{"text_format":"1","workbook":"xlsx","n_sheets":87,"sheets":["Title","Index","Market Summary","ContactUs","Market Coverage","Net New Investment Flow","Secondary Market Trading","Investment Rate of Return","Profile_1","Profile_2","Profile_3","Profile_4","Profile_5","Profile_6","Profile_7","Profile_8","Profile_9","Profile_10","Profile_11","Profile_12","Profile_13","Profile_14","Profile_15","Profile_16","Profile_17","Profile_18","Profile_19","Profile_20","Profile_21","Profile_22","Profile_23","Profile_24","Profile_25","Profile_26","Profile_27","Profile_28","Profile_29","Profile_30","Profile_31","Profile_32","Profile_33","Profile_34","Profile_35","Profile_36","Profile_37","Profile_38","Profile_39","Profile_40","Profile_41","Profile_42","Profile_43","Profile_44","Profile_45","Profile_46","Profile_47","Risk adj. Performance Ranking","Distribution Yield","Portfolio Weightings","Balance sheet Ratios","Portfolio Analysis 1","Portfolio Analysis 2","Portfolio Yields","Average Lot Size","10 Largest Direct Investment","Voids as % of ERV","Reversionary Potential","Units in Issue- Non Cumulative","Units in Issue- Cumulative","Published_NAV","Winding_Up_Dates","Definition","Appendix","Contact_Us","Notice_And_Disclaimer","Article3","Tab_Master","Table1","Table2","Table3","Table4","Table5","Table6","Table7","Chart8","Chart10","Chart17-25","Data_Article5"],"not_rendered":{"charts":15,"images":4,"macros":0,"external_links":0,"defined_names":10,"comments":2,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

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[]
[]
[]
[]
[]
[]
[]
["MSCI/AREF PROPERTY FUND"]
["VISION HANDBOOK"]
[]
[]
[]
[]
["Q2 2023"]
[]
[]
[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:",2023,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:",45]
[null,"Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,null,"Profile","Aberdeen Standard UK Shopping Centre Trust"]
[null,"abrdn UK Real Estate Fund",null,null,null,null,null,null,null,null,"Profile","abrdn UK Real Estate Fund"]
[null,"AEW UK Core Plus Property Fund",null,null,null,null,null,null,null,null,"Profile","AEW UK Core Plus 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,"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,"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,"CT UK Commercial Property Fund",null,null,null,null,null,null,null,null,"Profile","CT UK Commercial 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,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,null,null,null,null,null,"Profile","Fiera Real Estate Long Income Fund UK (FRELIF)"]
[null,"Industrial Property Investment Fund",null,null,null,null,null,null,null,null,"Profile","Industrial Property Investment Fund"]
[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,"Lime Property Fund",null,null,null,null,null,null,null,null,"Profile","Lime Property Fund"]
[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,"MC PUT",null,null,null,null,null,null,null,null,"Profile","MC PUT"]
[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,"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,"Schroders Capital UK Real Estate Fund",null,null,null,null,null,null,null,null,"Profile","Schroders Capital 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 Pooled Property Pension Fund",null,null,null,null,null,null,null,null,"Profile","Standard Life Pooled Property Pension 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,"The Property Income Trust for Charities",null,null,null,null,null,null,null,null,"Profile","The Property Income Trust for Charities"]
[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,"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(T59=30,\"th\",IF(T59=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:",2023,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 2023"]
[]
["Direct Market Returns"]
["Quarterly returns as measured in the MSCI UK Quarterly Property Index, the largest UK direct real estate sample recorded returns of 0.2% for June 2023."]
["Industrial was the best performing sector with a 3-month return of 2.15%. Residential sector recorded 0.70% returns. Other sector recorded returns of negative 0.17%. Office sector recorded returns of negative 3.05%. Hotel sector recorded returns of negative 0.12% and Retail sector recorded  returns of 1.03% . Income return was stable in line with the previous quarter at 1.13%."]
[]
["Property Fund Returns "]
["The MSCI/AREF UK Quarterly Property Fund Index returned  0.33% in Q2 2023, compared to negative 0.21% in March 2023.The All Balanced Open-Ended Property Fund Index gave a total return of  0.38% while the Long Income Open-Ended Property Fund Index gave a return of negative 0.66% and the Other Property Fund Index returned 2.33%.\nOther Property Fund Index recorded 12-month performance of negative 16.57%, ahead of  Long Income Open-Ended Property Fund Index at negative 16.62% and All Balanced Open-Ended Property Fund Index at negative 17.39%."]
[]
["Net new investment in property funds"]
["The 45 funds monitored in MSCI/AREF Property Fund Vision Handbook in Q2 2023 had a net outflow of around GBP 1087mn. The outflows were driven by the Long Income Property Funds with GBP 616mn of outflows, while Balanced Funds recorded outflows of GBP 471mn. No new net investments were recorded in Specialist Funds in Q2 2023."]
[]
["Property Funds’ net new Property Investment"]
["The 45 constituents of MSCI/AREF Property Fund Vision Handbook were net sellers of around GBP 1145mn of property in Q2 2023, as compared to being net sellers of GBP 1140mn in previous quarter"]
["The Balanced Funds are net sellers with disposals of GBP 734mn. The Long Income Funds are net sellers with disposal of around GBP 195mn. The Specialist Funds are net sellers with disposals of GBP 216mn."]
[]
["Liquidity/Gearing"]
["The APUTs and Managed Funds that we monitor now hold cash equivalent to 10.35% of their NAV compared with 10.69% in the previous quarter. The Other Balanced Funds (incl. CIF) as at end-June 2023 held net cash equivalent to 6.9% of their aggregate net asset value. Long Income Property funds held net cash and deposits equivalent to 3.29% 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 3 funds in Q2 2023, of which all were open ended funds. Based on quarter-end NAVs, these trades have generated a turnover of around GBP 39mn."]

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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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[]
["Market Coverage"]
[{"$f":"Index!$T$7 & \" \" & Index!$T$4","v":"June 2023"}]
["This edition of MSCI/AREF UK Property Fund Vision has 45 constituents with an aggregate net asset value of over GBP 51,172mn"]
[]
[]
["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,27,27248.2,54.01,29559.4,54.88,29028.44,56.73]
["Long Income Property Funds",null,null,10,13626.38,27.01,14241.57,26.44,14241.57,27.83]
["Specialist funds",null,null,8,9577.26,18.98,10056.11,18.670000000000002,7901.49,15.44]
["Total Property Funds",null,null,45,50451.839999999997,100,53857.08,100,51171.5,100]
[]
[]
[]
["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","abrdn UK Real Estate Fund",null,889.39225099999999,1.7628539267345065E-2,889.39225099999999,1.6513932698322777E-2,889.39225099999999,1.7380616463201135E-2]
["Balanced funds","Authorised Property Unit Trusts","L&G UK Property Fund",null,1325.6809635500001,2.6276166557148269E-2,1567.8057250450001,2.9110483252274565E-2,1567.8057250450001,3.0638258839313998E-2]
["Balanced funds","Authorised Property Unit Trusts","M&G Property Portfolio",null,525.185305782,1.0409636215293058E-2,614.12999999999988,1.1402956880519262E-2,614.12999999999988,1.2001406552108258E-2]
["Balanced funds","Common Investment Funds","COIF Charities Property Fund",null,565.97500100000002,1.1218123969762541E-2,574.04366700000003,1.0658647488864182E-2,574.04366600000003,1.1218034315745275E-2]
["Balanced funds","Common Investment Funds","The Charities Property Fund",null,1126.3650009999999,2.2325548291168621E-2,1153.5846529999999,2.141936732644192E-2,1153.5846509999999,2.2543497938421701E-2]
["Balanced funds","Common Investment Funds","The Property Income Trust for Charities",null,606.68500100000006,1.2025032094683476E-2,648.95413436000001,1.2049559558304895E-2,556.07413436000002,1.0866871443450138E-2]
["Balanced funds","Managed Property Funds","Legal And General Managed Fund",null,2815.9379773891228,5.5814375662704523E-2,3238.3777617354622,6.0129096412651982E-2,3159.6467857199996,6.1746219263816793E-2]
["Balanced funds","Managed Property Funds","Standard Life Pooled Property Pension Fund",null,1448.1650000000002,2.8703908246772852E-2,1600.7310000000002,2.9721828554720473E-2,1600.7309990000001,3.1281688729684926E-2]
["Balanced funds","Managed Property Funds","Threadneedle Pensions Ltd",null,1504.0909999999999,2.9812410919195544E-2,1560.365,2.897232640136688E-2,1560.365,3.0492851244330037E-2]
["Balanced funds","Other balanced funds","AEW UK Core Plus Property Fund",null,336.79500200000001,6.6755741475451194E-3,343.56831142999999,6.3792595065362443E-3,283.56831142999999,5.5415280002056198E-3]
["Balanced funds","Other balanced funds","BlackRock UK Property Fund",null,2524.1503297200002,5.0030886995158917E-2,2752.72286854,5.111162160125856E-2,2692.72286854,5.2621532700743663E-2]
["Balanced funds","Other balanced funds","CBRE UK Property PAIF",null,1144.4250010000001,2.2683513428384837E-2,1240.7356483200001,2.3037557354169437E-2,1240.73564732,2.4246613790533816E-2]
["Balanced funds","Other balanced funds","CT UK Commercial Property Fund",null,184.78500099999999,3.6626017850754774E-3,235.48934699999998,4.3724860691753183E-3,235.48934699999998,4.6019627636453122E-3]
["Balanced funds","Other balanced funds","Federated Hermes Property Unit Trust",null,1072.100001,2.1249968104510936E-2,1176.3515475730001,2.1842095278372699E-2,1176.351546573,2.2988411506723146E-2]
["Balanced funds","Other balanced funds","Fidelity UK Real Estate Fund",null,458.45000099999999,9.0868835833188347E-3,472.78156000000001,8.7784471408083493E-3,472.78156000000001,9.2391573639131197E-3]
["Balanced funds","Other balanced funds","LF Canlife UK Property ACS",null,230.60000100000002,4.5706955149514925E-3,257.31500100000005,4.7777373864064153E-3,257.31500100000005,5.0284824694399296E-3]
["Balanced funds","Other balanced funds","Lothbury Property Trust",null,1010.3394,2.0025818491469914E-2,1069.1867075599998,1.9852294992153189E-2,1069.1867075599998,2.0894182595765781E-2]
["Balanced funds","Other balanced funds","MC PUT",null,264.51000099999999,5.2428216391487113E-3,299.35907300000002,5.5583974096872308E-3,299.35907300000002,5.8501130707427663E-3]
["Balanced funds","Other balanced funds","Nuveen Real Estate UK Property Fund",null,138.67500100000001,2.7486608948739497E-3,139.92255244,2.5980343446591367E-3,139.92255144000001,2.734384292641169E-3]
["Balanced funds","Other balanced funds","PATRIZIA Hanover Property Unit Trust",null,549.55000099999995,1.0892565975367396E-2,549.55000099999995,1.0203857432615763E-2,511.38900099999995,9.9936288852156656E-3]
["Balanced funds","Other balanced funds","Royal London Property Fund",null,352.06200000000001,6.978179520410549E-3,383.14772850999998,7.1141566558683526E-3,383.14772750999998,7.4875216116521001E-3]
["Balanced funds","Other balanced funds","Royal London UK Real Estate Fund",null,2923.8604489999998,5.795349428722836E-2,3259.29051286,6.0517397259909303E-2,3259.29051286,6.3693469650175527E-2]
["Balanced funds","Other balanced funds","Schroders Capital UK Real Estate",null,1910.2064780000001,3.7861978073564215E-2,1987.1727999999998,3.6897148409197937E-2,1910.6166349999999,3.7337513233120082E-2]
["Balanced funds","Other balanced funds","The Local Authorities’ Property Fund",null,1112.49119937,2.2050557299795784E-2,1200.4658983700001,2.2289842338994892E-2,1200.46589737,2.3459657216352955E-2]
["Balanced funds","Other balanced funds","Threadneedle Property Unit Trust",null,934.23926090999998,1.8517446579425355E-2,1020.5652372800004,1.8949508075587831E-2,1020.5652372800004,1.9944015640900325E-2]
["Balanced funds","Other balanced funds","Tritax Property Income Fund",null,204.013768,4.0437329156210811E-3,227.83104799999998,4.2302893791013544E-3,179.30872799999997,3.5040739632804089E-3]
["Balanced funds","Other balanced funds","Triton Property Fund LP",null,1089.4690009999999,2.1594237011947723E-2,1096.5585971029998,2.0360526923824278E-2,1020.4536092329998,1.994183419141134E-2]
["Long Income Property Funds","Long Income Property Funds","AEW UK Real Return Fund",null,139.620002,2.767391648618936E-3,156.45907024000002,2.905078780572281E-3,156.45907024000002,3.0575430457966597E-3]
["Long Income Property Funds","Long Income Property Funds","AXA UK Long Lease Property Fund",null,410.92,8.1447970202041201E-3,411.707581,7.6444462793315623E-3,411.707581,8.0456419001938388E-3]
["Long Income Property Funds","Long Income Property Funds","BlackRock Long Lease Property Fund",null,964.14500099999998,1.91102047386097E-2,1006.3566107199999,1.8685687132147379E-2,1006.3566107199999,1.9666348853911175E-2]
["Long Income Property Funds","Long Income Property Funds","Fiera Real Estate Long Income Fund UK (FRELIF)",null,219.70500100000001,4.3547470005566614E-3,245.37108698,4.5559668548338008E-3,245.37108698,4.7950729828858674E-3]
["Long Income Property Funds","Long Income Property Funds","KFIM Long Income Property Unit Trust",null,912.12968499999999,1.8079215274086739E-2,914.74595166999995,1.698469158569451E-2,914.74595166999995,1.78760817056435E-2]
["Long Income Property Funds","Long Income Property Funds","Lime Property Fund",null,2863.8143920000002,5.6763328449282766E-2,3076.0645714500001,5.7115320322956575E-2,3076.0645714500001,6.0112845004328265E-2]
["Long Income Property Funds","Long Income Property Funds","LPI (Limited Price Inflation) Income Property Fund",null,1537.650001,3.047757993347041E-2,1564.3169125520001,2.904570416898292E-2,1564.3169125520001,3.0570080021942159E-2]
["Long Income Property Funds","Long Income Property Funds","M&G Secure Property Income Fund",null,3419.0491749999997,6.7768571820479295E-2,3661.6581468199997,6.7988422580545702E-2,3661.6581468199997,7.1556589117656083E-2]
["Long Income Property Funds","Long Income Property Funds","PGIM Real Estate UK Ground Lease Fund",null,606.89599999999996,1.2029214281061518E-2,635.89615687999992,1.1807103475470263E-2,635.89615687999992,1.2426763557618245E-2]
["Long Income Property Funds","Long Income Property Funds","Standard Life Investments Long Lease Property Fund",null,2552.453,5.0591870896065087E-2,2568.9946666999999,4.7700218863537133E-2,2568.9946666999999,5.0203620447241713E-2]
["Specialist funds","Healthcare","Octopus Healthcare Fund",null,1329.9806252159999,2.6361389645645109E-2,1400.6957231288977,2.6007641596350238E-2,1206.4717231288978,2.3577023827027661E-2]
["Specialist funds","Industrial","Airport Industrial Property Unit Trust",null,715.24000100000001,1.4176687990060331E-2,740.97608600000001,1.3758191845625411E-2,590.97608600000001,1.1548929820493535E-2]
["Specialist funds","Industrial","Industrial Property Investment Fund",null,2983.8884669999998,5.9143302576275272E-2,3230.90520118726,5.9990348450952961E-2,2745.90520118726,5.3660828607944459E-2]
["Specialist funds","Leisure","The Leisure Fund Limited Partnership",null,419.72500100000002,8.3193199100797515E-3,425.27600800000005,7.896380215171651E-3,265.42600800000002,5.1869887996208288E-3]
["Specialist funds","Offices","Nuveen Real Estate Central London Office Fund",null,378.06200100000001,7.4935224841750385E-3,413.00358010000002,7.66850994965298E-3,287.85358009999999,5.6252712654649012E-3]
["Specialist funds","Residential","UNITE UK Student Accommodation Fund",null,2923.2449999999999,5.7941295544939625E-2,2945.6053075214122,5.4692997099466484E-2,2075.6053072414111,4.0561742845843303E-2]
["Specialist funds","Retail warehouses","Nuveen Real Estate UK Retail Warehouse Fund",null,413.91500100000002,8.2041605829908139E-3,418.25123877500005,7.7659466903995771E-3,247.84932477500001,4.843503021005802E-3]
["Specialist funds","Shopping centres","Aberdeen Standard UK Shopping Centre Trust",null,413.20272941000002,8.1900427315262751E-3,481.40089264000096,8.938487976515419E-3,481.40089164000096,9.4075974388469312E-3]

{"sheet":"Net New Investment Flow","index":5,"n_rows":152,"n_cols":19,"rows_kept":152,"cut":false,"hidden":false,"merged":[[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],[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],[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],[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],[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],[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],[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]]}
[]
["Net New Investment in Constituent Funds"]
["NET NEW INVESTMENT IN FUNDS MONITORED IN MSCI/AREF PROPERTY FUND VISION "]
[]
[{"$f":"CONCATENATE(\"The 45 funds monitored in Property Fund Vision saw a net outflow of capital in \",Index!T5,\" \",Index!T4,\" of GBP 1087m. \")","v":"The 45 funds monitored in Property Fund Vision saw a net outflow of capital in Q2 2023 of GBP 1087m. "}]
[]
["Table 8: Net new investment in property funds per quarter (GBPm)"]
[null,null,"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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["Balanced Funds",null,-425.27451850390622,-1202.5434315149448,-939.29689498777827,-617.34952731219971,-18.93302073381491,-76.669914515449506,-1033.1565857540954,-614.05273021420135,-561.42180693522005,-165.67938459788817,-204.21122700245766,-627.63417182433159,-258.27452010422621,-448.70180356640753,-682.76164648974304,-383.1591956137886,-471.17829609759724]
["Long Income Funds",null,133.96620947855476,79.341964141317206,211.06300856000655,256.35752448458305,37.66541578079007,10.904214377361072,2.6120362610250467,399.87992797542591,86.566648026043922,64.936505033898669,-33.594164466733837,141.86805413464813,-22.654106112884719,-50.328781106664863,-198.54090582363003,-118.58193933638034,-616.09070470735287]
["Specialist Funds",null,-41.563387314847631,18.960620090377002,225.83410334000001,160.25654762017803,0,-7.9236711942837701,28.947487203936937,-75.454233887192572,-102.4258909305786,9.7425031729558231,147.84748561484,10.467301669764476,78.580550398582261,0,0,0,0]
[]
[]
["Table 9: Net new investment in property funds by fund type as % of net asset value*"]
[null,null,"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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["APUTs",null,-2.2627042782183029,-6.0221027711387487,-6.0424997139499519,-1.1788925970811643,-0.13978053442686239,-4.1382471148612231E-2,-6.4530887690658911,-2.7205202598121061,-3.255875754569308,-1.0988299326390298,-1.6113691414488189,-1.5885096929277895,-2.8877638909303291,-3.2088205219105963,-6.1731891441489424,-3.9759827776135541,-2.8433067840825021]
["Managed Funds ",null,-2.2174905850112667,-1.4492312926967805,-0.2919735252076982,-2.8559236447089074,6.7589370282065001E-3,-0.85514420337100616,-2.2299729978997416,-1.17320329191214,-0.82998310304937917,-0.20592663537003478,-0.92359624091169956,-4.9628776350000523,-3.1996882381688532,-3.3845372026898799,-2.3074244783055087,-1.8800500272047524,8.2892464806264624E-2]
["Other Balanced Funds ",null,9.0856856214847029E-2,-1.3298321115567855,-0.93810036476926628,-1.0936228523134786,-2.4233259717749887E-2,9.9490810062117033E-3,-0.95500258358923606,-1.3853186564269353,-1.2925139359953897,-0.37386484635388512,-8.2127539797420643E-2,-0.2157475864055175,0.85173661940806966,-1.0268800486900823E-2,-1.6480562232793934,-0.72238306461559032,-2.1789620901364182]
["All Balanced Funds ",null,-0.94000946446654454,-2.7208348817797754,-2.2036494552923114,-1.511739084889447,-4.8213581976084177E-2,-0.19655191008941947,-2.6673392853730404,-1.6450182291321158,-1.5573290773681177,-0.46035980058997411,-0.55373225339165,-1.6445853628187308,-0.68516268565695504,-1.2684337969023705,-2.3564677956878515,-1.3805445686870066,-1.7312599136153672]
["Long Income Funds",null,1.2252057657098403,0.70483837493731782,1.8756562696309116,2.190061642141985,0.31937285138334476,9.1723144801891282E-2,2.1482856367640409E-2,3.2457088695612417,0.66335511885602805,0.48467544273040958,-0.24155526171513508,0.99843576621116914,-0.15254177547474318,-0.35744300228300713,-1.6084964741471788,-0.98477586921874094,-4.1466196169406482]
["Specialist Funds ",null,-0.38073482367868772,0.18177588681200632,2.2129217803072176,1.6911994457546879,0,-9.3861640772750304E-2,0.34658170145388117,-0.89463425490311677,-1.1893203256564264,0.11034491867189587,1.6587278330921336,0.11422830668988643,0.81842159502377698,0,0,0,0]
["All Funds ",null,-0.49613980210934294,-1.6760095427602615,-0.78398774473838173,-0.32367056437655861,3.13194183349947E-2,-0.12418683083262308,-1.6906136338539248,-0.49864877532303797,-1.0002746101762892,-0.15631457898061604,-0.15068374790926609,-0.77238901036279572,-0.32559108834225431,-0.85286192230516389,-1.7897064244107599,-1.0490369840792313,-2.1756228280358711]
["* 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)"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Source: MSCI "]
[]
[]
[]
[]
["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)"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["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 2023",null,"Q2 2023",null,null,"Q1 2023",null,"Q2 2023",null,null,"Q1 2023",null,"Q2 2023"]
["Authorised Property Unit Trusts (3)",null,null,null,null,-171,null,-35,null,null,3194,null,3071,null,null,{"$f":"F77/K77","v":-5.353788353162179E-2},null,{"$f":"H77/M77","v":-1.1396939107782481E-2}]
["Managed Property Funds (3)",null,null,null,null,-26,null,-39,null,null,6310,null,6321,null,null,{"$f":"F78/K78","v":-4.1204437400950873E-3},null,{"$f":"H78/M78","v":-6.1699098243948739E-3}]
["Other balanced property funds (21)",null,null,null,null,-741,null,-660,null,null,20171,null,19636,null,null,-3.6735907986713598E-2,null,-3.361173355062131E-2]
["All Balanced Funds (27)",null,null,null,null,-938,null,-734,null,null,29675,null,29028,null,null,-3.1609098567818031E-2,null,-2.528593082540995E-2]
["Long Income Property Funds (10)",null,null,null,null,-202,null,-195,null,null,11923,null,14242,null,null,-1.6942044787385726E-2,null,-1.3691897205448673E-2]
["Specialist property funds (8)",null,null,null,null,0,null,-216,null,null,8033,null,7901,null,null,0,null,-2.7338311606125806E-2]
["Total (45)",null,null,null,null,-1140,null,-1145,null,null,49631,null,51171,null,null,-2.2969515020853901E-2,null,-2.2375955130835824E-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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["Source: MSCI ",null,null,null,null,null,null,null,null,null,"Source: MSCI "]
[]
[]
["Balanced funds’ net investment by type of property"]
[]
[]
[{"$f":"CONCATENATE(\"Table 11: Balanced funds’ acquisitions and disposals of property by sector in \",Index!T5,\" \",Index!T4)","v":"Table 11: Balanced funds’ acquisitions and disposals of property by sector in Q2 2023"}]
[]
[null,null,null,null,null,null,null,null,"Acquisitions ",null,"Disposals ",null,null,"Net Acquisitions",null,null,"Existing Portfolio Distributions"]
["Sector",null,null,null,null,null,null,null,null,"GBPm",null,"GBPm",null,"GBPm ","%",null,"%^"]
["Standard Retail ",null,null,null,null,null,null,null,null,26,null,95,null,-69,{"$f":"N137/$N$151","v":7.4273412271259415E-2},null,6]
["Shopping Centres",null,null,null,null,null,null,null,null,0,null,0,null,0,{"$f":"N138/$N$151","v":0},null,0.9,10.3]
["Retail Warehouses",null,null,null,null,null,null,null,null,0,null,83,null,-83,8.9343379978471471E-2,null,12.1,15.3]
["All UK Retail",null,null,null,null,null,null,null,null,26,null,178,null,-152,0.16361679224973089,null,19,15.3]
["City Offices",null,null,null,null,null,null,null,null,0,null,14,null,-14,1.5069967707212056E-2,null,3.4,15.3]
["West End Offices",null,null,null,null,null,null,null,null,0,null,159,null,-159,0.17115177610333693,null,7.5,15.3]
["Total Central London Offices",null,null,null,null,null,null,null,null,0,null,173,null,-173,0.18622174381054898,null,10.9,15.3]
["Rest of South East Offices",null,null,null,null,null,null,null,null,0,null,165,null,-165,0.17761033369214208,null,7.1,15.3]
["Rest of UK Offices",null,null,null,null,null,null,null,null,66,null,63,null,3,-3.2292787944025836E-3,null,4.9000000000000004,15.3]
["All UK  Offices",null,null,null,null,null,null,null,null,66,null,401,null,-335,0.36060279870828849,null,22.9,15.3]
["South East  Industrial",null,null,null,null,null,null,null,null,0,null,210,null,-210,0.22604951560818085,null,24.5,15.3]
["Rest of UK  Industrial",null,null,null,null,null,null,null,null,0,null,151,null,-151,0.16254036598493002,null,13.7,15.3]
["All UK  Industrial",null,null,null,null,null,null,null,null,0,null,361,null,-361,0.38858988159311086,null,38.200000000000003,15.3]
["Other UK Property",null,null,null,null,null,null,null,null,8,null,89,null,-81,8.7190527448869751E-2,null,12.5,15.3]
["All Property",null,null,null,null,null,null,null,null,100,null,1029,null,-929,null,null,"-"]
["^ The Weighted Aggregations by sector of the MSCI/AREF UK All Balanced Open-Ended 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 3 Authorised Property Unit Trusts monitored in Property Fund Vision publish daily bid and offer prices and are traded on a daily basis. The 42 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 42 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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["* 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]
["The Charities Property Fund",null,null,null,null,null,null,null,8,1.3956864177035722,16.836711673614385]
["The Property Income Trust for Charities",null,null,null,null,null,null,null,0,0,0]
["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 Pooled Property Pension 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 Plus Property Fund",null,null,null,null,null,null,null,2,13.283231547609532,44.402656428102439]
["BlackRock UK Property Fund",null,null,null,null,null,null,null,7,0.83144604377203524,26.27350222290432]
["CBRE UK Property PAIF",null,null,null,null,null,null,null,7,1.3203150606608252,21.22960880875311]
["CT UK Commercial Property Fund",null,null,null,null,null,null,null,0,0,0]
["Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,3,1.7174022962666704,23.828930515235651]
["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,2,0.55856244833122171,9.2706879020786239]
["M&G UK Property Limited Partnership",null,null,null,null,null,null,null,0,0,0]
["MC PUT",null,null,null,null,null,null,null,2,0.73933865001586074,2.9333792554378606]
["Nuveen Real Estate UK Property Fund",null,null,null,null,null,null,null,2,1.9118121046552747,3.1412149300332497]
["PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,1,3.0989203384884738,15.7872543704698]
["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,0,0,0]
["Schroders Capital UK Real Estate",null,null,null,null,null,null,null,7,2.139322161095722,49.701980547534731]
["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,2,5.0246982330442478,10.876504468672119]
["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,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"]
[]
[]
["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,2,3.187408204739568,36.095503773818649]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,null,null,null,null,1,2.1619912771942502,5.3638220297749619]
["KFIM Long Income Property Unit Trust",null,null,null,null,null,null,null,0,0,0]
["Lime Property 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]
["M&G Secure Property Income Fund",null,null,null,null,null,null,null,1,0.19591154418218498,9.155915131940878]
["PGIM Real Estate UK Ground Lease 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,5,1.0108171903348597,32.606980492436008]
["* 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,0,0,0]
["Industrial"]
["Airport Industrial Property Unit Trust",null,null,null,null,null,null,null,3,6.1981332689357069,41.971913858945435]
["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,0,0,0]
["Residential"]
["UNITE UK Student Accommodation Fund",null,null,null,null,null,null,null,7,1.4075030862755409,27.881204596586819]
["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,0,0,0]
["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,0,0,0]
["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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["INVESTMENT RATES OF RETURN"]
["MSCI/AREF UK Quarterly Property Fund Index"]
["Investment Rates of Return to June 2023"]
["%",null,"10Y","5Y","3Y","12M","3M"]
["All Pooled Property Funds Index",null,5.4513499999999997,1.1028800000000001,2.28301,-17.070699999999999,0.33306999999999998]
["All Balanced Open-Ended Property Fund Index",null,6.3058699999999996,2.1636600000000001,3.3854099999999998,-17.393750000000001,0.38167000000000001]
["Managed Open-Ended Property Fund Index",null,5.6633100000000001,1.8227899999999999,3.4733900000000002,-18.107050000000001,0.67464000000000002]
["Other Balanced Open-Ended Property Fund Index",null,6.5982799999999999,2.28044,3.3247499999999999,-17.143979999999999,0.28786]
["Long Income Open-Ended Property Fund Index",null,5.0769799999999998,1.7693300000000001,2.6769999999999999E-2,-16.622859999999999,-0.65949000000000002]
["Other Property Fund Index",null,2.9887999999999999,-2.7934399999999999,1.6737899999999999,-16.570029999999999,2.3324799999999999]
[]
[]
["* Annualised\nSource: MSCI/AREF UK Quarterly Property Fund Index   "]
["BALANCED FUNDS - 10 YEARS TO END JUNE 2023"]
[]
["Investment Rates of Return %"]
[null,null,"10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["L&G UK Property Fund",null,5.31,2.0099999999999998,2.87,-15.89,1.62]
["M&G Property Portfolio",null,0.77809600000000001,-4.1156220000000001,-3.1348609999999999,-15.918886000000001,0.33847300000000002]
["Common Investment Funds"]
["The Charities Property Fund",null,7.3550399999999998,3.4624299999999999,4.6776200000000001,-13.28312,1.2248600000000001]
["COIF Charities Property Fund",null,7.2249600000000003,3.4319999999999999,4.5123899999999999,-16.565950000000001,1.2063999999999999]
["The Property Income Trust for Charities",null,7.1753600000000004,2.4475600000000002,3.0148600000000001,-18.160080000000001,1.10232]
["Managed Property Funds"]
["Legal And General Managed Fund",null,5.7606966152960002,2.0729581369569998,3.3116074156319999,-17.068490689506,8.9858361124000002E-2]
["Standard Life Pooled Property Pension Fund",null,5.06698,0.87248999999999999,3.11111,-20.787600000000001,1.6662699999999999]
["Other balanced funds"]
["AEW UK Core Plus Property Fund",null,8.9,3.2,5,-14.2,2.1]
["PATRIZIA Hanover Property Unit Trust",null,7.8281000000000001,3.7955800000000002,5.6266999999999996,-15.032999999999999,0.67481000000000002]
["Federated Hermes Property Unit Trust",null,7.6777499999999996,2.66797,3.1549999999999998,-16.823969999999999,0.92986000000000002]
["Nuveen Real Estate UK Property Fund",null,7.6160855529390004,3.6157860495809997,4.5629338366560006,-12.995088695744,0.87611381075100003]
["Fidelity UK Real Estate Fund",null,7.3728199999999999,2.4497800000000001,3.38883,-18.21669,-0.86980999999999997]
["Triton Property Fund LP",null,7.3571099999999996,3.2669000000000001,4.5288599999999999,-16.765419999999999,0.72163999999999995]
["MC PUT",null,7.3498799999999997,3.17971,4.8211399999999998,-15.059699999999999,1.6538999999999999]
["UBS Triton Property Unit Trust",null,7.2843753546770307,3.2404667299451573,4.4899617506878986,-16.77044189555631,0.72010930235260062]
["The Local Authorities’ Property Fund",null,7.0703899999999997,3.0714999999999999,4.5236400000000003,-17.380739999999999,1.0282800000000001]
["CBRE UK Property PAIF",null,6.8103800000000003,2.4972400000000001,4.10311,-16.767209999999999,1.29175]
["Threadneedle Property Unit Trust",null,6.50312,2.32639,3.8334199999999998,-16.52046,1.5411999999999999]
["Schroders Capital UK Real Estate",null,6.19503,0.80900000000000005,0.63919999999999999,-20.18526,-2.3328199999999999]
["Triton Property Fund (Jersey)",null,6.0923866905303159,2.022743894855461,3.1400782675514272,-18.199200740867838,0.29103694941381431]
["BlackRock UK Property Fund",null,5.60764,1.5548,2.4372199999999999,-18.250250000000001,-0.23080999999999999]
["Royal London Property Fund",null,5.1510199999999999,1.53504,3.5578799999999999,-14.80716,0.52227000000000001]
["Lothbury Property Trust",null,4.6604999999999999,-1.17011,-1.5389999999999999,-24.00414,-0.76044999999999996]
["CT UK Commercial Property Fund",null,3.38,0.76,2.14,-10.6,2.7]
[]
["^^ 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 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["L&G UK Property Fund",-22.424017346281367,5.31,2.0099999999999998,2.87,-15.89,1.62]
["abrdn UK Real Estate Fund",-10.196547009614683,0,-0.75,0.56000000000000005,-14.74,0.83]
["M&G Property Portfolio",-14.261763187036488,0.77809600000000001,-4.1156220000000001,-3.1348609999999999,-15.918886000000001,0.33847300000000002]
["Common Investment Funds"]
["The Charities Property Fund",-5.4120141293346897,7.3550399999999998,3.4624299999999999,4.6776200000000001,-13.28312,1.2248600000000001]
["COIF Charities Property Fund",-5.1041101315783113,7.2249600000000003,3.4319999999999999,4.5123899999999999,-16.565950000000001,1.2063999999999999]
["The Property Income Trust for Charities",3.5102898861261003,7.1753600000000004,2.4475600000000002,3.0148600000000001,-18.160080000000001,1.10232]
["Managed Property Funds"]
["Legal And General Managed Fund",-9.4631464224855897,5.7606966152960002,2.0729581369569998,3.3116074156319999,-17.068490689506,8.9858361124000002E-2]
["Standard Life Pooled Property Pension Fund",-9.7587559891529843,5.06698,0.87248999999999999,3.11111,-20.787600000000001,1.6662699999999999]
["Other balanced funds"]
["Tritax Property Income Fund",19.33050879052691,0,4.6271089357750004,7.0571681230739998,-16.635070868684998,2.0451357741559999]
["Royal London UK Real Estate Fund",-4.2481475742099715,0,3.9455800384160002,5.5523715783999998,-14.751035069535002,0.45608795398800006]
["PATRIZIA Hanover Property Unit Trust",4.7534076634519691,7.8281000000000001,3.7955800000000002,5.6266999999999996,-15.032999999999999,0.67481000000000002]
["Nuveen Real Estate UK Property Fund",-0.16277947231849352,7.6160855529390004,3.6157860495809997,4.5629338366560006,-12.995088695744,0.87611381075100003]
["Triton Property Fund LP",1.9246474025363622,7.3571099999999996,3.2669000000000001,4.5288599999999999,-16.765419999999999,0.72163999999999995]
["UBS Triton Property Unit Trust",1.92464740253636,7.2843753546770307,3.2404667299451573,4.4899617506878986,-16.77044189555631,0.72010930235260062]
["AEW UK Core Plus Property Fund",-2.5574658745006493,8.9,3.2,5,-14.2,2.1]
["MC PUT",-8.6844974070626435,7.3498799999999997,3.17971,4.8211399999999998,-15.059699999999999,1.6538999999999999]
["The Local Authorities’ Property Fund",-4.1025163899385406,7.0703899999999997,3.0714999999999999,4.5236400000000003,-17.380739999999999,1.0282800000000001]
["Federated Hermes Property Unit Trust",-4.1595876938929264,7.6777499999999996,2.66797,3.1549999999999998,-16.823969999999999,0.92986000000000002]
["CBRE UK Property PAIF",-7.2524159403957267,6.8103800000000003,2.4972400000000001,4.10311,-16.767209999999999,1.29175]
["Fidelity UK Real Estate Fund",-7.3312030139905486,7.3728199999999999,2.4497800000000001,3.38883,-18.21669,-0.86980999999999997]
["Threadneedle Property Unit Trust",-7.2010911118524419,6.50312,2.32639,3.8334199999999998,-16.52046,1.5411999999999999]
["Triton Property Fund (Jersey)",1.92464740253636,6.0923866905303159,2.022743894855461,3.1400782675514272,-18.199200740867838,0.29103694941381431]
["BlackRock UK Property Fund",-2.4970552230156953,5.60764,1.5548,2.4372199999999999,-18.250250000000001,-0.23080999999999999]
["Royal London Property Fund",-8.2851184139775356,5.1510199999999999,1.53504,3.5578799999999999,-14.80716,0.52227000000000001]
["Schroders Capital UK Real Estate",-4.019893746755165,6.19503,0.80900000000000005,0.63919999999999999,-20.18526,-2.3328199999999999]
["CT UK Commercial Property Fund",-22.28627956862254,3.38,0.76,2.14,-10.6,2.7]
["Lothbury Property Trust",-3.5284589133770425,4.6604999999999999,-1.17011,-1.5389999999999999,-24.00414,-0.76044999999999996]
["LF Canlife UK Property ACS",-16.609315412003514,0,-1.54803,-0.49054999999999999,-13.30997,-1.3582000000000001]
[]
["  ^ Quarterly average net debt/equity ratio over the five years to 30 JUNE 2023\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 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["L&G UK Property Fund",-19.490323564025754,5.31,2.0099999999999998,2.87,-15.89,1.62]
["abrdn UK Real Estate Fund",-3.5930399962854112,0,-0.75,0.56000000000000005,-14.74,0.83]
["M&G Property Portfolio",-17.004591525542722,0.77809600000000001,-4.1156220000000001,-3.1348609999999999,-15.918886000000001,0.33847300000000002]
["Common Investment Funds"]
["The Charities Property Fund",-5.725101665267414,7.3550399999999998,3.4624299999999999,4.6776200000000001,-13.28312,1.2248600000000001]
["COIF Charities Property Fund",-4.4652341226726833,7.2249600000000003,3.4319999999999999,4.5123899999999999,-16.565950000000001,1.2063999999999999]
["The Property Income Trust for Charities",3.6479185469239606,7.1753600000000004,2.4475600000000002,3.0148600000000001,-18.160080000000001,1.10232]
["Managed Property Funds"]
["Legal And General Managed Fund",-8.7933580025947098,5.7606966152960002,2.0729581369569998,3.3116074156319999,-17.068490689506,8.9858361124000002E-2]
["Standard Life Pooled Property Pension Fund",-10.46758836317162,5.06698,0.87248999999999999,3.11111,-20.787600000000001,1.6662699999999999]
["Other balanced funds"]
["Tritax Property Income Fund",17.957576074738515,0,4.6271089357750004,7.0571681230739998,-16.635070868684998,2.0451357741559999]
["PATRIZIA Hanover Property Unit Trust",4.2552573434233141,7.8281000000000001,3.7955800000000002,5.6266999999999996,-15.032999999999999,0.67481000000000002]
["Royal London UK Real Estate Fund",-5.0771293262026118,0,3.9455800384160002,5.5523715783999998,-14.751035069535002,0.45608795398800006]
["AEW UK Core Plus Property Fund",-2.0474942226077739,8.9,3.2,5,-14.2,2.1]
["MC PUT",-9.7625898636434041,7.3498799999999997,3.17971,4.8211399999999998,-15.059699999999999,1.6538999999999999]
["Nuveen Real Estate UK Property Fund",-0.61364227096511181,7.6160855529390004,3.6157860495809997,4.5629338366560006,-12.995088695744,0.87611381075100003]
["Triton Property Fund LP",1.7810837565555691,7.3571099999999996,3.2669000000000001,4.5288599999999999,-16.765419999999999,0.72163999999999995]
["The Local Authorities’ Property Fund",-5.7187740251407959,7.0703899999999997,3.0714999999999999,4.5236400000000003,-17.380739999999999,1.0282800000000001]
["UBS Triton Property Unit Trust",1.7810837565555699,7.2843753546770307,3.2404667299451573,4.4899617506878986,-16.77044189555631,0.72010930235260062]
["CBRE UK Property PAIF",-8.4383887149667292,6.8103800000000003,2.4972400000000001,4.10311,-16.767209999999999,1.29175]
["Threadneedle Property Unit Trust",-7.4587142144155392,6.50312,2.32639,3.8334199999999998,-16.52046,1.5411999999999999]
["Royal London Property Fund",-9.2745501115252793,5.1510199999999999,1.53504,3.5578799999999999,-14.80716,0.52227000000000001]
["Fidelity UK Real Estate Fund",-7.5856090343494031,7.3728199999999999,2.4497800000000001,3.38883,-18.21669,-0.86980999999999997]
["Federated Hermes Property Unit Trust",-2.9041928951731717,7.6777499999999996,2.66797,3.1549999999999998,-16.823969999999999,0.92986000000000002]
["Triton Property Fund (Jersey)",1.7810837565555699,6.0923866905303159,2.022743894855461,3.1400782675514272,-18.199200740867838,0.29103694941381431]
["BlackRock UK Property Fund",-2.6038431314251889,5.60764,1.5548,2.4372199999999999,-18.250250000000001,-0.23080999999999999]
["CT UK Commercial Property Fund",-21.926962523031463,3.38,0.76,2.14,-10.6,2.7]
["Schroders Capital UK Real Estate",-3.1332753856547053,6.19503,0.80900000000000005,0.63919999999999999,-20.18526,-2.3328199999999999]
["LF Canlife UK Property ACS",-19.791850887229661,0,-1.54803,-0.49054999999999999,-13.30997,-1.3582000000000001]
["Lothbury Property Trust",-2.9188594599537905,4.6604999999999999,-1.17011,-1.5389999999999999,-24.00414,-0.76044999999999996]
[]
[" ^ Quarterly average net debt/equity ratio over the three years to 30 JUNE 2023\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 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["abrdn UK Real Estate Fund",0,0,-0.75,0.56000000000000005,-14.74,0.83]
["L&G UK Property Fund",-15.33107868864507,5.31,2.0099999999999998,2.87,-15.89,1.62]
["M&G Property Portfolio",-16.063209403821766,0.77809600000000001,-4.1156220000000001,-3.1348609999999999,-15.918886000000001,0.33847300000000002]
["Common Investment Funds"]
["The Charities Property Fund",-3.7452467428410707,7.3550399999999998,3.4624299999999999,4.6776200000000001,-13.28312,1.2248600000000001]
["COIF Charities Property Fund",-3.501183126455818,7.2249600000000003,3.4319999999999999,4.5123899999999999,-16.565950000000001,1.2063999999999999]
["The Property Income Trust for Charities",9.2151436898941359,7.1753600000000004,2.4475600000000002,3.0148600000000001,-18.160080000000001,1.10232]
["Managed Property Funds"]
["Legal And General Managed Fund",-9.9870132310666548,5.7606966152960002,2.0729581369569998,3.3116074156319999,-17.068490689506,8.9858361124000002E-2]
["Standard Life Pooled Property Pension Fund",-9.6212232335323993,5.06698,0.87248999999999999,3.11111,-20.787600000000001,1.6662699999999999]
["Other balanced funds"]
["CT UK Commercial Property Fund",-20.468822363145136,3.38,0.76,2.14,-10.6,2.7]
["Nuveen Real Estate UK Property Fund",-2.582019728279866,7.6160855529390004,3.6157860495809997,4.5629338366560006,-12.995088695744,0.87611381075100003]
["LF Canlife UK Property ACS",-10.291307493970338,0,-1.54803,-0.49054999999999999,-13.30997,-1.3582000000000001]
["AEW UK Core Plus Property Fund",7.7358041643232722,8.9,3.2,5,-14.2,2.1]
["Royal London UK Real Estate Fund",-8.499270762697229,0,3.9455800384160002,5.5523715783999998,-14.751035069535002,0.45608795398800006]
["Royal London Property Fund",-7.9020659498502432,5.1510199999999999,1.53504,3.5578799999999999,-14.80716,0.52227000000000001]
["PATRIZIA Hanover Property Unit Trust",3.7017296889412634,7.8281000000000001,3.7955800000000002,5.6266999999999996,-15.032999999999999,0.67481000000000002]
["MC PUT",-12.768300616124023,7.3498799999999997,3.17971,4.8211399999999998,-15.059699999999999,1.6538999999999999]
["Threadneedle Property Unit Trust",-7.1852279897838436,6.50312,2.32639,3.8334199999999998,-16.52046,1.5411999999999999]
["Tritax Property Income Fund",14.618920164600587,0,4.6271089357750004,7.0571681230739998,-16.635070868684998,2.0451357741559999]
["Triton Property Fund LP",3.4829558422578053,7.3571099999999996,3.2669000000000001,4.5288599999999999,-16.765419999999999,0.72163999999999995]
["CBRE UK Property PAIF",-10.099293958742599,6.8103800000000003,2.4972400000000001,4.10311,-16.767209999999999,1.29175]
["UBS Triton Property Unit Trust",3.4829558422578102,7.2843753546770307,3.2404667299451573,4.4899617506878986,-16.77044189555631,0.72010930235260062]
["Federated Hermes Property Unit Trust",-5.0768176206481126,7.6777499999999996,2.66797,3.1549999999999998,-16.823969999999999,0.92986000000000002]
["The Local Authorities’ Property Fund",-6.6338023501143066,7.0703899999999997,3.0714999999999999,4.5236400000000003,-17.380739999999999,1.0282800000000001]
["Triton Property Fund (Jersey)",3.4829558422578102,6.0923866905303159,2.022743894855461,3.1400782675514272,-18.199200740867838,0.29103694941381431]
["Fidelity UK Real Estate Fund",-5.8457610273090195,7.3728199999999999,2.4497800000000001,3.38883,-18.21669,-0.86980999999999997]
["BlackRock UK Property Fund",-1.284089572888699,5.60764,1.5548,2.4372199999999999,-18.250250000000001,-0.23080999999999999]
["Schroders Capital UK Real Estate",0.67354414352268921,6.19503,0.80900000000000005,0.63919999999999999,-20.18526,-2.3328199999999999]
["Lothbury Property Trust",-2.7386316316410184,4.6604999999999999,-1.17011,-1.5389999999999999,-24.00414,-0.76044999999999996]
[]
[" ^ Quarterly average net debt/equity ratio over twelve months to 30 JUNE 2023\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 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Authorised Property Unit Trusts"]
["L&G UK Property Fund",-15.443543650030389,5.31,2.0099999999999998,2.87,-15.89,1.62]
["abrdn UK Real Estate Fund",0,0,-0.75,0.56000000000000005,-14.74,0.83]
["M&G Property Portfolio",-13.935485972025468,0.77809600000000001,-4.1156220000000001,-3.1348609999999999,-15.918886000000001,0.33847300000000002]
["Common Investment Funds"]
["The Charities Property Fund",-2.6408049009313666,7.3550399999999998,3.4624299999999999,4.6776200000000001,-13.28312,1.2248600000000001]
["COIF Charities Property Fund",-1.405583490925584,7.2249600000000003,3.4319999999999999,4.5123899999999999,-16.565950000000001,1.2063999999999999]
["The Property Income Trust for Charities",8.8483328697942998,7.1753600000000004,2.4475600000000002,3.0148600000000001,-18.160080000000001,1.10232]
["Managed Property Funds"]
["Standard Life Pooled Property Pension Fund",-9.9854378468246292,5.06698,0.87248999999999999,3.11111,-20.787600000000001,1.6662699999999999]
["Legal And General Managed Fund",-10.049546144512506,5.7606966152960002,2.0729581369569998,3.3116074156319999,-17.068490689506,8.9858361124000002E-2]
["Other balanced funds"]
["CT UK Commercial Property Fund",-21.531480997312379,3.38,0.76,2.14,-10.6,2.7]
["AEW UK Core Plus Property Fund",18.474307480203766,8.9,3.2,5,-14.2,2.1]
["Tritax Property Income Fund",9.1072198114081786,0,4.6271089357750004,7.0571681230739998,-16.635070868684998,2.0451357741559999]
["MC PUT",-12.69236719275918,7.3498799999999997,3.17971,4.8211399999999998,-15.059699999999999,1.6538999999999999]
["Threadneedle Property Unit Trust",-8.5960705602528069,6.50312,2.32639,3.8334199999999998,-16.52046,1.5411999999999999]
["CBRE UK Property PAIF",-9.0663105040124474,6.8103800000000003,2.4972400000000001,4.10311,-16.767209999999999,1.29175]
["The Local Authorities’ Property Fund",-7.328379439410682,7.0703899999999997,3.0714999999999999,4.5236400000000003,-17.380739999999999,1.0282800000000001]
["Federated Hermes Property Unit Trust",-8.8622779369577298,7.6777499999999996,2.66797,3.1549999999999998,-16.823969999999999,0.92986000000000002]
["Nuveen Real Estate UK Property Fund",-0.89159926485114127,7.6160855529390004,3.6157860495809997,4.5629338366560006,-12.995088695744,0.87611381075100003]
["Triton Property Fund LP",7.280756083840342,7.3571099999999996,3.2669000000000001,4.5288599999999999,-16.765419999999999,0.72163999999999995]
["UBS Triton Property Unit Trust",7.2807560838403402,7.2843753546770307,3.2404667299451573,4.4899617506878986,-16.77044189555631,0.72010930235260062]
["PATRIZIA Hanover Property Unit Trust",5.0484073668999399,7.8281000000000001,3.7955800000000002,5.6266999999999996,-15.032999999999999,0.67481000000000002]
["Royal London Property Fund",-8.1132480445649193,5.1510199999999999,1.53504,3.5578799999999999,-14.80716,0.52227000000000001]
["Royal London UK Real Estate Fund",-10.291505483678501,0,3.9455800384160002,5.5523715783999998,-14.751035069535002,0.45608795398800006]
["Triton Property Fund (Jersey)",7.2807560838403402,6.0923866905303159,2.022743894855461,3.1400782675514272,-18.199200740867838,0.29103694941381431]
["BlackRock UK Property Fund",-6.2603003000973656,5.60764,1.5548,2.4372199999999999,-18.250250000000001,-0.23080999999999999]
["Lothbury Property Trust",-5.5563455044792729,4.6604999999999999,-1.17011,-1.5389999999999999,-24.00414,-0.76044999999999996]
["Fidelity UK Real Estate Fund",-5.4125008598051076,7.3728199999999999,2.4497800000000001,3.38883,-18.21669,-0.86980999999999997]
["LF Canlife UK Property ACS",-12.593902366383992,0,-1.54803,-0.49054999999999999,-13.30997,-1.3582000000000001]
["Schroders Capital UK Real Estate",1.9820383799809211,6.19503,0.80900000000000005,0.63919999999999999,-20.18526,-2.3328199999999999]
[]
[" ^ Quarterly average net debt/equity ratio over the three months to 30 JUNE 2023\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 2023"]
[]
["Investment Rates of Return %"]
[null,null,"10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["AXA UK Long Lease Property Fund",null,5.7024400000000002,3.2126999999999999,2.7144200000000001,-15.096159999999999,0.77059999999999995]
["PGIM Real Estate UK Ground Lease Fund",null,5.47553,0.97507999999999995,0.35882999999999998,-6.9143699999999999,-3.4310700000000001]
["Standard Life Investments Long Lease Property Fund",null,5.3000800000000003,1.88513,-0.44577,-18.11448,-0.69038999999999995]
["BlackRock Long Lease Property Fund",null,4.9512200000000002,2.30619,1.60484,-14.158110000000001,1.5443899999999999]
["LPI (Limited Price Inflation) Income Property Fund",null,4.9257799999999996,2.16486,-0.60855000000000004,-18.243659999999998,0.32854]
["M&G Secure Property Income Fund",null,4.6888899999999998,1.19675,-0.50831000000000004,-18.525230000000001,-1.01701]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 5 YEARS TO END JUNE 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["AEW UK Real Return Fund",-5.4761303104075996,0,3.9828800000000002,4.2368899999999998,-5.4424900000000003,1.4821500000000001]
["KFIM Long Income Property Unit Trust",-2.6734315101300927,0,3.518602489259,2.790943887813,-9.0925879193070003,0.64519526806299998]
["AXA UK Long Lease Property Fund",-4.2832151875988966,5.7024400000000002,3.2126999999999999,2.7144200000000001,-15.096159999999999,0.77059999999999995]
["BlackRock Long Lease Property Fund",-1.7950854727895464,4.9512200000000002,2.30619,1.60484,-14.158110000000001,1.5443899999999999]
["LPI (Limited Price Inflation) Income Property Fund",-2.6989882119838242,4.9257799999999996,2.16486,-0.60855000000000004,-18.243659999999998,0.32854]
["Standard Life Investments Long Lease Property Fund",-2.6693738015474198,5.3000800000000003,1.88513,-0.44577,-18.11448,-0.69038999999999995]
["M&G Secure Property Income Fund",-1.4355996919998413,4.6888899999999998,1.19675,-0.50831000000000004,-18.525230000000001,-1.01701]
["PGIM Real Estate UK Ground Lease Fund",-5.1522760815466748,5.47553,0.97507999999999995,0.35882999999999998,-6.9143699999999999,-3.4310700000000001]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 3 YEARS TO END JUNE 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["AEW UK Real Return Fund",-6.5773361746261303,0,3.9828800000000002,4.2368899999999998,-5.4424900000000003,1.4821500000000001]
["Fiera Real Estate Long Income Fund UK (FRELIF)",-12.856906695551388,0,0,2.8233700000000002,-13.81082,9.2399999999999996E-2]
["KFIM Long Income Property Unit Trust",-1.3233735698714406,0,3.518602489259,2.790943887813,-9.0925879193070003,0.64519526806299998]
["AXA UK Long Lease Property Fund",-4.9493767886421471,5.7024400000000002,3.2126999999999999,2.7144200000000001,-15.096159999999999,0.77059999999999995]
["BlackRock Long Lease Property Fund",-2.6342327283504834,4.9512200000000002,2.30619,1.60484,-14.158110000000001,1.5443899999999999]
["Lime Property Fund",-6.2644091830537798,0,0,0.94696000000000002,-15.069240000000001,-1.1859299999999999]
["PGIM Real Estate UK Ground Lease Fund",-3.5860496742715107,5.47553,0.97507999999999995,0.35882999999999998,-6.9143699999999999,-3.4310700000000001]
["Standard Life Investments Long Lease Property Fund",-2.6260316820286209,5.3000800000000003,1.88513,-0.44577,-18.11448,-0.69038999999999995]
["M&G Secure Property Income Fund",-1.8860376714992764,4.6888899999999998,1.19675,-0.50831000000000004,-18.525230000000001,-1.01701]
["LPI (Limited Price Inflation) Income Property Fund",-2.9082828855944611,4.9257799999999996,2.16486,-0.60855000000000004,-18.243659999999998,0.32854]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 12 MONTHS TO END JUNE 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["AEW UK Real Return Fund",-11.504278450474219,0,3.9828800000000002,4.2368899999999998,-5.4424900000000003,1.4821500000000001]
["PGIM Real Estate UK Ground Lease Fund",-4.0118643858846994,5.47553,0.97507999999999995,0.35882999999999998,-6.9143699999999999,-3.4310700000000001]
["KFIM Long Income Property Unit Trust",-1.506453545807535,0,3.518602489259,2.790943887813,-9.0925879193070003,0.64519526806299998]
["Fiera Real Estate Long Income Fund UK (FRELIF)",-12.9734050612064,0,0,2.8233700000000002,-13.81082,9.2399999999999996E-2]
["BlackRock Long Lease Property Fund",-4.0808489389345892,4.9512200000000002,2.30619,1.60484,-14.158110000000001,1.5443899999999999]
["Lime Property Fund",-6.2644091830537798,0,0,0.94696000000000002,-15.069240000000001,-1.1859299999999999]
["AXA UK Long Lease Property Fund",-4.1306823430975506,5.7024400000000002,3.2126999999999999,2.7144200000000001,-15.096159999999999,0.77059999999999995]
["Standard Life Investments Long Lease Property Fund",-1.6848901030128887,5.3000800000000003,1.88513,-0.44577,-18.11448,-0.69038999999999995]
["LPI (Limited Price Inflation) Income Property Fund",-4.0990396818928643,4.9257799999999996,2.16486,-0.60855000000000004,-18.243659999999998,0.32854]
["M&G Secure Property Income Fund",-3.5503407324299783,4.6888899999999998,1.19675,-0.50831000000000004,-18.525230000000001,-1.01701]
[]
[]
[]
["LONG INCOME PROPERTY FUNDS - 3 MONTHS TO END JUNE 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Long Income Property Funds"]
["BlackRock Long Lease Property Fund",-4.1944980805362446,4.9512200000000002,2.30619,1.60484,-14.158110000000001,1.5443899999999999]
["AEW UK Real Return Fund",-9.9836126317504821,0,3.9828800000000002,4.2368899999999998,-5.4424900000000003,1.4821500000000001]
["AXA UK Long Lease Property Fund",-2.9752437325170362,5.7024400000000002,3.2126999999999999,2.7144200000000001,-15.096159999999999,0.77059999999999995]
["KFIM Long Income Property Unit Trust",-0.28600997525308897,0,3.518602489259,2.790943887813,-9.0925879193070003,0.64519526806299998]
["LPI (Limited Price Inflation) Income Property Fund",-1.7046999452621181,4.9257799999999996,2.16486,-0.60855000000000004,-18.243659999999998,0.32854]
["Fiera Real Estate Long Income Fund UK (FRELIF)",-10.460108929660494,0,0,2.8233700000000002,-13.81082,9.2399999999999996E-2]
["Standard Life Investments Long Lease Property Fund",-1.4614455773949777,5.3000800000000003,1.88513,-0.44577,-18.11448,-0.69038999999999995]
["M&G Secure Property Income Fund",-1.758897510569984,4.6888899999999998,1.19675,-0.50831000000000004,-18.525230000000001,-1.01701]
["Lime Property Fund",-6.9000560462860889,0,0,0.94696000000000002,-15.069240000000001,-1.1859299999999999]
["PGIM Real Estate UK Ground Lease Fund",-4.5605175571886063,5.47553,0.97507999999999995,0.35882999999999998,-6.9143699999999999,-3.4310700000000001]
[]
["^ Quarterly average net debt/equity ratio over the year to 30 JUNE^^Net debt/equity ratio as at end JUNE 2023\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 2023"]
[]
["Investment Rates of Return %"]
[null,null,"10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Industrial Property Investment Fund",null,15.508620000000001,9.8851999999999993,10.587389999999999,-24.430060000000001,4.5133400000000004]
["Airport Industrial Property Unit Trust",null,9.6,4.1500000000000004,5.68,-33.35,2.2200000000000002]
["Leisure"]
["The Leisure Fund Limited Partnership",null,1.96024,-7.4422199999999998,-3.7027700000000001,-9.9774399999999996,0.42373]
["Offices"]
["Nuveen Real Estate Central London Office Fund",null,6.3493747254250001,1.4588713629630001,-0.89496574257400008,-11.979402671134,-3.6478561117760004]
["Residential"]
["UNITE UK Student Accommodation Fund",null,9.271308871962999,4.6666785765969996,5.2828016519669996,1.4265555109580002,2.5090504563439997]
["Retail warehouses"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,-2.2397813486999998,-9.7608152756800006,8.2350454798569999,-23.455839819981001,-5.8458260289490003]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",null,-4.4257999999999997,-14.406610000000001,-11.19403,-11.865220000000001,-1.3010299999999999]
[]
["  * Annualised         ** Not available"]
[]
[]
["SPECIALIST FUNDS - 5 YEARS TO END JUNE 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Industrial Property Investment Fund",12.966796599176472,15.508620000000001,9.8851999999999993,10.587389999999999,-24.430060000000001,4.5133400000000004]
["Airport Industrial Property Unit Trust",18.076281009848508,9.6,4.1500000000000004,5.68,-33.35,2.2200000000000002]
["Leisure"]
["The Leisure Fund Limited Partnership",40.411914233338145,1.96024,-7.4422199999999998,-3.7027700000000001,-9.9774399999999996,0.42373]
["Offices"]
["Nuveen Real Estate Central London Office Fund",-1.6549888008656368,6.3493747254250001,1.4588713629630001,-0.89496574257400008,-11.979402671134,-3.6478561117760004]
["Residential"]
["UNITE UK Student Accommodation Fund",39.322879560879116,9.271308871962999,4.6666785765969996,5.2828016519669996,1.4265555109580002,2.5090504563439997]
["Retail warehouses"]
["Nuveen Real Estate UK Retail Warehouse Fund",89.763737841403383,-2.2397813486999998,-9.7608152756800006,8.2350454798569999,-23.455839819981001,-5.8458260289490003]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",-10.542876424218333,-4.4257999999999997,-14.406610000000001,-11.19403,-11.865220000000001,-1.3010299999999999]
[]
[" * Annualised         ** Not available          ^ Quarterly average net debt/equity ratio over the five years to 30 JUNE 2023^^ 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 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Industrial Property Investment Fund",12.282569173542612,15.508620000000001,9.8851999999999993,10.587389999999999,-24.430060000000001,4.5133400000000004]
["Airport Industrial Property Unit Trust",16.751733234149064,9.6,4.1500000000000004,5.68,-33.35,2.2200000000000002]
["Leisure"]
["The Leisure Fund Limited Partnership",53.257136003903604,1.96024,-7.4422199999999998,-3.7027700000000001,-9.9774399999999996,0.42373]
["Offices"]
["Nuveen Real Estate Central London Office Fund",7.1988215428037634,6.3493747254250001,1.4588713629630001,-0.89496574257400008,-11.979402671134,-3.6478561117760004]
["Residential"]
["UNITE UK Student Accommodation Fund",39.427273315435436,9.271308871962999,4.6666785765969996,5.2828016519669996,1.4265555109580002,2.5090504563439997]
["Retail warehouses"]
["Nuveen Real Estate UK Retail Warehouse Fund",92.685919120099342,-2.2397813486999998,-9.7608152756800006,8.2350454798569999,-23.455839819981001,-5.8458260289490003]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",-12.375486544203342,-4.4257999999999997,-14.406610000000001,-11.19403,-11.865220000000001,-1.3010299999999999]
[]
[" * Annualised\n         ^ Quarterly average net debt/equity ratio over the three years to 30 JUNE 2023\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 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Industrial Property Investment Fund",14.151313034875033,15.508620000000001,9.8851999999999993,10.587389999999999,-24.430060000000001,4.5133400000000004]
["Airport Industrial Property Unit Trust",23.983934505196679,9.6,4.1500000000000004,5.68,-33.35,2.2200000000000002]
["Leisure"]
["The Leisure Fund Limited Partnership",57.627493821630296,1.96024,-7.4422199999999998,-3.7027700000000001,-9.9774399999999996,0.42373]
["Offices"]
["Nuveen Real Estate Central London Office Fund",37.380682041625711,6.3493747254250001,1.4588713629630001,-0.89496574257400008,-11.979402671134,-3.6478561117760004]
["Residential"]
["UNITE UK Student Accommodation Fund",35.825945000616066,9.271308871962999,4.6666785765969996,5.2828016519669996,1.4265555109580002,2.5090504563439997]
["Retail warehouses"]
["Nuveen Real Estate UK Retail Warehouse Fund",61.110390377389081,-2.2397813486999998,-9.7608152756800006,8.2350454798569999,-23.455839819981001,-5.8458260289490003]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",-13.518045881203514,-4.4257999999999997,-14.406610000000001,-11.19403,-11.865220000000001,-1.3010299999999999]
[]
[" * Annualised\n        ^ Quarterly average net debt/equity ratio over the year  to  30 JUNE 2023\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 2023"]
[]
["Investment Rates of Return %"]
[null,"Gearing %^","10Y","5Y","3Y","12M","3M"]
["Healthcare"]
["Industrial"]
["Industrial Property Investment Fund",9.4339682006499803,15.508620000000001,9.8851999999999993,10.587389999999999,-24.430060000000001,4.5133400000000004]
["Airport Industrial Property Unit Trust",23.552087012874495,9.6,4.1500000000000004,5.68,-33.35,2.2200000000000002]
["Leisure"]
["The Leisure Fund Limited Partnership",59.750950826190319,1.96024,-7.4422199999999998,-3.7027700000000001,-9.9774399999999996,0.42373]
["Offices"]
["Nuveen Real Estate Central London Office Fund",41.455597272246678,6.3493747254250001,1.4588713629630001,-0.89496574257400008,-11.979402671134,-3.6478561117760004]
["Residential"]
["UNITE UK Student Accommodation Fund",37.570969680475024,9.271308871962999,4.6666785765969996,5.2828016519669996,1.4265555109580002,2.5090504563439997]
["Retail warehouses"]
["Nuveen Real Estate UK Retail Warehouse Fund",67.002675264802932,-2.2397813486999998,-9.7608152756800006,8.2350454798569999,-23.455839819981001,-5.8458260289490003]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",-14.381441003182239,-4.4257999999999997,-14.406610000000001,-11.19403,-11.865220000000001,-1.3010299999999999]
[]
[" * Annualised\n^ Net debt/equity ratio as at 30 JUNE 2023\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":267,"n_cols":9,"rows_kept":267,"cut":false,"hidden":false,"merged":[[229,0,229,8],[232,0,232,8],[258,0,258,1],[204,0,204,8],[207,0,207,8],[210,0,211,8],[214,0,216,8],[220,0,220,8],[223,0,223,8],[160,7,160,8],[141,7,141,8],[142,7,142,8],[143,7,143,8],[144,7,144,8],[150,6,150,8],[151,6,151,8],[152,6,152,8],[153,6,153,8],[154,6,154,8],[158,6,158,8],[159,7,159,8],[140,7,140,8],[71,1,71,8],[94,5,94,6],[95,5,95,6],[96,5,96,6],[97,5,97,6],[98,1,98,8],[99,5,99,6],[100,5,100,6],[101,5,101,6],[109,1,109,8],[115,0,115,3],[115,5,115,8],[139,7,139,8],[44,1,44,2],[31,0,31,1],[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],[43,1,43,2],[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:","2023-06-30"]
[]
["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,481.40089164000085]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-1.3010299999999999,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-3.2330199999999998,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-11.865220000000001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-11.19403,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",-14.406610000000001,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",-4.4257999999999997,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,413.20272840999996,null,99.99999975798805]
["Joint  and indirect holdings",null,null,0,null,null,9.9999999999999995E-7,null,2.4201195413880025E-7]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,2,null,null,413.20272940999996,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,7.7600000000000002E-2,null,"Investments ",null,null,6.3500000000000001E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,8.539999999999999E-2,null,"Total",null,null,6.3500000000000001E-2]
["Net reversionary yield",null,null,4.6500000000000007E-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 ",50.146560999999998,2.476151902022,0,7.317127038880999,-40.114144206219997,-25.795583565541001,-65.909727771760998,74.164533338587262]
["Overall",50.146560999999998,2.476151902022,0,7.317127038880999,-40.114144206219997,-25.795583565541001,-65.909727771760998,74.164533338587262]
["*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,3.3]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,9.5]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,4.47]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,14.75]
[" Less than 5 years ",null,null,null,null,null,null,68]
["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"]
["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,10.36]
["JD Sports",null,null,null,null,null,null,null,4.2300000000000004]
["WH Smith",null,null,null,null,null,null,null,4.09]
["WATCHES OF SWITZERLAND",null,null,null,null,null,null,null,3.68]
["NCP",null,null,null,null,null,null,null,2.97]
["H&M Hennes",null,null,null,null,null,null,null,2.72]
["Signet Trading",null,null,null,null,null,null,null,2.4500000000000002]
["Apple",null,null,null,null,null,null,null,2.2999999999999998]
["Boots",null,null,null,null,null,null,null,1.95]
["Schuh",null,null,null,null,null,null,null,1.94]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.68]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.33]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,36.69]
["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,413.20272840999996,0,9.9999999999999995E-7,0,null,null,413.20272940999996]
["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,69.232386219999995,0,0,0,null,null,69.232386219999995]
["Other net assets/liabilities",null,-1.0342229899990798,0,0,0,null,null,-1.0342229899990798]
["Total net assets",null,481.40089064000085,0,9.9999999999999995E-7,0,null,null,481.40089164000085]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-16.755064877331652,"-",0,"-",null,null,-16.755064836782392]
["Net debt (cash)/equity ",null,-14.381441033056388,"-",0,"-",null,null,-14.381441003182241]
["Source: Aberdeen Standard Life"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Net asset value (GBP)",null,null,469.89987400665899,468.21128318837799,454.72227078813302,415.718092908676,403.31060939521336,391.60472898359205]
