Long Lease Property Fund",null,3064.0441459499998,5.1818108660027819E-2,3195.4008359499999,5.0498614158021107E-2,3195.4008359499999,5.3713395559736268E-2]
["Specialist funds","Healthcare","Octopus Healthcare Fund",null,893.44,1.5109563960561402E-2,899.31761200000005,1.421239319429519E-2,708.81761200000005,1.1914937351433872E-2]
["Specialist funds","Industrial","Airport Industrial Property Unit Trust",null,715.20000100000004,1.2095227614280847E-2,715.39711799999998,1.1305800081541816E-2,662.40778299999999,1.1134806898036278E-2]
["Specialist funds","Industrial","Industrial Property Investment Fund",null,2850.3720010000002,4.8204555493936797E-2,2930.5382940200002,4.6312850932526031E-2,2603.5382940200002,4.3764425629575519E-2]
["Specialist funds","Leisure","The Leisure Fund Limited Partnership",null,436.10000100000002,7.375180043775062E-3,463.22831099999996,7.3206426815326893E-3,303.378311,5.0996666958506966E-3]
["Specialist funds","Offices","Nuveen Real Estate Central London Office Fund",null,208.38300000000001,3.5241048831411922E-3,314.11599999999999,4.9641417459744212E-3,314.11599999999999,5.2801629047036173E-3]
["Specialist funds","Offices","West End of London Property Unit Trust",null,802.98000100000002,1.3579734155803588E-2,924.68990400000007,1.4613364981495628E-2,617.530034,1.0380430089734886E-2]
["Specialist funds","Residential","UNITE UK Student Accommodation Fund",null,2795.19,4.7271335609466364E-2,2799.4625525696056,4.4241391471631163E-2,1889.4733647896057,3.1761282997961271E-2]
["Specialist funds","Retail warehouses","Aberdeen Standard UK Retail Park Trust",null,84.325573000000006,1.4260864061990618E-3,89.877325000000013,1.4203790352895445E-3,89.877325000000013,1.5108014791955556E-3]
["Specialist funds","Retail warehouses","Hercules Unit Trust",null,685.22500100000002,1.1588300255176901E-2,693.07103013999995,1.095296907398372E-2,191.20417514000002,3.2140648448301954E-3]
["Specialist funds","Retail warehouses","Nuveen Real Estate UK Retail Warehouse Fund",null,520.000001,8.7940692991152099E-3,534.84288851899998,8.4524058323508251E-3,229.84288851899998,3.8635659879406102E-3]
["Specialist funds","Shopping centres","Aberdeen Standard UK Shopping Centre Trust",null,534.89785299999994,9.0460168811229286E-3,605.05773012999998,9.5620482142356918E-3,605.05772912999998,1.0170775689733841E-2]
["Specialist funds","Shopping centres","Grosvenor Liverpool Fund",null,534.000001,9.0308327028668436E-3,547.06417899999997,8.6455453676384623E-3,147.064179,2.4720893636952361E-3]
["Specialist funds","Shopping centres","Nuveen Real Estate UK Shopping Centre Fund",null,361.65249915300001,6.1161483339106509E-3,382.90300283300002,6.051219234366469E-3,147.40300283300002,2.4777848552787153E-3]

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{"sheet":"Table4","index":91,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":true,"merged":[]}

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[]
[null,"Index specification",null,null,null,null,null,null,null,null,null,null,{"$f":"CONCATENATE(\"Table 5: MSCI UK Property Fund Index: \",Index!T5, \" \",Index!T4)","v":"Table 5: MSCI UK Property Fund Index: Q2 2021"}]
[null,null,"3 month","12 month","No. of","NAV","NAV in Index","Index leverage",null,"Index distribution","Index weighting",null,"Index ",null,"Number of Funds",null,"NAV (GBPm)",null,"Adjusted NAV* (GBPm)",null,"Index Weighting",null,"Cash & Deposits^",null,"Total Return"]
[null,null," total return (%)","total return (%)"," funds","(GBPm)","(GBPm)","(% ND/NAV)","(% D/GAV)"," yield (%)","(%)",null,"All balanced property fund index ",null,{"$f":"VLOOKUP(M4,$A$5:$K$11,5,0)","v":0},null,{"$f":"ROUND(VLOOKUP(M4,$A$5:$K$11,6,0),2)","v":0},null,{"$f":"ROUND(VLOOKUP(M4,$A$5:$K$11,7,0),2)","v":0},null,{"$f":"ROUND(VLOOKUP(M4,$A$5:$K$11,11,0),2)","v":0},null,{"$f":"VLOOKUP(M4,$A$17:$C$23,3,0)/100","v":0},null,{"$f":"VLOOKUP(M4,$A$5:$K$11,3,0)/100","v":0}]
["All property fund Index","All property fund index",null,null,null,null,null,null,null,null,null,null,"Managed property fund index ",null,{"$f":"VLOOKUP(M5,$A$5:$K$11,5,0)","v":0},null,{"$f":"ROUND(VLOOKUP(M5,$A$5:$K$11,6,0),2)","v":0},null,{"$f":"ROUND(VLOOKUP(M5,$A$5:$K$11,7,0),2)","v":0},null,{"$f":"ROUND(VLOOKUP(M5,$A$5:$K$11,11,0),2)","v":0},null,{"$f":"VLOOKUP(M5,$A$17:$C$23,3,0)/100","v":0},null,{"$f":"VLOOKUP(M5,$A$5:$K$11,3,0)/100","v":0}]
["All balanced property fund index ","All balanced property fund index",null,null,null,null,null,null,null,null,null,null,"Other balanced fund index",null,0,null,0,null,0,null,0,null,0,null,0]
["Long income fund index","Long income property fund index",null,null,null,null,null,null,null,null,null,null,"Long income fund index",null,0,null,0,null,0,null,0,null,0,null,0]
["Specialist property fund index ","Specialist property fund index",null,null,null,null,null,null,null,null,null,null,"Specialist property fund index ",null,0,null,0,null,0,null,0,null,0,null,0]
[null,"Low geared balanced property fund index",null,null,null,null,null,null,null,null,null,null,"All property fund Index",null,{"$f":"VLOOKUP(M9,$A$5:$K$11,5,0)","v":0},null,{"$f":"ROUND(VLOOKUP(M9,$A$5:$K$11,6,0),2)","v":0},null,{"$f":"ROUND(VLOOKUP(M9,$A$5:$K$11,7,0),2)","v":0},null,{"$f":"ROUND(VLOOKUP(M9,$A$5:$K$11,11,0),2)","v":0},null,{"$f":"VLOOKUP(M9,$A$17:$C$23,3,0)/100","v":0},null,{"$f":"VLOOKUP(M9,$A$5:$K$11,3,0)/100","v":0}]
["Managed property fund index ","Managed property fund index ",null,null,null,null,null,null,null,null,null,null,"* Adjusted to exclude cross-holdings ^ % of portfolio including cash and deposits"]
["Other balanced fund index","Other balanced property fund index"]
[]
[]
[null,"2017-06-30","Cash"]
[]
[null,"Weighted aggregations"]
["All property fund Index"," All property fund index"]
["All balanced property fund index ","     All balanced property fund index"]
["Long income fund index","     Long income property fund index"]
["Specialist property fund index ","     Specialist property fund index"]
[null,"  Low geared balanced property fund index"]
["Managed property fund index ","      Managed property fund index",null,null,null,null,null,"`"]
["Other balanced fund index","  Other balanced property fund index"]

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[]
[null,null,null,null,null,"Other balanced property fund index","Managed property unit trust index","All balanced property fund index","Long income property fund index","Specialist property fund index","All property fund index","Total return (%)"]
[null,{"$f":"CONCATENATE(\"Direct market returns and weighted average portfolio distributions as at \",Index!T5,\" \",Index!T4)","v":"Direct market returns and weighted average portfolio distributions as at Q2 2021"}]
[null,null,null,null,null,"----------------------Weighted average portfolio distributions (%CV) ---------------------"]
[null,"Segment",null,null,null,"Other Balanced Funds Index","Managed Funds Index","All Balanced Fund Index","Long Income Fund Index","Specialist Property Fund Index","All Property Fund Index",null,null,"3-months direct total return (%)"]
[null,"Offices - West End",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,7,0)","v":0},0,0,0,0,0,null,null,{"$f":"VLOOKUP(B6,$B$31:$C$41,2,0)","v":0}]
[null,"Other property",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,12,0)","v":0},0,0,0,0,0,null,null,{"$f":"VLOOKUP(B7,$B$31:$C$41,2,0)","v":0}]
[null,"Standard Retail - Rest of UK",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,3,0)","v":0},0,0,0,0,0,null,null,0]
[null,"Standard Retail - South East",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,2,0)","v":0},0," ",0,0,0,null,null,0]
[null,"Shopping Centres",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,4,0)","v":0},0,0,0,0,0,null,null,0]
[null,"Industrials - Rest of UK",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,11,0)","v":0},0,0,0,0,0,null,null,0]
[null,"Retail Warehouses",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,5,0)","v":0},0,0,0,0,0,null,null,0]
[null,"Offices - Rest of UK",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,9,0)","v":0},0,0,0,0,0,null,null,0]
[null,"Offices - South East",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,8,0)","v":0},0,0,0,0,0,null,null,0]
[null,"Industrials - South East",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,10,0)","v":0},0,0,0,0,0,null,null,0]
[null,"Offices - City",null,null,null,{"$f":"VLOOKUP(F2,$B$22:$M$28,6,0)","v":0},0,0,0,0,0,null,null,0]
[]
[]
[]
[null,null,"Standard retail",null,"Shopping centres","Retail warehouses","Offices",null,null,null,"Industrials",null,"Other property"]
[null,null,"South Eastern","Rest of UK",null,null,"City","WE & MT","Rest of South Eastern","Rest of UK","South Eastern","Rest of UK"]
[null,"Other balanced property fund index"]
[null,"Managed property unit trust index"]
[null,"Low geared balanced property fund index"]
[null,"All balanced property fund index"," "]
[null,"Specialist property fund index"]
[null,"All property fund index"]
[null,"Long income property fund index"]
[]
[]
[null,"Standard Retail - South East"]
[null,"Standard Retail - Rest of UK"]
[null,"Shopping Centres"]
[null,"Retail Warehouses"]
[null,"Offices - City"]
[null,"Offices - West End"]
[null,"Offices - South East"]
[null,"Offices - Rest of UK"]
[null,"Industrials - South East"]
[null,"Industrials - Rest of UK"]
[null,"Other Property"]

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[null,"Table 7: MSCI/AREF UK Quarterly Property Fund Index  (weighted average returns %)  "]
[]
[null,"All balanced property fund index"]
[null,"Managed property unit trust index"]
[null,"Other balanced property fund index"]
[null,"Long income property fund index"]
[null,"Specialist property fund index"]
[null,"All property fund index"]
[null,"Direct property*"]

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[]
[null,"Fund Type","2014-03-31","2014-06-30","2014-09-30","2014-12-31","2015-03-31","2015-06-30","2015-09-30","2015-12-31","2016-03-31","2016-06-30","2016-09-30","2016-12-31","2017-03-31","2017-06-30"]
[null,"Other balanced property fund index",10,10.1,10.199999999999999,10.3,10.4,10.5,10.6,10.7,10.8,10.9,11,11.1,11.2,11.3]
[null,"Managed property unit trust index",8,8.1,8.1999999999999993,8.3000000000000007,8.4,8.5,8.6,8.6999999999999993,8.8000000000000007,8.9,9,9.1,9.1999999999999993,9.3000000000000007]
[null,"Low geared balanced property fund index",7,7.1,7.2,7.3,7.4,7.5,7.6,7.7,7.8,7.9,8,8.1,8.1999999999999993,8.3000000000000007]
[null,"All balanced property fund index",6,6.1,6.2,6.3,6.4,6.5,6.6,6.7,6.8,6.9,7,7.1,7.2,7.3]
[null,"Specialist property fund index",5,5.0999999999999996,5.2,5.3,5.4,5.5,5.6,5.7,5.8,5.9,6,6.1,6.2,6.3]
[null,"All property fund index",4,4.0999999999999996,4.2,4.3,4.4000000000000004,4.5,4.5999999999999996,4.7,4.8,4.9000000000000004,5,5.0999999999999996,5.2,5.3]
[null,"Long income property fund index",3,3.1,3.2,3.3,3.4,3.5,3.6,3.7,3.8,3.9,4,4.0999999999999996,4.2,4.3]

{"sheet":"Chart10","index":96,"n_rows":218,"n_cols":67,"rows_kept":218,"cut":false,"hidden":true,"merged":[]}
[]
["Net new cash flow (GBPm)"]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-30","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
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["Managed Funds","Managed Funds",166.60898167048899,184.84635250045099,112.812451326794,127.605433209555,93.857925052836805,106.12272630776199,157.43607069222699,200.42000451638799,87.573903225391604,-136.29671417981501,-126.472600257807,-87.336028525258897,-123.30656249743799,-43.0966095526747,-315.016277707092,-213.24315357642499,-93.920935292969503,-54.621287645263202,481.11623591012602,425.121090344457,423.11621571282598,117.627974265098,12.282578505412999,-72.329434110877003,-31.535536169435201,-23.696910235123902,-101.547044239149,8.64978932793748,-40.400225181104801,-34.102399752535888,-182.03470554437808,-0.17822365308072463,-46.229123549038057,69.7387916175865,-23.618753520150726,87.888041950727057,85.253233508740522,16.303704516343572,42.331091014609811,6.2313270383883932,-15.672689019999467,3.2884544042577559,-17.356852674185191,-109.35289350622958,-83.988551607212386,-176.60136247174188,-144.30477250326445,-92.436884665853484,-98.259188781743376,-51.280637964635318,-113.97958421198383,-28.266095873852279,-94.635551631722166,-43.271984607875716,-224.49552160002364,-215.38355459549305,-213.71034192465436,-136.59581241306094,-27.369862786725783,-261.6893425150339,0.59054705885871839,-74.36104514365185,-196.31806839370364,-103.05418850176613,-74.213850625434759]
["Other Balanced Funds","Other Balanced Funds",158.30415598809986,447.55527964844987,265.64501722241084,320.31021765124945,278.06334728573461,409.13446926297922,300.98854617755126,205.66477541559993,174.84456867050574,-67.11645837075028,-265.95204746414277,-242.2289336709606,-151.40795529029987,-67.616237413930065,-114.87229907642313,-61.010425063498985,-16.639098162952507,-52.642859191939806,629.56821445789365,247.95923460255312,207.34623738015409,169.27369517072202,261.40770323999976,179.73465158053801,130.28759297183325,-33.2217255574501,64.521863844048795,19.954735850973222,33.001539571379638,7.30296503718683,505.17146308544841,36.786769315412386,115.20859592652592,103.07050048363848,215.30092264272281,518.82730289247002,493.1301788270419,463.06522883621471,407.12038026320818,505.12649007945839,413.2319891254046,480.47615985897403,511.57170237744447,158.00193628970379,-129.30283543677166,8.5680532523635975,1994.8399263670576,104.25105648228347,251.55791500210162,337.60417041344954,381.98946818257116,302.07471252746376,171.64309247712916,200.92714110494967,-43.40043372853242,-87.134966576047105,22.93269024208843,-291.36423358706753,-201.6528733161916,-227.55319015866152,-4.8559779117535093,1.9837232507534788,-190.12393106859258,-275.51464229007644,-260.30983789652282]
["Balanced Funds","Balanced Funds",583.37201786149683,980.97528803787191,699.92527654680487,937.23290124395942,949.40012918179139,1352.4953153011672,1320.4620382987782,1413.970036526988,809.61651534589737,-311.6696810759413,-1287.5781392919498,-608.14538644684148,-296.47244443646576,-273.26872029170977,-792.40803899776506,-449.82171538992401,-121.94744235592201,277.24995757135702,2284.1707017407998,1557.6960677770101,1102.8366179729801,578.17554111899699,311.19295659982998,296.84541918981,452.24194538196002,-30.3303754222244,-41.844107378228102,65.743657306453599,-4.87394850395013,36.906403319203797,290.48553374015268,-10.476907130752252,243.50712963787169,595.90446986534448,710.82641302597074,1105.5124217964344,1962.6013067785766,1291.0632565028172,1344.0471193019848,1592.5183524557328,855.35066400915889,783.49887574520153,733.95817819384558,-360.26468732317966,-1127.6350108189035,-789.5685878195236,1227.7285186907252,-480.33974662798005,-561.97876409635307,-106.73590599355924,-58.575072379773019,-137.2515717386313,-168.31240656202837,146.24152917937695,-815.43371695307701,-877.4259819984278,-425.27451850390622,-1202.5434315149448,-939.29689498777827,-617.34952731219971,-18.93302073381491,-76.669914515449506,-1033.1565857540954,-614.05273021420135,-561.42180693522005]
["Long Income Property Funds","Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,9.5808020000000003,0.113758,0.11341642851,-0.42690860958465299,60.770203094999999,32.428802994497701,93.4109183456046,21.926315251936298,-1.1807012873517799,22.1799713747216,39.3549001772829,101.967748508575,0.248899592187518,54.4767038711528,212.70041893473001,126.94975894332649,167.83883017233038,191.0158140084236,145.70488604799019,261.01838848704557,168.48781454169455,179.4010159963492,172.1683532586957,317.17025805840188,127.33807901208036,291.74372463740423,79.621571846526649,313.0678293911817,109.74505253636126,68.288330593424703,142.45432541254382,27.757456716275506,152.33040650010898,183.87794355088465,206.56110598372231,223.5180806504253,111.135057748778,66.440177917763606,190.9135839298568,269.9109344770614,304.05459964468832,133.96620947855476,79.341964141317206,211.06300856000655,256.35752448458305,37.66541578079007,10.904214377361072,2.6120362610250467,399.87992797542591,86.566648026043922]
["Specialist Funds","Specialist Funds",104.136664603165,177.20703188444,-51.987511565832229,197.17235599090819,87.865621084273428,334.33379103911085,258.13627649656843,338.10621428171999,-15.127844901040499,116.53678788888499,52.05734075922868,85.790874339795451,298.4697112397721,-156.59110108494002,273.1646174863651,-6.9281549279619297,50.804893787919966,11.708401382687205,254.43796681999757,-3.2877243670000005,72.542016005830007,74.871959229929999,51.263867742000016,-80.961625060000003,23.419728369006101,-62.460999999999999,-26.433178560169999,-4.0080985695599995,-66.120304665819404,47.009262999999997,-135.11590147832698,4.1286195896279079,13.155780248743582,99.431934392278364,70.772783437680005,118.60596529893036,-0.76320772498640399,18.680893402500001,-96.848950523101493,0.64907719035630584,271.27357332992392,6.6771671825600007,0.17421293561197509,29,30.124710253662251,-17.860506771396828,0,8.95435574473189,-84.459886212250211,49.0517127177974,55.115936551261008,4.4914854416863719,-89.714826871581295,26.150350153200005,24.681160033353716,50.4426745899734,-41.563387314847631,18.960620090377002,225.83410334000001,160.25654762017803,0,-7.9236711942837701,28.947487203936937,-75.454233887192572,-102.4258909305786]
["All Pooled Funds","All Pooled Funds",687.50868246466189,1158.182319922312,647.93776498097259,1134.4052572348676,1037.2657502660647,1686.829106340278,1578.5983147953466,1752.076250808708,794.48867044485689,-195.13289318705631,-1235.5207985327211,-522.35451210704605,1.9972668033063314,-429.85982137664979,-519.2434215113999,-447.16906831788594,-71.028790568002037,289.07177538255422,2538.1817599512128,1615.17854650501,1207.8074369733079,746.45841869453159,384.38313959376626,214.7030928424582,497.84164512568776,-53.436475244941498,33.690462570176898,61.984458329081114,-16.517549298616736,296.61608525393382,282.31939120515216,161.49054263120601,447.67872389503884,841.04129030561296,1042.6175849506963,1392.6062016370595,2141.2391150499393,1481.9125031640131,1564.3684268372854,1720.5055086581697,1418.3679619764871,869.79761477428815,1047.2002205206393,-221.51963478681841,-1029.2219699718166,-664.97476917837662,1255.4859754070008,-319.05498438313913,-462.56070675771866,148.87691270796046,220.05894482191329,-21.625028548166931,-191.58705551584606,363.30546326243376,-520.8416224426619,-522.92870776376606,-332.87169634019915,-1104.2408472832506,-502.39978308777171,-200.73545520743863,18.73239504697516,-73.689371332372204,-1001.5970622891335,-289.627036125968,-577.2810498397547]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Chart 10 Article"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Net asset value (GBPm)",null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Authorised Property Unit Trusts",null,2790.1544399500003,3202.8223053700003,4030.81706803,5117.2255969649996,5878.8802860000005,6841.0649610000009,7994.279466,9778.3217850600013,10309.794858560001,9846.6727759799996,7592.1712843600017,6998.4903549900018,6748.8751740700018,6212.8076038700028,5043.7146707499996,4458.1179778300038,4298.1734291500043,4706.2022828700001,6201.0780020000002,7228.3,7719.4,8151.3,8332.2999999999993,8548.3756733500013,8832.9,8781.6190000000006,8820.8110000000015,8858.0139999999992,8826.6,8849.9908216399999,8840.8629179499985,8843.4023679973925,9091.9108014601006,9693.5872783500017,10531.736328449999,11324.863043244522,12891.721265742384,13579.78574976,14428.804873069999,15291.69128856,16368.342712240001,17123.13856834,17513.441957319999,17219.717229620001,15722.354774650001,14667.252482720001,14080.399517439999,13673.616724560001,13178.943436239999,12888.85776071,12840.837917192019,12819.876202095613,12630.210835149999,12610.929795630002,11266.766841999999,10257.132680000001,10129.069820999999,12087.757477000001,11044.367007999999,10738.616145000002,10478.631739,10368.680561000001,9375.0689259999999,8420.3567829999993,6741.9832369281648]
["Managed Funds",null,5114.1077958699998,5508.5784858699999,5935.2826211600004,6318.9152239999994,6682.4961787299999,7049.923542999999,7486.5324551099993,7737.4003064799999,7887.3337029356835,7586.1195319999997,6584.3573382300001,6085.2799673799991,5806.2540322200002,5359.7932168699999,5775.1931111999993,5138.0490228199997,4985.9907429999994,5083.3112728200003,5977.14986322,6752.4,7304.8,7557.5,7564.86,7625.3,7724.6,7814.8,7823.48,7868.1,7822.44,7796.5,7623.42775095451,7684.4920117448573,7087.1550040000002,7336.6291554010086,7604.7968144972401,7922.119698448374,8358.032988946492,8688.4490726580407,9117.7680872999899,9348.5964713716821,9630.1885926156792,9858.7371028148627,10115.978267715,9667.4582365226688,9658.5162788020643,9500.3559876725321,9584.3841293099995,9673.9797879564376,9793.5902916539999,9931.0875050249997,10027.11778474504,10144.38659351,10272.867230415,10175.29827958,9901.7227700000003,9351.2157798600001,9423.7755337399994,9288.8018519500001,9346.7207391800002,8901.3477365700001,8737.8676720599997,8621.3706046200004,8607.2893554900002,8680.9467781000003,8867.3959668240022]
["Other Balanced Funds",null,9022.0403294560165,9843.1472526620619,10737.800104690001,11433.807918951674,12853.846428725996,13664.947339919996,14357.762034565932,14895.570623059468,15177.117442919212,14727.379708170858,13076.616446073613,12106.205068372627,11251.741726815289,10202.420660714681,8406.9736365960707,7362.1709591413273,6914.7899228735751,6920.7597158324588,7994.8588517591807,8551.5,8952.2000000000007,9039.5419999999995,9207.3813549999977,9384.2999999999993,9580,9595.7000000000007,9589.6739999999991,9558.7829999999994,9543.1160000000018,9102.6200000000008,9435.9,9458.1526544430999,10247.959429084936,10443.469596033854,11190.966306869997,11888.212439605924,13366.096793723,14899.38789,15890.932126877244,16536.388764462066,15583.329911549532,16273.870103509471,17132.73435775,17457.302997089759,17390.282378810087,17115.666273131032,18340.802705331433,18708.575102544924,19229.484606281021,20036.818548410356,23681.62989406224,24151.248918170226,24659.157441216386,25028.835956763858,25522.441176879995,25339.602737339999,25263.394662490002,21618.486720905086,21294.221223885535,20579.728742300005,20033.62818935321,19940.742383622925,19718.087244030001,19612.663504439999,19879.49915348996]
["Balanced Funds",null,16926.302565276019,18554.548043902061,20703.899793880002,22869.948739916676,25415.222893455997,27555.935843919997,29838.573955675929,32411.292714599469,33374.246004414897,32160.172016150857,27253.145068663616,25189.975390742627,23806.870933105292,21775.021481454685,19225.881418546069,16958.33795979133,16198.954095023579,16710.273271522459,20173.086716979182,22532.2,23976.400000000001,24748.341999999997,25104.541354999998,25557.97567335,26137.5,26192.119000000002,26233.965,26284.897000000001,26192.156000000003,25749.110821640003,25900.190668904506,25986.047034185351,26427.025234545035,27473.686029784865,29327.499449817238,31135.195181298819,34615.851048411874,37167.622712418037,39437.505087247235,41176.676524393748,41581.86121640521,43255.745774664334,44762.154582784999,44344.47846323243,42771.153432262152,41283.274743523565,42005.586352081431,42056.171615061365,42202.018334175023,42856.76381414535,46549.585595999299,47115.511713775835,47562.235506781391,47815.06403197386,46690.930788879996,44947.951197200004,44816.240017229997,42995.046049855089,41685.308971065533,40219.692623870011,39250.127600413209,38930.793549242924,37700.445525520001,36713.967065539997,35488.878357242123]
["Long Income Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,96.315113019999998,105.89700000000001,106.04470490999998,106.155,611.98836789999996,713.5,766.4,885.4,921.4,940,977.3,1034.0999999999999,2128.1999999999998,2157.4,2233.2399999999998,2645.6,2793.33890402,2981.4950078528263,3273.1467282973008,3486.2715064900003,3702.2537571199996,4012.3564294014723,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5570.2838507099996,5921.5651186300001,6051.5613000499998,6059.1904124900002,6295.1695610899997,6369.8964111700006,7233.2413062605619,7537.8122583199993,7856.8520701999996,8270.5552285199992,8509.6128280300018,8680.3611469000007,9729.8639691000008,10461.26638015,10825.674325309999,11068.146673520001,11336.10194807,11463.818216290001,11961.851084649999,11831.221323130001,11899.08620041,12161.31298517,12720.144746720001,13136.386505500001]