["Quarterly distribution (GBP)",null,null,7.1920000000000002,4.3321166547222303,4.8124260505000001,6.26,4.2699999998999996,6.4586701671000002]
["Yield",null,null,5.4186011549428897E-2,5.9170117529132399E-2,6.4251400430824696E-2,5.4355446853707641E-2,4.8782606375332639E-2,5.5671177092484626E-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,28,null,null,null,10.93]
["1% or greater but less than 2%",null,null,null,7,null,null,null,9.3000000000000007]
["2% or greater but less than 4%",null,null,null,4,null,null,null,10.039999999999999]
["4% or greater but less than 8%",null,null,null,4,null,null,null,22.13]
["Greater than 8.0%",null,null,null,2,null,null,null,47.6]
["Total",null,null,null,45,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,33.06]
["Three largest holders",null,null,null,3,null,null,null,54.53]
["Five largest holders",null,null,null,5,null,null,null,65.239999999999995]
["Ten largest holders",null,null,null,10,null,null,null,79.77]
["Internal/external investors"]
["Internal",null,null,null,"-",null,null,null,"-"]
["External",null,null,null,45,null,null,null,100]
["Source: Aberdeen Standard Life"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","6 months to \nJune 2019","Year to \nDec 2020","Year to \nDec 2021","Year to \nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1494230,1494230,1494230,1494230,1229303,1229303]
["Units issued during period",null,null,0,0,0,0,0,0]
["Units redeemed during period",null,null,0,0,0,-264927,0,0]
["Units in issue at end of period",null,null,1494230,1494230,1494230,1229303,1229303,1229303]
["Unit transfers"]
["Matched bargains",null,null,33189.42,0,12532.88,0,0,0]
["Matched bargains %*",null,null,2.22117210871151E-2,0,8.3875173166112291E-3,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Aberdeen Standard Life"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["abrdn 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,889.39225099999999]
["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,"abrdn UK Real Estate Fund",null,null,"Other Balanced Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.83,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-14.74,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-14.74,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",0.56000000000000005,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",-0.75,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,"abrdn UK Real Estate Fund",null,"Other Balanced Open-Ended Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,6.636554343710551,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,3.7525624942200704,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,2.6816064565437805,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,8.6013792002347671,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,21.672102494709172,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,5.6518650797777923,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,14.099515708620126,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,19.751380788397917,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,30.222885346707258,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,11.125574795597782,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,41.348460142305044,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,17.228056574587875,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,0,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,42,null,null,889.39225099999999,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,42,null,null,889.39225099999999,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 "]
["24 MINORIES",null,null,null,"LONDON","Hotel ",null,"50m - 75m",7.7356194550429027]
["LEAMINGTON SHOPPING PARK, ROYAL LEAMINGTON SPA, WA",null,null,null,"WARWICK","Retail Park",null,"50m - 75m",6.2514599084358347]
["ARLA DAIRY SITE, VICTORIA ROAD, SOUTH RUISLIP, UK",null,null,null,"RUISLIP","Retail Other ",null,"25m - 50m",5.4840819610424063]
["MASTHEAD INDUSTRIAL ESTATE, CROSSWAYS BUSINESS PAR",null,null,null,"DARTFORD","Industrial Other ",null,"25m - 50m",5.3407256411996782]
["SOLAR PARK, HIGHLANDS ROAD, SOLIHULL, BIRMINGHAM,",null,null,null,"SOLIHULL","Industrial Other ",null,"25m - 50m",5.0034166533344351]
["THE BRIDGE",null,null,null,"EDINBURGH","Hotel ",null,"25m - 50m",4.3063114117462664]
["AXIS PARK",null,null,null,"PETERBOROUGH","Industrial ",null,"25m - 50m",4.1236023766525927]
["IO CENTRE & TRADEWAY, KIMPTON INDUSTRIAL ESTATE, S",null,null,null,"SUTTON","Industrial ",null,"25m - 50m",3.8115915628772439]
["TRIPLE TWO CENTRE",null,null,null,"BECKENHAM","Industrial Other ",null,"25m - 50m",3.7722388476262991]
["1 AMERICA STREET &, 29 GREAT GUILDFORD STREET, LON",null,null,null,"LONDON","Office ",null,"25m - 50m",3.6092061701580982]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,49.438253988115754]
["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,2,null,null,2.25,null,0.25298174089893211]
["2.5 - 5",null,null,2,null,null,5.9250000000000007,null,0.66618525103385473]
["5-10",null,null,6,null,null,51.592250000000007,null,5.8008432097301919]
["10-25",null,null,21,null,null,362.92500000000001,null,40.805954806997754]
["25 - 50",null,null,9,null,null,342.3,null,38.486955515424206]
["50 - 100",null,null,2,null,null,124.4,null,13.987079363478735]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,42,null,null,889.39224999999999,null,99.999999887563661]
["Average lot size",null,null,null,null,null,21.176005952380951]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.7367996705989998E-2,null,"Investments ",null,null,8.6893397682200002E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,6.5465415744389993E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.0458661280110002E-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,12.552780205534365,null,null,null,null,8.9986697271396103]
["Retail warehousing ",null,null,9.1372813849383956,null,null,null,null,8.5740374687549004]
["Shopping centres ",null,null,4.0771834447357218,null,null,null,null,3.6038847257962989]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,20.38303806518508,null,null,null,null,25.475636632655558]
["Industrial",null,null,39.495476268483962,null,null,null,null,38.394397555490066]
["Other ",null,null,14.354240631122487,null,null,null,null,14.953373890163554]
["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 ",5.9148940899999998,2.8698738712329996,0,1.859712081506,-15.587161426250001,-10.857575473511,-26.444736899761001,89.142424526488867]
["Retail warehousing ",4.3055044999999996,1.2774345027389999,0,12.625698103439001,-7.2771843578380002,16.684839140222,9.4076547823840002,116.68483914022154]
["Shopping centres ",1.9211766530000001,4.502449051987,0,3.3016224666769998,-4.6818522835760001,9.9149313886649999,5.2330791050889998,109.91493138866497]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",9.6045265999999998,5.7444842726549998,0,31.831761494626999,-1.247838701389,55.418310778585997,54.170472077196997,155.41831077858643]
["Industrial",18.61034411,3.3032059824709998,0,4.0805263756079997,-4.3063288097359997,20.883369308102001,16.577040498366003,120.8833693081025]
["Other ",6.7637456949999999,0,0,5.9344336422450006,-8.1340091690129999,29.540337486033003,21.406328317020005,129.5403374860326]
["Overall",47.120191647999995,3.1360622024609999,0,10.473450610869001,-5.9351743916739998,24.350075733376002,18.414901341702002,124.35007573337622]
["*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,7.2228266848377851]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,7.1569982032697768]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,2.9853480424086891]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,24.528700398225467]
[" Less than 5 years ",null,null,null,null,null,null,58.106126671258288]
["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 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"]
["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,"%"]
["MOTEL ONE (UK) LTD",null,null,null,null,null,null,null,5.8984818046569121]
["ASDA STORES LIMITED",null,null,null,null,null,null,null,4.492670078877814]
["WEATHERFORD UK LIMITED",null,null,null,null,null,null,null,3.604534788894318]
["TP BENNETT",null,null,null,null,null,null,null,3.2993589483238197]
["TESCO PROPERTY NOMINEES (NO'S 5&6) LTD",null,null,null,null,null,null,null,3.1300399115193756]
["CINE-UK LTD",null,null,null,null,null,null,null,2.4570069371748415]
["MARKS & SPENCER PLC",null,null,null,null,null,null,null,2.3403738431908603]
["MANCHESTER AIRPORT PLC",null,null,null,null,null,null,null,2.2938365717795075]
["TECHNICOLOR VIDEO SERVICES UK LTD",null,null,null,null,null,null,null,1.9646285452741152]
["EXPRO NORTH SEA LIMITED",null,null,null,null,null,null,null,1.9137393561446367]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.995686672429043]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.425085532272238]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,31.394670785836201]
["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,889.39225099999999,0,0,0,null,null,889.39225099999999]
["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,889.39225099999999,0,0,0,null,null,889.39225099999999]
["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,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Single price per unit (GBP)"]
["     A Accumulation units",null,null,1.253771,1.298432,1.228694,1.0848869999999999,1.9071959999999999,1.10697]
["     A Income units",null,null,0.96423599999999998,0.99052399999999996,0.92998800000000004,0.81389199999999995,0.81499999999999995,0.81323999999999996]
["     B Accumulation units",null,null,1.2970930000000001,1.344679,1.273666,1.1256539999999999,1.139489,1.15073]
["     B Income units",null,null,1.006915,1.035601,0.97342300000000004,0.85300399999999998,0.85505399999999998,0.85426999999999997]
["Earned per unit (GBP)"]
["     A Accumulation units",null,null,1.042,1.099,0.91539999999999999,1.0012000000000001,1.5358000000000001,1.2666999999999999]
["     A Income units",null,null,0.80379999999999996,0.8407,0.69440000000000002,0.75370000000000004,0.80479999999999996,0.93400000000000005]
["     B Accumulation units",null,null,1.0482,1.1068,0.91720000000000002,1.0562,1.329,1.2878000000000001]
["     B Income units",null,null,0.81599999999999995,0.85440000000000005,0.70250000000000001,0.80400000000000005,0.93869999999999998,0.96030000000000004]
["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,1310,null,null,null,31.42]
["1% or greater but less than 2%",null,null,null,8,null,null,null,11.51]
["2% or greater but less than 4%",null,null,null,10,null,null,null,27.42]
["4% or greater but less than 8%",null,null,null,3,null,null,null,19.559999999999999]
["Greater than 8.0%",null,null,null,1,null,null,null,10.09]
["Total",null,null,null,1332,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,10.09]
["Three largest holders",null,null,null,3,null,null,null,24.36]
["Five largest holders",null,null,null,5,null,null,null,33.130000000000003]
["Ten largest holders",null,null,null,10,null,null,null,47.41]
["Internal/external investors"]
["Internal",null,null,null,16,null,null,null,0]
["External",null,null,null,1316,null,null,null,100]
["Source : STANDARD LIFE INVESTMENTS"]
[]
["Liquidity – Conversion to PAIF  "]
["Period Units**",null,null,null,null,"2023-06-30","2023-06-30","2023-06-30","2023-06-30"]
["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,45902813.311999999,155399564.433,2492139.9279999998,8388848.9690000005]
["Units issued during period",null,null,null,null,0,0,0,0]
["Units redeemed during period",null,null,null,null,-731412.31199999899,-4755233.4329999983,-75864.92799999984,-75923.969000000507]
["Units in issue at end of period",null,null,null,null,45171401,150644331,2416275,8312925]
["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:","2023-06-30"]
[]
["AEW UK Core Plus Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The AEW UK Core Plus Property Fund will look for and capitalise on market inefficiencies. The Fund manager follows a “Core Plus” investment strategy. \nCore Plus is a specific investment style, which when used for real estate results in a more geared (i.e. leveraged) targeted return strategy with a potentially higher yield. Properties selected for investment may require a significant amount of asset management, but with greater potential for improvement and increasing the capital value of that property. The investment process is very stock focused and draws upon our strong active asset management capabilities.\nAs a value investor, the AEW UK Core Plus 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 AEW UK Core Plus 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,283.56831142999999]
["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,"BDO"]
["Source: AEW"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"AEW UK Core Plus Property Fund",null,null,"Other balanced open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",2.1,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.5292699999999999,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-14.2,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",5,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.2,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",8.9,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 PLUS PROPERTY FUND*",null,"Other balanced open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,11.222164300256946,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,8.7904534072517215,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0.92913132628259343,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,3.8733162164405615,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,24.815065250231822,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,6.7362021155488012,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,3.2243760557400618,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,9.9605781712888621,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,13.501439585043936,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,24.070308421508436,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,37.571748006552369,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,25.442228895472574,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash",null,null,2.210379676454385,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,57,null,null,336.79500100000001,null,99.999999703083475]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,9.9999999999999995E-7,null,2.969165201566738E-7]
["Total",null,null,57,null,null,336.79500200000001,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%"]
["DHL STANTON",null,null,null,"BURY ST EDMUNDS","Industrial ",null,"15-20","5-10%"]
["Harbour Island",null,null,null,"London","Retail Other ",null,"15-20","5-10%"]
["GRAZEBROOK INDUSTRIAL",null,null,null,"DUDLEY","Industrial ",null,"15-20","5-10%"]
["BROAD ST MALL",null,null,null,"Reading","Office ",null,"15-20","0-5%"]
["LONDON EAST LEISURE PARK",null,null,null,"DAGENHAM","Leisure Park (whole or part)",null,"10-15","0-5%"]
["HENGROVE LEISURE PARK",null,null,null,"BRISTOL","Leisure ",null,"10-15","0-5%"]
["Hythe Marine Park",null,null,null,"Southampton","Industrial ",null,"10-15","0-5%"]
["SPECTRUM",null,null,null,"SWINDON","Industrial ",null,"10-15","0-5%"]
["WAREHOUSE",null,null,null,"CREWE","Industrial ",null,"10-15","0-5%"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,164.55,48.857613391780681]
["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,21,null,null,29.805,null,8.8495968832696636]
["2.5 - 5",null,null,15,null,null,53.45,null,15.870188002374217]
["5-10",null,null,9,null,null,69.790000000000006,null,20.721803941734269]
["10-25",null,null,11,null,null,158.1,null,46.942501836770127]
["25 - 50",null,null,1,null,null,27.65,null,8.2097417823320313]
["50 - 100",null,null,"-",null,null,"-",null,"-"]
["100-150",null,null,"-",null,null,"-",null,"-"]
["Over 150",null,null,"-",null,null,"-",null,"-"]
["Total",null,null,57,null,null,336.79499999999996,null,99.999999406166936]
["Average lot size",null,null,null,null,null,5.9086842105263147]
["Source: AEW"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.1500000000000006E-2,null,"Investments ",null,null,0.188]
["Nominal equivalent yield",null,null,8.1199999999999994E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,8.5199999999999998E-2,null,"Total",null,null,0.188]
["Net reversionary yield",null,null,8.4499999999999992E-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,24.152023335674141,null,null,null,null,22.774775294760484]
["Retail warehousing ",null,null,5.2918943770505527,null,null,null,null,3.579293307840028]
["Shopping centres ",null,null,0.83975920700079443,null,null,null,null,1.6446373692177454]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,11.251882223390284,null,null,null,null,12.378100627047882]
["Industrial",null,null,33.455854972733817,null,null,null,null,39.326057827609624]
["Other ",null,null,25.008585884150403,null,null,null,null,20.297135573524237]
["Overall",null,null,100,null,null,null,null,100]
["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 ",6.27684,10.109307886533765,0,27.034836515775297,-11.159434133481072,6.1853680902482573,-4.9740660432328152,132.26483389731138]
["Retail warehousing ",1.3753040000000001,0,0,4.1542702880087674,-14.373736498137834,11.203178839110741,-3.170557659027093,94.870225055696764]
["Shopping centres ",0.21824399999999999,0,0,43.98746357288173,-11.187936438115138,141.90080826964316,130.71287183152802,274.70033540440977]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",2.9242379999999999,0,0,34.33424365595414,-5.5182580897998044,25.486400217766132,19.968142127966328,154.30238578392047]
["Industrial",8.6948015000000005,9.2614276834185745,0,35.29338782118429,-0.44675850541838291,23.25084816462493,22.804089659206547,164.87396808311263]
["Other ",6.4994509999999996,2.4617463844253922,0,15.066657168428533,-14.111037993824402,10.421203267783696,-3.6898347260407061,113.83856882681323]
["Overall",25.988878500000002,6.1607583501792202,0,26.586289637858957,-7.8657443265866309,16.512793123359344,8.6470487967727134,140.2632216315144]
["*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,1.52]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,6.7]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,12.49]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,17.549999999999997]
[" Less than 5 years ",null,null,null,null,null,null,61.750000000000007]
["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"]
[30,3.4689999999999999,4.0794520547945208,null,null,null,"-","-","-"]
[30,5.0250000000000004,4.0794520547945208,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,0.3]
["Cash holdings (maximum)",null,null,null,null,null,null,0.1]
["Cash holdings (minimum)",null,null,null,null,null,null,0]
["Source: AEW"]
["Note: Long term gearing not permited"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["CINEWORLD",null,null,null,null,null,null,null,10.199999999999999]
["DHL SUPPLY CHAINS LTD",null,null,null,null,null,null,null,7]
["FAIRLINE YACHTS LTD",null,null,null,null,null,null,null,5]
["COOPER TIRE & RUBBER COMPANY EUROPE LTD",null,null,null,null,null,null,null,4.5999999999999996]
["UNIVERSITY OF WEST LONDON HIGHER EDUCATION CORPORATION",null,null,null,null,null,null,null,4.3]
["CC STIM UK TRADECO 5 LTD",null,null,null,null,null,null,null,2]
["CINE-UK LTD",null,null,null,null,null,null,null,2]
["EUROCARPARKS X 2",null,null,null,null,null,null,null,1.7]
["NATIONAL VETERINARY SERVICES LTD (VACATING)",null,null,null,null,null,null,null,1.7]
["BANCROFT LIMITED",null,null,null,null,null,null,null,1.6]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.2]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,31.099999999999998]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.1]
["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,336.79500100000001,0,0,0,null,null,336.79500100000001]
["Listed investments",null,0,0,0,9.9999999999999995E-7,null,null,9.9999999999999995E-7]
["Debt",null,-60,0,0,0,null,null,-60]
["Cash",null,7.6127182300000005,0,0,0,null,null,7.6127182300000005]
["Other net assets/liabilities",null,-0.8394087999999984,0,0,0,null,null,-0.8394087999999984]
["Total net assets",null,283.56831043,0,0,9.9999999999999995E-7,null,null,283.56831142999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,15.554649449799879,"-","-","-",null,null,15.554649449799879]
["Net debt (cash)/equity ",null,18.474307545353174,"-","-",0,null,null,18.474307480203766]
["Source: AEW"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBP)",null,null,"-","-",1.2635000000000001,1.2143999999999999,"-",1.2109999999999999]
["Offer (GBP)",null,null,1.5287999999999999,1.5778000000000001,"-","-",1.306,"-"]
["Mid (GBP)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBP)",null,null,1.4315,1.4773194543699899,1.4252786902065999,1.23288826901313,1.2187146823780399,1.22944393638426]
["Quarterly distribution (GBP)",null,null,1.4591392599999999E-2,1.3855945499999999E-2,7.4700000000000001E-3,9.0624767000000005E-3,7.3716108000000001E-3,1.4772632399999999E-2]
["Yield",null,null,4.4520059448131324E-2,4.0705328777819939E-2,3.1774131621539553E-2,3.6483482997209847E-2,3.0983688755041133E-2,3.1458907686142429E-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 0.85% 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 is entitled to a performance fee if (i) a performance hurdle is met and (ii) a high water mark is exceeded. The performance hurdle is the higher of (i) 8% per annum of the total return and (ii) 0.25% above the UK All Balanced Property Fund Index return MSCI/AREF UK Quarterly Property Fund Index, each on a three year rolling basis. The performance fee is 17.5% of the outperformance of the higher of the two components of the performance hurdle. The high water mark is the highest previously recorded quarterly net asset value per share over the preceding five years. \n              "]
[]
["Leverage"]
["The Fund may only borrow up to 30% of the gross property portfolio (as determined by the Standing Independent Valuer) at the time of drawdown and investment."]
[]
[]
["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,29,null,null,null,8.4919997291179765]
["1% or greater but less than 2%",null,null,null,5,null,null,null,7.2715630124556911]
["2% or greater but less than 4%",null,null,null,5,null,null,null,15.509868706761818]
["4% or greater but less than 8%",null,null,null,4,null,null,null,21.823615605788362]
["Greater than 8.0%",null,null,null,2,null,null,null,46.902952945876166]
["Total",null,null,null,45,null,null,null,100.00000000000001]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,25.821248914902021]
["Three largest holders",null,null,null,3,null,null,null,54.292357727117931]
["Five largest holders",null,null,null,5,null,null,null,64.67412208655378]
["Ten largest holders",null,null,null,10,null,null,null,82.079703823797942]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,0.15]
["External",null,null,null,42,null,null,null,99.85]
["Source: AEW"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,212008201.31971073,218658262.82208279,228477827.8554683,229972285.38891509,233680186.03033248,234256480.98852888]
["Units issued during period",null,null,9947189.3656684998,15302013.203385487,3864845.5244467957,13908083.085488528,6137314.099382191,693011.87926556263]
["Units redeemed during period",null,null,-3297127.8632964478,-5482448.1699999999,-2370387.9909999999,-10200182.444071148,-5561019.1411857996,-4301880.3362561977]
["Units in issue at end of period",null,null,218658262.82208279,228477827.8554683,229972285.38891509,233680186.03033248,234256480.98852888,230647612.53153825]
["Unit transfers"]
["Matched bargains",null,null,2649301,1338285,1832529,3887777,58635013.949000001,0]
["Matched bargains %*",null,null,1.2116171444001983E-2,5.8573954968032145E-3,7.9684775793784843E-3,1.6637170082941279E-2,0.25030263283034315,0]
["* as % of units in issue at the end of the period   "]
["Source: AEW"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,156.45907024000002]
["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,"BDO"]
["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 Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.4821500000000001,null,null,-0.65949000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",0.43004999999999999,null,null,-1.3365199999999999,null,0.16313,null,0.12145]
["12 months",-5.4424900000000003,null,null,-16.622859999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.2368899999999998,null,null,2.6769999999999999E-2,null,3.3854099999999998,null,2.28301]
["5 years+",3.9828800000000002,null,null,1.7693300000000001,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,5.0769799999999998,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East***",null,null,4.689504934823999,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK***",null,null,4.3480986689645595,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK retail",null,null,9.0376036037885576,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,0,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,0,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,5.5397997856437344,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,10.174550885377069,null,10.21167,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,15.714350671020803,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,65.1860510823509,null,44.89969,null,12.513680000000001,25.88514]
["Cash",null,null,10.061994642839721,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,99.999999999999986,null,100,null,100.00001999999999,100]
["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,50,null,null,139.620001,null,99.999999283770251]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,9.9999999999999995E-7,null,7.1622975624939463E-7]
["Total",null,null,50,null,null,139.620002,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","Residential ",null,"10-15","5-10%"]
["SPRINGHILL CARE CENTRE",null,null,null,"ACCRINGTON","Healthcare ",null,"5-10","5-10%"]
["ASHLANDS MEWS AND ST GEORGE'S",null,null,null,"LEICESTER","Healthcare ",null,"5-10","0-5%"]
["LARKLAND HOUSE CARE CENTRE",null,null,null,"ASCOT","Healthcare ",null,"5-10","0-5%"]
["BROOKS LANE MIDDLEWICH,MIDDLEWICH,BROOKS LANE",null,null,null,"CHESHIRE","Industrial ",null,"5-10","0-5%"]
["MUSWELL HILL PRE SCHOOL,LONDON,TETHERDOWN HALL",null,null,null,"Tetherdown","Education ",null,"0-5","0-5%"]
["THE POINT",null,null,null,"BOREHAMWOOD","Leisure Park (whole or part)",null,"0-5","0-5%"]
["HOLMES COURT AND HOLMES HOUSE",null,null,null,"WIGSTON","Healthcare ",null,"0-5 ","0-5%"]
["JABLITE, UNIT A,",null,null,null,"ARUNDEL","Industrial ",null,"0-5 ","0-5%"]
["MARSHALL 41",null,null,null,"MILTON KEYNES","Industrial ",null,"0-5 ","0-5%"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,64.555000000000007,46.236211914679679]
["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,26,null,null,31.975000000000001,null,22.90144678412835]
["2.5 - 5",null,null,19,null,null,65.14,null,46.655206990402519]
["5-10",null,null,4,null,null,28.704999999999998,null,20.559375447643603]
["10-25",null,null,1,null,null,13.8,null,9.8839707778255264]
["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,50,null,null,139.62,null,100]
["Average lot size",null,null,null,null,null,2.7924000000000002]
["Source: AEW"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.9599999999999995E-2,null,"Investments ",null,null,3.5299999999999998E-2]
["Nominal equivalent yield",null,null,7.980000000000001E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,8.4000000000000005E-2,null,"Total",null,null,3.5299999999999998E-2]
["Net reversionary yield",null,null,6.6711762847000006E-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,10.572630055516672,null,null,null,null,11.201705232033079]
["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,18.020165521491922,null,null,null,null,19.04614439288045]
["Other ",null,null,71.407204422991398,null,null,null,null,69.752150375086472]
["Overall",null,null,100,null,null,null,null,100]
["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 ",1.1005210890000001,0,0,5.9062929960810004,-12.744810653965001,10.866419750905633,-1.8783909030593673,104.02790200415686]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices","-","-","-","-","-","-","-","-"]
["Industrial",1.875746345,0,0,0,0,3.7760249406856099,3.7760249406856099,103.77602521731156]
["Other ",7.4328841509999997,0,0,3.9861377363186801,-11.086027230615999,3.009981125563487,-8.0760461050525123,95.910091630324928]
["Overall",10.409151585,0.68631914346399991,0,3.4708400317098702,-9.263683808674001,3.9786556744521917,-5.2850281342218093,98.185811941944152]
["Source: AEW "]
["* 91% 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,37.22]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,18.670000000000002]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,17.2]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,11.82]
[" Less than 5 years ",null,null,null,null,null,null,15.09]
["Source: AEW "]
["* WAULT to break 15.7 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,18.2]
["SOUTH TEES NHS FOUNDATION TRUST",null,null,null,null,null,null,null,9.8000000000000007]
["THREE LITTLE BIRDS LPS LIMITED",null,null,null,null,null,null,null,8.3000000000000007]
["BOOKER CASH AND CARRY LTD",null,null,null,null,null,null,null,7.7]
["CARE UK COMMUNITY PARTNERSHIPS LTD",null,null,null,null,null,null,null,5.7]
["INCLUSION HOUSING CIC",null,null,null,null,null,null,null,5.0999999999999996]
["BEWI PACKAGING & COMPONENTS (UK) LTD",null,null,null,null,null,null,null,3.4]
["CELESTRA LIMITED",null,null,null,null,null,null,null,2.9]
["REVOLUTION BARS LTD",null,null,null,null,null,null,null,2.6]
["MY SPACE HOUSING SOLUTIONS",null,null,null,null,null,null,null,2.6]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,36.299999999999997]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,49.7]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,66.3]
["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,139.620001,0,0,0,null,null,139.620001]
["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,15.620267500000001,0,0,0,null,null,15.620267500000001]
["Other net assets/liabilities",null,1.2188007399999992,0,0,0,null,null,1.2188007399999992]
["Total net assets",null,156.45906924000002,0,0,9.9999999999999995E-7,null,null,156.45907024000002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-11.187700464204982,"-","-","-",null,null,-11.187700464204982]
["Net debt (cash)/equity ",null,-9.9836126955602218,"-","-","-",null,null,-9.9836126317504821]
["Source: AEW"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1.0331999999999999,1.0587,1.0658000000000001,0.97650000000000003,0.95299999999999996,0.95520000000000005]
["Offer (GBp)",null,null,1.1204000000000001,1.1479999999999999,1.1557999999999999,1.0589,1.0329999999999999,1.0358000000000001]
["Bid/offer spread",null,null,7.7829346661906607E-2,7.7787456445992983E-2,7.7868143277383506E-2,7.781660213429023E-2,7.8E-2,7.7814249855184398E-2]
["Net asset value (GBp)",null,null,1.04900281203102,1.07488433817385,1.0821252991442201,0.99141334268991999,0.96699999999999997,0.96983600963606997]
["Quarterly distribution (GBp)",null,null,1.39205275E-2,1.0706740100000001E-2,1.19522346E-2,9.5623767999999994E-3,1.3899999999999999E-2,1.17132785E-2]
["Yield",null,null,5.3751513583485636E-2,5.2069131824067735E-2,4.72512376713091E-2,4.6541515040343366E-2,4.8000000000000001E-2,4.8615592153247303E-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,0.77600000000000002]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.99]
["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,4,null,null,null,24.3]
["Greater than 8.0%",null,null,null,5,null,null,null,72.930000000000007]
["Total",null,null,null,16,null,null,null,99.996000000000009]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,28.72]
["Three largest holders",null,null,null,3,null,null,null,52.8]
["Five largest holders",null,null,null,5,null,null,null,72.930000000000007]
["Ten largest holders",null,null,null,10,null,null,null,99.22]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,0.17]
["External",null,null,null,14,null,null,null,99.83]
["Source: AEW"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to \nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,82112726.794354439,127943692.6329321,142573870.644389,143062128.33013991,182339080.87787852,194937195.42101169]
["Units issued during period",null,null,45830965.838577658,17981717.011456914,488257.68575090694,41387766.318738602,12598114.543133181,647157.83745501738]
["Units redeemed during period",null,null,"-",-3351539,0,-2110813.7710000002,0,-34259070.976251036]
["Units in issue at end of period",null,null,127943692.6329321,142573870.644389,143062128.33013991,182339080.87787852,194937195.42101169,161325282.28221565]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-",7270629.8169999998,0,0]
["Matched bargains %*",null,null,"-","-","-",3.9874226534406518E-2,0,0]
["* as % of units in issue at the end of the period   "]
["Source: AEW"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,590.97608600000001]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",2.2200000000000002,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",5.29,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-33.35,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",5.68,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",4.1500000000000004,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",9.6,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,71.284760755205653,null,0,null,0.90558152495913979,72.190342280164799]
["South East",null,null,20.683757492127576,null,0,null,0.53370774284664135,21.217465234974217]
["Eastern",null,null,5.1029346767659511,null,0,null,0,5.1029346767659511]
["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,0,1.4892578080950281]
["Overall",null,null,97.071452924099191,null,0,null,1.4392892678057811,100]
["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,21,null,null,715.24000100000001,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,715.24000100000001,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 "]
["RADIUS PARK",null,null,null,"HEATHROW","Industrial Other ",null,"75-100m","*"]
["DNATA CITY EAST 1",null,null,null,"HEATHROW","Industrial ",null,"75-100m","*"]
["HEATHROW SOUTH CARGO CENTRE",null,null,null,"HEATHROW","Industrial ",null,"60-70m","*"]
["CENTRAL PARK ESTATE",null,null,null,"HEATHROW","Industrial ",null,"60-70m","*"]
["BLACKTHORNE POINT",null,null,null,"HEATHROW","Industrial Other ",null,"50-60m","*"]
["AIRPORT GATE",null,null,null,"HEATHROW","Industrial ",null,"40-50m","*"]
["MANOR FARM,POYLE ROAD",null,null,null,"COLNBROOK","Industrial ",null,"40-50m","*"]
["BUILDING 521B",null,null,null,"HEATHROW","Industrial ",null,"40-50m","*"]
["DNATA CITY EAST 2",null,null,null,"HEATHROW","Industrial ",null,"40-50m","*"]
["BUILDING 521A",null,null,null,"HEATHROW","Industrial ",null,"30-40m","*"]
["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,0,null,null,0,null,0]
["2.5 - 5",null,null,2,null,null,6.7249999999999996,null,0.9402438329228735]
["5 - 10",null,null,2,null,null,16.074999999999999,null,2.2474973404067202]
["10 -  25",null,null,6,null,null,94.325000000000003,null,13.187880972557631]
["25 - 50",null,null,6,null,null,244.19000000000003,null,34.140987592778671]
["50  - 100",null,null,5,null,null,353.92499999999995,null,49.483390121520891]
["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,715.24,null,99.99999986018679]
["Average lot size",null,null,null,null,null,34.059047619047618]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.4000000000000002E-2,null,"Investments ",null,null,0.15]
["Nominal equivalent yield",null,null,5.0999999999999997E-2,null,"Developments",null,null,"-"]
["True equivalent yield",null,null,"-",null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.5E-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,null,null,null,null,0]
["Industrial",null,null,94.524481043777811,null,null,null,null,98.589152050530686]
["Other ",null,null,1.4404868229067065,null,null,null,null,1.4108479494693258]
["Overall",null,null,95.964967866684518,null,null,null,null,100.00000000000001]
["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","-","-","-","-","-","-","-","-"]
["Industrial",25.394869,8.6999999999999993,14.1,10.9,-0.107469515867,58.345851574100003,58.238382058233,163.864436552124]
["Other ",0.38700000000000001,0,0,0,0,1.6211604095559999,1.6211604095559999,153.87596899224806]
["Overall",26.865917399999997,8.6999999999999993,14.1,10.9,-0.107469515867,57.108571323158998,57.001101807291995,157.10857132315908]
["*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,0.5]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,3.2]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,15.6]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,20]
[" Less than 5 years ",null,null,null,null,null,null,60.7]
["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,150,1.4499999999999999E-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,20.7]
["KUEHNE + NAGEL LIMITED",null,null,null,null,null,null,null,10.199999999999999]
["SWISSPORT GB LIMITED",null,null,null,null,null,null,null,7.9]
["AUTOMANIA COMMERCIALS LTD",null,null,null,null,null,null,null,3.2]
["DO & CO EVENT AIRLINE CATERING",null,null,null,null,null,null,null,3.1]
["BRINK'S LIMITED",null,null,null,null,null,null,null,3.1]
["DHL SUPPLY CHAIN LIMITED",null,null,null,null,null,null,null,2.7]
["AVIATION SERVICING COMPANY LTD",null,null,null,null,null,null,null,2.6]
["DIGITAL LONDON LIMITED",null,null,null,null,null,null,null,2.5]
["Gate Gourmet London Ltd",null,null,null,null,null,null,null,2.4]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,38.799999999999997]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,45.1]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,58.400000000000006]
["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,715.24000100000001,0,0,0,null,null,715.24000100000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-150,0,0,0,null,null,-150]
["Cash",null,10.812798000000001,0,0,0,null,null,10.812798000000001]
["Other net assets/liabilities",null,14.923286999999959,0,0,0,null,null,14.923286999999959]
["Total net assets",null,590.97608600000001,0,0,0,null,null,590.97608600000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,19.460209412979967,"-","-","-",null,null,19.460209412979967]
["Net debt (cash)/equity ",null,23.552087012874495,"-","-","-",null,null,23.552087012874495]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Net asset value (GBp)",null,null,194.44107031552463,202.192201560417,170.80945835562099,127.081,129.95728417762848,132.81299999999999]
["Quarterly distribution (GBp)",null,null,0.98099847910000004,0.72521899999999995,0.46970206990000002,0.56000000000000005,0.49999999989999999,0.48]
["Yield",null,null,2.3805403512687982E-2,2.3617334746083723E-2,2.6507240547964672E-2,2.1482361643361321E-2,1.7334412967732648E-2,1.5088940915422438E-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,7,null,null,null,5.6]
["1% or greater but less than 2%",null,null,null,16,null,null,null,21.4]
["2% or greater but less than 4%",null,null,null,11,null,null,null,31.9]
["4% or greater but less than 8%",null,null,null,4,null,null,null,18.399999999999999]
["Greater than 8.0%",null,null,null,1,null,null,null,22.7]
["Total",null,null,null,39,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,22.7]
["Three largest holders",null,null,null,3,null,null,null,32.5]
["Five largest holders",null,null,null,5,null,null,null,41.1]
["Ten largest holders",null,null,null,10,null,null,null,58.4]
["Internal/external investors"]
["Internal",null,null,null,"-",null,null,null,"-"]
["External",null,null,null,39,null,null,null,100]
["Source: Aberdeen Asset Fund Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,4236581,4449687.92,4449687.92,4449687.92,4449687.92,4449687.92]
["Units issued during period",null,null,213106.92,0,0,0,0,0]
["Units redeemed during period",null,null,0,0,0,0,0,0]
["Units in issue at end of period",null,null,4449687.92,4449687.92,4449687.92,4449687.92,4449687.92,4449687.92]
["Unit transfers"]
["Matched bargains",null,null,298000.46000000002,209798.98,0,749353.60900000005,78039.153000000006,0]
["Matched bargains %*",null,null,6.697109221088926E-2,4.7149144787664125E-2,0,0.16840587979931862,1.7538118268752657E-2,0]
["* as % of units in issue at the end of the period   "]
["Source: Aberdeen Asset Fund Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,411.707581]
[]
[]
[]
["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 Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.77059999999999995,null,null,-0.65949000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.39195,null,null,-1.3365199999999999,null,0.16313,null,0.12145]
["12 months",-15.096159999999999,null,null,-16.622859999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",2.7144200000000001,null,null,2.6769999999999999E-2,null,3.3854099999999998,null,2.28301]
["5 years+",3.2126999999999999,null,null,1.7693300000000001,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",5.7024400000000002,null,null,5.0769799999999998,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Property Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,10.46795587044754,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,8.5549806325271653,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK retail",null,null,19.022936502974705,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0.73800059940075435,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,0,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,0.73800059940075435,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,6.8847687496728254,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,16.245723721019235,null,10.21167,null,13.653829999999999,11.75995]
["All UK  Industrial",null,null,23.130492470692062,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,54.213912453347525,null,44.89969,null,12.513680000000001,25.88514]
["Cash***",null,null,2.8946579735849647,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100.00000000000001,null,100,null,100.00001999999999,100]
[]
["** 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,38,null,null,410.92,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,38,null,null,410.92,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","-"]
["TESCO",null,null,null,"DERBY","Retail Other ",null,"25-50m","-"]
["HOLLAND & BARRETT DC1",null,null,null,"BURTON-ON-TRENT","Industrial ",null,"25-50m","-"]
["NAPIER UNIVERSITY",null,null,null,"EDINBURGH","Apartments- Applicable Not Categorised",null,"10-25m","-"]
["GEOPOST",null,null,null,"FELTHAM","Industrial ",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","-"]
["OXFORD INSTRUMENTS, Western Approach",null,null,null,"AVONMOUTH","Industrial ",null,"10-25m","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,53.205003406989185]
[]
[]
["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,8.2799999999999994,null,2.0149907524578992]
["2.5 - 5",null,null,6,null,null,19.309999999999999,null,4.6992115253577333]
["5-10",null,null,10,null,null,72.625,null,17.673756448943834]
["10-25",null,null,15,null,null,221.15,null,53.818261462085083]
["25 - 50",null,null,3,null,null,89.555000000000007,null,21.793779811155456]
["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,38,null,null,410.92,null,100]
["Average lot size",null,null,null,null,null,10.813684210526317]
[]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,5.33E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,6.3295387320029997E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.0948033445320002E-2]
[]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,30.300819051551642,null,null,null,null,33.483965894741644]
["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,0.83485702196470868,null,null,null,null,0.77256948846549789]
["Other offices",null,null,0,null,null,null,null,0]
["Industrial",null,null,21.114271756589449,null,null,null,null,22.912901545963049]
["Other ",null,null,47.750052169894211,null,null,null,null,42.830563070829804]
["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 ",7.0774510600000005,0,0,0,-23.486114505185,19.414502881775999,-4.0716116234090016,119.4145028817762]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",0.19500000000000001,0,0,0,0,0,0,100]
["Other offices","-","-","-","-","-","-","-","-"]
["Industrial",4.9317222999999997,0,0,0,0,17.267734235563001,17.267734235563001,117.2677342355631]
["Other ",11.15311955,0,0,0,-7.2924638380660003,-3.0708318732220001,-10.363295711288,96.929168126777583]
["Overall",23.357292909999998,0,0,0,-10.598640345603,8.0623858991540001,-2.536254446449,108.06238589915429]
["*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,26.094643118858212]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,35.797212720859648]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,38.10814416028213]
[" 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) LTD",null,null,null,null,null,null,null,"not specified"]
["TESCO STORES LIMITED",null,null,null,null,null,null,null,"not specified"]
["CARE UK COMMUNITY PARTNERSHIPS LTD",null,null,null,null,null,null,null,"not specified"]
["HOLLAND & BARRETT RETAIL LIMITED",null,null,null,null,null,null,null,"not specified"]
["PREMIER INN HOTELS LIMITED",null,null,null,null,null,null,null,"not specified"]
["ACCOR UK BUSINESS & LEISURE HOTELS LTD",null,null,null,null,null,null,null,"not specified"]
["DPDGROUP UK LTD",null,null,null,null,null,null,null,"not specified"]
["THE COURT OF EDINBURGH NAPIER UNIVERSITY",null,null,null,null,null,null,null,"not specified"]
["OXFORD INSTRUMENTS",null,null,null,null,null,null,null,"not specified"]
["DRIVELINE LIMITED",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,410.92,0,0,0,null,null,410.92]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,12.249304,0,0,0,null,null,12.249304]
["Other net assets/liabilities",null,-11.461722999999999,0,0,0,null,null,-11.461722999999999]
["Total net assets",null,411.707581,0,0,0,null,null,411.707581]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-2.9809461695707191,"-","-","-",null,null,-2.9809461695707191]
["Net debt (cash)/equity ",null,-2.9752437325170362,"-","-","-",null,null,-2.9752437325170362]
[]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,13668.01,13766.85,12855.54,11280.02,11210.45,11153.88]
["Offer (GBp)",null,null,14784.8,14880.59,13904.12,12195.64,12153.46,12091.92]
["Mid (GBp)",null,null,14226.404999999999,14323.720000000001,13379.830000000002,11737.83,11681.96,11622.9]
["Bid/offer spread",null,null,7.5536361668740809E-2,7.4845150629108098E-2,7.5415056832075666E-2,7.507765070139813E-2,7.7600000000000002E-2,7.7575769604827094E-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,0,null,null,null,0]
["1% or greater but less than 2%",null,null,null,2,null,null,null,3.81]
["2% or greater but less than 4%",null,null,null,1,null,null,null,3.35]
["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,92.84]
["Total",null,null,null,5,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,76.709999999999994]
["Three largest holders",null,null,null,3,null,null,null,96.21]
["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,1,null,null,null,2]
["External",null,null,null,4,null,null,null,98]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,29849,31347,35224,35285,35519,37673]
["Units issued during period",null,null,1498,4481,61,234,3060,15]
["Units redeemed during period",null,null,0,-604,0,0,-906,-1329]
["Units in issue at end of period",null,null,31347,35224,35285,35519,37673,36359]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,5725,0]
["Matched bargains %*",null,null,0,0,0,0,0.152,0]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,1006.3566107199999]
["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 Open-Ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.5443899999999999,null,null,-0.65949000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",2.7080500000000001,null,null,-1.3365199999999999,null,0.16313,null,0.12145]
["12 months",-14.158110000000001,null,null,-16.622859999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",1.60484,null,null,2.6769999999999999E-2,null,3.3854099999999998,null,2.28301]
["5 years+",2.30619,null,null,1.7693300000000001,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",4.9512200000000002,null,null,5.0769799999999998,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,7.8486094610039316,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,6.8067322666173231,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,2.2854721479153062,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK Retail",null,null,16.940813875536563,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,3.8902710691688798,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,1.2545254724969885,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK Offices",null,null,5.1447965416658681,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,7.8043905433594825,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,9.492658882189092,null,10.21167,null,13.653829999999999,11.75995]
["All UK  Industrial",null,null,17.297049425548575,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,56.422842072544739,null,44.89969,null,12.513680000000001,25.88514]
["Cash***",null,null,4.1944980847042475,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,100,null,100.00001999999999,100]
["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,70,null,null,964.14500099999998,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,70,null,null,964.14500099999998,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,"50-75","-"]
["SPIRE, MONTEFIORE HOSPITAL",null,null,"HOVE",null,"Healthcare ",null,"25-50","-"]
["BICESTER ,BICESTER AVENUE,BICESTER,OXFORDSHIRE,",null,null,"BICESTER",null,"Leisure ",null,"25-50","-"]
["MORRISONS",null,null,"READING",null,"Retail Other ",null,"25-50","-"]
["MANCHESTER METROPOLITAN UNIVER",null,null,"CREWE",null,"Residential ",null,"25-50","-"]
["MARRISONS",null,null,"BOREHAMWOOD",null,"Retail Other ",null,"25-50","-"]
["PREMIER INN GATWICK",null,null,"CRAWLEY",null,"Hotel ",null,"25-50","-"]
["JURYS INN HOTEL",null,null,"NEWCASTLE UPON TYNE",null,"Hotel ",null,"25-50","-"]
["AVONMOUTH, DHL",null,null,"BRISTOL",null,"Industrial ",null,"25-50","-"]
["CADBURY,SMALLWAY,CONGRESBURY,",null,null,"BRISTOL",null,"Leisure ",null,"25-50","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,"-","-"]
["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,14,null,null,22.215000000000003,null,2.3041140053579974]
["2.5 - 5",null,null,8,null,null,24.875000000000004,null,2.580006116735547]
["5-10",null,null,10,null,null,71.350000000000009,null,7.4003391529278915]
["10-25",null,null,27,null,null,450.95499999999998,null,46.772528979798132]
["25 - 50",null,null,10,null,null,333.41,null,34.580898065559751]
["50 - 100",null,null,1,null,null,61.34,null,6.3621135759018479]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,70,null,null,964.1450000000001,null,99.999999896281182]
["Average lot size",null,null,null,null,null,13.773500000000002]
["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,6.1650318520940009E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.7259228610480009E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.1945806270739997E-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,15.794861265483719,null,null,null,null,16.168206914569367]
["Retail warehousing ",null,null,2.6710922455821637,null,null,null,null,2.1310508702305273]
["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,5.5134798345903215,null,null,null,null,6.1706124581679758]
["Industrial",null,null,16.218710318248952,null,null,null,null,18.542475460618803]
["Other ",null,null,59.801856336094851,null,null,null,null,56.987654296413339]
["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 ",9.4136428300000006,0,0,0,-14.506998349756001,-13.714550820704998,-28.221549170461,86.285449179295028]
["Retail warehousing ",1.591955,0,0,0,-35.181898985838004,-32.749355352381002,-67.931254338219006,67.250644647618813]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",3.2860010000000002,0,0,0,-5.942024971995,-5.6604060680439998,-11.602431040039001,94.339593931955591]
["Industrial",9.6662543299999992,0,0,0,-7.4092505281719996,-3.6297651398539998,-11.039015668026,96.370234860145672]
["Other ",35.641548643999997,0,0,0,-23.170533173199001,-19.673723254953,-42.844256428152001,80.326276745047053]
["Overall",59.599401803999996,0,0,0,-18.616807427848002,-15.706997923881,-34.323805351729,84.293002076118626]
["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,null,"-",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,41.304883105310893]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,22.161185975495552]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,34.537009848998103]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,1.6741375823659161]
[" Less than 5 years ",null,null,null,null,null,null,0.32278348782953331]
["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,"-","-","-","-","-","-","-"]
["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,"%"]
["BLUE DIAMOND UK LIMITED",null,null,null,null,null,null,null,10.286149427565739]
["MORRISONS",null,null,null,null,null,null,null,7.3868579603739883]
["CARE UK COMMUNITY PARTNERSHIPS LTD",null,null,null,null,null,null,null,7.2867754642100744]
["SAINSBURY'S SUPERMARKETS LTD",null,null,null,null,null,null,null,6.9214536678082181]
["ODEON CINEMAS LTD",null,null,null,null,null,null,null,6.1090486671877393]
["JURYS HOTEL MANAGEMENT (UK) LTD",null,null,null,null,null,null,null,5.0843049181361444]
["PREMIER INN HOTELS LTD",null,null,null,null,null,null,null,4.6583233007635503]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,4.0912784768743595]
["MONTEFIORE HOSPITAL",null,null,null,null,null,null,null,3.8559704802752615]
["STONEGATE PUB COMPANY LTD",null,null,null,null,null,null,null,2.7270438951437939]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,24.9597828521498]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,37.990285187145759]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,58.40720625833886]
["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,964.14500099999998,0,0,0,null,null,964.14500099999998]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,42.211608720000001,0,0,0,null,null,42.211608720000001]
["Other net assets/liabilities",null,9.9999999999999995E-7,0,0,0,null,null,9.9999999999999995E-7]
["Total net assets",null,1006.3566107199999,0,0,0,null,null,1006.3566107199999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-4.3781390430089466,"-","-","-",null,null,-4.3781390430089466]
["Net debt (cash)/equity ",null,-4.1944980805362446,"-","-","-",null,null,-4.1944980805362446]
["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,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,"-","-","-","-","-","-"]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,1221.7163680898375,1252.34902383695,1163.23109580658,1021.63538522213,1018.99,1020.2960159374369]
["Quarterly distribution (GBp)",null,null,13.004110516000001,12.969997814199999,12.7985427342,14.227268903400001,14.29,14.361457595499999]
["Yield",null,null,4.1281831988021087E-2,4.0527313923876207E-2,4.3950524320492297E-2,5.1877529629884969E-2,5.33E-2,5.4572367601613977E-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,6,null,null,null,2.7139727357018488]
["1% or greater but less than 2%",null,null,null,4,null,null,null,7.0526127648124186]
["2% or greater but less than 4%",null,null,null,2,null,null,null,6.0907615400814974]
["4% or greater but less than 8%",null,null,null,1,null,null,null,5.2363388547993859]
["Greater than 8.0%",null,null,null,5,null,null,null,78.906314104604846]
["Total",null,null,null,18,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,22.8509368239983]
["Three largest holders",null,null,null,3,null,null,null,57.337181921163236]
["Five largest holders",null,null,null,5,null,null,null,78.906314104604832]
["Ten largest holders",null,null,null,10,null,null,null,93.895346463563044]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,0.17251037829102503]
["External",null,null,null,17,null,null,null,99.827489621708978]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,599955.92760000005,753005.59260000009,885968.31440000003,986338,986338,986338]
["Units issued during period",null,null,153049.66499999998,132962.7218,100369.68559999997,0,0,0]
["Units redeemed during period",null,null,0,0,0,0,0,0]
["Units in issue at end of period",null,null,753005.59260000009,885968.31440000003,986338,986338,986338,986338]
["Unit transfers"]
["Matched bargains",null,null,39078.285000000003,0,0,47654.186999999998,10640.767366305306,0]
["Matched bargains %*",null,null,5.189640738931213E-2,0,0,5.2960008952938072E-2,1.0788155141853306E-2,0]
["* 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:","2023-06-30"]
[]
["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,2692.72286854]
["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,"John Benham"]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-0.23080999999999999,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-0.26158999999999999,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-18.250250000000001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",2.4372199999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",1.5548,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",5.60764,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.62592570444251705,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,2.1651289602306454,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,11.40378323955775,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,14.194837904230912,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,3.5728260610517451,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,8.0910687990556891,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,1.7764229220684322,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,5.748853321417779,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,19.189171103593644,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,20.802327990665091,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,16.894652764515168,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,37.696980755180263,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,20.615503170762025,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,8.3035070662331592,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,128,null,null,2524.1503297200002,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,128,null,null,2524.1503297200002,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 "]
["UPLANDS BUSINESS PARK",null,null,null,"LONDON","Industrial Other ",null,"100-125","-"]
["LEICESTER LOGISTICS PARK",null,null,null,"LEICESTER","Industrial ",null,"100-125","-"]
["BIRMINGHAM BUSINESS PARK",null,null,null,"BIRMINGHAM","Office ",null,"100-125","-"]
["RIVERSIDE INDUSTRIAL ESTATE",null,null,null,"GRAYS","Industrial ",null,"100-125","-"]
["25 BEDFORD STREET",null,null,null,"LONDON","Office ",null,"75-100","-"]
["AP FACTORY",null,null,null,"LEAMINGTON SPA","Industrial ",null,"75-100","-"]
["WATLING HOUSE, 33 CANNON STREET",null,null,null,"LONDON","Office ",null,"75-100","-"]
["100 MOLLINSON AVENUE",null,null,null,"ENFIELD","Industrial ",null,"75-100","-"]
["COLOSSEUM RETAIL PARK",null,null,null,"ENFIELD","Retail Park",null,"50-75","-"]
["EXCHANGE SHOPPING CENTRE, PUTNEY",null,null,null,"LONDON","Retail ",null,"50-75","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,"-","-"]
["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,13,null,null,12.249942213564324,null,0.48530953443344205]
["2.5 - 5",null,null,37,null,null,134.84591419697333,null,5.3422299222539396]
["5-10",null,null,30,null,null,195.93377785757016,null,7.7623656384722848]
["10-25",null,null,15,null,null,274.53477504857324,null,10.876324274989871]
["25 - 50",null,null,16,null,null,621.93144052296861,null,24.63923931947264]
["50 - 100",null,null,13,null,null,849.45447988035016,null,33.6530859465323]
["100-150",null,null,4,null,null,435.2,null,17.241445363845504]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,128,null,null,2524.1503297200002,null,100]
["Average lot size",null,null,null,null,null,19.719924450937501]
["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,4.333961456931E-2,null,"Investments ",null,null,9.2260000000000009E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,6.3750366350999996E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.2440855498310001E-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,1.451195337711745,null,null,null,null,0.96676167064106788]
["Retail warehousing ",null,null,15.754204216174127,null,null,null,null,12.961947714774771]
["Shopping centres ",null,null,3.8973010733646918,null,null,null,null,2.819382668314967]
["Central London offices",null,null,12.98834069029135,null,null,null,null,12.436345309665537]
["Other offices",null,null,14.705423512270983,null,null,null,null,17.661223686608015]
["Industrial",null,null,35.016054714374427,null,null,null,null,40.497861524473556]
["Other ",null,null,16.187480455812675,null,null,null,null,12.656477425522073]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
["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 ",1.56412,0,0,6.9943482597243172,-26.804209395698543,9.7613993811216488,-17.042810014576894,89.951538245147432]
["Retail warehousing ",16.980116500000001,2.4790995986393849,0,13.277294063324005,-11.584107800438236,6.9212628782611851,-4.6628449221770509,111.09354873978631]
["Shopping centres ",4.2005692799999998,1.6712020519275901,0,2.924603590873283,-13.565399402244832,6.6494729971457707,-6.9159264050990616,97.679879237701812]
["Central London offices",13.9990275,10.723137732246043,0,6.0384194544942487,-1.1961259451772632,13.721356715671851,12.525230770494588,129.28678795723491]
["Other offices",15.849724999999999,5.7913938569912098,0,34.140876261260047,-0.52578830232070273,22.758956385678637,22.233168083357935,162.16543820160919]
["Industrial",37.740826528706997,12.283068566275038,0,15.235811000658018,-1.1290362001634693,29.773796968902737,28.644760768739268,156.16364033567234]
["Other ",17.447108099498966,0,"-",0.32300481935810538,-1.6764031142918732,6.9253711028908889,5.2489679885990155,105.57197280795711]
["Overall",107.78149290820596,7.0011468540583639,"-",13.499331478356474,-3.6420375626333588,18.166826455384072,14.524788892750713,135.02526722516555]
["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,"-"]
["-",null,null,"-",null,null,null,null,"-"]
["-",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,0.72899108631681031]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.369512088909397]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,6.9690637950220129]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,27.811946496211558]
[" Less than 5 years ",null,null,null,null,null,null,63.12048653354023]
["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,"%"]
["DAC BEACHCROFT LLP",null,null,null,null,null,null,null,3.48795267708025]
["SDTA PRODUCTIONS LTD",null,null,null,null,null,null,null,3.1506282165831609]
["EUROCLEAR SA/NV",null,null,null,null,null,null,null,2.9421014375799919]
["SAMWORTH BROTHERS LIMITED",null,null,null,null,null,null,null,2.5205025732665289]
["UNIPART GROUP LIMITED",null,null,null,null,null,null,null,2.5128010376259922]
["DSG RETAIL LTD",null,null,null,null,null,null,null,2.4832607474673085]
["WOOD GROUP UK LIMITED",null,null,null,null,null,null,null,2.3354024654026646]
["ZOOPLUS AG",null,null,null,null,null,null,null,2.2913118740001961]
["PLASGRAN LIMITED",null,null,null,null,null,null,null,2.0789749352737719]
["TESCO",null,null,null,null,null,null,null,1.8903769299498969]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,9.580682331243402]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.613985942135924]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.693312894229766]
["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,2524.1503297200002,0,0,0,null,null,2524.1503297200002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-60,0,0,0,null,null,-60]
["Cash",null,228.57253781999998,0,0,0,null,null,228.57253781999998]
["Other net assets/liabilities",null,9.9999999999999995E-7,0,0,0,null,null,9.9999999999999995E-7]
["Total net assets",null,2692.72286854,0,0,0,null,null,2692.72286854]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-6.6783874096238733,"-","-","-",null,null,-6.6783874096238733]
["Net debt (cash)/equity ",null,-6.2603003000973638,"-","-","-",null,null,-6.2603003000973638]
["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,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Net asset value (GBP)",null,null,51.149247894509351,52.317090635463302,49.677301005400103,42.311896731153503,41.960137725121008,41.529197581039568]
["Premium for new subscriptions",null,null,5.6599999999999998E-2,5.6599999999999998E-2,5.6599999999999998E-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,0.34532930070196,0.32505358490000003,0.49734625529999998,0.32215594089999999,0.33799156660000002,0.33472266940000001]
["Yield",null,null,2.6009873989619525E-2,2.4841408511333422E-2,2.6869216593608893E-2,3.0782320891349284E-2,3.0865500422907994E-2,3.141861170454472E-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,167,null,null,null,40.39]
["1% or greater but less than 2%",null,null,null,15,null,null,null,19.02]
["2% or greater but less than 4%",null,null,null,6,null,null,null,14.57]
["4% or greater but less than 8%",null,null,null,3,null,null,null,16.72]
["Greater than 8.0%",null,null,null,1,null,null,null,9.3000000000000007]
["Total",null,null,null,192,null,null,null,99.999999999999986]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,9.3000000000000007]
["Three largest holders",null,null,null,3,null,null,null,21.79]
["Five largest holders",null,null,null,5,null,null,null,29.39]
["Ten largest holders",null,null,null,10,null,null,null,40.590000000000003]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,192,null,null,null,100]
["Source: BlackRock Investment Managers (Channel Islands) Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,76708415,76708415,74380926,69926736,67022739,67022739]
["Units issued during period",null,null,0,0,0,0,0,0]
["Units redeemed during period",null,null,0,-2327489,-4454190,-2903997,0,-1215926.6942]
["Units in issue at end of period",null,null,76708415,74380926,69926736,67022739,67022739,65806812.305799998]
["Unit transfers"]
["Matched bargains",null,null,2916524,335623,1194918,2340365.5380000002,1502120.1065190276,113649.9339]
["Matched bargains %*",null,null,3.8020913350901596E-2,4.5122186298137777E-3,1.6064844366148388E-2,3.1860209028320242E-2,2.2412096684365997E-2,1.7270238432440111E-3]
["* 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:","2023-06-30"]
[]
["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,1240.73564732]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
[]
["Management/professional advisors"]
["Authorised Corporate Director",null,null,null,null,"CBRE Investment Management (UK Funds) Ltd"]
["Property Manager",null,null,null,null,"CBRE Investment Management (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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.29175,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",0.87744999999999995,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-16.767209999999999,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.10311,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",2.4972400000000001,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",6.8103800000000003,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,6.4881132220912017,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,1.7503187110485152,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,16.216305058157438,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,24.454736991297153,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,5.4259880042503976,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,9.2011072242164005,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,5.7482057669661479,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,20.375300995432944,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,38.393638726556247,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,4.6045316091787658,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,42.998170335735011,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,3.2221776271574942,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,8.9496140503773933,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,41,null,null,1144.4250010000001,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,41,null,null,1144.4250010000001,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,"100-125","-"]
["TRADE AND LOGISTICS CITY",null,null,null,"WEST THURROCK","Industrial ",null,"70-80","-"]
["NURSLING INDUSTRIAL ESTATE",null,null,null,"SOUTHAMPTON","Industrial ",null,"60-70","-"]
["ALBEMARLE HOUSE, LONDON",null,null,null,"LONDON","Office ",null,"60-70","-"]
["2 CAVENDISH SQUARE",null,null,null,"LONDON","Office ",null,"60-70","-"]
["SKYWAY 14",null,null,null,"SLOUGH","Industrial ",null,"50-60","-"]
["EXCHANGE PLACE, 1 SEMPLE STREET",null,null,null,"EDINBURGH","Office ",null,"50-60","-"]
["LIONEL ROAD",null,null,null,"LONDON","Industrial ",null,"40-50","-"]
["CHILLBOX",null,null,null,"WEST THURROCK","Industrial ",null,"40-50","-"]
["BOW LANE ESTATE, LONDON, BOW LANE, LONDON EC4M 9DL",null,null,null,"LONDON","Retail Other ",null,"40-50","-"]
["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,8,null,0.69904100251301649]
["2.5 - 5",null,null,2,null,null,9,null,0.78642112782714368]
["5-10",null,null,4,null,null,35,null,3.0583043859944472]
["10 - 25",null,null,15,null,null,260,null,22.718832581673038]
["25 - 50",null,null,9,null,null,343,null,29.971382982745581]
["50 - 100",null,null,6,null,null,378,null,33.029687368740028]
["100-150",null,null,1,null,null,112,null,9.7865740351822321]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,41,null,null,1144,null,99.962863359361364]
["Average lot size",null,null,null,null,null,27.902439024390244]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.0999999999999995E-2,null,"Investments ",null,null,8.2068749652669998E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,5.6841447678500003E-2,null,"Total",null,null,8.2068749652669998E-2]
["Net reversionary yield",null,null,5.9000000000000004E-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,"-",null,"-",null,null,"-"]
["-",null,null,"-",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,1.8746211067073391]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,3.7239989533590951]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,39.40780263774046]
[" Less than 5 years ",null,null,null,null,null,null,54.99357730219311]
["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,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["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,17,null,17,null,10]
["% of all directly held properties*",null,0,null,1.4854621303401601E-2,null,1.4854621303401601E-2,null,8.7380125314127071E-3]
["* 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,5.9864632411502301]
["BLACKROCK INTERNATIONAL LIMITED",null,null,null,null,null,null,null,4.633292807199199]
["SCA INVESTMENTS LTD (GOUSTO)",null,null,null,null,null,null,null,3.7]
["HCA INTERNATIONAL LTD",null,null,null,null,null,null,null,3.0047865849813107]
["IBM UNITED KINGDON LIMITED (ASSIGNED TO KYNDRYL UK LIMITED)",null,null,null,null,null,null,null,2.8606117526478583]
["SAVINO DEL BENE FDS UK LTD",null,null,null,null,null,null,null,2.3619880534163191]
["DFS TRADING LIMITED",null,null,null,null,null,null,null,1.6993940885230046]
["SONNEDIX UK SERVICES LIMITED",null,null,null,null,null,null,null,1.6729734783755488]
["MARKS & SPENCER",null,null,null,null,null,null,null,1.5716067473832209]
["DAVIES TURNER AIR CARGO LIMITED",null,null,null,null,null,null,null,1.4722615153627645]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.319756048349429]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.185154385978599]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,28.963378269039456]
["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,1144.4250010000001,0,0,0,null,null,1144.4250010000001]
["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,112.48894731999999,0,0,0,null,null,112.48894731999999]
["Other net assets/liabilities",null,-16.1783,0,0,0,null,null,-16.1783]
["Total net assets",null,1240.73564732,0,0,0,null,null,1240.73564732]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-9.8292982258957124,"-","-","-",null,null,-9.8292982258957124]
["Net debt (cash)/equity ",null,-9.0663105040124474,"-","-","-",null,null,-9.0663105040124474]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1247.0594426968914,1286.94295400485,1223.81,1045.3599999999999,1035.2479608569499,1042.0692936167559]
["Offer (GBp)",null,null,1336.6578044579335,1379.4087797837301,1311.67,1120.3,1109.3216779061365,1116.674631166193]
["Mid (GBp)",null,null,1291.8586235774123,1333.17586689429,1267.74,1082.83,1072.2848193815432,1079.3719623914744]
["Bid/offer spread",null,null,6.7031637762649088E-2,6.7032939860928911E-2,6.6983311351178368E-2,6.6892796572346744E-2,6.67738840090117E-2,6.6810273527503183E-2]
["Net asset value (GBp)",null,null,1261.1847114653028,1301.51997775572,1237.6691630553501,1057.2037168651,1046.9740704459446,1053.8726674926738]
["Quarterly distribution (GBp)",null,null,8.9817192619000004,8.7973342963000007,9.4868248079999997,8.8827811218000008,5.9040971778999998,6.5998194591999999]
["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,20,null,null,null,9.1999999999999993]
["1% or greater but less than 2%",null,null,null,10,null,null,null,14.7]
["2% or greater but less than 4%",null,null,null,2,null,null,null,5.3]
["4% or greater but less than 8%",null,null,null,5,null,null,null,31.7]
["Greater than 8.0%",null,null,null,4,null,null,null,39.1]
["Total",null,null,null,41,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,10.199999999999999]
["Three largest holders",null,null,null,3,null,null,null,29.9]
["Five largest holders",null,null,null,5,null,null,null,46.8]
["Ten largest holders",null,null,null,10,null,null,null,73.599999999999994]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,41,null,null,null,100]
["Source : CBRE Global Investors (UK Funds) Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1498448.4812999996,1500100.7012999996,1490720.3419999995,1475445.8994999994,1475624.2994999995,1445212.6994999994]
["Units issued during period",null,null,1652.22,881.09389999999996,316.67669999999998,373.29999999999995,1137.7,565.29999999999995]
["Units redeemed during period",null,null,0,-10261.4532,-15591.119199999997,-194.9,-31549.3,-207899.7]
["Units in issue at end of period",null,null,1500100.7012999996,1490720.3419999995,1475445.8994999994,1475624.2994999995,1445212.6994999994,1237878.2994999995]
["Unit transfers"]
["Matched bargains",null,null,77656.06,30710.391299999999,7102.7354999999998,77388.2,35875.9,15200]
["Matched bargains %*",null,null,5.1767231315006129E-2,2.0601041278337912E-2,4.8139586157696342E-3,5.2444378983337571E-2,2.4823958447370408E-2,1.2279074611889993E-2]
["* 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:","2023-06-30"]
[]
["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,574.04366600000003]
["Source: CCLA Investment Management Limited"]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"CCLA Fund Managers Limited"]
["Fund Manager",null,null,null,null,"Paul Hannam"]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.2063999999999999,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",0.59582999999999997,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-16.565950000000001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.5123899999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.4319999999999999,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.2249600000000003,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,1.5808901951795387,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,1.3370063083198853,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,19.327798033627531,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,22.245694537126955,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,9.8685872789995432,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,7.081342857746364,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,1.9554261642854351,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,18.90535630103134,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,15.242742928728335,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,33.986961661655975,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,49.229704590384308,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,8.2136609038804682,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,1.4055836675769255,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,55,null,null,565.97500100000002,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,55,null,null,565.97500100000002,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,46.7,8.2512478320575156]
["MENDLESHAM INDUSTRIAL ESTATE",null,null,null,"STOWMARKET","Industrial ",null,35.799999999999997,6.3253677170804936]
["PAVILION RETAIL PARK",null,null,null,"BRIGHTON","Retail Park",null,34.4,6.0780069683678484]
["15 Coalfield Way",null,null,null,"Ashby-de-la-Zouch","Industrial Other ",null,31.25,5.5214452837643968]
["MAGNA PARK",null,null,null,"LUTTERWORTH","Industrial ",null,22.65,4.0019435416724347]
["BATH WATERSIDE TRAVELODGE",null,null,null,"BATH","Hotel ",null,21.3,3.7634171054138132]
["1400-1499 & 1600 AZTEC WEST",null,null,null,"BRISTOL","Industrial Other ",null,20.100000000000001,3.5513936065172604]
["UNIT 3220 MAGNA PARK",null,null,null,"LUTTERWORTH","Industrial ",null,19.899999999999999,3.516056356701168]
["7 ST ANDREWS WAY",null,null,null,"LONDON","Industrial Other ",null,16.600000000000001,2.9329917347356482]
["BRACKMILLS INDUSTRIAL ESTATE",null,null,null,"NORTHAMPTON","Industrial ",null,16.2,2.8623172351034634]
["10 largest investments as % of portfolio",null,null,null,null,null,null,264.90000000000003,46.804187381414046]
["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,8,null,null,15.825000999999997,null,2.7960600683845391]
["2.5 - 5",null,null,7,null,null,26.049999999999997,null,4.6026767885460007]
["5-10",null,null,21,null,null,141.35000000000002,null,24.974601307523127]
["10-25",null,null,15,null,null,234.60000000000002,null,41.450594034276087]
["25 - 50",null,null,4,null,null,148.15,null,26.176067801270253]
["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,55,null,null,565.97500100000002,null,100]
["Average lot size",null,null,null,null,null,10.290454563636365]
["Source: CCLA Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.0199999999999995E-2,null,"Investments ",null,null,4.2000000000000003E-2]
["Nominal equivalent yield",null,null,6.5700000000000008E-2,null,"Developments",null,null,7.6000000000000012E-2]
["True equivalent yield",null,null,6.8400000000000002E-2,null,"Total",null,null,0.11800000000000001]
["Net reversionary yield",null,null,6.480000000000001E-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,4.1582052477070368,null,null,null,null,2.9142395754273123]
["Retail warehousing ",null,null,22.461006497119087,null,null,null,null,17.285004235622402]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,11.264870906573329,null,null,null,null,9.9409749591983587]
["Other offices",null,null,9.1309571406521179,null,null,null,null,17.727178607618828]
["Industrial",null,null,42.954832747145609,null,null,null,null,44.883247484548136]
["Other ",null,null,10.030127460802813,null,null,null,null,7.249355137584967]
["Overall",null,null,100,null,null,null,null,100.00000000000001]
["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 ",1.4349749999999999,8.3625150263941883,0,0.74844509486227984,-15.757974877611108,1.0968832209620376,-14.66109165664907,85.338908343350923]
["Retail warehousing ",7.7511764999999997,9.8874538594237915,0,0,-6.8357171327475248,0.5418532270552735,-6.293863905692251,93.706136094307752]
["Shopping centres ",0,0,0,0,0,0,0,"-"]
["Central London offices",3.8874483499999997,28.314279725414231,0,3.8650031195912868,-1.0146758605808872,46.277165639650477,45.26248977906959,107.45596144061953]
["Other offices",3.1510458100000007,0,55.386373452945762,79.933779191867714,-0.22591896244123461,35.420427236073088,35.194508273631854,236.40195824382505]
["Industrial",14.823489329999999,3.1031829939597628,0,14.572142576635835,-1.3697158305978963,18.361266781749311,16.991550951151414,127.23306625134529]
["Other ",3.4613448099999999,0,0,0,-14.260203391871846,9.0308777088321168,-5.229325683039729,88.007701261059864]
["Overall",34.509479800000001,7.0910863165199025,5.0573060217499997,14.024668085550218,-4.3442260175709739,26.110706542728003,21.766480525157029,121.76648052515702]
["*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,"-",null,"-",null,null,"-"]
["-",null,null,"-",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: CCLA 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,7.34]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,2.36]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,5.95]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,25.48]
[" Less than 5 years ",null,null,null,null,null,null,58.86]
["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,"-","-","-","-","-",null,"-"]
["-",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",null,null,null,null,null,"Monthly, as at the last 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: 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,6.8680169371425777]
["TRAVELODGE HOTELS LIMITED",null,null,null,null,null,null,null,4.8914036116625459]
["EV DOWNTON LTD",null,null,null,null,null,null,null,4.1304591048471577]
["INTELLIGENT PROCESSING SOLUTIONS",null,null,null,null,null,null,null,3.9119684239818033]
["VWR INTERNATIONAL LTD",null,null,null,null,null,null,null,3.0259017804411488]
["DHL SUPPLY CHAIN LIMITED",null,null,null,null,null,null,null,2.8418248306892822]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,2.8071995635054607]
["B&Q PLC",null,null,null,null,null,null,null,2.7405946788941855]
["B&M RETAIL LTD",null,null,null,null,null,null,null,2.6801620111296369]
["RETTIG (UK) LTD",null,null,null,null,null,null,null,1.9409564577340352]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,15.889879653652283]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.827749858075236]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.838487400027837]
["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,565.97500100000002,0,0,0,null,null,565.97500100000002]
["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,8.0686640000000001,0,0,0,null,null,8.0686640000000001]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,574.04366600000003,0,0,0,null,null,574.04366600000003]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.4256218005642975,"-","-","-",null,null,-1.4256218005642975]
["Net debt (cash)/equity ",null,-1.405583490925584,"-","-","-",null,null,-1.405583490925584]
["Source: CCLA Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBP)",null,null,129.21279999999999,135.31030000000001,129.63249999999999,109.62,107.4525,107.41970000000001]
["Offer (GBP)",null,null,133.54390000000001,139.8458,133.9777,113.2945,111.05419999999999,111.02030000000001]
["Mid (GBP)",null,null,131.37835000000001,137.57805000000002,131.80509999999998,111.45725,109.25335,109.22]
["Bid/offer spread",null,null,3.2432031713915954E-2,3.2432150268366905E-2,3.2432262981078236E-2,3.2433171954507893E-2,3.2431911625134341E-2,3.2431906597261938E-2]
["Net asset value (GBP)",null,null,129.71709014547662,137.4406143878,131.67338167339801,111.34593877907901,109.14418934080578,109.11091504949205]
["Quarterly distribution (GBP)",null,null,1.5300000005000001,1.3500000002000001,1.4919175927999999,1.3700000005999999,1.53,1.35]
["Yield",null,null,4.3170872813440751E-2,4.0744870256466836E-2,4.3607276736783621E-2,5.1568271434600896E-2,5.2608550471438309E-2,5.2624593889580171E-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,653,null,null,null,26.45]
["1% or greater but less than 2%",null,null,null,3,null,null,null,4.7699999999999996]
["2% or greater but less than 4%",null,null,null,3,null,null,null,9.4]
["4% or greater but less than 8%",null,null,null,1,null,null,null,5.22]
["Greater than 8.0%",null,null,null,3,null,null,null,54.16]
["Total",null,null,null,663,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,27.72]
["Three largest holders",null,null,null,3,null,null,null,54.16]
["Five largest holders",null,null,null,5,null,null,null,62.89]
["Ten largest holders",null,null,null,10,null,null,null,73.55]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,47.1]
["External",null,null,null,660,null,null,null,52.9]
["Source: CCLA Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,448183046.29000008,502012086.67000002,533227472,534234119.89999998,521122608.74000001,528870156.72000003]
["Units issued during period",null,null,75803766.710000008,71044401,25616999.510000002,14700300.26,60002225.839999996,2765896.63]
["Units redeemed during period",null,null,-21974726.329999998,-39829016,-24610351.609999999,-27811811.419999927,-52254677.859999999,-4508009.22]
["Units in issue at end of period",null,null,502012086.67000002,533227472,534234119.89999998,521122608.74000001,528870156.72000003,527128044.13]
["Unit transfers"]
["Matched bargains",null,null,0,0,533547457.05000001,0,0,0]
["Matched bargains %*",null,null,0,0,0.99871467803267877,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: CCLA Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["CT UK Commercial 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,235.48934699999998]
["Note: * CT UK Commercial Property Fund was launched on 28 June 2010 \nSource: Columbia Threadneedle Investments\n"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Columbia Threadneedle Real Estate Partners"]
["Investment Advisor",null,null,null,null,"Columbia Threadneedle 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: Columbia Threadneedle Investments"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"CT UK Commercial Property Fund",null,null,"Other balanced open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",2.7,"-",null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",4.5599999999999996,"-",null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-10.6,"-",null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",2.14,"-",null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",0.76,"-",null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",3.38,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["Note: * Weighted average returns  + Annualised \n*These are the returns for share class 2 Inc\nSource: Columbia Threadneedle Investments\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: Columbia Threadneedle Investments"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"CT UK Commercial Property Fund",null,"Other balanced open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,2.6540479076975192,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.84929533046320616,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,11.539800302668812,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,15.043143540829538,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,5.9344511216116533,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,5.2868634321334582,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,11.221314553745112,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,26.880197209160471,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,21.427721187586688,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,48.307918396747155,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,3.8961423284999577,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,21.53148118017824,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["Source: Columbia Threadneedle Investments\n"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,24,null,null,184.78500099999999,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,24,null,null,184.78500099999999,null,100]
["Source: Columbia Threadneedle Investments"]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["MILTON KEYNES, DELTIC AVENUE, BRADWELL COMMON",null,null,null,"MILTON KEYNES","Industrial ",null,15.55,8.4151851697097442]
["BIRMINGHAM, APOLLO,ADVANCED MANUFACTURING HUB",null,null,null,"BIRMINGHAM","Industrial Other ",null,13.75,7.4410801339877155]
["BOURNEMOUTH, RINGWOOD ROAD RETAIL PARK",null,null,null,"BOURNEMOUTH","Retail Park",null,13.425000000000001,7.2652000580934599]
["BATH, CAMBRIDGE HOUSE, HENRY STREET",null,null,null,"BATH","Office ",null,12.45,6.7375598304106941]
["DARTFORD, 32-33 CLIPPER BOULEVARD EAST",null,null,null,"DARTFORD","Industrial ",null,12.05,6.5210920446946892]
["GREENFORD, 74 LONG DRIVE",null,null,null,"GREENFORD","Industrial ",null,12,6.4940335714801876]
["STAINES-UPON-THAMES, APEX 30, LONDON ROAD",null,null,null,"STAINES-UPON-THAMES","Industrial ",null,11.725,6.3452119688004336]
["ROMFORD, MATALAN RETAIL UNIT, NORTH STREET",null,null,null,"ROMFORD","Retail Park",null,11,5.9528641071901722]
["BURY ST EDMUNDS, HOTEL AND DRIVE-THRU",null,null,null,"BURY ST. EDMUNDS","Hotel ",null,9.1750000000000007,4.9652298348608941]
["NEWCASTLE UNDER LYME, LYMEDALE BUSINESS PARK",null,null,null,"NEWCASTLE","Industrial ",null,8.0250000000000004,4.3428849509273757]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,64.480341670155369]
["Source: Columbia Threadneedle 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,3,null,null,6.3250000000000002,null,3.4228968616343489]
["2.5 - 5",null,null,4,null,null,13.574999999999999,null,7.3463754777369621]
["5-10",null,null,9,null,null,62.935000000000002,null,34.05850023509214]
["10-25",null,null,8,null,null,101.95,null,55.172226884367092]
["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,24,null,null,184.78500000000003,null,99.999999458830558]
["Average lot size",null,null,null,null,null,7.6993750000000007]
[]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.5199999999999997E-2,null,"Investments ",null,null,0.14033400332276]
["Nominal equivalent yield",null,null,6.0299999999999999E-2,null,"Developments",null,null,"-"]
["True equivalent yield",null,null,6.2600000000000003E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.1900000000000004E-2]
["Source: Columbia Threadneedle Investments"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,3.5225283011990136,null,null,null,null,3.7237181055449216]
["Retail warehousing ",null,null,16.919834079066213,null,null,null,null,14.219206470275015]
["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,19.675718023548338,null,null,null,null,20.93940833057502]
["Industrial",null,null,55.031287030336209,null,null,null,null,57.414256543590078]
["Other ",null,null,4.8506325658502218,null,null,null,null,3.7034105500149503]
["Overall",null,null,100,null,null,null,null,99.999999999999986]
["Source: Columbia Threadneedle 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 ",0.33638299999999999,44.592027540036,0,0,-12.302345837929,38.458245511812002,26.155899673883003,138.45824551181244]
["Retail warehousing ",1.61575552,0,0,18.567165408787002,-8.4954387158770004,10.071726692910001,1.5762879770330009,110.07172669290956]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",1.8789279999999999,0,0,45.517976207709999,-6.1709655718579999,39.389588105557998,33.2186225337,139.38958810555806]
["Industrial",5.2551996299999999,7.9955097728609994,0,11.417263705356,-0.29271790004300002,36.649042959382001,36.356325059338999,136.64904295938231]
["Other ",0.46321000000000001,0,0,0,0,0,0,100]
["Overall",9.5494761500000003,5.9707987228180004,0,18.380589389712,-3.2460359618779999,30.977446338770996,27.731410376892995,130.97744633877119]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Columbia Threadneedle 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,7.8196344216145439]
[" 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,3.6890219882790114]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,27.832037170604202]
[" Less than 5 years ",null,null,null,null,null,null,60.659306419502244]
["Source: Columbia Threadneedle 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,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
[0,0,0,null,null,null,0,0]
["Source: Columbia Threadneedle 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                                                                                                                                                       "]
["Source: Columbia Threadneedle Investments"]
[]
["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: Columbia Threadneedle Investments"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["Salts Healthcare Limited.",null,null,null,null,null,null,null,7.8433621722799938]
["Ingram Content Group UK Ltd.",null,null,null,null,null,null,null,7.7910032792741193]
["PerkinElmer AES (UK) Limited.",null,null,null,null,null,null,null,6.9951481055848284]
["Matalan Retail Ltd.",null,null,null,null,null,null,null,6.6416208600091631]
["The Fresh Olive Company Ltd.",null,null,null,null,null,null,null,6.0250710192097809]
["Pentagon Freight Services plc.",null,null,null,null,null,null,null,5.4285071961774571]
["Novia Financial plc.",null,null,null,null,null,null,null,4.293429226481706]
["Symington's Limited.",null,null,null,null,null,null,null,4.230598554874657]
["Premier Inn Hotels Limited.",null,null,null,null,null,null,null,4.188711440469957]
["Elemis Limited.",null,null,null,null,null,null,null,3.8124394917725408]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.629513557138942]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.296205436357887]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,57.249891346134213]
["Source: Columbia Threadneedle Investments"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,184.78500099999999,0,0,0,null,null,184.78500099999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,50.704343999999999,0,0,0,null,null,50.704343999999999]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,235.48934699999998,0,0,0,null,null,235.48934699999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-27.439642679656668,"-","-","-",null,null,-27.439642679656668]
["Net debt (cash)/equity ",null,-21.531480997312379,"-","-","-",null,null,-21.531480997312379]
["Source: Columbia Threadneedle Investments"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Net asset value (GBp)",null,null,116.2,118.3,111.5,99.99,100.1,102.8]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Source: Columbia Threadneedle Investments"]
[]
["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,568,null,null,null,25.29]
["1% or greater but less than 2%",null,null,null,9,null,null,null,11.73]
["2% or greater but less than 4%",null,null,null,8,null,null,null,22.23]
["4% or greater but less than 8%",null,null,null,2,null,null,null,11.81]
["Greater than 8.0%",null,null,null,2,null,null,null,28.94]
["Total",null,null,null,589,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,19]
["Three largest holders",null,null,null,3,null,null,null,37]
["Five largest holders",null,null,null,5,null,null,null,44]
["Ten largest holders",null,null,null,10,null,null,null,59]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,589,null,null,null,100]
["Source: Columbia Threadneedle Investments"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,753875260.77999997,896912563.09000003,821031366.50999999,624058428.96999991,407055019.86999989,387264908.30999988]
["Units issued during period",null,null,209504906.48999998,132525768.25999999,14510431.93,33816554.509999998,87150916.36999999,6582936.9100000001]
["Units redeemed during period",null,null,-66467604.18,-208406964.83999997,-211483369.47,-250819963.61000001,-106941027.92999999,-57884565.269999996]
["Units in issue at end of period",null,null,896912563.09000003,821031366.50999999,624058428.96999991,407055019.86999989,387264908.30999988,335963279.94999993]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Columbia Threadneedle Investments"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,1176.351546573]
["Source:  Federated Hermes Limited"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Federated Hermes Limited"]
["Property Investment Manager",null,null,null,null,"Federated Hermes 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:  Federated Hermes Limited"]
[]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.92986000000000002,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.36531,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-16.823969999999999,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",3.1549999999999998,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",2.66797,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.6777499999999996,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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: Federated Hermes Limited"]
[]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,6.8899471744324439,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.47604816997929283,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,1.190120424948232,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,15.101778106575246,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,23.657893875935216,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,4.6712226679218105,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,5.9506021247411596,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,6.396897284096748,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,7.4467535161046525,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,24.465475592864372,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,27.64267208446724,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,4.1654214873188122,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,31.808093571786053,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,11.206258929914334,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,8.862278029500029,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["Sources: * Federated Hermes Limited\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,65,null,null,1072.100001,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,1072.100001,null,100]
["Source:  Federated Hermes Limited"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["8/10,GREAT GEORGE STREET,LONDON,SW1P 3AE",null,null,null,"LONDON","Office ",null,"70-75",6.5292416691267219]
["MAYBIRD SHOPPING PARK",null,null,null,"STRATFORD-UPON-AVON","Retail Park",null,"60-65",5.9882473593990788]
["POLAR PARK",null,null,null,"WEST DRAYTON","Industrial ",null,"60-65",5.5964928592514758]
["TEMPLARS SHOPPING PARK",null,null,null,"OXFORD","Retail Park",null,"50-55",4.7570189303637544]
["BROKEN WHARF HOUSE",null,null,null,"LONDON","Other ",null,"45-50",4.4305568469074181]
["SAINSBURYS",null,null,null,"BEACONSFIELD","Retail Other ",null,"35-40",3.5631004537234396]
["THOMAS ROAD IND ESTATE",null,null,null,"LONDON","Industrial ",null,"35-40",3.3252495072052515]
["THE ROUND FOUNDARY & MARSHALL MILL",null,null,null,"LEEDS","Office ",null,"30-35",3.2459658583658553]
["READING METROPOLITAN SITE",null,null,null,"READING","Industrial ",null,"30-35",2.8215651498726189]
["HFL BUILDINGS",null,null,null,"ELY","Industrial ",null,"25-30",2.6816528283913321]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,42.939091462606953]
["Source:  Federated Hermes 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,15,null,null,28.349999999999998,null,2.6443428759963217]
["2.5 - 5",null,null,6,null,null,21.775000000000002,null,2.0310605335033483]
["5-10",null,null,7,null,null,53.05,null,4.9482324363881798]
["10-25",null,null,23,null,null,401.27499999999992,null,37.42887786826892]
["25 - 50",null,null,10,null,null,322.45000000000005,null,30.076485374427307]
["50 - 100",null,null,4,null,null,245.2,null,22.871000818141031]
["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,1072.0999999999999,null,99.999999906725108]
["Average lot size",null,null,null,null,null,16.493846153846153]
["Source:  Federated Hermes Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.7300000000000002E-2,null,"Investments ",null,null,0.124]
["Nominal equivalent yield",null,null,6.1200000000000004E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,6.3500000000000001E-2,null,"Total",null,null,0.124]
["Net reversionary yield",null,null,6.3600000000000004E-2]
["Source:  Federated Hermes Limited"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,9.152026087447112,null,null,null,null,8.4193957849022496]
["Retail warehousing ",null,null,21.451951264436264,null,null,null,null,17.039161378930835]
["Shopping centres ",null,null,3.0925337267898549,null,null,null,null,2.546286844356505]
["Central London offices",null,null,5.2791242909104135,null,null,null,null,10.015913154361296]
["Other offices",null,null,19.444659489188652,null,null,null,null,23.6995708096645]
["Industrial",null,null,29.584494560679175,null,null,null,null,29.820618493092422]
["Other ",null,null,11.995210580548532,null,null,null,null,8.4590535346921829]
["Overall",null,null,100,null,null,null,null,100]
["Source:  Federated Hermes 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 ",5.3434819999999998,2.5732284678790003,0,11.299074274041001,-10.562401071062,9.8599377709139997,-0.70246330014800051,109.85993777091416]
["Retail warehousing ",12.5248895,1.9358254617740001,0,3.8922499076740005,-14.508838580971,-5.1456861156340006,-19.654524696605002,94.854313884366007]
["Shopping centres ",1.8056000000000001,0,0,11.741249446167,-15.400697828977,-1.6739587948600001,-17.074656623837001,98.32604120513956]
["Central London offices",3.0822579999999999,2.8863579882020001,0,118.036192946859,-0.87598118003100001,126.57100735889099,125.69502617885999,226.57100735889077]
["Other offices",11.352916499999999,2.2534033435369998,0,31.135955241105002,-1.8946453098640001,45.551207040058998,43.656561730194994,145.55120704005884]
["Industrial",17.273138500000002,3.0380118818590001,0,3.6797018677290003,-0.10105864663800002,20.372745230983998,20.271686584346,120.37274523098394]
["Other ",7.0034974999999999,0,0,0,-18.837470563815,-15.784977434489001,-34.622447998303997,84.215022565511021]
["Overall",58.385781999999999,2.1400963679820002,0,15.606338885724,-7.2595178737179999,19.419616577199999,12.160098703481999,119.41961657720026]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source:  Federated Hermes 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,"-"]
[]
["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,9.26]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,3.76]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,22.2]
[" Less than 5 years ",null,null,null,null,null,null,63.76]
["Source: Federated Hermes 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:  Federated Hermes 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:  Federated Hermes 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:  Federated Hermes Limited"]
[]
["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:  Federated Hermes Limited"]
[]
["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:  Federated Hermes Limited"]
[]
["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,6.4881813343848886]
["SAINSBURY'S SUPERMARKET LTD",null,null,null,null,null,null,null,5.4526886033517457]
["EI GROUP PLC",null,null,null,null,null,null,null,4.5268210811225105]
["EDYN LTD (SACO)",null,null,null,null,null,null,null,4.3020078156495156]
["CIRCLE EXPRESS LTD",null,null,null,null,null,null,null,3.0439434706316302]
["LGC LTD",null,null,null,null,null,null,null,2.4357148104883972]
["CONNECTED PLACES CATAPULT",null,null,null,null,null,null,null,2.1001630160774498]
["PREMIER INN HOTELS LIMITED",null,null,null,null,null,null,null,1.8852649141163351]
["ASDA STORES LTD",null,null,null,null,null,null,null,1.8032516900974012]
["ARGOS LTD",null,null,null,null,null,null,null,1.7591273631305093]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.467691018859146]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,23.813642305140291]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,33.797164099050384]
["Source:  Federated Hermes Limited"]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1072.100001,0,0,0,null,null,1072.100001]
["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,104.251544573,0,0,0,null,null,104.251544573]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,1176.351546573,0,0,0,null,null,1176.351546573]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-9.7240503195373105,"-","-","-",null,null,-9.7240503195373105]
["Net debt (cash)/equity ",null,-8.8622779369577298,"-","-","-",null,null,-8.8622779369577298]
["Source:  Federated Hermes Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,7.53,7.8689999999999998,7.4340000000000002,6.3620000000000001,6.33,6.3339999999999996]
["Offer (GBp)",null,null,8.1129999999999995,8.48,7.9729999999999999,6.8369999999999997,6.81,6.7779999999999996]
["Mid (GBp)",null,null,7.8215000000000003,8.1745000000000001,7.7035,6.5994999999999999,6.57,6.5559999999999992]
["Bid/offer spread",null,null,7.1859977813385836E-2,7.2051886792452904E-2,6.7603160667251944E-2,6.9474915898785974E-2,6.9800000000000001E-2,6.5506048982000589E-2]
["Net asset value (GBp)",null,null,7.63,7.9735467088106899,7.5257164675272801,6.4428112355179197,6.41,6.4103196347493698]
["Quarterly distribution (GBp)",null,null,5.60706396E-2,5.90365001E-2,5.4622561200000003E-2,5.6343370699999999E-2,0.06,6.40913647E-2]
["Yield",null,null,3.2271287131061602E-2,3.0325793744057316E-2,3.1856814076703183E-2,3.4884134737797085E-2,3.5099999999999999E-2,3.5894494161053829E-2]
["Source:  Federated Hermes Limited"]
[]
["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,55,null,null,null,17.896000000000001]
["1% or greater but less than 2%",null,null,null,23,null,null,null,33.069000000000003]
["2% or greater but less than 4%",null,null,null,6,null,null,null,17.966999999999999]
["4% or greater but less than 8%",null,null,null,4,null,null,null,22.838000000000001]
["Greater than 8.0%",null,null,null,1,null,null,null,8.23]
["Total",null,null,null,89,null,null,null,100.00000000000001]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,8.23]
["Three largest holders",null,null,null,3,null,null,null,22.44]
["Five largest holders",null,null,null,5,null,null,null,31.068000000000001]
["Ten largest holders",null,null,null,10,null,null,null,47.006]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,89,null,null,null,100]
["Source:  Federated Hermes Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,235333516,236409540,220892292,212570416,195009654,188755675]
["Units issued during period",null,null,1076024,1091266,101358,0,0,0]
["Units redeemed during period",null,null,"-",-16608514,-8423234,-17560762,-6253979,-5246644]
["Units in issue at end of period",null,null,236409540,220892292,212570416,195009654,188755675,183509031]
["Unit transfers"]
["Matched bargains",null,null,10278563,7540990,9615145,5025149,1894367,0]
["Matched bargains %*",null,null,4.3527238805157957E-2,3.4138764787682137E-2,4.5232752425906714E-2,2.5768719121977417E-2,1.0036079709921304E-2,0]
["* as % of units in issue at the end of the period   "]
["Source:  Federated Hermes Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,472.78156000000001]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-0.86980999999999997,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-0.62536000000000003,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-18.21669,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",3.38883,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",2.4497800000000001,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.3728199999999999,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended  funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.6831199999999997,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,1.1775903175634452,null,1.2531699999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.48137999999999997,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,7.4374125319796525,null,11.592639999999999,null,12.11309,7.6449400000000001]
["All UK retail",null,null,8.6150028495430977,null,18.010309999999997,null,18.992509999999999,17.1388]
["City offices",null,null,5.5780593989847391,null,3.4855299999999998,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,7.6436299999999999,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,16.894289161184336,null,9.1103299999999994,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,17.250665178341691,null,5.0908100000000003,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,39.723013738510765,null,25.330299999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,22.095313063756219,null,27.204280000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,24.280052995025244,null,14.402150000000001,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,46.375366058781466,null,41.606430000000003,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,0,null,10.276109999999999,null,12.513680000000001,25.88514]
["Cash***",null,null,5.2866173531646679,null,4.77684,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,100,null,100.00001999999999,100]
["Source: FIL Limited"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,33,null,null,458.45000099999999,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,458.45000099999999,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,"40-50",10.639110021509195]
["St Martins Business Centre",null,null,null,"Bedford","Industrial",null,"30-40",6.5874140984024123]
["Black Bull yard",null,null,null,"London","Office",null,"20-30",5.8894099555253359]
["Triton A & B",null,null,null,"Grays","Industrial",null,"20-30",5.3113752747052567]
["Gateway 25",null,null,null,"Grays","Industrial",null,"20-30",5.0496237211263519]
["Harbourgate",null,null,null,"Portsmouth","Industrial",null,"20-30",4.7987784822799027]
["Stonelake, Units A and B",null,null,null,"London","Industrial",null,"20-30",4.4225106240102283]
["Centrepoint V",null,null,null,"Manchester","Industrial",null,"10-20",4.2316501161922782]
["Forest Trading Estate",null,null,null,"London","Industrial",null,"10-20",3.7463191105980607]
["Phoenix House",null,null,null,"Reading","Office",null,"10-20",3.6645217501046532]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,54.340713154453667]
["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,1,null,null,2.3250009999999408,null,0.50714385318540778]
["2.5 - 5",null,null,2,null,null,8.2750000000000004,null,1.8049950882211909]
["5-10",null,null,12,null,null,84.3,null,18.388046638917992]
["10 - 25",null,null,15,null,null,257.57499999999999,null,56.18388034423846]
["25 - 50",null,null,3,null,null,105.97499999999999,null,23.115934075436943]
["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,458.45000099999993,null,99.999999999999986]
["Average lot size",null,null,null,null,null,13.89242427272727]
["Source: FIL Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.8116850092703704E-2,null,"Investments ",null,null,0.14690608035108429]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,7.0087460519140596E-2,null,"Total",null,null,0.14690608035108429]
["Net reversionary yield",null,null,7.77469348893009E-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,2.5587768103785038,null,null,null,null,1.4332726704480345]
["Retail warehousing ",null,null,10.273336512247896,null,null,null,null,7.7236989234770945]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,5.3599753566102111,null,null,null,null,4.3202756662418604]
["Other offices",null,null,44.560139058776358,null,null,null,null,49.134992377918316]
["Industrial",null,null,37.247772261987031,null,null,null,null,37.387760361914708]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,100,null,null,null,null,100.00000000000001]
["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 ",0.71499999999999997,"-","-","-","-","-","-",76.174825174825173]
["Retail warehousing ",2.8706824200000001,"-","-","-","-","-","-",102.24189132004369]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",1.4977400000000001,"-","-","-","-","-","-",109.61341754910731]
["Other offices",12.451457,"-","-","-","-","-","-",149.95446717601001]
["Industrial",10.4081595,"-","-","-","-","-","-",136.5036296763131]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",27.943038919999999,"-","-","-","-","-","-",135.99252969154151]
["*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"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",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: FIL 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,8.409965740404873E-3]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.7893544128521008E-3]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,2.4438107893527565]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,23.599637601621318]
[" Less than 5 years ",null,null,null,null,null,null,73.94635228887266]
["Source: FIL 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: 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,"%"]
["Makita (UK) Ltd",null,null,null,null,null,null,null,8.2678015323037748]
["Npower Commercial Gas Limited",null,null,null,null,null,null,null,5.7062905883824317]
["Esure Property Ltd",null,null,null,null,null,null,null,4.5349398239323637]
["Novo Nordisk Ltd",null,null,null,null,null,null,null,3.6200071255528279]
["GXO Logistics UK Ltd",null,null,null,null,null,null,null,3.1134766783626548]
["Freeths LLP",null,null,null,null,null,null,null,2.9631709076830788]
["SAGE (UK) LTD",null,null,null,null,null,null,null,2.5616290413125902]
["Ford Retail Ltd",null,null,null,null,null,null,null,2.3543430687101514]
["Restore Digital Ltd",null,null,null,null,null,null,null,2.3136352558177662]
["NTT United Kingdom Limited",null,null,null,null,null,null,null,2.3085749615382203]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.50903194461857]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.242515748534053]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,37.74386898359586]
["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,458.45000099999999,0,0,0,null,null,458.45000099999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,25.589306000000001,0,0,0,null,null,25.589306000000001]
["Other net assets/liabilities",null,-11.257746999999974,0,0,0,null,null,-11.257746999999974]
["Total net assets",null,472.78156000000001,0,0,0,null,null,472.78156000000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-5.5817005004216371,"-","-","-",null,null,-5.5817005004216371]
["Net debt (cash)/equity ",null,-5.4125008598051076,"-","-","-",null,null,-5.4125008598051076]
["Source: FIL Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,7143.1075107151091,7495.9213440119302,7270.2276531299103,6168.9905482963777,6184.2031131503572,6130.4122725604248]
["Offer (GBp)",null,null,7685.6220051998007,8065.2318258356199,7822.39684197521,6637.5214760150902,6653.8894255415225,6596.013204653621]
["Mid (GBp)",null,null,7414.3647579574554,7780.576584923775,7546.3122475525597,6403.2560121557344,6419.0462693459394,6363.2127386070224]
["Bid/offer spread",null,null,7.0588235294117618E-2,7.0588235294117521E-2,7.0588235294116466E-2,7.0588235294117688E-2,7.0588235294117493E-2,7.0588235294117563E-2]
["Net asset value (GBp)",null,null,7233.5265931292242,7590.8064243158797,7362.2558512707901,6247.0790362494963,6262.484165215551,6208.0124279092906]
["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,3.1503222627276575]
["1% or greater but less than 2%",null,null,null,2,null,null,null,3.3011774228112474]
["2% or greater but less than 4%",null,null,null,6,null,null,null,18.496330810963606]
["4% or greater but less than 8%",null,null,null,2,null,null,null,12.261240388335642]
["Greater than 8.0%",null,null,null,4,null,null,null,62.790928931223064]
["Total",null,null,null,23,null,null,null,99.999999816061219]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,30.003714283662298]
["Three largest holders",null,null,null,3,null,null,null,54.304226574092908]
["Five largest holders",null,null,null,5,null,null,null,69.14117718271747]
["Ten largest holders",null,null,null,10,null,null,null,88.353911290154613]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,1.7131765927715679]
["External",null,null,null,22,null,null,null,98.286823407228425]
["Source: FIL Limited"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,116550.48,131237.62,131308.57999999999,125657.95,113725.67,106745.37000000001]
["Units issued during period",null,null,27647.67,0,125.83000000001482,2866.6899999999996,582.32000000000005,0]
["Units redeemed during period",null,null,-12960.53,70.959999999999994,-5776.46,-14798.97,-7562.6200000000008,-4620.78985991836]
["Units in issue at end of period",null,null,131237.62,131308.57999999999,125657.95,113725.67,106745.37000000001,102124.58014008166]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: FIL Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["Fiera Real Estate Long Income Fund UK (FRELIF)"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Fund's investment objective is to provide Fund Investors with returns by acquiring and owning a series of income-producing commercial properties which are designed to deliver income and an element of capital appreciation. The investment objective is to deliver an income distribution between 4.0% - 4.5% p.a. across a portfolio diversified by sector, geography and tenant mix, whilst maintaining a minimum WAULT of 15 years."]
[]
["INVESTOR CONSTITUENCY"]
["The Investor Constituency of the fund is predominantly institutional investors (such as pension schemes) or Investors who can be classified as Professional or High Net Worth. "]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Open-ended Unregulated "]
["Residence",null,null,null,null,null,null,"UK"]
["Launch date",null,null,null,null,"Fund Launch March 2009 & Open ending Feb 2016 "]
["Open/closed-ended",null,null,null,null,null,null,null,"Open"]
["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,245.37108698]
["Source: Fiera Real Estate UK"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Fiera Real Estate Investors UK Limited "]
["Fund Manager",null,null,null,null,"Rupert Sheldon / Anne-Marie Keane"]
["Corporate trustee",null,null,null,"Exempt Unauthorised Unit Trust (EUUT) - Langham Hall UK Services LLP\nJersey Property Unit Trust (JPUT) - LHJ Trustees Limited"]
["Auditors",null,null,null,null,"KPMG LLP"]
["Source: Fiera Real Estate UK"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,"Long Income Open-Ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",9.2399999999999996E-2,null,null,-0.65949000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-0.3785,null,null,-1.3365199999999999,null,0.16313,null,0.12145]
["12 months",-13.81082,null,null,-16.622859999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",2.8233700000000002,null,null,2.6769999999999999E-2,null,3.3854099999999998,null,2.28301]
["5 years+","-",null,null,1.7693300000000001,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,5.0769799999999998,null,6.3058699999999996,null,5.4513499999999997]
["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,"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"]
["Maximum exposure to listed companies and trusts (1)",null,null,null,null,null,null,null,"N/A"]
["Source:  Fiera Real Estate UK"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,null,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,"Long Income Open-Ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,3.5436123517653439,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,13.7506015812033,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,11.54577779476851,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK retail",null,null,28.839991727737157,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,3.2440660517598774,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,4.1467804116402958,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,7.3908464634001731,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,12.623736928801785,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,24.328457658267077,null,10.21167,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,36.95219458706886,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,16.356858164244059,null,44.89969,null,12.513680000000001,25.88514]
["Cash***",null,null,10.460109057549756,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,100,null,100.00001999999999,100]
["Source:  Fiera Real Estate UK\nMSCI/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,30,null,null,219.70500100000001,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,30,null,null,219.70500100000001,null,100]
["Source: Fiera Real Estate UK"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["INFINITY HOUSE",null,null,null,"BELVEDERE","Industrial ",null,"15-20m","*"]
["282 Outland Road",null,null,null,"Plymouth","Retail Other ",null,"15-20m","*"]
["GROUND LEASE PORTFOLIO",null,null,null,"ABERDEEN","Other ",null,"10-15m","*"]
["H92 & H97, NEW FRONTIERS SCIENCE PARK",null,null,null,"HARLOW","Industrial ",null,"10-15m","*"]
["RICARDO PLC",null,null,null,"LEAMINGTON SPA","Industrial ",null,"10-15m","*"]
["ASDA",null,null,null,"STOCKPORT","Retail Other ",null,"10-15m","*"]
["THE RANGE, ALLERDYCE ROAD",null,null,null,"GLASGOW","Retail Warehouse ",null,"10-15m","*"]
["CADENT",null,null,null,"WOLVERHAMPTON","Office ",null,"10-15m","*"]
["MEGGITT",null,null,null,"ASHBY ROAD","Industrial ",null,"5-10m","*"]
["PREMIER INN, DUKE STREET",null,null,null,"NORWICH","Hotel ",null,"5-10m","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,57.144807550375234]
["Source: Fiera Real Estate UK"]
[]
["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,9.5449999999999999,null,4.3444618723084956]
["2.5 - 5",null,null,8,null,null,29.58,null,13.463507824293902]
["5-10",null,null,9,null,null,74.3,null,33.818074081982317]
["10 - 25",null,null,8,null,null,106.28000000000002,null,48.373955766259506]
["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,30,null,null,219.70500000000001,null,99.999999544844229]
["Average lot size",null,null,null,null,null,7.3235000000000001]
["Source: Fiera Real Estate UK"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.730241819582E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,6.4005991163869999E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.0865157009760001E-2]
["Source: Fiera Real Estate UK"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,20.468928750283546,null,null,null,null,19.262307561204896]
["Retail warehousing ",null,null,13.142206755916884,null,null,null,null,12.564871905413602]
["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,10.472831286662784,null,null,null,null,10.014367679499893]
["Industrial",null,null,39.973912298180394,null,null,null,null,42.906185583629117]
["Other ",null,null,15.942120908956383,null,null,null,null,15.252267270252496]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["Source: Fiera Real Estate UK"]
[]
[]
["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 ",2.8244859999999998,0,0,0,-1.0092809806809999,-1.0049970153859999,-2.0142779960669999,98.995002984613848]
["Retail warehousing ",1.8134793200000001,0,0,0,-0.78497283332700007,0.57495444723400002,-0.21001838609300005,100.57495444723349]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",1.4451350000000001,0,0,0,0,0.59108664588399995,0.59108664588399995,100.5910866458843]
["Industrial",5.5159582129999993,0,0,0,-1.3360507305210001,12.912838703551998,11.576787973030997,112.91283870355167]
["Other ",2.1998365360000003,0,0,0,-3.3854122695600002,0.64411440432599998,-2.7412978652340003,100.64411440432588]
["Overall",13.798895069,0,0,0,-1.3835300221170002,5.1962054020600004,3.8126753799430002,105.19620540206023]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Fiera Real Estate UK"]
[]
["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,25.655720855166685]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,44.592938726114468]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,5.7475181602165426]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,17.840418219648107]
[" Less than 5 years ",null,null,null,null,null,null,6.1634040388542077]
["Source: Fiera Real Estate UK"]
[]
["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: Fiera Real Estate UK"]
[]
[]
["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: Fiera Real Estate UK"]
[]
["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: Fiera Real Estate UK"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation",null,null,null,null,null,"Quarterly"]
["Property valuer",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: Fiera Real Estate UK"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,"Maximum of 15% of NAV or up to 20% of NAV in any twelve month period."]
["  - for investment purpose",null,null,null,null,null,null,null,"*"]
["  -  for liquidity purpose",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,"12.5% of NAV, and the medium risk limit is > 10% of NAV"]
["Cash holdings (minimum)",null,null,null,null,"Between 2.5%  and 12.5% of NAV"]
["Source: Fiera Real Estate UK"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["SAFEWAY STORES LIMITED",null,null,null,null,null,null,null,9.2770212777605519]
["WESTMINSTER WASTE LIMITED",null,null,null,null,null,null,null,8.7057091169600476]
["RICARDO PLC",null,null,null,null,null,null,null,6.717470249798323]
["EMW LAW LLP",null,null,null,null,null,null,null,5.6923367274882892]
["ASDA STORES LIMITED",null,null,null,null,null,null,null,5.3168885123041925]
["CADENT GAS LIMITED",null,null,null,null,null,null,null,4.7917673931267597]
["MEGGITT AEROSPACE LIMITED",null,null,null,null,null,null,null,4.425402134454691]
["MARSTON'S ESTATES LIMITED",null,null,null,null,null,null,null,4.135211830556023]
["CDS (INTERNATIONAL SUPERSTORES) LTD T/A THE RANGE",null,null,null,null,null,null,null,3.9901166786066886]
["REFRESCO DRINKS UK LIMITED",null,null,null,null,null,null,null,3.7806473274514181]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,24.700200644518922]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,35.709425884311401]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,56.832571248506987]
["Source: Fiera Real Estate UK"]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,219.70500100000001,0,0,0,null,null,219.70500100000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,25.666082979999999,0,0,0,null,null,25.666082979999999]
["Other net assets/liabilities",null,3.0000000000000001E-6,0,0,0,null,null,3.0000000000000001E-6]
["Total net assets",null,245.37108698,0,0,0,null,null,245.37108698]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-11.682065889797382,"-","-","-",null,null,-11.682065889797382]
["Net debt (cash)/equity ",null,-10.460108929660494,"-","-","-",null,null,-10.460108929660494]
["Source: Fiera Real Estate UK"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,12316.223414581316,12509.55,12129.75,10655.72,10483.950000000001,10373.56]
["Offer (GBp)",null,null,12651.844529012382,12876.14,12481.11,10977.73,10858.92,10726.36]
["Mid (GBp)",null,null,12484.033971796849,12692.844999999999,12305.43,10816.724999999999,10671.435000000001,10549.96]
["Bid/offer spread",null,null,2.6527445358772876E-2,2.8470488826620413E-2,2.8151342308496644E-2,2.9333022400806017E-2,3.4531058337293148E-2,3.2890934109987086E-2]
["Net asset value (GBp)",null,null,12451.067391481691,12645.2839706044,12258.4138204474,10766.4630757823,10603.118429881459,10488.147203499428]
["Quarterly distribution (GBp)",null,null,124.2187504852,89.564557210000004,80.814552528899995,102.1610598884,112.6919205822,124.768294965]
["Yield",null,null,3.6035999058736584E-2,3.5718973547464866E-2,3.3924626792418248E-2,3.6851370530862217E-2,3.6331961465586204E-2,4.008675887236015E-2]
["Source: Fiera Real Estate UK"]
[]
[]
["Unit pricing"]
["All unit pricing for the Fund is calculated using INREV NAV and priced quarterly.  The underlying portfolio is independently valued quarterly. "]
[]
["Distributions"]
["Distributions are made on a quarterly basis and are paid within 30 days of the Quarter End date. "]
[]
[]
[]
["Creation, transfer and realisation of units"]
["If an Investor wishes to subscribe into the Fund they will need to complete a Subscription Agreement at least 5 working days before the quarter date (31 Mar, 30 Jun, 30 Sep, 31 Dec). Following the onboarding of the Investor, new units are issued on the dealing date at Issue Price (INREV NAV) which falls 10 working days after the quarter date.  Investor commitments drawn down up to 12 months post acceptance of Subscription Agreement by the AIFM to match deal flow. \n\nAny matched trade transfer of Units are brokered by the AIFM at a price to be independently agreed between the relevant parties. \n\nTo redeem their Units Investors must issue in writing  a Realisation Notice to the AIFM of the Fund. The Realisation Notice but be received by the AIFM 15 working days before the first day of the upcoming Quarter. The Realisation Date is then calculated as the last day of the following Quarter End (6 months from the initial Realisation Notice).  The Investor will receive for their Units at the Realisation Price (RNAV) 5 working days following the Realisation Date. "]
[]
["To redeem their Units Investors must issue in writing a Realisation Notice to the AIFM of the Fund. The Realisation Notice to be received by the AIFM 15 working days before the first day of the upcoming Quarter. The Realisation Date is then calculated as the last day of the following Quarter End (6 months from the initial Realisation Notice).  The Investor will be redeemed at the Realisation Price (RNAV) 5 working days following the Realisation Date. "]
[]
["Taxation"]
["Capital Gains Tax : \nThe Fund is an English limited partnership and is therefore transparent for UK tax purposes in respect of gains.\nInvestors via the Exempt Unauthorised Unit Trust (“EUUT”) feeder are exempt from UK tax on any chargeable gain, including any gains arising from disposals or deemed disposals of the partnership assets.\nThe Jersey Property Unit Trust (“JPUT”) feeder is treated as tax transparent for capital gains having made a transparency election in line with the Non-Resident Capital Gains tax legislation. "]
["Income Tax : \nThe Fund is an English limited partnership and is therefore transparent for UK tax purposes in respect of income. \nInvestors via the EUUT feeder are exempt from UK tax on income and therefore distributions are paid gross.\nThe JPUT is treated as tax transparent for income by virtue of being constituted as a ‘Baker’ trust. "]
["Stamp Duty Reserve Tax :\nTransfers of interests in the limited partnership are subject to stamp taxes at the prevailing rate.\nNo stamp taxes should be payable on the transfers of units in the EUUT or JPUT."]