["Specialist Funds",null,8785.9201177999985,11824.862985,13279.720492080001,14658.256798010803,16347.214029745001,18432.392519000001,19277.954693852109,20494.572941076603,20740.362196193855,20441.968318152161,18399.406923837818,17712.171744337109,16593.211986808168,15573.479184371903,12063.602648072925,9509.447890734622,8787.6614343771307,8966.112178047586,10381.61345414515,11047.4,11366.3,11543.262999999999,11720.9,11830.130999999999,11923.477000000001,11732.3,12026.688999999998,11632.628000000004,11457.13,11045,10753.134291036911,10480.487695916167,10490.584342807753,10477.8095849289,10758.790765788344,10770.006971694425,11390.82784387482,11280.118510672639,11403.699900584423,11349.511716757535,13211.227065807301,12331.243255215657,12303.758667286,12442.836977496496,12186.952262680563,11116.619962458659,11015.264009202449,11075.892185441862,11117.458686074729,11291.74213483206,11332.187432312134,11243.675890911878,11135.873424990619,11124.279212669799,11071.266984159311,11187.983565788789,10875.060133817036,10449.728101360422,10431.0797360459,9636.1671519229421,8748.1847022678394,8433.9394041251417,8381.2312582468567,8358.6330452058482,8509.7106984316069]
["All Funds",null,25712.222683076019,30379.411028902061,33983.620285960002,37528.205537927483,41762.436923200999,45988.328362920001,49116.528649528038,52905.865655676069,54114.608200608753,52602.140334303018,45652.551992501438,42902.147135079736,40400.082919913461,37348.500665826592,31385.799179638991,26573.682850525955,25092.660234310708,25782.540449570042,31166.688539024333,34293.1,36109.100000000006,37177.004999999997,37746.841354999997,38328.106673349997,39038.277000000002,38958.519,40388.853999999999,40074.925000000003,39882.525999999998,39439.710821640001,39446.663863961418,39448.029737954348,40190.756305650095,41437.767121203768,43788.543972725587,45917.558582394719,50300.167686406698,53025.520013020679,55774.797523521658,57613.989606551288,60198.901221292515,61157.272880589997,62987.478368700999,62838.876740778927,61017.296107432718,58695.064267072223,59390.746772453887,60365.305106763786,60857.289278569755,62005.358019177409,66152.328256831432,66868.800432717719,67378.47007867202,68669.207213743663,68223.464153189314,66961.609088298792,66759.446824567029,64780.87609928551,63580.206923401434,61817.710860442952,59829.533625811047,59263.819153778066,58242.989768936859,57792.744857465848,57134.975561173727]
[]
[]
["Net new cash flow as % of NAV (%)",null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["(For Table 9)"]
["Authorised Property Unit Trusts",null,10.208924181576048,12.212448833157898,8.6664205892219517,10.573183687714188,10.892947168029711,13.945074397804962,12.08648579285353,11.491848248645837,5.6050460119696588,-1.0874663740090533,-10.546945182404821,-3.828194512623559,-0.32135734317693582,-2.5497506754959605,-6.7055819873542877,-3.7889518713313501,-0.2642359471865024,8.8973125438552696,23.340921649542871,13.944826176210709,6.5181796729744681,3.7057621301514874,0.45212285947877562,2.2663197049804631,4.1688028286716134,0.30369122806157411,-5.4601507461747231E-2,0.42103683233067607,2.8611917176088741E-2,0.7250600015071581,-0.3679627178063522,-0.529616076667629,1.9571622575610059,4.5638912494988322,5.1849135520525609,4.6073714912353489,12.02882892822015,6.357209515735625,6.6098848713574343,7.608164354401346,2.8772815842841584,1.7816504674965434,1.3879096402113913,-2.319600036105097,-5.49594397805207,-4.0653012410349358,-4.2358559671176366,-3.4742474013403148,-5.1480215702455556,-2.9593576932361674,-2.4802496242949363,-3.1068110091419312,-1.9053191014056829,-9.042399604614447E-2,-4.6345322894124585,-5.3074716614094903,-2.2627042782183029,-6.0221027711387487,-6.0424997139499519,-1.1788925970811643,-0.13978053442686239,-4.1382471148612231E-2,-6.4530887690658911,-2.7205202598121061,-3.255875754569308]
["Managed Funds",null,3.3675395978330469,3.4721197060577165,1.9375359260969074,2.0610409997472217,1.4245420895653826,1.5283089061635098,2.1480966061102471,2.6591552118581561,1.1227769248566395,-1.7649490759739781,-1.8846044590172681,-1.4148948935620682,-2.0795227661100228,-0.79765849271832256,-5.1725032357815657,-3.9848908739650155,-1.8488694536620425,-1.0630985713116679,8.753880862727117,6.7188612421639027,6.1484402506101734,1.5810483548402008,0.1626276411342287,-0.93963258078337852,-0.40658825548334637,-0.30231446802232759,-1.2813463433284491,0.11005590844245371,-0.51381210890844808,-0.43550161292333772,-2.3321450402059725,-2.3192101628482643E-3,-0.64806721077169771,0.95967859877382,-0.30961545434380672,1.121846350788382,1.0305270541344103,0.18800082129893075,0.46643584250473152,6.6699673392321523E-2,-0.16248097046386098,3.3366866609244497E-2,-0.17128470013057828,-1.1184924414705999,-0.86208375637709667,-1.8249678703927421,-1.48329105760971,-0.94647697066803627,-0.99333485589405657,-0.51371214956291122,-1.1239373813813034,-0.27786356948321539,-0.91280951277487377,-0.42346417834525474,-2.2169729620212597,-2.25141188697804,-2.2174905850112667,-1.4492312926967805,-0.2919735252076982,-2.8559236447089074,6.7589370282065001E-3,-0.85514420337100616,-2.2299729978997416,-1.17320329191214,-0.82998310304937917]
["Other Balanced Funds",null,1.7859754948703954,4.7634601516746971,2.536679556439323,2.8821728879627964,2.2111016505692542,3.0864532658622292,2.1412349457447211,1.4000414811956523,1.1654538624652346,-0.45365829032107935,-1.9932597504967058,-1.9616166198148952,-1.3277731110370061,-0.65838358795235674,-1.347974370148691,-0.82189053326001194,-0.2400529257740894,-0.75490922294494978,8.5477715063878801,2.9861867558457709,2.3710658063427212,1.9083266633385105,2.922071016703379,1.9526685375904327,1.3787466470930125,-0.34502020583750026,0.67738407661893552,0.20919483293321892,0.34701516694355594,8.0293683102127145E-2,5.6565537850283647,0.39046110472668283,1.1369922918613309,0.99677487813785459,1.9616206863606087,4.5633716920812066,3.8307423112277488,3.2076397826846903,2.6293291789228599,3.1508840753396736,2.7239902552940913,3.042260337285783,3.0778334403224568,0.91334289018030734,-0.73804735589072679,5.0084784352307093E-2,12.203869257149035,0.56035928112285727,1.3255289636970833,1.7137950982986281,1.6394650784322107,1.2666044950772017,0.70094126350544128,0.80927935814805851,-0.1697594563463283,-0.34269031124125371,9.0856856214847029E-2,-1.3298321115567855,-0.93810036476926628,-1.0936228523134786,-2.4233259717749887E-2,9.9490810062117033E-3,-0.95500258358923606,-1.3853186564269353,-1.2925139359953897]
["All Balanced Funds",null,3.5695679925274311,5.5821050259147036,3.4989310546278101,4.273218638940234,3.8805158458359164,5.1615180602867818,4.6302575784975843,4.5615876287510186,2.486183715425542,-0.95981522693416832,-4.5113718034063153,-2.357324363658921,-1.2300054801223277,-1.2394100303980249,-3.9584203269632932,-2.5839705275178115,-0.74718569973985638,1.6871512458451927,12.768636734585071,7.4266169670117064,4.8214464862940316,2.3921040928808091,1.2551469515102294,1.1751074326570297,1.7607062557841417,-0.1156656839641092,-0.15924954853808215,0.25074668295791591,-1.860496595809125E-2,0.14353651954052901,1.1342791032033039,-4.0301184706088233E-2,0.93000157069127765,2.2170894890892505,2.4839589567665352,3.681398936679122,6.0104318017579592,3.598626167286926,3.5282885592401954,4.0231204249398447,2.100230666481286,1.8447314021550876,1.6670184975310736,-0.80587575709782855,-2.5687155632574905,-1.8766703776146194,3.0107724729115293,-1.1292410478697594,-1.3141399359955281,-0.24843391876553148,-0.12567557170200194,-0.2904625300097663,-0.35263036759520505,0.30678653572951975,-1.7164725725391046,-1.9147163340680999,-0.94000946446654454,-2.7208348817797754,-2.2036494552923114,-1.511739084889447,-4.8213581976084177E-2,-0.19655191008941947,-2.6673392853730404,-1.6450182291321158,-1.5573290773681177]
["Long Income Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,9.9472385735159534,0.10738882575707547,0.10695467258232533,-6.9709007263467834E-2,9.3101622421941688,4.4182664288193587,11.794470468011683,2.43768279425292,-0.12544894787332664,2.3222182249330103,3.9562798735371212,5.0323820694059531,1.1538347598388596E-2,2.5003498070646395,8.7426715261957888,4.7611114520823614,5.9651506642397321,6.1975243531307171,4.3616817924352942,7.5850199281991078,4.3832875528145721,4.3606511496983718,3.9079341156813432,6.870477590302297,2.5670602050721887,5.704727730580835,1.4501269209915371,5.5820269360185613,1.8469950595036362,1.1398672463664481,2.3153082818866819,0.43766711697136523,2.1512826337817965,2.5004023109316789,2.7000424813892443,2.7776444490454599,1.3232762030047811,0.77131167277953017,2.0014108074895023,2.6484301908207963,2.889807915249115,1.2252057657098403,0.70483837493731782,1.8756562696309116,2.190061642141985,0.31937285138334476,9.1723144801891282E-2,2.1482856367640409E-2,3.2457088695612417,0.66335511885602805]
["Specialist Funds",null,1.1994847045490344,1.5213965161551668,-0.38995387201411225,1.363468671948143,0.54040062907730546,1.8473461494661656,1.3571963245507099,1.677408143324348,-7.2885992434233438E-2,0.57335455690261294,0.28373221169361795,0.48671860078675661,1.831693353550514,-0.99548888366834276,2.3168317985958278,-7.2802450162944898E-2,0.58150083559107735,0.13075578982934855,2.5124277459045117,-2.9751310045170301E-2,0.64231955482522807,0.65285495553613915,0.43929276938029765,-0.67971619068483391,0.19680349291122567,-0.52956562663711459,-0.21930565515372244,-3.4443790590415517E-2,-0.57379908374503485,0.42743501175945753,-1.2409331076099617,3.9408916394984617E-2,0.1255630632095707,0.95806818503214852,0.66216938963377958,1.1135245516314234,-6.699746519422508E-3,0.16588373560629283,-0.84212459576461662,5.7193148861748866E-3,2.0964030008889014,5.4177706013061142E-2,1.4159526945854845E-3,0.2336102854626696,0.2478007533112401,-0.16040718577534022,0,8.0910870581595601E-2,-0.75397696981301054,0.43629870499069473,0.48874334592965435,3.9962734658044521E-2,-0.7991993368962077,0.23562846023099954,0.22342794802218061,0.4529067509851708,-0.38073482367868772,0.18177588681200632,2.2129217803072176,1.6911994457546879,0,-9.3861640772750304E-2,0.34658170145388117,-0.89463425490311677,-1.1893203256564264]
["All Funds",null,2.7473188402787176,3.9634963042002402,1.9436763131314567,3.1170288578977674,2.5469892952970792,3.8076117843568187,3.3207131729964554,3.4251152674956966,1.4900354264873772,-0.36958896029777538,-2.6350428264327701,-1.2029027214890013,4.9439639800173719E-3,-1.137846682156197,-1.6274650625060683,-1.6549036635149112,-0.28226700186040948,1.1339052330499211,8.8659243722993413,4.9427211850166879,3.4606381262017214,2.0489904455004275,1.0287951006266169,0.56332699961822486,1.2917385092867777,-0.1369746135357138,8.3484886733090929E-2,0.1549110300067256,-4.139835903135853E-2,0.75777372037528179,0.7208582066311382,0.41105820451201919,1.1264319502537865,2.0716973428076231,2.4391039639484324,3.1276983515402965,4.446193423670711,2.8750655508166121,2.8857333411754267,3.0781861900840486,2.4129892726886624,1.4427501084416485,1.690661152691971,-0.35128170376146173,-1.6587908586390574,-1.1202397774238035,2.1595946387683118,-0.52576147116641536,-0.7543408975534015,0.2406811865869132,0.3337651610026256,-3.232903423628139E-2,-0.28353839502513956,0.53188004835888758,-0.75765056693217259,-0.77488669974157653,-0.49613980210934294,-1.6760095427602615,-0.78398774473838173,-0.32367056437655861,3.13194183349947E-2,-0.12418683083262308,-1.6906136338539248,-0.49864877532303797,-1.0002746101762892]
[]
["(Ditto for chart)",null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Authorised Property Unit Trusts",null,0.10208924181576048,0.12212448833157899,8.6664205892219515E-2,0.10573183687714188,0.10892947168029711,0.13945074397804963,0.1208648579285353,0.11491848248645838,5.6050460119696589E-2,-1.0874663740090534E-2,-0.10546945182404821,-3.8281945126235589E-2,-3.2135734317693581E-3,-2.5497506754959605E-2,-6.705581987354288E-2,-3.7889518713313503E-2,-2.642359471865024E-3,8.8973125438552694E-2,0.2334092164954287,0.13944826176210709,6.5181796729744682E-2,3.7057621301514874E-2,4.5212285947877559E-3,2.2663197049804632E-2,4.1688028286716132E-2,3.0369122806157413E-3,-5.4601507461747231E-4,4.2103683233067606E-3,2.861191717608874E-4,7.2506000150715814E-3,-3.6796271780635218E-3,-5.2961607666762896E-3,1.957162257561006E-2,4.5638912494988325E-2,5.1849135520525606E-2,4.6073714912353486E-2,0.1202882892822015,6.3572095157356248E-2,6.609884871357434E-2,7.6081643544013464E-2,2.8772815842841585E-2,1.7816504674965435E-2,1.3879096402113912E-2,-2.3196000361050972E-2,-5.4959439780520702E-2,-4.0653012410349361E-2,-4.2358559671176368E-2,-3.4742474013403149E-2,-5.1480215702455555E-2,-2.9593576932361674E-2,-2.4802496242949362E-2,-3.1068110091419313E-2,-1.9053191014056829E-2,-9.0423996046144468E-4,-4.6345322894124588E-2,-5.3074716614094901E-2,-2.262704278218303E-2,-6.0221027711387487E-2,-6.0424997139499517E-2,-1.1788925970811643E-2,-1.3978053442686238E-3,-4.1382471148612232E-4,-6.4530887690658914E-2,-2.7205202598121061E-2,-3.2558757545693082E-2]
["Managed Funds",null,3.3675395978330469E-2,3.4721197060577164E-2,1.9375359260969074E-2,2.0610409997472216E-2,1.4245420895653827E-2,1.5283089061635098E-2,2.1480966061102471E-2,2.6591552118581562E-2,1.1227769248566395E-2,-1.7649490759739782E-2,-1.8846044590172681E-2,-1.4148948935620681E-2,-2.079522766110023E-2,-7.9765849271832261E-3,-5.1725032357815656E-2,-3.9848908739650156E-2,-1.8488694536620425E-2,-1.0630985713116679E-2,8.7538808627271175E-2,6.7188612421639024E-2,6.1484402506101737E-2,1.5810483548402008E-2,1.6262764113422869E-3,-9.3963258078337848E-3,-4.0658825548334637E-3,-3.0231446802232759E-3,-1.2813463433284491E-2,1.1005590844245371E-3,-5.1381210890844809E-3,-4.3550161292333772E-3,-2.3321450402059726E-2,-2.3192101628482642E-5,-6.4806721077169775E-3,9.5967859877382003E-3,-3.0961545434380674E-3,1.121846350788382E-2,1.0305270541344103E-2,1.8800082129893075E-3,4.6643584250473154E-3,6.6699673392321527E-4,-1.6248097046386099E-3,3.3366866609244494E-4,-1.7128470013057827E-3,-1.1184924414705999E-2,-8.6208375637709667E-3,-1.8249678703927422E-2,-1.48329105760971E-2,-9.4647697066803631E-3,-9.9333485589405655E-3,-5.1371214956291121E-3,-1.1239373813813035E-2,-2.7786356948321538E-3,-9.1280951277487379E-3,-4.2346417834525476E-3,-2.2169729620212596E-2,-2.25141188697804E-2,-2.2174905850112666E-2,-1.4492312926967805E-2,-2.9197352520769822E-3,-2.8559236447089072E-2,6.7589370282064999E-5,-8.5514420337100619E-3,-2.2299729978997415E-2,-1.17320329191214E-2,-8.2998310304937921E-3]
["Other Balanced Funds",null,1.7859754948703954E-2,4.763460151674697E-2,2.5366795564393231E-2,2.8821728879627962E-2,2.2111016505692541E-2,3.0864532658622292E-2,2.1412349457447209E-2,1.4000414811956524E-2,1.1654538624652346E-2,-4.5365829032107934E-3,-1.9932597504967058E-2,-1.9616166198148953E-2,-1.3277731110370061E-2,-6.5838358795235674E-3,-1.3479743701486911E-2,-8.2189053326001196E-3,-2.4005292577408939E-3,-7.5490922294494979E-3,8.5477715063878801E-2,2.9861867558457707E-2,2.3710658063427214E-2,1.9083266633385106E-2,2.922071016703379E-2,1.9526685375904327E-2,1.3787466470930125E-2,-3.4502020583750026E-3,6.7738407661893547E-3,2.0919483293321893E-3,3.4701516694355594E-3,8.0293683102127141E-4,5.6565537850283648E-2,3.9046110472668281E-3,1.1369922918613308E-2,9.9677487813785454E-3,1.9616206863606087E-2,4.5633716920812063E-2,3.8307423112277486E-2,3.2076397826846903E-2,2.6293291789228599E-2,3.1508840753396737E-2,2.7239902552940912E-2,3.0422603372857831E-2,3.0778334403224569E-2,9.1334289018030739E-3,-7.3804735589072679E-3,5.0084784352307096E-4,0.12203869257149036,5.6035928112285723E-3,1.3255289636970834E-2,1.7137950982986282E-2,1.6394650784322107E-2,1.2666044950772018E-2,7.0094126350544132E-3,8.0927935814805851E-3,-1.6975945634632829E-3,-3.426903112412537E-3,9.0856856214847025E-4,-1.3298321115567856E-2,-9.3810036476926623E-3,-1.0936228523134785E-2,-2.4233259717749888E-4,9.9490810062117033E-5,-9.5500258358923607E-3,-1.3853186564269353E-2,-1.2925139359953897E-2]
["Balanced Funds",null,3.569567992527431E-2,5.5821050259147034E-2,3.4989310546278102E-2,4.2732186389402342E-2,3.8805158458359162E-2,5.1615180602867822E-2,4.6302575784975847E-2,4.5615876287510189E-2,2.4861837154255419E-2,-9.5981522693416831E-3,-4.5113718034063152E-2,-2.3573243636589209E-2,-1.2300054801223276E-2,-1.2394100303980249E-2,-3.9584203269632932E-2,-2.5839705275178114E-2,-7.4718569973985637E-3,1.6871512458451927E-2,0.1276863673458507,7.4266169670117066E-2,4.8214464862940315E-2,2.3921040928808091E-2,1.2551469515102293E-2,1.1751074326570297E-2,1.7607062557841419E-2,-1.1566568396410919E-3,-1.5924954853808215E-3,2.5074668295791591E-3,-1.8604965958091249E-4,1.4353651954052901E-3,1.1342791032033039E-2,-4.0301184706088231E-4,9.3000157069127766E-3,2.2170894890892506E-2,2.4839589567665351E-2,3.6813989366791221E-2,6.0104318017579594E-2,3.5986261672869259E-2,3.5282885592401954E-2,4.0231204249398446E-2,2.1002306664812859E-2,1.8447314021550875E-2,1.6670184975310736E-2,-8.0587575709782852E-3,-2.5687155632574905E-2,-1.8766703776146195E-2,3.0107724729115291E-2,-1.1292410478697595E-2,-1.3141399359955281E-2,-2.4843391876553148E-3,-1.2567557170200193E-3,-2.904625300097663E-3,-3.5263036759520506E-3,3.0678653572951977E-3,-1.7164725725391045E-2,-1.9147163340680999E-2,-9.4000946446654455E-3,-2.7208348817797753E-2,-2.2036494552923114E-2,-1.511739084889447E-2,-4.8213581976084175E-4,-1.9655191008941947E-3,-2.6673392853730403E-2,-1.6450182291321159E-2,-1.5573290773681176E-2]
["Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,9.9472385735159541E-2,1.0738882575707547E-3,1.0695467258232533E-3,-6.9709007263467836E-4,9.3101622421941685E-2,4.418266428819359E-2,0.11794470468011684,2.4376827942529201E-2,-1.2544894787332665E-3,2.3222182249330103E-2,3.9562798735371212E-2,5.032382069405953E-2,1.1538347598388596E-4,2.5003498070646394E-2,8.7426715261957888E-2,4.7611114520823616E-2,5.9651506642397323E-2,6.1975243531307171E-2,4.3616817924352944E-2,7.5850199281991076E-2,4.3832875528145722E-2,4.3606511496983719E-2,3.9079341156813434E-2,6.8704775903022972E-2,2.5670602050721886E-2,5.7047277305808351E-2,1.450126920991537E-2,5.5820269360185609E-2,1.8469950595036363E-2,1.139867246366448E-2,2.315308281886682E-2,4.3766711697136524E-3,2.1512826337817967E-2,2.5004023109316788E-2,2.7000424813892442E-2,2.7776444490454598E-2,1.3232762030047812E-2,7.7131167277953014E-3,2.0014108074895023E-2,2.6484301908207962E-2,2.8898079152491148E-2,1.2252057657098404E-2,7.0483837493731782E-3,1.8756562696309115E-2,2.1900616421419848E-2,3.1937285138334474E-3,9.1723144801891278E-4,2.1482856367640408E-4,3.2457088695612417E-2,6.6335511885602808E-3]
["Specialist Funds",null,1.1994847045490344E-2,1.5213965161551667E-2,-3.8995387201411227E-3,1.3634686719481431E-2,5.4040062907730543E-3,1.8473461494661655E-2,1.35719632455071E-2,1.6774081433243479E-2,-7.2885992434233433E-4,5.7335455690261296E-3,2.8373221169361797E-3,4.8671860078675659E-3,1.8316933535505141E-2,-9.9548888366834277E-3,2.3168317985958278E-2,-7.2802450162944899E-4,5.8150083559107731E-3,1.3075578982934854E-3,2.5124277459045118E-2,-2.9751310045170301E-4,6.4231955482522808E-3,6.5285495553613912E-3,4.3929276938029765E-3,-6.797161906848339E-3,1.9680349291122568E-3,-5.2956562663711458E-3,-2.1930565515372244E-3,-3.4443790590415519E-4,-5.7379908374503488E-3,4.2743501175945752E-3,-1.2409331076099617E-2,3.9408916394984619E-4,1.2556306320957069E-3,9.5806818503214857E-3,6.6216938963377962E-3,1.1135245516314235E-2,-6.6997465194225083E-5,1.6588373560629283E-3,-8.4212459576461663E-3,5.7193148861748868E-5,2.0964030008889013E-2,5.4177706013061144E-4,1.4159526945854845E-5,2.3361028546266959E-3,2.478007533112401E-3,-1.6040718577534023E-3,0,8.0910870581595603E-4,-7.5397696981301058E-3,4.3629870499069471E-3,4.8874334592965436E-3,3.9962734658044522E-4,-7.9919933689620772E-3,2.3562846023099954E-3,2.2342794802218059E-3,4.5290675098517081E-3,-3.8073482367868773E-3,1.8177588681200633E-3,2.2129217803072178E-2,1.6911994457546878E-2,0,-9.3861640772750299E-4,3.4658170145388119E-3,-8.9463425490311672E-3,-1.1893203256564264E-2]
["All Funds",null,2.7473188402787178E-2,3.9634963042002404E-2,1.9436763131314566E-2,3.1170288578977676E-2,2.5469892952970793E-2,3.8076117843568187E-2,3.3207131729964555E-2,3.4251152674956965E-2,1.4900354264873772E-2,-3.6958896029777536E-3,-2.6350428264327701E-2,-1.2029027214890013E-2,4.9439639800173723E-5,-1.137846682156197E-2,-1.6274650625060682E-2,-1.6549036635149113E-2,-2.822670018604095E-3,1.133905233049921E-2,8.8659243722993414E-2,4.942721185016688E-2,3.4606381262017212E-2,2.0489904455004274E-2,1.028795100626617E-2,5.6332699961822484E-3,1.2917385092867778E-2,-1.3697461353571381E-3,8.3484886733090926E-4,1.549110300067256E-3,-4.1398359031358527E-4,7.5777372037528178E-3,7.2085820663113816E-3,4.1105820451201921E-3,1.1264319502537866E-2,2.071697342807623E-2,2.4391039639484323E-2,3.1276983515402965E-2,4.4461934236707107E-2,2.875065550816612E-2,2.8857333411754268E-2,3.0781861900840486E-2,2.4129892726886624E-2,1.4427501084416485E-2,1.6906611526919711E-2,-3.5128170376146173E-3,-1.6587908586390573E-2,-1.1202397774238036E-2,2.159594638768312E-2,-5.2576147116641537E-3,-7.5434089755340153E-3,2.4068118658691321E-3,3.3376516100262561E-3,-3.2329034236281388E-4,-2.8353839502513957E-3,5.3188004835888758E-3,-7.5765056693217255E-3,-7.7488669974157655E-3,-4.9613980210934296E-3,-1.6760095427602616E-2,-7.8398774473838178E-3,-3.2367056437655863E-3,3.1319418334994702E-4,-1.2418683083262308E-3,-1.6906136338539247E-2,-4.9864877532303795E-3,-1.0002746101762891E-2]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"chart 11"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Net cash flow as % of NAV"]
[]
["Net new cash flow as % of NAV (%)"]
["4-qtr moving average",null,null,null,null,"2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01",41791,"2014-09-01","2014-12-01","2015-03-01",42156,"2015-09-01","2015-12-01","2016-03-01","2016-06-30","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["All Balanced Funds",null,null,null,null,4.2309556780025446,4.3086926413296665,4.2035458999226858,4.4863775308901293,4.5584697783428254,4.2098867457402314,2.6795534239349941,0.39414607845901917,-1.3355819196434657,-2.2646292185304331,-2.3345279193963973,-2.1962900502856417,-2.2529515912503646,-2.1322466461547465,-1.4006063270939419,2.7811579382931488,5.2838048119255285,6.6759628584340005,6.8522010701929048,3.9738286244241938,2.4109512408355247,1.6457661832080523,1.0188237389968229,0.66522461398474497,0.43413442655996659,-1.0693378875591672E-2,5.4107172000567881E-2,0.37748933493591441,0.3047273680199134,0.5418790021822556,1.0602672445694359,1.3976872079602438,2.3281122383065465,3.5982197960732165,3.9436039656226356,4.2046863662410505,4.2901167383062315,3.312566454487063,2.8740927632041036,2.4087752477768229,1.2015262022674047,3.4289644832710575E-2,-0.89606080010971623,-0.56012230626460224,-0.64096362895758507,-0.32731972214209443,7.9739392570177564E-2,-0.70437261858320521,-0.49467798911820698,-0.25430059701812618,-0.11549548339436339,-0.5131947336036391,-0.9192581846182224,-1.0661029588360573,-1.823008313213381,-1.9448025339016826,-1.8440582216070196,-1.6211092509844045,-0.99003850806181548,-1.1059609655819977,-1.1392807516426648,-1.5165596254906732]
["Long Income Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.5403955179638387,2.5229682661479718,2.3636991833175256,3.4414185840830962,6.363297532940436,6.9901454833195338,4.6312426858026585,4.1072306348310716,2.1476829862124314,2.7963578050006896,2.8306046288686186,2.8751375244015258,4.0717354375661925,4.0039177832352948,5.4923208623956308,6.4166144989121499,5.3213670654720264,6.0273441845012137,5.6318784066449226,5.1726601057868358,5.0592231865983486,4.8805876021241463,4.4265307651885504,4.7625499104091658,4.1480981117367142,3.8259854481657802,3.6459691617736421,2.5047540407200457,2.7210493809438319,1.4349594261820329,1.5110313197515728,1.8511650858928805,1.9473486357685212,2.5323429687870451,2.3253413610927911,1.8930687015547538,1.7184107830798183,1.6861072185236528,2.0777401465847358,2.1912136698173135,1.8670705616792675,1.6738770813817963,1.4989405131050137,1.2724822845233896,1.1192034769895332,0.6556601236737154,0.91957193052852959,1.0055674973967004]