[]
[]
["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,48,null,null,null,3.0566634986392094]
["1% or greater but less than 2%",null,null,null,7,null,null,null,9.7672759297323708]
["2% or greater but less than 4%",null,null,null,5,null,null,null,13.931912773550515]
["4% or greater but less than 8%",null,null,null,4,null,null,null,21.964882219753143]
["Greater than 8.0%",null,null,null,4,null,null,null,51.279265578324761]
["Total",null,null,null,68,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,23.990492681038251]
["Three largest holders",null,null,null,3,null,null,null,43.098365618695425]
["Five largest holders",null,null,null,5,null,null,null,59.108984097127305]
["Ten largest holders",null,null,null,10,null,null,null,79.791056853300077]
["Internal/external investors"]
["Internal",null,null,null,"-",null,null,null,"-"]
["External",null,null,null,"-",null,null,null,"-"]
["Source: Fiera Real Estate UK"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,null,null,null,19482,23249.4]
["Units issued during period",null,null,null,null,null,null,3792.4,691]
["Units redeemed during period",null,null,null,null,null,null,-25,0]
["Units in issue at end of period",null,null,null,null,null,19482,23249.4,23940.400000000001]
["Unit transfers"]
["Matched bargains",null,null,null,null,null,null,502.65,0]
["Matched bargains %*",null,null,null,null,null,null,2.1619912771942501E-2,0]
["* as % of units in issue at the end of the period   "]
["Source: Fiera Real Estate UK"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,2745.90520118726]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",4.5133400000000004,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",5.8418799999999997,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-24.430060000000001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",10.587389999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",9.8851999999999993,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",15.508620000000001,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,29.097633661234092,null,null,29.097633661234092]
["South East",null,null,null,null,23.45542179666235,null,null,23.45542179666235]
["Eastern",null,null,null,null,14.075090568981404,null,null,14.075090568981404]
["West Midlands",null,null,null,null,5.5923435641782815,null,null,5.5923435641782815]
["Yorkshire & Humberside",null,null,null,null,6.4164582704993807,null,null,6.4164582704993807]
["South West",null,null,null,null,1.7848363243210614,null,null,1.7848363243210614]
["East Midlands",null,null,null,null,1.4233928109286287,null,null,1.4233928109286287]
["Scotland",null,null,null,null,4.7483779306694487,null,null,4.7483779306694487]
["North West",null,null,null,null,4.0041940821520692,null,null,4.0041940821520692]
["Wales",null,null,null,null,0.51558189642677521,null,null,0.51558189642677521]
["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,1.6306075728776697,null,null,1.6306075728776697]
["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,7.0393580761696644]
["Overall",null,null,null,null,92.743938478931156,null,null,99.783296555100819]
["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,173,null,null,2983.8884659999999,null,99.999999966486683]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,0,null,null,9.9999999999999995E-7,null,3.351331697077135E-8]
["Total",null,null,173,null,null,2983.8884669999998,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 "]
["CLOCK TOWER INDUSTRIAL ESTATE",null,null,null,"ISLEWORTH","Industrial ",null,"80-90","-"]
["BERMONDSEY TRADING ESTATE",null,null,null,"LONDON","Industrial ",null,"80-90","-"]
["CLIFTON MOOR INDUSTRIAL ESTATE",null,null,null,"YORK","Industrial Other ",null,"70-80","-"]
["BARTON PARK & DEACON INDUSTRIAL ESTATE",null,null,null,"EASTLEIGH","Industrial ",null,"60-70","-"]
["LONDON IND PARK",null,null,null,"LONDON","Industrial ",null,"50-60","-"]
["PIPPS HILL BUSINESS PARK",null,null,null,"BASILDON","Industrial Other ",null,"50-60","-"]
["HAZLETON INTERCHANGE HORNDEAN",null,null,null,"WATERLOOVILLE","Industrial ",null,"50-60","-"]
["UNITS A B AND C",null,null,null,"LONDON","Industrial ",null,"50-60","-"]
["UNITS 1-12 PASADENA TRADING ESTATE",null,null,null,"HAYES","Industrial ",null,"50-60","-"]
["WEST WILTS TRADING ESTATE",null,null,null,"WESTBURY","Industrial ",null,"40-50","-"]
["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,8,null,null,13.967466000000002,null,0.46809611533647183]
["2.5 - 5",null,null,22,null,null,83.182999999999993,null,2.7877382455796731]
["5-10",null,null,46,null,null,352.88099999999997,null,11.826212805962765]
["10-25",null,null,57,null,null,889.08399999999995,null,29.796153905641276]
["25 - 50",null,null,31,null,null,1060.8599999999997,null,35.552937441612478]
["50 - 100",null,null,9,null,null,583.86000000000013,null,19.567085246554562]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,173,null,null,2983.835466,null,99.998223760687239]
["Average lot size",null,null,null,null,null,17.247603849710984]
["Source: Legal & General Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.7999999999999999E-2,null,"Investments ",null,null,7.0999999999999994E-2]
["Nominal equivalent yield",null,null,5.0300000000000004E-2,null,"Developments",null,null,2.3000000000000007E-2]
["True equivalent yield",null,null,5.2000000000000005E-2,null,"Total",null,null,9.4E-2]
["Net reversionary yield",null,null,5.2300000000000006E-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,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,100,null,null,null,null,100]
["Other ",null,null,0,null,null,null,null,0]
["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 ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",0,0,0,0,0,0,0,"-"]
["Industrial",123.652243,1.8109049515970002,3.2571596681970001,9.6965848396120009,-1.8998110070709999,35.631654945545996,33.731843938474995,142.15493955900178]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",123.652243,1.8109049515970002,3.2571596681970001,9.6965848396120009,-1.8998110070709999,35.631654945545996,33.731843938474995,142.15493955900178]
["*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,3.1]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0.6]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,5.3]
[" 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,68.5]
["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,"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,2.2159930253251949]
["UNIVERSITY OF YORK",null,null,null,null,null,null,null,1.9728886623990656]
["Screwfix Direct Ltd",null,null,null,null,null,null,null,1.7237583907367175]
["Sunderland City Council",null,null,null,null,null,null,null,1.2968857771267381]
["HFC Prestige Manufacturing UK Limited",null,null,null,null,null,null,null,1.1863878246909962]
["FLAKT WOODS LIMITED",null,null,null,null,null,null,null,1.0701541683697922]
["CLIPPER LOGISTICS PLC",null,null,null,null,null,null,null,0.98850724985629979]
["TR 67A - Toolstation Limited",null,null,null,null,null,null,null,0.98664667296696085]
["WOLSELEY UK LTD",null,null,null,null,null,null,null,0.97507369124107268]
["Event Concept Limited",null,null,null,null,null,null,null,0.80775478471301831]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,5.9126400784609778]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,8.3959136802787118]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.224050247425856]
["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,2983.8884659999999,0,0,0,null,null,2983.8884659999999]
["Listed investments",null,0,0,0,9.9999999999999995E-7,null,null,9.9999999999999995E-7]
["Debt",null,-485,0,0,0,null,null,-485]
["Cash",null,225.95217650000001,0,0,0,null,null,225.95217650000001]
["Other net assets/liabilities",null,21.064557687260276,0,0,0,null,null,21.064557687260276]
["Total net assets",null,2745.9052001872601,0,0,9.9999999999999995E-7,null,null,2745.90520118726]
["Gearing (%)"]
["Net debt (cash)/properties ",null,8.6815518224534074,"-","-","-",null,null,8.6815518224534074]
["Net debt (cash)/equity ",null,9.4339682040856303,"-","-",0,null,null,9.4339682006499803]
["Source: Legal & General Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,"-","-","-","-","-","-"]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,2056.7024495807077,2174.16981589737,1962.7377799999999,1534.5025801193999,1542.4520817592656,1601.3854153480536]
["Quarterly distribution (GBp)",null,null,9.2039629849000004,14.8760717750647,8.6961300000000001,13.328341288567,11.9674039392,10.179166176200001]
["Yield",null,null,1.7328300040711102E-2,1.9664390098442456E-2,2.280055733736373E-2,3.1696121272524989E-2,3.169859434954618E-2,2.7583017434625275E-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,28.000000000000004]
["1% or greater but less than 2%",null,null,null,12,null,null,null,17]
["2% or greater but less than 4%",null,null,null,12,null,null,null,30]
["4% or greater but less than 8%",null,null,null,3,null,null,null,16]
["Greater than 8.0%",null,null,null,1,null,null,null,9]
["Total",null,null,null,86,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,8.7378]
["Three largest holders",null,null,null,3,null,null,null,20.271599999999999]
["Five largest holders",null,null,null,5,null,null,null,28.242999999999999]
["Ten largest holders",null,null,null,10,null,null,null,41.734200000000001]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,9.66]
["External",null,null,null,84,null,null,null,90.34]
["Source: Legal & General Investment Management Limited"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1482263,1524676.1040000001,1566537.6628,1566537.6628,1671464,1714706.1551000001]
["Units issued during period",null,null,42413.103999999999,41861.558799999999,0,104926.33719999999,43242.155100000091,0]
["Units redeemed during period",null,null,0,0,0,0,0,0]
["Units in issue at end of period",null,null,1524676.1040000001,1566537.6628,1566537.6628,1671464,1714706.1551000001,1714706.1551000001]
["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:","2023-06-30"]
[]
["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,914.74595166999995]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Apex Group 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 Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.64519526806299998,null,null,-0.65949000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",2.0444206693489999,null,null,-1.3365199999999999,null,0.16313,null,0.12145]
["12 months",-9.0925879193070003,null,null,-16.622859999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",2.790943887813,null,null,2.6769999999999999E-2,null,3.3854099999999998,null,2.28301]
["5 years+",3.518602489259,null,null,1.7693300000000001,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,5.0769799999999998,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,12.759280341177178,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,11.161985374056542,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,4.8652852811043159,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK retail",null,null,28.786550996338036,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,0,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0.49740586516177138,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,0.49740586516177138,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,4.8456076864385755,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,6.7089665813138275,null,10.21167,null,13.653829999999999,11.75995]
["All UK  Industrial",null,null,11.554574267752404,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,58.875458894869382,null,44.89969,null,12.513680000000001,25.88514]
["Cash***",null,null,0.28600997587842097,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,100,null,100.00001999999999,100]
["** 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,110,null,null,912.12968499999999,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,110,null,null,912.12968499999999,null,100]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["SAINSBURYS",null,null,null,"SOUTH WOODHAM FERRERS","Retail Other ",null,"20.-.30","*"]
["DENBY HALL BUSINESS PARK",null,null,null,"RIPLEY","Industrial ",null,"20.-.30","*"]
["STAYCITY",null,null,null,"LIVERPOOL","Hotel ",null,"20.-.30","*"]
["STAY CITY",null,null,null,"BIRMINGHAM","Hotel ",null,"20.-.30","*"]
["MORRISONS & MCDONALDS",null,null,null,"MANCHESTER","Retail Other ",null,"10.-.20","*"]
["DAVID LLOYD EMERSONS GREEN",null,null,null,"BRISTOL","Leisure ",null,"10.-.20","*"]
["SENATE BUSINESS PARK 1A, FARRIERS WAY, BOOTLE",null,null,null,"LIVERPOOL","Industrial ",null,"10.-.20","*"]
["DAVID LLOYD - BICESTER, WENDLEBURY ROAD",null,null,null,"BICESTER","Leisure ",null,"10.-.20","*"]
["SAINBURYS",null,null,null,"WORCESTER","Retail Other ",null,"10.-.20","*"]
["CARE UK MAIDSTONE",null,null,null,"MAIDSTONE","Healthcare ",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,5,null,null,10.99,null,1.2048725286251374]
["2.5 - 5",null,null,33,null,null,121.07000000000002,null,13.273331850832157]
["5-10",null,null,40,null,null,298.06885200000005,null,32.678341347919186]
["10-25",null,null,32,null,null,482.000832,null,52.843454162989985]
["25 - 50",null,null,0,null,null,0,null,0]
["50 - 100",null,null,"-",null,null,"-",null,"-"]
["Over 100",null,null,"-",null,null,"-",null,"-"]
["Total",null,null,110,null,null,912.129684,null,99.999999890366468]
["Average lot size",null,null,null,null,null,8.2920880363636371]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,5.9197358967469998E-2,null,"Investments ",null,null,5.1199491133800002E-3]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.751015106547E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.6334508328380002E-2]
[]
["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,0,null,null,null,null,0]
[]
["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"]
[]
["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,35.875578982869904]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,22.438006475228974]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,33.033973111663585]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,7.2409358079505752]
[" Less than 5 years ",null,null,null,null,null,null,1.4115056222869686]
[]
["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,"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,"%"]
["*",null,null,null,null,null,null,null,"*  "]
["*",null,null,null,null,null,null,null,"*"]
["*",null,null,null,null,null,null,null,"*"]
["*",null,null,null,null,null,null,null,"*"]
["*",null,null,null,null,null,null,null,"*"]
["*",null,null,null,null,null,null,null,"*"]
["*",null,null,null,null,null,null,null,"*"]
["*",null,null,null,null,null,null,null,"*"]
["*",null,null,null,null,null,null,null,"*"]
["*",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,912.12968499999999,"-","-","-",null,null,912.12968499999999]
["Listed investments",null,0,"-","-","-",null,null,0]
["Debt",null,0,"-","-","-",null,null,0]
["Cash",null,2.6162646700000001,"-","-","-",null,null,2.6162646700000001]
["Other net assets/liabilities",null,1.9999999999999999E-6,"-","-","-",null,null,1.9999999999999999E-6]
["Total net assets",null,914.74595166999995,0,0,0,null,null,914.74595166999995]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-0.28683033926255785,"-","-","-",null,null,-0.28683033926255785]
["Net debt (cash)/equity ",null,-0.28600997525308897,"-","-","-",null,null,-0.28600997525308897]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1.1474,1.1531,1.117,1.0024,"-",0.97729999999999995]
["Offer (GBp)",null,null,1.2254,1.2315,1.1929000000000001,1.0705,1.070951666734709,1.0629]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,1.14738161850618,1.1530731087720301,1.11696474837667,1.0023662428585001,1.00277034730305,0.99524357667317997]
["Quarterly distribution (GBp)",null,null,1.5022837000000001E-2,1.30492361E-2,1.21367061E-2,1.382014740156E-2,1.353134776123E-2,1.399659746021E-2]
["Yield",null,null,4.3886624108166135E-2,4.4459274013071599E-2,4.6057516743269251E-2,5.39013830403475E-2,5.2392292696816764E-2,5.3740410951623199E-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,2,null,null,null,2.62]
["2% or greater but less than 4%",null,null,null,4,null,null,null,12.58]
["4% or greater but less than 8%",null,null,null,4,null,null,null,24.78]
["Greater than 8.0%",null,null,null,4,null,null,null,59.98]
["Total",null,null,null,18,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,"-",null,null,null,"-"]
["Three largest holders",null,null,null,"-",null,null,null,"-"]
["Five largest holders",null,null,null,"-",null,null,null,"-"]
["Ten largest holders",null,null,null,"-",null,null,null,"-"]
["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,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period"]
["Units issued during period"]
["Units redeemed during period"]
["Units in issue at end of period"]
["Unit transfers"]
["Matched bargains"]
["Matched bargains %*"]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,1567.8057250450001]
["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 Open-ended funds",null,"All balanced Open-ended funds",null,"All funds"]
["3 months",1.62,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.48,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-15.89,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",2.87,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",2.0099999999999998,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",5.31,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-ended funds",null,"All balanced Open-ended funds","All funds"]
["Standard retail – South East",null,null,3.0320358980678641,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.95913018370784842,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,8.1271065309035535,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,12.118272612679267,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,2.4019383674330332,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,2.5269707756007809,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,3.5140687348198356,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,6.034458857359156,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,14.477436735212805,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,16.920504184279963,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,17.45518224552362,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,34.375686429803579,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,23.585060572273953,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,15.443543650030389,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,66,null,null,1284.9250010000001,null,96.925658309156006]
["Joint  and indirect holdings",null,null,0,null,null,0,null,0]
["Listed investments",null,null,1,null,null,40.75596255,null,3.0743416908439918]
["Total",null,null,67,null,null,1325.6809635500001,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 "]
["WOODSIDE INDUSTRIAL ESTATE",null,null,null,"DUNSTABLE","Industrial ",null,"100+",10.221162083911105]
["FOLLINGSBY PARK",null,null,null,"GATESHEAD","Industrial Other ",null,"100+",7.920457703399749]
["BIRSTALL SHOPPING PARK",null,null,null,"BATLEY","Retail Park",null,"50-75",5.3934545313626865]
["INTO EXETER RESIDENTIAL BLOCKS A-E",null,null,null,"EXETER","Residential ",null,"50-75",5.3180216008541175]
["ONE CANALSIDE (BLOCK C)",null,null,null,"CHELMSFORD","Residential ",null,"50-75",4.065834954411871]
["NORTH TOWER",null,null,null,"MANCHESTER","Apartments- Applicable Not Categorised",null,"50-75",3.8678235118268773]
["HBH HOTEL STANSTED",null,null,null,"STANSTED","Hotel ",null,"50-75",3.8621660420387345]
["THE AIRCRAFT FACTORY, HAMMERSMITH",null,null,null,"LONDON","Office ",null,"25-50",3.5453477339027448]
["120 ALDERSGATE STREET",null,null,null,"LONDON","Office ",null,"25-50",2.75330196356277]
["MALMAISON HOTEL",null,null,null,"MANCHESTER","Hotel ",null,"25-50",2.4892867067827784]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,49.436856832053429]
["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,"*",null,"*"]
["2.5 - 5",null,null,6,null,null,"*",null,"*"]
["5-10",null,null,18,null,null,"*",null,"*"]
["10-25",null,null,22,null,null,"*",null,"*"]
["25 - 50",null,null,6,null,null,"*",null,"*"]
["50 - 100",null,null,5,null,null,"*",null,"*"]
["100 - 150",null,null,2,null,null,"*",null,"*"]
["Over 150",null,null,0,null,null,"*",null,"*"]
["Total",null,null,66,null,null,1284.925,null,96.92565823372307]
["Average lot size",null,null,null,null,null,19.468560606060606]
["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,4.9000000000000002E-2,null,"Investments ",null,null,8.3599999999999994E-2]
["Nominal equivalent yield",null,null,6.0499999999999998E-2,null,"Developments",null,null,0.05]
["True equivalent yield",null,null,6.2800000000000009E-2,null,"Total",null,null,0.1336]
["Net reversionary yield",null,null,6.1100000000000002E-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,4.8092988959931668,null,null,null,null,5.1665944634682086]
["Retail warehousing ",null,null,12.628478289199411,null,null,null,null,8.1800210282581052]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,5.2914396479760013,null,null,null,null,5.7454799131148881]
["Other offices",null,null,11.932910533212526,null,null,null,null,20.310208883068221]
["Industrial",null,null,34.191074353258259,null,null,null,null,36.615915456590159]
["Other ",null,null,31.14679828036062,null,null,null,null,23.981780255500404]
["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 ",3.6524640000000002,8.2136333171249998,11.096700747769001,16.359914841049999,-9.0081654466680003,26.826465640729001,17.818300194061003,126.8264656407291]
["Retail warehousing ",9.5908080000000009,1.0947982693429998,0,0,-30.531567309031999,-23.530071710329,-54.061639019360996,76.46992828967069]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",4.0186299999999999,9.2494954748260003,0,21.288349512147001,-11.270756451825999,28.185749869981002,16.914993418155003,128.18574986998058]
["Other offices",9.0625529999999994,8.5208329264389988,31.580549101340001,55.489838238738997,-2.4320768110270001,100.93486073957301,98.502783928546009,200.93486073957308]
["Industrial",25.966709680000001,1.435727724438,0,8.2533829908019989,-1.7741434539730001,26.428339503043002,24.654196049070002,126.42833950304326]
["Other ",23.654707659999996,0,0,0.25787678662899999,-14.889774630172001,-9.101797794106,-23.991572424278001,90.898202205894449]
["Overall",75.945872340000008,2.5303801125579999,4.3021521767139994,11.437050799962,-10.419791551768,18.055788102097999,7.6359965503299989,118.05578810209767]
["*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,40.75596255,null,null,3.0743416908439918]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",null,"-",null,null,"-"]
[null,null,null,"-",null,40.75596255,null,null,3.0743416908439918]
["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,7.5926389755791632]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0.20767395191160923]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,9.229979027219045]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,25.652123162564148]
[" Less than 5 years ",null,null,null,null,null,null,57.317584882726024]
["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,"%"]
["HBH Hotel Stansted Limited",null,null,null,null,null,null,null,6.4226084392616078]
["INTO University Of Exeter LLP",null,null,null,null,null,null,null,5.9619386662774057]
["DHL Supply Chain Limited",null,null,null,null,null,null,null,4.0098069843060227]
["The Malmaison Hotel (Manchester) Limited",null,null,null,null,null,null,null,2.7202096806794507]
["Red Ahead Storage Shed Limited",null,null,null,null,null,null,null,2.5745113276837537]
["Next Holdings Limited",null,null,null,null,null,null,null,2.3239213290159295]
["Waitrose Limited",null,null,null,null,null,null,null,2.1347205764306914]
["GXO Logistics Drinks Limited",null,null,null,null,null,null,null,1.9408120772346753]
["Whistl Fulfilment (Gateshead) Limited",null,null,null,null,null,null,null,1.7029060806704248]
["Costain Limited",null,null,null,null,null,null,null,1.5674810065826259]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.394354089845038]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.689075098208242]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,31.358916168142589]
["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,1284.9250010000001,0,0,0,null,null,1284.9250010000001]
["Listed investments",null,0,0,0,40.75596255,null,null,40.75596255]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,242.124761495,0,0,0,null,null,242.124761495]
["Other net assets/liabilities",null,0,0,0,0,null,null,0]
["Total net assets",null,1527.0497624950001,0,0,40.75596255,null,null,1567.8057250450001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-18.843493690804138,"-","-","-",null,null,-18.843493690804138]
["Net debt (cash)/equity ",null,-15.855721761116659,"-","-",0,null,null,-15.443543650030389]
["Source: Legal & General Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,0.62470000000000003,0.6411,0.61140000000000005,0.52270000000000005,0.51849999999999996,0.52400000000000002]
["Offer (GBp)",null,null,0.66469999999999996,0.64829999999999999,0.61780000000000002,0.52880000000000005,0.52429999999999999,0.52939999999999998]
["Mid (GBp)",null,null,0.64470000000000005,0.64470000000000005,0.61460000000000004,0.52575000000000005,0.52139999999999997,0.52669999999999995]
["Bid/offer spread",null,null,6.0177523694899843E-2,1.1105969458583964E-2,1.035933959210094E-2,1.1535552193645979E-2,1.1062368872782811E-2,1.0200226671703741E-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,221,null,null,null,19.082461196857061]
["1% or greater but less than 2%",null,null,null,6,null,null,null,8.3715568511426977]
["2% or greater but less than 4%",null,null,null,3,null,null,null,10.768671455273102]
["4% or greater but less than 8%",null,null,null,7,null,null,null,41.468559127784651]
["Greater than 8.0%",null,null,null,2,null,null,null,20.308751368942566]
["Total",null,null,null,239,null,null,null,100.00000000000007]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,11.463564722706097]
["Three largest holders",null,null,null,3,null,null,null,27.572397704195229]
["Five largest holders",null,null,null,5,null,null,null,41.305427467437205]
["Ten largest holders",null,null,null,10,null,null,null,65.706093463641494]
["Internal/external investors"]
["Internal",null,null,null,3,null,null,null,"-"]
["External",null,null,null,236,null,null,null,"-"]
["Source: Legal & General Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,4127636350,4380466814,3964429344,3190180520,2855396988,2333138431]
["Units issued during period",null,null,608368749,426652913,23035124,191343513,256343224,63084834]
["Units redeemed during period",null,null,-355538285,-842690383,-797283948,-526127045,-778601781,-316052169]
["Units in issue at end of period",null,null,4380466814,3964429344,3190180520,2855396988,2333138431,2080171096]
["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:","2023-06-30"]
[]
["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,3159.64678572]
["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,"Rob Codling"]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",8.9858361124000002E-2,null,null,0.67464000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-1.8749001347650001,null,null,0.39922000000000002,null,0.16313,null,0.12145]
["12 months",-17.068490689506,null,null,-18.107050000000001,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",3.3116074156319999,null,null,3.4733900000000002,null,3.3854099999999998,null,2.28301]
["5 years+",2.0729581369569998,null,null,1.8227899999999999,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",5.7606966152960002,null,null,5.6633100000000001,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,1.7892851074091201,null,3.5830600000000001,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,2.6902952237734992,null,2.0243000000000002,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,1.9954349485207581,null,1.7636799999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,10.550255381987494,null,11.15565,null,12.11309,7.6449400000000001]
["All UK retail",null,null,17.025270661690872,null,18.526689999999999,null,18.992509999999999,17.1388]
["City offices",null,null,0.6876967672604446,null,3.57456,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,7.0194418871178952,null,5.6664700000000003,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,7.8492380063390881,null,5.8233499999999996,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,5.1640933171131538,null,4.0957499999999998,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,20.720469977830582,null,19.160129999999999,null,22.939950000000003,19.0868]
["South East  industrial",null,null,32.306342720169589,null,26.032979999999998,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,1.8935539459636552,null,13.72606,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,34.199896666133242,null,39.759039999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,15.718230233489527,null,12.9658,null,12.513680000000001,25.88514]
["Cash***",null,null,12.336132460855799,null,9.5883199999999995,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100.00000000000001,null,99.999979999999994,null,100.00001999999999,100]
["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,61,null,null,2342.5850009999999,null,83.190220090429506]
["Joint  and indirect holdings",null,null,4,null,null,473.3529763891226,null,16.809779909570501]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,65,null,null,2815.9379773891224,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,"150-200","*"]
["WOODSIDE INDUSTRIAL ESTATE",null,null,null,"DUNSTABLE","Industrial Other ",null,"100-150","*"]
["BASINGSTOKE",null,null,null,"THAMES VALLEY AND THE SOUTH","Industrial Other ",null,"100-150","*"]
["STRAND ISLAND",null,null,null,"LONDON","Office ",null,"100-150","*"]
["INTO NEWCASTLE UNIVERSITY",null,null,null,"NEWCASTLE UPON TYNE","Education ",null,"50-100","*"]
["YOTEL LONDON CLERKENWELL",null,null,null,"LONDON","Hotel ",null,"50-100","*"]
["1 PICCADILLY GARDENS & THE PAVILION",null,null,null,"MANCHESTER","Office ",null,"50-100","*"]
["INTERCHANGE RETAIL PARK",null,null,null,"BEDFORD","Retail Park",null,"50-100","*"]
["76-88 WARDOUR STREET",null,null,null,"LONDON","Office ",null,"50-100","*"]
["APEX PLAZA",null,null,null,"READING","Office ",null,"50-100","*"]
["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,6,null,null,47.61,null,1.6907332612539634]
["10-25",null,null,22,null,null,381.44999999999993,null,13.546108013134303]
["25 - 50",null,null,21,null,null,772.72499999999991,null,27.441122858694992]
["50 - 100",null,null,8,null,null,564.65,null,20.051933122601351]
["100 - 150",null,null,3,null,null,396.3,null,14.073463378175713]
["Over 150",null,null,1,null,null,179.85,null,6.3868594210570322]
["Total",null,null,61,null,null,2342.585,null,83.190220054917361]
["Average lot size",null,null,null,null,null,38.403032786885248]
["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,4.6384399999999999E-2,null,"Investments ",null,null,0.11289999999999999]
["Nominal equivalent yield",null,null,6.4106999999999997E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,"-",null,"Total",null,null,0.11289999999999999]
["Net reversionary yield",null,null,5.7000000000000002E-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,5.7302066587287381,null,null,null,null,7.4072609740269666]
["Retail warehousing ",null,null,17.237495743706884,null,null,null,null,14.602950682115873]
["Shopping centres ",null,null,5.731744733964188,null,null,null,null,6.2200687894132338]
["Central London offices",null,null,8.5507677057571936,null,null,null,null,9.2065508399147014]
["Other offices",null,null,14.550859295679293,null,null,null,null,16.445955762382408]
["Industrial",null,null,28.937647946391877,null,null,null,null,30.870936059683547]
["Other ",null,null,19.261277915771824,null,null,null,null,15.246276892463269]
["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 ",6.7183937999999994,0,0,13.300798175897341,-13.73609567215307,68.39349309949651,54.65739742734344,167.9581956032408]
["Retail warehousing ",20.210141,0,0,9.5977608468936459,-10.619579546723596,11.094687563040756,0.47510801631715971,110.07286886321081]
["Shopping centres ",6.720197119799999,0,0,15.455127007210622,-11.606266692712916,33.532600904823859,21.926334212110945,141.00099790349608]
["Central London offices",10.025366999999999,0,0,16.616648547629232,-1.6304839513605835,24.909960902179449,23.279476950818864,139.8961254984481]
["Other offices",17.060188,0,0,35.390489249004759,-3.2803800286374334,14.743395559298659,11.463015530661226,146.85350477966597]
["Industrial",33.928010999999998,0,0,14.195379740946207,-1.8290756861638606,25.134385272393384,23.305309586229523,138.61186557620488]
["Other ",22.582929,0,0,3.0595676938097798,-7.5795216820634739,7.1132048460144315,-0.46631683604904239,102.8472170284023]
["Overall",117.2452269198,"-","-","-","-","-","-",129.93131661061554]
["*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,4.1395021831966794]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,1.9798639732038481]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,12.899641089554351]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,24.69209125413812]
[" Less than 5 years ",null,null,null,null,null,null,56.288901499906999]
["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"]
["HAMMERSMITH",null,"Office ","INDIRECT RE - LIMITED PARTNERSHIP","-",50,90.95,0,3.2298296599674008]
["INDUSTRIAL PROPERTY INVESTMENT FUND",null,"Industrial ","INDIRECT RE - LIMITED PARTNERSHIP","-",8.74,269.72125069999998,0,9.5783803786076209]
["LEISURE FUND LIMITED PARTNERSHIP",null,"Leisure ","INDIRECT RE - LIMITED PARTNERSHIP","-",13.91,58.246565189122663,0,2.068460514997835]
["L&G BTR fund",null,"Residential","INDIRECT RE - LIMITED PARTNERSHIP","-",6.09,54.435160500000002,0,1.9331093559976462]
["-",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,"%"]
["Hotel",null,null,null,null,null,null,null,3.8047177276272137]
["Into Newcastle University LLP",null,null,null,null,null,null,null,2.9146496064717571]
["TJX UK",null,null,null,null,null,null,null,2.5621523434257014]
["The Bank Of New York Mellon",null,null,null,null,null,null,null,2.5442739412637354]
["Eddie Stobart Ltd",null,null,null,null,null,null,null,1.8158125203048363]
["Matalan Retail Ltd",null,null,null,null,null,null,null,1.7576424099710835]
["The Malmaison Hotel (Birmingham) Ltd",null,null,null,null,null,null,null,1.71165936719718]
["Next Holdings Limited",null,null,null,null,null,null,null,1.4614900081943258]
["Currys Group Limited",null,null,null,null,null,null,null,1.4562360760098834]
["Sainsburys Supermarkets Ltd",null,null,null,null,null,null,null,1.3406639260303221]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,9.2815196775246722]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.641606139093245]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.369297926496039]
["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,2342.5850009999999,0,473.3529763891226,0,null,null,2815.9379773891224]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,-78.730976015462417,0,null,null,-78.730976015462417]
["Cash",null,396.26113774999999,0,0,0,null,null,396.26113774999999]
["Other net assets/liabilities",null,9.9343745599999433,0,16.244272036339783,0,null,null,26.178646596339725]
["Total net assets",null,2748.7805133100001,0,410.86627240999997,0,null,null,3159.64678572]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-16.91555002618238,"-",16.632614548248061,"-",null,null,-11.276177397520124]
["Net debt (cash)/equity ",null,-14.41588863975298,"-",19.162190060929955,"-",null,null,-10.049546144512506]
["Source: Legal & General Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,66.609499999999997,69.424800000000005,67.300799999999995,58.742100000000001,57.613199999999999,57.690199999999997]
["Offer (GBp)",null,null,71.030799999999999,73.990899999999996,68.066000000000003,62.5471,61.382799999999996,61.436599999999999]
["Mid (GBp)",null,null,68.820149999999998,71.707850000000008,67.683400000000006,60.644599999999997,59.497999999999998,59.563400000000001]
["Bid/offer spread",null,null,6.224482900375615E-2,6.1711642918250646E-2,1.1242029794611218E-2,6.0834155380505246E-2,6.141133998449072E-2,6.0979937040786782E-2]
["Net asset value (GBp)",null,null,67.370757322385231,70.216394387854393,68.066007144118402,59.409293658566298,58.269253713425357,58.345810262285198]
["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"]
["The Fund has an accumulating share class only, however investors are able to sign up to the Notional Income Service for regular disbursements.\n"]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP250,000, although this can change at the managers discretion. 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 and daily basis, with applications to be received at least two business days before subscription day, which is the last working day of the month, for DB clients, or before 6pm the preceding day for DC clients. \nThe Manager has the discretion to defer redemptions if it deems it in the interest of continuing unitholders to do so, or if market conditions dictate."]
[]
[]
[]
[]
[]
[]
["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,"-",null,null,null,"-"]
["1% or greater but less than 2%",null,null,null,"-",null,null,null,"-"]
["2% or greater but less than 4%",null,null,null,"-",null,null,null,"-"]
["4% or greater but less than 8%",null,null,null,"-",null,null,null,"-"]
["Greater than 8.0%",null,null,null,"-",null,null,null,"-"]
["Total",null,null,null,"-",null,null,null,"-"]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,"-"]
["Three largest holders",null,null,null,3,null,null,null,52.2]
["Five largest holders",null,null,null,5,null,null,null,58.3]
["Ten largest holders",null,null,null,10,null,null,null,67.5]
["Internal/external investors"]
["Internal",null,null,null,"-",null,null,null,"-"]
["External",null,null,null,838,null,null,null,100]
["Source: Legal & General Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,67666299,66043863.289999999,63174180.589999996,59865522.559999995]
["Units issued during period",null,null,764598.36,0,0,1156967.3899999999]
["Units redeemed during period",null,null,-2387034.0699999998,-2869682.7,-3308658.0300000012,-1490276.06]
["Units in issue at end of period",null,null,66043863.289999999,63174180.589999996,59865522.559999995,59532213.889999993]
["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:","2023-06-30"]
[]
["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,257.31500100000005]
[]
["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 Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-1.3582000000000001,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-4.0172100000000004,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-13.30997,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-0.49054999999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",-1.54803,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,1.1216474154871907,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,1.6064272306553831,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,6.4637308689092334,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,17.604161131205736,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,26.795966646257543,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,1.8630753680973673,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,12.167022812064438,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,13.364714120127035,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,8.8210915387467193,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,36.215903839035562,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,18.754325006408703,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,5.9124126477375647,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,24.666737654146267,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,0,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,12.321391860560626,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["** 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,26,null,null,229.67500100000001,null,99.598872508244256]
["Joint  and indirect holdings",null,null,1,null,null,0.92500000000000004,null,0.40112749175573509]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,27,null,null,230.60000100000002,null,99.999999999999986]
[]
[]
[]
["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,32,13.876842958036239]
["REGENT ARCADE SHOPPING CENTRE",null,null,null,"CHELTENHAM","Retail Shopping Centre ",null,17,7.3720728214567517]
["ROUNDSWELL RETAIL PARK",null,null,null,"BARNSTAPLE","Retail Park",null,15.7,6.8083260762865292]
["UNITS 1 2 & 3 TURBARY RETAIL PARK",null,null,null,"BOURNEMOUTH","Retail Park",null,15.5,6.7215958077988036]
["ST DAVID'S WAY",null,null,null,"NUNEATON","Industrial ",null,13.6,5.8976582571654017]
["FORBURY SQUARE",null,null,null,"READING","Office ",null,13.4,5.8109279886776752]
["DELTIC PARK",null,null,null,"MILTON KEYNES","Industrial ",null,12.1,5.2471812435074527]
["PHASE 3, LEEDS CITY OFFICE PARK",null,null,null,"LEEDS","Office ",null,11.85,5.1387684078977944]
["FAIRWOOD INDUSTRIAL ESTATE,",null,null,null,"ASHFORD","Industrial Other ",null,11.5,4.9869904380442733]
["ST MARGARET'S WAY",null,null,null,"LEICESTER","Retail Park",null,10.55,4.5750216627275728]
["10 largest investments as % of portfolio",null,null,null,null,null,null,153.20000000000002,66.435385661598502]
[]
[]
["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,6.1749999999999998,null,2.6777970395585555]
["2.5 - 5",null,null,7,null,null,27.375,null,11.871205499257565]
["5-10",null,null,3,null,null,22.574999999999999,null,9.7896790555521278]
["10-25",null,null,11,null,null,141.55000000000001,null,61.383347522188437]
["25 - 50",null,null,1,null,null,32,null,13.876842958036239]
["50 - 100",null,null,"-",null,null,"-",null,"-"]
["Over 100",null,null,"-",null,null,"-",null,"-"]
[]
["Total",null,null,26,null,null,229.67500000000001,null,99.598872074592919]
["Average lot size",null,null,null,null,null,8.8336538461538474]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,3.1281300319490002E-2,null,"Investments ",null,null,0.29659844548274]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,8.1897414099590005E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.9626106344140001E-2]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,3.4785267515061462,null,null,null,null,5.3162715892880712]
["Retail warehousing ",null,null,28.42456502364195,null,null,null,null,17.083577953666833]
["Shopping centres ",null,null,17.864311601373018,null,null,null,null,10.912859930040659]
["Central London offices",null,null,9.0625140233517829,null,null,null,null,10.255903285797672]
["Other offices",null,null,14.839957570280562,null,null,null,null,34.918406790378668]
["Industrial",null,null,26.330125029846542,null,null,null,null,21.512980450828106]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,100,null,null,null,null,100.00000000000001]
[]
[]
[]
["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 ",0.40200000000000002,43.532338308458002,0,24.054726368158999,-28.656716417910001,165.93781094527401,137.28109452736402,265.93781094527361]
["Retail warehousing ",3.2849179999999998,0,0,4.9681605446469996,-8.1227902796959999,4.581118919863,-3.5416713598329999,104.58111891986346]
["Shopping centres ",2.0645099999999998,1.153566705901,0,9.9086466037950007,-11.198686371100001,6.2968936939029998,-4.9017926771970011,106.29689369390316]
["Central London offices",1.04732,11.480015659015001,0,36.092120841768001,-0.30506435473400001,96.921666730320993,96.616602375586993,196.92166673032116]
["Other offices",1.7149970000000001,14.116467842218,0,294.51655017472297,-0.81947665214599996,309.43978327658897,308.62030662444295,409.4397832765888]
["Industrial",3.0428716000000002,0,0,2.3333222473139998,-7.2300125973000007E-2,42.172610898205001,42.100310772232,142.17261089820551]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",11.5566166,4.8556166516759998,0,51.610390882051007,-5.4745607810510002,74.007624342232006,68.53306356118101,174.00762434223179]
["*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,1.3442685686328286]
[" 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,3.5617389034464075]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,35.186843020578209]
[" Less than 5 years ",null,null,null,null,null,null,59.907149507342552]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["HIGH POINT RETAIL PARK",null,"Retail Park","DIRECT RE - INDIVIDUAL PROPERTY","-",25,"-",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,"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,9.072689081378309]
["MATALAN RETAIL LTD",null,null,null,null,null,null,null,6.6370833106567853]
["STARK BUILDING MATERIALS UK LIMITED",null,null,null,null,null,null,null,6.0043879142357222]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,3.8689533688954154]
["CDS (SUPERSTORES INTERNATIONAL) LIMITED",null,null,null,null,null,null,null,3.4675456251416756]
["ANGULAR DIRECTIONS LTD",null,null,null,null,null,null,null,3.3106154463892858]
["BELLERIVE FINANCE PLC",null,null,null,null,null,null,null,3.1332610474755747]
["CARPETRIGHT PLC",null,null,null,null,null,null,null,2.5450400035327245]
["H & M HENNES & MAURITZ UK LIMITED",null,null,null,null,null,null,null,2.5179945524786236]
["MKM BUILDING SUPPLIES",null,null,null,null,null,null,null,2.4085165284578141]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.714160306270816]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,29.050659300307906]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,42.966086878641931]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,229.67500100000001,0.92500000000000004,0,0,null,null,230.60000100000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,32.405999999999999,0,0,0,null,null,32.405999999999999]
["Other net assets/liabilities",null,-5.6909999999999998,0,0,0,null,null,-5.6909999999999998]
["Total net assets",null,256.39000100000004,0.92500000000000004,0,0,null,null,257.31500100000005]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-14.109502496529865,0,"-","-",null,null,-14.052905403066324]
["Net debt (cash)/equity ",null,-12.639338458444795,0,"-","-",null,null,-12.593902366383992]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1.0767,1.1173,1.1025,1.01,0.9849,0.97260000000000002]
["Offer (GBp)",null,null,1.0767,1.1173,1.1025,1.01,0.9849,0.97260000000000002]
["Mid (GBp)",null,null,1.0767,1.1173,1.1025,1.01,0.9849,0.97260000000000002]
["Bid/offer spread",null,null,0,0,0,0,0,0]
["Net asset value (GBp)",null,null,1.0767,1.1173,1.1025,1.01,0.9849,0.97260000000000002]
["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,"-",null,null,null,"-"]
["1% or greater but less than 2%",null,null,null,"-",null,null,null,"-"]
["2% or greater but less than 4%",null,null,null,"-",null,null,null,"-"]
["4% or greater but less than 8%",null,null,null,"-",null,null,null,"-"]
["Greater than 8.0%",null,null,null,3,null,null,null,100]
["Total",null,null,null,3,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,60]
["Three largest holders",null,null,null,3,null,null,null,100]
["Five largest holders",null,null,null,5,null,null,null,"-"]
["Ten largest holders",null,null,null,10,null,null,null,"-"]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,26]
["External",null,null,null,2,null,null,null,74]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,367914175.47700006,383890281.09200007,356326457.21200007,343036871.5620001,321268435.16900009,295345718.05900007]
["Units issued during period",null,null,"-",23397508.100000001,14802566.609999999,14838684.217999998,2524685.4360000002,16435635.709000001]
["Units redeemed during period",null,null,15976105.615,-50961331.980000004,-28092152.259999998,-36607120.611000001,-28447402.546,-28820793.585999999]
["Units in issue at end of period",null,null,383890281.09200007,356326457.21200007,343036871.5620001,321268435.16900009,295345718.05900007,282960560.18200004]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",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:","2023-06-30"]
[]
["Lime Property Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The objective and sole purpose of the Fund is to invest in United Kingdom real estate to achieve an investment return in excess of 150 basis points (net of costs) per annum above gilts over the medium to long term by investing in lower risk property assets with secure long term income streams."]
[]
["INVESTOR CONSTITUENCY"]
["The Investor Constituency of the fund is predominantly institutional investors (such as pension schemes)."]
[]
["Fund details"]
["Type of fund",null,null,null,null,null,"Property unit Trust"]
["Residence",null,null,null,null,null,null,"Jersey"]
["Launch date",null,null,null,null,null,null,"2004-09-01"]
["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-Dec"]
["NAV (GBPm) ",null,null,null,null,null,null,null,3119.2]
[]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Aviva Investors"]
["Fund Manager",null,null,null,null,"Renos Booth & Kris Mcphail"]
["Corporate trustee",null,null,null,null,"JTC"]
["Auditors",null,null,null,null,"PwC"]
["Source: Aviva Investors"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index*"]
[null,"Lime Property Fund",null,null,"Other balanced open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-1.1859299999999999,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-3.38096,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-15.069240000000001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",0.94696000000000002,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+","-",null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["Source: MSCI/AREF UK Quarterly Property Fund Index "]
[]
[]
["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,0]
["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,"n/a"]
["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"]
["Maximum exposure to listed companies and trusts (1)",null,null,null,null,null,null,null,"n/a"]
["Source: Aviva Investors"]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Lime Property Fund",null,"Other balanced open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,5.1315567794050319,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,4.6471716288625231,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,9.7787284082675541,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,6.2108579202111578,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,16.469745299855411,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,22.680603220066569,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,1.6417080605635357,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,15.97495724675092,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,17.616665307314456,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,43.023947018065336,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,6.9000560462860889,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["Source: MSCI / Aviva Investors"]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,83,null,null,2863.8143920000002,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,83,null,null,2863.8143920000002,null,100]
["Source: MSCI / Aviva Investors"]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["TRANSLATION BUILDING - BLOCK D",null,null,null,"LONDON","Office ",null,166.25,5.8051946545284343]
["SAINSBURYS DISTRIBUTION CENTRE",null,null,null,"BIRMINGHAM","Industrial ",null,120,4.1902156904866894]
["27 COMMERCIAL ROAD",null,null,null,"LONDON","Hotel ",null,110.215,3.8485385193915875]
["WEST SMITHFIELD PREMIER INN",null,null,null,"LONDON","Hotel ",null,105.8,3.694373500445765]
["82 WEST INDIA DOCK ROAD",null,null,null,"LONDON","Hotel ",null,103,3.596601801001075]
["2 NEW BAILEY SQUARE",null,null,null,"SALFORD","Office ",null,94.2,3.2893193170320516]
["WHITE CITY - BBC - STAGE 6",null,null,null,"LONDON","Office ",null,79.05,2.7603045861081066]
["LAND OFF PILOT WAY",null,null,null,"COVENTRY","Industrial Other ",null,75.349999999999994,2.6311062689847668]
["MORRISONS BRIDGEWATER",null,null,null,"BRIDGWATER","Industrial ",null,73.599999999999994,2.569998956831836]
["NEXT DISTRIBUTION CENTRE",null,null,null,"PONTEFRACT","Industrial ",null,71.25,2.487940566226472]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,34.873593861036781]
["Source: MSCI / 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,4,null,null,5.6189999999999998,null,0.19620684970703922]
["2.5 - 5",null,null,3,null,null,12.446000000000002,null,0.43459520403164459]
["5-10",null,null,10,null,null,88.753,null,3.099118443148043]
["10 - 25",null,null,27,null,null,496.84499999999991,null,17.349064289498823]
["25 - 50",null,null,20,null,null,724.44139100000007,null,25.296380695051688]
["50 - 100",null,null,14,null,null,930.44500000000005,null,32.489710317790731]
["100-150",null,null,4,null,null,439.01499999999999,null,15.329729511325116]
["Over 150",null,null,1,null,null,166.25,null,5.8051946545284343]
["Total",null,null,83,null,null,2863.8143909999999,null,99.999999965081514]
["Average lot size",null,null,null,null,null,34.503787843373495]
["Source: MSCI / Aviva Investors"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.9495115678110005E-2,null,"Investments ",null,null,1.3705931804600001E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,5.0207070279049998E-2,null,"Total",null,null,1.3705931804600001E-2]
["Net reversionary yield",null,null,4.807716991542E-2]
["Source: MSCI / 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,11.955035185854408,null,null,null,null,10.91487913352913]
["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,23.739449420780513,null,null,null,null,23.556919027856381]
["Industrial",null,null,17.189138594037669,null,null,null,null,21.55156205327258]
["Other ",null,null,47.116376799327398,null,null,null,null,43.976639785341916]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["Source: MSCI / 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 ",18.204059182000002,0,0,0,-24.295752599909999,-23.703829672596999,-47.999582272506998,76.296170327403175]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",36.148312027999999,0,3.2562725725290003,0,-24.705430895591,-17.075566414329,-41.780997309919996,82.924433585671053]
["Industrial",26.174084090000001,0,2.6817060630910001,0,-8.3159201388510002,4.7753950270129994,-3.5405251118380008,104.77539502701276]
["Other ",71.744607888000004,0,-5.7445244128090005,1.9184717019409998,-23.154287607137,-22.001756442299001,-45.156044049436005,77.998243557701258]
["Overall",152.27106318800003,0,-1.4726284154409999,0.90391435587500002,-21.108395475847001,-16.433027828213,-37.541423304060004,83.566972171786873]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: MSCI / Aviva Investors"]
[]
["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,54.927711134278944]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,17.154431659644793]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,12.163373468492079]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,9.790747982493162]
[" Less than 5 years ",null,null,null,null,null,null,5.9637357550910215]
["Source: MSCI / 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: "]
[]
[]
["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: "]
[]
["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: "]
[]
["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 & 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: Aviva Investors"]
[]
["Restrictions on holdings of cash/borrowings"]
["Maximum total gearing permitted",null,null,null,null,null,null,0]
["    for investment purpose",null,null,null,null,null,null,null,0]
["    for liquidity purpose",null,null,null,null,null,null,null,"*"]
["Cash holdings (maximum)",null,null,null,null,null,null,0]
["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,"%"]
["WHITBREAD PLC",null,null,null,null,null,null,null,10.700665752811]
["J SAINSBURY PLC",null,null,null,null,null,null,null,7.2093240844100004]
["WM MORRISON SUPERMARKETS PLC",null,null,null,null,null,null,null,5.0728312643769993]
["IMPERIAL COLLEGE OF SCIENCE, TECHNOLOGY AND MEDICINE",null,null,null,null,null,null,null,4.3355043708140002]
["NEXT PLC",null,null,null,null,null,null,null,4.3159637901029999]
["LEEDS BECKETT UNIVERSITY",null,null,null,null,null,null,null,3.9418968478530001]
["Anchor Hanover Group",null,null,null,null,null,null,null,3.1345199541339999]
["University of Bath",null,null,null,null,null,null,null,2.9875119637030001]
["BABCOCK INTERNATIONAL GROUP PLC",null,null,null,null,null,null,null,2.9146634344569997]
["CAPITA PLC",null,null,null,null,null,null,null,2.8512116938730001]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.982821101597999]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,31.634289262514997]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,47.464093156534993]
["Source: MSCI / 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,2863.8143920000002,0,0,0,null,null,2863.8143920000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,212.25017944999999,0,0,0,null,null,212.25017944999999]
["Other net assets/liabilities",null,0,0,0,0,null,null,0]
["Total net assets",null,3076.0645714500001,0,0,0,null,null,3076.0645714500001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-7.4114502686667123,"-","-","-",null,null,-7.4114502686667123]
["Net debt (cash)/equity ",null,-6.9000560462860889,"-","-","-",null,null,-6.9000560462860889]
["Source: MSCI / Aviva Investors"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,null,null,null,"-","-","-"]
["Offer (GBp)",null,null,null,null,null,"-","-","-"]
["Mid (GBp)",null,null,null,null,null,"-","-","-"]
["Bid/offer spread",null,null,null,null,null,"-","-","-"]
["Net asset value (GBp)",null,null,null,null,null,1.21126921407649,1.1731622997298701,1.14784865954744]
["Quarterly distribution (GBp)",null,null,null,null,null,9.8967758999999999E-3,1.12000385E-2,1.14007823E-2]
["Yield",null,null,null,null,null,4.4299999999999999E-2,3.5765536115217253E-2,3.7463934415321511E-2]
["Source: MSCI / Aviva Investors"]
[]
[]
["Unit pricing"]
["The NAV reported is calculated in accordance with the accounting standards that Fund operates under i(FRS102)"]
[]
["Distributions"]
["Income of the Fund is distributed quarterly in arrears to investors within 10 Business Days from the date the manager receives the quarterly management accounts from the fund and asset manager."]
[]
[]
[]
[]
["Creation, transfer and realisation of units"]
["Subscriptions to the Fund can be made at any time. This will amount to a legal commitment to commit a fixed capital sum to the Fund, to be drawn down at the unit price prevailing at the time of drawdown."]
[]
[]
["Redemptions of shares"]
["Investors are entitled to realise their Units in accordance with the terms of the Trust Instrument on an annual basis with six months' notice."]
[]
["Taxation"]
[]
[]
["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,"-",null,null,null,"-"]
["1% or greater but less than 2%",null,null,null,"-",null,null,null,"-"]
["2% or greater but less than 4%",null,null,null,"-",null,null,null,"-"]
["4% or greater but less than 8%",null,null,null,"-",null,null,null,"-"]
["Greater than 8.0%",null,null,null,"-",null,null,null,"-"]
["Total",null,null,null,0,null,null,null,0]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,"-"]
["Three largest holders",null,null,null,3,null,null,null,"-"]
["Five largest holders",null,null,null,5,null,null,null,"-"]
["Ten largest holders",null,null,null,10,null,null,null,"-"]
["Internal/external investors"]
["Internal",null,null,null,"-",null,null,null,"-"]
["External",null,null,null,"-",null,null,null,"-"]
["Source: MSCI / Aviva Investors"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to Dec 2019","Year to Dec 2020","Year to \nDec 2021","Year to \nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period"]
["Units issued during period"]
["Units redeemed during period"]
["Units in issue at end of period"]
["Unit transfers"]
["Matched bargains"]
["Matched bargains %*"]
["* as % of units in issue at the end of the period   "]
["Source: MSCI / Aviva Investors"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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 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"]
[]
[]
["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,1069.1867075599998]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-0.76044999999999996,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-1.3571899999999999,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-24.00414,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-1.5389999999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",-1.17011,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",4.6604999999999999,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,"*"]
["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,0.4]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,13.924823794865468,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,3.4493774562255948,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,6.4287888037446947,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,23.802990054835757,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,9.1960731657021455,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,3.8031742896690277,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,1.8508693392928366,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,14.850116794664009,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,26.188615846599692,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,9.9501345426942347,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,36.138750389293925,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,19.654424676030956,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,5.5534347454795947,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,99.99971666030423,null,99.999989999999997,null,100.00001999999999,100]
["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,36,null,null,1010.3394,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,36,null,null,1010.3394,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 & Carr Road",null,null,null,"Greenford","Industrial ",null,"100-150","9.9-14.8"]
["Covent Garden Unit Trust",null,null,null,"London","Retail Other ",null,"80-90","7.9-8.9"]
["Clarendon Unit Trust",null,null,null,"Oxford","Redevelopment",null,"70-80","6.9-7.9"]
["55 St. James's Street",null,null,null,"London","Office",null,"70-80","6.9-7.9"]
["Sainsbury's, 25-41 Liverpool Road",null,null,null,"London","Retail Other ",null,"50-60","4.9-5.9"]
["Sheraton Park, Darlington Road",null,null,null,"Durham","Apartments- Applicable Not Categorised",null,"40-50","4-4.9"]
["Priory Park",null,null,null,"Aylesford","Industrial",null,"40-50","4-4.9"]
["Meteor Park",null,null,null,"Birmingham","Industrial",null,"30-40","3-4"]
["Sainsbury's, Fallowfield",null,null,null,"Manchester","Retail Other ",null,"30-40","3-4"]
["Malmaison, 2 Rougier Street",null,null,null,"York","Hotel",null,"30-40","3-4"]
["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,1,null,null,0.02,null,1.9795328183776664E-3]
["2.5 - 5",null,null,0,null,null,0,null,0]
["5-10",null,null,4,null,null,35.3339,null,3.4972307325637311]
["10-25",null,null,17,null,null,272.17579999999998,null,26.939046423409795]
["25 - 50",null,null,10,null,null,349.75779999999997,null,34.617852179178598]
["50 - 100",null,null,3,null,null,210.50190000000001,null,20.834770969042683]
["100-150",null,null,1,null,null,"*",null,"*"]
["Over 150",null,null,0,null,null,"*",null,"*"]
["Total",null,null,36,null,null,1010.3393999999998,null,99.999999999999986]
["Average lot size",null,null,null,null,null,28.064983333333331]
["Source: Lothbury Investment Management Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.2099999999999999E-2,null,"Investments ",null,null,2.0499999999999997E-2]
["Nominal equivalent yield",null,null,5.1200000000000002E-2,null,"Developments",null,null,0.10680000000000001]
["True equivalent yield",null,null,5.28E-2,null,"Total",null,null,0.1273]
["Net reversionary yield",null,null,5.57E-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,"-",null,"-",null,null,"-"]
["-",null,null,"-",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,11.08]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,7.7]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,2.2400000000000002]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,7.42]
[" Less than 5 years ",null,null,null,null,null,null,71.52]
["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,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["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,"CBRE & Knight Frank – independent property valuers."]
["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,11.3]
["Tesco Stores Ltd",null,null,null,null,null,null,null,6.25]
["Malmaison Trading Limited",null,null,null,null,null,null,null,4.82]
["Palletways UK Limited",null,null,null,null,null,null,null,3.39]
["Goldsmith's University Of London ",null,null,null,null,null,null,null,2.93]
["University of Durham",null,null,null,null,null,null,null,2.7]
["Hermes Parcelnet Ltd",null,null,null,null,null,null,null,2.4699999999999998]
["Dunlop Aircraft Tyres Ltd",null,null,null,null,null,null,null,2.2800000000000002]
["AAH Pharmaceuticals",null,null,null,null,null,null,null,2.2200000000000002]
["FedEx Express Transportation Ltd",null,null,null,null,null,null,null,2.0099999999999998]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,22.37]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,28.69]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.369999999999997]
["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,1010.3394,0,0,0,null,null,1010.3394]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,59.407707560000006,0,0,0,null,null,59.407707560000006]
["Other net assets/liabilities",null,-0.56040000000000001,0,0,0,null,null,-0.56040000000000001]
["Total net assets",null,1069.1867075599998,0,0,0,null,null,1069.1867075599998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-5.8799753389801497,"-","-","-",null,null,-5.8799753389801497]
["Net debt (cash)/equity ",null,-5.5563455044792738,"-","-","-",null,null,-5.5563455044792738]
["Source: Lothbury Investment Management Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,2118.7372,2186.6493999999998,2081.7381,1659.65,1636.3924,1609.4545000000001]
["Offer (GBp)",null,null,2282.5459000000001,2355.7087000000001,2242.6864,1705.23,1681.3390999999999,1653.6613]
["Mid (GBp)",null,null,2200.6415500000003,2271.1790499999997,2162.21225,1682.44,1658.8657499999999,1631.5579]
["Bid/offer spread",null,null,7.1765785739511326E-2,7.1765791755152214E-2,7.1765851881921611E-2,2.6700000000000002E-2,2.6732679921617219E-2,2.6732680990962255E-2]
["Net asset value (GBp)",null,null,2155.3786081474595,2224.4652758367401,2117.7397000000001,1688.35,1664.6921520803137,1637.2883999999999]
["Quarterly distribution (GBp)",null,null,13.9081250452,14.656134762800001,13.693256356999999,14.4,13.503396482899999,14.7447]
["Yield",null,null,2.402068996578717E-2,2.400479843481226E-2,2.5912609495586259E-2,3.3599999999999998E-2,3.3793358408039112E-2,3.4413118666204438E-2]
["Source: Lothbury Investment Management Ltd"]
[]
[]
["Unit pricing"]
["The price of the units is ordinarily calculated on the 2nd Business Day of each month, with reference to the Valuation Point which is at 11.59 pm on the last 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"]
["Investors should refer to the Fund Prospectus and Trust Deed dated 16 September 2022 for full details of the Subscription and Transfer process and Redemption provisions."]
[]
[]
["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 Total Annual Management Fee of the Fund is currently 0.70% per annum based on the NAV of the Fund, as set out in the Fund Prospectus and includes payments made to Lothbury Investment Management, as well as the Trustee, Administrator, and Manager"]
[]
[]
["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,43,null,null,null,"*"]
["1% or greater but less than 2%",null,null,null,12,null,null,null,"*"]
["2% or greater but less than 4%",null,null,null,6,null,null,null,"*"]
["4% or greater but less than 8%",null,null,null,4,null,null,null,"*"]
["Greater than 8.0%",null,null,null,1,null,null,null,"*"]
["Total",null,null,null,66,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,"*"]
["Three largest holders",null,null,null,3,null,null,null,"*"]
["Five largest holders",null,null,null,5,null,null,null,49.42]
["Ten largest holders",null,null,null,10,null,null,null,64.62]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,7.0000000000000007E-2]
["External",null,null,null,65,null,null,null,99.93]
["Source: Lothbury Investment Management Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,858983.42759999994,866898.00499999989,857008.52049999998,854251.74100000004,797694,651510]
["Units issued during period",null,null,7928.4866000000002,7401.5072,4907.6936000000005,4368.4853999999996,2875,1513.1796999999999]
["Units redeemed during period",null,null,-13.9092,-17290.991699999999,-7664.4731000000002,-60926.003599999996,-149060,0]
["Units in issue at end of period",null,null,866898.005,857008.52049999998,854251.74100000004,797694.22280000011,651510,653023.17969999998]
["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:","2023-06-30"]
[]
["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,1564.3169125520001]
["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 Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.32854,null,null,-0.65949000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-5.1818600000000004,null,null,-1.3365199999999999,null,0.16313,null,0.12145]
["12 months",-18.243659999999998,null,null,-16.622859999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-0.60855000000000004,null,null,2.6769999999999999E-2,null,3.3854099999999998,null,2.28301]
["5 years+",2.16486,null,null,1.7693300000000001,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",4.9257799999999996,null,null,5.0769799999999998,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,1.4511126141794788,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,1.1538582681030658,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK retail",null,null,2.6049708822825446,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,14.699706855972297,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,4.5706851063362439,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,22.450693836997047,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,41.721085799305584,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,0,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,9.0135188810267177,null,10.21167,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,9.0135188810267177,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,44.955724489943542,null,44.89969,null,12.513680000000001,25.88514]
["Cash***",null,null,1.7046999474415996,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,99.999999999999986,null,100,null,100.00001999999999,100]
["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,68,null,null,1537.650001,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,1537.650001,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 "]
["Private Individual, London",null,null,null,"LONDON","Office ",null,"220-230","-"]
["Private Individual, Liverpool",null,null,null,"LIVERPOOL","Office ",null,"120-130","-"]
["Private Individual, Doncaster",null,null,null,"DONCASTER","Industrial ",null,"80-70","-"]
["Private Individual, Newcastle",null,null,null,"NEWCASTLE UPON TYNE","Apartments- Applicable Not Categorised",null,"60-70","-"]
["Private Individual, Birmingham",null,null,null,"BIRMINGHAM","Office ",null,"50-60","-"]
["Private Individual, Aberwystwyth",null,null,null,"ABERYSTWYTH","Residential ",null,"40-50","-"]
["Private Individual, London",null,null,null,"LONDON","Office ",null,"40-50","-"]
["Private Individual, CARDIFF",null,null,null,"CARDIFF","Residential ",null,"40-50","-"]
["Private Individual, Glasgow",null,null,null,"GLASGOW","Office ",null,"40-50","-"]
["Private Individual, BILLINGHAM",null,null,null,"BILLINGHAM","Other ",null,"40-50","-"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,"-","-"]
["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,1.0000001111620804E-6,null,6.5034312783256097E-8]
["2.5 - 5",null,null,23,null,null,64.575000000000017,null,4.1995902811435704]
["5-10",null,null,6,null,null,49.65,null,3.2289532707515014]
["10-25",null,null,19,null,null,320.87499999999994,null,20.867882794610029]
["25 - 50",null,null,15,null,null,546.20000000000005,null,35.521737693544218]
["50 - 100",null,null,3,null,null,203.05,null,13.205215742720897]
["100-150",null,null,1,null,null,123.35,null,"*"]
["Over 150",null,null,1,null,null,229.95,null,"*"]
["Total",null,null,68,null,null,1537.650001,null,100]
["Average lot size",null,null,null,null,null,22.612500014705883]
["Source:  Legal & General Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.6230696246100003E-2,null,"Investments ",null,null,5.9625434609999999E-5]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.2590397684799998E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,4.9188730334640003E-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,1.7608441666040131,null,null,null,null,1.3181673346505085]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,1.0863993051018757,null,null,null,null,3.5282173757688042]
["Central London offices",null,null,12.169027227585969,null,null,null,null,15.427392792121056]
["Other offices",null,null,27.405100522265325,null,null,null,null,27.916275049457678]
["Industrial",null,null,9.2712285920676756,null,null,null,null,9.3912958993404683]
["Other ",null,null,48.307400186375133,null,null,null,null,42.418651548661494]
["Overall",null,null,99.999999999999986,null,null,null,null,100.00000000000001]
["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 ",1.30648432,0,0,0,-20.703219767688999,-20.703219767688999,-41.406439535377999,79.29678023231078]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ",0.80606999999999995,0,0,0,0,244.01056980162997,244.01056980162997,344.01056980163014]
["Central London offices",9.0289893699999997,0,0,0,0,34.289669675399999,34.289669675399999,134.28966967540023]
["Other offices",20.33361884,0.90982329046199995,0,2.2130836795000001E-2,-4.6088057781260003,7.9026226105850004,3.293816832459,107.90262261058494]
["Industrial",6.8789249000000003,0,0,0,-5.7849722999589996,7.2986274352259999,1.5136551352670002,107.29862743522609]
["Other ",35.842388600000007,0,0,0,-21.040033168995002,-6.985827947862,-28.025861116857001,93.014172052138278]
["Overall",74.196476030000014,0.24933798732599999,0,6.0649780700000001E-3,-12.327830322159,5.926819176994,-6.4010111451650005,105.92681917699424]
["*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,"-"]
[]
["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,66.476539761884439]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,27.307129090346365]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,6.2163311477692025]
[" 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,22.623353351287349]
["2nd largest occupier",null,null,null,null,null,null,null,6.4807277520662465]
["3rd largest occupier",null,null,null,null,null,null,null,5.178612799551666]
["4th largest occupier",null,null,null,null,null,null,null,4.9467488725456343]
["5th largest occupier",null,null,null,null,null,null,null,4.4667680548087816]
["6th largest occupier",null,null,null,null,null,null,null,3.8999991297822905]
["7th largest occupier",null,null,null,null,null,null,null,3.7670694559330316]
["8th largest occupier",null,null,null,null,null,null,null,3.7145978901430579]
["9th largest occupier",null,null,null,null,null,null,null,3.6587097154124288]
["10th largest occupier",null,null,null,null,null,null,null,3.1814054030787235]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,34.282693902905265]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,43.69621083025968]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,61.91799242460921]
["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,1537.650001,0,0,0,null,null,1537.650001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,26.666909552,0,0,0,null,null,26.666909552]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,1564.3169125520001,0,0,0,null,null,1564.3169125520001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.7342639439831795,"-","-","-",null,null,-1.7342639439831795]
["Net debt (cash)/equity ",null,-1.7046999452621181,"-","-","-",null,null,-1.7046999452621181]
["Source:  Legal & General Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,"-","-","-","-","-","-"]
["Offer (GBp)",null,null,"-","-","-","-","-","-"]
["Mid (GBp)",null,null,"-","-","-","-","-","-"]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,2.6046377083007921,2.6871942524193502,2.66704319393954,2.3211038434756102,2.1955023336108899,2.20462481098998]
["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,30,null,null,null,11.569015079060533]
["1% or greater but less than 2%",null,null,null,9,null,null,null,13.962212483839483]
["2% or greater but less than 4%",null,null,null,12,null,null,null,31.99076517127563]
["4% or greater but less than 8%",null,null,null,4,null,null,null,20.464329408265844]
["Greater than 8.0%",null,null,null,2,null,null,null,22.013677857558534]
["Total",null,null,null,57,null,null,null,100.00000000000001]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,13.054192891112793]
["Three largest holders",null,null,null,3,null,null,null,28.829009179047581]
["Five largest holders",null,null,null,5,null,null,null,38.391799910063973]
["Ten largest holders",null,null,null,10,null,null,null,55.907852983375591]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,57,null,null,null,100]
["Source:  Legal & General Investment Management Limited"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,586363861.40999997,673616855.29999995,683436511.78542888,820147617.48700678,822328521.9670068,808546774.93700671]
["Units issued during period",null,null,92392385.949999988,28656959.505979046,150237312.31,17106032.110000003,5876870.4199999999,277491.07]
["Units redeemed during period",null,null,-5139392.0599999996,-18837303.020550139,-13526206.608422192,-14925127.630000001,-19658617.450000003,-75255274.950000003]
["Units in issue at end of period",null,null,673616855.29999995,683436511.78542888,820147617.48700678,822328521.9670068,808546774.93700671,733568991.05700672]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source:  Legal & General Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,614.12999999999988]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.33847300000000002,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",0.52710599999999996,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-15.918886000000001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-3.1348609999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",-4.1156220000000001,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",0.77809600000000001,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,8.6315435531347848,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,10.713217528108766,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,19.344761081243551,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,8.1002376432041885,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,1.7419865899363844,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,11.353397599910387,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,21.195621833050961,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,5.8879146739849801,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,14.022992048987897,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,19.910906722972875,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,24.640440728739044,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,14.908269633993566,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,26,null,null,488.47500000000002,null,93.01002800766895]
["Joint  and indirect holdings",null,null,0,null,null,2.32E-4,null,4.417488407345145E-5]
["Listed investments",null,null,1,null,null,36.710073782000002,null,6.989927817446981]
["Total",null,null,27,null,null,525.185305782,null,100]
["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 "]
["PARC TROSTRE RETAIL PARK",null,null,null,"LLANELLI","Retail Park",null,"50 - 75","*"]
["JUNCTION SIX INDUSTRIAL ESTATE",null,null,null,"BIRMINGHAM","Industrial Other ",null,"50 - 75","*"]
["PORTLAND & RIDING ESTATE",null,null,null,"LONDON","Office ",null,"25 - 50","*"]
["3 TEMPLE QUAY",null,null,null,"BRISTOL","Office ",null,"25 - 50","*"]
["FREMLIN WALK",null,null,null,"MAIDSTONE","Retail Shopping Centre ",null,"25 - 50","*"]
["SELLY OAK STUDENT QUARTER",null,null,null,"BIRMINGHAM","Residential ",null,"25 - 50","*"]
["MEDWAY VALLEY LEISURE PARK",null,null,null,"ROCHESTER","Leisure Park (whole or part)",null,"25 - 50","*"]
["THE CAPITOL 429- 431 UNION STREET",null,null,null,"ABERDEEN","Office ",null,"0 - 25","*"]
["8 GREENWICH VIEW PLACE",null,null,null,"LONDON","Industrial Other ",null,"0 - 25","*"]
["SITES A1 - A29 ALTENS INDUSTRIAL ESTATE",null,null,null,"ABERDEEN","Industrial ",null,"0 - 25","*"]
["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,2,null,null,3.65,null,0.69499278822455945]
["2.5 - 5",null,null,6,null,null,19.75,null,3.7605774157356295]
["5-10",null,null,2,null,null,19.55,null,3.7224956191205854]
["10-25",null,null,9,null,null,154.9,null,29.494351478351849]
["25 - 50",null,null,5,null,null,171.125,null,32.583737228747324]
["50 - 100",null,null,2,null,null,119.5,null,22.753873477489002]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,26,null,null,488.47500000000002,null,93.01002800766895]
["Average lot size",null,null,null,null,null,18.787500000000001]
["Source : M&G Property Portfolio"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,6.0064949741542556E-2,null,"Investments ",null,null,0.10869144523712437]
["Nominal equivalent yield",null,null,6.5585666257229128E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,"-",null,"Total",null,null,0.10869144523712437]
["Net reversionary yield",null,null,6.3684456164593894E-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,null,null,null,null,0]
["Retail warehousing ",null,null,15.834219687478015,null,null,null,null,12.383658815730907]
["Shopping centres ",null,null,21.175242668747561,null,null,null,null,20.464370601091641]
["Central London offices",null,null,5.7818440179084547,null,null,null,null,5.5457690524747756]
["Other offices",null,null,14.893811320601804,null,null,null,null,19.315718090135405]
["Industrial",null,null,14.501352723897213,null,null,null,null,16.586450713407931]
["Other ",null,null,27.813529581366957,null,null,null,null,25.704032727159337]
["Overall",null,null,100,null,null,null,null,100]
["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 ",0,0,0,0,0,0,0,"-"]
["Retail warehousing ",5.6433867500000003,5.5369999999999999,0,3.7650000000000001,-28.108000000000001,-17.734000000000002,-45.841999999999999,82.266451080993164]
["Shopping centres ",7.5469512400000003,1.458,0,11.689,-25.212,1.6579999999999999,-23.553999999999998,101.65773907928414]
["Central London offices",2.0606750800000002,0,0,0,-0.252,0.89400000000000002,0.64200000000000002,100.89412058110587]
["Other offices",5.3082209999999996,7.2619999999999996,0,40.165999999999997,-15.355,36.418999999999997,21.063999999999997,136.41918827418829]
["Industrial",5.1683469999999998,3.2410000000000001,0,10.981,-2.9910000000000001,20.314,17.323,120.31378698063423]
["Other ",9.9128664000000004,0,0,2.83,-10.481,-2.7890000000000001,-13.27,97.211044829576224]
["Overall",35.640447469999998,2.7370000000000001,0,11.433,-15.44,5.1890000000000001,-10.250999999999999,105.18903005232106]
["*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,7.7740793362659266]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,13.133961398880597]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,11.35552102798378]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,40.056847663550471]
[" Less than 5 years ",null,null,null,null,null,null,27.679590573319214]
["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 Ltd. Partnership",null,"Medical","Indirect","-","*","0 - 25","-","*"]
["-",null,"-","-","-","*","-","-","*"]
["-",null,"-","-","-","*","-","-","*"]
["-",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,"%"]
["Saba Infra Uk Limited",null,null,null,null,null,null,null,4.6966020878637416]
["Premier Inn Hotels Limited",null,null,null,null,null,null,null,3.950226610328246]
["Amec Foster Wheeler Group Limited",null,null,null,null,null,null,null,3.8254093222247638]
["London Think Tank",null,null,null,null,null,null,null,3.3669610938810135]
["Bloomberg L.P.",null,null,null,null,null,null,null,3.3108450756496635]
["Bond Dickinson Service Company Limited",null,null,null,null,null,null,null,3.1332687417574676]
["Travelodge Hotels Limited",null,null,null,null,null,null,null,2.8183147836331024]
["Marks & Spencer Plc",null,null,null,null,null,null,null,2.3780097898978481]
["Whitbread Group Plc",null,null,null,null,null,null,null,2.2291142968076771]
["Boots Uk Limited",null,null,null,null,null,null,null,2.1232898398287143]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,12.47223802041675]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.150044189947426]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,31.832041641872237]
["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,488.47500000000002,0,2.32E-4,0,null,null,488.47523200000001]
["Listed investments",null,0,0,0,36.710073782000002,null,null,36.710073782000002]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,85.581999999999994,0,0,0,null,null,85.581999999999994]
["Other net assets/liabilities",null,3.3626942179999402,0,0,0,null,null,3.3626942179999402]
["Total net assets",null,577.4196942179999,0,2.32E-4,36.710073782000002,null,null,614.12999999999988]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-17.52024156814576,"-",0,"-",null,null,-17.520233246954064]
["Net debt (cash)/equity ",null,-14.821454975813353,"-",0,0,null,null,-13.935485972025468]
["Source : M&G Property Portfolio"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,126.93,129.69,124.85,108.3,108.41,108.69]
["Offer (GBp)",null,null,134.22,136.9,132.29,114.78,115.17,114.6]
["Mid (GBp)",null,null,130.57499999999999,133.29500000000002,128.57,111.53999999999999,111.78999999999999,111.645]
["Bid/offer spread",null,null,5.4313813142601641E-2,5.2666179693206777E-2,5.6240078615163641E-2,5.6455828541557798E-2,5.8999999999999997E-2,5.1570680628272227E-2]
["Net asset value (GBp)",null,null,128.09,130.83000000000001,126.03,109.33,109.49,109.47]
["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,2164,null,null,null,14.2]
["1% or greater but less than 2%",null,null,null,7,null,null,null,9.32]
["2% or greater but less than 4%",null,null,null,3,null,null,null,7.53]
["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,68.95]
["Total",null,null,null,2175,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,44.39]
["Three largest holders",null,null,null,3,null,null,null,57.51]
["Five largest holders",null,null,null,5,null,null,null,64.66]
["Ten largest holders",null,null,null,10,null,null,null,72.97]
["Internal/external investors"]
["Internal",null,null,null,16,null,null,null,49.81]
["External",null,null,null,2159,null,null,null,50.19]
["Source : M&G Property Portfolio"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,3100227045.5460005,2951684209.2490005,2171249463.2690005,2171249463.2690005,2171249463.2690005,1959797168.7590003]
["Units issued during period",null,null,234964015.13199979,219852888.94199991,0,0,87945351.690999985,29355842.544]
["Units redeemed during period",null,null,-383506851.42900002,-1000287634.9219998,0,0,-299397646.20100021,-105028467.12699996]
["Units in issue at end of period",null,null,2951684209.2490005,2171249463.2690005,2171249463.2690005,2171249463.2690005,1959797168.7590003,1884124544.1760004]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source : M&G Property Portfolio"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,3661.6581468199997]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-1.01701,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-0.66991999999999996,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-18.525230000000001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-0.50831000000000004,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",1.19675,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",4.6888899999999998,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,15.996192335572131,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,9.9237710930762155,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK retail",null,null,25.919963428648344,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,6.7642633071872176,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,6.198445585400262,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,10.074196504652251,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,3.5087301392902321,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,26.545635536529961,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,4.0525868992726704,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,2.5815612976152376,null,10.21167,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,6.6341481968879084,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,39.051374850925441,null,44.89969,null,12.513680000000001,25.88514]
["Cash***",null,null,1.8488779870083392,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,99.999999999999986,null,100,null,100.00001999999999,100]
["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,185,null,null,3318.8491749999998,null,97.069360665162137]
["Joint  and indirect holdings",null,null,1,null,null,100.2,null,2.9306393348378799]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,186,null,null,3419.0491749999997,null,100.00000000000001]
["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,59,null,null,84.415107000000006,null,2.4689644014845156]
["2.5 - 5",null,null,44,null,null,160.32784699999999,null,4.6892524439927081]
["5-10",null,null,32,null,null,226.27683400000001,null,6.6181216595107921]
["10-25",null,null,19,null,null,307.50438700000001,null,8.9938568081577834]
["25 - 50",null,null,9,null,null,358.66500000000002,null,10.490197175944392]
["50 - 100",null,null,16,null,null,1183.67,null,34.619858896881766]
["100-150",null,null,3,null,null,377.94,null,11.053950401283714]
["Over 150",null,null,3,null,null,620.04999999999995,null,18.135158877906456]
["Total",null,null,185,null,null,3318.8491750000003,null,97.069360665162137]
["Average lot size",null,null,null,null,null,17.939725270270273]
["Source: M&G Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.2600000000000001E-2,null,"Investments ",null,null,0]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,"-",null,"Total",null,null,0]
["Net reversionary yield",null,null,6.0499999999999998E-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,28.793500039374038,null,null,null,null,15.926994643025727]
["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,13.679254576616481,null,null,null,null,21.472141912789919]
["Other offices",null,null,9.9796385718537071,null,null,null,null,9.1403204886533889]
["Industrial",null,null,9.0300815381384059,null,null,null,null,5.6296187516798479]
["Other ",null,null,38.517525274017366,null,null,null,null,47.830924203851112]
["Overall",null,null,100,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 ",55.338049946369381,0,0,0,-36.47,-36.474588356976653,-72.944588356976652,63.525411643023354]
["Retail warehousing ",0,"-","-","-",0,"-","-","-"]
["Shopping centres ",0,"-","-","-",0,"-","-","-"]
["Central London offices",26.290074911169476,0,0,0,0,80.269000248545822,80.269000248545822,180.26900024854581]
["Other offices",19.179805754103132,0,0,0,-7.55,5.185221111331912,-2.3647788886680878,105.18522111133191]
["Industrial",17.35485795384237,0,0,0,-34.92,-28.402900930285696,-63.322900930285698,71.597099069714304]
["Other ",74.02659400591773,0,0,0,-4.13,42.612800982636458,38.482800982636455,142.61280098263646]
["Overall",192.18938257140209,0,0,0,-16,14.843947878490543,-1.1560521215094575,114.84394787849055]
["*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,38.119999999999997]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,27.42]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,29.75]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,4.71]
[" 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","OE-PUT",100,100.36055918000001,0,2.9353353532857573]
["-",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,3318.8491749999998,0,100.2,0,null,null,3419.0491749999997]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,64.404813989999994,0,0,0,null,null,64.404813989999994]
["Other net assets/liabilities",null,178.20415783000001,0,0,0,null,null,178.20415783000001]
["Total net assets",null,3561.4581468199999,0,100.2,0,null,null,3661.6581468199997]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.9405767057793459,"-",0,"-",null,null,-1.8837054015170753]
["Net debt (cash)/equity ",null,-1.8083832895104095,"-",0,"-",null,null,-1.758897510569984]
["Source: M&G Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Offer (GBp)",null,null,132.25404712000002,133.58384837009999,114.4840342782,101.8921857978,101.07167359799999,99.014807896449994]
["Bid/offer spread",null,null,"-","-","-","-","-","-"]
["Net asset value (GBp)",null,null,127.16735301731848,128.40896699999999,115.88625822380401,103.14018209470299,102.30961951265684,100.08066700000001]
["Quarterly distribution (GBp)",null,null,1.0116949,1.0908496999999999,1.1249337998,1.24,1.1901407997,1.195627]
["Yield",null,null,3.3998660011514088E-2,3.3934546798433482E-2,4.0045026205244826E-2,4.5935843348131167E-2,4.8084278353624457E-2,4.7468724402086569E-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,94,null,null,null,30.53]
["1% or greater but less than 2%",null,null,null,17,null,null,null,22.43]
["2% or greater but less than 4%",null,null,null,12,null,null,null,35.090000000000003]
["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,11.95]
["Total",null,null,null,124,null,null,null,100.00000000000001]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,11.9405]
["Three largest holders",null,null,null,3,null,null,null,19.169599999999999]
["Five largest holders",null,null,null,5,null,null,null,26.0656]
["Ten largest holders",null,null,null,10,null,null,null,40.018199999999901]
["Internal/external investors"]
["Internal",null,null,null,6,null,null,null,16.27]
["External",null,null,null,118,null,null,null,83.73]
["Source: M&G Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,33601711.155999996,33601711.155999996,35761681.685999997,35873488.085999995,36903818.746999979,37492320]
["Units issued during period",null,null,0,2159970.5299999979,111806.39999999999,1030330.6609999845,1757264.6560000055,42951.282999999821]
["Units redeemed during period",null,null,0,0,0,0,-1168763,-3540270.8100000024]
["Units in issue at end of period",null,null,33601711.155999996,35761681.685999997,35873488.085999995,36903818.746999979,37492320,33995000.472999997]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: M&G Investment Management Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["MC PUT"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["The Trust’s investment objective is to provide total returns from investment in a diversified portfolio of UK commercial property. The Fund targets outperformance of the Benchmark: MSCI AREF UK Quarterly Property Fund Indices: UK All Balanced Property Fund Index (Weighted Average)."]
[]
[]
["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,299.35907300000002]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Schroder Real Estate Managers (Jersey) Limited"]
["Property advisor",null,null,null,null,"Swiss Life Asset Managers UK Ltd"]
["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: Swiss Life Asset Managers UK Ltd"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"MC PUT",null,null,"Other balanced open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.6538999999999999,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",2.2519800000000001,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-15.059699999999999,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.8211399999999998,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.17971,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.3498799999999997,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
[]
[]
["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: Swiss Life Asset Managers UK Ltd"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"MC PUT",null,"Other balanced open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,4.9068661890067817,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,11.623356788143724,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,16.530222977150505,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,9.5092282705397366,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,11.475454793085008,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,20.984683063624743,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,33.594633159983665,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,13.824486479311656,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,47.419119639295317,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,2.5056337986417607,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,12.560340521287666,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,39,null,null,264.51000099999999,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,39,null,null,264.51000099999999,null,100]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["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,19.675000000000001,7.4382820784156296]
["CROYDON",null,null,null,"CROYDON","Office ",null,17.225000000000001,6.5120411080411289]
["HARLOW MILL BUSINESS CENTRE",null,null,null,"HARLOW","Industrial ",null,13.45,5.0848738985865412]
["T3,TRINITY PARK,SOLIHULL",null,null,null,"BIRMINGHAM","Office ",null,13.4,5.0659710216401237]
["PLINSTON RETAIL PARK",null,null,null,"LETCHWORTH GARDEN CITY","Retail Park",null,12.8,4.8391364982831035]
["80 MOSLEY STREET",null,null,null,"MANCHESTER","Office ",null,11.95,4.5177875901939908]
["ONE PORTBURY",null,null,null,"BRISTOL","Industrial ",null,10.1,3.8183811431765107]
["UNITS 4-18",null,null,null,"MILTON KEYNES","Industrial ",null,9.85,3.7238667584444189]
["55 FULLARTON DRIVE",null,null,null,"GLASGOW","Industrial ",null,9.7249999999999996,3.6766095660783731]
["UNITS 1 & 2 THE MIDAS CENTRE",null,null,null,"PETERBOROUGH","Industrial ",null,9.5,3.5915466198194905]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,48.268496282679308]
["Source: Swiss Life Asset Managers UK 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,6,null,null,8.2000010000000536,null,3.1000721972701721]
["2.5 - 5",null,null,10,null,null,36.9,null,13.950323186456757]
["5-10",null,null,16,null,null,120.80999999999999,null,45.673131277936065]
["10-25",null,null,7,null,null,98.59999999999998,null,37.27647333833702]
["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,39,null,null,264.51000099999999,null,100]
["Average lot size",null,null,null,null,null,6.7823077179487177]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.0800000000000003E-2,null,"Investments ",null,null,0.14300000000000002]
["Nominal equivalent yield",null,null,6.2E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,6.2100000000000002E-2,null,"Total",null,null,0.14300000000000002]
["Net reversionary yield",null,null,5.2600000000000001E-2]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,12.592107532832001,null,null,null,null,8.1964916634946619]
["Retail warehousing ",null,null,13.518631150063673,null,null,null,null,10.64717246119316]
["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,17.631861726756455,null,null,null,null,32.433939772880493]
["Industrial",null,null,53.785034532716622,null,null,null,null,41.585459769634909]
["Other ",null,null,2.4723650576312415,null,null,null,null,7.1369363327967781]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["Source: Swiss Life Asset Managers UK 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 ",1.701624,0,0,0,-3.3070760638069996,0.9206499203109999,-2.3864261434959997,100.92064992031142]
["Retail warehousing ",1.826829,23.784382665263003,0,5.3097471082409999,-10.771177816862,22.110224876000999,11.339047059138998,122.11022487600098]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",2.3826670000000001,17.773444631583001,51.958582546364994,103.68125298247699,-1.2719360279890002,185.20162490184299,183.92968887385399,285.20162490184316]
["Industrial",7.2681959999999997,0,0,2.2846109268379999,-1.2266867872029998,19.875523444882003,18.648836657679002,119.87552344488233]
["Other ",0.33410099999999998,0,0,359.172824984062,-11.614451917235,347.55837306682702,335.94392114959203,447.55837306682713]
["Overall",13.513417,6.3491121453589994,9.1612654297580001,29.107582486354001,-3.0437379383760002,55.042392312765998,51.99865437439,155.04239231276588]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["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,2.38]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,2.89]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,8.82]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,26.41]
[" Less than 5 years ",null,null,null,null,null,null,59.49]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["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: Swiss Life Asset Managers UK 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: Swiss Life Asset Managers UK 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: Swiss Life Asset Managers UK Ltd"]
[]
["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: Swiss Life Asset Managers UK Ltd"]
[]
["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: Swiss Life Asset Managers UK Ltd"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["ARTHUR FOODSTORES LTD",null,null,null,null,null,null,null,7.5]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,7.3]
["SEC OF STATE FOR THE ENVIRONMENT",null,null,null,null,null,null,null,4.4000000000000004]
["STAPLETON (TYRE SERVICES) LTD",null,null,null,null,null,null,null,3.9]
["SP Distribution Plc",null,null,null,null,null,null,null,3.8]
["COOPERVISION MANUFACTURING LIMITED",null,null,null,null,null,null,null,3.4]
["LIVERPOOL FOOTBALL CLUB AND ATHLETIC",null,null,null,null,null,null,null,3]
["TARMAC TRADING LTD",null,null,null,null,null,null,null,3]
["PETS AT HOME LIMITED",null,null,null,null,null,null,null,2.8]
["PENTALVER CANNOCK LIMITED",null,null,null,null,null,null,null,2.4]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.200000000000003]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,26.900000000000002]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,41.499999999999993]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,264.51000099999999,0,0,0,null,null,264.51000099999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,37.995752770000003,0,0,0,null,null,37.995752770000003]
["Other net assets/liabilities",null,-3.1466807700000099,0,0,0,null,null,-3.1466807700000099]
["Total net assets",null,299.35907300000002,0,0,0,null,null,299.35907300000002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-14.364580781956901,"-","-","-",null,null,-14.364580781956901]
["Net debt (cash)/equity ",null,-12.69236719275918,"-","-","-",null,null,-12.69236719275918]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1483,1520,1439,1239,1234,1241]
["Offer (GBp)",null,null,1596,1633,1544,1331,1319,1327]
["Mid (GBp)",null,null,1539.5,1576.5,1491.5,1285,1276.5,1284]
["Bid/offer spread",null,null,7.0802005012531324E-2,6.9197795468462955E-2,6.8005181347150265E-2,6.9120961682945153E-2,6.4442759666413954E-2,6.4807837226827425E-2]
["Net asset value (GBp)",null,null,1501.7527161091432,1538.6822707937599,1456.2179802021601,1254.44621679635,1248.7595522497154,1256.039420214518]
["Quarterly distribution (GBp)",null,null,12.8298098881,12.072795796199999,14.340516104700001,14.0458833896,13.126713987700001,13.295891559899999]
["Yield",null,null,3.0237378179444423E-2,3.0743047460797347E-2,3.4801812590560421E-2,4.2480103542973234E-2,4.2911310813728523E-2,4.3636373317438727E-2]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["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 six months 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. Once 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."]
[]
["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) on a tiered basis between 0.4% and 0.2% 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 and if the annualised three year direct real estate return for the portfolio exceeds 5%. 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 is not entitled to 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,2,null,null,null,1]
["1% or greater but less than 2%",null,null,null,3,null,null,null,3]
["2% or greater but less than 4%",null,null,null,4,null,null,null,10]
["4% or greater but less than 8%",null,null,null,5,null,null,null,29]
["Greater than 8.0%",null,null,null,5,null,null,null,57]
["Total",null,null,null,19,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,14.9375]
["Three largest holders",null,null,null,3,null,null,null,38.042999999999999]
["Five largest holders",null,null,null,5,null,null,null,57.158099999999997]
["Ten largest holders",null,null,null,10,null,null,null,85.887500000000003]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,19,null,null,null,100]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,278868,289858.18209999998,289858.18209999998,289858.18209999998,269162.88509999996,265215.51669999998]
["Units issued during period",null,null,10990.1821,0,0,0,0,0]
["Units redeemed during period",null,null,0,0,0,-20695.296999999999,-3947.3683999999998,-26879.658599999999]
["Units in issue at end of period",null,null,289858.18209999998,289858.18209999998,289858.18209999998,269162.88509999996,265215.51669999998,238335.85809999998]
["Unit transfers"]
["Matched bargains",null,null,4429.7453999999998,49.36,0,0,3943.7089999999998,0]
["Matched bargains %*",null,null,1.5282457676049849E-2,1.7029017308530206E-4,0,0,1.4869827561639045E-2,0]
["* as % of units in issue at the end of the period   "]
["Source: Swiss Life Asset Managers UK Ltd"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,287.85358009999999]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-3.6478561117760004,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-7.66119655422,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-11.979402671134,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-0.89496574257400008,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",1.4588713629630001,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",6.3493747254250001,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,0,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,70.225224897502002,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,28.259048753828768,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,98.484273651330767,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,0,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,0,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,0,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,0,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,1.5157263486692327,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,378.06200100000001,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,378.06200100000001,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,"75-100",23.853494866308978]
["SUTTON YARD, 65 Goswell Road, LONDON,",null,null,null,"London","Office ",null,"75-100",23.429490339072718]
["ST JOHNS LANE",null,null,null,"LONDON","Office ",null,"25-50",12.246668503455336]
["NORTHBURGH HOUSE, Northburgh Street",null,null,null,"London","Office ",null,"25-50",10.258105786198808]
["50-56 Great Sutton Street & 9-11 Northburgh Street",null,null,null,"London","Office ",null,"25-50",7.0969840737842365]
["1-4 GILTSPUR STREET",null,null,null,"LONDON","Office ",null,"5-25",6.1228052379694198]
["1,CLINK STREET",null,null,null,"LONDON","Office ",null,"5-25",4.8404758879747876]
["BRITTON STREET",null,null,null,"LONDON","Office ",null,"5-25",4.2405742861208626]
["1 BERRY STREET",null,null,null,"London","Office ",null,"5-25",3.6237442440029826]
["55-63 & 67-71 Goswell Road",null,null,null,"London","Office ",null,"5-25",2.605921773132656]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,98.318264998020794]
["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,2,null,null,16.21,null,4.2876565106049895]
["10-25",null,null,4,null,null,71.179999999999993,null,18.827599656068049]
["25 - 50",null,null,3,null,null,111.913,null,29.601758363438378]
["50 - 100",null,null,2,null,null,178.75900000000001,null,47.282985205381699]
["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,378.06200000000001,null,99.99999973549312]
["Average lot size",null,null,null,null,null,34.36927272727273]
["Source: Nuveen Real Estate"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.2562736520719999E-2,null,"Investments ",null,null,0.13080509651232]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0.17269490348767999]
["True equivalent yield",null,null,6.2457641116369998E-2,null,"Total",null,null,0.30349999999999999]
["Net reversionary yield",null,null,6.0240438164699997E-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,58.175407177694474,null,null,null,null,71.774034456308783]
["Other offices",null,null,41.824592822305533,null,null,null,null,28.225965543691228]
["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,100.00000000000001]
["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",8.4875275000000006,1.3114773413110001,82.262979413027011,30.823911910742002,-1.056196872411,128.17727541972599,127.12107854731499,228.17727541972616]
["Other offices",6.1020180000000002,3.1654151134919997,0,0,-0.47830078508500007,24.813496125379999,24.335195340294998,124.81349612538015]
["Industrial","-","-","-","-","-","-","-","-"]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",14.5895455,2.0868792657039998,47.856823230030997,17.931936262167998,-0.81449418695099995,84.945795604118999,84.131301417168004,184.94579560411941]
["*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,0.09]
[" 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,0.91]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,37.61]
[" Less than 5 years ",null,null,null,null,null,null,61.39]
["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"]
[0,0,0,null,null,null,125.15,1.85]
[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: 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,13.967000000000001,null,13.967000000000001,null,0]
["% of all directly held properties*",null,0,null,3.6943675807291729E-2,null,3.6943675807291729E-2,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,34.880000000000003]
["GO CARDLESS LTD",null,null,null,null,null,null,null,10.24]
["LANDMARK SPACE LTD",null,null,null,null,null,null,null,9.61]
["POPULUS",null,null,null,null,null,null,null,5.4]
["FUTURE GAMES OF LONDON",null,null,null,null,null,null,null,4.54]
["ALL RESPONSE MEDIA LTD",null,null,null,null,null,null,null,4.4000000000000004]
["JESTICO& WHILES & ASSCOIATES LTD",null,null,null,null,null,null,null,3.77]
["HAMMER HOLDINGS",null,null,null,null,null,null,null,2.79]
["F.C BROWN (STEEL EQUIMENT) LTD",null,null,null,null,null,null,null,2.41]
["MILIKEN INDUSTRIALS LTD",null,null,null,null,null,null,null,2.2799999999999998]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,54.730000000000004]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,64.67]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,80.320000000000007]
["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,378.06200100000001,0,0,0,null,null,378.06200100000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-125.15,0,0,0,null,null,-125.15]
["Cash",null,5.8185791,0,0,0,null,null,5.8185791]
["Other net assets/liabilities",null,29.123000000000001,0,0,0,null,null,29.123000000000001]
["Total net assets",null,287.85358009999999,0,0,0,null,null,287.85358009999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,31.563981723727906,"-","-","-",null,null,31.563981723727906]
["Net debt (cash)/equity ",null,41.455597272246678,"-","-","-",null,null,41.455597272246678]
["Source: Nuveen Real Estate"]
[]
[]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Net asset value (GBp)",null,null,26514.035561117482,27232.664855391598,27643.451328929899,25694.346828898899,24499.466327168964,23534.602625578103]
["Quarterly distribution (GBp)",null,null,144.35,166.16,68.91,222.33,125.38,72.960000000000008]
["Yield",null,null,2.116501649499743E-2,2.1889154189109132E-2,1.9664693584444084E-2,2.3419548432466897E-2,2.3090298884292825E-2,2.0076820820691187E-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,2.76]
["2% or greater but less than 4%",null,null,null,10,null,null,null,27.33]
["4% or greater but less than 8%",null,null,null,2,null,null,null,8.56]
["Greater than 8.0%",null,null,null,3,null,null,null,59.41]
["Total",null,null,null,19,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,30.32]
["Three largest holders",null,null,null,3,null,null,null,59.42]
["Five largest holders",null,null,null,5,null,null,null,67.97]
["Ten largest holders",null,null,null,10,null,null,null,83.2]
["Internal/external investors"]
["Internal",null,null,null,"-",null,null,null,"-"]
["External",null,null,null,19,null,null,null,100]
["Source: Nuveen Real Estate"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,19668,19668,19668,12231.006168239921,12231.006168239921,12231.006168239921]
["Units issued during period",null,null,"-","-",0,"-","-","-"]
["Units redeemed during period",null,null,"-","-",-8066.2956999999997,0,0,0]
["Units in issue at end of period",null,null,19668,19668,12231.006168239921,12231.006168239921,12231.006168239921,12231.006168239921]
["Unit transfers"]
["Matched bargains",null,null,409.8295,"-","-","-","-","-"]
["Matched bargains %*",null,null,2.083737543217409E-2,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Nuveen Real Estate"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,139.92255144000001]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.87611381075100003,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-0.55553004749799995,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-12.995088695744,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.5629338366560006,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.6157860495809997,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.6160855529390004,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,8.9335136122314474,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,4.7168951872582046,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,7.4505503526010282,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,21.100959152090681,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,5.7889168207259791,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,30.105940873219982,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,35.894857693945958,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,26.639737591674177,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,15.472845576384868,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,42.112583168059047,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,0,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,0.89159998590431644,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,17,null,null,138.67500100000001,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,17,null,null,138.67500100000001,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 "]
["GENESIS BUSINESS PARK - WOKING,WOKING,ALBERT DRIVE",null,null,null,"Woking","Office ",null,"20-25","*"]
["CALDER HOUSE, CENTRAL ROAD, HARLOW, ESSEX",null,null,null,"HARLOW","Industrial ",null,"10-15","*"]
["UNIT 4-11 CHESFORD GRANGE",null,null,null,"WARRINGTON","Industrial ",null,"10-15","*"]
["65 - 79 KING STREET/ANGEL WALK",null,null,null,"LONDON","Retail Other ",null,"10-15","*"]
["UNITS 2 - 6 KING GEORGE CLOSE",null,null,null,"ROMFORD","Industrial ",null,"5-10","*"]
["115 SOUTHWARK BRIDGE STREET",null,null,null,"LONDON","Office ",null,"5-10","*"]
["6&7 HATTON GARDEN",null,null,null,"LONDON","Office ",null,"5-10","*"]
["38-40 & 50 WILLOW LANE,MITCHAM,38/40 & 50 WILLOW LANE",null,null,null,"Mitcham","Industrial Other ",null,"5-10","*"]
["STOKE HOUSE, LEAPALE HOUSE & BELL COURT",null,null,null,"GUILDFORD","Office ",null,"5-10","*"]
["PARHAM DRIVE",null,null,null,"EASTLEIGH","Industrial ",null,"5-10","*"]
["10 largest investments as % of portfolio"]
["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,1,null,null,0.05,null,3.6055525249284119E-2]
["2.5 - 5",null,null,2,null,null,7.4,null,5.3362177368940493]
["5-10",null,null,10,null,null,70.375,null,50.748151788367387]
["10-25",null,null,4,null,null,60.85,null,43.879574228378765]
["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,17,null,null,138.67500000000001,null,99.99999927888949]
["Average lot size",null,null,null,null,null,8.1573529411764714]
["Source: Nuveen Real Estate"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.1500000000000004E-2,null,"Investments ",null,null,0.11027214479826]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,6.6400000000000001E-2,null,"Total",null,null,0.11027214479826]
["Net reversionary yield",null,null,6.2899999999999998E-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,17.267571088443663,null,null,null,null,14.960211106518639]
["Retail warehousing ",null,null,9.1302708597927573,null,null,null,null,7.3754787892578388]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,5.827188350990812,null,null,null,null,6.1043080112081931]
["Other offices",null,null,38.45259759151611,null,null,null,null,36.819788019791474]
["Industrial",null,null,29.322372109256655,null,null,null,null,34.740214073223854]
["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 ",1.3318595,8.2591294351990001,0,9.9897924668479998,-6.4692634620989997,16.993947184368999,10.524683722269998,116.99394718436893]
["Retail warehousing ",0.70422399999999996,0,0,9.9116190303089997,-3.3120143590680002,9.0846094424500006,5.7725950833820008,109.08460944245013]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",0.44945499999999999,0,0,45.900034486210998,-5.4187849729119995,41.460212924541999,36.041427951629998,141.46021292454196]
["Other offices",2.965875,0,0,23.328697264719999,-2.9129009145700002,29.304168247145,26.391267332575001,129.30416824714459]
["Industrial",2.2616545000000001,35.222046515061997,0,2.1002323741310001,-9.0376315215000003E-2,59.989069948571007,59.898693633356004,159.98906994857083]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",7.7130679999999998,11.754090590152,0,14.890961676987999,-2.881829902187,35.038288266096004,32.156458363909003,135.03828826609592]
["*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,0]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,22.583983032823674]
[" Less than 5 years ",null,null,null,null,null,null,77.416016967176333]
["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,"%"]
["LAZER LAMPS LIMITED",null,null,null,null,null,null,null,9.3000000000000007]
["BARCLAYS BANK PLC",null,null,null,null,null,null,null,4.3]
["SUPERDRUG",null,null,null,null,null,null,null,3.7]
["TESCO STORES LTD",null,null,null,null,null,null,null,3.7]
["UNIT 1 (PART GF) - NUVIAS (UK & IRELAND) LTD",null,null,null,null,null,null,null,3.6]
["TRAVIS PERKINS",null,null,null,null,null,null,null,3.5]
["ROAR B2B LTD (CAT B)",null,null,null,null,null,null,null,3.1]
["UNIT 2 (GF) - FERNOX LTD",null,null,null,null,null,null,null,3]
["BUNZL UK LIMITED",null,null,null,null,null,null,null,3]
["UNIT 2 (1ST F) - MCCARTHY & STONE RETIREMENT LIFESTYLES LTD",null,null,null,null,null,null,null,2.9]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,17.3]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,24.6]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.1]
["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,138.67500100000001,0,0,0,null,null,138.67500100000001]
["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,1.24754944,0,0,0,null,null,1.24754944]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,139.92255144000001,0,0,0,null,null,139.92255144000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-0.89962028556250018,"-","-","-",null,null,-0.89962028556250018]
["Net debt (cash)/equity ",null,-0.89159926485114127,"-","-","-",null,null,-0.89159926485114127]
["Source: Nuveen Real Estate"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,2545.69,2602.0100000000002,2576.08,2244.0100000000002,2191.94,2196.9499999999998]
["Offer (GBp)",null,null,2751.32,2799.21,2775.77,2426.63,2374.11,2379.29]
["Mid (GBp)",null,null,2648.5050000000001,2700.61,2675.9250000000002,2335.3200000000002,2283.0250000000001,2288.12]
["Bid/offer spread",null,null,7.4738670892517081E-2,7.0448447954958651E-2,7.1940398520050311E-2,7.525663162492835E-2,7.6731912169191854E-2,7.6636307469875528E-2]
["Net asset value (GBp)",null,null,2573.296602776315,2638.0283778738899,2612.5545188361398,2277.3576659985802,2225.1402862405894,2230.1840302509599]
["Quarterly distribution (GBp)",null,null,15.21,15.279999999799999,21.0099999999,14.6,19.77,14.39]
["Yield",null,null,2.6359184528794152E-2,2.4999731069175298E-2,2.794965596818607E-2,2.902486552151497E-2,3.1755301199180221E-2,3.051317697416317E-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,3,null,null,null,0.54515398379870772]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.0888331792794703]
["2% or greater but less than 4%",null,null,null,5,null,null,null,15.796799607089548]
["4% or greater but less than 8%",null,null,null,"-",null,null,null,"-"]
["Greater than 8.0%",null,null,null,6,null,null,null,82.569213229832258]
["Total",null,null,null,15,null,null,null,99.999999999999986]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,30.230608798529584]
["Three largest holders",null,null,null,3,null,null,null,56.666510559604191]
["Five largest holders",null,null,null,5,null,null,null,74.401464830700604]
["Ten largest holders",null,null,null,10,null,null,null,95.947885678436094]
["Internal/external investors"]
["Internal",null,null,null,"-",null,null,null,"-"]
["External",null,null,null,15,null,null,null,100]
["Source: Nuveen Real Estate"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,90671,90614.762000000002,78191.406000000003,75649.383000000002,73300.574699999997,66014.183699999994]
["Units issued during period",null,null,"-","-","-","-","-","-"]
["Units redeemed during period",null,null,-56.238,-12423.356,-2542.0230000000001,-2348.8082999999997,-7286.3910000000005,-1549]
["Units in issue at end of period",null,null,90614.762000000002,78191.406000000003,75649.383000000002,73300.574699999997,66014.183699999994,64465.183699999994]
["Unit transfers"]
["Matched bargains",null,null,7576.47,7385.77,3188.4369999999999,438.07369999999997,0,0]
["Matched bargains %*",null,null,8.3611873306029316E-2,9.4457567369999718E-2,4.2147561203506441E-2,5.9764019831075078E-3,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Nuveen Real Estate"]

{"sheet":"Profile_28","index":35,"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:","2023-06-30"]
[]
["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,247.84932477500001]
["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,"SIOBHAN TOMAN"]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-5.8458260289490003,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-1.883223812524,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-23.455839819981001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",8.2350454798569999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",-9.7608152756800006,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",-2.2397813486999998,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,2.0024744878509209,null,2.0024744878509209]
["North West",null,null,null,null,null,25.197729442032983,null,25.197729442032983]
["South East",null,null,null,null,null,9.1736268465764397,null,9.1736268465764397]
["Rest of London*",null,null,null,null,null,17.024163410559304,null,17.024163410559304]
["Scotland",null,null,null,null,null,23.266803841644354,null,23.266803841644354]
["Wales",null,null,null,null,null,10.833468159741949,null,10.833468159741949]
["East Midlands",null,null,null,null,null,0,null,0]
["Eastern",null,null,null,null,null,11.464979967556371,null,11.464979967556371]
["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,1.0367538440376918]
["Overall",null,null,null,null,null,98.963246155962324,null,100.00000000000001]
["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,9,null,null,413.91500100000002,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,9,null,null,413.91500100000002,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,"100-150","*"]
["BOREHAMWOOD SHOPPING PARK",null,null,"BOREHAMWOOD",null,"Retail Park",null,"75-100","*"]
["CRAIGLEITH RETAIL PARK",null,null,"EDINBURGH",null,"Retail Park",null,"50-75","*"]
["RIVERSIDE RETAIL PARK",null,null,"NORWICH",null,"Retail Park",null,"50-75","*"]
["ASHFORD RETAIL PARK (PHASE 2)",null,null,"ASHFORD",null,"Retail Park",null,"25 - 50","*"]
["ALMONDVALE RETAIL PARK",null,null,"LIVINGSTON",null,"Retail Park",null,"15-25","*"]
["FFORESTFACH RETAIL PARK",null,null,"SWANSEA",null,"Retail Park",null,"5-15","*"]
["ISLAND GREEN RETAIL PARK",null,null,"WREXHAM",null,"Retail Park",null,"5-15","*"]
["WEAVERS WHARF RETAIL PARK",null,null,"KIDDERMINSTER",null,"Retail Park",null,"5-15","*"]
["-",null,null,"-",null,"-",null,"-","-"]
["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,1,null,null,4.7149999999999999,null,1.1391227639995583]
["5-10",null,null,1,null,null,9.5,null,2.2951572127244546]
["10-25",null,null,2,null,null,31.25,null,7.5498592523830759]
["25 - 50",null,null,1,null,null,44.6,null,10.775159125001126]
["50 - 100",null,null,3,null,null,209.65,null,50.650495752387585]
["100-150",null,null,1,null,null,114.2,null,27.590205651908711]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,9,null,null,413.91499999999996,null,99.999999758404485]
["Average lot size",null,null,null,null,null,45.990555555555552]
["Source: Nuveen Real Estate "]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.3899999999999997E-2,null,"Investments ",null,null,7.1800000000000003E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,6.3099999999999989E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.4699999999999994E-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 ",23.996639999999999,7.7,0,8.6082884721987192,-9.9,15.798261710195799,5.8982617101957988,119.89027213809933]
["Overall",23.996639999999999,7.7,0,8.6082884721987192,-9.9,15.798261710195799,5.8982617101957988,119.89027213809933]
["*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,3.6]
[" 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,5.6]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,14.5]
[" Less than 5 years ",null,null,null,null,null,null,76.3]
["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"]
[0,0,0,null,null,null,170.401914,0]
[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: 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,"%"]
["MARKS & SPENCER PLC",null,null,null,null,null,null,null,5.8178806161497851]
["B&Q PLC",null,null,null,null,null,null,null,5.5126328015378556]
["BOOTS UK LIMITED",null,null,null,null,null,null,null,5.3903661974363803]
["B&M RETAIL LIMITED",null,null,null,null,null,null,null,4.9759883544831593]
["ARGOS LTD",null,null,null,null,null,null,null,4.7682704559234335]
["TJX UK LTD T/A TK MAXX",null,null,null,null,null,null,null,4.4710862707693071]
["MATALAN RETAIL LTD",null,null,null,null,null,null,null,3.7275800082081241]
["NIKE RETAIL BV (TURNOVER RENT)",null,null,null,null,null,null,null,3.3307425219614446]
["DSG RETAIL LTD",null,null,null,null,null,null,null,3.0496669039532005]
["POUNDLAND LTD",null,null,null,null,null,null,null,2.9629333540920637]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.720879615124019]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,26.465138425530611]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,44.007147484514753]
["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,413.91500100000002,0,0,0,null,null,413.91500100000002]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-170.401914,0,0,0,null,null,-170.401914]
["Cash",null,4.3362357750000005,0,0,0,null,null,4.3362357750000005]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,247.84932477500001,0,0,0,null,null,247.84932477500001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,40.120719912009179,"-","-","-",null,null,40.120719912009179]
["Net debt (cash)/equity ",null,67.002675264802917,"-","-","-",null,null,67.002675264802917]
["Source: Nuveen Real Estate "]
[]
["Quarterly data per unit"]
["As at",null,"2019-12-31","2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Net asset value (GBp)",null,7993.8510835556863,6934.7929069116244,7170.4299272417202,6729.7611600892797,5493.2286977738204,5680.034091094476,5306.9388520833563]
["Quarterly distribution (GBp)",null,165.19002064741326,125.13,81.239999999999995,69.399999999900004,54.54,54.54,42.74]
["Yield",null,8.5705874890901604E-2,6.5902472667093911E-2,6.082201547539063E-2,5.6100059276812643E-2,6.0130392920626274E-2,4.3071924582913701E-2,3.8845369382590735E-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 (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,19,null,null,null,11.25]
["1% or greater but less than 2%",null,null,null,13,null,null,null,18.11]
["2% or greater but less than 4%",null,null,null,5,null,null,null,14.39]
["4% or greater but less than 8%",null,null,null,"-",null,null,null,"-"]
["Greater than 8.0%",null,null,null,4,null,null,null,56.25]
["Total",null,null,null,41,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,46.24]
["Five largest holders",null,null,null,5,null,null,null,60]
["Ten largest holders",null,null,null,10,null,null,null,72.39]
["Internal/external investors"]
["Internal",null,null,null,"-",null,null,null,"-"]
["External",null,null,null,41,null,null,null,100]
["Source: Nuveen Real Estate "]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,51239,51239,51239,51239,51239,51239]
["Units issued during period",null,null," -   ","-","-","-","-","-"]
["Units redeemed during period",null,null," -   ","-","-","-","-","-"]
["Units in issue at end of period",null,null,51239,51239,51239,51239,51239,51239]
["Unit transfers"]
["Matched bargains",null,null,1237,"-","-","-","-","-"]
["Matched bargains %*",null,null,2.4141767013407756E-2,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Nuveen Real Estate "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,1206.4717231288982]
["* The Total net assets Value includes Other Net assets / liabilities "]
["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,"IQ EQ Depositary Company (UK) 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 Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months","-",null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date","-",null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months","-",null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+","-",null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+","-",null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,0,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,0,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,0,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,0,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,0,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,0,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,97.299704359805631,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,2.7002956401943359,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,99.999999999999972,null,99.999989999999997,null,100.00001999999999,100]
["** 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,98,null,null,1329.9806252160004,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,98,null,null,1329.9806252160004,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,1,null,null,2.2942224100000002,null,0.17250043846521437]
["2.5 - 5",null,null,6,null,null,22.260283130000001,null,1.6737298805676013]
["5-10",null,null,12,null,null,88.064972880000013,null,6.6215229914118119]
["10-25",null,null,78,null,null,1188.9411467960001,null,89.395373455376898]
["25 - 50",null,null,1,null,null,28.42,null,2.1368732341784562]
["50 - 100",null,null,0,null,null,0,null,0]
["Over 100",null,null,0,null,null,0,null,0]
[]
["Total",null,null,98,null,null,1329.9806252160001,null,99.999999999999972]
["Average lot size",null,null,null,null,null,13.571230869551021]
[]
["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 ",71.119246000000004,0,0,2.3440560660609999,-7.2209342601860005,-1.183759737835,-8.4046939980210009,98.816240262164754]
["Overall",71.119246000000004,0,0,2.3440560660609999,-7.2209342601860005,-1.183759737835,-8.4046939980210009,98.816240262164754]
["*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,91.99126633035452]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,4.6682033158787988]
[" 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,3.3405303537666868]
[]
["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,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,1329.9806252160004,0,0,0,null,null,1329.9806252160004]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-194.22399999999999,0,0,0,null,null,-194.22399999999999]
["Cash",null,36.910090400000016,0,0,0,null,null,36.910090400000016]
["Other net assets/liabilities",null,33.805007512897816,0,0,0,null,null,33.805007512897816]
["Total net assets",null,1206.4717231288982,0,0,0,null,null,1206.4717231288982]
["Gearing (%)"]
["Net debt (cash)/properties ",null,11.828285812393007,"-","-","-",null,null,11.828285812393007]
["Net debt (cash)/equity ",null,13.03917088019416,"-","-","-",null,null,13.03917088019416]
["* The Total net assets Value includes Other Net assets / liabilities "]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["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:","*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,"Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,null,193221.30169999998,322303,571741,721790,840062.27989999985]
["Units issued during period",null,null,null,129082,249438.29969999997,180047.99570000006,118272.27989999985,982664.85930000001]
["Units redeemed during period",null,null,null,0,0,0,0,-82563.641300000105]
["Units in issue at end of period",null,null,null,322303,571741.29969999997,751788.99570000009,840062.27989999985,1740163.4978999998]
["Unit transfers"]
["Matched bargains",null,null,null,0,0,0,0,0]
["Matched bargains %*",null,null,null,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,511.38900099999995]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.67481000000000002,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-0.11230999999999999,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-15.032999999999999,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",5.6266999999999996,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.7955800000000002,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.8281000000000001,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,1.7156282901923108,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,4.623166760939279,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,6.3387950511315898,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,18.149541385718653,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,10.022881063755081,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,28.172422449473736,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,42.610788954829026,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,17.300756863202459,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,59.911545818031485,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,4.8218184576983889,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,0.75541822366480205,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,16,null,null,549.55000099999995,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,16,null,null,549.55000099999995,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 "]
["WESTCOTT VENTURE PARK",null,null,null,"AYLESBURY","Industrial ",null,"95-100",17.74178870395453]
["THORP ARCH",null,null,null,"WETHERBY","Industrial ",null,"95-100",17.74178870395453]
["COURT LANE INDUSTRIAL CENTRE",null,null,null,"IVER","Industrial ",null,"65-70",12.282776795045445]
["MOLE BUSINESS CENTRE OFFICE",null,null,null,"LEATHERHEAD","Office ",null,"45-50",8.6434355224393862]
["ANNAN HOUSE",null,null,null,"ABERDEEN","Office ",null,"35-40",6.8237648861363578]
["MOLE BUSINESS CENTRE INDUSTRIAL",null,null,null,"LEATHERHEAD","Industrial Other ",null,"35-40",6.8237648861363578]
["CODA STUDIOS",null,null,null,"FULHAM","Office ",null,"25-30",5.0040942498333285]
["VERULAM POINT",null,null,null,"ST ALBANS","Office ",null,"20-25",4.0942589316818152]
["100 BLACKHEATH ROAD",null,null,null,"LONDON","Retail Park",null,"20-25",4.0942589316818152]
["MOUNTBATTON BUSINESS PARK",null,null,null,"PORTSMOUTH","Industrial Other ",null,"20-25",4.0942589316818152]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,87.344190542545405]
["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,0,null,null,0,null,0]
["2.5 - 5",null,null,1,null,null,3.8,null,0.69147484179515084]
["5-10",null,null,1,null,null,9.5,null,1.7286871044878773]
["10-25",null,null,7,null,null,124.8,null,22.709489541061796]
["25 - 50",null,null,4,null,null,151.64999999999998,null,27.595305199535424]
["50 - 100",null,null,3,null,null,259.79999999999995,null,47.275043131152678]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,16,null,null,549.54999999999995,null,99.999999818032933]
["Average lot size",null,null,null,null,null,34.346874999999997]
["Source:PATRIZIA Property Investment Managers LLP"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.1189999999999999E-2,null,"Investments ",null,null,0.15451000000000001]
["Nominal equivalent yield",null,null,6.5250000000000002E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,6.5259999999999999E-2,null,"Total",null,null,0.15451000000000001]
["Net reversionary yield",null,null,7.0319999999999994E-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,0,null,null,null,null,0]
["Retail warehousing ",null,null,3.4404292642656582,null,null,null,null,4.1817476258159747]
["Shopping centres ",null,null,4.5979740419750152,null,null,null,null,3.4502807473414285]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,29.628454936088328,null,null,null,null,33.529268939763632]
["Industrial",null,null,56.450252117113045,null,null,null,null,54.701315062704495]
["Other ",null,null,5.8828896405579423,null,null,null,null,4.1373876243744583]
["Overall",null,null,100,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 ","-","-","-","-","-","-","-","-"]
["Retail warehousing ",1.063374,0,0,49.018501486776998,0,49.606253303164998,49.606253303164998,149.6062533031652]
["Shopping centres ",1.4211499999999999,8.5845969813180005,0,1.6535904021390002,-28.220103437357004,-7.6381803469019998,-35.858283784259001,92.361819653097839]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",9.157615582,0,0,41.222007696195,-11.646937267125001,39.289904514797001,27.642967247672001,139.28990451479731]
["Industrial",17.44774439,0.175953976135,0,14.799374304681001,-8.6572336012999997,19.271434374790001,10.614200773490001,119.27143437479026]
["Other ",1.8182940000000001,0,0,0,-13.435451032671001,-13.435451032671001,-26.870902065342001,86.564548967328719]
["Overall",30.908177972000004,0.49404400394699999,0,22.330206608272,-10.425783541557001,23.084838693706999,12.659055152149998,123.08483869370674]
["*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,15.5]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,2.9]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,17.100000000000001]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,8.8000000000000007]
[" Less than 5 years ",null,null,null,null,null,null,55.9]
["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,30,1.85,0]
[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, last working day of the quarter-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: 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,11.117331985815772]
["SURREY COUNTY COUNCIL",null,null,null,null,null,null,null,4.9567818931148668]
["MOORES FURNITURE GROUP LTD",null,null,null,null,null,null,null,4.9107805343263324]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,3.3098479830653824]
["HANOVER SOLAR PARKS (UK) LIMITED",null,null,null,null,null,null,null,2.9136218442648811]
["GREEN RETREATS LTD",null,null,null,null,null,null,null,2.684909280863911]
["KEW GREEN HOTELS (YORK) LTD",null,null,null,null,null,null,null,2.6148540022976801]
["TRANSLUX INTERNATIONAL LIMITED",null,null,null,null,null,null,null,2.6124069551254365]
["OLLECO - TURNOVER RENT",null,null,null,null,null,null,null,2.5270641159189311]
["WICKES BUILDING SUPPLIES LTD",null,null,null,null,null,null,null,2.0108243569594406]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.984894413256971]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,27.208364240587233]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,39.658422951752634]
["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,549.55000099999995,0,0,0,null,null,549.55000099999995]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-30,0,0,0,null,null,-30]
["Cash",null,4.1829999999999998,0,0,0,null,null,4.1829999999999998]
["Other net assets/liabilities",null,-12.343999999999999,0,0,0,null,null,-12.343999999999999]
["Total net assets",null,511.38900099999995,0,0,0,null,null,511.38900099999995]
["Gearing (%)"]
["Net debt (cash)/properties ",null,4.697843681743529,"-","-","-",null,null,4.697843681743529]
["Net debt (cash)/equity ",null,5.048407366899939,"-","-","-",null,null,5.048407366899939]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,16555,17280,16555,14425,14175,14130]
["Offer (GBp)",null,null,17595,18510,17770,15460,15215,15165]
["Mid (GBp)",null,null,17075,17895,17162.5,14942.5,14695,14647.5]
["Bid/offer spread",null,null,6.2820900030202353E-2,7.1180555555555552E-2,7.3391724554515259E-2,7.1750433275563255E-2,7.3368606701940037E-2,7.32484076433121E-2]
["Net asset value (GBp)",null,null,16810.625615487916,17549.990826199701,16822.830716894801,14652.9109667345,14401.517185218465,14360.029091317534]
["Quarterly distribution (GBp)",null,null,138.78270478959999,134.7138211102,149.33817203620001,144.20090618090001,136.8309759119,138.67052504110001]
["Yield",null,null,3.7438005813434053E-2,3.3472916278925888E-2,3.4220127047230986E-2,3.8697812701121444E-2,3.9237801682394609E-2,3.9626701001194871E-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,22,null,null,null,9.1300000000000008]
["1% or greater but less than 2%",null,null,null,12,null,null,null,17.946000000000002]
["2% or greater but less than 4%",null,null,null,4,null,null,null,12.795999999999999]
["4% or greater but less than 8%",null,null,null,1,null,null,null,5.07]
["Greater than 8.0%",null,null,null,6,null,null,null,55.06]
["Total",null,null,null,45,null,null,null,100.00200000000001]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,"-"]
["Three largest holders",null,null,null,3,null,null,null,"-"]
["Five largest holders",null,null,null,5,null,null,null,"-"]
["Ten largest holders",null,null,null,10,null,null,null,"-"]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,0.06]
["External",null,null,null,44,null,null,null,99.94]
["Source: PATRIZIA Property Investment Managers LLP"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,35297,35332,35332,35332,34270,35612]
["Units issued during period",null,null,35,0,0,0,1593,0]
["Units redeemed during period",null,null,0,0,0,-1062,-251,-251]
["Units in issue at end of period",null,null,35332,35332,35332,34270,35612,35361]
["Unit transfers"]
["Matched bargains",null,null,1442,0,168,1062,0,0]
["Matched bargains %*",null,null,4.0812860862674064E-2,0,4.7548964111853277E-3,3.0989203384884739E-2,0,0]
["* as % of units in issue at the end of the period   "]
["Source: PATRIZIA Property Investment Managers LLP"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["PGIM Real Estate UK Ground Lease Fund"]
[]
["INVESTMENT POLICY AND OBJECTIVES"]
["To outperform (post running costs and gross of tax) the total nominal return of the 1.25% Index Linked Treasury Gilt 2055 by 2% per annum over a 10-year rolling period."]
[]
[]
["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,"July 2006"]
["Open/closed-ended",null,null,null,null,null,null,null,"Open-ended* "]
["Year-end",null,null,null,null,null,null,null,"30 September"]
["NAV (GBPm) ",null,null,null,null,null,null,null,635.89615687999992]
["Source : PGIM Real Estate UK Ground Lease Fund"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"Carne Global AIFM Solutions (C.I.) Limited"]
["Fund administration",null,null,null,null,"MUFG Alternative Fund Services (Ireland) Limited"]
["Property fund manager",null,null,null,null,"Charles Crowe"]
["Trustee",null,null,null,null,"Ocorian 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 Open-Ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-3.4310700000000001,null,null,-0.65949000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-2.79088,null,null,-1.3365199999999999,null,0.16313,null,0.12145]
["12 months",-6.9143699999999999,null,null,-16.622859999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",0.35882999999999998,null,null,2.6769999999999999E-2,null,3.3854099999999998,null,2.28301]
["5 years+",0.97507999999999995,null,null,1.7693300000000001,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",5.47553,null,null,5.0769799999999998,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,3.3249139508857004,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,7.2255508348552846,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK retail",null,null,10.550464785740985,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,1.1401232627309905,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,1.1401232627309905,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,0,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,0.63438030922162958,null,10.21167,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,0.63438030922162958,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,83.114514077945998,null,44.89969,null,12.513680000000001,25.88514]
["Cash***",null,null,4.5605175643604019,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,100,null,100.00001999999999,100]
["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,125,null,null,606.89599999999996,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,125,null,null,606.89599999999996,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,90.5,14.911945374495797]
["THE WESTIN HOTEL PORTFOLIO, UPPER THAMES STREET",null,null,null,"LONDON","Hotel ",null,77,12.687511534101395]
["PARK PLAZA RIVERBANK HOTEL",null,null,null,"LONDON","Hotel ",null,45.4,7.4806886188078359]
["157-183 WATERLOO ROAD",null,null,null,"LONDON","Hotel ",null,33.950000000000003,5.5940391763992521]
["GREAT NORTHERN HOTEL",null,null,null,"LONDON","Hotel ",null,27.4,4.5147768316153014]
["RADISSON EDWARDIAN",null,null,null,"GUILDFORD","Hotel ",null,20.6,3.3943212675647891]
["THE PALACE HOTEL",null,null,null,"MANCHESTER","Hotel ",null,15.5,2.5539795945269046]
["THISTLES SHOPPING CENTRE",null,null,null,"STIRLING","Retail Shopping Centre ",null,14.103,2.3237918852653503]
["GLASGOW, BHS, SAUCHIEHALL STREET",null,null,null,"GLASGOW","Retail Other ",null,13.069000000000001,2.1534167303788458]
["FOREST PINES HOTEL & GOLF RESO,ERMINE STREET",null,null,null,"BRIGG","Hotel ",null,13.029,2.1468258152961961]
["10 largest investments as % of portfolio",null,null,null,null,null,null,350.55100000000004,57.76129682845167]
["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,86,null,null,76.084000000000003,null,12.536579578708709]
["2.5 - 5",null,null,13,null,null,45.013999999999996,null,7.4170862882602622]
["5-10",null,null,12,null,null,88.211999999999989,null,14.53494503176821]
["10-25",null,null,9,null,null,123.33599999999998,null,20.322427565843242]
["25 - 50",null,null,3,null,null,106.75,null,17.589504626822389]
["50 - 100",null,null,2,null,null,167.5,null,27.59945690859719]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,125,null,null,606.89599999999996,null,100]
["Average lot size",null,null,null,null,null,4.8551679999999999]
["Source : PGIM Real Estate UK Ground Lease Fund"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,3.3099999999999997E-2,null,"Investments ",null,null,"-"]
["Nominal equivalent yield",null,null,3.56E-2,null,"Developments",null,null,"-"]
["True equivalent yield",null,null,"-",null,"Total",null,null,"-"]
["Net reversionary yield",null,null,3.5900000000000001E-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,4.3907835146842817,null,null,null,null,4.4250334452687232]
["Retail warehousing ",null,null,0,null,null,null,null,0]
["Shopping centres ",null,null,12.157725697126809,null,null,null,null,11.564178769459529]
["Central London offices",null,null,0,null,null,null,null,0]
["Other offices",null,null,1.3456383502517331,null,null,null,null,1.3334630593221106]
["Industrial",null,null,0.7388451971759904,null,null,null,null,0.69649895630172098]
["Other ",null,null,81.367007240761154,null,null,null,null,81.980825769647907]
["Overall",null,null,99.999999999999972,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 ",0.88273631999999991,0,0,0,0,9.0732281186750008,9.0732281186750008,109.07322811867537]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ",2.4442257299999999,0,0,0,-1.400320746971,2.9451972915770002,1.5448765446060002,102.9451972915775]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",0.27053117999999998,0,0,0,0,7.2497447429169997,7.2497447429169997,107.24974474291653]
["Industrial",0.14853965999999999,0,0,0,0,2.0259505104560001,2.0259505104560001,102.02595051045627]
["Other ",16.358267789999996,0,0,0,-3.1176900000000004E-6,9.0454578014949991,9.0454546838049996,109.04545780149503]
["Overall",20.104300680000001,0,0,0,-0.170249692067,8.2289971003359987,8.0587474082689994,108.22899710033585]
["*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"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",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]
[]
["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,14.741605078302083]
["Churchill Retirement Living",null,null,null,null,null,null,null,11.120245790116186]
["PINBOARD NOMINEE 1 LIMITED & PINBOARD NOMINEE 2 LTD",null,null,null,null,null,null,null,10.720046741760132]
["APRIROSE",null,null,null,null,null,null,null,9.131125420473964]
["RIVERBANK HOTEL HOLDING BV",null,null,null,null,null,null,null,5.6461415299524855]
["RSW PROPCOLIMITED",null,null,null,null,null,null,null,4.5300813716242141]
["STANDARD LIFE INVESTMENTS",null,null,null,null,null,null,null,4.1768426237047311]
["RMH GUILDFORD LLP",null,null,null,null,null,null,null,3.9439441969189653]
["KCCLP",null,null,null,null,null,null,null,3.539424779434805]
["BE YEOVIL BV",null,null,null,null,null,null,null,2.8105855507927071]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,36.581897610178402]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,51.359164560604853]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,70.360043083080285]
["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,606.89599999999996,0,0,0,null,null,606.89599999999996]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,29.000155879999998,0,0,0,null,null,29.000155879999998]
["Other net assets/liabilities",null,9.9999999999999995E-7,0,0,0,null,null,9.9999999999999995E-7]
["Total net assets",null,635.89615687999992,0,0,0,null,null,635.89615687999992]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-4.7784391197173814,"-","-","-",null,null,-4.7784391197173814]
["Net debt (cash)/equity ",null,-4.5605175571886054,"-","-","-",null,null,-4.5605175571886054]
["Source : PGIM Real Estate UK Ground Lease Fund"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Offer (GBp)",null,null,1.7249000000000001,1.7351000000000001,1.7253000000000001,1.6439999999999999,1.645,1.58]
["Net asset value (GBp)",null,null,1.72550571888528,1.7350744535532501,1.72533035585024,1.6437283621882799,1.64473692894608,1.5795527128758899]
["Quarterly distribution (GBp)",null,null,9.3331401999999994E-3,1.37386823749499E-2,8.5697733999999994E-3,9.6759251999999994E-3,9.8651563000000005E-3,8.9440531999999996E-3]
["Yield",null,null,2.2491932118933924E-2,2.4334675436837289E-2,2.3216442441981174E-2,2.5202470099651951E-2,2.5444517213349425E-2,2.3459114594874247E-2]
["Source : PGIM Real Estate UK Ground Lease Fund"]
[]
["Unit pricing"]
["The unit price is calculated on the last business day of each month. "]
[]
["Distributions"]
["Distributions are made quarterly, two calendar months after a Quarterly Accounting Date. Quarterly Accounting Date is defined as 31 March, 30 June, 30 September or 31 December."]
[]
[]
["Minimum investment/disinvestment"]
["The minimum initial investment is GBP 100,000. Subsequent investments may be made for a minimum of GBP 50,000. The manager may at its discretion accept subsequent investments lower than this minimum amount. A Unitholder may not redeem units if in doing so its holding would fall below a value of GBP 100,000. The minimum holding will not be deemed to be breached simply because of a fall in the value of a Unitholder's Units. "]
[]
[]
["Creation, transfer and realisation of units"]
["Issues are made at the discretion of the Manager and are normally monthly on a Dealing Day, which is the first business day after a Valuation Day. A Valuation Day is defined as the last Business Day of each month when a full valuation of the Fund takes place, or such other day as the Manager shall determine.                                                                                                                                                         Redemption of Units are made quarterly. The Manager will redeem units on 31 March, 30 June, 30 September or 31 December in each Accounting Period, or such other date in each quarter that the Manager may from time to time determine and notify to the Unitholders (a \"Quarter Day\"). A written request for a redemption (a \"Redemption Request\") must be received at least 3 months before a Quarter Day for the Units which are the subject of such Redemption Request to qualify for redemption on the following Quarter Day. The Redemption Request is to be satisfied at the next Quarter Day. Therefore, the Manager has a minimum of 6 months notice on redemptions. To protect the interest of continuing Unitholders, the Manager may, at its discretion, defer redemptions for up to 6 months from the end of the Redemption Request Notice Period for the relevant Redemption Request."]