["Specialist Funds",null,null,null,null,0.92359900515955795,0.75882798629162573,0.84031539461937543,1.277102943760581,1.3555878116046323,1.2022661562267474,0.88376825808585935,0.61540222987158633,0.31772984423718853,0.79387468073337542,0.40166382059063643,0.90993871731618892,0.77005845457876354,0.45751032508890432,0.73907149346332712,0.7879704802904981,0.79873326531994182,0.8139379451284795,0.9444627365551771,0.42617899242412366,0.26368777226420775,0.15230875678570716,-0.14329638875760631,-0.30794599489111135,-0.14662789486750671,-0.33927853903157185,-0.10002837943242882,-0.35543524254648862,-0.33697206580013861,-0.16213152906148723,-2.9473235743314424E-2,0.44630238856762083,0.71483129737673057,0.6817655949444823,0.48371948258801833,0.10764598623841926,-0.16930532294789286,0.35647036390418813,0.32854385650588019,0.53942899362068075,0.59640173626480442,0.13425117437038908,8.0604951423288745E-2,8.0250963249642371E-2,4.2076109529373872E-2,-0.2083683212516888,-5.9191848560180046E-2,6.2993987922233541E-2,5.2756953941345761E-2,4.1451362170546485E-2,-8.716199019377327E-3,-7.504504849624577E-2,2.8190955585535818E-2,0.13280708388991583,0.1193439405351675,0.61671739860642671,0.92629057229880607,1.021474278218478,0.9525648963222888,0.4859798766089547,-0.16047854855549648,-0.45780862996960309]
[]
[]
["(Ditto for chart)",null,null,null,null,"2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01",41791,"2014-09-01","2014-12-01","2015-03-01",42156,"2015-09-01","2015-12-01","2016-03-01","2016-06-30","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
[null,"Balanced Funds",null,null,null,4.2309556780025445E-2,4.3086926413296665E-2,4.2035458999226859E-2,4.4863775308901295E-2,4.5584697783428253E-2,4.2098867457402316E-2,2.6795534239349942E-2,3.9414607845901914E-3,-1.3355819196434658E-2,-2.2646292185304329E-2,-2.3345279193963973E-2,-2.1962900502856417E-2,-2.2529515912503646E-2,-2.1322466461547465E-2,-1.4006063270939419E-2,2.7811579382931488E-2,5.2838048119255285E-2,6.6759628584340008E-2,6.8522010701929051E-2,3.9738286244241937E-2,2.4109512408355249E-2,1.6457661832080524E-2,1.0188237389968229E-2,6.6522461398474501E-3,4.341344265599666E-3,-1.0693378875591672E-4,5.4107172000567884E-4,3.7748933493591441E-3,3.0472736801991341E-3,5.4187900218225556E-3,1.0602672445694359E-2,1.3976872079602439E-2,2.3281122383065466E-2,3.5982197960732168E-2,3.9436039656226357E-2,4.2046863662410505E-2,4.2901167383062315E-2,3.3125664544870627E-2,2.8740927632041037E-2,2.4087752477768228E-2,1.2015262022674047E-2,3.4289644832710578E-4,-8.9606080010971624E-3,-5.6012230626460227E-3,-6.409636289575851E-3,-3.2731972214209443E-3,7.9739392570177562E-4,-7.0437261858320522E-3,-4.9467798911820701E-3,-2.5430059701812618E-3,-1.1549548339436339E-3,-5.131947336036391E-3,-9.1925818461822233E-3,-1.0661029588360573E-2,-1.8230083132133808E-2,-1.9448025339016826E-2,-1.8440582216070197E-2,-1.6211092509844045E-2,-9.9003850806181556E-3,-1.1059609655819978E-2,-1.1392807516426649E-2,-1.5165596254906733E-2]
[null,"Long Income Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.5403955179638386E-2,2.5229682661479718E-2,2.3636991833175258E-2,3.441418584083096E-2,6.3632975329404359E-2,6.9901454833195334E-2,4.6312426858026584E-2,4.1072306348310716E-2,2.1476829862124312E-2,2.7963578050006897E-2,2.8306046288686187E-2,2.8751375244015259E-2,4.0717354375661922E-2,4.0039177832352946E-2,5.4923208623956304E-2,6.4166144989121501E-2,5.3213670654720262E-2,6.0273441845012134E-2,5.6318784066449225E-2,5.172660105786836E-2,5.0592231865983488E-2,4.8805876021241465E-2,4.4265307651885501E-2,4.7625499104091661E-2,4.1480981117367144E-2,3.82598544816578E-2,3.645969161773642E-2,2.5047540407200457E-2,2.7210493809438317E-2,1.434959426182033E-2,1.5110313197515728E-2,-3.2731972214209443E-3,7.9739392570177562E-4,2.532342968787045E-2,2.325341361092791E-2,1.8930687015547537E-2,1.7184107830798184E-2,1.6861072185236529E-2,2.0777401465847358E-2,2.1912136698173136E-2,1.8670705616792675E-2,1.6738770813817961E-2,1.4989405131050137E-2,1.2724822845233897E-2,1.1192034769895332E-2,6.5566012367371538E-3,9.1957193052852951E-3,1.0055674973967003E-2]
[null,"Specialist Funds",null,null,null,9.2359900515955797E-3,7.5882798629162574E-3,8.4031539461937536E-3,1.2771029437605809E-2,1.3555878116046322E-2,1.2022661562267474E-2,8.8376825808585933E-3,6.1540222987158631E-3,3.1772984423718855E-3,7.9387468073337537E-3,4.0166382059063643E-3,9.0993871731618898E-3,7.7005845457876355E-3,4.5751032508890436E-3,7.3907149346332714E-3,7.8797048029049816E-3,7.9873326531994179E-3,8.1393794512847947E-3,9.4446273655517717E-3,4.2617899242412367E-3,2.6368777226420774E-3,1.5230875678570715E-3,-1.432963887576063E-3,-3.0794599489111134E-3,-1.4662789486750672E-3,-3.3927853903157183E-3,-1.0002837943242882E-3,-3.5543524254648862E-3,-3.3697206580013861E-3,-1.6213152906148724E-3,-2.9473235743314425E-4,4.4630238856762086E-3,7.1483129737673059E-3,6.8176559494448228E-3,4.8371948258801832E-3,1.0764598623841926E-3,-1.6930532294789286E-3,3.5647036390418813E-3,3.2854385650588017E-3,5.3942899362068074E-3,5.9640173626480438E-3,1.3425117437038908E-3,8.0604951423288748E-4,8.025096324964237E-4,4.2076109529373874E-4,-3.2731972214209443E-3,7.9739392570177562E-4,6.2993987922233539E-4,5.2756953941345756E-4,4.1451362170546487E-4,-8.7161990193773263E-5,-7.5045048496245772E-4,2.8190955585535816E-4,1.3280708388991582E-3,1.1934394053516751E-3,6.1671739860642673E-3,9.2629057229880601E-3,1.0214742782184781E-2,9.525648963222888E-3,4.8597987660895471E-3,-1.6047854855549648E-3,-4.5780862996960305E-3]
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[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Net cash flow as % of NAV (4-qtr moving average)"]
[]
[]
["Authorised Property Unit Trusts","2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["APUT net new inv. % of NAV",8.6258714229152424,10.208924181576048,12.212448833157898,8.6664205892219517,10.573183687714188,10.892947168029711,13.945074397804962,12.08648579285353,11.491848248645837,5.6050460119696588,-1.0874663740090533,-10.546945182404821,-3.828194512623559,-0.32135734317693582,-2.5497506754959605,-6.7055819873542877,-3.7889518713313501,-0.2642359471865024,8.8973125438552696,23.340921649542871,13.944826176210709,6.5181796729744681,3.7057621301514874,0.45212285947877562,2.2663197049804631,4.1688028286716134,0.30369122806157411,-5.4601507461747231E-2,0.42103683233067607,2.8611917176088741E-2,0.7250600015071581,-0.3679627178063522,-0.529616076667629,1.9571622575610059,4.5638912494988322,5.1849135520525609,4.6073714912353489,12.02882892822015,6.357209515735625,6.6098848713574343,7.608164354401346,2.8772815842841584,1.7816504674965434,1.3879096402113913,-2.319600036105097,-5.49594397805207,-4.0653012410349358,-4.2358559671176366,-3.4742474013403148,-5.1480215702455556,-2.9593576932361674,-2.4802496242949363,-3.1068110091419312,-1.9053191014056829,-9.042399604614447E-2,-4.6345322894124585,-5.3074716614094903,-2.2627042782183029,-6.0221027711387487,-6.0424997139499519,-1.1788925970811643,-0.13978053442686239,-4.1382471148612231E-2,-6.4530887690658911,-2.7205202598121061,-3.255875754569308]
["IPD UK Qtrly Index total return",2.5579000000000001,4.4796699999999996,4.3548499999999999,6.1866899999999996,4.4443700000000002,4.8039699999999996,3.8254199999999998,3.6768299999999998,2.4428999999999998,2.1566100000000001,-1.14184,-7.5111800000000004,-3.3256100000000002,-2.7109999999999999,-4.8273900000000003,-12.95758,-7.0640499999999999,-2.2175099999999999,3.4428299999999998,9.9923699999999993,5.9904200000000003,3.3745599999999998,2.2563800000000001,2.8190900000000001,2.3426800000000001,2.0142799999999998,1.81159,1.38568,0.78396999999999994,0.38656000000000001,0.68857000000000002,0.82238999999999995,1.1140099999999999,1.8509828927112615,2.7573500000000002,4.3784000000000001,3.6592899999999999,4.7134400000000003,4.3760500000000002,4.0835900000000001,2.9022899999999998,3.4516399999999998,3.2253799999999999,2.9543300000000001,1.0806199999999999,1.4312078522209999,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0]
[]
["For chart"]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
[null,"Net new investment in APUTs as % of NAV (rhs)",0.10208924181576048,0.12212448833157899,8.6664205892219515E-2,0.10573183687714188,0.10892947168029711,0.13945074397804963,0.1208648579285353,0.11491848248645838,5.6050460119696589E-2,-1.0874663740090534E-2,-0.10546945182404821,-3.8281945126235589E-2,-3.2135734317693581E-3,-2.5497506754959605E-2,-6.705581987354288E-2,-3.7889518713313503E-2,-2.642359471865024E-3,8.8973125438552694E-2,0.2334092164954287,0.13944826176210709,6.5181796729744682E-2,3.7057621301514874E-2,4.5212285947877559E-3,2.2663197049804632E-2,4.1688028286716132E-2,3.0369122806157413E-3,-5.4601507461747231E-4,4.2103683233067606E-3,2.861191717608874E-4,7.2506000150715814E-3,-3.6796271780635218E-3,-5.2961607666762896E-3,1.957162257561006E-2,4.5638912494988325E-2,5.1849135520525606E-2,4.6073714912353486E-2,0.1202882892822015,6.3572095157356248E-2,6.609884871357434E-2,7.6081643544013464E-2,2.8772815842841585E-2,1.7816504674965435E-2,1.3879096402113912E-2,-2.3196000361050972E-2,-5.4959439780520702E-2,-4.0653012410349361E-2,-4.2358559671176368E-2,-3.4742474013403149E-2,-5.1480215702455555E-2,-2.9593576932361674E-2,-2.4802496242949362E-2,-3.1068110091419313E-2,-1.9053191014056829E-2,-9.0423996046144468E-4,-4.6345322894124588E-2,-5.3074716614094901E-2,-2.262704278218303E-2,-6.0221027711387487E-2,-6.0424997139499517E-2,-1.1788925970811643E-2,-1.3978053442686238E-3,-4.1382471148612232E-4,-6.4530887690658914E-2,-2.7205202598121061E-2,-3.2558757545693082E-2]
[null,"IPD UK Qrtly Index total return (lhs)",4.4796699999999995E-2,4.3548499999999997E-2,6.1866899999999996E-2,4.4443700000000003E-2,4.8039699999999998E-2,3.8254199999999995E-2,3.6768299999999997E-2,2.4428999999999999E-2,2.1566100000000001E-2,-1.14184E-2,-7.5111800000000006E-2,-3.3256100000000004E-2,-2.7109999999999999E-2,-4.8273900000000002E-2,-0.12957579999999999,-7.0640499999999995E-2,-2.21751E-2,3.4428299999999995E-2,9.992369999999999E-2,5.9904200000000005E-2,3.3745600000000001E-2,2.2563800000000002E-2,2.8190900000000001E-2,2.3426800000000001E-2,2.0142799999999999E-2,1.8115900000000001E-2,1.3856800000000001E-2,7.8396999999999998E-3,3.8656000000000003E-3,6.8856999999999998E-3,8.2238999999999993E-3,1.11401E-2,1.8509828927112615E-2,2.7573500000000001E-2,4.3784000000000003E-2,3.6592899999999998E-2,4.71344E-2,4.3760500000000001E-2,4.0835900000000001E-2,2.9022899999999997E-2,3.4516399999999996E-2,3.2253799999999999E-2,2.9543300000000002E-2,1.0806199999999998E-2,1.4312078522209998E-2,-1.232456042861E-2,2.182728019661E-2,2.1711769460460002E-2,2.4296700000000001E-2,2.4699200000000001E-2,2.8860500000000001E-2,1.9387100000000001E-2,1.7439800000000002E-2,1.48205E-2,8.7816999999999999E-3,4.0920000000000002E-3,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"chart 12"]
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[]
["MANAGED FUNDS"]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Managed net new inv. % of NAV",4.1657585761914513,3.3675395978330469,3.4721197060577165,1.9375359260969074,2.0610409997472217,1.4245420895653826,1.5283089061635098,2.1480966061102471,2.6591552118581561,1.1227769248566395,-1.7649490759739781,-1.8846044590172681,-1.4148948935620682,-2.0795227661100228,-0.79765849271832256,-5.1725032357815657,-3.9848908739650155,-1.8488694536620425,-1.0630985713116679,8.753880862727117,6.7188612421639027,6.1484402506101734,1.5810483548402008,0.1626276411342287,-0.93963258078337852,-0.40658825548334637,-0.30231446802232759,-1.2813463433284491,0.11005590844245371,-0.51381210890844808,-0.43550161292333772,-2.3321450402059725,-2.3192101628482643E-3,-0.64806721077169771,0.95967859877382,-0.30961545434380672,1.121846350788382,1.0305270541344103,0.18800082129893075,0.46643584250473152,6.6699673392321523E-2,-0.16248097046386098,3.3366866609244497E-2,-0.17128470013057828,-1.1184924414705999,-0.86208375637709667,-1.8249678703927421,-1.48329105760971,-0.94647697066803627,-0.99333485589405657,-0.51371214956291122,-1.1239373813813034,-0.27786356948321539,-0.91280951277487377,-0.42346417834525474,-2.2169729620212597,-2.25141188697804,-2.2174905850112667,-1.4492312926967805,-0.2919735252076982,-2.8559236447089074,6.7589370282065001E-3,-0.85514420337100616,-2.2299729978997416,-1.17320329191214,-0.82998310304937917]
["IPD UK Qtrly Index total return ",2.6702103396210486,4.4913352281187313,4.4171283309624831,6.0755091224339752,4.4485871132570853,5.0688031674815504,3.7204216539682644,3.7684503739901842,2.2581571546738788,2.1026673534961793,-1.0132347243723028,-8.5386329618180827,-3.3818705008970662,-2.6601400681813381,-4.7681104891232788,-13.504585955069171,-7.1270844743163924,-2.6968205250590294,3.3107153327246452,9.9923699999999993,5.9904200000000003,3.3745599999999998,2.2563800000000001,2.8190900000000001,2.3426800000000001,2.0848192416365263,1.81159,1.6052607083877346,0.78396999999999994,0.38656000000000001,0.68857000000000002,0.82238999999999995,1.1140099999999999,1.8509828927112615,2.7573500000000002,4.3784000000000001,3.6592899999999999,4.7134400000000003,4.3760500000000002,4.0835900000000001,2.9022899999999998,3.4516399999999998,3.2253799999999999,2.9543300000000001,1.0806199999999999,1.4312078522209999,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0]
[]
["For chart"]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
[null,"Net new investment in Managed Funds as % of NAV (lhs)",3.3675395978330469E-2,3.4721197060577164E-2,1.9375359260969074E-2,2.0610409997472216E-2,1.4245420895653827E-2,1.5283089061635098E-2,2.1480966061102471E-2,2.6591552118581562E-2,1.1227769248566395E-2,-1.7649490759739782E-2,-1.8846044590172681E-2,-1.4148948935620681E-2,-2.079522766110023E-2,-7.9765849271832261E-3,-5.1725032357815656E-2,-3.9848908739650156E-2,-1.8488694536620425E-2,-1.0630985713116679E-2,8.7538808627271175E-2,6.7188612421639024E-2,6.1484402506101737E-2,1.5810483548402008E-2,1.6262764113422869E-3,-9.3963258078337848E-3,-4.0658825548334637E-3,-3.0231446802232759E-3,-1.2813463433284491E-2,1.1005590844245371E-3,-5.1381210890844809E-3,-4.3550161292333772E-3,-2.3321450402059726E-2,-2.3192101628482642E-5,-6.4806721077169775E-3,9.5967859877382003E-3,-3.0961545434380674E-3,1.121846350788382E-2,1.0305270541344103E-2,1.8800082129893075E-3,4.6643584250473154E-3,6.6699673392321527E-4,-1.6248097046386099E-3,3.3366866609244494E-4,-1.7128470013057827E-3,-1.1184924414705999E-2,-8.6208375637709667E-3,-1.8249678703927422E-2,-1.48329105760971E-2,-9.4647697066803631E-3,-9.9333485589405655E-3,-5.1371214956291121E-3,-1.1239373813813035E-2,-2.7786356948321538E-3,-9.1280951277487379E-3,-4.2346417834525476E-3,-2.2169729620212596E-2,-2.25141188697804E-2,-2.2174905850112666E-2,-1.4492312926967805E-2,-2.9197352520769822E-3,-2.8559236447089072E-2,6.7589370282064999E-5,-8.5514420337100619E-3,-2.2299729978997415E-2,-1.17320329191214E-2,-8.2998310304937921E-3]
[null,"IPD UK Qtrly Index total return (rhs)",4.4913352281187313E-2,4.4171283309624831E-2,6.0755091224339752E-2,4.4485871132570853E-2,5.0688031674815504E-2,3.7204216539682644E-2,3.7684503739901842E-2,2.2581571546738788E-2,2.1026673534961793E-2,-1.0132347243723028E-2,-8.5386329618180823E-2,-3.3818705008970662E-2,-2.6601400681813381E-2,-4.7681104891232791E-2,-0.1350458595506917,-7.1270844743163919E-2,-2.6968205250590294E-2,3.3107153327246452E-2,9.992369999999999E-2,5.9904200000000005E-2,3.3745600000000001E-2,2.2563800000000002E-2,2.8190900000000001E-2,2.3426800000000001E-2,2.0848192416365263E-2,1.8115900000000001E-2,1.6052607083877346E-2,7.8396999999999998E-3,3.8656000000000003E-3,6.8856999999999998E-3,8.2238999999999993E-3,1.11401E-2,1.8509828927112615E-2,2.7573500000000001E-2,4.3784000000000003E-2,3.6592899999999998E-2,4.71344E-2,4.3760500000000001E-2,4.0835900000000001E-2,2.9022899999999997E-2,3.4516399999999996E-2,3.2253799999999999E-2,2.9543300000000002E-2,1.0806199999999998E-2,1.4312078522209998E-2,-1.232456042861E-2,2.182728019661E-2,2.1711769460460002E-2,2.4296700000000001E-2,2.4699200000000001E-2,2.8860500000000001E-2,1.9387100000000001E-2,1.7439800000000002E-2,1.48205E-2,8.7816999999999999E-3,4.0920000000000002E-3,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"chart 14"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Other Balanced Funds"]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["New investment in Other Balanced Funds as % of NAV",3.8531915678314146,1.7859754948703954,4.7634601516746971,2.536679556439323,2.8821728879627964,2.2111016505692542,3.0864532658622292,2.1412349457447211,1.4000414811956523,1.1654538624652346,-0.45365829032107935,-1.9932597504967058,-1.9616166198148952,-1.3277731110370061,-0.65838358795235674,-1.347974370148691,-0.82189053326001194,-0.2400529257740894,-0.75490922294494978,8.5477715063878801,2.9861867558457709,2.3710658063427212,1.9083266633385105,2.922071016703379,1.9526685375904327,1.3787466470930125,-0.34502020583750026,0.67738407661893552,0.20919483293321892,0.34701516694355594,8.0293683102127145E-2,5.6565537850283647,0.39046110472668283,1.1369922918613309,0.99677487813785459,1.9616206863606087,4.5633716920812066,3.8307423112277488,3.2076397826846903,2.6293291789228599,3.1508840753396736,2.7239902552940913,3.042260337285783,3.0778334403224568,0.91334289018030734,-0.73804735589072679,5.0084784352307093E-2,12.203869257149035,0.56035928112285727,1.3255289636970833,1.7137950982986281,1.6394650784322107,1.2666044950772017,0.70094126350544128,0.80927935814805851,-0.1697594563463283,-0.34269031124125371,9.0856856214847029E-2,-1.3298321115567855,-0.93810036476926628,-1.0936228523134786,-2.4233259717749887E-2,9.9490810062117033E-3,-0.95500258358923606,-1.3853186564269353,-1.2925139359953897]
["IPD UK Qtrly Index total return ",2.6702103396210486,4.4913352281187313,4.4171283309624831,6.0755091224339752,4.4485871132570853,5.0688031674815504,3.7204216539682644,3.7684503739901842,2.2581571546738788,2.1026673534961793,-1.0132347243723028,-8.5386329618180827,-3.3818705008970662,-2.6601400681813381,-4.7681104891232788,-13.504585955069171,-7.1270844743163924,-2.6968205250590294,3.3107153327246452,9.9923699999999993,5.9904200000000003,3.3745599999999998,2.2563800000000001,2.8190900000000001,2.3426800000000001,2.0848192416365263,1.81159,1.6052607083877346,0.78396999999999994,0.38656000000000001,0.68857000000000002,0.82238999999999995,1.1140099999999999,1.8509828927112615,2.7573500000000002,4.3784000000000001,3.6592899999999999,4.7134400000000003,4.3760500000000002,4.0835900000000001,2.9022899999999998,3.4516399999999998,3.2253799999999999,2.9543300000000001,1.0806199999999999,1.4312078522209999,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0]
[]
["For chart"]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
[null,"Net new investment in Other Balanced Funds as % of NAV (lhs)",3.8307423112277486E-2,3.2076397826846903E-2,2.6293291789228599E-2,3.1508840753396737E-2,2.7239902552940912E-2,3.0422603372857831E-2,3.0778334403224569E-2,9.1334289018030739E-3,-7.3804735589072679E-3,5.0084784352307096E-4,0.12203869257149036,5.6035928112285723E-3,-1.3277731110370061E-2,-6.5838358795235674E-3,-1.3479743701486911E-2,-8.2189053326001196E-3,-2.4005292577408939E-3,-7.5490922294494979E-3,8.5477715063878801E-2,2.9861867558457707E-2,2.3710658063427214E-2,1.9083266633385106E-2,2.922071016703379E-2,1.9526685375904327E-2,1.3787466470930125E-2,-3.4502020583750026E-3,6.7738407661893547E-3,2.0919483293321893E-3,3.4701516694355594E-3,8.0293683102127141E-4,5.6565537850283648E-2,3.9046110472668281E-3,1.1369922918613308E-2,9.9677487813785454E-3,1.9616206863606087E-2,4.5633716920812063E-2,3.8307423112277486E-2,3.2076397826846903E-2,2.6293291789228599E-2,3.1508840753396737E-2,2.7239902552940912E-2,3.0422603372857831E-2,3.0778334403224569E-2,9.1334289018030739E-3,-7.3804735589072679E-3,5.0084784352307096E-4,0.12203869257149036,0.11762779266720744,1.3255289636970834E-2,1.7137950982986282E-2,1.6394650784322107E-2,1.2666044950772018E-2,7.0094126350544132E-3,8.0927935814805851E-3,-1.6975945634632829E-3,-3.426903112412537E-3,9.0856856214847025E-4,-1.3298321115567856E-2,-9.3810036476926623E-3,-1.0936228523134785E-2,-2.4233259717749888E-4,9.9490810062117033E-5,-9.5500258358923607E-3,-1.3853186564269353E-2,-1.2925139359953897E-2]
[null,"IPD UK Qtrly Index quarterly total return (rhs)",4.71344E-2,4.3760500000000001E-2,4.0835900000000001E-2,2.9022899999999997E-2,3.4516399999999996E-2,3.2253799999999999E-2,2.9543300000000002E-2,1.0806199999999998E-2,1.4312078522209998E-2,-1.232456042861E-2,2.182728019661E-2,2.1711769460460002E-2,-2.6601400681813381E-2,-4.7681104891232791E-2,-0.1350458595506917,-7.1270844743163919E-2,-2.6968205250590294E-2,3.3107153327246452E-2,9.992369999999999E-2,5.9904200000000005E-2,3.3745600000000001E-2,2.2563800000000002E-2,2.8190900000000001E-2,2.3426800000000001E-2,2.0848192416365263E-2,1.8115900000000001E-2,1.6052607083877346E-2,7.8396999999999998E-3,3.8656000000000003E-3,6.8856999999999998E-3,8.2238999999999993E-3,1.11401E-2,1.8509828927112615E-2,2.7573500000000001E-2,4.3784000000000003E-2,3.6592899999999998E-2,4.71344E-2,4.3760500000000001E-2,4.0835900000000001E-2,2.9022899999999997E-2,3.4516399999999996E-2,3.2253799999999999E-2,2.9543300000000002E-2,1.0806199999999998E-2,1.4312078522209998E-2,-1.232456042861E-2,2.182728019661E-2,2.1711769460460002E-2,2.4296700000000001E-2,2.4699200000000001E-2,2.8860500000000001E-2,1.9387100000000001E-2,1.7439800000000002E-2,1.48205E-2,8.7816999999999999E-3,4.0920000000000002E-3,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"chart 15"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Long income property funds"]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-30","2016-12-31","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
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["IPD UK Qtrly Index total return ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-12.95758,-7.0640499999999999,-2.2175099999999999,3.4428299999999998,9.9923699999999993,5.9904200000000003,3.3745599999999998,2.2563800000000001,2.8190900000000001,2.3426800000000001,2.0142799999999998,1.81159,1.38568,0.78396999999999994,0.38656000000000001,0.68857000000000002,0.82238999999999995,1.1140099999999999,1.8509828927112615,2.7573500000000002,4.3784000000000001,3.6592899999999999,4.7134400000000003,4.3760500000000002,4.0835900000000001,2.9022899999999998,3.4516399999999998,3.2253799999999999,2.9543300000000001,1.0806199999999999,1.4312078522209999,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0]
[]
["For chart",null,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,"Net new investment in Long Income Property Funds as % of NAV (lhs)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,9.9472385735159541E-2,1.0738882575707547E-3,1.0695467258232533E-3,-6.9709007263467836E-4,9.3101622421941685E-2,4.418266428819359E-2,0.11794470468011684,2.4376827942529201E-2,-1.2544894787332665E-3,2.3222182249330103E-2,3.9562798735371212E-2,5.032382069405953E-2,1.1538347598388596E-4,2.5003498070646394E-2,8.7426715261957888E-2,4.7611114520823616E-2,5.9651506642397323E-2,6.1975243531307171E-2,4.3616817924352944E-2,7.5850199281991076E-2,4.3832875528145722E-2,4.3606511496983719E-2,3.9079341156813434E-2,6.8704775903022972E-2,2.5670602050721886E-2,5.7047277305808351E-2,1.450126920991537E-2,5.5820269360185609E-2,1.8469950595036363E-2,1.139867246366448E-2,2.315308281886682E-2,4.3766711697136524E-3,2.1512826337817967E-2,2.5004023109316788E-2,2.7000424813892442E-2,2.7776444490454598E-2,1.3232762030047812E-2,7.7131167277953014E-3,2.0014108074895023E-2,2.6484301908207962E-2,2.8898079152491148E-2,1.2252057657098404E-2,7.0483837493731782E-3,1.8756562696309115E-2,2.1900616421419848E-2,3.1937285138334474E-3,9.1723144801891278E-4,2.1482856367640408E-4,3.2457088695612417E-2,6.6335511885602808E-3]
[null,"IPD UK Qtrly Index quarterly total return (rhs)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.12957579999999999,-7.0640499999999995E-2,-2.21751E-2,3.4428299999999995E-2,9.992369999999999E-2,5.9904200000000005E-2,3.3745600000000001E-2,2.2563800000000002E-2,2.8190900000000001E-2,2.3426800000000001E-2,2.0142799999999999E-2,1.8115900000000001E-2,1.3856800000000001E-2,7.8396999999999998E-3,3.8656000000000003E-3,6.8856999999999998E-3,8.2238999999999993E-3,1.11401E-2,1.8509828927112615E-2,2.7573500000000001E-2,4.3784000000000003E-2,3.6592899999999998E-2,4.71344E-2,4.3760500000000001E-2,4.0835900000000001E-2,2.9022899999999997E-2,3.4516399999999996E-2,3.2253799999999999E-2,2.9543300000000002E-2,1.0806199999999998E-2,1.4312078522209998E-2,-1.232456042861E-2,2.182728019661E-2,2.1711769460460002E-2,2.4296700000000001E-2,2.4699200000000001E-2,2.8860500000000001E-2,1.9387100000000001E-2,1.7439800000000002E-2,1.48205E-2,8.7816999999999999E-3,4.0920000000000002E-3,0,0,0,0,0,0,0,0,0]
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[]
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["Specialist funds"]
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["New investment in Specialist Funds as % of NAV",2.0093708413911187,1.1994847045490344,1.5213965161551668,-0.38995387201411225,1.363468671948143,0.54040062907730546,1.8473461494661656,1.3571963245507099,1.677408143324348,-7.2885992434233438E-2,0.57335455690261294,0.28373221169361795,0.48671860078675661,1.831693353550514,-0.99548888366834276,2.3168317985958278,-7.2802450162944898E-2,0.58150083559107735,0.13075578982934855,2.5124277459045117,-2.9751310045170301E-2,0.64231955482522807,0.65285495553613915,0.43929276938029765,-0.67971619068483391,0.19680349291122567,-0.52956562663711459,-0.21930565515372244,-3.4443790590415517E-2,-0.57379908374503485,0.42743501175945753,-1.2409331076099617,3.9408916394984617E-2,0.1255630632095707,0.95806818503214852,0.66216938963377958,1.1135245516314234,-6.699746519422508E-3,0.16588373560629283,-0.84212459576461662,5.7193148861748866E-3,2.0964030008889014,5.4177706013061142E-2,1.4159526945854845E-3,0.2336102854626696,0.2478007533112401,-0.16040718577534022,0,8.0910870581595601E-2,2.5004023109316789,2.7000424813892443,2.7776444490454599,1.3232762030047811,0.77131167277953017,2.0014108074895023,2.6484301908207963,2.889807915249115,1.2252057657098403,0.70483837493731782,1.8756562696309116,2.190061642141985,0.31937285138334476,9.1723144801891282E-2,2.1482856367640409E-2,3.2457088695612417,0.66335511885602805]
["IPD UK Qtrly Index total return ",2.6702103396210486,4.4913352281187313,4.4171283309624831,6.0755091224339752,4.4485871132570853,5.0688031674815504,3.7204216539682644,3.7684503739901842,2.2581571546738788,2.1026673534961793,-1.0132347243723028,-8.5386329618180827,-3.3818705008970662,-2.6601400681813381,-4.7681104891232788,-13.504585955069171,-7.1270844743163924,-2.6968205250590294,3.3107153327246452,9.9923699999999993,5.9904200000000003,3.3745599999999998,2.2563800000000001,2.8190900000000001,2.3426800000000001,2.0848192416365263,1.81159,1.6052607083877346,0.78396999999999994,0.38656000000000001,0.68857000000000002,0.82238999999999995,1.1140099999999999,1.8509828927112615,2.7573500000000002,4.3784000000000001,3.6592899999999999,4.7134400000000003,4.3760500000000002,4.0835900000000001,2.9022899999999998,3.4516399999999998,3.2253799999999999,2.9543300000000001,1.0806199999999999,1.4312078522209999,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0]
[]
["For chart"]
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["Net new investment in Specialist Funds as % of NAV (rhs)",2.0093708413911185E-2,1.1994847045490344E-2,1.5213965161551667E-2,-3.8995387201411227E-3,1.3634686719481431E-2,5.4040062907730543E-3,1.8473461494661655E-2,1.35719632455071E-2,1.6774081433243479E-2,-7.2885992434233433E-4,5.7335455690261296E-3,2.8373221169361797E-3,4.8671860078675659E-3,1.8316933535505141E-2,-9.9548888366834277E-3,2.3168317985958278E-2,-7.2802450162944899E-4,5.8150083559107731E-3,1.3075578982934854E-3,2.5124277459045118E-2,-2.9751310045170301E-4,6.4231955482522808E-3,6.5285495553613912E-3,4.3929276938029765E-3,-6.797161906848339E-3,1.9680349291122568E-3,-5.2956562663711458E-3,-2.1930565515372244E-3,-3.4443790590415519E-4,-5.7379908374503488E-3,4.2743501175945752E-3,-1.2409331076099617E-2,3.9408916394984619E-4,1.2556306320957069E-3,9.5806818503214857E-3,6.6216938963377962E-3,1.1135245516314235E-2,-6.6997465194225083E-5,1.6588373560629283E-3,-8.4212459576461663E-3,5.7193148861748868E-5,2.0964030008889013E-2,5.4177706013061144E-4,1.4159526945854845E-5,2.3361028546266959E-3,2.478007533112401E-3,-1.6040718577534023E-3,0,8.0910870581595603E-4,2.5004023109316788E-2,2.7000424813892442E-2,2.7776444490454598E-2,1.3232762030047812E-2,7.7131167277953014E-3,2.0014108074895023E-2,2.6484301908207962E-2,2.8898079152491148E-2,1.2252057657098404E-2,7.0483837493731782E-3,1.8756562696309115E-2,2.1900616421419848E-2,3.1937285138334474E-3,9.1723144801891278E-4,2.1482856367640408E-4,3.2457088695612417E-2,6.6335511885602808E-3]
["IPD UK Qtrly Index quarterly total return (lhs)",2.6702103396210486E-2,4.4913352281187313E-2,4.4171283309624831E-2,6.0755091224339752E-2,4.4485871132570853E-2,5.0688031674815504E-2,3.7204216539682644E-2,3.7684503739901842E-2,2.2581571546738788E-2,2.1026673534961793E-2,-1.0132347243723028E-2,-8.5386329618180823E-2,-3.3818705008970662E-2,-2.6601400681813381E-2,-4.7681104891232791E-2,-0.1350458595506917,-7.1270844743163919E-2,-2.6968205250590294E-2,3.3107153327246452E-2,9.992369999999999E-2,5.9904200000000005E-2,3.3745600000000001E-2,2.2563800000000002E-2,2.8190900000000001E-2,2.3426800000000001E-2,2.0848192416365263E-2,1.8115900000000001E-2,1.6052607083877346E-2,7.8396999999999998E-3,3.8656000000000003E-3,6.8856999999999998E-3,8.2238999999999993E-3,1.11401E-2,1.8509828927112615E-2,2.7573500000000001E-2,4.3784000000000003E-2,3.6592899999999998E-2,4.71344E-2,4.3760500000000001E-2,4.0835900000000001E-2,2.9022899999999997E-2,3.4516399999999996E-2,3.2253799999999999E-2,2.9543300000000002E-2,1.0806199999999998E-2,1.4312078522209998E-2,-1.232456042861E-2,2.182728019661E-2,2.1711769460460002E-2,2.4296700000000001E-2,2.4699200000000001E-2,2.8860500000000001E-2,1.9387100000000001E-2,1.7439800000000002E-2,1.48205E-2,8.7816999999999999E-3,4.0920000000000002E-3,0,0,0,0,0,0,0,0,0]
[]
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["Combined Balanced and Specialist Fund Acquisitions and Disposals",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,153.41939999999994]
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["Balanced Fund Acquisitions",606.20000000000005,710.5,1228,897.18400000000008,918.84500000000003,810.70799999999997,1541.598,1862.4529999999997,1314.6326939999999,1168.9184850000001,709.4,223.69499999999999,24.661000000000001,64.954000000000008,42.792999999999999,7.6840000000000011,3.84,89,233.20800000000003,1534.7879999999998,1571.2,1217.0999999999999,862.7,423.6,589,422.8,775.4,368.9,215.9,249.1,448.80199999999996,422.6,712.42816300000015,637.60344399999997,1026.09638,1277.0632878599997,1167.1152820000002,1467.1609670560001,1673.2459770000003,2190.4518059999996,908.49546529999998,1656.6,1029.3345310699999,957.80075399999987,585.18999999999994,153.37499999999997,27.736999999999998,174.10600539999996,372.55300000000011,610.50295699999992,725.30534599999999,639.00383799999997,397.25378599999988,366.78834799999998,424.91699999999997,262.37891800000006,106.73400000000001,200.05416199999999,138.85914700000001,29.93,163.934541,28.744999999999997,55.75,105.271141,100.07836700000001,225.90249999999997]
["Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,78.400000000000006,34.299999999999997,61.7,73.8,0,40.700000000000003,18.100000000000001,102.3,0.8,32.799999999999997,189.48500000000001,154.80000000000001,43.287188,18.649999999999999,258.22754499999996,139.093547,72.881999999999991,79.352929999999986,11.25,83.370757999999995,34.884999999999998,11.4,20.916425,32.608000000000004,4.49,91.027999999999992,0,22.616,62.144999999999996,141.10719399999996,62.65,116.38951299999998,35.586003000000005,130.13808,122.521,417.30068,296.25445999999999,88.80309800000002,72.624960000000002,60.850451999999997,16.305,8.16,0.75109199999999998,125.83799999999999,361.613584,144.26063289000001]
["Specialist Fund Acquisitions",653.52,204.75400000000002,271.18799999999999,649.99,599.07500000000005,514.22900000000004,585.82799999999997,1280.9349999999999,419.16500000000002,168.28300000000002,220.90800000000002,386.25400000000002,149.41899999999998,56.367999999999995,11.8,485.48900000000003,0,10.199999999999999,34.200000000000003,155.22,142.69999999999999,82.3,58.414999999999999,227.70599999999999,66.3,140.6,101.836,98.28,0,98.251000000000005,13.5875,49.86,4.3559999999999999,64.504999999999995,118.221,27.564,3.5,86.699999999999989,331.13501099999996,268.12900000000002,92.75,735.08399999999995,62.305000000000007,288.91999999999996,52.67,0,88.4,0,0,0,48.890999999999998,57.817999999999998,34.18,65.475489999999994,12.679364,12.5,17.353999999999999,123.209304,64.995999999999995,400.54562937000003,268.20999999999998,25.310547,28.778948999999997,122.59823,34.332083999999995,17.85567]
["Total acquisions",1259.72,915.25400000000002,1499.1880000000001,1547.174,1517.92,1324.9369999999999,2127.4259999999999,3143.3879999999999,1733.7976939999999,1337.201485,930.30799999999999,609.94900000000007,174.07999999999998,121.322,54.593000000000004,493.17300000000006,3.84,99.2,267.40800000000002,1690.0079999999998,1792.3000000000002,1333.6999999999998,982.81500000000005,725.10599999999999,655.29999999999995,604.1,895.33600000000001,569.48,216.70000000000002,380.15099999999995,651.87450000000001,627.2600000000001,760.07135100000016,720.75844399999994,1402.5449249999999,1443.7208348599997,1243.4972820000003,1633.2138970560002,2015.6309880000003,2541.9515639999995,1036.1304653,2403.0839999999998,1112.5559560699999,1279.3287539999997,642.34999999999991,244.40299999999996,116.137,196.72200539999994,434.69800000000009,751.61015099999986,836.84634599999993,813.21135099999992,467.01978899999989,562.40191800000002,560.11736399999995,692.17959800000006,420.34246000000002,412.06656399999997,276.48010699999998,491.32608137,448.44954099999995,62.215547000000001,85.280040999999997,353.70737099999997,496.02403500000003,388.01880288999996]
[]
["Balanced Fund Disposals",200.1,258.8,245,173.50740299999998,288.64499999999998,143.16200000000001,322.43,267.113,331.29150000000004,332.80699999999996,575.6,969.23599999999999,1452.6903565900002,828.10500000000002,629.71780036999996,543.15859999999998,438.78199999999998,685,502.61808224999999,296.90199999999999,291.10000000000002,94.5,169.9,315.89999999999998,249.9,386.2,338,390.4,324.74099999999999,141.4,425.48599999999999,230.4,264.39805593000006,361.71749300000005,613.20000000000005,422.07889740000002,442.94961100000006,226.96935999999997,189.24634850000004,338.55908531999995,554.05931499999997,210.54387199999999,659.84465398999998,692.127926,431.7706,643.21600000000001,1506.3736879999999,2017.2882999999999,498.08799999999997,594.14856707000013,799.20664650000003,604.25525999999979,446.00366399999996,500.83043899999996,601.01967849999994,432.03147099999995,1372.3297080000002,777.50057199999992,1096.2029300000002,1046.1210739999997,760.56846299999984,200.92728700000004,449.80342900000011,1228.4845893299996,1087.67388306,795.36391927000045]
["Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,4.8,27,13,0,0,0,14.8,0,0,10.5,0,82.574999999999989,81.808821999999992,7,0,0,22.305,5.6509999999999998,-53.167499999999997,0,15.840000000000003,0,28.116,0,15.95,11.9,0,25.844000000000001,9.9250000000000007,0,0,0,31.965074999999999,27.263154999999998,22.182310000000001,13.938038000000001,5.8480000000000008,40.776096000000003,0,0,0,0,177.00353799999999]
["Specialist Fund Disposals",116.399,408.30700000000007,125.38400000000001,397.53500000000003,216.762,81.69,316.45099999999996,307.91899999999998,44.36,355.358,439.77499999999998,220.75,202.864,641.60300000000007,601.99800000000005,201.857,213.96799999999996,380.74399999999997,440.55900000000003,509.02,409.7,242,315.41300000000001,308.57600000000002,279,263.47649999999999,219.226,49.008999999999993,47.097000000000001,276.10165599999999,156.980695,277.39,74.224000000000004,242.104333,349.99400000000003,153.57923099999999,165.40753599999999,223.25434797999998,325.36038699999995,443.78427331,210.6935,33.314193000000003,604.55919199999994,130.60295600000001,251.39400000000001,162.70672300000001,94.226826000000003,205.53399999999999,106.339,313.99753999999996,57.557000000000002,203.36131699999999,133.78370999999999,70.307999999999993,171.1,100.1885,108.90584899999999,0,0,434.073891,0,0,86.103932999999998,169.86425500000001,207.76862999999994,74.341378000000006]
["Total sales",316.49900000000002,667.10700000000008,370.38400000000001,571.04240300000004,505.40699999999998,224.852,638.88099999999997,575.03199999999993,375.65150000000006,688.16499999999996,1015.375,1189.9859999999999,1655.5543565900002,1469.7080000000001,1231.7158003700001,745.01559999999995,652.75,1065.7439999999999,943.17708225000001,805.92200000000003,700.8,336.5,485.31299999999999,629.27600000000007,555.9,662.67650000000003,557.226,439.40899999999999,371.83799999999997,432.30165599999998,582.46669499999996,507.78999999999996,349.12205593000004,603.8218260000001,1045.7690000000002,657.46695040000009,615.35714700000005,450.22370797999997,514.60673550000001,804.64835862999996,770.4038149999999,190.69056499999999,1264.4038459899998,838.57088199999998,683.16460000000006,834.038723,1600.600514,2238.7723000000001,616.327,908.14610707000008,882.6076465000001,817.54157699999973,579.787374,571.13843899999995,772.11967849999996,564.18504599999994,1508.4987120000003,799.68288199999995,1110.1409680000002,1486.0429649999996,801.34455899999989,200.92728700000004,535.90736200000015,1398.3488443299996,1295.44251306,1046.7088352700005]
[]
["Balanced Fund Net Acquisitions",406.1,451.7,983,723.67659700000013,630.20000000000005,667.54599999999994,1219.1679999999999,1595.3399999999997,983.34119399999986,836.11148500000013,133.79999999999995,-745.54099999999994,-1428.0293565900001,-763.15100000000007,-586.92480036999996,-535.47460000000001,-434.94200000000001,-596,-269.41008224999996,1237.8859999999997,1280.0999999999999,1122.5999999999999,692.80000000000007,107.70000000000005,339.1,36.600000000000023,437.4,-21.5,-108.84099999999998,107.69999999999999,23.315999999999974,192.20000000000002,448.0301070700001,275.88595099999992,412.89637999999991,854.98439045999976,724.1656710000002,1240.1916070560001,1483.9996285000002,1851.8927206799997,354.43615030000001,1446.0561279999999,369.48987707999993,265.67282799999987,153.41939999999994,-489.84100000000001,-1478.6366879999998,-1843.1822946,-125.53499999999985,16.354389929999797,-73.901300500000048,34.74857800000018,-48.749878000000081,-134.04209099999997,-176.10267849999997,-169.6525529999999,-1265.5957080000003,-577.4464099999999,-957.34378300000014,-1016.1910739999997,-596.63392199999987,-172.18228700000003,-394.05342900000011,-1123.2134483299997,-987.59551605999991,-569.46141927000053]
["Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,78.400000000000006,34.299999999999997,61.7,69,-27,27.700000000000003,18.100000000000001,102.3,0.8,17.999999999999996,189.48500000000001,154.80000000000001,32.787188,18.649999999999999,175.65254499999998,57.284725000000009,65.881999999999991,79.352929999999986,11.25,61.065757999999995,29.233999999999998,64.567499999999995,20.916425,16.768000000000001,4.49,62.911999999999992,0,6.6660000000000004,50.244999999999997,141.10719399999996,36.805999999999997,106.46451299999998,35.586003000000005,130.13808,122.521,385.33560499999999,268.99130500000001,66.620788000000019,58.686922000000003,55.002451999999998,-24.471096000000003,8.16,0.75109199999999998,125.83799999999999,361.613584,-32.742905109999981]
["Specialist Fund Net Acquisitions",537.12099999999998,-203.55300000000005,145.80399999999997,252.45499999999998,382.31300000000005,432.53900000000004,269.37700000000001,973.01599999999996,374.80500000000001,-187.07499999999999,-218.86699999999996,165.50400000000002,-53.445000000000022,-585.23500000000013,-590.19800000000009,283.63200000000006,-213.96799999999996,-370.54399999999998,-406.35900000000004,-353.79999999999995,-267,-159.69999999999999,-256.99799999999999,-80.870000000000033,-212.7,-122.87649999999999,-117.39,49.271000000000008,-47.097000000000001,-177.85065599999999,-143.39319499999999,-227.52999999999997,-69.868000000000009,-177.599333,-231.77300000000002,-126.015231,-161.90753599999999,-136.55434797999999,5.7746240000000171,-175.65527330999998,-117.9435,701.7698069999999,-542.25419199999988,158.31704399999995,-198.72399999999999,-162.70672300000001,-5.826825999999997,-205.53399999999999,-106.339,-313.99753999999996,-8.6660000000000039,-145.543317,-99.603709999999978,-4.8325099999999992,-158.420636,-87.688500000000005,-91.55184899999999,123.209304,64.995999999999995,-33.528261629999975,268.20999999999998,25.310547,-57.324984000000001,-47.266025000000013,-173.43654599999996,-56.485708000000002]
["Total net acquisitions",943.221,248.14699999999993,1128.8040000000001,976.13159700000006,1012.5130000000001,1100.085,1488.5449999999998,2568.3559999999998,1358.1461939999999,649.03648500000008,-85.067000000000007,-580.03699999999992,-1481.4743565900001,-1348.3860000000002,-1177.12280037,-251.84259999999995,-648.91,-966.54399999999998,-675.76908225,884.08599999999979,1091.5,997.19999999999982,497.50200000000012,95.830000000000013,99.400000000000034,-58.576499999999967,338.11,130.071,-155.13799999999998,-52.150655999999998,69.407804999999996,119.47000000000003,410.94929507000012,116.9366179999999,356.7759249999998,786.25388445999977,628.1401350000001,1182.9901890760002,1501.0242525000003,1737.3032053699997,265.72665029999996,2212.393435,-151.84788991999994,440.75787199999985,-40.814600000000041,-589.6357230000001,-1484.4635139999998,-2042.0502946000001,-181.62899999999985,-156.5359560700002,-45.761300500000054,-4.3302259999998398,-112.76758500000005,-8.7365209999999678,-212.00231449999995,127.99455200000008,-1088.1562520000002,-387.61631799999986,-833.66086100000018,-994.71688362999976,-352.89501799999988,-138.71174000000002,-450.62732100000005,-1044.6414733299998,-799.41847805999987,-658.69003238000062]
[]
["12-month rolling average net acquisitions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Balanced Fund Net Acquisitions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-828.39493923999999,-580.12310009249995,-538.33535009249999,-458.95667056249999,-15.616520562500057,413.14397943749992,842.79397943749984,"Balanced Fund Net Acquisitions",800.8,565.55000000000007,294.05000000000007,230.20000000000002,197.9,85.914749999999998,103.68974999999999,0.16874999999999574,53.59375,192.81152676750003,234.85801451750001,332.25310951749998,497.94920713249991,566.98309811499996,808.05951212900004,1075.8353242540002,1325.0624068090001,1232.6300266339999,1284.09615687,1005.468719015,608.91374584499988,555.66905826999994,74.685276269999946,-387.34636499999999,-914.56014564999998,-984.29874565,-857.74989816749996,-506.56605129249999,-37.083333142499981,-17.887052642500038,-55.48617287499998,-81.03651737499996,-132.13680012499998,-436.34825762500003,-547.19933737500003,-742.50961350000011,-954.1442437500001,-786.90379724999991,-685.58776649999993,-544.76517799999999,-571.52077158249995,-669.26117009749987,-768.5809531650001]
["Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Long Income Property Funds",60.85,34.5,32.849999999999994,21.950000000000003,30.274999999999999,37.225000000000001,34.799999999999997,77.646250000000009,90.771250000000009,98.76804700000001,98.930547000000004,95.472433249999995,71.093614500000001,79.367317499999999,94.543049999999994,53.44241375,54.387671999999988,45.225671999999996,41.529314499999998,43.945920749999999,32.871481250000002,26.685481249999999,26.271606249999998,21.042499999999997,18.516999999999996,29.955749999999995,49.504548499999991,58.706048499999994,83.655676749999998,79.990927499999998,77.248649,98.677398999999994,168.395172,226.7464975,210.8671745,194.90865500000001,112.32536675,38.959766500000001,24.344569499999999,9.8606119999999997,27.569498999999997,124.09066899999999,113.8649427225]
["Specialist Fund Net Acquisitions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-236.31150000000002,-276.44225000000006,-222.76949999999999,-176.80974999999998,-336.16774999999996,-349.42574999999999,-296.71475000000004,"Specialist Fund Net Acquisitions",-191.142,-177.56700000000001,-168.36112499999999,-133.459125,-100.923875,-59.523125,-73.266663999999992,-79.767462749999993,-148.96771274999998,-154.66046274999999,-154.59763199999998,-176.69258324999998,-151.31389100000001,-174.32377500000001,-164.06252874499998,-104.675622745,-117.08563332249999,-106.09462432249998,103.48641442249999,-33.520789577499983,49.972289750000002,29.777164749999997,-186.34196774999998,-52.235126250000008,-143.19788725000001,-120.10163725,-157.92434149999997,-158.63413499999999,-143.63646424999999,-141.95264175,-64.661384249999998,-102.10004325,-87.636338999999992,-85.623373749999999,-53.612920249999995,2.2412387500000044,15.781298342500008,105.7217605925,81.247071342499993,50.666825342499997,47.232384499999988,-63.179251999999991,-83.628315749999999]
["Total net acquisitions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total net acquisitions"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"12-month rolling average net acquisitions"]
[]
["Also see near end of sheet :-"]
["12-month rolling average net acquisitions as % of NAV"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Balanced funds Net asset value ",15515.855133198853,16926.302565276019,18554.548043902061,20703.899793880002,22869.948739916676,25415.222893455993,27555.935843919997,29838.573955675929,32411.292714599469,33374.246004414897,32160.172016150864,27253.145068663613,25189.975390742627,23806.870933105292,21775.021481454682,19322.196531566075,17064.234959791331,16304.998799933581,16816.428271522462,20785.075084879179,23245.7,24742.9,25596.9,26025.8,26498,27115.8,26844.620000000003,28362.2,28442.1,28398.400000000001,25748.6,25900.2,25986.047034185351,26426.968408925852,27473.686029784865,29327.499449817238,31135.195181298819,34583.434086411879,37167.622712418037,39437.505087247235,41176.676524393748,43397.063731405215,45135.679078664332,46736.25453829499,46357.636885232423,44771.842332262153,43244.749937263558,44010.578277081433,46211.782052281371,44300.565361175017,45000.831027145337,48781.852427999293,49392.853145775844,49915.206417781388,50218.062478973865,49160.141507879991,47436.769451199994,47317.638648730004,45518.488817855097,44185.821098065535,42709.550856869995,41655.428390413224,41286.949891242934,40047.177262519996,39004.703938539998,37843.734013242138]
["Long Income Property Funds asset value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,96.315113019999998,105.89700000000001,106.04470490999998,106.155,611.98836789999996,713.5,766.4,885.4,921.4,940,977.3,1034.0999999999999,2128.1999999999998,2157.4,2233.2399999999998,2645.6,2793.33890402,2981.4950078528263,3273.1722302973012,3486.2715064900003,3702.2537571199996,4012.3564294014723,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5570.2838507099996,5921.5651186300001,6051.5613013500006,6059.1904124899993,6295.1695610899997,6369.8964111700006,7233.2413062605619,7537.8122583199993,7856.8520701999996,8270.5552285199992,8509.6128280300018,8680.3611469000007,9729.8639691000008,10461.26638015,10825.674325309999,11068.146673519999,11336.10194807,11463.818216289999,11961.851084649999,11831.221323130001,11899.08620041,12161.31298517,12720.144746720001,13136.386505500001]