[]
[]
["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"]
["With effect from 1 January 2022, the fees payable by all investors in the Fund have been revised from a flat management fee to a tiered structure, ranging from 35 bps to 40 bps, reducing marginally the equivalent bps figure paid by larger investors.\nThe unitholders 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.\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,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,5,null,null,null,97.01]
["Total",null,null,null,6,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,30.39]
["Three largest holders",null,null,null,3,null,null,null,77.83]
["Five largest holders",null,null,null,5,null,null,null,97.01]
["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 : PGIM Real Estate UK Ground Lease Fund"]
[]
["Liquidity "]
["Period",null,null,"Year to \r\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,379179108.64999998,402334437.83999997,402701755.09999996,402701755.09999996,402701755.09999996,402551439.43999994]
["Units issued during period",null,null,23155329.18999999,367317.26,0,0,0,0]
["Units redeemed during period",null,null,0,0,0,0,-150315.66,0]
["Units in issue at end of period",null,null,402334437.83999997,402701755.09999996,402701755.09999996,402701755.09999996,402551439.43999994,402551439.43999994]
["Unit transfers"]
["Matched bargains",null,null,1369746.46,19753429.66,9400263.2100000009,0,0,0]
["Matched bargains %*",null,null,3.4044971823782074E-3,4.9052256191669134E-2,2.3342990416482547E-2,0,0,0]
["* 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:","2023-06-30"]
[]
["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,"2022-06-30"]
["NAV (GBPm) ",null,null,null,null,null,null,null,383.14772750999998]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.52227000000000001,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",0.31117,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-14.80716,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",3.5578799999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",1.53504,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",5.1510199999999999,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,4.8736931682264073,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,9.2770030816105873,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,14.150696249836994,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,4.5078395255713417,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,23.427699331447581,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,2.8614981336235474,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,30.797036990642471,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,24.425953207974516,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,13.889372219369092,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,38.315325427343609,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,8.6236930054408276,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,8.1132483267361035,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,27,null,null,343.35000100000002,null,97.525436144769955]
["Joint  and indirect holdings",null,null,2,null,null,8.7119990000000005,null,2.4745638552300449]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,29,null,null,352.06200000000001,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","*"]
["CAIRNGORM RETAIL PARK",null,null,null,"MILTON KEYNES","Retail Park",null,"20-30","*"]
["28-32 LEXINGTON STREET",null,null,null,"LONDON","Office ",null,"10-20","*"]
["COMPASS BUSINESS PARK",null,null,null,"CHESSINGTON","Industrial ",null,"10-20","*"]
["41 EASTCHEAP",null,null,null,"LONDON","Office ",null,"10-20","*"]
["JUNCTION 8 BUSINESS PARK",null,null,null,"ELLESMERE PORT","Industrial ",null,"10-20","*"]
["LODGE FARM TRADE",null,null,null,"NORTHAMPTON","Industrial Other ",null,"10-20","*"]
["KINGS RIDE PARK",null,null,null,"ASCOT","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,1,null,null,2.4,null,0.68169810999198999]
["2.5 - 5",null,null,3,null,null,9.1999999999999993,null,2.613176088302628]
["5-10",null,null,11,null,null,88.6,null,25.166021893870965]
["10-25",null,null,9,null,null,145.5,null,41.3279479182644]
["25 - 50",null,null,3,null,null,97.65,null,27.736591850299096]
["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,27,null,null,343.35,null,97.525435860729075]
["Average lot size",null,null,null,null,null,12.716666666666667]
["Source: Royal London Asset Management"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.090744357944E-2,null,"Investments ",null,null,6.0364829714809998E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,6.0154160360370003E-2,null,"Total",null,null,6.0364829714809998E-2]
["Net reversionary yield",null,null,5.8403735992429998E-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,6.5698946003864123,null,null,null,null,4.6918323481619995]
["Retail warehousing ",null,null,14.042798793350828,null,null,null,null,10.184018950869278]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,25.179850120523454,null,null,null,null,27.847711353065534]
["Other offices",null,null,1.4961744574301219,null,null,null,null,5.2270551519020572]
["Industrial",null,null,41.777213479764789,null,null,null,null,42.948074620058577]
["Other ",null,null,10.934068548544396,null,null,null,null,9.1013075759425668]
["Overall",null,null,100,null,null,null,null,100.00000000000003]
["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 ",1.2260690000000001,0,0,0,-18.603275998333,-18.603275998333,-37.206551996666001,81.39672400166711]
["Retail warehousing ",2.620657,0,0,0,-18.308042601531,-17.341338450624999,-35.649381052156002,82.658661549374827]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",4.6990455000000004,0,0,8.7500748822290007,-2.045862292672,26.054748778235997,24.008886485563998,126.0547487782359]
["Other offices",0.27921499999999999,0,0,283.44644807764598,0,298.19673011836801,298.19673011836801,398.19673011836755]
["Industrial",7.7964335,0,0,1.0440671365950001,-2.6050244640710001,17.172871416141998,14.567846952070997,117.17287141614176]
["Other ",2.040508,0,0,0,-5.9680236490129994,-5.1265175142660002,-11.094541163279001,94.873482485733945]
["Overall",18.661928,0,0,6.880291253937,-6.0491766981420003,13.978475321521,7.9292986233789993,113.9784753215209]
["*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,9.5064945459079606]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,18.604574156555245]
[" Less than 5 years ",null,null,null,null,null,null,71.8889312975368]
["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,"-","-","-"]
["Medicx Health Fund II",null,"Healthcare","INDIRECT RE","-",100,"-","-","-"]
["-",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,"%"]
["THE FARM POST PRODUCTION LIMITED",null,null,null,null,null,null,null,6.437724032796341]
["PREMIER INN HOTELS LTD",null,null,null,null,null,null,null,5.7758508954444947]
["WAITROSE",null,null,null,null,null,null,null,3.9045815565215003]
["PARTS ALLIANCE GROUP LTD",null,null,null,null,null,null,null,3.5375990980319445]
["FURNITURE VILLAGE LIMITED",null,null,null,null,null,null,null,3.5184951519646215]
["DFS FURNITURE COMPANY LIMITED",null,null,null,null,null,null,null,3.4039734061912021]
["ACCOR (T/A IBIS)",null,null,null,null,null,null,null,2.9189874661804898]
["SELCO",null,null,null,null,null,null,null,2.8636444985785507]
["SCHLUMBERGER OILFIELD UK PLC",null,null,null,null,null,null,null,2.8101792004861768]
["STAPLETON'S (TYRE SERVICES) LTD",null,null,null,null,null,null,null,2.7896804142117477]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.118156484762334]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,23.1742507347589]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,37.960715720407059]
["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,343.35000100000002,0,8.7119990000000005,0,null,null,352.06200000000001]
["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,31.085726510000001,0,0,0,null,null,31.085726510000001]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,374.43572850999999,0,8.7119990000000005,0,null,null,383.14772750999998]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-9.0536552845386478,"-",0,"-",null,null,-8.8296168032903282]
["Net debt (cash)/equity ",null,-8.3020190497579076,"-",0,"-",null,null,-8.1132480445649193]
["Source: Royal London Asset Management"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,3.2895349999999999,3.357898,3.2651479999999999,2.8059090000000002,2.7741910000000001,2.7653230000000004]
["Offer (GBp)",null,null,3.5287040000000003,3.6009060000000002,3.4998010000000002,3.0132020000000002,2.977204,2.9663040000000001]
["Mid (GBp)",null,null,3.4091195000000001,3.4794020000000003,3.3824744999999998,2.9095555000000002,2.8756975000000002,2.8658135000000002]
["Bid/offer spread",null,null,6.7778141776697734E-2,6.7485238437215544E-2,6.7047526416502023E-2,6.8794923141561687E-2,6.8189146595261832E-2,6.775468731458395E-2]
["Net asset value (GBp)",null,null,3.3355374983190398,3.4046567615561298,3.3103064507148101,2.8457821063361899,2.8132664974908401,2.8040344360408902]
["Quarterly distribution (GBp)",null,null,2.66167512E-2,2.9783048699999998E-2,2.3186306100000002E-2,2.7277342900000001E-2,2.6422704500000001E-2,2.39359933E-2]
["Yield",null,null,3.1017434956776557E-2,3.0215439354004326E-2,3.1308796041411867E-2,3.7551521833687269E-2,3.7916565065961125E-2,3.5956172828731175E-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,0.91]
["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,6.84]
["Greater than 8.0%",null,null,null,2,null,null,null,92.25]
["Total",null,null,null,17,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,66.260000000000005]
["Three largest holders",null,null,null,3,null,null,null,99.09]
["Five largest holders",null,null,null,5,null,null,null,99.79]
["Ten largest holders",null,null,null,10,null,null,null,100]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,92.25]
["External",null,null,null,15,null,null,null,7.75]
["Source: Royal London Asset Management"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,65088097.926799998,65067878.046099998,63843342.585100003,63956307.281300008,60436527.686400011,60392843.348700009]
["Units issued during period",null,null,293931.39629999996,243358.01949999999,5646446.4371999996,13693258.390700001,95877.67240000001,55156.213099999994]
["Units redeemed during period",null,null,-314151.277,-1467893.4805000001,-5533481.7409999995,-17213037.985599998,-139562.01010000001,-114787.217]
["Units in issue at end of period",null,null,65067878.046099998,63843342.585100003,63956307.281300008,60436527.686400011,60392843.348700009,60333212.34480001]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Royal London Asset Management"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,3259.29051286]
[]
["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"]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.45608795398800006,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",0.77893581974199999,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-14.751035069535002,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",5.5523715783999998,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.9455800384160002,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,14.7585800824362,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.17795283920405378,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,8.9175849508031444,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,23.854117872443396,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,4.7801814393088931,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,20.686250519371235,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,1.6698419437380394,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,2.4759989868564034,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,29.612272889274571,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,26.458686190185482,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,5.0885307555159169,null,13.63064,null,13.653829999999999,11.75995]
["All UK Industrial",null,null,31.5472169457014,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,4.6948868025869501,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,10.291505489993682,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["** 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,67,null,null,2848.8950009999999,null,97.436079822973795]
["Joint  and indirect holdings",null,null,1,null,null,74.965447999999995,null,2.5639201770262052]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,68,null,null,2923.8604489999998,null,100]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["THE EARNSHAW",null,null,null,"LONDON","Office ",null,"200-300","*"]
["111-122 NEW BOND STREET",null,null,null,"LONDON","Retail Other ",null,"200-300","*"]
["INTERNATIONAL TRADING ESTATE,SOUTHALL,INTERNATIONAL TRADING ESTATE, BRENT ROAD",null,null,null,"SOUTHALL","Industrial ",null,"100-200","*"]
["HAM YARD HOTEL",null,null,null,"LONDON","Hotel ",null,"100-200","*"]
["1A WIMPOLE STREET",null,null,null,"LONDON","Office ",null,"100-200","*"]
["25 WILTON ROAD",null,null,null,"LONDON","Office ",null,"50-100","*"]
["470-476 OXFORD STREET",null,null,null,"LONDON","Retail Other ",null,"50-100","*"]
["WESTMINSTER INDUSTRIAL ESTATE",null,null,null,"LONDON","Industrial ",null,"50-100","*"]
["1-3 & 5-9 BROAD PLAIN",null,null,null,"BRISTOL","Office ",null,"50-100","*"]
["55/59 LONG ACRE",null,null,null,"LONDON","Retail Other ",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,1,null,null,1.4750000000000001,null,5.0447004079981671E-2]
["2.5 - 5",null,null,5,null,null,17.594999999999999,null,0.60177290629645919]
["5-10",null,null,7,null,null,53.15,null,1.8178022148142545]
["10-25",null,null,23,null,null,385.59999999999997,null,13.188043914061645]
["25 - 50",null,null,12,null,null,456.4,null,15.609500109900765]
["50 - 100",null,null,14,null,null,1009.2,null,34.516011198316946]
["100 - 150",null,null,2,null,null,218.85,null,7.4849673511213464]
["Over 150",null,null,3,null,null,706.625,null,24.167535090181044]
["Total",null,null,67,null,null,2848.895,null,97.436079788772446]
["Average lot size",null,null,null,null,null,42.520820895522391]
[]
["Property Yield*",null,null,null,null,"Voids as % of ERV*"]
["Net initial yield",null,null,3.8222434178330003E-2,null,"Investments ",null,null,8.643099395671841E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,1.9919643265971593E-2]
["True equivalent yield",null,null,5.5604317801430006E-2,null,"Total",null,null,0.10635063722269]
["Net reversionary yield",null,null,4.9009175049150006E-2]
[]
["Rental income & ERV by type of property*"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,16.621196475820643,null,null,null,null,14.531046799580146]
["Retail warehousing ",null,null,17.568186626342516,null,null,null,null,11.843131451483274]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,21.51258336184317,null,null,null,null,29.494188996389592]
["Other offices",null,null,5.6427533630098594,null,null,null,null,7.2503355857963498]
["Industrial",null,null,33.9772840307783,null,null,null,null,34.113273020006588]
["Other ",null,null,4.6779961422055125,null,null,null,null,2.7680241467440529]
["Overall",null,null,100.00000000000001,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 ",17.362359999999999,2.0446529158480002,0,17.395993401818998,-22.453249443048001,28.196823473306999,5.7435740302589977,128.19682347330664]
["Retail warehousing ",18.351577829999997,3.0397931184320002,0,3.4569234638940003,-8.1952508058540001,-1.148728637684,-9.3439794435380001,98.851271362316453]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",22.471861000000001,0.82325179921700009,79.592206448767001,17.409328048086,-2.4677217432059999,101.04188077703,98.574159033824003,201.04188077703046]
["Other offices",5.8943720100000006,14.963816306530999,0,49.767812330528002,-6.0627070940510004,72.635659621355003,66.572952527303997,188.41248874619299]
["Industrial",35.492380950000005,3.7684144151510002,0,16.159947139303,-0.12970107602799999,47.223580389300004,47.093879313272005,147.22358038930042]
["Other ",4.8865948499999998,0,0,0,-13.233383774387999,-13.233383774387999,-26.466767548775998,86.766616225611585]
["Overall",104.45914664,3.1757611532410004,17.122339761820999,15.542923259707001,-6.7078560522309996,45.746441453027998,39.038585400796997,146.63668900904588]
["*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,6.8252694610681566]
[" 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,10.646440898724515]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,28.222716241824013]
[" Less than 5 years ",null,null,null,null,null,null,54.305573398383309]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["IPIF units",null,"Industrial","Indirect","-",100,74.965447999999995,null,2.5639201770262052]
["-",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,5.2098251540707059]
["BEVERAGE SERVICES LIMITED",null,null,null,null,null,null,null,4.7339988418155494]
["MARKS AND SPENCER P.L.C.",null,null,null,null,null,null,null,3.1196765937982893]
["FIRMDALE HOLDINGS LTD",null,null,null,null,null,null,null,3.054869255313573]
["GENESIS OIL AND GAS CONSULTANTS LTD",null,null,null,null,null,null,null,2.9718695315683124]
["HUGO BOSS UK LIMITED",null,null,null,null,null,null,null,2.135940205635507]
["MATALAN RETAIL LIMITED",null,null,null,null,null,null,null,1.9417638233050063]
["JURYS HOTEL MANAGEMENT (UK) LIMITED",null,null,null,null,null,null,null,1.7502437738847871]
["TJX UK",null,null,null,null,null,null,null,1.6519798447245253]
["SAINSBURY'S SUPERMARKETS LTD",null,null,null,null,null,null,null,1.6382680794862572]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.063500589684544]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.09023937656643]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,28.208435103602511]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,2848.8950009999999,0,74.965447999999995,0,null,null,2923.8604489999998]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,335.43006186000002,0,0,0,null,null,335.43006186000002]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,3184.3250648600001,0,74.965447999999995,0,null,null,3259.29051286]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-11.774040873470579,"-",0,"-",null,null,-11.472163863864354]
["Net debt (cash)/equity ",null,-10.533788323358479,"-",0,"-",null,null,-10.291505483678501]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,127.04089999999999,130.62540000000001,125.6195,109.47410000000001,109.17100000000001,108.9273]
["Offer (GBp)",null,null,132.84479999999999,136.59309999999999,131.35839999999999,114.4755,114.15860000000001,113.9036]
["Mid (GBp)",null,null,129.94284999999999,133.60925,128.48894999999999,111.9748,111.66480000000001,111.41544999999999]
["Bid/offer spread",null,null,4.368932769668063E-2,4.3689615361244306E-2,4.3688869535560629E-2,4.3689697795598094E-2,4.3690094307393401E-2,4.3688698162305625E-2]
["Net asset value (GBp)",null,null,128.97548759359751,132.61462261726501,127.532453979544,111.14125830706899,110.83354855564123,110.58606656958059]
["Quarterly distribution (GBp)",null,null,0.77496323990000004,0.72425013989999998,0.49306371989999997,0.60550068000000001,0.66489783999999996,0.75298045000000002]
["Yield",null,null,2.4951130325943809E-2,2.4105286330497175E-2,2.2352554434161863E-2,2.3373658167722685E-2,2.2445481647202749E-2,2.2755513131635419E-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,1.77]
["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,4.7300000000000004]
["Greater than 8.0%",null,null,null,2,null,null,null,93.5]
["Total",null,null,null,4,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,53.85]
["Three largest holders",null,null,null,3,null,null,null,98.23]
["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,4,null,null,null,100]
["External",null,null,null,"-",null,null,null,"-"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,27558516.611000001,28080283.294,28080283.294,28080283.294,28080283.294,30865488.284000002]
["Units issued during period",null,null,521766.68299999833,0,0,0,2785204.99,0]
["Units redeemed during period",null,null,"-",0,0,0,0,0]
["Units in issue at end of period",null,null,28080283.294,28080283.294,28080283.294,28080283.294,30865488.284000002,30865488.284000002]
["Unit transfers"]
["Matched bargains",null,null,"-","-","-","-","-","-"]
["Matched bargains %*",null,null,"-","-","-","-","-","-"]
["* as % of units in issue at the end of the period   "]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["Schroders Capital 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,1910.6166349999999]
["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,"Rob Cosslett"]
["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,"Schroders Capital UK Real Estate Fund",null,null,"Other balanced open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-2.3328199999999999,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",-3.8715199999999999,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-20.18526,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",0.63919999999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",0.80900000000000005,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",6.19503,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,"Schroders Capital UK Real Estate Fund",null,"Other balanced open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,11.171681892494737,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,3.4181680445990112,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0.57583083744393715,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0.48266039398804422,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,15.648341168525732,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,6.1917336809014758,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,4.972441496852622,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,26.286861030911361,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,4.1965383210847476,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,41.647574529750202,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,21.657554753692704,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,9.9794224037553221,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,31.636977157448026,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,9.0820314981101919,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash",null,null,1.985075646165841,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,50,null,null,1603.09322,null,83.922509868066726]
["Joint  and indirect holdings",null,null,8,null,null,307.11325799999997,null,16.077490131933263]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,58,null,null,1910.2064780000001,null,99.999999999999986]
["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,"100-150m","*"]
["WENLOCK WORKS (SHEPHERDESS WALK)",null,null,null,"LONDON","Office ",null,"100-150m","*"]
["CRAYFORD INDUSTRIAL PARK",null,null,null,"CRAYFORD","Industrial Other ",null,"100-150m","*"]
["HARTLEBURY TRADING ESTATE",null,null,null,"KIDDERMINSTER","Industrial ",null,"50-100m","*"]
["X2,HATTON CROSS,EASTERN PERIMETER ROAD",null,null,null,"HATTON CROSS","Industrial ",null,"50-100m","*"]
["ONE LYRIC",null,null,null,"LONDON","Office ",null,"50-100m","*"]
["THE BREWERY, ROMFORD,ROMFORD,",null,null,null,"ROMFORD","Retail Park",null,"50-100m","*"]
["WOKING BUSINESS PARK",null,null,null,"WOKING","Industrial ",null,"50-100m","*"]
["CITY TOWER",null,null,null,"MANCHESTER","Office ",null,"50-100m","*"]
["STEEL PARK",null,null,null,"WOLVERHAMPTON","Industrial Other ",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,3,null,null,3.4582169999999999,null,0.18103891070565198]
["2.5 - 5",null,null,1,null,null,4.8,null,0.25128173604696569]
["5-10",null,null,3,null,null,20.425000000000001,null,1.0692561372415155]
["10-25",null,null,"1-",null,null,161.535,null,8.4564156734055427]
["25 - 50",null,null,16,null,null,584.35,null,30.59093384563425]
["50 - 100",null,null,8,null,null,568.22500000000002,null,29.746784263601477]
["100-150",null,null,2,null,null,260.3,null,13.626799144380245]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,50,null,null,1797.0182170000003,null,83.922509711015636]
["Average lot size",null,null,null,null,null,35.940364340000002]
["Source: Schroders"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.4000000000000006E-2,null,"Investments ",null,null,6.4000000000000001E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,6.2E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,6.2E-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,8.6829609891453501,null,null,null,null,7.4215316804900828]
["Retail warehousing ",null,null,12.432347395585944,null,null,null,null,9.5811090079181334]
["Shopping centres ",null,null,0.53834036713190769,null,null,null,null,0.92797421593945106]
["Central London offices",null,null,8.4987868363837045,null,null,null,null,11.068964715277737]
["Other offices",null,null,32.172624872344471,null,null,null,null,33.867961500682362]
["Industrial",null,null,26.932563451047255,null,null,null,null,28.551344570364435]
["Other ",null,null,10.742376088361356,null,null,null,null,8.5811143093278037]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["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 ",9.5975055433149983,2.9570342092969959,0,6.9143462706851384,-19.232766470666025,17.5831562490051,-1.6496102216609252,108.2217702583212]
["Retail warehousing ",13.741801120000002,3.2768048094120572,0,0,-18.816187611948205,13.11730859920929,-5.6988790127389155,97.577925796673142]
["Shopping centres ",0.59504179095099996,0,0,0,-18.809825586555622,137.06668460520996,118.25685901865434,218.2568590186543]
["Central London offices",9.3939330000000005,0,0,63.626704597531194,-0.15655849365755536,1.4368209779652474,1.2802624843076922,164.9069670818389]
["Other offices",35.561249894054001,0.40798341012265343,0,15.131391422588081,-4.6680608448483216,22.416823724688332,17.748762879840008,133.28813771255074]
["Industrial",29.769271950000004,1.5937138160343887,0,12.025487240711641,-0.88268685388525248,21.4898453369801,20.607158483094846,134.22635953984084]
["Other ",11.873831309999998,0.9647349453543822,0,0,-18.91373947774234,19.091175719254856,0.1774362415125168,101.1421711868669]
["Overall",110.53263460832001,1.929119345782,3.7202236776489999,15.153398240001001,-5.8904381662130003,19.068218348628346,13.177780182415345,126.61610160602335]
["*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,3.3]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,11.8]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,13.7]
[" 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,48.7]
["Source: Schroders"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["CITY TOWER, MANCHESTER",null,"Retail and Office","JO","CEPUT",50,"-","-","-"]
["BRACKNELL",null,"Retail and Office","JO","CEPUT",4.1379999999999999,"-","-","-"]
["MONKS CROSS RETAIL PARK, YORK",null,"Retail Warehouse","JO","Trust for Land",25,"-","-","-"]
["WEST INDIA QUAY, LONDON E14",null,"Other","JO","CEPUT",50,"-","-","-"]
["STORE UNIT TRUST, LONDON",null,"Office","JO","CEPUT",50,"-","-","-"]
["ROMFORD PROPERTY UNIT TRUST",null,"Retail Warehouse","JO","CEPUT",50,"-","-","-"]
["HENDERSON UK RETAIL WAREHOUSE FUND ",null,"Retail Warehouse","IND","CEPUT",2.1930000000000001,"-","-","-"]
["CITY OF LONDON OFFICE UNIT TRUST (CLOUT)",null,"Office","JO","CEPUT",26.8,"-","-","-"]
["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,7.7]
["THE OFFICE GROUP",null,null,null,null,null,null,null,4.9000000000000004]
["CHECKOUT LTD",null,null,null,null,null,null,null,3.9]
["ARRIVAL",null,null,null,null,null,null,null,3.4]
["TATA STEEL UK LTD",null,null,null,null,null,null,null,3.2]
["LLOYDS TSB BANK PLC",null,null,null,null,null,null,null,2.6]
["MARKETING VF LIMITED",null,null,null,null,null,null,null,2.4]
["QUEEN MARY UNIVERSITY OF LONDON",null,null,null,null,null,null,null,2.2000000000000002]
["STAYCITY HEATHROW LIMITED",null,null,null,null,null,null,null,2]
["THE UNIVERSITY OF LAW LIMITED",null,null,null,null,null,null,null,2]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.5]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,23.099999999999998]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,34.299999999999997]
["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,1603.09322,297.14934299999999,9.9639150000000001,0,null,null,1910.2064780000001]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-48.2,-24.3,-4.056165,0,null,null,-76.556164999999993]
["Cash",null,36.505257999999998,2.1817519999999999,0,0,null,null,38.687010000000001]
["Other net assets/liabilities",null,36.965998999999996,0.85628400000000005,0.45702900000000002,0,null,null,38.279311999999997]
["Total net assets",null,1628.3644769999999,275.88737900000001,6.3647790000000004,0,null,null,1910.6166349999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,0.72951103866561207,7.4434786820309418,40.708546791095671,"-",null,null,1.9824639606315895]
["Net debt (cash)/equity ",null,0.71818945728573558,8.0171293374025634,63.728292844103464,"-",null,null,1.9820383799809216]
["Sources: ~Schroders; +MSCI"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,53.07,53.91,51.89,44,42.84,41.44]
["Offer (GBp)",null,null,56.19,57.12,55.04,46.8,45.72,44.269999999999996]
["Bid/offer spread",null,null,5.5525894287239676E-2,5.6197478991596654E-2,5.7231104651162767E-2,5.9829059829059769E-2,6.299212598425187E-2,6.392590919358479E-2]
["Net asset value (GBp)",null,null,53.851057338139967,54.706936403190298,52.6550807335123,44.636712415317298,43.476483822482479,42.062019567985523]
["Quarterly distribution (GBp)",null,null,0.40359913679999998,0.4266022511,0.43935344469999998,0.4319637945,0.4599837014,0.40285823129999998]
["Yield",null,null,2.8380723420217045E-2,2.9240583517791612E-2,3.2032302619308756E-2,3.8119264054852657E-2,4.0433426007439828E-2,4.1228623582779962E-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 standard annual management charge is 0.70% of NAV per annum. A Shareholder may be eligible for a volume-based discount depending on the Net Asset Value of the Fund that is attributable to the Shareholder, including any aggregation of holdings in accordance with Section 3.5 of the Fund Prospectus.    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,152,null,null,null,39.331376981117558]
["1% or greater but less than 2%",null,null,null,24,null,null,null,34.04196707790301]
["2% or greater but less than 4%",null,null,null,7,null,null,null,17.583983315839941]
["4% or greater but less than 8%",null,null,null,2,null,null,null,9.042672625139522]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,185,null,null,null,100.00000000000003]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,4.8]
["Three largest holders",null,null,null,3,null,null,null,11.7]
["Five largest holders",null,null,null,5,null,null,null,17.5]
["Ten largest holders",null,null,null,10,null,null,null,28.6]
["Internal/external investors"]
["Internal",null,null,null,35,null,null,null,22.1]
["External",null,null,null,150,null,null,null,77.900000000000006]
["Source: Schroders"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,53832374.181999996,54283190.707999997,50183397.8790792,48350681.630000003,48568222.671502836,48746918.343516774]
["Units issued during period",null,null,450816.52599999792,361159.41007920646,74122.070382939637,860333.76561830705,411255.92401728325,234865.60611381303]
["Units redeemed during period",null,null,0,-4460952.2390000001,-1906838.3194621373,-642792.72411547601,-232560.25200334101,-3557987.37409091]
["Units in issue at end of period",null,null,54283190.707999997,50183397.8790792,48350681.630000003,48568222.671502836,48746918.343516774,45423796.575539678]
["Unit transfers"]
["Matched bargains",null,null,2997862.824,2663263.9789999998,1056225.108,5692447.8737875167,1699019.8860000002,495592]
["Matched bargains %*",null,null,5.5226356168451778E-2,5.3070618801408016E-2,2.1845092403922742E-2,0.11720519221568164,3.4853893204635077E-2,1.0910404619654184E-2]
["* as % of units in issue at the end of the period   "]
["Source: Schroders"]

{"sheet":"Profile_35","index":42,"n_rows":304,"n_cols":9,"rows_kept":304,"cut":false,"hidden":false,"merged":[[269,0,269,8],[272,0,272,8],[295,0,295,1],[208,7,208,8],[209,7,209,8],[257,0,257,8],[260,0,261,8],[263,0,263,8],[266,0,267,8],[205,7,205,8],[172,6,172,7],[173,6,173,7],[174,6,174,7],[175,6,175,7],[189,2,189,6],[198,6,198,8],[199,6,199,8],[200,6,200,8],[201,6,201,8],[118,0,118,3],[118,5,118,8],[160,7,160,8],[161,7,161,8],[179,0,179,2],[179,6,179,8],[163,7,163,8],[164,7,164,8],[165,7,165,8],[169,6,169,7],[170,6,170,7],[171,6,171,7],[162,7,162,8],[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],[93,5,93,6],[40,1,40,2],[41,1,41,2],[42,1,42,2],[43,1,43,2],[44,1,44,2],[45,1,45,2],[46,0,46,8],[60,5,60,8],[90,5,90,6],[91,5,91,6],[92,5,92,6],[39,1,39,2],[24,0,24,1],[29,5,29,8],[30,0,30,1],[30,5,30,8],[31,0,31,1],[31,5,31,8],[32,0,32,1],[33,0,33,1],[33,5,33,8],[34,5,34,8],[38,4,38,8],[23,0,23,1],[11,0,12,8],[15,0,15,8],[17,0,17,1],[18,0,18,1],[18,7,18,8],[19,0,19,1],[19,7,19,8],[20,0,20,1],[20,7,20,8],[21,0,21,1],[22,0,22,1],[22,7,22,8]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,2568.9946666999999]
["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 Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",-0.69038999999999995,"-",null,-0.65949000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",0.86946000000000001,"-",null,-1.3365199999999999,null,0.16313,null,0.12145]
["12 months",-18.11448,"-",null,-16.622859999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-0.44577,"-",null,2.6769999999999999E-2,null,3.3854099999999998,null,2.28301]
["5 years+",1.88513,"-",null,1.7693300000000001,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",5.3000800000000003,"-",null,5.0769799999999998,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Property Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,6.8297346661177167,null,7.9401700000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,9.1131339999082179,null,5.8186499999999999,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.49109000000000003,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,0,null,0.91876000000000002,null,12.11309,7.6449400000000001]
["All UK retail",null,null,15.942868666025934,null,15.168670000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,2.9125999999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,1.6969124234036612,null,3.7826300000000002,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,8.6061838265455322,null,5.5741500000000004,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,9.3050260304956183,null,9.6029099999999996,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,19.60812228044481,null,21.87229,null,22.939950000000003,19.0868]
["South East  industrial",null,null,7.8050249463265109,null,4.8268199999999997,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,15.11004953126332,null,10.21167,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,22.91507447758983,null,15.038489999999999,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,40.08434014446977,null,44.89969,null,12.513680000000001,25.88514]
["Cash***",null,null,1.4495944314696625,null,3.0208599999999999,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100.00000000000001,null,100,null,100.00001999999999,100]
["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,103,null,null,2520.13,null,98.733649552019173]
["Joint  and indirect holdings",null,null,1,null,null,32.323,null,1.2663504479808247]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,104,null,null,2552.453,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,"100-150m",5.551522398257676]
["SALFORD VILLAGE LIVING, UNIVERSITY OF SALFORD, PEEL PARK CAMPUS, SALFORD, UK",null,null,null,"SALFORD","Residential ",null,"100-150m",4.3840180406847846]
["THE DIXON HOTEL, LONDON",null,null,null,"LONDON","Hotel ",null,"100-150m",4.1411144495119014]
["Next Distribution Centre",null,null,null,"SOUTH ELMSALL","Industrial ",null,"80-100m",3.4457049747830815]
["QVC, BUILDING 8 CHISWICK PARK",null,null,null,"LONDON","Office ",null,"80-100m",3.1812534843932481]
["Amazon, Hinckley",null,null,null,"HINCKLEY","Industrial ",null,"60-80m",2.7933912984881601]
["TRAVIS PERKINS, OMEGA NORTH, WARRINGTON, UK",null,null,null,"WARRINGTON","Industrial ",null,"60-80m",2.6072958052508701]
["ARCHWAY & BONNINGTON HOUSE, 1 MUIRFIELD CRESCENT, 47 MILLHARBOUR, LONDON, UK",null,null,null,"LONDON","Other ",null,"60-80m",2.4642961104474796]
["NAPIER UNIVERSITY, WEST FOUNTAINBRIDGE, EDINBURGH, UK",null,null,null,"EDINBURGH","Residential ",null,"60-80m",2.4055291125830722]
["MBMA CAMPUS, CHESTER BUSINESS PARK, CHESTER, UK",null,null,null,"CHESTER","Office ",null,"60-80m",2.3702689138644275]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,33.344394588264699]
["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,26,null,null,54.73,null,2.1442118620793411]
["2.5 - 5",null,null,8,null,null,20.73,null,0.81215991048610892]
["5-10",null,null,10,null,null,82.55,null,3.2341437824712145]
["10-25",null,null,19,null,null,310.45,null,12.162809658003496]
["25 - 50",null,null,23,null,null,828.47,null,32.457796480483672]
["50 - 100",null,null,14,null,null,863.9,null,33.845872970040972]
["100-150",null,null,3,null,null,359.3,null,14.076654888454362]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,103,null,null,2520.13,null,98.733649552019159]
["Average lot size",null,null,null,null,null,24.46728155339806]
["Source: Standard Life Investments Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.58E-2,null,"Investments ",null,null,1.8600000000000002E-2]
["Nominal equivalent yield",null,null,5.2199999999999996E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,5.4000000000000006E-2,null,"Total",null,null,1.8600000000000002E-2]
["Net reversionary yield",null,null,3.56E-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,19.765750036374218,null,null,null,null,13.842219639600122]
["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,6.0963553033609781,null,null,null,null,6.0277942476600401]
["Other offices",null,null,15.192298365585142,null,null,null,null,16.460926794754524]
["Industrial",null,null,22.248900690301827,null,null,null,null,24.539708969608849]
["Other ",null,null,36.696736020175571,null,null,null,null,39.129350348376455]
["Overall",null,null,100.00004041579774,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 ",24.452999999999999,0,0,0,-20.60232599473683,-19.940000000000001,-40.542325994736828,80.058888479941103]
["Retail warehousing ","-","-","-","-","-","-","-","-"]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",7.5420449999999999,0,0,0,0,13.03,13.03,113.03300364821479]
["Other offices",18.795000000000002,0,0,14.210791473737935,-7.5848810594944345,23.86,16.275118940505564,123.86480446927372]
["Industrial",27.525005,4.7157122172314274,0,0,-0.21939324296931539,26.09,25.870606757030686,126.08922323538181]
["Other ",45.399000000000001,0,0,0,-12.264203992919841,21.9,9.6357960070801578,121.89680389435891]
["Overall",123.714,1.0491930657707371,0,2.1589612689442932,-9.7738703761595698,14.32,4.5461296238404305,114.31865835717868]
["*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,45.45]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,25.02]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,21.08]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,8.02]
[" Less than 5 years ",null,null,null,null,null,null,0.42]
["Source: Standard Life Investments Limited"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["Units in Standard Life Commercial Ground Rent Fund",null,"Other","INDIRECT RE - LIMITED PARTNERSHIP","-",8.31,32.323,"-",1.2663504479808247]
["-",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,"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: 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,"%"]
["Amazon UK Services Limited",null,null,null,null,null,null,null,6.4]
["Tesco Stores Limited",null,null,null,null,null,null,null,5.1100000000000003]
["Viapath Services LLP ",null,null,null,null,null,null,null,4.7699999999999996]
["Marston's plc",null,null,null,null,null,null,null,4.76]
["Premier Inn Hotels Limited / Whitbread plc",null,null,null,null,null,null,null,4.54]
["J Sainsbury plc / Sainsbury's Supermarkets Limited",null,null,null,null,null,null,null,4.1100000000000003]
["Salford Villages Limited / University of Salford",null,null,null,null,null,null,null,3.77]
["QVC",null,null,null,null,null,null,null,3.68]
["Next Group plc",null,null,null,null,null,null,null,3.42]
["Secretary of State for Communites & Local Government",null,null,null,null,null,null,null,3.36]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,16.28]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,25.58]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,43.92]
["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,2520.13,0,32.323,0,null,null,2552.453]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,37.544458939999998,0,0,0,null,null,37.544458939999998]
["Other net assets/liabilities",null,-21.002792240000002,0,0,0,null,null,-21.002792240000002]
["Total net assets",null,2536.6716667000001,0,32.323,0,null,null,2568.9946666999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-1.4897826278803075,"-",0,"-",null,null,-1.4709167588982048]
["Net debt (cash)/equity ",null,-1.4800677372977573,"-",0,"-",null,null,-1.4614455773949777]
["Source: Standard Life Investments Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,4.1279849999999998,3.8380305899999998,3.7453568800000001,3.1150793700000001,3.48839897,3.4682476000000002]
["Offer (GBp)",null,null,4.4476630000000004,4.1419057700000002,4.0417955399999999,3.36429738,3.7679825599999996,3.7482680900000003]
["Mid (GBp)",null,null,4.2878240000000005,3.98996818,3.89357621,3.2396883750000001,3.6281907649999998,3.6082578450000002]
["Bid/offer spread",null,null,7.1875499560106179E-2,7.3366029280767617E-2,7.3343309196684345E-2,7.407728326322921E-2,7.4199809990627905E-2,7.4706633377443404E-2]
["Net asset value (GBp)",null,null,4.1879143896301798,4.27821121068654,4.1802270633329401,3.4817104006148298,3.54080945636349,3.5207514347364199]
["Quarterly distribution (GBp)",null,null,0,-5.3311156000000002E-3,-5.2090156999999998E-3,-4.3383552000000004E-3,-4.4122481999999998E-3,-4.3872377000000002E-3]
["Yield",null,null,0,-4.7885131638258915E-3,-4.9822031876408674E-3,-5.7721907877378558E-3,-5.4481143189817737E-3,-5.2110627915922542E-3]
["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,58,null,null,null,22.18]
["1% or greater but less than 2%",null,null,null,13,null,null,null,17.690000000000001]
["2% or greater but less than 4%",null,null,null,5,null,null,null,13.55]
["4% or greater but less than 8%",null,null,null,1,null,null,null,4.91]
["Greater than 8.0%",null,null,null,4,null,null,null,41.67]
["Total",null,null,null,81,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,13.56]
["Three largest holders",null,null,null,3,null,null,null,33.57]
["Five largest holders",null,null,null,5,null,null,null,46.58]
["Ten largest holders",null,null,null,10,null,null,null,60.13]
["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 Dec 2018","Year to \rDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,706504101.59300005,734021364.3440001,755480998.39100015,744481205.87500012,829252449.42600012,787558764.46100008]
["Units issued during period",null,null,34717259.783,30892736.004999995,393345.46600000001,102257756.87800001,5439344.5660000006,2637345.3160000001]
["Units redeemed during period",null,null,-7199997.0320000006,-9433101.9579999987,-11393137.982000001,-17486513.327,-47133029.531000003,-60523659.056999996]
["Units in issue at end of period",null,null,734021364.3440001,755480998.39100015,744481205.87500012,829252449.42600012,787558764.46100008,729672450.72000003]
["Unit transfers"]
["Matched bargains",null,null,355821.91100000002,7983338.5590000004,388398.18,33785801.75,8159433.8559999997,0]
["Matched bargains %*",null,null,4.8475688622224298E-4,1.0567226145995288E-2,5.2170313627126379E-4,4.0742480499618879E-2,1.0360412738958293E-2,0]
["* as % of units in issue at the end of the period   "]
["Source: Standard Life Investments Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["Standard Life Pooled Property Pension 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,1600.7309990000001]
["Source: abrdn"]
[]
[]
["Management/professional advisors"]
["Manager",null,null,null,null,"abrdn"]
["Investment Advisor",null,null,null,null,"abrdn"]
["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: abrdn"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,"Standard Life Pooled Property Pension Fund",null,null,"Managed Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.6662699999999999,"-",null,0.67464000000000002,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",4.0806699999999996,"-",null,0.39922000000000002,null,0.16313,null,0.12145]
["12 months",-20.787600000000001,"-",null,-18.107050000000001,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",3.11111,"-",null,3.4733900000000002,null,3.3854099999999998,null,2.28301]
["5 years+",0.87248999999999999,"-",null,1.8227899999999999,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",5.06698,"-",null,5.6633100000000001,null,6.3058699999999996,null,5.4513499999999997]
["Source: abrdn"]
[]
[]
["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: abrdn"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"Standard Life Pooled Property Pension Fund",null,"Other balanced open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,6.6231150787858404,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.74004760035259631,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,1.9247456496565427,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,9.5094231700538323,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,18.797331498848813,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,6.8905272368964443,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,3.5012336050295105,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,0,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,10.391760841925954,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,22.613429300690157,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,24.141720878729235,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,46.755150179419388,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,13.016131323848606,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,9.9402675986704025,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,98.900641442713166,null,99.999989999999997,null,100.00001999999999,100]
["Source: abrdn"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,32,null,null,1430.4870000000001,null,98.779282747476969]
["Joint  and indirect holdings",null,null,1,null,null,17.678000000000001,null,1.2207172525230203]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,33,null,null,1448.1650000000002,null,99.999999999999986]
["Source: abrdn"]
[]
["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,"150m - 200m",11.186570591058338]
["GALLIONS REACH SHOPPING PARK",null,null,null,"LONDON","Retail Park",null,"100m - 150m",7.8832155866216889]
["THE FARMILOE BUILDING, 28-36 ST JOHNS STREET, LONDON, UK",null,null,null,"LONDON","Office ",null,"100m - 150m",7.6510618610448393]
["GROSVENOR HOUSE, 141/143 DRURY LANE &, 20/22 WILD STREET, LONDON, UK",null,null,null,"LONDON","Education ",null,"100m - 150m",6.9398169407491537]
["THAMES GATEWAY PARK, PHASE 3 & 4",null,null,null,"DAGENHAM","Industrial ",null,"50m - 100m",6.8811219715985406]
["PLOT 230 MAGNA PARK, MILTON KEYNES, UK",null,null,null,"MILTON KEYNES","Industrial ",null,"50m - 100m",6.5772891901130048]
["ST MARKS SHOPPING CENTRE WEST, HIGH STREET, LINCOLN, UK",null,null,null,"LINCOLN","Residential ",null,"50m - 100m",5.8625916245731666]
["THE WATER GARDENS",null,null,null,"HARLOW","Retail Other ",null,"50m - 100m",3.9705420307768793]
["42 WIGMORE STREET, LONDON, UK",null,null,null,"LONDON","Office ",null,"50m - 100m",3.8876785449171876]
["SAINSBURY'S MARKET, 99 WILTON ROAD, VICTORIA, LONDON, UK",null,null,null,"LONDON","Retail Other ",null,"25m - 50m",3.3835923392707317]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,64.223480680723526]
["Source: abrdn"]
[]
["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,3.85,null,0.26585368379984325]
["5-10",null,null,1,null,null,6.15,null,0.42467536503091841]
["10-25",null,null,12,null,null,195.37500000000003,null,13.491211291531007]
["25 - 50",null,null,9,null,null,344.05,null,23.757651925022351]
["50 - 100",null,null,5,null,null,393.6,null,27.179223361978778]
["100-150",null,null,3,null,null,325.46196900000001,null,22.474094388415683]
["Over 150",null,null,1,null,null,162,null,11.186570591058338]
["Total",null,null,32,null,null,1430.4870000000001,null,98.779282747476969]
["Average lot size",null,null,null,null,null,44.702718750000003]
["Source: abrdn"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.2000000000000003E-2,null,"Investments ",null,null,8.9519648167222424E-2]
["Nominal equivalent yield",null,null,5.4600000000000003E-2,null,"Developments",null,null,2.9688338462503253E-2]
["True equivalent yield",null,null,5.6500000000000002E-2,null,"Total",null,null,0.11920798662972568]
["Net reversionary yield",null,null,4.7899999999999998E-2]
["Source: abrdn"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,12.711304976635907,null,null,null,null,8.9695102733955778]
["Retail warehousing ",null,null,9.0498918012717322,null,null,null,null,8.3504790853781312]
["Shopping centres ",null,null,4.8066284827945207,null,null,null,null,6.8581818691592495]
["Central London offices",null,null,11.42410530018441,null,null,null,null,10.537192143902068]
["Other offices",null,null,0,null,null,null,null,0]
["Industrial",null,null,47.553781853265505,null,null,null,null,50.851898342010635]
["Other ",null,null,14.454287585847931,null,null,null,null,14.432738286154336]
["Overall",null,null,100,null,null,null,null,100]
["Source: abrdn"]
[]
["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 ",8.1860004000000011,0.82165002059617198,0,0.42755922660350715,-7.5975158023764946,-6.3483065551768236,-13.945822357553318,93.651693444823181]
["Retail warehousing ",5.8280733599999985,7.0473135351838829,0,9.5836130655706118,0,22.463043258604444,22.463043258604444,122.46304325860444]
["Shopping centres ",3.0954384900000003,2.1627050802567247,0,45.752807060301173,0,89.36751671650886,89.36751671650886,189.36751671650885]
["Central London offices",7.35705191,1.359240103553925,0,13.887356138010452,0,22.41643949471602,22.41643949471602,122.41643949471602]
["Other offices",0,0,0,0,0,0,0,"-"]
["Industrial",30.624336209999999,0.2698849036505292,9.0777477785534,9.6559905159165567,0,41.925081026923614,41.925081026923614,141.92508102692361]
["Other ",9.3084702300000011,0,0,15.257609090511103,0,32.522337346509403,32.522337346509403,132.5223373465094]
["Overall",64.399370599999997,1.1297913872247587,4.3168123758029395,11.504495977170313,-0.96574340428818295,32.720204411438779,31.754461007150596,132.72020441143877]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: abrdn"]
[]
[]
["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,7.3]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,10.4]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,17.8]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,16.399999999999999]
[" Less than 5 years ",null,null,null,null,null,null,48.1]
["Source: abrdn"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["GROSS FUND HOLDING IN JPUT SC",null,"Retail Shopping Centre ","INDIRECT RE - OTHER UNLISTED FUND","-",4.4889999999999999,17.678000000000001,"-",1.2207172525230203]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["-",null,"-","-","-","-","-","-","-"]
["Source: abrdn"]
[]
[]
["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,20.8,null,22.9,null,43.7,null,4.3]
["% of all directly held properties*",null,1.4540502640010011E-2,null,1.600853415654948E-2,null,3.0549036796559494E-2,null,3.0059692957713001E-3]
["* Includes joint ventures in which the Fund has an interest of 50% or more                                                                                                                                                       "]
["Source: abrdn"]
[]
["Valuations/performance monitors/affiliations"]
["Frequency of valuation","Valuations are undertaken on a monthly basis at month end dates"]
["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: abrdn"]
[]
["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: abrdn"]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["LIVE NATION (MUSIC) UK LTD",null,null,null,null,null,null,null,8.1065091341125655]
["JOHN LEWIS/WAITROSE",null,null,null,null,null,null,null,7.7727415863906009]
["THE UNIVERSITY OF LINCOLN",null,null,null,null,null,null,null,5.2633300270173784]
["ROYAL MAIL GROUP LIMITED",null,null,null,null,null,null,null,5.0029448579735059]
["SAINSBURYS",null,null,null,null,null,null,null,3.6799272693512957]
["PREMIER FARNELL UK LTD",null,null,null,null,null,null,null,2.8726988831782165]
["ASDA STORES LTD",null,null,null,null,null,null,null,2.7355857418892242]
["VOLKSWAGEN GROUP UK LIMITED",null,null,null,null,null,null,null,2.4301479741480589]
["DPD GROUP UK LIMITED",null,null,null,null,null,null,null,1.9406633766075976]
["NEXT HOLDINGS LIMITED",null,null,null,null,null,null,null,1.7902550587971127]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.142580747520544]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,29.825452874845347]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,41.594803909465554]
["Source: abrdn"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,1430.4870000000001,0,17.678000000000001,0,null,null,1448.1650000000002]
["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,159.84,0,0,0,null,null,159.84]
["Other net assets/liabilities",null,-7.274,0,0,0,null,null,-7.274]
["Total net assets",null,1583.052999,0,17.678000000000001,0,null,null,1600.7309990000001]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-11.173816958839891,"-",0,"-",null,null,-11.037416247457989]
["Net debt (cash)/equity ",null,-10.096945528732737,"-",0,"-",null,null,-9.9854378468246292]
["Source: abrdn"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,3.56338,3.66443947,3.3975853409605299,2.79833350542973,2.87,2.9183154485262901]
["Offer (GBp)",null,null,3.8325260000000001,3.9377890099999999,3.6551717843820999,2.9936739995270298,3.08,3.1300223755099998]
["Mid (GBp)",null,null,3.697953,3.80111424,3.5263785626713151,2.8960037524783799,2.97,3.024168912018145]
["Bid/offer spread",null,null,7.0226790372720269E-2,6.9417010232348614E-2,7.047177495793526E-2,6.5251090842944698E-2,6.8500000000000005E-2,6.7637512319449353E-2]
["Net asset value (GBp)",null,null,3.6139568872280998,3.7157879999999999,3.4459722537731898,2.83502640765062,2.91,2.9580819579291]
["Yield",null,null,"n/a","n/a","n/a","n/a","n/a","n/a"]
["Source: abrdn"]
[]
["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,115,null,null,null,62.1]
["1% or greater but less than 2%",null,null,null,2,null,null,null,2.98]
["2% or greater but less than 4%",null,null,null,7,null,null,null,19.45]
["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,15.47]
["Total",null,null,null,125,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,15.47]
["Three largest holders",null,null,null,3,null,null,null,23.44]
["Five largest holders",null,null,null,5,null,null,null,28.51]
["Ten largest holders",null,null,null,10,null,null,null,37.89]
["Internal/external investors"]
["Internal",null,null,null,10,null,null,null,25.23]
["External",null,null,null,115,null,null,null,74.77]
["Source: abrdn"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1162271895,1071252638.8019999,977196261.74699998,900526878.34599996,851022530.02899992,582078861.27099991]
["Units issued during period",null,null,-91019256.198000044,-94056377.055000007,-76669383.401000008,-49504348.317000002,-268943668.75800002,-40940677.794]
["Units in issue at end of period",null,null,1071252638.8019999,977196261.74699998,900526878.34599996,851022530.02899992,582078861.27099991,541138183.47699988]
["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: abrdn"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,"2022-06-30"]
["NAV (GBPm) ",null,null,null,null,null,null,null,1153.5846509999999]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.2248600000000001,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.2617100000000001,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-13.28312,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.6776200000000001,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.4624299999999999,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.3550399999999998,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0.25284637550481143,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,17.889492133983698,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,18.142338509488511,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,6.6129052055104607,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,6.1353064962235937,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,4.3282112894105715,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,17.076422991144625,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,13.210682850093281,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,19.494671659434239,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,32.705354509527524,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,29.442555725449186,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,2.6333990613753011,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100.00007079698514,null,99.999989999999997,null,100.00001999999999,100]
["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,113,null,null,1126.3650009999999,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,113,null,null,1126.3650009999999,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,"60-70m","*"]
["BROCKLEBANK RETAIL PARK",null,null,null,"LONDON","Retail Park",null,"40-50m","*"]
["JURYS INN HOTEL",null,null,null,"BRIGHTON","Hotel ",null,"30-40m","*"]
["333 BANBURY ROAD, OXFORD OX2 7PL,OXFORD,333 BANBURY ROAD,",null,null,null,"OXFORD","Education ",null,"30-40m","*"]
["BATTERSEA, TRAVELODGE,BATTERSEA,200 YORK ROAD",null,null,null,"BATTERSEA","Hotel ",null,"30-40m","*"]
["METRO PARK WEST",null,null,null,"GATESHEAD","Retail Warehouse ",null,"30-40m","*"]
["TRAVELODGE",null,null,null,"CAMBRIDGE","Hotel ",null,"20-30m","*"]
["SP147",null,null,null,"BURY ST EDMUNDS","Industrial ",null,"20-30m","*"]
["EMPEROR POINT",null,null,null,"TAMWORTH","Industrial ",null,"20-30m","*"]
["EPSOM TRADE PARK AND UNITS 450A AND 450B",null,null,null,"EPSOM","Industrial ",null,"20-30m","*"]
["10 largest investments as % of portfolio",null,null,null,null,null,null,"*","*"]
["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,9,null,null,15.05,null,1.3361565732811687]
["2.5 - 5",null,null,26,null,null,98.714999999999989,null,8.7640329655448888]
["5-10",null,null,37,null,null,260.39999999999998,null,23.118616058632313]
["10-25",null,null,34,null,null,476.20000000000005,null,42.277592039634058]
["25 - 50",null,null,6,null,null,216,null,19.176732214533718]
["50 - 100",null,null,1,null,null,60,null,5.3268700595926992]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,113,null,null,1126.365,null,99.999999911218836]
["Average lot size",null,null,null,null,null,9.9678318584070791]
["Source: Savills Investment Management"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.35879127374113E-2,null,"Investments ",null,null,1.9346016909782202E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,"-"]
["True equivalent yield",null,null,5.7000000000000002E-2,null,"Total",null,null,"-"]
["Net reversionary yield",null,null,5.7045631657274803E-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,0,null,null,null,null,0]
["Retail warehousing ",null,null,20.906162445100453,null,null,null,null,18.857772185415818]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,9.1578085158956064,null,null,null,null,9.7665337481342593]
["Other offices",null,null,9.1301467602512894,null,null,null,null,10.162472789297874]
["Industrial",null,null,30.176719841567767,null,null,null,null,34.483532184975367]
["Other ",null,null,30.629162437184874,null,null,null,null,26.729689092176688]
["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 ","-","-","-","-","-","-","-","-"]
["Retail warehousing ",13.44341152,3.2040935602392198,0,0,-7.6141552200285556,-3.7312442548809166,-11.345399474909472,96.26875574511908]
["Shopping centres ","-",0,"-","-",0,"-","-","-"]
["Central London offices",5.8887989999999997,7.7265330333061124,0,7.3163984710634553,-8.6744003318843124,13.819897741457989,5.145497409573677,113.81989774145799]
["Other offices",5.8710114999999998,3.0810700563584761,0,14.764747096816281,-2.3057866604417314,18.793022292666262,16.487235632224529,118.79302229266627]
["Industrial",19.40471209,0,0,0,-0.15944287066204058,21.957639001486452,21.798196130824412,121.95763900148646]
["Other ",19.695648890000001,0,0,0,-11.155033389712299,-6.8617484884500302,-18.01678187816233,93.138251511549981]
["Overall",64.303583000000003,1.9304725212590408,0,2.0180648409591733,-6.0615422627382989,6.3019170108051021,0.24037474806680326,106.72576941785653]
["*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,9.6]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,6.9]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,15.7]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,28.3]
[" Less than 5 years ",null,null,null,null,null,null,39.5]
["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,"%"]
["TRAVELODGE HOTELS LTD",null,null,null,null,null,null,null,6]
["MACMILLAN PUBLISHERS INTERNATIONAL LIMITED",null,null,null,null,null,null,null,3.6981929834697889]
["SYTNER PROPERTIES LTD T/A AUDI",null,null,null,null,null,null,null,3.5851310703635542]
["JURY'S HOTEL MANAGEMENT LTD",null,null,null,null,null,null,null,3.5]
["TESCO",null,null,null,null,null,null,null,3.5449821066793841]
["D'OVERBROECKS LIMITED",null,null,null,null,null,null,null,3.2095280214692998]
["AMAZON UK SERVICES LIMITED",null,null,null,null,null,null,null,2.2000000000000002]
["VW GROUP UNITED KINGDOM LIMITED",null,null,null,null,null,null,null,2]
["WELCOME BREAK SERVICES LIMITED",null,null,null,null,null,null,null,1.8]
["VINDIS GROUP LIMITED",null,null,null,null,null,null,null,1.7642687247968338]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.283324053833342]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.328306160512724]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,31.30210290677886]
["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,1126.3650009999999,0,0,0,null,null,1126.3650009999999]
["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,30.463922,0,0,0,null,null,30.463922]
["Other net assets/liabilities",null,-3.2442699999999398,0,0,0,null,null,-3.2442699999999398]
["Total net assets",null,1153.5846509999999,0,0,0,null,null,1153.5846509999999]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-2.7046223890971204,"-","-","-",null,null,-2.7046223890971204]
["Net debt (cash)/equity ",null,-2.6408049009313666,"-","-","-",null,null,-2.6408049009313666]
["Source: Savills Investment Management"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1.4217,1.4738,1.4368000000000001,1.2438,1.2309000000000001,1.2312000000000001]
["Offer (GBp)",null,null,1.4669999999999999,1.5209999999999999,1.4815,1.2838000000000001,1.2706,1.2706999999999999]
["Mid (GBp)",null,null,1.44435,1.4973999999999998,1.4591500000000002,1.2638,1.25075,1.25095]
["Bid/offer spread",null,null,3.0879345603271914E-2,3.1032215647600205E-2,3.0172122848464367E-2,3.1157501168406321E-2,3.1245081064064102E-2,3.1085228614149578E-2]
["Net asset value (GBp)",null,null,1.4418281736551199,1.4947999999999999,1.4566214829403299,1.26159545446454,1.2485546211287599,1.2487357151027001]
["Quarterly distribution (GBp)",null,null,1.40296E-2,1.3825E-2,1.3039907E-2,1.39535522E-2,1.35E-2,1.5112E-2]
["Yield",null,null,3.473777292964756E-2,3.4727655739898312E-2,3.6418868952088027E-2,4.3475156006549831E-2,4.2990435173331967E-2,4.4014843041051063E-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,1465,null,null,null,55.58]
["1% or greater but less than 2%",null,null,null,16,null,null,null,20.7]
["2% or greater but less than 4%",null,null,null,5,null,null,null,14.95]
["4% or greater but less than 8%",null,null,null,2,null,null,null,8.77]
["Greater than 8.0%",null,null,null,0,null,null,null,0]
["Total",null,null,null,1488,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,4.5753300861554616]
["Three largest holders",null,null,null,3,null,null,null,12.559844542183358]
["Five largest holders",null,null,null,5,null,null,null,18.867322189634343]
["Ten largest holders",null,null,null,10,null,null,null,28.992697016800285]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,1488,null,null,null,100]
["Source: Savills Investment Management"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,983305625.69199991,1013250246.9739999,1006029733.0659999,959220000.49199986,976422466.94699991,1040924290.7579999]
["Units issued during period",null,null,79879050.968999997,45763637.075000003,50413784.023999996,48187219.030999996,122264898.76900001,11815756.297000002]
["Units redeemed during period",null,null,-49934429.687000006,-52984150.982999995,-97223516.598000005,-30984752.575999998,-57763074.957999997,-38426205.604000002]
["Units in issue at end of period",null,null,1013250246.9739999,1006029733.0659999,959220000.49199986,976422466.94699991,1040924290.7579999,1014313841.451]
["Unit transfers"]
["Matched bargains",null,null,26729462.787,34206433.453000002,50413784.023999996,44217845.609999999,1156978.58,0]
["Matched bargains %*",null,null,2.6379922301352159E-2,3.400141400269719E-2,5.255706094341437E-2,4.5285567576355386E-2,1.1114915755856649E-3,0]
["* 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"]

{"sheet":"Profile_38","index":45,"n_rows":306,"n_cols":9,"rows_kept":306,"cut":false,"hidden":false,"merged":[[297,0,297,1],[299,0,299,1],[300,0,300,1],[258,0,259,8],[262,0,262,8],[264,0,264,8],[267,0,267,8],[272,0,272,8],[273,0,273,8],[255,0,256,8],[187,2,187,6],[195,6,195,8],[196,6,196,8],[197,6,197,8],[198,6,198,8],[199,6,199,8],[203,7,203,8],[204,7,204,8],[205,7,205,8],[249,0,249,8],[252,0,253,8],[124,0,124,3],[124,5,124,8],[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],[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],[99,5,99,6],[100,5,100,6],[101,5,101,6],[102,5,102,6],[103,5,103,6],[104,5,104,6],[105,5,105,6],[106,5,106,6],[98,5,98,6],[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],[43,1,43,2],[44,1,44,2],[96,5,96,6],[97,5,97,6],[32,0,32,1],[32,5,32,8],[20,0,20,1],[21,0,21,1],[22,0,22,1],[22,7,22,8],[23,0,23,1],[24,0,24,1],[29,5,29,8],[30,0,30,1],[30,5,30,8],[31,0,31,1],[31,5,31,8],[19,0,19,1],[19,7,19,8],[11,0,12,8],[15,0,15,8],[17,0,17,1],[18,0,18,1],[18,5,18,8]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,265.42600800000002]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.42373,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.70841,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-9.9774399999999996,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",-3.7027700000000001,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",-7.4422199999999998,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",1.96024,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,28.237654223272237,null,null,28.237654223272237]
["South West",null,null,null,null,25.808800263794144,null,null,25.808800263794144]
["South East",null,null,null,null,2.4941776600997558,null,null,2.4941776600997558]
["North West",null,null,null,null,12.007683877908825,null,null,12.007683877908825]
["Rest of London *",null,null,null,null,8.4326958984325078,null,null,8.4326958984325078]
["East Midlands",null,null,null,null,6.4135996973993734,null,null,6.4135996973993734]
["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,10.962504667962261,null,null,10.962504667962261]
["North East",null,null,null,null,2.3991613682864315,null,null,2.3991613682864315]
["Wales",null,null,null,null,2.9455050462130452,null,null,2.9455050462130452]
["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,0.29821729663142443]
["Overall",null,null,null,null,99.701782703368593,null,null,100.00000000000001]
["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,419.72500100000002,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,419.72500100000002,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",10.483054355868594]