["Specialist funds Net asset value ",8325.2351102409484,8785.9201178000003,11824.862984999996,13279.72049208,14658.256798010803,16347.214029745001,18432.392518999994,19277.954693852105,20494.572941076607,20740.362196193852,20441.968318152165,18399.406923837822,17712.171744337109,16593.211986808168,15573.47918437191,12063.602648072925,9509.447890734622,8787.6614343771289,8966.1121780475878,10381.61345414515,11047.4,11366.2,11470.4,11732.2,11829.6,11922.9,11732.299999999997,12026.96669511222,11632.6,11457.5,11045.3,10753.134291036911,10480.487695916167,10490.584342807753,10477.8095849289,10758.790765788344,10770.00697169442,11390.827843874822,11280.118510672639,11403.699900584423,11349.511716757535,12068.8953688073,12331.243255215657,12303.758667238564,12442.836977496496,12186.952262680566,11327.699962458659,11015.264009202449,11075.892185441862,11117.458686074729,11291.742134832062,11332.187432312134,11243.675890911878,11135.873424990621,11124.279212669799,11071.266984159311,11187.983565788789,10875.060133817038,10449.728101360422,10431.0797360459,9636.1671519229421,8748.1847022678394,8433.9394041251417,8381.2312582468567,8358.6330452058482,8509.7106984316051]
["Total net asset value ",23841.090243439801,25712.222683076019,30379.411028902057,33983.620285960002,37528.205537927483,41762.436923200992,45988.328362919987,49116.528649528031,52905.865655676076,54114.608200608753,52602.140334303025,45652.551992501438,42902.147135079736,40400.082919913461,37348.500665826592,31385.799179638998,26573.682850525955,25092.660234310708,25782.54044957005,31166.68853902433,34293.1,36109.100000000006,37067.300000000003,37758,38327.599999999999,39038.699999999997,38576.92,40389.166695112217,40074.699999999997,39855.9,39439.5,39446.673195056916,39448.029737954348,40190.724982030908,41437.767121203768,43788.543972725587,45917.558582394711,50267.750724406702,53025.520013020679,55774.797523521658,57613.989606551288,60871.772039292518,63037.206184589988,64961.578324163558,64852.035164078916,63017.985007432726,60867.619460812217,61395.738697453882,64520.915543983792,62955.836305569748,64149.425232177404,68384.595088831426,69146.14186471772,69731.440989672017,71072.205660743668,70692.674872189309,69450.42734229879,69260.845456067036,67304.318867285518,66080.719050401429,64307.569093442937,62234.83441581107,61619.975495778075,60589.721505936854,60083.48173046585,59489.831217173742]
["Total net acquisitions as % of NAV",3.9562829986751133E-2,9.6509353959248409E-3,3.7156875718429495E-2,2.8723590623547523E-2,2.6980053681935703E-2,2.6341494439680344E-2,3.2367886657089312E-2,5.2291073302972106E-2,2.567099464621064E-2,1.1993738965899024E-2,-1.6171775418143189E-3,-1.2705467157570351E-2,-3.4531473493051475E-2,-3.3375822586130685E-2,-3.1517270556647874E-2,-8.0240939081576267E-3,-2.4419272392541425E-2,-3.8518992843906842E-2,-2.6210337323887303E-2,2.8366375814774834E-2,3.1828560264309733E-2,2.7616307246649728E-2,1.3421587221081657E-2,2.5380051909529109E-3,2.5934313653868239E-3,-1.5004726079505715E-3,8.7645670001648655E-3,3.2204427732286148E-3,-3.8712204957242345E-3,-1.3084801999202124E-3,1.7598550945118472E-3,3.0286457722110485E-3,1.0417485937823942E-2,2.9095423895011035E-3,8.6099215712189519E-3,1.7955698297475498E-2,1.3679737215837861E-2,2.353378004840026E-2,2.8307581936611207E-2,3.1148534508571447E-2,4.6121897149400707E-3,3.6345145884235271E-2,-2.4088613552343688E-3,6.7849009117448202E-3,-8.1380021253724068E-4,-9.3566260953988744E-3,-2.438839447229782E-2,-3.326045647341784E-2,-2.8150406495112998E-3,-2.4864407377612955E-3,-7.1335480145574479E-4,-6.3321658838147489E-5,-1.6308586706200662E-3,-1.252881178992693E-4,-2.9829145237446632E-3,1.8105772943435967E-3,-1.5668100163542961E-2,-5.5964710717525019E-3,-1.2386439310735171E-2,-1.5053057804520924E-2,-5.4876124688716076E-3,-2.2288440437267334E-3,-7.3130071437771836E-3,-1.724123246263215E-2,-1.3305129047717083E-2,-1.1072313013889466E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.16471204215071511,3.0527560722448392E-2,-1.6862761483105138E-3,-2.8280533556209155E-2,-3.4123045133335854E-2,8.6765219556792263E-3,5.0902178438314204E-2,-2.42569285512871E-2,1.8959146548610903E-2,6.602038664143256E-2,1.1136232873749515E-2,8.4646678638906139E-3,1.9227548607094361E-2,-5.3400733103178555E-3,-1.7572507082756077E-2,-2.7297439841135274E-3,-2.824866742382702E-2,-1.818010846074904E-2,-2.6833091141245997E-2,-3.2231581862782792E-2,-9.8796586478389868E-3,-1.6719480680608349E-2,-8.3552088190634779E-3,-9.880427967793563E-3]
["Total net property acquisitions",null,248.14699999999993,1128.8040000000001,976.13159700000006,1012.5130000000001,1100.085,1488.5449999999998,2568.3559999999998,1358.1461939999999,649.03648500000008,-85.067000000000007,-580.03699999999992,-1481.4743565900001,-1348.3860000000002,-1177.12280037,-251.84259999999995,-648.91,-966.54399999999998,-675.76908225,884.08599999999979,1091.5,997.19999999999982,497.50200000000012,95.830000000000013,99.400000000000034,-58.576499999999967,338.11,130.071,-155.13799999999998,-52.150655999999998,69.407804999999996,119.47000000000003,410.94929507000012,116.9366179999999,356.7759249999998,786.25388445999977,628.1401350000001,1182.9901890760002,1501.0242525000003,1737.3032053699997,265.72665029999996,2212.393435,-151.84788991999977,440.75787199999985,-52.77660000000003,-589.6357230000001,-1484.4635139999998,-2042.0502946000001,-181.62899999999985,-156.5359560700002,-45.761300500000054,-4.3302259999998398,-112.76758500000005,-8.7365209999999678,-212.00231449999995,127.99455200000008,-1088.1562520000002,-387.61631799999986,-833.66086100000018,-994.71688362999976,-352.89501799999988,-138.71174000000002,-450.62732100000005,-1044.6414733299998,-799.41847805999987,-658.69003238000062]
["Net new money raised from investors",null,687.50868246466189,1158.182319922312,647.9377649809727,1134.4052572348676,1037.265750266065,1686.8291063402783,1578.5983147953468,1752.076250808708,794.48867044485678,-195.13289318705634,-1235.5207985327211,-522.35451210704605,1.9972668033063412,-429.85982137664979,-519.24342151140002,-447.16906831788629,-71.02879056800225,289.07177538255445,2538.1817599512146,1615.178546505007,1207.807,746.40377744633702,384.38313959376643,214.70309284245843,497.84164512568816,-53.436628072941502,33.6904625701765,61.9844583290811,-16.517549298616807,296.61608525393399,282.31939120515216,161.49054263120604,447.67872389503884,841.04129030561307,1042.6175849506963,1392.6062016370595,2141.2391150499393,1481.9125031640131,1564.3684268372854,1720.5055086581697,1418.3679619764871,869.79761477428815,1047.2002205206393,-220.91223015454079,-1029.2219699718166,-664.97476917837662,1255.4859754070008,1545.729095608061,-436.84532232656983,172.72308015584576,260.13477791404944,3.545624561780528,-152.52628261273554,401.47305422438541,-476.63917746058536,-490.55754477921414,-278.54618822654487,-1087.5040257888872,-534.30011698038004,-169.33866435084587,18.732395046975157,-95.791336563205306,-1069.0361993492572,-300.16931999066747,-532.68845807792195]
["Acquisions % on net new money raised",null,0.36093653262736031,0.97463411466660743,1.5065206100907933,0.89254963650998764,1.0605623483835473,0.88245157402431063,1.6269851398726265,0.7751638625163253,0.8169235247075155,0.43594392831788709,0.46946761291986333,2.8361473333773017,-675.11561187911286,2.7383875901688119,0.48501837397755215,1.4511513563337499,13.607777807713626,-2.3377207316615207,0.34831469280473926,0.67577668262238544,0.8256285979465261,0.66653199653155326,0.24930854173592917,0.46296491906120912,-0.117660907988546,-6.3273079195505497,3.8607662251316657,-2.5028532019487577,3.157287746334569,0.23399878985180372,0.42317319929747627,2.5447266965253807,0.26120655675255283,0.42420738329072583,0.75411531112548857,0.45105366776451117,0.55247925407359733,1.0128966786468041,1.1105460680271717,0.15444684655920771,1.5598162777993401,-0.17457841610591698,0.42089169135284094,0.23890302480346953,0.57289461379856299,2.2323606590881027,-1.6265018762459793,-0.11750377250196639,0.35833268223249864,-0.26494027583754431,-1.6646086443045997E-2,-31.804716781229331,5.7278790581830462E-2,-0.52806112955593465,-0.26853552551412818,2.2182030703242943,1.3915692778561628,0.76658186198000833,1.861719382080028,2.0839600888126237,-7.4049121669788143,4.704259666558321,0.97718063613364359,2.6632251360160808,1.2365389607965696]
[]
[]
["All Funds For Chart"]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Total acquisitions","Acquisitions",915.25400000000002,1499.1880000000001,1547.174,1517.92,1324.9369999999999,2127.4259999999999,3143.3879999999999,1733.7976939999999,1337.201485,930.30799999999999,609.94900000000007,174.07999999999998,121.322,54.593000000000004,493.17300000000006,3.84,99.2,267.40800000000002,1690.0079999999998,1792.3000000000002,1333.6999999999998,982.81500000000005,725.10599999999999,655.29999999999995,604.1,895.33600000000001,569.48,216.70000000000002,380.15099999999995,651.87450000000001,627.2600000000001,760.07135100000016,720.75844399999994,1402.5449249999999,1443.7208348599997,1243.4972820000003,1633.2138970560002,2015.6309880000003,2541.9515639999995,1036.1304653,2403.0839999999998,1112.5559560699999,1279.3287539999997,642.34999999999991,244.40299999999996,116.137,196.72200539999994,434.69800000000009,751.61015099999986,836.84634599999993,813.21135099999992,467.01978899999989,562.40191800000002,560.11736399999995,692.17959800000006,420.34246000000002,412.06656399999997,276.48010699999998,491.32608137,448.44954099999995,62.215547000000001,85.280040999999997,353.70737099999997,496.02403500000003,388.01880288999996]
["Total disposals","Disposals",-667.10700000000008,-370.38400000000001,-571.04240300000004,-505.40699999999998,-224.852,-638.88099999999997,-575.03199999999993,-375.65150000000006,-688.16499999999996,-1015.375,-1189.9859999999999,-1655.5543565900002,-1469.7080000000001,-1231.7158003700001,-745.01559999999995,-652.75,-1065.7439999999999,-943.17708225000001,-805.92200000000003,-700.8,-336.5,-485.31299999999999,-629.27600000000007,-555.9,-662.67650000000003,-557.226,-439.40899999999999,-371.83799999999997,-432.30165599999998,-582.46669499999996,-507.78999999999996,-349.12205593000004,-603.8218260000001,-1045.7690000000002,-657.46695040000009,-615.35714700000005,-450.22370797999997,-514.60673550000001,-804.64835862999996,-770.4038149999999,-190.69056499999999,-1264.4038459899998,-838.57088199999998,-683.16460000000006,-834.038723,-1600.600514,-2238.7723000000001,-616.327,-908.14610707000008,-882.6076465000001,-817.54157699999973,-579.787374,-571.13843899999995,-772.11967849999996,-564.18504599999994,-1508.4987120000003,-799.68288199999995,-1110.1409680000002,-1486.0429649999996,-801.34455899999989,-200.92728700000004,-535.90736200000015,-1398.3488443299996,-1295.44251306,-1046.7088352700005]
["Total Net acquisitions","Net acquisitions",248.14699999999993,1128.8040000000001,976.13159699999994,1012.5130000000001,1100.0849999999998,1488.5450000000001,2568.3559999999998,1358.1461939999999,649.03648500000008,-85.067000000000007,-580.03699999999981,-1481.4743565900003,-1348.386,-1177.12280037,-251.84259999999989,-648.91,-966.54399999999987,-675.76908225,884.08599999999979,1091.5000000000002,997.19999999999982,497.50200000000007,95.829999999999927,99.399999999999977,-58.57650000000001,338.11,130.07100000000003,-155.13799999999995,-52.150656000000026,69.407805000000053,119.47000000000014,410.94929507000012,116.93661799999984,356.77592499999969,786.25388445999965,628.14013500000021,1182.9901890760002,1501.0242525000003,1737.3032053699994,265.72665030000007,2212.393435,-151.84788991999994,440.75787199999968,-40.814600000000155,-589.6357230000001,-1484.463514,-2042.0502946000001,-181.62899999999991,-156.53595607000022,-45.761300500000175,-4.3302259999998114,-112.76758500000011,-8.7365209999999252,-212.00231450000001,127.99455200000011,-1088.1562520000002,-387.61631799999998,-833.66086100000018,-994.71688362999964,-352.89501799999994,-138.71174000000002,-450.62732100000017,-1044.6414733299996,-799.41847805999998,-658.6900323800005]
[]
[]
["Balanced fund Purchases + Sales",806.30000000000007,969.3,1473,1070.691403,1207.49,953.87,1864.028,2129.5659999999998,1645.9241939999999,1501.7254850000002,1285,1192.931,1477.3513565900003,893.05899999999997,672.51080036999997,550.84259999999995,442.62199999999996,774,735.82608225000001,1831.6899999999998,1862.3000000000002,1311.6,1032.6000000000001,739.5,838.9,809,1113.4000000000001,759.3,540.64099999999996,390.5,874.28800000000001,653,976.82621893000021,999.32093699999996,1639.29638,1699.1421852599997,1610.0648930000002,1694.1303270560002,1862.4923255000003,2529.0108913199997,1462.5547802999999,1867.1438719999999,1689.1791850599998,1649.92868,1016.9605999999999,796.59100000000001,1534.110688,2191.3943054000001,870.64100000000008,1204.6515240700001,1524.5119924999999,1243.2590979999998,843.25744999999984,867.61878699999988,1025.9366785,694.41038900000001,1479.0637080000001,977.55473399999994,1235.062077,1076.0510739999997,924.50300399999981,229.67228700000004,505.55342900000011,1333.7557303299996,1187.7522500600001,1021.2664192700004]
["Long income Purchases + Sales",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,78.400000000000006,34.299999999999997,61.7,78.599999999999994,27,53.7,18.100000000000001,102.3,0.8,47.599999999999994,189.48500000000001,154.80000000000001,53.787188,18.649999999999999,340.80254499999995,220.90236899999999,79.881999999999991,79.352929999999986,11.25,105.675758,40.536000000000001,-41.767499999999998,20.916425,48.448000000000008,4.49,119.14399999999999,0,38.566000000000003,74.045000000000002,141.10719399999996,88.494,126.31451299999998,35.586003000000005,130.13808,122.521,449.26575500000001,323.51761499999998,110.98540800000002,86.562998000000007,66.698452000000003,57.081096000000002,8.16,0.75109199999999998,125.83799999999999,361.613584,321.26417089]
["Specialist Fund Purchases + Sales",769.91899999999998,613.06100000000015,396.572,1047.5250000000001,815.83699999999999,595.9190000000001,902.279,1588.8539999999998,463.52500000000003,523.64100000000008,660.68299999999999,607.00400000000002,352.28300000000002,697.971,613.798,687.346,213.96799999999996,390.94399999999996,474.75900000000001,664.24,552.4,324.3,373.82800000000003,536.28200000000004,345.3,404.07650000000001,321.06200000000001,147.28899999999999,47.097000000000001,374.35265600000002,170.568195,327.25,78.58,306.60933299999999,468.21500000000003,181.14323099999999,168.90753599999999,309.95434797999997,656.49539799999991,711.91327331000002,303.44349999999997,768.39819299999999,666.864192,419.52295599999997,304.06400000000002,162.70672300000001,182.62682599999999,205.53399999999999,106.339,313.99753999999996,106.44800000000001,261.17931699999997,167.96370999999999,135.78348999999997,183.77936399999999,112.6885,126.25984899999999,123.209304,64.995999999999995,834.61952037000003,268.20999999999998,25.310547,114.882882,292.46248500000002,242.10071399999993,92.197048000000009]
["Total value of all Purchases & Sales",1576.2190000000001,1582.3610000000001,1869.5720000000001,2118.2164029999999,2023.327,1549.789,2766.3069999999998,3718.42,2109.4491939999998,2025.366485,1945.683,1799.9349999999999,1829.6343565900002,1591.0300000000002,1286.3088003700002,1238.1886,656.59,1164.944,1210.5850822500001,2495.9299999999998,2493.1000000000004,1670.1999999999998,1468.1280000000002,1354.3820000000001,1211.1999999999998,1266.7764999999999,1452.5619999999999,1008.889,588.53800000000001,812.45265599999993,1234.341195,1135.0500000000002,1109.1934069300003,1324.5802699999999,2448.3139250000004,2101.1877852600001,1858.8544290000004,2083.4376050360001,2530.2377235000004,3346.5999226299996,1806.5342802999999,2593.7745649999997,2376.9598020599997,2117.8996359999996,1325.5146,1078.4417229999999,1716.7375139999999,2435.4943054,1051.0250000000001,1659.7562580700001,1719.4539924999999,1630.7529279999997,1046.8071629999999,1133.5403569999999,1332.2370424999999,1256.364644,1928.8411720000004,1211.7494459999998,1386.621075,1977.3690463699995,1249.7940999999998,263.14283400000005,621.18740300000013,1752.0562153299995,1791.4665480600002,1434.7276381600004]
[]
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[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Aggregate NAV of Balanced Funds",15515.855133198853,16926.302565276019,18554.548043902061,20703.899793880002,22869.948739916676,25415.222893455993,27555.935843919997,29838.573955675929,32411.292714599469,33374.246004414897,32160.172016150864,27253.145068663613,25189.975390742627,23806.870933105292,21775.021481454682,19322.196531566075,17064.234959791331,16304.998799933581,16816.428271522462,20785.075084879179,23245.7,24742.9,25596.9,26025.8,26498,27115.8,26844.620000000003,28362.2,28442.1,28398.400000000001,25748.6,25900.2,25986.047034185351,26426.968408925852,27473.686029784865,29327.499449817238,31135.195181298819,34583.434086411879,37167.622712418037,39437.505087247235,41176.676524393748,43397.063731405215,45135.679078664332,46736.25453829499,46357.636885232423,44771.842332262197,43244.749937263558,44010.578277081433,46211.782052281371,44300.565361175017,45000.831027145337,48781.852427999293,49392.853145775844,49915.206417781388,50218.062478973865,49160.141507879991,47436.769451199994,47317.638648730004,45518.488817855097,44185.821098065535,42709.550856869995,41655.428390413224,41286.949891242934,40047.177262519996,39004.703938539998,37843.734013242138]
["Aggregate NAV of Long Income Property Funds",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,96.315113019999998,105.89700000000001,106.04470490999998,106.155,611.98836789999996,713.5,766.4,885.4,921.4,940,977.3,1034.0999999999999,2128.1999999999998,2157.4,2233.2399999999998,2645.6,2793.33890402,2981.4950078528263,3273.1722302973012,3486.2715064900003,3702.2537571199996,4012.3564294014723,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5570.2838507099996,5921.5651186300001,6051.5613013500006,6059.1904124899993,6295.1695610899997,6369.8964111700006,7233.2413062605619,7537.8122583199993,7856.8520701999996,8270.5552285199992,8509.6128280300018,8680.3611469000007,9729.8639691000008,10461.26638015,10825.674325309999,11068.146673519999,11336.10194807,11463.818216289999,11961.851084649999,11831.221323130001,11899.08620041,12161.31298517,12720.144746720001,13136.386505500001]
["Aggregate NAV of Specialist Funds",8325.2351102409484,8785.9201178000003,11824.862984999996,13279.72049208,14658.256798010803,16347.214029745001,18432.392518999994,19277.954693852105,20494.572941076607,20740.362196193852,20441.968318152165,18399.406923837822,17712.171744337109,16593.211986808168,15573.47918437191,12063.602648072925,9509.447890734622,8787.6614343771289,8966.1121780475878,10381.61345414515,11047.4,11366.2,11470.4,11732.2,11829.6,11922.9,11732.299999999997,12026.96669511222,11632.6,11457.5,11045.3,10753.134291036911,10480.487695916167,10490.584342807753,10477.8095849289,10758.790765788344,10770.00697169442,11390.827843874822,11280.118510672639,11403.699900584423,11349.511716757535,12068.8953688073,12331.243255215657,12303.758667238564,12442.836977496496,12186.952262680566,11327.699962458659,11015.264009202449,11075.892185441862,11117.458686074729,11291.742134832062,11332.187432312134,11243.675890911878,11135.873424990621,11124.279212669799,11071.266984159311,11187.983565788789,10875.060133817038,10449.728101360422,10431.0797360459,9636.1671519229421,8748.1847022678394,8433.9394041251417,8381.2312582468567,8358.6330452058482,8509.7106984316051]
["Aggregate NAV",23841.090243439801,25712.222683076019,30379.411028902057,33983.620285960002,37528.205537927483,41762.436923200992,45988.328362919987,49116.528649528031,52905.865655676076,54114.608200608753,52602.140334303025,45652.551992501438,42902.147135079736,40400.082919913461,37348.500665826592,31482.114292658996,26679.579850525952,25198.704939220708,25888.695449570048,31778.676906924331,35006.6,36875.5,37952.700000000004,38679.4,39267.599999999999,40016,39611.019999999997,42517.366695112221,42232.1,42089.14,39439.5,39446.673195056916,39448.029737954348,40190.724982030908,41437.767121203768,43788.543972725587,45917.558582394711,50267.750724406702,53025.520013020679,55774.797523521658,57613.989606551288,60871.772039292518,63037.206184589988,64961.578324163558,64852.035164078916,63017.985007432726,60867.619460812217,61395.738697453882,64520.915543983792,62955.836305569748,64149.425232177404,68384.595088831426,69146.14186471772,69731.440989672017,71072.205660743668,70692.674872189309,69450.42734229879,69260.845456067036,67304.318867285518,66080.719050401429,64307.569093442937,62234.83441581107,61619.975495778075,60589.721505936854,60083.48173046585,59489.831217173742]
["Net acquisitions as % of NAV",{"$error":"#VALUE!"},9.7449836031128292E-3,3.8590788864130129E-2,2.9573034355881978E-2,2.772816095294758E-2,2.7054140942898014E-2,3.3450612284111683E-2,5.517630131987665E-2,2.6347357520049634E-2,1.2139334980879296E-2,-1.6145665011289274E-3,-1.2546063559063873E-2,-3.3378852531627125E-2,-3.2297855104258394E-2,-3.0554282954118547E-2,-7.9360604431355525E-3,-2.3744817351753936E-2,-3.6939988694362755E-2,-2.5438836963588517E-2,2.861620672251244E-2,3.2183304781645938E-2,2.7793959022584674E-2,1.3282588974699854E-2,2.4836996680193133E-3,2.5377729893127582E-3,-1.4616873119045939E-3,8.6092423505159162E-3,3.0686317177578003E-3,-3.6600167248453403E-3,-1.2375191928910444E-3,1.7629576445039375E-3,3.0378463326630988E-3,1.052715239991539E-2,2.9180325288376981E-3,8.6846961237139978E-3,1.8284000290360154E-2,1.3869467891922869E-2,2.4100966902435964E-2,2.9132245359111724E-2,3.2149958603584335E-2,4.6335605753693426E-3,3.7715937121060868E-2,-2.4030726863065086E-3,6.8312502679159573E-3,-6.2895373139542493E-4,-9.2698911895928229E-3,-2.3807761395872928E-2,-3.2189808740903381E-2,-2.8071384406919472E-3,-2.4802736842320242E-3,-7.1284628913269386E-4,-6.3317649459549552E-5,-1.6282033011488564E-3,-1.2527242275319725E-4,-2.9740432070680563E-3,1.8138614306650448E-3,-1.5426397817377629E-2,-5.5653248919895794E-3,-1.2234892556609363E-2,-1.4829823612451836E-2,-5.4576629297275374E-3,-2.2238873456624344E-3,-7.2599153310976506E-3,-1.6949010630342785E-2,-1.3130427021741187E-2,-1.0951059455761558E-2]
[]
["For chart"]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
[null,"Net acquisitions as % of NAV (lhs)",9.7449836031128292E-3,3.8590788864130129E-2,2.9573034355881978E-2,2.772816095294758E-2,2.7054140942898014E-2,3.3450612284111683E-2,5.517630131987665E-2,2.6347357520049634E-2,1.2139334980879296E-2,-1.6145665011289274E-3,-1.2546063559063873E-2,-3.3378852531627125E-2,-3.2297855104258394E-2,-3.0554282954118547E-2,-7.9360604431355525E-3,-2.3744817351753936E-2,-3.6939988694362755E-2,-2.5438836963588517E-2,2.861620672251244E-2,3.2183304781645938E-2,2.7793959022584674E-2,1.3282588974699854E-2,2.4836996680193133E-3,2.5377729893127582E-3,-1.4616873119045939E-3,8.6092423505159162E-3,3.0686317177578003E-3,-3.6600167248453403E-3,-1.2375191928910444E-3,1.7629576445039375E-3,3.0378463326630988E-3,1.052715239991539E-2,2.9180325288376981E-3,8.6846961237139978E-3,1.8284000290360154E-2,1.3869467891922869E-2,2.4100966902435964E-2,2.9132245359111724E-2,3.2149958603584335E-2,4.6335605753693426E-3,3.7715937121060868E-2,-2.4030726863065086E-3,6.8312502679159573E-3,-6.2895373139542493E-4,-9.2698911895928229E-3,-2.3807761395872928E-2,-3.2189808740903381E-2,-2.8071384406919472E-3,-2.4802736842320242E-3,-7.1284628913269386E-4,-6.3317649459549552E-5,-1.6282033011488564E-3,-1.2527242275319725E-4,-2.9740432070680563E-3,1.8138614306650448E-3,-1.5426397817377629E-2,-5.5653248919895794E-3,-1.2234892556609363E-2,-1.4829823612451836E-2,-5.4576629297275374E-3,-2.2238873456624344E-3,-7.2599153310976506E-3,-1.6949010630342785E-2,-1.3130427021741187E-2,-1.0951059455761558E-2]
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[]