["VALLEY CENTERTAINMENT",null,null,null,"SHEFFIELD","Leisure Park (whole or part)",null,"40-50",10.316278491116138]
["THE LIGHT LEISURE SCHEME",null,null,null,"LEEDS","Leisure ",null,"40-50",9.6313061894542695]
["BROADWAY PLAZA",null,null,null,"BIRMINGHAM","Leisure Park (whole or part)",null,"30-40",9.4347489202817343]
["BH2 LEISURE",null,null,null,"BOURNEMOUTH","Leisure Park (whole or part)",null,"30-40",8.755732899503883]
["MILLENNIUM CINEMA",null,null,null,"LONDON","Leisure Park (whole or part)",null,"30-40",8.4579188553030704]
["BARBICAN LEISURE PARK",null,null,null,"PLYMOUTH","Leisure Park (whole or part)",null,"30-40",7.8027279580612827]
["MERIDIAN LEISURE PARK",null,null,null,"LEICESTER","Leisure Park (whole or part)",null,"20-30",6.4327833547375457]
["VANGUARD LEISURE SCHEME",null,null,null,"YORK","Leisure Park (whole or part)",null,"20-30",5.1700518073261019]
["ASPECTS LEISURE PARK",null,null,null,"BRISTOL","Leisure Park (whole or part)",null,"20-30",4.8603252013572567]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,81.344928033009865]
["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,21.5,null,5.1224015602539721]
["10-25",null,null,7,null,null,98.899999999999991,null,23.563047177168269]
["25 - 50",null,null,8,null,null,299.32499999999999,null,71.314551024326505]
["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,419.72499999999997,null,99.999999761748754]
["Average lot size",null,null,null,null,null,23.318055555555553]
["Source: Legal & General Property"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,7.0999999999999994E-2,null,"Investments ",null,null,5.2000000000000005E-2]
["Nominal equivalent yield",null,null,7.4999999999999997E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,7.8E-2,null,"Total",null,null,5.2000000000000005E-2]
["Net reversionary yield",null,null,0.08]
["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,100]
["Overall",null,null,100,null,null,null,null,100]
["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",33.959218039999996,0.63752940290000004,0,4.3098018284049999,-14.059034911747,-5.2813774978190002,-19.340412409565999,94.71862250218058]
["Overall",33.959218039999996,0.63752940290000004,0,4.3098018284049999,-14.059034911747,-5.2813774978190002,-19.340412409565999,94.71862250218058]
["*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,12.4]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,33.700000000000003]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,14]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,18.899999999999999]
[" Less than 5 years ",null,null,null,null,null,null,21]
["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,16]
["Cineworld Cinemas Ltd",null,null,null,null,null,null,null,9.9]
["Odeon Cinemas Ltd",null,null,null,null,null,null,null,14.6]
["The Original Bowling Company Ltd",null,null,null,null,null,null,null,4.5999999999999996]
["Nandos",null,null,null,null,null,null,null,3]
["Travelodge",null,null,null,null,null,null,null,4.3]
["Mitchells & Butler Retail Ltd",null,null,null,null,null,null,null,2.7]
["Q Parks Ltd",null,null,null,null,null,null,null,2.7]
["Nuffield Health",null,null,null,null,null,null,null,2.9]
["Restaurant Group ",null,null,null,null,null,null,null,2.4]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,40.5]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,48.1]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,63.1]
["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,419.72500100000002,"-","-","-",null,null,419.72500100000002]
["Listed investments",null,0,"-","-","-",null,null,0]
["Debt",null,-159.85,"-","-","-",null,null,-159.85]
["Cash",null,1.25543648,"-","-","-",null,null,1.25543648]
["Other net assets/liabilities",null,4.2955705200000001,"-","-","-",null,null,4.2955705200000001]
["Total net assets",null,265.42600800000002,"-","-","-",null,null,265.42600800000002]
["Gearing (%)"]
["Net debt (cash)/properties ",null,37.785350680123052,"-","-","-",null,null,37.785350680123052]
["Net debt (cash)/equity ",null,59.750950826190319,"-","-","-",null,null,59.750950826190319]
["Source: Legal & General Property"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Net asset value (GBp)",null,null,585.99166864272047,595.68740028606703,587.57418725302705,505.10200725124997,507.73500000000001,505.12968579771251]
["Quarterly distribution (GBp)",null,null,13.321632648526004,17.1278134052477,12.370087459200001,12.3700874593456,3.8062,4.7577259457999999]
["Yield",null,null,6.1705172826905831E-2,8.9453848727561319E-2,9.2308472630781957E-2,0.10926430736794171,0.09,6.5931744970215755E-2]
["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,8,null,null,null,5.7058]
["1% or greater but less than 2%",null,null,null,4,null,null,null,4.9924999999999997]
["2% or greater but less than 4%",null,null,null,5,null,null,null,14.5837]
["4% or greater but less than 8%",null,null,null,7,null,null,null,39.951099999999997]
["Greater than 8.0%",null,null,null,3,null,null,null,34.7654]
["Total",null,null,null,27,null,null,null,99.998499999999993]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,13.9054]
["Three largest holders",null,null,null,3,null,null,null,34.7654]
["Five largest holders",null,null,null,5,null,null,null,48.252499999999998]
["Ten largest holders",null,null,null,10,null,null,null,74.716499999999996]
["Internal/external investors"]
["Internal",null,null,null,2,null,null,null,14.576112479695899]
["External",null,null,null,25,null,null,null,85.423887520304106]
["Source: Legal & General Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,500021.95566999994,525460.95566999994,525460.95566999994,525460.95566999994,525460.95566999994,525460.95566999994]
["Units issued during period",null,null,25439,"-","-","-","-","-"]
["Units redeemed during period",null,null,"*","-","-","-","-","-"]
["Units in issue at end of period",null,null,525460.95566999994,525460.95566999994,525460.95566999994,525460.95566999994,525460.95566999994,525460.95566999994]
["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:","2023-06-30"]
[]
["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,1200.46589737]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.0282800000000001,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",0.13729,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-17.380739999999999,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.5236400000000003,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.0714999999999999,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.0703899999999997,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,1.5452334025288013,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.21866510413143411,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,14.426998638552828,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,16.190897145213064,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0.81218467248818382,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,2.7780880848698395,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,9.4921480441054928,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,7.4637688876862844,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,20.546189689149802,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,20.941869401387635,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,22.401719287065117,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,43.343588688452755,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,12.590944948368103,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,7.328379528816285,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100.00000000000001,null,99.999989999999997,null,100.00001999999999,100]
["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,75,null,null,1110.5500010000001,null,99.825508878533213]
["Joint  and indirect holdings",null,null,1,null,null,1.9411983700000002,null,0.17449112146678503]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,76,null,null,1112.49119937,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,61.5,5.5281336189290524]
["GOODMANS YARD",null,null,null,"LONDON","Hotel ",null,43.4,3.9011544562848921]
["3 CATHEDRAL STREET",null,null,null,"LONDON","Office ",null,40.799999999999997,3.6674447423139078]
["5 PICKETT'S LOCK LANE",null,null,null,"LONDON","Industrial ",null,36.75,3.3033969186283358]
["IMPERIAL HOUSE, 8 KEAN STREET WC2",null,null,null,"LONDON","Office ",null,36.299999999999997,3.2629471604410503]
["LEEDS 27 INDUSTRIAL ESTATE",null,null,null,"LEEDS","Industrial ",null,35.700000000000003,3.2090141495246693]
["GALLAGHER RETAIL PARK",null,null,null,"BRISTOL","Retail Park",null,33.049999999999997,2.9708100179773198]
["PHASE 300 CENTENNIAL PARK",null,null,null,"BOREHAMWOOD","Industrial Other ",null,31.1,2.7955277324990822]
["PEUGEOT PARTS DISTRIBUTION FACILITY",null,null,null,"COVENTRY","Industrial ",null,30,2.6966505458190499]
["3 CARDINAL DISTRIBUTION PARK,HUNTINGDON,",null,null,null,"HUNTINGDON","Industrial ",null,26.45,2.3775468978971293]
["10 largest investments as % of portfolio",null,null,null,null,null,null,375.05,33.712626240314492]
["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,4,null,null,8.0500010000001119,null,0.72360131968314001]
["2.5 - 5",null,null,9,null,null,33.375000000000007,null,3.0000237322236938]
["5-10",null,null,24,null,null,186.1,null,16.72822221923084]
["10-25",null,null,26,null,null,456.22500000000002,null,41.009313175543205]
["25 - 50",null,null,11,null,null,365.3,null,32.836214812923295]
["50 - 100",null,null,1,null,null,61.5,null,5.5281336189290524]
["100-150",null,null,0,null,null,0,null,0]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,75,null,null,1110.5500010000001,null,99.825508878533213]
["Average lot size",null,null,null,null,null,14.807333346666667]
["Source:  CCLA Investment Management Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.8399999999999999E-2,null,"Investments ",null,null,9.3000000000000013E-2]
["Nominal equivalent yield",null,null,6.3600000000000004E-2,null,"Developments",null,null,2.2299999999999986E-2]
["True equivalent yield",null,null,6.6100000000000006E-2,null,"Total",null,null,0.1153]
["Net reversionary yield",null,null,5.8400000000000001E-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,2.4532547489599219,null,null,null,null,2.108221288651948]
["Retail warehousing ",null,null,14.408486471842807,null,null,null,null,12.056566818583009]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,6.9650186031403827,null,null,null,null,7.2729232196512532]
["Other offices",null,null,22.512512344495221,null,null,null,null,26.365935008873475]
["Industrial",null,null,40.265197840203285,null,null,null,null,42.194726367973232]
["Other ",null,null,13.395485169728078,null,null,null,null,10.001627296267078]
["Overall",null,null,99.999955178369689,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 ",1.587278,2.52,0,5.38,-25.1374,5.1760000000000002,-19.961399999999998,105.17552690832986]
["Retail warehousing ",9.3224210000000003,7.65,0,9.93,-5.1725000000000003,2.411,-2.7615000000000003,102.41096170190124]
["Shopping centres ",0,0,0,0,0,0,0,"-"]
["Central London offices",4.5064299999999999,0,0,4.5199999999999996,-4.7999999999999996E-3,27.798999999999999,27.7942,127.79912258705895]
["Other offices",14.565799,5.24,12.4,30.65,-0.245,43.338000000000001,43.093000000000004,143.33767752802302]
["Industrial",26.051946999999998,2.38,0,8.9,-0.84589999999999999,28.254000000000001,27.408100000000001,128.25357736218334]
["Other ",8.6669999999999998,0,0,0,-8.5484000000000009,-8.6199999999999992,-17.168399999999998,91.380466135917857]
["Overall",64.700903999999994,3.3,2.73,11.38,-2.9032,22.388999999999999,19.485799999999998,122.38865163305913]
["*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,"-",null,"-",null,null,"-"]
["-",null,null,"-",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,6.3849254171650935]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,6.8138985944038302]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,2.1362478782516408]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,21.043969799576022]
[" Less than 5 years ",null,null,null,null,null,null,63.620958310603413]
["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 - OTHER UNLISTED FUND",0,100,3.040543,null,0.2733093980178764]
["-",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,"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:  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,5.3]
["MARKS & SPENCER PLC",null,null,null,null,null,null,null,4]
["KAPLAN ESTATES LIMITED",null,null,null,null,null,null,null,3.8]
["DC MANAGEMENT SERVICES LIMITED",null,null,null,null,null,null,null,3.4]
[" DHL SUPPLY CHAIN LTD",null,null,null,null,null,null,null,3.3]
["BEVAN BRITTAN LLP",null,null,null,null,null,null,null,3.1]
["B&Q PLC ",null,null,null,null,null,null,null,2.6]
["PINSENT MASON",null,null,null,null,null,null,null,2.6]
[" PEUGEOT MOTOR COMPANY PLC",null,null,null,null,null,null,null,2.4]
["SAINSBURYS BANK PLC",null,null,null,null,null,null,null,2.2999999999999998]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.100000000000001]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,19.8]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,32.800000000000004]
["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,1110.5500010000001,0,1.9411983700000002,0,null,null,1112.49119937]
["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,87.974697000000006,0,0,0,null,null,87.974697000000006]
["Other net assets/liabilities",null,1.9999999999999999E-6,0,0,0,null,null,1.9999999999999999E-6]
["Total net assets",null,1198.5246990000001,0,1.9411983700000002,0,null,null,1200.46589737]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-7.9217231030374844,"-",0,"-",null,null,-7.9079003995555013]
["Net debt (cash)/equity ",null,-7.3402488971151358,"-",0,"-",null,null,-7.328379439410682]
["Source:  CCLA Investment Management Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBP)",null,null,339.81549999999999,357.58199999999999,342.4,289.39,283.80130000000003,283.41109999999998]
["Offer (GBP)",null,null,368.46429999999998,387.72859999999997,371.27,313.79000000000002,307.72770000000003,307.30450000000002]
["Mid (GBP)",null,null,354.13990000000001,372.65530000000001,356.83499999999998,301.59000000000003,295.7645,295.3578]
["Bid/offer spread",null,null,7.775190160892112E-2,7.7751808868368188E-2,7.776012066690012E-2,7.7759010803403653E-2,7.7751856592695415E-2,7.7751546104922117E-2]
["Net asset value (GBP)",null,null,345.16559593731915,363.21180921801499,347.79263386988401,293.94622956883097,288.26950785255917,287.87308615492265]
["Quarterly distribution (GBP)",null,null,2.787493403,2.8523953232000001,3.2976527537,3.0860142829999999,3.0861650527000002,3.3542391811000001]
["Yield",null,null,3.2501735244891659E-2,3.085157957150533E-2,3.3961464520030432E-2,4.0903929200032628E-2,4.2745510978228173E-2,4.4547656197351349E-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,242,null,null,null,51.82]
["1% or greater but less than 2%",null,null,null,13,null,null,null,17.350000000000001]
["2% or greater but less than 4%",null,null,null,7,null,null,null,18.03]
["4% or greater but less than 8%",null,null,null,1,null,null,null,4.7699999999999996]
["Greater than 8.0%",null,null,null,1,null,null,null,8.0299999999999994]
["Total",null,null,null,264,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,8.0299999999999994]
["Three largest holders",null,null,null,3,null,null,null,16.170000000000002]
["Five largest holders",null,null,null,5,null,null,null,21.96]
["Ten largest holders",null,null,null,10,null,null,null,32.75]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,264,null,null,null,100]
["Source:  CCLA Investment Management Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,311069844,356200898,367793016.73000002,367968557.45000005,370553207.45000005,372548591.45000005]
["Units issued during period",null,null,45157980,11647903.570000002,189875.72,2587919,5712871,33359]
["Units redeemed during period",null,null,-26926,-55784.840000000004,-14335,-3269,-3717487,-376263]
["Units in issue at end of period",null,null,356200898,367793016.73000002,367968557.45000005,370553207.45000005,372548591.45000005,372205687.45000005]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source:  CCLA Investment Management Limited"]

{"sheet":"Profile_40","index":47,"n_rows":336,"n_cols":9,"rows_kept":336,"cut":false,"hidden":false,"merged":[[328,0,328,1],[329,0,329,1],[330,0,330,1],[333,0,333,1],[300,7,300,8],[301,7,301,8],[302,7,302,8],[303,7,303,8],[326,0,326,1],[327,0,327,1],[299,7,299,8],[269,0,269,8],[274,0,274,1],[274,2,274,3],[275,0,275,1],[275,2,275,3],[278,0,278,8],[281,0,281,8],[284,0,284,8],[287,0,287,8],[290,0,290,8],[294,0,294,8],[266,0,266,8],[187,0,187,2],[187,6,187,8],[197,2,197,6],[205,6,205,8],[206,6,206,8],[207,6,207,8],[208,6,208,8],[209,6,209,8],[213,6,213,8],[216,7,216,8],[217,7,217,8],[124,0,124,3],[124,5,124,8],[182,6,182,7],[168,7,168,8],[169,7,169,8],[170,7,170,8],[171,7,171,8],[172,7,172,8],[176,6,176,7],[177,6,177,7],[178,6,178,7],[179,6,179,7],[180,6,180,7],[181,6,181,7],[167,7,167,8],[98,5,98,6],[99,5,99,6],[100,5,100,6],[101,5,101,6],[102,5,102,6],[103,5,103,6],[104,5,104,6],[105,5,105,6],[106,5,106,6],[97,5,97,6],[40,1,40,2],[41,1,41,2],[42,1,42,2],[43,1,43,2],[44,1,44,2],[45,1,45,2],[46,1,46,2],[56,6,56,8],[59,7,59,8],[64,5,64,8],[96,5,96,6],[39,4,39,8],[25,0,25,1],[30,5,30,8],[31,0,31,1],[31,5,31,8],[32,0,32,1],[32,5,32,8],[33,0,33,1],[33,5,33,8],[34,0,34,1],[34,5,34,8],[35,5,35,8],[24,0,24,1],[11,0,12,8],[15,0,16,8],[18,0,18,1],[19,0,19,1],[19,7,19,8],[20,0,20,1],[20,7,20,8],[21,0,21,1],[21,7,21,8],[22,0,22,1],[23,0,23,1],[23,7,23,8]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["The 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 March"]
["NAV (GBPm) ",null,null,null,null,null,null,null,556.07413436000024]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
["Management/professional advisors"]
["Trust manager",null,null,null,null,"Swiss Life Asset Managers UK Ltd"]
["Trust Administrator",null,null,null,null,"Sanne Group"]
["Property investment manager",null,null,null,null,"Swiss Life Asset Managers UK Ltd"]
["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: Swiss Life Asset Managers UK Ltd"]
[]
["Investment rates of return, %"]
[null,null,null,null,"MSCI /AREF UK Quarterly Property Fund Index"]
[null,"The Property Income Trust for Charities",null,null,"Other balanced open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.10232,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.48465,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-18.160080000000001,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",3.0148600000000001,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",2.4475600000000002,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.1753600000000004,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
[]
[]
["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: Swiss Life Asset Managers UK Ltd"]
[]
[]
["Portfolio distribution %"]
[null,null,null,null,null,"MSCI/AREF UK Quarterly Property Fund Index"]
[null,null,null,"The Property Income Trust for Charities",null,"Other balanced open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,2.9303588388111992,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.18074391787943092,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,13.332748155063555,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,16.443850911754186,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,7.6912305480608909,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,18.989648223162341,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,26.680878771223231,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,12.813590093069442,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,28.149903805902859,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,40.963493898972303,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,9.1960198047890032,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,6.7157566132612851,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100.00000000000001,null,99.999989999999997,null,100.00001999999999,100]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
["Property ownership structure"]
[null,null,null,"Number of assets",null,null,"Valuation (GBPm)",null,"% of total portfolio"]
["Direct holdings",null,null,48,null,null,606.68500100000028,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,48,null,null,606.68500100000028,null,100]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
[]
["Largest direct investments by lot size & percentage of total portfolio"]
["Property",null,null,null,"Location","Sector",null,"Valuation (GBPm)","% of total portfolio "]
["Paragon - Bristol",null,null,null,"BRISTOL ","Office ",null,"30-35",5.2992903973243255]
["UNIT A, 9-11 NEWMARKET BUSINESS PARK",null,null,null,"NEWMARKET","Industrial ",null,"25-30",4.5410715535391963]
["PHASES I & II TRAX PARK",null,null,null,"DONCASTER","Industrial ",null,"25-30",4.2608602417055614]
["WEST MOOR PARK",null,null,null,"DONCASTER","Industrial ",null,"20-25",3.8899923289845746]
["BARTLEY POINT, HOOK",null,null,null,"HOOK","Industrial ",null,"20-25",3.5108829070920105]
["3 CAPITAL QUARTER, CARDIFF",null,null,null,"CARDIFF","Office ",null,"20-25",3.3707772511751921]
["LADY BAY RETAIL PARK, NOTTINGHAM",null,null,null,"NOTTINGHAM","Retail Park",null,"15-20",3.1152904668562904]
["THE BIG BERRY, DROITWICH",null,null,null,"DROITWICH","Industrial ",null,"15-20",3.0905659393415581]
["PREMIER INN",null,null,null,"CROYDON","Hotel ",null,"15-20",3.0163923567973607]
["UNITS A-D ORION BUSINESS PARK, STOCKPORT",null,null,null,"STOCKPORT","Industrial ",null,"15-20",3.0163923567973607]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,37.111515799613429]
["Source: Swiss Life Asset Managers UK 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,2,null,null,2.9700010000001109,null,0.48954580962190453]
["2.5 - 5",null,null,3,null,null,12.065,null,1.9886761631016479]
["5-10",null,null,13,null,null,98.775000000000006,null,16.281101368451328]
["10-25",null,null,27,null,null,407.32499999999999,null,67.139454466256012]
["25 - 50",null,null,3,null,null,85.550000000000011,null,14.101222192569086]
["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,48,null,null,606.68500100000006,null,99.999999999999972]
["Average lot size",null,null,null,null,null,12.639270854166668]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.4000000000000006E-2,null,"Investments ",null,null,6.0999999999999999E-2]
["Nominal equivalent yield",null,null,6.2590000000000007E-2,null,"Developments",null,null,0]
["True equivalent yield",null,null,6.5019999999999994E-2,null,"Total",null,null,6.0999999999999999E-2]
["Net reversionary yield",null,null,6.4809999999999993E-2]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["Rental income & ERV by type of property"]
[null,null,null,"Rental income %",null,null,null,null,"Estimated rental value %"]
["Standard retail ",null,null,2.1211733363849063,null,null,null,null,2.6032545941399166]
["Retail warehousing ",null,null,15.072761282145382,null,null,null,null,13.615510037867415]
["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,33.194319250286973,null,null,null,null,35.190276883843566]
["Industrial",null,null,39.915946276003908,null,null,null,null,40.620558276582507]
["Other ",null,null,9.6957998551788336,null,null,null,null,7.9704002075666054]
["Overall",null,null,100,null,null,null,null,100]
["Source: Swiss Life Asset Managers UK 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 ",0.73699999999999999,21.709633649932002,0,32.564450474897995,-7.7327001356850005,50.787245590231002,43.054545454546002,150.78724559023067]
["Retail warehousing ",5.2370190000000001,9.4200933445609998,0,2.6412038688989998,-5.2736917726429997,10.611268905604,5.337577132961,110.9852379760318]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",11.533340000000001,2.4891673959989999,0,19.091551534394,-2.1463272452190001,30.083547803262,27.937220558043002,130.25159234012003]
["Industrial",13.868764000000001,0,0,0.68222612975200003,-5.613567752822,16.610494809970998,10.996927057148998,125.03269217069382]
["Other ",3.368798,0,0,0,-1.949441007925,0.30902140862100003,-1.6404195993039998,100.99982248861463]
["Overall",34.744920999999998,2.6323795406110002,0,7.4994306247310005,-4.1417840223999995,19.234884769450002,15.093100747050002,122.86385109351666]
["*Comprising the ERV of developments in progress or contracted which have not been pre-let"]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["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,4.5]
[" 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,10.1]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,27.5]
[" Less than 5 years ",null,null,null,null,null,null,56.8]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["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: Swiss Life Asset Managers UK 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"]
[26,2.2499999999999999E-2,0.44657534246575342,null,null,null,0,0,0]
[24.8,3.1E-2,2.2465753424657535,null,null,null,0,0,0]
[42.08,2.6099999999999998E-2,5.2904109589041095,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: Swiss Life Asset Managers UK 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: Swiss Life Asset Managers UK Ltd"]
[]
["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: Swiss Life Asset Managers UK Ltd"]
[]
["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: Swiss Life Asset Managers UK Ltd"]
[]
[]
["The contribution of major tenants to rental income"]
["Tenant",null,null,null,null,null,null,null,"%"]
["BRITISH TELECOMMUNICATIONS PUBLIC LIMITED COMPANY",null,null,null,null,null,null,null,5.5712791983026149]
["PREMIER INN HOTELS LIMITED",null,null,null,null,null,null,null,4.8074458566557521]
["WINCANTON HOLDINGS LIMITED",null,null,null,null,null,null,null,4.3525473470340295]
["ASOS.COM LIMITED",null,null,null,null,null,null,null,3.1786584502274935]
["SKY CP LIMITED",null,null,null,null,null,null,null,3.0809280882683034]
["ANTOLIN INTERIORS UK LIMITED",null,null,null,null,null,null,null,2.9700454631289035]
["CDS  SUPERSTORES INTERNATIONAL  LIMITED",null,null,null,null,null,null,null,2.8211367919990593]
["WUNDERMAN THOMPSON COMMERCE UK LIMITED",null,null,null,null,null,null,null,2.3856897141452329]
["ERNST & YOUNG LLP",null,null,null,null,null,null,null,2.3124406547616929]
["MITIE GROUP PLC",null,null,null,null,null,null,null,2.2356036023116364]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,14.731272401992396]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,20.990858940488195]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,33.715775166834725]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
[]
[]
["Balance sheet/gearing"]
[null,null,"Direct holdings","Joint holdings","Indirect investments","Listed investments",null,null,"Total"]
["Balance sheet (GBPm)"]
["Properties at valuation",null,606.68500100000028,0,0,0,null,null,606.68500100000028]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-92.88,0,0,0,null,null,-92.88]
["Cash",null,43.676709589000005,0,0,0,null,null,43.676709589000005]
["Other net assets/liabilities",null,-1.40757622900003,0,0,0,null,null,-1.40757622900003]
["Total net assets",null,556.07413436000024,0,0,0,null,null,556.07413436000024]
["Gearing (%)"]
["Net debt (cash)/properties ",null,8.1101873838809411,"-","-","-",null,null,8.1101873838809411]
["Net debt (cash)/equity ",null,8.8483328697942945,"-","-","-",null,null,8.8483328697942945]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,0.95879999999999999,0.99629999999999996,0.99150000000000005,0.83509999999999995,0.78159999999999996,0.78]
["Offer (GBp)",null,null,0.98750000000000004,1.0250999999999999,1.0206999999999999,0.86050000000000004,0.80640000000000001,0.80379999999999996]
["Mid (GBp)",null,null,0.97314999999999996,1.0106999999999999,1.0061,0.8478,0.79400000000000004,0.79190000000000005]
["Bid/offer spread",null,null,2.9063291139240565E-2,2.8094820017559204E-2,2.860781816400499E-2,2.9517722254503297E-2,3.0753968253968308E-2,2.9609355561084766E-2]
["Net asset value (GBp)",null,null,0.97191992912423997,1.0094735775929,1.0048276228772699,0.84669774583875002,0.79295832478714001,0.79083430309388003]
["Quarterly distribution (GBp)",null,null,1.065395566483E-2,1.0313639242711699E-2,1.0370000000000001E-2,1.11431558E-2,1.0875193E-2,1.28444222E-2]
["Yield",null,null,3.6715987532177051E-2,3.3281317082484982E-2,3.4065544398534979E-2,3.8467218272484734E-2,4.0460110824376977E-2,5.6118356151333475E-2]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["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,1113,null,null,null,53.28]
["1% or greater but less than 2%",null,null,null,10,null,null,null,14.06]
["2% or greater but less than 4%",null,null,null,5,null,null,null,13.15]
["4% or greater but less than 8%",null,null,null,1,null,null,null,7.02]
["Greater than 8.0%",null,null,null,1,null,null,null,12.49]
["Total",null,null,null,1130,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,12.49]
["Three largest holders",null,null,null,3,null,null,null,22.59]
["Five largest holders",null,null,null,5,null,null,null,28.12]
["Ten largest holders",null,null,null,10,null,null,null,37.99]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,1130,null,null,null,100]
["Source: Swiss Life Asset Managers UK Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,533952465.39000005,614131315.3900001,669408636.39346468,691202859.72346461,694740182.97391152,720061282.8113699]
["Units issued during period",null,null,90726816.269999996,71220336.159999996,45613723.399999999,48587104.487474456,66627688.73418653,18532308.016140893]
["Units redeemed during period",null,null,-10547966.27,-15943015.1565354,-23819500.07,-45049781.237027526,-41306588.896728113,-35445302.638164379]
["Units in issue at end of period",null,null,614131315.3900001,669408636.39346468,691202859.72346461,694740182.97391152,720061282.8113699,703148288.18934643]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: Swiss Life Asset Managers UK Ltd"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,1560.365]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months","-",null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date","-",null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months","-",null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+","-",null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+","-",null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,4.2889374307557624,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,1.6626344312066592,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,13.798766776086241,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,19.750338638048664,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,5.8519636923922356,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,5.0758235279425215,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,10.133594049182273,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,3.5089593519800597,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,24.570340621497088,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,18.940530479770668,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,23.958263852892941,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,42.898794332663613,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,7.2377192897664777,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,5.5428071180241565,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,172,null,null,1477.02,null,98.200175388324254]
["Joint  and indirect holdings",null,null,1,null,null,27.071000000000002,null,1.7998246116757564]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,173,null,null,1504.0909999999999,null,100.00000000000001]
["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 "]
["Deeside, Deeside Industrial Park",null,null,null,"Deeside","Industrial / Warehouse",null,73.174999999999997,4.8650646802620319]
["Chelmsford, Boreham Airfield",null,null,null,"Chelmsford","Miscellaneous",null,58,3.8561496611574699]
["Watford, Penfold Works",null,null,null,"Watford","Industrial / Warehouse",null,39.1,2.5995767543320185]
["Sittingbourne, Sittingbourne Distribution Centre",null,null,null,"Sittingbourne","Industrial / Warehouse",null,37.450000000000003,2.4898759450059873]
["Cambridge, Compass Hse, Vision",null,null,null,"Cambridge","Out of Town Offices ",null,32.4,2.1541249831293454]
["South Ockendon, Arisdale Ave",null,null,null,"High Wycombe","Industrial / Warehouse",null,32.125,2.1358415149083401]
["London EC1, Banner Street",null,null,null,"London","Town Centre Offices",null,27.774999999999999,1.8466302903215297]
["London EC1, 29-35 Farringdon Road",null,null,null,"London","Town Centre Offices",null,26.3,1.7485644153179565]
["Bristol, Next Distribution Warehouse",null,null,null,"Bristol","Industrial / Warehouse",null,25.55,1.6987004110788511]
["Wimbledon, Wellington",null,null,null,"Wimbledon","Town Centre Offices",null,19.524999999999999,1.2981262436913725]
["10 largest investments as % of portfolio",null,null,null,null,null,null,371.4,24.692654899204904]
["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,39,null,null,57.57,null,3.8275609653937162]
["2.5 - 5",null,null,33,null,null,130.47499999999999,null,8.6746746041296703]
["5-10",null,null,52,null,null,382.35,null,25.420669361095843]
["10-25",null,null,39,null,null,554.75,null,36.882741802191497]
["25 - 50",null,null,7,null,null,220.7,null,14.673314314094027]
["50 - 100",null,null,2,null,null,131.17500000000001,null,8.721214341419504]
["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,1477.02,null,98.200175388324254]
["Average lot size",null,null,null,null,null,8.5873255813953495]
["Source : Threadneedle Pensions Ltd"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.9000000000000004E-2,null,"Investments ",null,null,0.10400000000000001]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,7.4999999999999997E-2,null,"Total",null,null,0.10400000000000001]
["Net reversionary yield",null,null,7.0999999999999994E-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,9.3944695828054936,null,null,null,null,6.9015715899485102]
["Retail warehousing ",null,null,17.708062945540419,null,null,null,null,15.009419446210739]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,8.6713193096656696,null,null,null,null,10.834686223335856]
["Other offices",null,null,18.153216815897729,null,null,null,null,19.992575769250685]
["Industrial",null,null,40.190146285759397,null,null,null,null,42.805548983459275]
["Other ",null,null,5.8827850603312903,null,null,null,null,4.456197987794936]
["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 ",8.7275545599999997,"-","-",0.45532349367824793,-1.7390000000000001,"-","-",87.057605286399948]
["Retail warehousing ",16.45096449,"-","-",0.40688482413800875,-2.5430000000000001,"-","-",100.4439588332003]
["Shopping centres ",0,"-","-",0,0,"-","-","-"]
["Central London offices",8.0557408499999994,"-","-",3.2023342640491435,-0.308,"-","-",148.06831826026283]
["Other offices",16.864516809999998,"-","-",3.754535096807869,-1.1180000000000001,"-","-",130.51070628331865]
["Industrial",37.33704084,"-","-",4.5144840011502883,-0.98199999999999998,"-","-",126.21514437082529]
["Other ",5.4651651299999999,"-","-",0.26587447503197931,-1.2749999999999999,"-","-",89.766125694357555]
["Overall",92.900982679999998,"-","-","-","-","-","-",118.50344724469819]
["*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"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",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,1.21]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,0.08]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,5.48]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,17.84]
[" Less than 5 years ",null,null,null,null,null,null,75.39]
["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",23.84,27.071000000000002,null,1.7998246116757564]
["-",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,4.05]
["Magnet Limited (NOBIA AB)",null,null,null,null,null,null,null,2.2000000000000002]
["John Lewis PLC",null,null,null,null,null,null,null,1.71]
["Norton Group Holdings Limited",null,null,null,null,null,null,null,1.68]
["Hanson Quarry Products Europe Limited",null,null,null,null,null,null,null,1.57]
["Currys PLC",null,null,null,null,null,null,null,1.5]
["Invesco LTD",null,null,null,null,null,null,null,1.48]
["Howard Tenens (North West) Limited",null,null,null,null,null,null,null,1.46]
["Matalan Retail Ltd",null,null,null,null,null,null,null,1.43]
["Primark Stores Limited",null,null,null,null,null,null,null,1.29]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,7.96]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,11.21]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.37]
["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,1477.02,0,27.071000000000002,0,null,null,1504.0909999999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,83.724000000000004,0,4.5369999999999999,0,null,null,88.26100000000001]
["Other net assets/liabilities",null,-31.513999999999999,0,-0.47299999999999998,0,null,null,-31.986999999999998]
["Total net assets",null,1529.23,0,31.135000000000002,0,null,null,1560.365]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-5.6684405085916243,0,-16.759632078608103,"-",null,null,-5.8680625041968879]
["Net debt (cash)/equity ",null,-5.4749122107204284,0,-14.572025052192068,"-",null,null,-5.6564329499828574]
["Source : Threadneedle Pensions Ltd"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,"*","*","*","*","*","*"]
["Offer (GBp)",null,null,"*","*","*","*","*","*"]
["Mid (GBp)",null,null,"*","*","*","*","*","*"]
["Bid/offer spread",null,null,"*","*","*","*","*","*"]
["Net asset value (GBp)",null,null,8.9845469999999992,9.4347060000000003,8.9758180000000003,7.7770020000000004,7.8336440000000005,7.9128459999999992]
["Quarterly distribution (GBp)",null,null,7.73,9.1726500000000009,9.9745997179880295,9.6292000000000009,10.002000000000001,9.6689000000000007]
["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,27,null,null,null,7.62]
["1% or greater but less than 2%",null,null,null,2,null,null,null,2.85]
["2% or greater but less than 4%",null,null,null,5,null,null,null,16.34]
["4% or greater but less than 8%",null,null,null,4,null,null,null,19.32]
["Greater than 8.0%",null,null,null,4,null,null,null,53.87]
["Total",null,null,null,42,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,24.08]
["Three largest holders",null,null,null,3,null,null,null,44.82]
["Five largest holders",null,null,null,5,null,null,null,59.85]
["Ten largest holders",null,null,null,10,null,null,null,80.64]
["Internal/external investors"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,42,null,null,null,100]
["Source : Threadneedle Pensions Ltd"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,295601272,296753163.98500001,290025930.08680004,279835592.01530004,265292305.4052,232364134.2861]
["Units issued during period",null,null,32985003.369999997,19319637.235399999,15438988.492900001,5430277.9750999995,2398889.2378000002,0]
["Units redeemed during period",null,null,-31833111.385000002,-26046871.133599997,-25629326.564400002,-19973564.585200001,-35327060.356899999,0]
["Units in issue at end of period",null,null,296753163.98500001,290025930.08680004,279835592.01530004,265292305.4052,232364134.2861,232364134.2861]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source : Threadneedle Pensions Ltd"]

{"sheet":"Profile_42","index":49,"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:","2023-06-30"]
[]
["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,1020.5652372800004]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",1.5411999999999999,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.3881600000000001,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-16.52046,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",3.8334199999999998,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",2.32639,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",6.50312,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0.4205123421013604,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,21.546686746367534,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,21.967199088468895,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,2.6327729244606912,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,4.7261930623131159,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,8.9404580559810984,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,4.0862829765066975,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,20.385707019261606,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,26.218030372754395,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,15.202435324229615,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,41.42046569698401,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,7.6423547390595061,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,8.5842734562259899,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,99.999989999999997,null,100.00001999999999,100]
["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,107,null,null,917.84500000000003,null,98.245175342552926]
["Joint  and indirect holdings",null,null,1,null,null,16.39426091,null,1.7548246574470758]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,108,null,null,934.23926090999998,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",4.3226252798675162]
["Spitfire Retail Park",null,null,null,"Trowbridge","Retail Warehouse",null,"25-50",3.0724141875806916]
["London W1, 46 Foley Street",null,null,null,"London","Town Centre Offices",null,"10-25",2.7019812713475586]
["Hampton, Kempton Gate",null,null,null,"Hampton","Industrial / Warehouse",null,"10-25",2.0825956452342171]
["York, Foss Islands Retail Park",null,null,null,"York","Retail Warehouse",null,"10-25",2.0755138394827015]
["Cardiff, Newport Road",null,null,null,"Cardiff","Retail Warehouse",null,"10-25",1.9774580675386368]
["London SW1, Warwick House",null,null,null,"London","Town Centre Offices",null,"10-25",1.9229826386808231]
["Rugby, Swift Point",null,null,null,"Rugby","Industrial / Warehouse",null,"10-25",1.882670821326041]
["High Wycombe, Stirling Road",null,null,null,"High Wycombe","Industrial / Warehouse",null,"10-25",1.8766785241516815]
["Coventry, Skydome",null,null,null,"Coventry","Miscellaneous",null,"10-25",1.8630596669372279]
["10 largest investments as % of portfolio",null,null,null,null,null,null,null,23.777979942147095]
["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,8,null,null,9.8848099999999999,null,1.0580597940587142]
["2.5 - 5",null,null,21,null,null,87.515190000000004,null,9.3675350268148048]
["5-10",null,null,48,null,null,347.98500000000001,null,37.247952913158841]
["10-25",null,null,28,null,null,404.58499999999998,null,43.306358117075078]
["25 - 50",null,null,2,null,null,67.875,null,7.2652694914454834]
["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,107,null,null,917.84500000000003,null,98.245175342552926]
["Average lot size",null,null,null,null,null,8.5779906542056086]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,0.06,null,"Investments ",null,null,7.9000000000000001E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,7.4999999999999997E-2,null,"Total",null,null,7.9000000000000001E-2]
["Net reversionary yield",null,null,7.2999999999999995E-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,0.21644129809868973,null,null,null,null,0.51060462018441577]
["Retail warehousing ",null,null,28.053410952611941,null,null,null,null,22.951776875347701]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,1.8949605406421148,null,null,null,null,1.9025960503509183]
["Other offices",null,null,21.234684037630725,null,null,null,null,24.663889933448306]
["Industrial",null,null,37.899241165551395,null,null,null,null,40.83977528799258]
["Other ",null,null,10.701262005465127,null,null,null,null,9.1313572326760788]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["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 ",0.1275,"-","-",8.8274098048093066E-2,-0.10896249098871058,"-","-",282.19450980392156]
["Retail warehousing ",16.52554262,"-","-",0.7995596188586892,-2.6874277431415536,"-","-",97.866620006938078]
["Shopping centres ",0,"-","-",0,0,"-","-","-"]
["Central London offices",1.1162725,"-","-",0.40741891406812181,-4.431359722014272E-2,"-","-",120.10203601719114]
["Other offices",12.508806029999999,"-","-",3.9248022055229073,-0.2496102904402607,"-","-",138.93757684241587]
["Industrial",22.325467880000001,"-","-",3.739766115383635,-0.44137558297689117,"-","-",128.90114623658224]
["Other ",6.3038381199999991,"-","-",0.44646322666631688,-1.21780738814698,"-","-",102.07145040076]
["Overall",58.907427150000004,"-","-","-","-","-","-",119.62004181674737]
["*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"]
["-",null,null,"-",null,"-",null,null,"-"]
["-",null,null,"-",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,0.31]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,2.73]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,9.24]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,34.04]
[" Less than 5 years ",null,null,null,null,null,null,53.68]
["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",14.44,16.39426091,null,1.7548246574470758]
["-",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,"%"]
["B&M EUROPEAN VALUE RETAIL S.A.",null,null,null,null,null,null,null,4.04]
["TESCO PLC",null,null,null,null,null,null,null,2.5299999999999998]
["CURRYS PLC",null,null,null,null,null,null,null,2.4700000000000002]
["WICKES GROUP PLC",null,null,null,null,null,null,null,2.27]
["NORTON GROUP HOLDINGS LIMITED",null,null,null,null,null,null,null,1.95]
["TEMPUR SEALY INTERNATIONAL| INC.",null,null,null,null,null,null,null,1.89]
["AMC ENTERTAINMENT HOLDINGS| INC.",null,null,null,null,null,null,null,1.75]
["ACI WORLDWIDE (EMEA) LIMITED",null,null,null,null,null,null,null,1.73]
["ENVY POST PRODUCTION LIMITED",null,null,null,null,null,null,null,1.49]
["MISSOURI TOPCO LIMITED",null,null,null,null,null,null,null,1.45]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,9.0400000000000009]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,13.26]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,21.569999999999997]
["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,917.84500000000003,0,16.39426091,0,null,null,934.23926090999998]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,0,0,0,0,null,null,0]
["Cash",null,84.980982710000276,0,2.7475252000000001,0,null,null,87.728507910000275]
["Other net assets/liabilities",null,-1.1158391699999926,0,-0.28669236999999997,0,null,null,-1.4025315399999925]
["Total net assets",null,1001.7101435400003,0,18.855093739999997,0,null,null,1020.5652372800004]
["Gearing (%)"]
["Net debt (cash)/properties ",null,-9.2587509557714291,"-",-16.759067182614455,"-",null,null,-9.3903683543065739]
["Net debt (cash)/equity ",null,-8.4835901141702674,"-",-14.571792842224291,"-",null,null,-8.5960705602528034]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,318.77,331.63,314.08999999999997,267.2,263.3,263.81]
["Offer (GBp)",null,null,341.8,355.66,336.64,286.25,282.43,282.5]
["Mid (GBp)",null,null,330.28499999999997,343.64499999999998,325.36500000000001,276.73,272.86500000000001,273.15499999999997]
["Bid/offer spread",null,null,6.7378583967232383E-2,6.7564527919923595E-2,6.698550380228141E-2,6.6600000000000006E-2,6.7733597705626161E-2,6.6159292035398221E-2]
["Net asset value (GBp)",null,null,322.68,335.7,317.91000000000003,270.44,266.56,266.98]
["Quarterly distribution (GBp)",null,null,2.7461791423667843,2.7743213,3.3048709000000001,3.35,3.461314891662401,3.684204317643748]
["Yield",null,null,3.786711275060984E-2,3.5515365035349356E-2,3.9002049510867852E-2,4.4999999999999998E-2,4.8342914696823447E-2,5.1674920815150981E-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,73,null,null,null,14.9]
["1% or greater but less than 2%",null,null,null,14,null,null,null,19.559999999999999]
["2% or greater but less than 4%",null,null,null,12,null,null,null,32.92]
["4% or greater but less than 8%",null,null,null,3,null,null,null,20.02]
["Greater than 8.0%",null,null,null,1,null,null,null,12.6]
["Total",null,null,null,103,null,null,null,99.999999999999986]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,12.6]
["Three largest holders",null,null,null,3,null,null,null,26.11]
["Five largest holders",null,null,null,5,null,null,null,36.4]
["Ten largest holders",null,null,null,10,null,null,null,51.01]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,6.7]
["External",null,null,null,102,null,null,null,93.3]
["Source : Threadneedle Investments (Channel Islands) Limited"]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,5242277,5363286.9160000002,5316704.7460000003,5250473.6040000003,4837997.0569999982,4883511.9469999988]
["Units issued during period",null,null,146107.17300000001,85981.036000000007,56658.133999999991,262853.45799999812,56053.2,37922.097999999998]
["Units redeemed during period",null,null,-25097.257000000001,-132561.742,-122889.276,-675330.005,-10538.31,-863047.4709999999]
["Units in issue at end of period",null,null,5363286.9160000002,5316704.7460000003,5250473.6040000003,4837997.0569999982,4883511.9469999988,4058386.5739999991]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source : Threadneedle Investments (Channel Islands) Limited"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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,179.30872799999997]
["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,"BDO 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 Open-Ended Funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",2.0451357741559999,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",4.7047790575209998,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-16.635070868684998,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",7.0571681230739998,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",4.6271089357750004,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+","-",null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 Open-Ended Funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,0,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,11.070842690700282,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,11.070842690700282,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,0,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,12.256248409016182,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,1.9051163330076968,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,14.16136474202388,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,27.031483969453653,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,32.577489294431608,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,59.608973263885261,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,1.5299218756667903,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,13.62889742772378,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100,null,100,null,99.999999999999986,100]
["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,15,null,null,200.4,null,98.228664645809587]
["Joint  and indirect holdings",null,null,1,null,null,3.6137679999999999,null,1.7713353541904091]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,16,null,null,204.013768,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 "]
["STOCKLEY PARK",null,null,"UXBRIDGE",null,"Office ",null,"20-30m",12.254074930864469]
["UNITS 1-5 NEW MALDEN",null,null,"NEW MALDEN",null,"Industrial ",null,"20-30m",12.254074930864469]
["DC1 DIDCOT",null,null,"DIDCOT",null,"Industrial ",null,"20-30m",12.254074930864469]
["FRADLEY DISTRIBUTION PARK",null,null,"LICHFIELD",null,"Industrial ",null,"15-20m",8.5778524516051302]
["WATERFORD BUSINESS PARK",null,null,"BURY",null,"Industrial ",null,"15-20m",8.5778524516051302]
["UNIT 12",null,null,"WIMBORNE",null,"Industrial ",null,"10-15m",6.1270374654322346]
["HOMEBASE BRACKNELL,BRACKNELL,WOKINGHAM ROAD",null,null,"BRACKNELL",null,"Retail Park",null,"10-15m",6.1270374654322346]
["ALBAN RETAIL PARK BEDFORD",null,null,"BEDFORD",null,"Retail Park",null,"10-15m",6.1270374654322346]
["XPO SUPPLY CHAIN UK LTD GOOLE",null,null,"GOOLE",null,"Industrial ",null,"10-15m",6.1270374654322346]
["UNIT 3 & UNIT 3A, R-EVOLUTION AT THE AMP",null,null,"ROTHERHAM",null,"Industrial ",null,"5-10m",3.6762224792593412]
["10 largest investments as % of portfolio",null,null,null,null,null,null,"*",82.102302036791954]
["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,9.25,null,4.5340077244198538]
["5-10",null,null,4,null,null,27.2,null,13.332433524780543]
["10-25",null,null,6,null,null,82.85,null,40.610004320884855]
["25 - 50",null,null,3,null,null,81.099999999999994,null,39.752219075724341]
["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,15,null,null,200.39999999999998,null,98.228664645809587]
["Average lot size",null,null,null,null,null,13.359999999999998]
["Source : Tritax Property Income Fund"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.6100000000000002E-2,null,"Investments ",null,null,7.2000000000000008E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,5.8899999999999994E-2,null,"Total",null,null,7.2000000000000008E-2]
["Net reversionary yield",null,null,6.0400000000000002E-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,14.627585735485132,null,null,null,null,12.474759828901636]
["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,7.899185093346718,null,null,null,null,21.919397007545776]
["Industrial",null,null,77.473229171168157,null,null,null,null,65.605843163552592]
["Other ",null,null,0,null,null,null,null,0]
["Overall",null,null,100,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 ",1.488103,0,0,0,-5.984263186083,8.1578358487280003,2.1735726626450003,108.1578358487282]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices","-","-","-","-","-","-","-","-"]
["Other offices",0.80360500000000001,88.731652988720001,0,110.128732399624,0,251.92065753697398,251.92065753697398,351.92065753697398]
["Industrial",7.8815565899999998,0,0,0.57095320557700002,-6.173019180212,7.3962979691049995,1.2232787888929995,107.39629796910459]
["Other ","-","-","-","-","-","-","-","-"]
["Overall",10.173264589999999,7.0090775059650001,0,9.1416082986200013,-5.657790524448,26.823124335940999,21.165333811492999,126.82312433594143]
["*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,4.1088088912076559]
[" 15 years or greater, but less than 20 ",null,null,null,null,null,null,10.124576932880107]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,11.108046881143785]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,44.32274271557111]
[" Less than 5 years ",null,null,null,null,null,null,30.335824579197347]
["Source : Tritax Property Income Fund"]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation (GBPm)",null,"Est. % of total portfolio"]
["DERIVATIVE",null,"Other","DERIVATIVES - REAL ESTATE","-",100,3.6137679999999999,null,1.7713353541904091]
["-",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,48.521999999999998,1.3999999999999999E-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,"%"]
["CURRYS GROUP LIMITED",null,null,null,null,null,null,null,13.385082964174138]
["OKA DIRECT LTD",null,null,null,null,null,null,null,12.296285200820716]
["DPD GROUP UK LIMITED",null,null,null,null,null,null,null,11.108487033396241]
["EDDIE STOBART LIMITED",null,null,null,null,null,null,null,9.1522768421277263]
["H MART EUROPE LIMITED",null,null,null,null,null,null,null,8.4349435743314327]
["XPO SUPPLY CHAIN UK LIMITED",null,null,null,null,null,null,null,6.9229519065534522]
["HHGL LIMITED",null,null,null,null,null,null,null,6.3879422668971984]
["X-CEL SUPERTURN LTD",null,null,null,null,null,null,null,4.7339889012998242]
["KEYENCE (UK) LIMITED",null,null,null,null,null,null,null,4.661207512682128]
["TELENT TECHNOLOGY SERVICES LIMITED",null,null,null,null,null,null,null,4.084418698626668]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,36.789855198391095]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,54.377075614850256]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,81.167584900909517]
["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,200.4,0,3.6137679999999999,0,null,null,204.013768]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-48.522320000000001,0,0,0,null,null,-48.522320000000001]
["Cash",null,32.192279999999997,0,0,0,null,null,32.192279999999997]
["Other net assets/liabilities",null,-8.375,0,0,0,null,null,-8.375]
["Total net assets",null,175.69495999999998,0,3.6137679999999999,0,null,null,179.30872799999997]
["Gearing (%)"]
["Net debt (cash)/properties ",null,8.148722554890222,"-",0,"-",null,null,8.0043813513605642]
["Net debt (cash)/equity ",null,9.2945409475604794,"-",0,"-",null,null,9.1072198114081786]
["Source : Tritax Property Income Fund"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1.2453000000000001,1.2890999999999999,1.2154,1.0011000000000001,1.0199,1.0294000000000001]
["Offer (GBp)",null,null,1.3664000000000001,1.3996999999999999,1.3189,1.0762,1.1073,1.1168]
["Mid (GBp)",null,null,1.30585,1.3443999999999998,1.26715,1.0386500000000001,1.0636000000000001,1.0731000000000002]
["Bid/offer spread",null,null,8.8627049180327849E-2,7.9016932199757112E-2,7.8474486314352818E-2,6.9782568295855732E-2,7.8930732412173688E-2,7.8259312320916832E-2]
["Net asset value (GBp)",null,null,1.26517044389865,1.31059431353969,1.23494961666972,1.0191984371358001,1.0368190852635399,1.0457017210606601]
["Quarterly distribution (GBp)",null,null,2.6845044E-3,3.9459185999999999E-3,1.3837377200000001E-2,1.2721569699999999E-2,8.9431292999999999E-3,1.2321722199999999E-2]
["Yield",null,null,2.9188292121498718E-2,2.1999831223231403E-2,2.4672176652975737E-2,3.2564188376573995E-2,3.8047134124631836E-2,4.5733690054074023E-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,2,null,null,null,1.19]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.4]
["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,5,null,null,null,97.41]
["Total",null,null,null,8,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,"-"]
["Three largest holders",null,null,null,3,null,null,null,"-"]
["Five largest holders",null,null,null,5,null,null,null,"-"]
["Ten largest holders",null,null,null,10,null,null,null,"-"]
["Internal/external investors",null,null,null,null,null,null,null,"-"]
["Internal",null,null,null,0,null,null,null,0]
["External",null,null,null,8,null,null,null,100]
["Source : Tritax Property Income Fund"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,185162677,191366376,192455817,196795245,189979197,203598214]
["Units issued during period",null,null,6203699,1089441,4339428,0,0,0]
["Units redeemed during period",null,null,0,0,0,-6816048,13619017,0]
["Units in issue at end of period",null,null,191366376,192455817,196795245,189979197,203598214,203598214]
["Unit transfers"]
["Matched bargains",null,null,0,77382,0,16580881,2690879,0]
["Matched bargains %*",null,null,0,4.0207670106432792E-4,0,8.7277350688033495E-2,1.3216613972851451E-2,0]
["* as % of units in issue at the end of the period   "]
["Source : Tritax Property Income Fund"]

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[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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 Open-ended 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,47.3]
["Note: *includes capital cash and income cash"]
["Source: UBS Asset Management "]
[]
["Management/professional advisors"]
["Jersey PUT Manager",null,null,null,null,"Carne Global AIFM Solutions (C.I.) Limited"]
["Jersey PUT Administrator                                                                                                                                                                                                                                                           ",null,null,null,null,"MUFG Fund Services (Ireland) Limited"]
["Investment Manager (For Triton)",null,null,null,null,"UBS Asset Management Funds Ltd"]
["Fund Manager",null,null,null,null,"Oliver Abram"]
["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 open-ended funds",null,"All funds"]
["3 months",0.29103694941381431,null,null,0.73045042482888789,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",1.6245284118394876,null,null,2.5169912744066103,null,0.16313,null,0.12145]
["12 months",-18.199200740867838,null,null,-16.756148820195428,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",3.1400782675514272,null,null,4.9595774581497887,null,3.3854099999999998,null,2.28301]
["5 years+",2.022743894855461,null,null,3.8225321348621888,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",6.0923866905303159,null,null,"-",null,6.3058699999999996,null,5.4513499999999997]
["Note: ** Weighted average returns    + Annualised                                                            "]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1.1859999999999999,1.2183999999999999,1.161,0.9768,0.99,0.9879]
["Offer (GBp)",null,null,1.2743,1.3089,1.2458,1.0451999999999999,1.06,1.0615000000000001]
["Mid (GBp)",null,null,1.2301500000000001,1.2636499999999999,1.2034,1.0109999999999999,1.02,1.0247000000000002]
["Bid/offer spread",null,null,6.9292945146354895E-2,6.9142027656811086E-2,6.8068710868518206E-2,6.5442020665901185E-2,6.7000000000000004E-2,6.9335845501648702E-2]
["Net asset value (GBp)",null,null,1.1975,1.2302,1.1719999999999999,0.98570000000000002,1,0.99750000000000005]
["Quarterly distribution 'A' units",null,null,6.1000000000000004E-3,2.3999999999999998E-3,5.1000000000000004E-3,3.7000000000000002E-3,0,2.8999999999999998E-3]
["Quarterly distribution 'B' units",null,null,8.6999999999999994E-3,0,0,0,0.01,5.1999999999999998E-3]
["Yield",null,null,1.8872651356993734E-2,1.5119492765403999E-2,1.6040955631399317E-2,1.7550978999695648E-2,1.6E-2,1.6140350877192983E-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 Open-ended 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,4,null,null,null,0.9]
["1% or greater but less than 2%",null,null,null,1,null,null,null,1.76]
["2% or greater but less than 4%",null,null,null,1,null,null,null,2.2200000000000002]
["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,95.12]
["Total",null,null,null,8,null,null,null,100]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,55.19]
["Three largest holders",null,null,null,3,null,null,null,97.34]
["Five largest holders",null,null,null,5,null,null,null,99.55]
["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: UBS Asset Management "]
[]
[]
["Liquidity 'A' units"]
["Period",null,null,"Year to\nDec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,3135825.2699998897,2203156.7299998896,1560330.7699998897,1409544.0599998897,1034662.0099998896,966421.51999988966]
["Units issued during period",null,null,0,0,0,0,0,0]
["Units redeemed during period",null,null,-932668.54,-642825.96,-150786.71,-374882.05,-68240.490000000005,0]
["Units in issue at end of period",null,null,2203156.7299998896,1560330.7699998897,1409544.0599998897,1034662.0099998896,966421.51999988966,966421.51999988966]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,"-",0,0,0,0,0]
["Note:* Units redeemed includes 597626.71 units that has been transferred 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 Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,93090859,90618684.739999995,91202553.120000005,71977792.549999997,45139976.920000002,46572463.600000001]
["Units issued during period",null,null,1309513.96,607449.14999999991,424385.37999999995,59706.119999999995,1438320.68,0]
["Units redeemed during period",null,null,-3781688.2199999997,-23580.77,-19649145.949999999,-26897521.750000004,-5834,-353169.26]
["Units in issue at end of period",null,null,90618684.739999995,91202553.120000005,71977792.549999997,45139976.920000002,46572463.600000001,46219294.340000004]
["Unit transfers"]
["Matched bargains",null,null,0,0,0,0,0,0]
["Matched bargains %*",null,null,0,0,0,0,0,0]
["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:","2023-06-30"]
[]
["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 Open-ended 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,1020.453609233]
["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,"Oliver Abram"]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.72163999999999995,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",2.5071400000000001,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-16.765419999999999,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.5288599999999999,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.2669000000000001,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.3571099999999996,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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 open-ended funds",null,"All balanced open-ended funds","All funds"]
["Standard retail – South East",null,null,2.1992504491891176,null,4.9163800000000002,null,4.59232,4.6281999999999996]
["Standard retail – Rest of UK",null,null,0,null,1.2225900000000001,null,1.4174500000000001,2.34057]
["Shopping centres",null,null,0,null,0.58257999999999999,null,0.86965000000000003,2.5250900000000001]
["Retail warehouses",null,null,19.762372900978026,null,12.420500000000001,null,12.11309,7.6449400000000001]
["All UK retail",null,null,21.961623350167145,null,19.142050000000001,null,18.992509999999999,17.1388]
["City offices",null,null,6.7581133594873934,null,3.3387899999999999,null,3.3961000000000001,3.2151100000000001]
["West End offices",null,null,0,null,8.1035299999999992,null,7.5112100000000002,5.0772700000000004]
["Rest of South East offices",null,null,5.4568901770504983,null,7.5283499999999997,null,7.11395,5.5398399999999999]
["Rest of UK offices",null,null,0,null,5.1829200000000002,null,4.9186899999999998,5.2545799999999998]
["All UK offices",null,null,12.215003536537893,null,24.153589999999998,null,22.939950000000003,19.0868]
["South East  industrial",null,null,25.747266456704679,null,24.012080000000001,null,24.503260000000001,20.329249999999998]
["Rest of UK  industrial",null,null,14.849522303795689,null,13.63064,null,13.653829999999999,11.75995]
["All UK  industrial",null,null,40.596788760500367,null,37.642719999999997,null,38.157089999999997,32.089199999999998]
["Other UK properties",null,null,25.060884056930171,null,12.368510000000001,null,12.513680000000001,25.88514]
["Cash***",null,null,0.165700295864421,null,6.6931200000000004,null,7.3967900000000002,5.8000600000000002]
["Overall",null,null,100.00000000000001,null,99.999989999999997,null,100.00001999999999,100]
["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,1032.638001,null,94.783605596135729]
["Joint  and indirect holdings",null,null,1,null,null,56.831000000000003,null,5.2163944038642738]
["Listed investments",null,null,0,null,null,0,null,0]
["Total",null,null,29,null,null,1089.4690009999999,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 IND ESTATE",null,null,null,"READING","Industrial ",null,"*","-"]
["HATFIELD AERODROME BUSINESS PARK",null,null,null,"HATFIELD","Industrial ",null,"*","-"]
["STAKEHILL INDUSTRIAL ESTATE",null,null,null,"MANCHESTER","Industrial Other ",null,"*","-"]
["70 WILSON STREET & 50 WORSHIP STREET",null,null,null,"LONDON","Office ",null,"*","-"]
["RADFORD MILL",null,null,null,"NOTTINGHAM","Residential ",null,"*","-"]
["GRAND JUNCTION RETAIL PARK",null,null,null,"CREWE","Retail Park",null,"*","-"]
["THE INTERCHANGE",null,null,null,"SWANLEY","Industrial Other ",null,"*","-"]
["MEOLS COP RETAIL PARK",null,null,null,"SOUTHPORT","Retail Park",null,"*","-"]
["ORIENT HOUSE",null,null,null,"LONDON","Residential ",null,"*","-"]
["42 SOUTHWARK BRIDGE ROAD",null,null,null,"LONDON","Office ",null,"*","-"]
["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,3.4879376985596307E-3]
["2.5 - 5",null,null,1,null,null,4,null,0.36715133669048744]
["5-10",null,null,0,null,null,0,null,0]
["10-25",null,null,9,null,null,182.19,null,16.722825507909977]
["25 - 50",null,null,9,null,null,315.49999999999994,null,28.959061681462195]
["50 - 100",null,null,6,null,null,418.90999999999997,null,38.450841613253026]
["100-150",null,null,1,null,null,112,null,10.280237427333649]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,28,null,null,1032.6379999999999,null,94.783605504347889]
["Average lot size",null,null,null,null,null,36.879928571428572]
["Excludes GBP 4,202 of head lease payments for leasehold properties within the portfolio, as requested by IFRS accounting standards and as shown in Table 1.2."]