["All Funds For Chart"]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Total Net property acquisitions","Net property acquisitions",248.14699999999993,1128.8040000000001,976.13159700000006,1012.5130000000001,1100.085,1488.5449999999998,2568.3559999999998,1358.1461939999999,649.03648500000008,-85.067000000000007,-580.03699999999992,-1481.4743565900001,-1348.3860000000002,-1177.12280037,-251.84259999999995,-648.91,-966.54399999999998,-675.76908225,884.08599999999979,1091.5,997.19999999999982,497.50200000000012,95.830000000000013,99.400000000000034,-58.576499999999967,338.11,130.071,-155.13799999999998,-52.150655999999998,69.407804999999996,119.47000000000003,410.94929507000012,116.9366179999999,356.7759249999998,786.25388445999977,628.1401350000001,1182.9901890760002,1501.0242525000003,1737.3032053699997,265.72665029999996,2212.393435,-151.84788991999977,440.75787199999985,-52.77660000000003,-589.6357230000001,-1484.4635139999998,-2042.0502946000001,-181.62899999999985,-156.5359560700002,-45.761300500000054,-4.3302259999998398,-112.76758500000005,-8.7365209999999678,-212.00231449999995,127.99455200000008,-1088.1562520000002,-387.61631799999986,-833.66086100000018,-994.71688362999976,-352.89501799999988,-138.71174000000002,-450.62732100000005,-1044.6414733299998,-799.41847805999987,-658.69003238000062]
["Total Net new money raised from investors","Net new money raised from investors",687.50868246466189,1158.182319922312,647.9377649809727,1134.4052572348676,1037.265750266065,1686.8291063402783,1578.5983147953468,1752.076250808708,794.48867044485678,-195.13289318705634,-1235.5207985327211,-522.35451210704605,1.9972668033063412,-429.85982137664979,-519.24342151140002,-447.16906831788629,-71.02879056800225,289.07177538255445,2538.1817599512146,1615.178546505007,1207.807,746.40377744633702,384.38313959376643,214.70309284245843,497.84164512568816,-53.436628072941502,33.6904625701765,61.9844583290811,-16.517549298616807,296.61608525393399,282.31939120515216,161.49054263120604,447.67872389503884,841.04129030561307,1042.6175849506963,1392.6062016370595,2141.2391150499393,1481.9125031640131,1564.3684268372854,1720.5055086581697,1418.3679619764871,869.79761477428815,1047.2002205206393,-220.91223015454079,-1029.2219699718166,-664.97476917837662,1255.4859754070008,1545.729095608061,-436.84532232656983,172.72308015584576,260.13477791404944,3.545624561780528,-152.52628261273554,401.47305422438541,-476.63917746058536,-490.55754477921414,-278.54618822654487,-1087.5040257888872,-534.30011698038004,-169.33866435084587,18.732395046975157,-95.791336563205306,-1069.0361993492572,-300.16931999066747,-532.68845807792195]
[]
["Difference",null,439.36168246466195,29.378319922311903,-328.19383201902735,121.89225723486743,-62.819249733935067,198.28410634027841,-989.75768520465294,393.93005680870806,145.4521854448567,-110.06589318705633,-655.48379853272115,959.11984448295402,1350.3832668033065,747.26297899335032,-267.40082151140007,201.74093168211368,895.51520943199773,964.84085763255439,1654.0957599512149,523.67854650500703,210.6070000000002,248.90177744633689,288.55313959376645,115.3030928424584,556.41814512568817,-391.54662807294153,-96.380537429823505,217.12245832908107,35.633106701383191,227.20828025393399,162.84939120515213,-249.45875243879408,330.74210589503895,484.26536530561327,256.36370049069649,764.46606663705938,958.24892597393909,-19.11174933598727,-172.93477853271429,1454.7788583581696,-794.02547302351286,1021.6455046942879,606.44234852063937,-168.13563015454076,-439.58624697181654,819.48874482162319,3297.5362700070009,1727.3580956080609,-280.30936625656966,218.48438065584583,264.46500391404925,116.31320956178058,-143.78976161273556,613.47536872438536,-604.63372946058541,597.59870722078608,109.07012977345499,-253.84316478888707,460.41676664961972,183.556353649154,157.44413504697519,354.83598443679477,-24.394726019257405,499.2491580693324,126.00157430207867]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Net acquisitions "]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Balanced Funds ",406.1,451.7,983,723.67659700000013,630.20000000000005,667.54599999999994,1219.1679999999999,1595.3399999999997,983.34119399999986,836.11148500000013,133.79999999999995,-745.54099999999994,-1428.0293565900001,-763.15100000000007,-586.92480036999996,-535.47460000000001,-434.94200000000001,-596,-269.41008224999996,1237.8859999999997,1280.0999999999999,1122.5999999999999,692.80000000000007,107.70000000000005,339.1,36.600000000000023,437.4,-21.5,-108.84099999999998,107.69999999999999,23.315999999999974,192.20000000000002,448.0301070700001,275.88595099999992,412.89637999999991,854.98439045999976,724.1656710000002,1240.1916070560001,1483.9996285000002,1851.8927206799997,354.43615030000001,1446.0561279999999,369.4898770800001,265.67282799999987,153.41939999999994,-489.84100000000001,-1478.6366879999998,-1843.1822946,-125.53499999999985,16.354389929999797,-73.901300500000048,34.74857800000018,-48.749878000000081,-134.04209099999997,-176.10267849999997,-169.6525529999999,-1265.5957080000003,-577.4464099999999,-957.34378300000014,-1016.1910739999997,-596.63392199999987,-172.18228700000003,-394.05342900000011,-1123.2134483299997,-987.59551605999991,-569.46141927000053]
["Long income Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,78.400000000000006,34.299999999999997,61.7,69,-27,27.700000000000003,18.100000000000001,102.3,0.8,17.999999999999996,189.48500000000001,154.80000000000001,32.787188,18.649999999999999,175.65254499999998,57.284725000000009,65.881999999999991,79.352929999999986,11.25,61.065757999999995,29.233999999999998,64.567499999999995,20.916425,16.768000000000001,4.49,62.911999999999992,0,6.6660000000000004,50.244999999999997,141.10719399999996,36.805999999999997,106.46451299999998,35.586003000000005,130.13808,122.521,385.33560499999999,268.99130500000001,66.620788000000019,58.686922000000003,55.002451999999998,-24.471096000000003,8.16,0.75109199999999998,125.83799999999999,361.613584,-32.742905109999981]
["Specialist Funds",537.12099999999998,-203.55300000000005,145.80399999999997,252.45499999999998,382.31300000000005,432.53900000000004,269.37700000000001,973.01599999999996,374.80500000000001,-187.07499999999999,-218.86699999999996,165.50400000000002,-53.445000000000022,-585.23500000000013,-590.19800000000009,283.63200000000006,-213.96799999999996,-370.54399999999998,-406.35900000000004,-353.79999999999995,-267,-159.69999999999999,-256.99799999999999,-80.870000000000033,-212.7,-122.87649999999999,-117.39,49.271000000000008,-47.097000000000001,-177.85065599999999,-143.39319499999999,-227.52999999999997,-69.868000000000009,-177.599333,-231.77300000000002,-126.015231,-161.90753599999999,-136.55434797999999,5.7746240000000171,-175.65527330999998,-117.9435,701.7698069999999,-542.25419199999988,158.31704399999995,-198.72399999999999,-162.70672300000001,-5.826825999999997,-205.53399999999999,-106.339,-313.99753999999996,-8.6660000000000039,-145.543317,-99.603709999999978,-4.8325099999999992,-158.420636,-87.688500000000005,-91.55184899999999,123.209304,64.995999999999995,-33.528261629999975,268.20999999999998,25.310547,-57.324984000000001,-47.266025000000013,-173.43654599999996,-56.485708000000002]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["All Balanced funds"]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Net cash in-flow from investors","Net cash in-flow from investors (lhs)",583.37201786149683,980.97528803787191,699.92527654680487,937.23290124395942,949.40012918179139,1352.4953153011672,1320.4620382987782,1413.970036526988,809.61651534589737,-311.6696810759413,-1287.5781392919498,-608.14538644684148,-296.47244443646576,-273.26872029170977,-792.40803899776506,-449.82171538992435,-121.94744235592222,277.24995757135724,2284.1707017408016,1557.6960677770069,1102.836617972978,578.17554111899699,311.19295659983015,296.84541918981023,452.24194538196048,-30.330375422224364,-41.844107378228088,65.743657306453613,-4.87394850395013,36.906403319203697,290.48553374015268,-10.476907130752256,243.50712963787169,595.90446986534448,710.82641302597074,1105.5124217964344,1962.6013067785764,1291.0632565028172,1344.0471193019848,1592.5183524557328,855.35066400915889,783.49887574520153,733.95817819384558,-359.65728269090204,-1127.6350108189035,-789.5685878195236,1227.7285186907252,1384.4443333632203,-715.27749031671135,-393.05943844237345,-326.58495635036036,-411.06018839224276,-245.31994740743539,-11.413627317697003,-547.53776162452095,-574.9074608268877,-234.49686682134029,-774.58338551481643,-710.27415888486087,-128.10699463850423,-14.667589880920119,-4.2925926225511448,-646.71458629179926,-235.48389942235872,-226.89811841326252]
["Net property acquisitions","Net property acquisitions (lhs)",451.7,983,723.67659700000013,630.20000000000005,667.54599999999994,1219.1679999999999,1595.3399999999997,983.34119399999986,836.11148500000013,133.79999999999995,-745.54099999999994,-1428.0293565900001,-763.15100000000007,-586.92480036999996,-535.47460000000001,-434.94200000000001,-596,-269.41008224999996,1237.8859999999997,1280.0999999999999,1122.5999999999999,692.80000000000007,107.70000000000005,339.1,36.600000000000023,437.4,-21.5,-108.84099999999998,107.69999999999999,23.315999999999974,192.20000000000002,448.0301070700001,275.88595099999992,412.89637999999991,854.98439045999976,724.1656710000002,1240.1916070560001,1483.9996285000002,1851.8927206799997,354.43615030000001,1446.0561279999999,369.4898770800001,265.67282799999987,141.45739999999995,-489.84100000000001,-1478.6366879999998,-1843.1822946,-125.53499999999985,16.354389929999797,-73.901300500000048,34.74857800000018,-48.749878000000081,-134.04209099999997,-176.10267849999997,-169.6525529999999,-1265.5957080000003,-577.4464099999999,-957.34378300000014,-1016.1910739999997,-596.63392199999987,-172.18228700000003,-394.05342900000011,-1123.2134483299997,-987.59551605999991,-569.46141927000053]
["Net acquisitions as % of NAV","Net acquisitions as % of NAV (rhs)",2.7417960355053464E-2,5.594270906262782E-2,3.6219645289698538E-2,2.8336651073260336E-2,2.6974087421374023E-2,4.6291481446211417E-2,5.6485741062927766E-2,3.1288746050008011E-2,2.5696355902060337E-2,4.1778069627282401E-3,-2.6627713820985915E-2,-5.364900074762749E-2,-3.1060249033467137E-2,-2.6246588421824448E-2,-2.6965629375783191E-2,-2.4854997523562759E-2,-3.5264188055107268E-2,-1.5768034126959631E-2,6.3328082345996864E-2,5.8277488436464277E-2,4.7526915407509633E-2,2.7818712581462492E-2,4.1553971934671155E-3,1.2963083310078023E-2,1.3515908889479757E-3,1.656365191034876E-2,-7.5747700264588481E-4,-3.8121685726575519E-3,3.8069047425479041E-3,9.0634567921582423E-4,7.476271977594524E-3,1.7543652991877292E-2,1.0549695273374224E-2,1.5258105374736632E-2,3.0028411212623687E-2,2.3812599660750011E-2,3.719469118289416E-2,4.1587694865233907E-2,4.9271319637385395E-2,8.6824276926488631E-3,3.447011670543574E-2,8.2537710640539254E-3,5.7170110255181789E-3,3.0607765846417528E-3,-1.0822421172542767E-2,-3.3061822897927425E-2,-4.0196971232460278E-2,-2.7091555572447469E-3,3.6930521220349084E-4,-1.6395283273745529E-3,7.1283369175993998E-4,-9.860092516934954E-4,-2.6782038690647196E-3,-3.4945053251642668E-3,-3.4391498328702626E-3,-2.5986329490631035E-2,-1.2056485739443254E-2,-2.0598744109048758E-2,-2.2481102614011445E-2,-1.3777106550635469E-2,-4.1164743625429672E-3,-9.4540293565491696E-3,-2.7282069199163303E-2,-2.4694641956788124E-2,-1.4824630256821073E-2]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Net investment as % of NAV for Balanced & Specialist Funds "]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Balanced funds",2.6876676453063442,2.7417960355053466,5.594270906262782,3.6219645289698539,2.8336651073260337,2.6974087421374024,4.6291481446211415,5.6485741062927763,3.1288746050008012,2.5696355902060337,0.41778069627282399,-2.6627713820985917,-5.3649000747627493,-3.1060249033467136,-2.6246588421824448,-2.6965629375783191,-2.4854997523562758,-3.5264188055107266,-1.5768034126959631,6.3328082345996863,5.827748843646428,4.7526915407509636,2.781871258146249,0.41553971934671152,1.2963083310078023,0.13515908889479758,1.656365191034876,-7.5747700264588477E-2,-0.38121685726575522,0.38069047425479041,9.0634567921582421E-2,0.74762719775945241,1.7543652991877292,1.0549695273374224,1.5258105374736632,3.0028411212623687,2.3812599660750009,3.7194691182894162,4.1587694865233908,4.9271319637385398,0.8682427692648863,3.4470116705435738,0.82537710640539252,0.57170110255181794,0.30607765846417528,-1.0822421172542767,-3.3061822897927424,-4.0196971232460275,-0.27091555572447468,3.6930521220349087E-2,-0.16395283273745528,7.1283369175993996E-2,-9.860092516934954E-2,-0.26782038690647197,-0.34945053251642666,-0.34391498328702624,-2.5986329490631035,-1.2056485739443255,-2.0598744109048757,-2.2481102614011443,-1.377710655063547,-0.41164743625429673,-0.94540293565491695,-2.7282069199163304,-2.4694641956788126,-1.4824630256821074]
["Long income property funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,12.344512675169266,4.6851523015981416,7.4905912346728192,8.0947911778507748,-2.792140641158221,2.9170176916596469,1.7814960629921262,5.04960758181549,3.7095427988500421E-2,0.8125530416568858,7.7148260565975137,5.8668833635218078,1.1119171516164814,0.57304878198039899,5.3057312557934653,1.5716107460776385,1.6693887462991048,1.8830178370760842,0.24635780299487503,1.2532667502127193,0.57791065905254302,1.20884727609749,0.37691548235020506,0.28397250003892466,7.4250819549582847E-2,1.0491841050768576,0,0.10475811135643492,0.6994991763563545,1.9077033999999344,0.47066218881059191,1.3040584274450813,0.41994206219513608,1.5220430973759769,1.2752849606188001,3.8243177091921168,2.5480665137192027,0.60555952595344109,0.52039338682076919,0.48210483135471116,-0.20415850359424406,6.9017657753632847E-2,6.3125806523058169E-3,1.0455590672994328,2.9260239686963909,-0.2486337865555481]
["Specialist funds",6.8966760424544233,-2.2643485033282542,1.2484224986556143,1.9378970986158335,2.678022591075703,2.7178625965756247,1.4831072501050817,5.315592782218916,1.8628693983830522,-0.89392216660922041,-1.059332774448418,0.9076718280847641,-0.30083391288420042,-3.4067980676566347,-3.6513844793351957,2.4077479348083024,-2.2005435374196902,-4.0460328462286954,-4.3356655067852667,-3.2956345976911674,-2.3598246482358762,-1.3855750960879407,-2.191432404698809,-0.68458072287728777,-1.7662738845569366,-1.0200795274592718,-0.99065882736172872,0.41135625127048608,-0.40323820044304232,-1.5285371387435389,-1.2815901955742206,-2.0720968601665004,-0.66223359679754235,-1.6647569857907687,-2.1641646456526087,-1.1577168305726522,-1.4810538070531147,-1.1846084887901822,5.1219157922140192E-2,-1.5169693879501476,-1.0285063056330728,6.1736786770253911,-4.2121746186175795,1.3035099826842274,-1.5719894113848178,-1.3174997235847445,-5.1412293002507083E-2,-1.8317235532752356,-0.95096406286468704,-2.7467851320970214,-7.6687495678038106E-2,-1.268049583831913,-0.87808564634158282,-4.3377053736084165E-2,-1.4041021929576312,-0.78581279515343683,-0.81166329669894755,1.1459357644575565,0.62588037289363851,-0.32039672807090641,2.8630575017622171,0.29016292737313748,-0.67510539514195089,-0.56078828065768827,-2.0327605646672642,-0.65940243860845682]
[]
["For chart"]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Balanced funds",2.6876676453063443E-2,2.7417960355053464E-2,5.594270906262782E-2,3.6219645289698538E-2,2.8336651073260336E-2,2.6974087421374023E-2,4.6291481446211417E-2,5.6485741062927766E-2,3.1288746050008011E-2,2.5696355902060337E-2,4.1778069627282401E-3,-2.6627713820985915E-2,-5.364900074762749E-2,-3.1060249033467137E-2,-2.6246588421824448E-2,-2.6965629375783191E-2,-2.4854997523562759E-2,-3.5264188055107268E-2,-1.5768034126959631E-2,6.3328082345996864E-2,5.8277488436464277E-2,4.7526915407509633E-2,2.7818712581462492E-2,4.1553971934671155E-3,1.2963083310078023E-2,1.3515908889479757E-3,1.656365191034876E-2,-7.5747700264588481E-4,-3.8121685726575523E-3,3.8069047425479041E-3,9.0634567921582423E-4,7.476271977594524E-3,1.7543652991877292E-2,1.0549695273374224E-2,1.5258105374736632E-2,3.0028411212623687E-2,2.3812599660750011E-2,3.719469118289416E-2,4.1587694865233907E-2,4.9271319637385395E-2,8.6824276926488631E-3,3.447011670543574E-2,8.2537710640539254E-3,5.7170110255181797E-3,3.0607765846417528E-3,-1.0822421172542767E-2,-3.3061822897927425E-2,-4.0196971232460271E-2,-2.7091555572447469E-3,3.6930521220349089E-4,-1.6395283273745529E-3,7.1283369175993998E-4,-9.860092516934954E-4,-2.6782038690647196E-3,-3.4945053251642668E-3,-3.4391498328702626E-3,-2.5986329490631035E-2,-1.2056485739443255E-2,-2.0598744109048758E-2,-2.2481102614011442E-2,-1.377710655063547E-2,-4.1164743625429672E-3,-9.4540293565491696E-3,-2.7282069199163303E-2,-2.4694641956788124E-2,-1.4824630256821075E-2]
["Long income property funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0.12344512675169267,4.6851523015981417E-2,7.4905912346728193E-2,8.0947911778507742E-2,-2.7921406411582209E-2,2.9170176916596468E-2,1.7814960629921262E-2,5.0496075818154899E-2,3.7095427988500422E-4,8.1255304165688581E-3,7.7148260565975138E-2,5.8668833635218076E-2,1.1119171516164815E-2,5.7304878198039897E-3,5.3057312557934652E-2,1.5716107460776386E-2,1.6693887462991049E-2,1.8830178370760842E-2,2.4635780299487502E-3,1.2532667502127193E-2,5.7791065905254298E-3,1.2088472760974901E-2,3.7691548235020507E-3,2.8397250003892468E-3,7.4250819549582852E-4,1.0491841050768575E-2,0,1.0475811135643492E-3,6.9949917635635447E-3,1.9077033999999344E-2,4.7066218881059189E-3,1.3040584274450812E-2,4.1994206219513608E-3,1.5220430973759769E-2,1.2752849606188001E-2,3.8243177091921168E-2,2.5480665137192028E-2,6.0555952595344109E-3,5.2039338682076915E-3,4.8210483135471115E-3,-2.0415850359424407E-3,6.9017657753632847E-4,6.3125806523058167E-5,1.0455590672994328E-2,2.926023968696391E-2,-2.4863378655554809E-3]
["Specialist funds",6.8966760424544235E-2,-2.2643485033282541E-2,1.2484224986556143E-2,1.9378970986158334E-2,2.678022591075703E-2,2.7178625965756247E-2,1.4831072501050818E-2,5.3155927822189163E-2,1.8628693983830522E-2,-8.9392216660922046E-3,-1.0593327744484181E-2,9.0767182808476413E-3,-3.008339128842004E-3,-3.4067980676566349E-2,-3.6513844793351957E-2,2.4077479348083023E-2,-2.2005435374196903E-2,-4.0460328462286956E-2,-4.3356655067852669E-2,-3.2956345976911675E-2,-2.3598246482358764E-2,-1.3855750960879407E-2,-2.1914324046988089E-2,-6.845807228772878E-3,-1.7662738845569365E-2,-1.0200795274592717E-2,-9.9065882736172877E-3,4.1135625127048606E-3,-4.0323820044304232E-3,-1.5285371387435388E-2,-1.2815901955742205E-2,-2.0720968601665005E-2,-6.6223359679754238E-3,-1.6647569857907687E-2,-2.1641646456526088E-2,-1.1577168305726521E-2,-1.4810538070531147E-2,-1.1846084887901821E-2,5.1219157922140191E-4,-1.5169693879501477E-2,-1.0285063056330727E-2,6.1736786770253911E-2,-4.2121746186175792E-2,1.3035099826842273E-2,-1.5719894113848179E-2,-1.3174997235847445E-2,-5.1412293002507084E-4,-1.8317235532752357E-2,-9.5096406286468704E-3,-2.7467851320970214E-2,-7.6687495678038101E-4,-1.2680495838319129E-2,-8.7808564634158284E-3,-4.3377053736084163E-4,-1.4041021929576313E-2,-7.8581279515343681E-3,-8.116632966989475E-3,1.1459357644575565E-2,6.2588037289363855E-3,-3.2039672807090639E-3,2.8630575017622169E-2,2.901629273731375E-3,-6.7510539514195091E-3,-5.6078828065768823E-3,-2.0327605646672641E-2,-6.5940243860845684E-3]
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["Authorised PUTs"]
["Net asset values",null,2790.1544399500003,3202.8223053700003,4030.81706803,5117.2255969649996,5878.8802860000005,6841.0649610000009,7994.279466,9778.3217850600013,10309.794858560001,9846.6727759799996,7592.1712843600017,6998.4903549900018,6748.8751740700018,6212.8076038700028,5043.7146707499996,4458.1179778300038,4298.1734291500043,4706.2022828700001,6201.0780020000002,7228.3,7719.6,8114.2,8332.4,8548.4,8832.7999999999993,8781.6190000000006,8820.8162174836998,8858.1,8799.7312577689991,8849.9,8840.8629179499985,8843.4023679973943,9091.9108014601006,9693.5872783500017,10531.736328449999,11324.863043244522,12419.962242742386,13579.78574976,14428.804873069999,15291.69128856,16368.342712240001,17123.13856834,17513.441957319999,17219.717229620001,15722.354774650001,14667.252482720001,14080.399517439999,13673.616724560001,13178.943436239999,12888.85776071,12840.837917192019,12819.876202095613,12630.210835149999,12610.929795630002,11266.766841999999,10257.132680000001,10129.069820999999,12087.757477000001,11044.367007999999,10738.616145000002,10478.631739,10368.680561000001,9375.0689259999999,8420.3567829999993,6741.9832369281648]
["Net acquisitions as % of NAV",null,6.3692598357902268,9.6262905030287236,5.3699000743414862,5.7950033421204239,2.9641096728103058,10.676786798572859,10.957326070867536,8.1505359598230562,5.9835698820123016,1.979878263076144,-3.7814970264049328,-7.9802775819601175,-2.1525957190928131,-2.931548637480291,-2.6782365090712466,-3.5606757926700627,-3.7314323479952485,-0.21840332513734223,9.0692173607061619,11.253696390518138,5.1083515131606596,2.4403533839959133,1.1456390866642505,1.8323727929211466,1.9606602786187473,3.5871588343615235,0.30538001403290549,-0.33813545534877093,0.61505115019197831,-0.56174820040011675,0.99930853654848184,-0.69553699962174198,1.779075335115146,3.971420400069281,4.4555418845403114,4.0096679169442329,5.2830597761493632,7.08728605041241,4.9580890437650753,1.5133748252974382,3.9869050822003587,-1.2566783352007949,1.0953640170993235,1.1786745299037984,-2.2752714850462179,-5.8927499367176512,-7.3815531239546468,-1.5793310831176945,-2.3788810269050407,-1.877943706468032,-2.0524466509568207,-1.5069183737760239,0.21923915351465148,-1.8893556048207618,-1.6931013900699461,-8.767680496304628,-2.9185662633854017,-3.402090141634591,-3.7980148584064968,-3.7255600378992226,-0.5137786119894665,-1.4998871536201159,-4.2651589817674775,-7.1446591383323437,-4.3102210562764549]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Net investment in the funds £m (lhs)","Net investment in the funds £m (lhs)",258.45888020290823,348.57365588897108,321.46780799760018,489.31725038315471,577.47885684321955,837.23811973042586,862.03742142900001,1007.8852565949998,547.19804344999989,-108.25650852537593,-895.15349156999991,-278.58042425062155,-21.757926648727917,-162.55587332510501,-362.51946221424998,-175.56813675000001,-11.387408900000009,384.51410440856,1173.4862513727751,884.61574283000004,472.37416488000002,291.27387168317733,37.502674854417201,189.44020172014899,353.48988857956198,26.588260370349577,23.521694089672099,37.139132127542901,2.5247371057750283,63.705838034552855,-32.651223800917691,-47.085452793083917,174.52765726038382,423.09517776411946,519.14424390339866,498.79707695323742,1384.217894442794,811.69432315025892,894.59564802416674,1081.1605353378861,457.79136390375368,299.73426148196978,239.74332849058632,-408.91373010665382,-914.34362377491959,-621.53527860014526,-622.80663517306812,-492.15391844441001,-715.27749031671135,-393.05943844237345,-326.58495635036036,-411.06018839224276,-245.31994740743539,-11.413627317697003,-547.53776162452095,-574.9074608268877,-234.49686682134029,-774.58338551481643,-710.27415888486087,-128.10699463850423,-14.667589880920119,-4.2925926225511448,-646.71458629179926,-235.48389942235872,-226.89811841326252]
["Net property acquisitions £m (lhs)","Net property acquisitions £m (lhs)",167.07100000000003,281.24,205.42,280.3,169.24,659.94500000000005,789.45600000000002,736.92250000000001,582.06548500000008,191.16725500000001,-298.38099999999997,-606.93397262999997,-148.47199999999998,-187.63200000000001,-138.80000000000001,-164.6,-166.6,-10.300999999999988,515.62599999999998,731.16755899999998,375.17884900000007,193.29799999999997,94.378000000000014,153.82,169.85099999999997,304.10199999999998,26.85499999999999,-30.053999999999998,53.792000000000002,-49.994999999999976,87.473368999999991,-61.939950769999996,158.92455499999997,370.26819599999999,449.23027999999999,436.58383800000013,623.22849550000001,898.7418550000001,681.59872200000007,227.9705573,627.56968000000006,-217.92134299999992,189.75740700000003,200.59999999999994,-366.05499999999995,-918.42500000000007,-1122.1870000000001,-219.41700000000003,-321.15118967000001,-246.6779665,-269.07394700000003,-196.14075099999999,27.629791999999995,-242.8536785,-194.04313300000001,-985.73907399999996,-304.51096900000005,-425.71977600000002,-436.02707299999997,-415.55535600000002,-54.115000000000002,-157.88662900000003,-417.67614600000002,-647.89573200000007,-303.68382527]
["Net acquisitions as % of NAV (rhs)","Net acquisitions as % of NAV (rhs)",6.3692598357902266E-2,9.6262905030287241E-2,5.3699000743414861E-2,5.7950033421204236E-2,2.9641096728103059E-2,0.1067678679857286,0.10957326070867536,8.1505359598230562E-2,5.9835698820123018E-2,1.979878263076144E-2,-3.7814970264049327E-2,-7.9802775819601171E-2,-2.1525957190928133E-2,-2.9315486374802909E-2,-2.6782365090712464E-2,-3.5606757926700629E-2,-3.7314323479952484E-2,-2.1840332513734222E-3,9.0692173607061624E-2,0.11253696390518138,5.1083515131606597E-2,2.4403533839959132E-2,1.1456390866642505E-2,1.8323727929211466E-2,1.9606602786187474E-2,3.5871588343615236E-2,3.053800140329055E-3,-3.3813545534877093E-3,6.1505115019197835E-3,-5.6174820040011675E-3,9.9930853654848183E-3,-6.9553699962174196E-3,1.7790753351151462E-2,3.971420400069281E-2,4.4555418845403115E-2,4.0096679169442331E-2,5.2830597761493632E-2,7.0872860504124099E-2,4.9580890437650751E-2,1.5133748252974382E-2,3.9869050822003586E-2,-1.2566783352007949E-2,1.0953640170993236E-2,1.1786745299037983E-2,-2.275271485046218E-2,-5.8927499367176513E-2,-7.381553123954647E-2,-1.5793310831176945E-2,-2.3788810269050407E-2,-1.877943706468032E-2,-2.0524466509568205E-2,-1.5069183737760238E-2,2.1923915351465149E-3,-1.8893556048207617E-2,-1.6931013900699461E-2,-8.7676804963046279E-2,-2.9185662633854016E-2,-3.4020901416345908E-2,-3.7980148584064968E-2,-3.7255600378992226E-2,-5.1377861198946655E-3,-1.4998871536201159E-2,-4.2651589817674779E-2,-7.1446591383323432E-2,-4.3102210562764552E-2]
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["Managed funds"]
["Net asset values",null,5114.1077958699998,5508.5784858699999,5935.2826211600004,6318.9152239999994,6682.4961787299999,7049.923542999999,7486.5324551099993,7737.4003064799999,7887.3337029356835,7586.1195319999997,6584.3573382300001,6085.2799673799991,5806.2540322200002,5359.7932168699999,5775.1931111999993,5138.0490228199997,4985.9907429999994,5083.3112728200003,6481.0732311199999,7357.1,7949.8,8309.2999999999993,8352.6,8429.4,8553.2000000000007,8679.1,8714.6181492800006,8774.1,8744.9349529550273,8990.2924453017895,7623.4,7684.4920117448573,7087.1550040000002,7336.6291554010086,7604.7968144972401,7922.119698448374,8358.032988946492,8688.4490726580407,9117.7680872999899,9348.5964713716821,9630.1885926156792,9858.7371028148627,10115.978267715,9698.5082375226666,9658.5162788020643,9500.3559876725321,9584.3841293099995,9673.9797879564376,9793.5902916539999,9931.0875050249997,10027.11778474504,10144.38659351,10272.867230415,10175.29827958,9901.7227700000003,9351.2157798600001,9423.7755337399994,9288.8018519500001,9346.7207391800002,8901.3477365700001,8737.8676720599997,8621.3706046200004,8607.2893554900002,8680.9467781000003,8867.3959668240022]
["Net acquisitions as % of NAV",null,4.6924097881981783,0.57909067612753695,3.2311282970564346,1.6834231137967264,2.6206401031125734,3.3197206083167736,4.1252850164600483,1.5119032497336053,1.9394033037885963,-1.3703019367052438,-4.0634165043109594,-6.3865294196337405,-4.8583219261930273,-1.3210055397716616,-3.1770284986527271,-3.2937772500942502,-2.6019737627893269,-1.8851546508797143,9.5272043513754934,7.4743904129992211,5.0889738373787745,4.4569409439202516,0.77907536531600408,0.13893113075593402,0.10416300925763375,0.54127629997538351,0.72415926509836415,0.21713083474870051,0.47311758535714965,0.57927976857511787,-0.60512137711981129,2.2666366576040606,-5.4821178359399432E-2,2.0627255894987857,0.41930381244135728,0.19931833692171372,0.76115092520088135,2.0292368677545594,3.3023577023741111,0.109178081098281,2.1084559101798148,-0.39275247426491733,-1.1106236344773823,1.4801365233363961,0.55085556278146552,-1.9489040851638926,-2.8139821831546343,-0.99448859421962832,1.0501597328811596,-0.39302285075676258,-0.10655136506709942,-0.20754329280071285,-1.1432617272597785,-0.66118659350390563,3.4692865401218277E-2,-2.2425456227141001,-2.174806429864415,-1.9606974243825661,-2.4031623850907358,-1.4401210528344581,0.26621783954402839,-0.4154596774054205,-1.9073785980968965,0.45970871366214039,0.21601118179080803]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Net investment in the funds £m (lhs)","Net investment in the funds £m (lhs)",166.60898167048859,184.84635250045093,112.81245132679379,127.60543320955476,93.857925052836805,106.12272630776236,157.43607069222656,200.42000451638816,87.573903225391575,-136.29671417981538,-126.4726002578073,-87.336028525258868,-123.30656249743781,-43.096609552674749,-315.01627770709149,-213.24315357642453,-93.920935292969503,-54.62128764526318,480.57474229317324,485.74223702945693,445.42252532732329,200.31598767250748,33.979499757349316,-73.769474755478797,-9.6222860000000008,-4.1524323763575399,-101.08837784141301,5.2973301223050004,-40.714991621107046,51.409817951071645,-181.09887544414013,-0.17822365308072463,-46.229123549038057,69.7387916175865,-23.618753520150726,87.888041950727057,85.253233508740522,16.303704516343572,42.331091014609811,6,-15.672689019999467,3.2884544042577559,-17.356852674185191,-108.745488873952,-83.988551607212386,-176.60136247174188,-144.30477250326445,-92.436884665853484,-98.259188781743376,-51.280637964635318,-113.97958421198383,-28.266095873852279,-94.635551631722166,-43.271984607875716,-224.49552160002364,-215.38355459549305,-213.71034192465436,-136.59581241306094,-27.369862786725783,-261.6893425150339,0.59054705885871839,-74.36104514365185,-196.31806839370364,-103.05418850176613,-74.213850625434759]
["Net property acquisitions £m (lhs)","Net property acquisitions £m (lhs)",229.21899999999999,31.716000000000008,185.774,104.61300000000001,170.65199999999999,226.518,296.60500000000002,115.239694,150.05700000000002,-105.39699999999999,-278.88200000000006,-415.15200000000004,-296.49099999999999,-71.751000000000005,-189.5,-175,-133.19999999999999,-97.669499999999999,563.755,511.65526499999999,384.97211205999997,354.53900000000004,64.570000000000022,11.694813000000011,8.9,46.725000000000009,62.653999999999982,19.010000000000005,41.178999999999995,51.778999999999996,-46.411669999999994,170.31900000000002,-3.887393000000003,148.27600000000001,31.754057000000017,15.758827000000011,63.136679999999984,172.802637,291.47574500000007,10.195486999999986,198.85550000000001,-38.873108999999999,-113.61224999999999,141.45739999999995,52.913000000000011,-188.833,-277.51199999999994,-97.173000000000002,101.77949438000002,-39.185450999999993,-10.695426999999995,-21.097781000000005,-118.804,-67.725500000000011,3.4340000000000046,-214.515897,-209.50520899999998,-185.76764000000003,-230.14769999999999,-130.06325100000001,23.2,-35.967749999999995,-167.36589633000003,39.724451999999999,19.113279999999989]
["Net acquisitions as % of NAV (rhs)","Net acquisitions as % of NAV (rhs)",4.6924097881981784E-2,5.7909067612753693E-3,3.2311282970564348E-2,1.6834231137967264E-2,2.6206401031125735E-2,3.3197206083167737E-2,4.125285016460048E-2,1.5119032497336054E-2,1.9394033037885963E-2,-1.3703019367052437E-2,-4.0634165043109592E-2,-6.3865294196337408E-2,-4.8583219261930273E-2,-1.3210055397716615E-2,-3.1770284986527272E-2,-3.29377725009425E-2,-2.601973762789327E-2,-1.8851546508797144E-2,9.5272043513754928E-2,7.4743904129992211E-2,5.0889738373787748E-2,4.4569409439202519E-2,7.7907536531600409E-3,1.3893113075593403E-3,1.0416300925763374E-3,5.4127629997538351E-3,7.2415926509836418E-3,2.1713083474870051E-3,4.7311758535714963E-3,5.7927976857511786E-3,-6.0512137711981129E-3,2.2666366576040608E-2,-5.4821178359399432E-4,2.0627255894987859E-2,4.1930381244135728E-3,1.9931833692171373E-3,7.6115092520088138E-3,2.0292368677545594E-2,3.3023577023741112E-2,1.0917808109828101E-3,2.1084559101798149E-2,-3.927524742649173E-3,-1.1106236344773823E-2,1.480136523336396E-2,5.5085556278146553E-3,-1.9489040851638925E-2,-2.8139821831546345E-2,-9.9448859421962833E-3,1.0501597328811596E-2,-3.930228507567626E-3,-1.0655136506709942E-3,-2.0754329280071285E-3,-1.1432617272597785E-2,-6.6118659350390564E-3,3.4692865401218277E-4,-2.2425456227141E-2,-2.1748064298644149E-2,-1.960697424382566E-2,-2.4031623850907357E-2,-1.4401210528344581E-2,2.6621783954402841E-3,-4.1545967740542053E-3,-1.9073785980968965E-2,4.597087136621404E-3,2.1601118179080804E-3]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Other balanced funds"]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Net cash flow"]
["CIFs",30.679284885200001,19.3336233486,13.388864494,23.197092193400003,23.237819551250002,20.339846469250002,1.1842047714499999,21.358463430200004,6.7274610055999995,-3.5029389075000013,-11.891121770750001,-3.6560454399999998,-3.5096378308,-7.1774405858000003,-10.797511549879999,-9.239882585600002,-1.7275290430499999,0.56809141639999994,14.042997937900001,66.675403042200003,53.821571240000004,30.171020760000001,21.039000000000001,17.305240520000002,43.975635158387497,31.686784728766,29.039217513476,25.515180350832001,12.1186036373474,50.117505567657098,3.4994547316525502,128.35789924000002,15.54158402404515,33.971659136875196,82.514338573495948,101.04668902272445,75.947524287438355,59.648828777541489,84.769188953989556,78.811895486568787,76.30618639539594,107.766119131016,42.684080556248347,74.320882812005635,35.026900299910416,8.6371049830053117,-1.7385007052674701,0,32.993569235050131,25.715384431148848,23.84616744788514,40.075833092136151,25.170653109947491,39.06077290311049,38.167590961951625,44.202444982076685,32.371162984551901,54.32550811365418,16.736821494363799,-31.900333892608352,31.396790856592741,0,-22.101965230833098,-67.439137060124153,-10.542283864699431,44.592591761832857]
["Other balanced funds",272.48814702000004,138.97053263949999,434.16641515444996,242.44792502901089,297.07239810000004,257.72350081648511,407.95026449152897,279.63008274735171,198.93731441,178.34750757800578,-55.225336600000006,-262.29600202414247,-238.7192958401611,-144.2305147045,-56.818725864050016,-105.6324164908235,-49.702094020449792,-17.0934315793527,-66.572440701329512,563.00739642306849,194.28671977255001,187.787387,185.787387,244.33185671999999,136.0183557794,98.867529546148006,-42.799531371070998,131.257236468824,11.4374910114458,37.6755043148776,130.99171153665716,376.81356384544836,21.245185291367239,242.77767330983121,20.556161910142542,215.30092264272281,518.82730289247002,493.1301788270419,463.06522883621471,407.12038026320818,505.12649007945839,413.2319891254046,480.47615985897403,511.57170237744447,158.00193628970379,-129.30283543677166,8.5680532523635975,1994.8399263670576,1969.0351364734838,251.55791500210162,337.60417041344954,381.98946818257116,302.07471252746376,171.64309247712916,200.92714110494967,-43.40043372853242,-87.134966576047105,22.93269024208843,-291.36423358706753,-201.6528733161916,-227.55319015866152,-4.8559779117535093,1.9837232507534788,-190.12393106859258,-275.51464229007644,-260.30983789652282]
[]
["Net acquisitions"]
["CIFs",12.1,20,24.574999999999999,13.375,9.4,46.024999999999999,4.9869999999999983,16.317999999999998,1.8460000000000001,8.4229999999999983,14.574999999999999,-14.55,-9.9499999999999993,-12.425000000000001,-6.75,-4.4000000000000004,0,-2.4,12.13,52.134999999999998,15.904999999999999,61.43,15.83,8.89,54.412000000000006,29.613,62.844000000000001,21.805,13.247000000000002,1.4319999999999986,8.9499999999999993,130.18599999999998,13.495000000000001,34.462999999999994,28.373000000000001,154.53,63.035000000000004,57.049000000000007,85.2,133.09857,-6.2230000000000061,95.314999999999998,95.089999999999989,30.961999999999996,20.794999999999995,-14.657000000000002,-81.15100000000001,17.54,44.804999999999993,23.8580313,-2.1199999999999974,22.049840000000003,-7.3800000000000008,32.831728999999989,19.28,50.283049999999996,34.971999999999994,1.618938,15.116112999999995,-9.25,-43.426025000000003,-12.956945000000001,-3.16,-59.453421999999996,-15.843420000000002,-24.851957999999996]
["Other balanced funds",338.9,42.138000000000034,630.31600000000003,276.60759700000011,253.38700000000006,310.71100000000013,307.71799999999956,359.02100000000013,129.33299999999974,95.566000000000031,97.4,-81.227999999999795,-287.18238395999998,-305.76300000000009,-337.87180036999996,-102.1,-93.7,-275.39999999999998,-151.06958225000005,106.37,99.67949999999982,354.24992800000012,218.89400000000001,8.8149999999999977,92.240999999999985,-144.08699999999999,41.857349999999997,-30.582531790000047,-110.28499999999998,29.26700000000001,202.06699999999998,20.960512999999992,326.15605784000002,86.385789000000003,-137.99381599999998,219.47005345999997,208.78800600000002,417.424501556,327.25513650000005,745.71968368,122.49310599999995,524.28744107,531.19432907999999,158.56567100000007,179.80499999999995,98.324999999999989,14.021000000000001,107.10500539999998,287.77799999999996,211.86805391999999,214.08211700000001,292.46811200000002,175.86865400000002,-75.699612000000016,115.1965,-29.326469999999997,-100.31273700000001,-65.049170000000004,-360.97247999999996,-340.766301,-7.5892899999999983,-128.31034199999999,-197.03904999999997,-478.71798399999994,-363.58081605999996,-260.03891599999997]
[]
["CIF NAV",null,394.05899999999997,415.173,467.37200000000007,501.01100000000002,541.04,560.28172399999994,594.67456230091921,617.5084505777088,615.18193099887208,590.92288080815172,518.69003343482052,493.049419,461.65600000000001,428.47700000000003,359.86799000000002,316.84598899999997,303.94216640000002,321.10746857999999,409.30149999999998,486.2,518.9,543.1,565.79999999999995,609.70000000000005,640.79999999999995,677.07696815999998,693.329925,702.8,748.90581130999999,742.75797499999999,859,870.68176600000004,905.42800000000011,994.04865899999982,1119.3631030000001,1211.0871438400002,1316.289808,1427.7901919999999,1556.093705,1650.547873,1815.2025149999999,1879.9333039999999,1974.1,2013.158422,2000.6479000000002,1961.3180280000001,2004.991925,4155.6104372200007,2098.5470270000001,2144.0672130000003,2232.2668319999998,2277.3414320000002,2352.9709109999999,2402.9984469999999,2469.2107189999997,2488.8182539999998,2501.3986314999997,2523.4427679999999,2500.512127,2489.8582329999999,2405.3007900000002,2356.1563420000002,2346.7317370000001,2290.7368729999998,2354.8556559999997]
["Other Balanced Funds NAV",null,8627.9813294560172,9427.9742526620648,10270.428104690001,10932.796918951672,12312.806428725995,13104.665615919996,13763.08747226501,14278.062172481761,14561.935511920339,14136.456827362708,12557.926412638792,11613.155649372628,10790.085726815294,9773.9436607146781,8143.4207596160704,7151.2219701413214,6716.8924613835752,6705.8072472524582,7693.6223517591807,8174.1,7357.9,8630.2999999999993,8775,8910.5,9089,9088.3010640659686,10133.6,10170.1,10104.79495731494,9811.1838477300007,8576.9,8587.4708884430984,9342.5314290849365,9449.420937033854,10074.10320387,10677.125295765924,12363.611452723,13471.597698,14334.838421877244,14885.84089146207,15583.329911549532,16273.870103509471,17132.73,17457.302997089759,1065.998,1059.2811859999999,1083.6500000000001,18708.575102544928,19229.484606281021,20036.818548410356,23681.62989406224,24151.248918170226,24659.157441216383,25028.835956763858,25522.441176879995,25339.602737339999,25263.394662490002,21618.486720905086,21294.221223885543,20579.728742300005,20033.62818935321,19940.742383622925,19718.087244030001,19612.663504439999,19879.499153489964]
["All other balanced NAVs",null,9022.0403294560165,9843.1472526620655,10737.800104690001,11433.807918951672,12853.846428725996,13664.947339919996,14357.762034565929,14895.57062305947,15177.117442919211,14727.37970817086,13076.616446073613,12106.205068372628,11251.741726815295,10202.420660714679,8503.2887496160711,7468.0679591413218,7020.8346277835753,7026.9147158324586,8102.9238517591803,8660.3000000000011,7876.7999999999993,9173.4,9340.7999999999993,9520.2000000000007,9729.7999999999993,9765.3780322259681,10826.929925,10872.9,10853.70076862494,10553.941822730001,9435.9,9458.1526544430981,10247.959429084936,10443.469596033854,11193.466306869999,11888.212439605924,13679.901260723,14899.38789,15890.932126877244,16536.38876446207,17398.532426549533,18153.803407509469,19106.829999999998,19470.461419089759,3066.6459000000004,3020.5992139999998,3088.6419249999999,22864.185539764927,21328.031633281022,22180.885761410354,25913.896726062241,26428.590350170227,27012.128352216383,27431.83440376386,27991.651895879993,27828.420991339997,27764.793293990002,24141.929488905087,23794.733350885544,23069.586975300004,22438.928979353212,22296.898725622923,22064.818981030003,21903.400377439997,22234.354809489963]
["Net acquisitions % of NAV",null,0.69351202407328727,7.127478620442937,2.7755327539609267,2.3523991397615331,2.8545478735628587,2.3419661809543912,2.6843630683474897,0.88848225750880561,0.6898965957451928,0.76614368357107132,-0.72711153915185867,-2.3955841329151286,-2.7501290631225261,-3.2674733380618095,-1.2369641474043025,-1.2391282105757728,-3.8061913517701504,-1.9389116282643299,1.9951742595356901,1.3527015615674951,5.571280504651825,2.625936995590846,0.18990474729690088,1.5645411496843189,-1.1628485757304194,1.0837889875005648,-8.1005617999586776E-2,-0.88458111613757517,0.28364589285196351,2.0402062628963624,1.6279001183136095,3.7248560439637335,1.1933195290832375,-1.0387555845726255,3.4567329358056407,2.3399956376602087,3.5930187965825491,2.847083944669738,5.8540606679586249,0.70809540672886928,3.6927410842419821,3.5731487512727753,1.0018747266593948,1.0410038538277955,2.8048481351470955,-2.1740896091414839,4.2053014487215181,1.476073436911735,1.11759278606539,0.96482704583449375,1.2286155643693797,0.6416146287223724,-0.1584471963230239,0.49263558940060598,7.492334303217045E-2,-0.23424856653025034,-0.22793489473289494,-1.4123627551920899,-1.4496580252289593,-0.22064872860774443,-0.62562470818955018,-0.88988834025039776,-2.3809743612898773,-1.7027654376910846,-1.2650995419836302]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Net investment in the funds £m (lhs)","Net investment in the funds £m (lhs)",158.30415598809998,447.55527964844998,265.6450172224109,320.31021765125007,278.06334728573512,409.134469262979,300.98854617755171,205.66477541559999,174.84456867050577,-67.11645837075001,-265.95204746414248,-242.22893367096108,-151.40795529030001,-67.616237413930008,-114.8722990764235,-51.42962306349979,-16.525340162952698,-52.529442763429515,629.68279946526854,248.10829101255001,217.95840776,206.82638700000001,261.63709724,179.99399093778749,130.55431427491402,-13.760313857594998,156.772416819656,23.556094648793199,87.793009882534705,134.49116626830971,505.17146308544841,36.786769315412386,276.74933244670643,103.07050048363848,316.34761166544729,594.77482717990836,552.7790076045834,547.83441779020427,485.93227574977698,581.43267647485436,520.99810825642055,523.16024041522235,585.89258518945007,193.0288365896142,-94.27593513686125,6.8295525470961271,1994.8399263670576,2002.0287057085338,277.27329943325049,361.45033786133467,422.06530127470728,327.24536563741123,210.70386538023965,239.09473206690129,0.80201125354426495,-54.763803591495204,77.258198355742607,-274.62741209270371,-233.55320720879996,-196.15639930206879,-4.8559779117535093,-20.11824198007962,-257.56306812871674,-286.05692615477585,-215.71724613468996]
["Net property acquisitions £m (lhs)","Net property acquisitions £m (lhs)",62.138000000000034,654.89100000000008,289.98259700000011,262.78700000000003,356.7360000000001,312.70499999999959,375.33900000000011,131.17899999999975,103.98900000000003,111.97500000000001,-95.777999999999793,-297.13238395999997,-318.1880000000001,-344.62180036999996,-106.5,-93.7,-277.79999999999995,-138.93958225000006,158.505,115.58449999999982,415.67992800000013,234.72400000000002,17.704999999999998,146.65299999999999,-114.47399999999999,104.70134999999999,-8.7775317900000474,-97.037999999999982,30.699000000000009,211.01699999999997,151.14651299999997,339.65105784000002,120.848789,-109.62081599999998,374.00005346,271.82300600000002,474.47350155599997,412.45513650000004,878.81825368,116.27010599999994,619.60244106999994,626.28432908000002,189.52767100000005,200.59999999999994,83.667999999999992,-67.13000000000001,124.64500539999997,332.58299999999997,235.72608521999999,211.96211700000001,314.51795200000004,168.48865400000003,-42.867883000000027,134.47649999999999,20.956579999999999,-65.340737000000018,-63.430232000000004,-345.85636699999998,-350.016301,-51.015315000000001,-141.26728699999998,-200.19904999999997,-538.17140599999993,-379.42423605999994,-284.89087399999994]
["Net acquisitions as % of NAV (rhs)","Net acquisitions as % of NAV (rhs)",6.9351202407328724E-3,7.1274786204429369E-2,2.7755327539609267E-2,2.3523991397615331E-2,2.8545478735628585E-2,2.3419661809543912E-2,2.6843630683474898E-2,8.8848225750880559E-3,6.8989659574519276E-3,7.6614368357107131E-3,-7.2711153915185865E-3,-2.3955841329151285E-2,-2.7501290631225261E-2,-3.2674733380618097E-2,-1.2369641474043024E-2,-1.2391282105757729E-2,-3.8061913517701502E-2,-1.9389116282643299E-2,1.9951742595356901E-2,1.3527015615674952E-2,5.5712805046518252E-2,2.6259369955908461E-2,1.8990474729690089E-3,1.564541149684319E-2,-1.1628485757304194E-2,1.0837889875005648E-2,-8.1005617999586779E-4,-8.8458111613757516E-3,2.8364589285196349E-3,2.0402062628963623E-2,1.6279001183136094E-2,3.7248560439637333E-2,1.1933195290832374E-2,-1.0387555845726254E-2,3.4567329358056405E-2,2.3399956376602086E-2,3.5930187965825491E-2,2.8470839446697382E-2,5.854060667958625E-2,7.0809540672886924E-3,3.6927410842419822E-2,3.5731487512727755E-2,1.0018747266593948E-2,1.0410038538277955E-2,2.8048481351470957E-2,-2.174089609141484E-2,4.2053014487215185E-2,1.4760734369117351E-2,1.1175927860653901E-2,9.6482704583449371E-3,1.2286155643693796E-2,6.4161462872237241E-3,-1.5844719632302389E-3,4.9263558940060596E-3,7.4923343032170446E-4,-2.3424856653025032E-3,-2.2793489473289493E-3,-1.4123627551920899E-2,-1.4496580252289592E-2,-2.2064872860774443E-3,-6.256247081895502E-3,-8.8988834025039779E-3,-2.3809743612898771E-2,-1.7027654376910846E-2,-1.2650995419836301E-2]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,42.270376936500213,261.27465983704724,86.410139486570543,471.17779946526855,132.52379101255019,-197.72152024000013,-27.897613000000007,243.93209724000002,33.340990937787495,245.02831427491401,-118.46166385759498,165.54994860965604,120.59409464879317,57.094009882534692,-76.525833731690255,354.02495008544844,-302.86428852458766,155.90054344670642,212.69131648363845,-57.652441794552715,322.95182117990834,78.305506048583425,135.37928129020423,-392.88597793022302,465.16257047485442,-98.60433281357939,-103.12408866477767,396.36491418945002,-7.5711634103857364,-177.94393513686123,73.959552547096138,1870.1949209670577,1669.4457057085338,41.547214213250498,149.48822086133467,107.54734927470724,158.7567116374112,253.57174838023968,104.6182320669013,-20.154568746455734,10.576933408504814,140.68843035574261,71.22895490729627,116.46309379120004,-145.1410843020688,136.41130908824647,180.08080801992034,280.6083378712832,93.36730990522409,69.173627865309982]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.3962045524999942]
[]
[]
[]
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[]
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[]
["Long income property funds"]
["Net asset values",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,96.315113019999998,105.89700000000001,106.04470490999998,106.155,611.98836789999996,713.5,766.4,885.4,921.4,940,977.3,1034.0999999999999,2128.1999999999998,2157.4,2233.2399999999998,2645.6,2793.3,2981.4950078528263,3273.1467282973008,3457.3284044900001,3702.2537571199996,4012.3564294014723,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5570.2838507099996,5922,6051.5613013500006,6059.1904124899993,6295.1695610899997,6369.8964111700006,7233.2413062605619,7537.8122583199993,7856.8520701999996,8270.5552285199992,8509.6128280300018,8680.3611469000007,9729.8639691000008,10461.26638015,10825.674325309999,11068.146673519999,11336.10194807,11463.818216289999,11961.851084649999,11831.221323130001,11899.08620041,12161.31298517,12720.144746720001,13136.386505500001]
["Net acquisitions as % of NAV",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,12.344512675169266,4.6851523015981416,7.4905912346728192,8.0947911778507748,-2.792140641158221,2.9170176916596469,1.7814960629921262,5.04960758181549,3.7095427988500421E-2,0.8125530416568858,7.7148260565975137,5.8669698692438894,1.1119171516164814,0.57305327234903602,5.352525737483953,1.5716107460776385,1.6693887462991048,1.8830178370760842,0.24635780299487503,1.2532667502127195,0.57791065905254302,1.20884727609749,0.37691548235020506,0.28395158733814352,7.4250819549582847E-2,1.0491841050768576,0,0.10475811135643492,0.6994991763563545,1.9077033999999344,0.47066218881059191,1.3040584274450813,0.41994206219513608,1.5220430973759769,1.2752849606188001,3.8243177091921168,2.5480665137192027,0.60555952595344109,0.52039338682076919,0.48210483135471116,-0.20415850359424406,6.9017657753632847E-2,6.3125806523058169E-3,1.0455590672994328,2.9260239686963909,-0.2486337865555481]
[null,null,"2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Net investment in the funds £m (lhs)","Net investment in the funds £m (lhs)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,9.5808020000000003,0.113758,0.11341642851,-0.42690860958465271,60.770203094999992,32.428802994497715,93.35627709740946,21.92631525193633,-1.1807012873517833,22.179971374721585,39.3549001772829,101.96774850857459,0.24889959218751825,54.476703871152765,212.70041893473046,126.94975894332649,167.83883017233038,191.0158140084236,145.70488604799019,261.01838848704557,168.48781454169455,179.4010159963492,172.1683532586957,317.17025805840188,127.33807901208036,291.74372463740423,79.621571846526649,313.0678293911817,109.74505253636126,68.288330593424703,142.45432541254382,27.757456716275506,152.33040650010898,183.87794355088465,206.56110598372231,223.5180806504253,111.135057748778,66.440177917763606,190.9135839298568,269.9109344770614,304.05459964468832,133.96620947855476,79.341964141317206,211.06300856000655,256.35752448458305,37.66541578079007,10.904214377361072,2.6120362610250467,399.87992797542591,86.566648026043922]
["Net property acquisitions £m (lhs)","Net property acquisitions £m (lhs)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,78.400000000000006,34.299999999999997,61.7,69,-27,27.700000000000003,18.100000000000001,102.3,0.8,17.999999999999996,189.48500000000001,154.80000000000001,32.787188,18.649999999999999,175.65254499999998,57.284725000000009,65.881999999999991,79.352929999999986,11.25,61.065758000000002,29.233999999999998,64.567499999999995,20.916425,16.768000000000001,4.49,62.911999999999992,0,6.6660000000000004,50.244999999999997,141.10719399999996,36.805999999999997,106.46451299999998,35.586003000000005,130.13808,122.521,385.33560499999999,268.99130500000001,66.620788000000019,58.686922000000003,55.002451999999998,-24.471096000000003,8.16,0.75109199999999998,125.83799999999999,361.613584,-32.742905109999981]
["Net acquisitions as % of NAV (rhs)","Net acquisitions as % of NAV (rhs)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0.12344512675169267,4.6851523015981417E-2,7.4905912346728193E-2,8.0947911778507742E-2,-2.7921406411582209E-2,2.9170176916596468E-2,1.7814960629921262E-2,5.0496075818154899E-2,3.7095427988500422E-4,8.1255304165688581E-3,7.7148260565975138E-2,5.8669698692438897E-2,1.1119171516164815E-2,5.7305327234903605E-3,5.3525257374839527E-2,1.5716107460776386E-2,1.6693887462991049E-2,1.8830178370760842E-2,2.4635780299487502E-3,1.2532667502127195E-2,5.7791065905254298E-3,1.2088472760974901E-2,3.7691548235020507E-3,2.8395158733814352E-3,7.4250819549582852E-4,1.0491841050768575E-2,0,1.0475811135643492E-3,6.9949917635635447E-3,1.9077033999999344E-2,4.7066218881059189E-3,1.3040584274450812E-2,4.1994206219513608E-3,1.5220430973759769E-2,1.2752849606188001E-2,3.8243177091921168E-2,2.5480665137192028E-2,6.0555952595344109E-3,5.2039338682076915E-3,4.8210483135471115E-3,-2.0415850359424407E-3,6.9017657753632847E-4,6.3125806523058167E-5,1.0455590672994328E-2,2.926023968696391E-2,-2.4863378655554809E-3]
[]
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[]
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[]
[]
[]
[]
[]
[]
["Specialist funds"]
["Net asset values",null,8785.9201177999985,11824.862985,13279.720492080001,14658.256798010803,16347.214029745001,18432.392519000001,19277.954693852109,20494.572941076603,20740.362196193855,20441.968318152161,18399.406923837818,17712.171744337109,16593.211986808168,15573.479184371903,12063.602648072923,9509.447890734622,8787.6614343771307,8966.112178047586,10381.61345414515,11047.4,11366.2,11470.4,11732.2,11829.6,11922.9,11732.299999999997,12026.96669511222,11632.6,11457.5,11045.3,10753.134291036911,10480.487695916167,10490.584342807753,10477.8095849289,10758.790765788344,10770.006971694425,11390.827843874822,11280.118510672639,11403.699900584423,11349.511716757535,12068.8953688073,12331.243255215657,12303.76,12442.836977496496,12186.952262680566,11327.699962458659,11015.264009202449,11075.892185441862,11117.458686074729,11291.742134832062,11332.187432312134,11243.675890911878,11135.873424990621,11124.279212669799,11071.266984159311,11187.983565788789,10875.060133817038,10449.728101360422,10431.0797360459,9636.1671519229421,8748.1847022678394,8433.9394041251417,8381.2312582468567,8358.6330452058482,8509.7106984316051]
["Net acquisitions as % of NAV",null,-2.2643485033282547,1.2484224986556138,1.937897098615833,2.678022591075703,2.7178625965756247,1.4831072501050808,5.3155927822189142,1.8628693983830527,-0.8939221666092203,-1.0593327744484182,0.90767182808476443,-0.30083391288420042,-3.4067980676566347,-3.6513844793351971,2.4077479348083028,-2.2005435374196902,-4.0460328462286945,-4.3356655067852676,-3.2956345976911674,-2.3598246482358762,-1.3855750960879407,-2.191432404698809,-0.68458072287728777,-1.7662738845569366,-1.0200795274592718,-0.99065882736172872,0.41135625127048592,-0.40323820044304232,-1.5285371387435389,-1.2815901955742206,-2.0720968601665004,-0.66223359679754235,-1.6647569857907687,-2.1641646456526087,-1.1577168305726522,-1.4810538070531141,-1.1846084887901822,5.1219157922140192E-2,-1.5169693879501476,-1.0285063056330728,6.1736786770253911,-4.2121746186175795,1.3035098396455713,-1.5719894113848178,-1.3174997235847445,-5.1412293002507083E-2,-1.8317235532752356,-0.95096406286468704,-2.7467851320970214,-7.6687495678038106E-2,-1.268049583831913,-0.87808564634158282,-4.3377053736084165E-2,-1.4041021929576312,-0.78581279515343683,-0.81166329669894755,1.1459357644575565,0.62588037289363851,-0.32039672807090641,2.8630575017622171,0.29016292737313748,-0.67510539514195089,-0.56078828065768827,-2.0327605646672642,-0.65940243860845682]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["Net investment in the funds £m (lhs)","Net investment in the funds £m (lhs)",104.136664603165,177.20703188444,-51.987511565832229,197.17235599090819,87.865621084273428,334.33379103911085,258.13627649656843,338.10621428171999,-15.127844901040499,116.53678788888499,52.05734075922868,85.790874339795451,298.4697112397721,-156.59110108494002,273.1646174863651,-6.9281549279619297,50.804893787919966,11.708401382687205,254.43796681999757,-3.2877243670000005,72.542016000000004,74.871959000000004,51.263867742000002,-80.961625060000003,23.419728369006101,-58.552626534719998,-26.496716576055,-4.0080985695600004,-66.120304665819404,47.009262999999997,-135.11590147832698,4.1286195896279079,13.155780248743582,99.431934392278364,70.772783437680005,118.60596529893036,-0.76320772498640399,18.680893402500001,-96.848950523101493,0.64907719035630584,271.27357332992392,6.6771671825599999,0.17421293561197509,29,30.124710253662251,-17.860506771396828,0,8.95435574473189,-84.459886212250211,49.0517127177974,55.115936551261008,4.4914854416863719,-89.714826871581295,26.150350153200005,24.681160033353716,50.4426745899734,-41.563387314847631,18.960620090377002,225.83410334000001,160.25654762017803,0,-7.9236711942837701,28.947487203936937,-75.454233887192572,-102.4258909305786]
["Net property acquisitions £m (lhs)","Net property acquisitions £m (lhs)",-203.55300000000005,145.80399999999997,252.45499999999998,382.31300000000005,432.53900000000004,269.37700000000001,973.01599999999996,374.80500000000001,-187.07499999999999,-218.86699999999996,165.50400000000002,-53.445000000000022,-585.23500000000013,-590.19800000000009,283.63200000000006,-213.96799999999996,-370.54399999999998,-406.35900000000004,-353.79999999999995,-267,-159.69999999999999,-256.99799999999999,-80.870000000000033,-212.7,-122.87649999999999,-117.39,49.270999999999994,-47.097000000000001,-177.85065599999999,-143.39319499999999,-227.52999999999997,-69.868000000000009,-177.599333,-231.77300000000002,-126.015231,-161.90753599999999,-136.55434797999999,5.7746240000000171,-175.65527330999998,-117.9435,701.7698069999999,-542.25419199999988,158.31704399999995,-198.72399999999999,-162.70672300000001,-5.826825999999997,-205.53399999999999,-106.339,-313.99753999999996,-8.6660000000000039,-145.543317,-99.603709999999978,-4.8325099999999992,-158.420636,-87.688500000000005,-91.55184899999999,123.209304,64.995999999999995,-33.528261629999975,268.20999999999998,25.310547,-57.324984000000001,-47.266025000000013,-173.43654599999996,-56.485708000000002]
["Net acquisitions as % of NAV (rhs)","Net acquisitions as % of NAV (rhs)",-2.2643485033282548E-2,1.2484224986556137E-2,1.9378970986158331E-2,2.678022591075703E-2,2.7178625965756247E-2,1.4831072501050807E-2,5.3155927822189142E-2,1.8628693983830526E-2,-8.9392216660922029E-3,-1.0593327744484182E-2,9.0767182808476447E-3,-3.008339128842004E-3,-3.4067980676566349E-2,-3.6513844793351971E-2,2.407747934808303E-2,-2.2005435374196903E-2,-4.0460328462286949E-2,-4.3356655067852676E-2,-3.2956345976911675E-2,-2.3598246482358764E-2,-1.3855750960879407E-2,-2.1914324046988089E-2,-6.845807228772878E-3,-1.7662738845569365E-2,-1.0200795274592717E-2,-9.9065882736172877E-3,4.1135625127048589E-3,-4.0323820044304232E-3,-1.5285371387435388E-2,-1.2815901955742205E-2,-2.0720968601665005E-2,-6.6223359679754238E-3,-1.6647569857907687E-2,-2.1641646456526088E-2,-1.1577168305726521E-2,-1.4810538070531142E-2,-1.1846084887901821E-2,5.1219157922140191E-4,-1.5169693879501477E-2,-1.0285063056330727E-2,6.1736786770253911E-2,-4.2121746186175792E-2,1.3035098396455714E-2,-1.5719894113848179E-2,-1.3174997235847445E-2,-5.1412293002507084E-4,-1.8317235532752357E-2,-9.5096406286468704E-3,-2.7467851320970214E-2,-7.6687495678038101E-4,-1.2680495838319129E-2,-8.7808564634158284E-3,-4.3377053736084163E-4,-1.4041021929576313E-2,-7.8581279515343681E-3,-8.116632966989475E-3,1.1459357644575565E-2,6.2588037289363855E-3,-3.2039672807090639E-3,2.8630575017622169E-2,2.901629273731375E-3,-6.7510539514195091E-3,-5.6078828065768823E-3,-2.0327605646672641E-2,-6.5940243860845684E-3]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["12-month rolling average net acquisitions as % of NAV"]
[null,"2005-03-01","2005-06-01","2005-09-01","2005-12-01","2006-03-01","2006-06-01","2006-09-01","2006-12-01","2007-03-01","2007-06-01","2007-09-01","2007-12-01","2008-03-01","2008-06-01","2008-09-01","2008-12-01","2009-03-01","2009-06-01","2009-09-01","2009-12-01","2010-03-01","2010-06-01","2010-09-01","2010-12-01","2011-03-01","2011-06-01","2011-09-01","2011-12-01","2012-03-01","2012-06-01","2012-09-01","2012-12-01","2013-03-01","2013-06-01","2013-09-01","2013-12-01","2014-03-01","2014-06-01","2014-09-01","2014-12-01","2015-03-01","2015-06-01","2015-09-01","2015-12-01","2016-03-01","2016-06-01","2016-09-01","2016-12-01","2017-03-01","2017-06-01","2017-09-01","2017-12-01","2018-03-01","2018-06-01","2018-09-01","2018-12-01","2019-03-01","2019-06-01","2019-09-01","2019-12-01","2020-03-01","2020-06-01","2020-09-01","2020-12-01","2021-03-01","2021-06-01"]
["APUTS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,3.4444628404725876E-2,2.3116027123129313E-2,1.1572195993488901E-2,8.7584308257104681E-3,7.5302122766822176E-3,3.3363993059983251E-3,3.9502277693983069E-3,3.5901211615072925E-5,2.0943384566751749E-3,7.4332938478088861E-3,9.1189914805154659E-3,1.2706931404395667E-2,1.8344966213152958E-2,1.9912202880371137E-2,2.6573451857751122E-2,3.3155849230375442E-2,3.7966576336565867E-2,3.4184033344540586E-2,3.3502889725175976E-2,2.516940877488098E-2,1.4280831621914177E-2,1.2875418844912402E-2,1.5522843754177725E-3,-8.7766141150775641E-3,-2.0255109679572177E-2,-2.1697592715043804E-2,-1.8899661118857238E-2,-1.1044087476219022E-2,-8.1663624516396729E-4,-3.8584966877615442E-4,-1.147726939093207E-3,-1.6114711885406355E-3,-2.649467069698186E-3,-8.8995471294325713E-3,-1.1244117597027205E-2,-1.5520177292998327E-2,-2.0280665488283622E-2,-1.7228359753284732E-2,-1.5243356909059659E-2,-1.2457178220934763E-2,-1.3657419867222726E-2,-1.6386803718760889E-2,-1.9063842692330416E-2]
["Managed Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4.4498451399035625E-2,2.6159803193427412E-2,1.3697776123124561E-2,3.9086145132623887E-3,3.7713242627182889E-3,3.9668235227002047E-3,4.8892099629489942E-3,4.984218634448331E-3,1.6610170289028919E-3,6.7847815860412929E-3,5.4649346767499194E-3,9.1735492290590907E-3,1.173461220296201E-2,6.5663164012561438E-3,8.6062466601568455E-3,8.5225248557962794E-3,1.5730159580628164E-2,1.5504808941069582E-2,1.8873071403516916E-2,1.2818098048468224E-2,1.7856447063394907E-3,5.2130408119347785E-3,1.3190399434389051E-3,-2.5713390838085328E-3,-6.8297354555016633E-3,-1.3016298249391725E-2,-1.1768037824142487E-2,-7.8783347381246645E-3,-1.109757692905827E-3,8.5760556064146175E-4,-4.6259480897108841E-3,-5.2963574465787408E-3,-4.9432468704079472E-3,-1.0030752695191415E-2,-1.2609614451703006E-2,-1.5858391528899656E-2,-2.1953029655129543E-2,-1.9946968230430434E-2,-1.3844407556909327E-2,-9.9813131894664637E-3,-8.7418537219818675E-3,-3.9922793057403701E-3,-4.1177959501234214E-3]
["Other Balanced Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.4349559522767669E-2,2.4879158493059727E-2,8.0438357921041159E-3,4.1884657718784125E-3,3.511189858637194E-3,-2.6116158059175413E-3,1.0046203655384158E-3,3.3956635540279096E-3,7.6679278948109005E-3,1.9191520795064171E-2,2.1465704885642357E-2,1.376830026696989E-2,1.8340382310699965E-2,1.4878231294941154E-2,2.0877479463689431E-2,3.0592078286795343E-2,3.6585397617177801E-2,3.2505647039849456E-2,3.2754952758998035E-2,3.4570114775505631E-2,2.2439649922257554E-2,2.3271921040004872E-2,2.1052188667267654E-2,6.6840927662320049E-3,1.4692659571387313E-2,1.5780333529097162E-2,8.7684925894259396E-3,1.4203957819041109E-2,3.6910113511284047E-3,9.8816250624790903E-7,6.6915251065080557E-7,1.2320169192507071E-3,2.6268159120803121E-3,4.3715792394875548E-4,2.6343867792407794E-4,-4.499057183557662E-3,-8.3105106042104856E-3,-8.2765110094042225E-3,-9.2707355430458587E-3,-7.9645495056916288E-3,-1.0292840345843924E-2,-1.3998132118552274E-2,-1.5596819203037475E-2]
["Long Income Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8.1537618473227505E-2,4.3695985182408789E-2,3.9275648657562542E-2,2.5002910728360816E-2,1.7389951738272603E-2,2.4463041911139412E-2,1.9201880286132508E-2,3.4035205270145974E-2,3.6078610988716973E-2,3.8765665297786925E-2,3.8166915874517301E-2,3.2261165076733399E-2,2.1522767268817772E-2,2.2916446255524331E-2,2.6191357667341951E-2,1.3425937831119257E-2,1.263007784145696E-2,9.901382623340553E-3,8.2159562208940686E-3,8.5423504192823942E-3,6.1190625120959539E-3,4.8599129133385533E-3,4.460754985786972E-3,3.5184662799114599E-3,3.0704825899571884E-3,4.6336034819741169E-3,6.7799017192818091E-3,7.9565571913082882E-3,1.0954807981529905E-2,1.0255915196126859E-2,9.2917644395669654E-3,1.1303321369087484E-2,1.7603969573455072E-2,2.2924280702265244E-2,2.0633071773708902E-2,1.8745842839213826E-2,1.0390310644620312E-2,3.509748101336693E-3,2.168393430837173E-3,8.8319141541601438E-4,2.2918270052778183E-3,1.0117283186004406E-2,9.3231545752314529E-3]
["Specialist Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-1.6553532179749787E-2,-1.5069655270552436E-2,-1.4155916348980762E-2,-1.1153982405638063E-2,-8.4141399702686286E-3,-5.006550759983892E-3,-6.2776947881945603E-3,-7.0050232087257892E-3,-1.3213655987318256E-2,-1.3861144478204504E-2,-1.420169409582258E-2,-1.6408130221018551E-2,-1.412218014703393E-2,-1.6169230672672858E-2,-1.4968859430171393E-2,-9.43039992123452E-3,-1.0328531314678259E-2,-9.1971625611281561E-3,9.198555353410777E-3,-1.4599290879385215E-3,5.5912689810507761E-3,4.2325612166714127E-3,-1.4495384784853925E-2,-4.0934789708162445E-3,-1.1931562453118263E-2,-1.0378999081817936E-2,-1.3952212603098629E-2,-1.4015400609787454E-2,-1.2606215686179147E-2,-1.2424019644871389E-2,-5.6654994489690452E-3,-8.9840361921680288E-3,-7.7784442204718376E-3,-7.6123883463652484E-3,-4.6391063008811486E-3,4.3585011374702633E-4,1.5993902814533528E-3,1.0786192277606264E-2,8.6467601848952171E-3,5.3942957648062421E-3,4.7933168833392886E-3,-7.4462282827344149E-3,-9.8201416976884011E-3]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["For Word Table"]
[null,"Net acqns","Net acqns","Net acqns","Net acqns","Net acqns","Net acqns",null,"NAV","NAV","NAV","NAV","NAV","NAV",null,"Acqns/NAV","Acqns/NAV","Acqns/NAV","Acqns/NAV","Acqns/NAV","Acqns/NAV","Acqns/NAV"]
[null,"GBPm","GBPm","GBPm","GBPm","GBPm","GBPm",null,"GBPm","GBPm","GBPm","GBPm","GBPm","GBPm",null,"%","%","%","%","%","%","%"]
[null,"Q1 2014","Q2 2014","Q3 2014","Q1 2015","Q2 2015","Q3 2015","% chge","Q2 2014","Q3 2014","Q4 2014","Q1 2015","Q2 2015","Q3 2015","% chge","Q1 2014","Q2 2014","Q3 2014","Q4 2014","Q1 2015","Q2 2015","Q3 2015"]
["Authorised Property Unit Trusts (7)",436.58383800000013,623.22849550000001,898.7418550000001,227.9705573,627.56968000000006,189.75740700000003,null,12419.962242742386,13579.78574976,14428.804873069999,15291.69128856,16368.342712240001,17513.441957319999,null,4.0096679169442331E-2,5.2830597761493632E-2,7.0872860504124099E-2,4.9580890437650751E-2,1.5133748252974382E-2,3.9869050822003586E-2,1.0953640170993236E-2]
["Managed Property Funds (7)",15.758827000000011,63.136679999999984,172.802637,10.195486999999986,198.85550000000001,-113.61224999999999,null,8358.032988946492,8688.4490726580407,9117.7680872999899,9348.5964713716821,9630.1885926156792,10115.978267715,null,1.9931833692171373E-3,7.6115092520088138E-3,2.0292368677545594E-2,3.3023577023741112E-2,1.0917808109828101E-3,2.1084559101798149E-2,-1.1106236344773823E-2]
["Other Balanced Pooled Property Funds (24)",271.82300600000002,474.47350155599997,412.45513650000004,116.27010599999994,619.60244106999994,189.52767100000005,null,13679.901260723,14899.38789,15890.932126877244,16536.38876446207,17398.532426549533,19106.829999999998,null,2.3399956376602086E-2,3.5930187965825491E-2,2.8470839446697378E-2,5.854060667958625E-2,7.0809540672886924E-3,3.6927410842419822E-2,1.0018747266593948E-2]
["All Balanced Funds (38)",724.1656710000002,1160.8386770560001,1483.9996285000002,354.43615029999989,1446.0276210699999,265.6728280000001,null,34457.896492411877,37167.622712418037,39437.505087247235,41176.676524393755,43397.063731405215,46736.250225034993,null,2.3812599660750011E-2,3.4863100622681643E-2,4.1587694865233907E-2,4.9271319637385416E-2,8.6824276926488579E-3,3.4469413753376907E-2,5.7170115561540466E-3]
["Long Income Property Funds (4)",65.881999999999991,79.352929999999986,11.25,29.233999999999998,64.567499999999995,16.768000000000001,null,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5922,null,1.6693887462991049E-2,1.8830178370760842E-2,2.4635780299487502E-3,1.2532667502127195E-2,5.7791065905254306E-3,1.2088472760974901E-2,2.8395158733814352E-3]
["Specialist Funds (21)",-161.90753599999999,-136.55434797999999,5.7746240000000171,-117.9435,701.7698069999999,158.31704399999995,null,11390.827843874822,11280.118510672639,11403.699900584423,11349.511716757535,12068.8953688073,12303.76,null,-1.4810538070531142E-2,-1.1846084887901821E-2,5.1219157922140191E-4,-1.5169693879501477E-2,-1.0285063056330727E-2,6.1736786770253911E-2,1.3035098396455714E-2]
["Total (63)",628.1401350000001,1103.6372590760002,1501.0242525000003,265.72665029999985,2212.3649280700001,440.75787200000008,null,50142.213130406701,53025.520013020679,55774.797523521658,57613.989606551295,60871.772039292518,64962.010225034996,null,1.3869467891922865E-2,2.2505491635233577E-2,2.9132245359111724E-2,3.2149958603584348E-2,4.6335605753693382E-3,3.7715432818391681E-2,6.8312045399916577E-3]

{"sheet":"Data_Article5","index":98,"n_rows":30,"n_cols":13,"rows_kept":30,"cut":false,"hidden":true,"merged":[]}
["Period","Value of trades in all funds* (GBPm) (lhs)","Number of funds traded (rhs)",null,"Period","Closed-ended funds (GBPm) (lhs)","Open-ended funds (GBPm) (lhs)","Open ended no. of funds traded (rhs)","Closed ended no. of funds traded (rhs)",null,"Period","Special trades*","Other trades"]
["2014-06-30",300.34906568191388,20,null,"2014-06-30",190.74147645426078,109.60758922765314,10,10,null,"2014-06-30",49.76677238644919,250.58229329546472]
["2014-09-30",215.54879978672867,19,null,"2014-09-30",150.39807570161446,65.150724085114206,10,9,null,"2014-09-30",0,215.54879978672867]
["2014-12-31",80.799351527454775,20,null,"2014-12-31",10.973084521626358,69.826267005828413,11,9,null,"2014-12-31",0,80.799351527454775]
["2015-03-31",504.66794790394721,17,null,"2015-03-31",362.23083301151485,142.43711489243236,9,8,null,"2015-03-31",179.05699190235296,325.61095600159422]
["2015-06-30",478.93076915343795,19,null,"2015-06-30",322.93637566043469,155.99439349300323,10,9,null,"2015-06-30",122.91462029611174,356.01614885732619]
["2015-09-30",547.30773661958926,21,null,"2015-09-30",424.06492175816993,123.24281486141929,13,8,null,"2015-09-30",275.29030359671071,272.01743302287855]
["2015-12-31",248.6204486206569,14,null,"2015-12-31",199.30176876012797,49.318679860528931,6,8,null,"2015-12-31",0,248.6204486206569]
["2016-03-31",155.59187704958899,12,null,"2016-03-31",88.692916911999987,66.898960137589,7,5,null,"2016-03-31",0,155.59187704958899]
["2016-06-30",112.89495110135667,7,null,"2016-06-30",29.131350000000001,83.76360110135667,5,2,null,"2016-06-30",0,112.89495110135667]
["2016-09-30",425.04795021899878,12,null,"2016-09-30",122.92345660466616,302.12449361433261,8,4,null,"2016-09-30",186.73137924491834,238.31657097408038]
["2016-12-31",428.55917445485227,14,null,"2016-12-31",173.26366775452158,255.29550670033072,9,5,null,"2016-12-31",93.385778282619697,335.17339617223263]
["2017-03-31",226.11025262430832,16,null,"2017-03-31",138.65246763075177,87.45778499355653,10,6,null,"2017-03-31",0,226.11025262430832]
["2017-06-30",7.7710369937657502,1,null,"2017-06-30",0,7.7710369937657502,1,0,null,"2017-06-30",0,0]
["2017-09-30",0,0,null,"2017-09-30",0,0,0,0,null,"2017-09-30",0,0]
["2017-12-31",0,0,null,"2017-12-31",0,0,0,0,null,"2017-12-31",0,0]
["2018-03-31",0,0,null,"2018-03-31",0,0,0,0,null,"2018-03-31",0,0]
["2018-06-30",0,0,null,"2018-06-30",0,0,0,0,null,"2018-06-30",0,0]
["2018-09-30",254.44806158952582,13,null,"2018-09-30",38.715533494974252,215.73252809455158,10,3,null,"2018-09-30",0,254.44806158952582]
["2018-12-31",190.62851908252412,9,null,"2018-12-31",37.62255508800974,153.00596399451439,6,3,null,"2018-12-31",0,190.62851908252412]
["2019-03-31",64.89453384979042,7,null,"2019-03-31",4.9817181046494605,59.912815745140954,6,1,null,"2019-03-31",0,64.89453384979042]
["2019-06-30",69.058781670052795,8,null,"2019-06-30",0,69.058781670052795,8,0,null,"2019-06-30",0,0]
["2019-09-30",155.68230964178142,9,null,"2019-09-30",0,155.68230964178142,9,0,null,"2019-09-30",0,0]
["2019-12-31",311.52414249836204,10,null,"2019-12-31",225.83149651208345,85.692645986278606,8,2,null,"2019-12-31",204.37958162874219,107.14456086961987]
["2020-03-31",160.98999498841425,11,null,"2020-03-31",11.199274006929596,149.79072098148467,10,1,null,"2020-03-31",0,160.98999498841425]
["2020-06-30",76.257598958178079,5,null,"2020-06-30",47.30139361696915,28.956205341208936,2,3,null,"2020-06-30",0,76.257598958178079]
["2020-09-30",22.050552844723796,1,null,"2020-09-30",0,22.050552844723796,1,0,null,"2020-09-30",0,0]
["2020-12-31",80.549925186727592,5,null,"2020-12-31",7.3578972393986088,73.192027947328981,4,1,null,"2020-12-31",0,80.549925186727592]
["2021-03-31",89.640355609791996,4,null,"2021-03-31",22.36467137475141,67.275684235040586,3,1,null,"2021-03-31",0,89.640355609791996]
["2021-06-30",375.35566172500972,6,null,"2021-06-30",129.12079760663835,246.23486411837138,4,2,null,"2021-06-30",106.88641256973564,268.46924915527404]