["Source: UBS Asset Management"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,4.4137181479589997E-2,null,"Investments ",null,null,3.497581671181E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,6.0372494229719999E-2,null,"Total",null,null,3.497581671181E-2]
["Net reversionary yield",null,null,5.421683391966E-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,1.7319694143632622,null,null,null,null,1.8248529524155721]
["Retail warehousing ",null,null,26.195706040988672,null,null,null,null,26.725677443437156]
["Shopping centres ",null,null,0,null,null,null,null,0]
["Central London offices",null,null,7.9077329871741657,null,null,null,null,8.605179974502887]
["Other offices",null,null,1.8066911619711585,null,null,null,null,3.1655667356913773]
["Industrial",null,null,40.466324798470893,null,null,null,null,40.734344016607658]
["Other ",null,null,21.891575597031839,null,null,null,null,18.944378877345347]
["Overall",null,null,100,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 ",0.90230900000000003,0,0,0,-0.69266736783100002,21.754299247819002,21.061631879988003,121.75429924781864]
["Retail warehousing ",13.647251000000001,1.502134019518,0,2.9896130729919999,-18.257222645059002,0.78529368295499991,-17.471928962104002,117.89496653941514]
["Shopping centres ","-","-","-","-","-","-","-","-"]
["Central London offices",4.1197140000000001,0,0,0,0,25.749020441710002,25.749020441710002,125.74902044171029]
["Other offices",0.94123699999999999,41.609392745929,0,6.0558605324699997,-1.7581119314259999,102.47164104258499,100.71352911115899,202.47164104258545]
["Industrial",21.081855579999999,0,0,6.7060036277890003,-3.2084171027229997,16.32246937155,13.114052268826999,116.32246937155047]
["Other ",11.404916,0,1.989212371227,0,-1.989212371227,0,-1.989212371227,100]
["Overall",52.097282580000005,1.145247833385,0.43546993003299994,3.6062341584040003,-6.5601672308950008,11.075104370636,4.514937139740999,115.55710397668884]
[]
["Source: UBS 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,"-",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,1.2777058709925735]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,5.4427592618102647]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,15.653682779667374]
[" Less than 5 years ",null,null,null,null,null,null,77.625852087529793]
["Source: UBS Asset Management"]
[]
[]
["Joint and Indirect property holdings"]
["Holdings",null,"Sector","Joint/Indirect","Vehicle Type","Ownership %","Valuation",null,"Est. % of total portfolio"]
["UK Life Sciences Property Unit Trust",null,"Other","INDIRECT RE - OTHER UNLISTED FUND","-",100,56831105.219999999,null,5.2164040617801843]
["-",null,"-","-","-","-",0,null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["-",null,"-","-","-","-","-",null,"-"]
["Source: UBS Asset Management"]
[]
["Debt analysis"]
["Variable rate borrowings",null,null,null,null,null,"Interest rate borrowings"]
["Amount drawn\n(GBPm)\n","Average rate           (%)\n","Average unexpired term                        (years)",null,null,null,"Amount drawn\n(GBPm)\n","Rate above SONIA (incl expenses)                                       (%)\n","  Off balance sheet debt                (GBPm)+\n"]
[0,0,0,null,null,null,53.2,1.6,0]
[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,60.23,null,60.23,null,41.08]
["% of all directly held properties*",null,0,null,5.832634470324901E-2,null,5.832634470324901E-2,null,3.9781607843424695E-2]
["* 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,"%"]
["PCL 24/7 LTD",null,null,null,null,null,null,null,8.7470972334584136]
["WEWORK UK LEASECO I LTD",null,null,null,null,null,null,null,5.0935957639096072]
["O T GROUP LTD",null,null,null,null,null,null,null,4.1652843968849584]
["UNIVERSITY OF DURHAM",null,null,null,null,null,null,null,2.9151232320503166]
["H & B FOODS LTD",null,null,null,null,null,null,null,2.4893659041681695]
["DX NETWORKS LTD",null,null,null,null,null,null,null,2.2470173732476608]
["TS (UK) LTD",null,null,null,null,null,null,null,1.8793648029591099]
["OUTREACH CORPORATION UK LTD",null,null,null,null,null,null,null,1.64627395252071]
["MARKS AND SPENCER T/O",null,null,null,null,null,null,null,1.4945481897779582]
["DSG RETAIL LTD (CURRYS)",null,null,null,null,null,null,null,1.4736584247589266]
["Three largest tenants' contribution to rental income",null,null,null,null,null,null,null,18.00597739425298]
["Five largest tenants' contribution to rental income",null,null,null,null,null,null,null,23.410466530471467]
["Ten largest tenants' contribution to rental income",null,null,null,null,null,null,null,32.151329273735833]
["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,1032.638001,0,56.831000000000003,0,null,null,1089.4690009999999]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-71.699725999999998,0,-4.4052618700000004,0,null,null,-76.104987870000002]
["Cash",null,0.46225928300000002,0,1.3459903500000001,0,null,null,1.8082496330000002]
["Other net assets/liabilities",null,6.9442214699999996,0,-1.6628750000000001,0,null,null,5.281346469999999]
["Total net assets",null,968.34475575299996,0,52.108853480000001,0,null,null,1020.453609233]
["Gearing (%)"]
["Net debt (cash)/properties ",null,6.8985904690718431,"-",5.3831034470623429,"-",null,null,6.8195366888644502]
["Net debt (cash)/equity ",null,7.3566223489902258,"-",5.8709246427273349,"-",null,null,7.280756083840342]
["The \"Properties at valuation\" figure excludes GBP 4,680,134 of head lease payments for leasehold properties within the portfolio, as requested by IFRS accounting standards.The\"Cash\" figure includes GBP 12.346m of Capital Cash."]
["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 Open-ended 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"]

{"sheet":"Profile_46","index":53,"n_rows":128,"n_cols":9,"rows_kept":128,"cut":false,"hidden":false,"merged":[[119,0,119,1],[74,0,75,8],[81,0,81,8],[84,0,84,8],[87,0,87,8],[92,0,92,8],[95,0,95,8],[71,3,71,4],[37,4,37,8],[38,1,38,2],[39,1,39,2],[40,1,40,2],[41,1,41,2],[42,1,42,2],[43,1,43,2],[44,1,44,2],[61,0,62,8],[65,0,66,8],[70,0,70,1],[33,5,33,8],[21,0,21,1],[22,0,22,1],[23,0,23,1],[24,0,24,1],[25,0,25,1],[30,0,30,3],[30,5,30,8],[31,0,31,1],[31,5,31,8],[32,0,32,1],[32,5,32,8],[20,0,20,1],[20,7,20,8],[11,0,12,8],[15,0,16,8],[18,0,18,1],[19,0,19,1],[19,6,19,8]]}
[]
[]
[]
[]
[]
[]
["Update for period:","2023-06-30"]
[]
["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 Open-ended 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,973.5]
["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,"Oliver Abram"]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",0.72010930235260062,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",2.4992377929782483,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",-16.77044189555631,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",4.4899617506878986,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",3.2404667299451573,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",7.2843753546770307,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["Note: ** Weighted average returns    + Annualised                                                            "]
["Source: MSCI/AREF UK Quarterly Property Fund Index"]
[]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,2002.740975073089,2057.63353758413,1960.74815768403,1649.5803000000001,1666.5083,1668.375]
["Offer (GBp)",null,null,2151.9600578363247,2210.62029044684,2104.0364823443902,1765.1088999999999,1786.4085,1792.6465000000001]
["Mid (GBp)",null,null,2077.3505164547068,2134.126914015485,2032.3923200142101,1707.3445999999999,1726.4584,1730.5107499999999]
["Bid/offer spread",null,null,6.9341009476387383E-2,6.9205350879949792E-2,6.8101635053734094E-2,6.5451259126278194E-2,6.711801919885628E-2,6.9322925629788174E-2]
["Net asset value (GBp)",null,null,2022.5986005058235,2077.9698223978098,1979.8190234998499,1665.0320999999999,1682.5319,1684.9731999999999]
["Quarterly distribution (GBp)",null,null,15.548006108542042,9.5692723394786707,14.113234190178799,10.9552,11.8687,9.6653000000000002]
["Yield",null,null,2.8600883088752777E-2,2.5040006783149285E-2,2.6796950634616172E-2,3.0140980465181426E-2,2.7640724077802031E-2,2.7657688353555285E-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 Open-ended 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,14,null,null,null,7.5577134069609784]
["1% or greater but less than 2%",null,null,null,11,null,null,null,14.989668801396881]
["2% or greater but less than 4%",null,null,null,11,null,null,null,30.38261442780631]
["4% or greater but less than 8%",null,null,null,4,null,null,null,23.731222885008187]
["Greater than 8.0%",null,null,null,1,null,null,null,23.338780478827498]
["Total",null,null,null,41,null,null,null,99.999999999999858]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,23.338780478827498]
["Three largest holders",null,null,null,3,null,null,null,37.006505928638589]
["Five largest holders",null,null,null,5,null,null,null,47.07000336383566]
["Ten largest holders",null,null,null,10,null,null,null,62.753928787681367]
["Internal/external investors"]
["Internal",null,null,null,6,null,null,null,42.255863010208849]
["External",null,null,null,35,null,null,null,57.744136989791151]
["Source: UBS Asset Management "]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,443216.13600000023,493877.58600000024,489372.30000000016,490622.56200000015,525903.64100000018,540790.09100000036]
["Units issued during period",null,null,50661.450000000012,3623.7329999999624,14471.261999999999,82498.149000000005,25826.450000000157,397]
["Units redeemed during period",null,null,"-",-8129.0190000000002,-13221,-47217.07,-10940,-12322]
["Units in issue at end of period",null,null,493877.58600000024,489372.30000000016,490622.56200000015,525903.64100000018,540790.09100000036,528865.09100000036]
["Unit transfers"]
["Matched bargains",null,null,"-",559,2700,0,0,0]
["Matched bargains %*",null,null,0,1.14227961002288E-3,5.5032120597829316E-3,0,0,0]
["* as % of units in issue at the end of the period   "]
["Source: UBS Asset Management "]

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["Update for period:","2023-06-30"]
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["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 27,000 students in 68 purpose built properties across 19 of the UK's strongest university town and cities. Its portfolio consists of 68 properties with a current market value of £2.9bn. \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,2075.605307241412]
["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,"Roscoe Chubb"]
["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 open-ended funds",null,"All balanced open-ended funds",null,"All funds"]
["3 months",2.5090504563439997,null,null,0.28786,null,0.38167000000000001,null,0.33306999999999998]
["Year-to-date",3.6487773195979996,null,null,8.8590000000000002E-2,null,0.16313,null,0.12145]
["12 months",1.4265555109580002,null,null,-17.143979999999999,null,-17.393750000000001,null,-17.070699999999999]
["3 years+",5.2828016519669996,null,null,3.3247499999999999,null,3.3854099999999998,null,2.28301]
["5 years+",4.6666785765969996,null,null,2.28044,null,2.1636600000000001,null,1.1028800000000001]
["10 years+",9.271308871962999,null,null,6.5982799999999999,null,6.3058699999999996,null,5.4513499999999997]
["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,11.268591983572961,null,3.1525642384175025E-2,null,null,11.300117625957135]
["Yorkshire & Humberside",null,null,12.801733750045475,null,6.7033471174772152E-2,null,null,12.868767221220248]
["South West",null,null,9.4062561408362217,null,7.9643728128442171E-2,null,null,9.4858998689646636]
["Scotland",null,null,9.787882338118342,null,0,null,null,9.787882338118342]
["East Midlands",null,null,6.907434170806348,null,6.9688262112386897E-3,null,null,6.9144029970175866]
["Rest of London*",null,null,14.083665924046189,null,3.3184886720184235E-2,null,null,14.116850810766373]
["West Midlands",null,null,7.4533255573533799,null,9.9554660160552713E-3,null,null,7.4632810233694356]
["Midtown",null,null,0,null,0,null,null,0]
["South East",null,null,9.3515010777479173,null,0,null,null,9.3515010777479173]
["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,7.07501784874328,null,2.0740554200115148E-2,null,null,7.0957584029433951]
["Wales",null,null,8.6230928142398735,null,0,null,null,8.6230928142398735]
["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,2.9924458196550381]
["Overall",null,null,96.758501605509991,null,0.24905257483498267,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,68,null,null,2923.2450000000003,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,2923.2450000000003,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,132.5,4.5326341103807577]
["The Plaza",null,null,null,"Leeds","Other",null,109.5,3.7458372459373059]
["Sidney Webb House",null,null,null,"London","Other",null,89.3,3.0548243476000123]
["Piccadilly Point",null,null,null,"Manchester","Other",null,89,3.0445617798029243]
["Blithehale Court",null,null,null,"London","Other",null,82.6,2.8256270001317021]
["New Medlock House",null,null,null,"Manchester","Other",null,81.8,2.7982601526727997]
["Sky Plaza",null,null,null,"Leeds","Other",null,79.575000000000003,2.7221461081777267]
["Greetham Street",null,null,null,"Portsmouth","Other",null,79.3,2.7127387543637291]
["Grand Central",null,null,null,"Liverpool","Other",null,77,2.6340590679193836]
["MarketGate",null,null,null,"Bristol","Other",null,64.3,2.1996103645093035]
["10 largest investments as % of portfolio",null,null,null,null,null,null,884.87499999999989,30.270298931495642]
["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,0,null,null,0,null,0]
["5-10",null,null,2,null,null,14.17,null,0.48473528561581386]
["10-25",null,null,14,null,null,226.58500000000001,null,7.7511464143443325]
["25 - 50",null,null,30,null,null,1149.2149999999999,null,39.312989503103566]
["50 - 100",null,null,20,null,null,1291.2750000000001,null,44.17265744061821]
["100-150",null,null,2,null,null,242,null,8.2784713563180645]
["Over 150",null,null,0,null,null,0,null,0]
["Total",null,null,68,null,null,2923.2449999999999,null,99.999999999999986]
["Average lot size",null,null,null,null,null,42.988897058823525]
["Source: UNITE Integrated Solutions plc"]
[]
["Property Yield",null,null,null,null,"Voids as % of ERV"]
["Net initial yield",null,null,5.1427147741636398E-2,null,"Investments ",null,null,2.0518544344802797E-2]
["Nominal equivalent yield",null,null,"-",null,"Developments",null,null,0]
["True equivalent yield",null,null,"-",null,"Total",null,null,2.0518544344802797E-2]
["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,0.34615073464670443,null,null,null,null,0.39888026523278824]
["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,99.653849265353287,null,null,null,null,99.601119734767209]
["Overall",null,null,99.999999999999986,null,null,null,null,100]
["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 ",0.53394707659002705,"-","-",9.4225954692357727E-2,"-",2.0408163265306256E-2,"-",117.64705882352942]
["Retail warehousing ",0,"-","-",0,"-",0,"-","-"]
["Shopping centres ",0,"-","-",0,"-",0,"-","-"]
["Central London offices",0,"-","-",0,"-",0,"-","-"]
["Other offices",0,"-","-",0,"-",0,"-","-"]
["Industrial",0,"-","-",0,"-",0,"-","-"]
["Other ",153.71881715197509,"-","-",3.137118717387267,"-",0.17647058823529413,"-",102.04081632653062]
["Overall",154.25276422856513,"-","-","-","-","-","-",102.09483744958472]
["*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,1.6572160234132063]
[" 10 years or greater, but less than 15 ",null,null,null,null,null,null,4.2948600695079566]
[" 5 years or greater, but less than 10 ",null,null,null,null,null,null,2.9376257545271631]
[" Less than 5 years ",null,null,null,null,null,null,91.110298152551678]
["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"]
[400,5.57E-2,6.9260273972602739,null,null,null,0,0,0]
[185,0.04,1.9232876712328768,null,null,null,0,0,0]
[125,2.8199999999999999E-2,1.9232876712328768,null,null,null,0,0,0]
[85,1.9299999999999998E-2,1.9232876712328768,null,null,null,0,0,0]
[0,0,0,null,null,null,150,1.43E-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,"-"]
["-",null,null,null,null,null,null,null,"-"]
["-",null,null,null,null,null,null,null,"-"]
["-",null,null,null,null,null,null,null,"-"]
["-",null,null,null,null,null,null,null,"-"]
["-",null,null,null,null,null,null,null,"-"]
["-",null,null,null,null,null,null,null,"-"]
["-",null,null,null,null,null,null,null,"-"]
["-",null,null,null,null,null,null,null,"-"]
["-",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,"-"]
["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,2923.2450000000003,0,0,0,null,null,2923.2450000000003]
["Listed investments",null,0,0,0,0,null,null,0]
["Debt",null,-870.00000028000056,0,0,0,null,null,-870.00000028000056]
["Cash",null,90.174959609999988,0,0,0,null,null,90.174959609999988]
["Other net assets/liabilities",null,-67.814652088587479,0,0,0,null,null,-67.814652088587479]
["Total net assets",null,2075.605307241412,0,0,0,null,null,2075.605307241412]
["Gearing (%)"]
["Net debt (cash)/properties ",null,26.676691165810613,"-","-","-",null,null,26.676691165810613]
["Net debt (cash)/equity ",null,37.570969680474988,"-","-","-",null,null,37.570969680474988]
["Source: UNITE Integrated Solutions plc"]
[]
["Quarterly data per unit"]
["As at",null,null,"2022-03-31","2022-06-30","2022-09-30","2022-12-31","2023-03-31","2023-06-30"]
["Bid (GBp)",null,null,1.421,1.472,1.472,1.421,1.421,1.4139999999999999]
["Offer (GBp)",null,null,1.421,1.472,1.472,1.421,1.421,1.4530000000000001]
["Mid (GBp)",null,null,1.421,1.472,1.472,1.421,1.421,1.4335]
["Bid/offer spread",null,null,0,0,0,0,0,2.6841018582243734E-2]
["Net asset value (GBp)",null,null,1.421,1.472,1.472,1.421,1.421,1.44286611449262]
["Quarterly distribution (GBp)",null,null,1.4E-2,1.6E-2,1.5889601209509999E-2,4.0000000000000001E-3,1.5299999999999999E-2,1.4070966285169999E-2]
["Yield",null,null,5.6298381421534122E-2,3.872282608695652E-2,4.1365218212982335E-2,3.5186488388458829E-2,3.5999999999999997E-2,3.4289137586897743E-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,61,null,null,null,25.053947494195487]
["1% or greater but less than 2%",null,null,null,16,null,null,null,20.456155973885735]
["2% or greater but less than 4%",null,null,null,3,null,null,null,6.470020836848378]
["4% or greater but less than 8%",null,null,null,2,null,null,null,11.8225410753523]
["Greater than 8.0%",null,null,null,2,null,null,null,36.197334619427693]
["Total",null,null,null,84,null,null,null,99.999999999709587]
["Major investors"]
["Largest holder",null,null,null,1,null,null,null,28.150049128404419]
["Three largest holders",null,null,null,3,null,null,null,42.796835498098318]
["Five largest holders",null,null,null,5,null,null,null,50.383719873628344]
["Ten largest holders",null,null,null,10,null,null,null,59.378632209916006]
["Internal/external investors"]
["Internal",null,null,null,1,null,null,null,28.15]
["External",null,null,null,83,null,null,null,71.849999999999994]
["Source: UNITE Integrated Solutions plc"]
[]
[]
["Liquidity "]
["Period",null,null,"Year to Dec 2018","Year to \r\nDec 2019","Year to \r\nDec 2020","Year to \r\nDec 2021","Year to \r\nDec 2022","Year to \r\nDec 2023"]
["Issues and redemptions"]
["Units in issue as at start of period",null,null,1190608121,1194109155,1369874805,1369874805,1369874805,1424199416.405864]
["Units issued during period",null,null,3501034,175765650,0,0,54324611.405864,0]
["Units redeemed during period",null,null,0,0,0,0,0,0]
["Units in issue at end of period",null,null,1194109155,1369874805,1369874805,1369874805,1424199416.405864,1424199416.405864]
["Unit transfers"]
["Matched bargains",null,null,109649246,124204052,39909704,54791628,76300635,0]
["Matched bargains %*",null,null,9.1825144745666068E-2,9.0668177520061774E-2,2.9133833146161119E-2,3.999754415513905E-2,5.357440406242666E-2,0]
["* 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":"Risk adj. Performance Ranking","index":55,"n_rows":156,"n_cols":5,"rows_kept":156,"cut":false,"hidden":false,"merged":[[155,0,155,4],[50,0,50,4],[52,0,52,4],[54,0,54,4],[97,0,97,1],[99,0,99,4],[153,0,153,1]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[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",0.3584554464902861,null,"The Charities Property Fund",0.52659984389239467]
["COIF Charities Property Fund",0.28075817758820781,null,"COIF Charities Property Fund",0.46117904521569281]
["The Property Income Trust for Charities",0.20456604522173882,null,"The Property Income Trust for Charities",0.44627278339823945]
["Industrial",null,null,"Industrial"]
["Industrial Property Investment Fund",0.41242161828343915,null,"Industrial Property Investment Fund",0.67151066206733001]
["Airport Industrial Property Unit Trust",0.13418253026145646,null,"Airport Industrial Property Unit Trust",0.3621244639807813]
["Leisure",null,null,"Leisure"]
["The Leisure Fund Limited Partnership",9.2678989945209164E-2,null,"The Leisure Fund Limited Partnership",6.4298012824006559E-2]
["Long Income Property Funds",null,null,"Long Income Property Funds"]
["PGIM Real Estate UK Ground Lease Fund",0.55029882169701583,null,"PGIM Real Estate UK Ground Lease Fund",0.46298536044565342]
["M&G Secure Property Income Fund",0.41818732222484167,null,"Standard Life Investments Long Lease Property Fund",0.37127628410425351]
["Standard Life Investments Long Lease Property Fund",0.39192193882237181,null,"M&G Secure Property Income Fund",0.36067299306722983]
["Managed Property Funds",null,null,"LPI (Limited Price Inflation) Income Property Fund",0.29105678684874686]
["Threadneedle Pensions Ltd",0.32684358304138633,null,"Managed Property Funds"]
["Legal And General Managed Fund",0.25204076945611126,null,"Threadneedle Pensions Ltd",0.65894440446188007]
["Standard Life Pooled Property Pension Fund",0.16769183754787514,null,"Legal And General Managed Fund",0.35052253511926074]
["Offices",null,null,"Standard Life Pooled Property Pension Fund",0.26913735036555114]
["Nuveen Real Estate Central London Office Fund",0.2915787045376716,null,"Offices"]
["Other balanced funds",null,null,"Nuveen Real Estate Central London Office Fund",0.43083104537323419]
["Fidelity UK Real Estate Fund",0.3154976778582505,null,"Other balanced funds"]
["Federated Hermes Property Unit Trust",0.31234745775692191,null,"AEW UK Core Plus Property Fund",0.56276392196539571]
["Nuveen Real Estate UK Property Fund",0.2845045530051743,null,"Nuveen Real Estate UK Property Fund",0.54706991057126642]
["Threadneedle Property Unit Trust",0.26156282967596839,null,"PATRIZIA Hanover Property Unit Trust",0.50624168802789449]
["Royal London Property Fund",0.23000527773029006,null,"Federated Hermes Property Unit Trust",0.50464732913692101]
["The Local Authorities’ Property Fund",0.22999701847587367,null,"MC PUT",0.49700563214031646]
["Schroders Capital UK Real Estate",0.2204765338654911,null,"The Local Authorities’ Property Fund",0.46070672327092937]
["Lothbury Property Trust",0.20531002888063915,null,"Triton Property Fund LP",0.45184386622196099]
["BlackRock UK Property Fund",0.1984433026700656,null,"Fidelity UK Real Estate Fund",0.44674803099846933]
["PATRIZIA Hanover Property Unit Trust",0.181621965719238,null,"Threadneedle Property Unit Trust",0.42439676471838456]
["CBRE UK Property PAIF",0.16535495458999425,null,"CBRE UK Property PAIF",0.42079899418011713]
["Triton Property Fund LP",0.14188010380807839,null,"Schroders Capital UK Real Estate",0.40610546682505883]
["Residential",null,null,"BlackRock UK Property Fund",0.36163052949989088]
["UNITE UK Student Accommodation Fund",0.40610591122634698,null,"Royal London Property Fund",0.34137176362150684]
["Retail warehouses",null,null,"Lothbury Property Trust",0.26934726819223953]
["Nuveen Real Estate UK Retail Warehouse Fund",-2.1458395224299359E-2,null,"Residential"]
["Shopping centres",null,null,"UNITE UK Student Accommodation Fund",0.95817565159380036]
["Aberdeen Standard UK Shopping Centre Trust",-0.1766847275339167,null,"Retail warehouses"]
[null,null,null,"Nuveen Real Estate UK Retail Warehouse Fund",-5.6062295069134321E-2]
[null,null,null,"Shopping centres"]
[null,null,null,"Aberdeen Standard UK Shopping Centre Trust",-0.31738558335542233]
["Source: MSCI"]
[]
["Sharpe ratio"]
[null,"7 Years",null,null,"5 Years"]
["Common Investment Funds",null,null,"Authorised Property Unit Trusts"]
["The Charities Property Fund",0.30754377249334075,null,"L&G UK Property Fund",9.9527234055118333E-2]
["COIF Charities Property Fund",0.27335453786397834,null,"abrdn UK Real Estate Fund",-6.8091392541325041E-2]
["The Property Income Trust for Charities",0.23516983062132982,null,"M&G Property Portfolio",-0.33799885688773457]
["Industrial",null,null,"Common Investment Funds"]
["Industrial Property Investment Fund",0.48477882868214289,null,"The Charities Property Fund",0.170315499984558]
["Airport Industrial Property Unit Trust",0.23341693615698786,null,"COIF Charities Property Fund",0.15348350003678757]
["Leisure",null,null,"The Property Income Trust for Charities",9.6545887290517204E-2]
["The Leisure Fund Limited Partnership",-0.14276685288767568,null,"Industrial"]
["Long Income Property Funds",null,null,"Industrial Property Investment Fund",0.3385233195286681]
["AEW UK Real Return Fund",0.50399287162377804,null,"Airport Industrial Property Unit Trust",0.13119537369591189]
["PGIM Real Estate UK Ground Lease Fund",0.29193395714553533,null,"Leisure"]
["Standard Life Investments Long Lease Property Fund",0.21991039282105407,null,"The Leisure Fund Limited Partnership",-0.33621575336988824]
["M&G Secure Property Income Fund",0.18176571219942558,null,"Long Income Property Funds"]
["LPI (Limited Price Inflation) Income Property Fund",0.13606904627267066,null,"AEW UK Real Return Fund",0.28945618231809267]
["Managed Property Funds",null,null,"KFIM Long Income Property Unit Trust",0.1984539560266452]
["Threadneedle Pensions Ltd",0.27017983459730482,null,"BlackRock Long Lease Property Fund",0.10540437450616465]
["Legal And General Managed Fund",0.17465342845984033,null,"Standard Life Investments Long Lease Property Fund",7.1082328717155238E-2]
["Standard Life Pooled Property Pension Fund",0.12915980572696453,null,"M&G Secure Property Income Fund",2.9167375476811374E-2]
["Offices",null,null,"PGIM Real Estate UK Ground Lease Fund",1.1487861797221466E-2]
["Nuveen Real Estate Central London Office Fund",0.12776935407265314,null,"LPI (Limited Price Inflation) Income Property Fund",-2.6984695290295329E-2]
["Other balanced funds",null,null,"Managed Property Funds"]
["Nuveen Real Estate UK Property Fund",0.33202419853578746,null,"Legal And General Managed Fund",3.2830647097999537E-2]
["AEW UK Core Plus Property Fund",0.30854388744232397,null,"Standard Life Pooled Property Pension Fund",2.1744248628747496E-2]
["PATRIZIA Hanover Property Unit Trust",0.29063856510970676,null,"Threadneedle Pensions Ltd",-0.21997311557626062]
["MC PUT",0.28291396578331657,null,"Offices"]
["The Local Authorities’ Property Fund",0.26514037082373237,null,"Nuveen Real Estate Central London Office Fund",4.3571941502432265E-2]
["Federated Hermes Property Unit Trust",0.26230031085877198,null,"Other balanced funds"]
["Triton Property Fund LP",0.24083570041455726,null,"CT UK Commercial Property Fund",0.255567669792992]
["Fidelity UK Real Estate Fund",0.20487486005750119,null,"Royal London UK Real Estate Fund",0.19686907887848024]
["Threadneedle Property Unit Trust",0.1960961433879381,null,"Tritax Property Income Fund",0.19385082046129398]
["CBRE UK Property PAIF",0.19201663193278018,null,"Nuveen Real Estate UK Property Fund",0.18187095118114568]
["Schroders Capital UK Real Estate",0.16503509838916081,null,"PATRIZIA Hanover Property Unit Trust",0.17170135896506322]
["BlackRock UK Property Fund",0.15439687586593362,null,"The Local Authorities’ Property Fund",0.1491055598828461]
["Royal London Property Fund",0.12708524382454511,null,"MC PUT",0.14413998354518653]
["Lothbury Property Trust",5.9751924665251595E-2,null,"AEW UK Core Plus Property Fund",0.14095189021402571]
["Residential",null,null,"Triton Property Fund LP",0.13781696237360505]
["UNITE UK Student Accommodation Fund",0.71662747734697385,null,"Federated Hermes Property Unit Trust",0.11481918510089251]
["Retail warehouses",null,null,"Fidelity UK Real Estate Fund",9.8586582628319222E-2]
["Nuveen Real Estate UK Retail Warehouse Fund",-0.17956433713827763,null,"CBRE UK Property PAIF",9.7580828890214549E-2]
["Shopping centres",null,null,"Threadneedle Property Unit Trust",9.4487777191968714E-2]
["Aberdeen Standard UK Shopping Centre Trust",-0.81815971074792471,null,"Royal London Property Fund",5.0458008181124357E-2]
[null,null,null,"BlackRock UK Property Fund",4.503732192359286E-2]
[null,null,null,"Schroders Capital UK Real Estate",8.3133261409522752E-3]
[null,null,null,"Lothbury Property Trust",-5.7414397207659444E-2]
[null,null,null,"Residential"]
[null,null,null,"UNITE UK Student Accommodation Fund",0.4602527866096075]
[null,null,null,"Retail warehouses"]
[null,null,null,"Nuveen Real Estate UK Retail Warehouse Fund",-0.21041617990395883]
[null,null,null,"Shopping centres"]
[null,null,null,"Aberdeen Standard UK Shopping Centre Trust",-1.2879348717629782]
[]
[]
[]
[" 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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[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)","0.0 / 0.0",null,"Long Income Property Funds (un-weighted/weighted average)","3.5 / 3.0"]
["M&G Property Portfolio",0,null,"BlackRock Long Lease Property Fund",5.4572367601613818]
["L&G UK Property Fund",0,null,"KFIM Long Income Property Unit Trust",5.3740410951623199]
["abrdn UK Real Estate Fund",0,null,"AEW UK Real Return Fund",4.8615592153247302]
["Common Investment Funds (un-weighted/weighted average)","5.1 / 4.9",null,"AXA UK Long Lease Property Fund",4.8225396290588876]
["The Property Income Trust for Charities",5.7196801938206221,null,"M&G Secure Property Income Fund",4.7468724402086568]
["COIF Charities Property Fund",5.2624593889580202,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",4.0086758872360253]
["The Charities Property Fund",4.4014843041051064,null,"Lime Property Fund",3.7463934415321511]
["Managed Property Funds (un-weighted/weighted average)","-0.1 / -0.1",null,"PGIM Real Estate UK Ground Lease Fund",2.3459114594874246]
["Threadneedle Pensions Ltd",4.9583171465740657E-2,null,"LPI (Limited Price Inflation) Income Property Fund",-0.37788211211589529]
["Legal And General Managed Fund",0,null,"Standard Life Investments Long Lease Property Fund",-0.52110627915922547]
["Standard Life Pooled Property Pension Fund",-0.38999503272980329,null,"Specialist funds %"]
["Other balanced funds (un-weighted/weighted average)","3.0 / 3.2"]
["Threadneedle Property Unit Trust",5.167492081515098,null,"Healthcare (un-weighted/weighted average)","0.0 / 0.0"]
["Tritax Property Income Fund",4.5733690054074021,null,"Octopus Healthcare Fund",0]
["The Local Authorities’ Property Fund",4.45476561973513,null,"Industrial (un-weighted/weighted average)","2.1 / 2.5"]
["MC PUT",4.363637331743865,null,"Industrial Property Investment Fund",2.7583017434625337]
["Schroders Capital UK Real Estate",4.122862358277998,null,"Airport Industrial Property Unit Trust",1.5088940915422437]
["PATRIZIA Hanover Property Unit Trust",3.9626701001194968,null,"Leisure (un-weighted/weighted average)","6.6 / 6.6"]
["Royal London Property Fund",3.5956172828731177,null,"The Leisure Fund Limited Partnership",6.59317449702157]
["Federated Hermes Property Unit Trust",3.5894494161053827,null,"Offices (un-weighted/weighted average)","2.0 / 2.0"]
["Lothbury Property Trust",3.4413118666204436,null,"Nuveen Real Estate Central London Office Fund",2.007682082069119]
["AEW UK Core Plus Property Fund",3.145890768614243,null,"Residential (un-weighted/weighted average)","3.4 / 3.4"]
["BlackRock UK Property Fund",3.1418611704544701,null,"UNITE UK Student Accommodation Fund",3.4289137586897742]
["Nuveen Real Estate UK Property Fund",3.0513176974163168,null,"Retail warehouses (un-weighted/weighted average)","3.9 / 3.9"]
["CBRE UK Property PAIF",2.929530627296085,null,"Nuveen Real Estate UK Retail Warehouse Fund",3.8845369382590706]
["Triton Property Fund LP",2.7719521201900772,null,"Shopping centres (un-weighted/weighted average)","5.6 / 5.6"]
["Royal London UK Real Estate Fund",2.2755513131635334,null,"Aberdeen Standard UK Shopping Centre Trust",5.5671177092484641]
["LF Canlife UK Property ACS",0,null,"Specialist funds (un-weighted/weighted average)","3.7/3.2"]
["Fidelity UK Real Estate Fund",0]
["CT UK Commercial Property Fund",0]
["Balanced funds (un-weighted/weighted average)","3.5/3.0"]

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[]
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["PORTFOLIO WEIGHTINGS BY TYPE OF PROPERTY"]
[]
["RETAIL WAREHOUSES"]
["Portfolio weightings %:June 2023"]
[null,"Retail warehouses","Shopping centres","Standard retail","All retail"]
["Nuveen Real Estate UK Retail Warehouse Fund",98.963246155962366,0,0,98.963246155962366]
["Threadneedle Property Unit Trust",21.546686746367534,0,0.4205123421013604,21.967199088468895]
["Triton Property Fund LP",19.762372900978072,0,2.1992504491891145,21.961623350167187]
["COIF Charities Property Fund",19.327798033627538,0,2.9178965034994233,22.245694537126962]
["The Charities Property Fund",17.889492133983712,0,0.25284637550481143,18.142338509488525]
["LF Canlife UK Property ACS",17.604161131205718,6.4637308689092379,2.7280746461425704,26.795966646257526]
["CBRE UK Property PAIF",16.216305058157438,0,8.2384319331397133,24.454736991297153]
["Federated Hermes Property Unit Trust",15.101778106575248,1.1901204249482293,7.3659953444117408,23.657893875935216]
["The Local Authorities’ Property Fund",14.426998638552831,0,1.7638985066602362,16.190897145213068]
["Threadneedle Pensions Ltd",13.798766776086245,0,5.9515718619624165,19.75033863804866]
["The Property Income Trust for Charities",13.332748155063562,0,3.111102756690626,16.44385091175419]
["UK Other Balanced Open-Ended Property Fund Index",12.420500000000001,0.58257999999999999,6.1389700000000005,19.142050000000001]
["UK All Balanced Open-Ended Property Fund Index",12.11309,0.86965000000000003,6.0097699999999996,18.992509999999999]
["MC PUT",11.623356788143713,0,4.9068661890067897,16.530222977150501]
["Fiera Real Estate Long Income Fund UK (FRELIF)",11.545777794768508,0,17.294213932968635,28.839991727737143]
["CT UK Commercial Property Fund",11.539800302668802,0,3.5033432381607241,15.043143540829526]
["BlackRock UK Property Fund",11.403783239557777,2.1651289602306445,0.62592570444251705,14.194837904230939]
["UK Managed Open-Ended Property Fund Index",11.15565,1.7636799999999999,5.6073599999999999,18.526689999999999]
["Tritax Property Income Fund",11.070842690700252,0,0,11.070842690700252]
["M&G Property Portfolio",10.713217528108776,8.6315435531347795,0,19.344761081243554]
["Legal And General Managed Fund",10.550255381987499,1.995434948520757,4.4795803311826194,17.025270661690875]
["Standard Life Pooled Property Pension Fund",9.5094231700538305,3.0241042069433814,7.3631626791384361,19.896690056135647]
["Royal London Property Fund",9.2770030816105784,0,4.8736931682264082,14.150696249836987]
["Royal London UK Real Estate Fund",8.9175849508031337,0,14.936532921640215,23.854117872443346]
["abrdn UK Real Estate Fund",8.6013792002347742,2.68160645654378,10.389116837930619,21.672102494709172]
["L&G UK Property Fund",8.0874902134382083,0,3.9717107809313967,12.059200994369604]
["UK All Property Fund Index",7.6449400000000001,2.5250900000000001,6.9687699999999992,17.1388]
["Nuveen Real Estate UK Property Fund",7.4505503526010308,0,13.65040879948965,21.100959152090681]
["Fidelity UK Real Estate Fund",7.4374125319796587,0,1.1775903175634443,8.615002849543103]
["Lothbury Property Trust",6.4287888037446947,0,17.374201251091062,23.802990054835757]
["KFIM Long Income Property Unit Trust",4.8652852811043079,0,23.921265715233716,28.786550996338022]
["PATRIZIA Hanover Property Unit Trust",4.6231667609392781,1.7156282901923126,0,6.3387950511315907]
["UK Other Property Fund Index",4.5364000000000004,10.141069999999999,0,14.67747]
["AEW UK Core Plus Property Fund",3.873316216440561,0.92913132628259298,20.012617707508667,24.815065250231822]
["BlackRock Long Lease Property Fund",2.2854721479153008,0,14.655341727621247,16.940813875536548]
["UK Long Income Open-Ended Property Fund Index",0.91876000000000002,0.49109000000000003,13.75882,15.168670000000001]
["Schroders Capital UK Real Estate",0.48266039398804422,0.57583083744393715,14.589849937093749,15.648341168525731]
[]
[" ^ 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 2023"]
[null,"Shopping centres","Retail warehouses","Standard retail","All retail"]
["Aberdeen Standard UK Shopping Centre Trust",85.649388907026122,0,0,85.649388907026122]
["UK Other Property Fund Index",10.141069999999999,4.5364000000000004,0,14.67747]
["M&G Property Portfolio",8.6315435531347795,10.713217528108776,0,19.344761081243554]
["PGIM Real Estate UK Ground Lease Fund",7.2255508348552917,0,3.3249139508856991,10.55046478574099]
["LF Canlife UK Property ACS",6.4637308689092379,17.604161131205718,2.7280746461425704,26.795966646257526]
["Standard Life Pooled Property Pension Fund",3.0241042069433814,9.5094231700538305,7.3631626791384361,19.896690056135647]
["abrdn UK Real Estate Fund",2.68160645654378,8.6013792002347742,10.389116837930619,21.672102494709172]
["UK All Property Fund Index",2.5250900000000001,7.6449400000000001,6.9687699999999992,17.1388]
["BlackRock UK Property Fund",2.1651289602306445,11.403783239557777,0.62592570444251705,14.194837904230939]
["Legal And General Managed Fund",1.995434948520757,10.550255381987499,4.4795803311826194,17.025270661690875]
["UK Managed Open-Ended Property Fund Index",1.7636799999999999,11.15565,5.6073599999999999,18.526689999999999]
["PATRIZIA Hanover Property Unit Trust",1.7156282901923126,4.6231667609392781,0,6.3387950511315907]
["Federated Hermes Property Unit Trust",1.1901204249482293,15.101778106575248,7.3659953444117408,23.657893875935216]
["LPI (Limited Price Inflation) Income Property Fund",1.1538582681030696,0,1.4511126141794832,2.6049708822825526]
["AEW UK Core Plus Property Fund",0.92913132628259298,3.873316216440561,20.012617707508667,24.815065250231822]
["UK All Balanced Open-Ended Property Fund Index",0.86965000000000003,12.11309,6.0097699999999996,18.992509999999999]
["UK Other Balanced Open-Ended Property Fund Index",0.58257999999999999,12.420500000000001,6.1389700000000005,19.142050000000001]
["Schroders Capital UK Real Estate",0.57583083744393715,0.48266039398804422,14.589849937093749,15.648341168525731]
["UK Long Income Open-Ended Property Fund Index",0.49109000000000003,0.91876000000000002,13.75882,15.168670000000001]
[]
[" ^ 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 2023"]
[null,"Standard retail","Retail warehouses","Shopping centres","All retail"]
["M&G Secure Property Income Fund",25.919963428648341,0,0,25.919963428648341]
["KFIM Long Income Property Unit Trust",23.921265715233716,4.8652852811043079,0,28.786550996338022]
["AEW UK Core Plus Property Fund",20.012617707508667,3.873316216440561,0.92913132628259298,24.815065250231822]
["AXA UK Long Lease Property Fund",19.022936502974705,0,0,19.022936502974705]
["Lothbury Property Trust",17.374201251091062,6.4287888037446947,0,23.802990054835757]
["Fiera Real Estate Long Income Fund UK (FRELIF)",17.294213932968635,11.545777794768508,0,28.839991727737143]
["Standard Life Investments Long Lease Property Fund",15.942868666025937,0,0,15.942868666025937]
["Royal London UK Real Estate Fund",14.936532921640215,8.9175849508031337,0,23.854117872443346]
["BlackRock Long Lease Property Fund",14.655341727621247,2.2854721479153008,0,16.940813875536548]
["Schroders Capital UK Real Estate",14.589849937093749,0.48266039398804422,0.57583083744393715,15.648341168525731]
["UK Long Income Open-Ended Property Fund Index",13.75882,0.91876000000000002,0.49109000000000003,15.168670000000001]
["Nuveen Real Estate UK Property Fund",13.65040879948965,7.4505503526010308,0,21.100959152090681]
["abrdn UK Real Estate Fund",10.389116837930619,8.6013792002347742,2.68160645654378,21.672102494709172]
["Lime Property Fund",9.7787284082675558,0,0,9.7787284082675558]
["AEW UK Real Return Fund",9.0376036037885612,0,0,9.0376036037885612]
["CBRE UK Property PAIF",8.2384319331397133,16.216305058157438,0,24.454736991297153]
["Federated Hermes Property Unit Trust",7.3659953444117408,15.101778106575248,1.1901204249482293,23.657893875935216]
["Standard Life Pooled Property Pension Fund",7.3631626791384361,9.5094231700538305,3.0241042069433814,19.896690056135647]
["UK All Property Fund Index",6.9687699999999992,7.6449400000000001,2.5250900000000001,17.1388]
["UK Other Balanced Open-Ended Property Fund Index",6.1389700000000005,12.420500000000001,0.58257999999999999,19.142050000000001]
["UK All Balanced Open-Ended Property Fund Index",6.0097699999999996,12.11309,0.86965000000000003,18.992509999999999]
["Threadneedle Pensions Ltd",5.9515718619624165,13.798766776086245,0,19.75033863804866]
["UK Managed Open-Ended Property Fund Index",5.6073599999999999,11.15565,1.7636799999999999,18.526689999999999]
["MC PUT",4.9068661890067897,11.623356788143713,0,16.530222977150501]
["Royal London Property Fund",4.8736931682264082,9.2770030816105784,0,14.150696249836987]
["Legal And General Managed Fund",4.4795803311826194,10.550255381987499,1.995434948520757,17.025270661690875]
["L&G UK Property Fund",3.9717107809313967,8.0874902134382083,0,12.059200994369604]
["CT UK Commercial Property Fund",3.5033432381607241,11.539800302668802,0,15.043143540829526]
["PGIM Real Estate UK Ground Lease Fund",3.3249139508856991,0,7.2255508348552917,10.55046478574099]
["The Property Income Trust for Charities",3.111102756690626,13.332748155063562,0,16.44385091175419]
["COIF Charities Property Fund",2.9178965034994233,19.327798033627538,0,22.245694537126962]
["LF Canlife UK Property ACS",2.7280746461425704,17.604161131205718,6.4637308689092379,26.795966646257526]
["Triton Property Fund LP",2.1992504491891145,19.762372900978072,0,21.961623350167187]
["The Local Authorities’ Property Fund",1.7638985066602362,14.426998638552831,0,16.190897145213068]
["LPI (Limited Price Inflation) Income Property Fund",1.4511126141794832,0,1.1538582681030696,2.6049708822825526]
["Fidelity UK Real Estate Fund",1.1775903175634443,7.4374125319796587,0,8.615002849543103]
["BlackRock UK Property Fund",0.62592570444251705,11.403783239557777,2.1651289602306445,14.194837904230939]
["Threadneedle Property Unit Trust",0.4205123421013604,21.546686746367534,0,21.967199088468895]
["The Charities Property Fund",0.25284637550481143,17.889492133983712,0,18.142338509488525]
["UNITE UK Student Accommodation Fund",0.24905257483498264,0,0,0.24905257483498264]
[]
[" ^ 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 2023"]
[null,"All retail","Retail warehouses","Shopping centres","Standard retail"]
["Nuveen Real Estate UK Retail Warehouse Fund",98.963246155962366,98.963246155962366,0,0]
["Aberdeen Standard UK Shopping Centre Trust",85.649388907026122,0,85.649388907026122,0]
["Fiera Real Estate Long Income Fund UK (FRELIF)",28.839991727737143,11.545777794768508,0,17.294213932968635]
["KFIM Long Income Property Unit Trust",28.786550996338022,4.8652852811043079,0,23.921265715233716]
["LF Canlife UK Property ACS",26.795966646257526,17.604161131205718,6.4637308689092379,2.7280746461425704]
["M&G Secure Property Income Fund",25.919963428648341,0,0,25.919963428648341]
["AEW UK Core Plus Property Fund",24.815065250231822,3.873316216440561,0.92913132628259298,20.012617707508667]
["CBRE UK Property PAIF",24.454736991297153,16.216305058157438,0,8.2384319331397133]
["Royal London UK Real Estate Fund",23.854117872443346,8.9175849508031337,0,14.936532921640215]
["Lothbury Property Trust",23.802990054835757,6.4287888037446947,0,17.374201251091062]
["Federated Hermes Property Unit Trust",23.657893875935216,15.101778106575248,1.1901204249482293,7.3659953444117408]
["COIF Charities Property Fund",22.245694537126962,19.327798033627538,0,2.9178965034994233]
["Threadneedle Property Unit Trust",21.967199088468895,21.546686746367534,0,0.4205123421013604]
["Triton Property Fund LP",21.961623350167187,19.762372900978072,0,2.1992504491891145]
["abrdn UK Real Estate Fund",21.672102494709172,8.6013792002347742,2.68160645654378,10.389116837930619]
["Nuveen Real Estate UK Property Fund",21.100959152090681,7.4505503526010308,0,13.65040879948965]
["Standard Life Pooled Property Pension Fund",19.896690056135647,9.5094231700538305,3.0241042069433814,7.3631626791384361]
["Threadneedle Pensions Ltd",19.75033863804866,13.798766776086245,0,5.9515718619624165]
["M&G Property Portfolio",19.344761081243554,10.713217528108776,8.6315435531347795,0]
["UK Other Balanced Open-Ended Property Fund Index",19.142050000000001,12.420500000000001,0.58257999999999999,6.1389700000000005]
["AXA UK Long Lease Property Fund",19.022936502974705,0,0,19.022936502974705]
["UK All Balanced Open-Ended Property Fund Index",18.992509999999999,12.11309,0.86965000000000003,6.0097699999999996]
["UK Managed Open-Ended Property Fund Index",18.526689999999999,11.15565,1.7636799999999999,5.6073599999999999]
["The Charities Property Fund",18.142338509488525,17.889492133983712,0,0.25284637550481143]
["UK All Property Fund Index",17.1388,7.6449400000000001,2.5250900000000001,6.9687699999999992]
["Legal And General Managed Fund",17.025270661690875,10.550255381987499,1.995434948520757,4.4795803311826194]
["BlackRock Long Lease Property Fund",16.940813875536548,2.2854721479153008,0,14.655341727621247]
["MC PUT",16.530222977150501,11.623356788143713,0,4.9068661890067897]
["The Property Income Trust for Charities",16.44385091175419,13.332748155063562,0,3.111102756690626]
["The Local Authorities’ Property Fund",16.190897145213068,14.426998638552831,0,1.7638985066602362]
["Standard Life Investments Long Lease Property Fund",15.942868666025937,0,0,15.942868666025937]
["Schroders Capital UK Real Estate",15.648341168525731,0.48266039398804422,0.57583083744393715,14.589849937093749]
["UK Long Income Open-Ended Property Fund Index",15.168670000000001,0.91876000000000002,0.49109000000000003,13.75882]
["CT UK Commercial Property Fund",15.043143540829526,11.539800302668802,0,3.5033432381607241]
["UK Other Property Fund Index",14.67747,4.5364000000000004,10.141069999999999,0]
["BlackRock UK Property Fund",14.194837904230939,11.403783239557777,2.1651289602306445,0.62592570444251705]
["Royal London Property Fund",14.150696249836987,9.2770030816105784,0,4.8736931682264082]
["L&G UK Property Fund",12.059200994369604,8.0874902134382083,0,3.9717107809313967]
["Tritax Property Income Fund",11.070842690700252,11.070842690700252,0,0]
["PGIM Real Estate UK Ground Lease Fund",10.55046478574099,0,7.2255508348552917,3.3249139508856991]
["Lime Property Fund",9.7787284082675558,0,0,9.7787284082675558]
["AEW UK Real Return Fund",9.0376036037885612,0,0,9.0376036037885612]
["Fidelity UK Real Estate Fund",8.615002849543103,7.4374125319796587,0,1.1775903175634443]
["PATRIZIA Hanover Property Unit Trust",6.3387950511315907,4.6231667609392781,1.7156282901923126,0]
["LPI (Limited Price Inflation) Income Property Fund",2.6049708822825526,0,1.1538582681030696,1.4511126141794832]
["UNITE UK Student Accommodation Fund",0.24905257483498264,0,0,0.24905257483498264]
[]
[" ^ 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 2023"]
[null,"City of London","West End*","All central London","All offices"]
["Nuveen Real Estate Central London Office Fund",70.225224897501988,0,70.225224897501988,98.484273651330767]
["COIF Charities Property Fund",9.868587278999529,0,9.868587278999529,18.905356301031333]
["Standard Life Pooled Property Pension Fund",6.8905272368964452,3.5012336050295105,10.391760841925956,10.391760841925954]
["M&G Secure Property Income Fund",6.7642633071872176,6.1984455854002585,12.962708892587475,26.545635536529961]
["Triton Property Fund LP",6.7581133594873899,0,6.7581133594873899,12.215003536537889]
["The Charities Property Fund",6.6129052055104571,0,6.6129052055104571,17.076422991144621]
["Schroders Capital UK Real Estate",6.1917336809014776,4.9724414968526256,11.164175177754103,41.647574529750194]
["Threadneedle Pensions Ltd",5.8519636923922356,5.0758235279425215,10.927787220334757,24.570340621497095]
["Fidelity UK Real Estate Fund",5.5780593989847427,0,5.5780593989847427,39.723013738510744]
["Royal London UK Real Estate Fund",4.7801814393088948,20.686250519371242,25.466431958680136,29.612272889274571]
["Federated Hermes Property Unit Trust",4.6712226679218123,5.9506021247411569,10.62182479266297,24.465475592864369]
["Royal London Property Fund",4.5078395255713435,23.427699331447624,27.935538857018969,30.797036990642511]
["UK Managed Open-Ended Property Fund Index",3.57456,5.6664700000000003,9.2410300000000003,19.160129999999999]
["BlackRock UK Property Fund",3.5728260610517411,8.0910687990556944,11.663894860107435,19.189171103593651]
["UK All Balanced Open-Ended Property Fund Index",3.3961000000000001,7.5112100000000002,10.907310000000001,22.939950000000003]
["UK Other Balanced Open-Ended Property Fund Index",3.3387899999999999,8.1035299999999992,11.442319999999999,24.153589999999998]
["UK All Property Fund Index",3.2151100000000001,5.0772700000000004,8.2923800000000014,19.0868]
["UK Other Property Fund Index",3.1321300000000001,0,3.1321300000000001,4.1434600000000001]
["UK Long Income Open-Ended Property Fund Index",2.9125999999999999,3.7826300000000002,6.6952300000000005,21.87229]
["Threadneedle Property Unit Trust",2.6327729244606912,4.7261930623131159,7.3589659867738071,20.385707019261609]
["L&G UK Property Fund",2.3902299011376105,2.5146528274981992,4.9048827286358101,14.406865157541755]
["LF Canlife UK Property ACS",1.8630753680973673,12.167022812064479,14.030098180161847,36.215903839035605]
["The Local Authorities’ Property Fund",0.81218467248818393,2.7780880848698364,3.5902727573580204,20.546189689149795]
["Legal And General Managed Fund",0.6876967672604446,7.0194418871179005,7.7071386543783449,20.720469977830586]
[]
[" * 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 2023"]
[null,"West End of London*","City of London","All Central London","All offices"]
["Royal London Property Fund",23.427699331447624,4.5078395255713435,27.935538857018969,30.797036990642511]
["Royal London UK Real Estate Fund",20.686250519371242,4.7801814393088948,25.466431958680136,29.612272889274571]
["LPI (Limited Price Inflation) Income Property Fund",14.699706855972249,0,14.699706855972249,41.721085799305541]
["LF Canlife UK Property ACS",12.167022812064479,1.8630753680973673,14.030098180161847,36.215903839035605]
["Lothbury Property Trust",9.1960731657021455,0,9.1960731657021455,14.850116794664007]
["UK Other Balanced Open-Ended Property Fund Index",8.1035299999999992,3.3387899999999999,11.442319999999999,24.153589999999998]
["M&G Property Portfolio",8.1002376432041903,0,8.1002376432041903,21.195621833050961]
["BlackRock UK Property Fund",8.0910687990556944,3.5728260610517411,11.663894860107435,19.189171103593651]
["UK All Balanced Open-Ended Property Fund Index",7.5112100000000002,3.3961000000000001,10.907310000000001,22.939950000000003]
["Legal And General Managed Fund",7.0194418871179005,0.6876967672604446,7.7071386543783449,20.720469977830586]
["M&G Secure Property Income Fund",6.1984455854002585,6.7642633071872176,12.962708892587475,26.545635536529961]
["Federated Hermes Property Unit Trust",5.9506021247411569,4.6712226679218123,10.62182479266297,24.465475592864369]
["Nuveen Real Estate UK Property Fund",5.7889168207259809,0,5.7889168207259809,35.894857693945937]
["UK Managed Open-Ended Property Fund Index",5.6664700000000003,3.57456,9.2410300000000003,19.160129999999999]
["CBRE UK Property PAIF",5.4259880042503958,0,5.4259880042503958,20.375300995432934]
["UK All Property Fund Index",5.0772700000000004,3.2151100000000001,8.2923800000000014,19.0868]
["Threadneedle Pensions Ltd",5.0758235279425215,5.8519636923922356,10.927787220334757,24.570340621497095]
["Schroders Capital UK Real Estate",4.9724414968526256,6.1917336809014776,11.164175177754103,41.647574529750194]
["Threadneedle Property Unit Trust",4.7261930623131159,2.6327729244606912,7.3589659867738071,20.385707019261609]
["UK Long Income Open-Ended Property Fund Index",3.7826300000000002,2.9125999999999999,6.6952300000000005,21.87229]
["Standard Life Pooled Property Pension Fund",3.5012336050295105,6.8905272368964452,10.391760841925956,10.391760841925954]
["The Local Authorities’ Property Fund",2.7780880848698364,0.81218467248818393,3.5902727573580204,20.546189689149795]
["L&G UK Property Fund",2.5146528274981992,2.3902299011376105,4.9048827286358101,14.406865157541755]
["Standard Life Investments Long Lease Property Fund",1.6969124234036599,0,1.6969124234036599,19.60812228044481]
["AXA UK Long Lease Property Fund",0.73800059940075435,0,0.73800059940075435,0.73800059940075435]
[]
[" * 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 2023"]
[null,"SE Region (ex central London)","Rest of UK","Central London","All offices"]
["Nuveen Real Estate UK Property Fund",30.105940873219957,-8.8817841970012523E-16,5.7889168207259809,35.894857693945937]
["Nuveen Real Estate Central London Office Fund",28.259048753828775,0,70.225224897501988,98.484273651330767]
["Schroders Capital UK Real Estate",26.286861030911339,4.196538321084752,11.164175177754103,41.647574529750194]
["PATRIZIA Hanover Property Unit Trust",18.149541385718653,10.022881063755104,0,28.172422449473757]
["Fidelity UK Real Estate Fund",16.894289161184297,17.250665178341706,5.5780593989847427,39.723013738510744]
["LF Canlife UK Property ACS",13.364714120127038,8.8210915387467175,14.030098180161847,36.215903839035605]
["Tritax Property Income Fund",12.256248409016219,1.9051163330076957,0,14.161364742023915]
["Threadneedle Pensions Ltd",10.133594049182278,3.5089593519800601,10.927787220334757,24.570340621497095]
["M&G Secure Property Income Fund",10.074196504652251,3.5087301392902326,12.962708892587475,26.545635536529961]
["MC PUT",9.5092282705397349,11.475454793085008,0,20.984683063624743]
["The Local Authorities’ Property Fund",9.4921480441054964,7.4637688876862782,3.5902727573580204,20.546189689149795]
["CBRE UK Property PAIF",9.2011072242163969,5.7482057669661408,5.4259880042503958,20.375300995432934]
["Threadneedle Property Unit Trust",8.9404580559810984,4.0862829765067037,7.3589659867738071,20.385707019261609]
["Standard Life Investments Long Lease Property Fund",8.6061838265455339,9.3050260304956165,1.6969124234036599,19.60812228044481]
["Legal And General Managed Fund",7.849238006339081,5.1640933171131591,7.7071386543783449,20.720469977830586]
["The Property Income Trust for Charities",7.6912305480608918,18.989648223162348,0,26.680878771223238]
["UK Other Balanced Open-Ended Property Fund Index",7.5283499999999997,5.1829200000000002,11.442319999999999,24.153589999999998]
["UK All Balanced Open-Ended Property Fund Index",7.11395,4.9186899999999998,10.907310000000001,22.939950000000003]
["COIF Charities Property Fund",7.0813428577463648,1.9554261642854396,9.868587278999529,18.905356301031333]
["AEW UK Core Plus Property Fund",6.7362021155487968,3.2243760557400618,0,9.9605781712888586]
["Federated Hermes Property Unit Trust",6.3968972840967426,7.446753516104657,10.62182479266297,24.465475592864369]
["Lime Property Fund",6.2108579202111578,16.469745299855422,0,22.68060322006658]
["The Charities Property Fund",6.1353064962235937,4.3282112894105707,6.6129052055104571,17.076422991144621]
["CT UK Commercial Property Fund",5.934451121611656,5.2868634321334556,0,11.221314553745112]
["UK Managed Open-Ended Property Fund Index",5.8233499999999996,4.0957499999999998,9.2410300000000003,19.160129999999999]
["abrdn UK Real Estate Fund",5.6518650797777896,14.099515708620128,0,19.751380788397917]
["UK Long Income Open-Ended Property Fund Index",5.5741500000000004,9.6029099999999996,6.6952300000000005,21.87229]
["UK All Property Fund Index",5.5398399999999999,5.2545799999999998,8.2923800000000014,19.0868]
["Triton Property Fund LP",5.4568901770504965,2.6645352591003757E-15,6.7581133594873899,12.215003536537889]
["LPI (Limited Price Inflation) Income Property Fund",4.5706851063362413,22.450693836997051,14.699706855972249,41.721085799305541]
["BlackRock Long Lease Property Fund",3.8902710691688767,1.2545254724969861,0,5.1447965416658628]
["Lothbury Property Trust",3.8031742896690277,1.850869339292835,9.1960731657021455,14.850116794664007]
["L&G UK Property Fund",3.4969390882396825,6.0050433406662638,4.9048827286358101,14.406865157541755]
["Fiera Real Estate Long Income Fund UK (FRELIF)",3.2440660517598734,4.1467804116402984,0,7.3908464634001723]
["Royal London Property Fund",2.8614981336235439,-3.5527136788005009E-15,27.935538857018969,30.797036990642511]
["BlackRock UK Property Fund",1.7764229220684367,5.7488533214177782,11.663894860107435,19.189171103593651]
["M&G Property Portfolio",1.7419865899363842,11.353397599910386,8.1002376432041903,21.195621833050961]
["Royal London UK Real Estate Fund",1.669841943738035,2.4759989868563999,25.466431958680136,29.612272889274571]
["PGIM Real Estate UK Ground Lease Fund",1.1401232627309941,0,0,1.1401232627309941]
["UK Other Property Fund Index",1.0113300000000001,0,3.1321300000000001,4.1434600000000001]
["Industrial Property Investment Fund",0.21670344489917148,0,0,0.21670344489917148]
[]
[" ^ 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 2023"]
[null,"Rest of UK offices","Central London","Rest of South-east","All offices"]
["LPI (Limited Price Inflation) Income Property Fund",22.450693836997051,14.699706855972249,4.5706851063362413,41.721085799305541]
["The Property Income Trust for Charities",18.989648223162348,0,7.6912305480608918,26.680878771223238]
["Fidelity UK Real Estate Fund",17.250665178341706,5.5780593989847427,16.894289161184297,39.723013738510744]
["Lime Property Fund",16.469745299855422,0,6.2108579202111578,22.68060322006658]
["abrdn UK Real Estate Fund",14.099515708620128,0,5.6518650797777896,19.751380788397917]
["MC PUT",11.475454793085008,0,9.5092282705397349,20.984683063624743]
["M&G Property Portfolio",11.353397599910386,8.1002376432041903,1.7419865899363842,21.195621833050961]
["PATRIZIA Hanover Property Unit Trust",10.022881063755104,0,18.149541385718653,28.172422449473757]
["UK Long Income Open-Ended Property Fund Index",9.6029099999999996,6.6952300000000005,5.5741500000000004,21.87229]
["Standard Life Investments Long Lease Property Fund",9.3050260304956165,1.6969124234036599,8.6061838265455339,19.60812228044481]
["LF Canlife UK Property ACS",8.8210915387467175,14.030098180161847,13.364714120127038,36.215903839035605]
["The Local Authorities’ Property Fund",7.4637688876862782,3.5902727573580204,9.4921480441054964,20.546189689149795]
["Federated Hermes Property Unit Trust",7.446753516104657,10.62182479266297,6.3968972840967426,24.465475592864369]
["L&G UK Property Fund",6.0050433406662638,4.9048827286358101,3.4969390882396825,14.406865157541755]
["BlackRock UK Property Fund",5.7488533214177782,11.663894860107435,1.7764229220684367,19.189171103593651]
["CBRE UK Property PAIF",5.7482057669661408,5.4259880042503958,9.2011072242163969,20.375300995432934]
["CT UK Commercial Property Fund",5.2868634321334556,0,5.934451121611656,11.221314553745112]
["UK All Property Fund Index",5.2545799999999998,8.2923800000000014,5.5398399999999999,19.0868]
["UK Other Balanced Open-Ended Property Fund Index",5.1829200000000002,11.442319999999999,7.5283499999999997,24.153589999999998]
["Legal And General Managed Fund",5.1640933171131591,7.7071386543783449,7.849238006339081,20.720469977830586]
["UK All Balanced Open-Ended Property Fund Index",4.9186899999999998,10.907310000000001,7.11395,22.939950000000003]
["The Charities Property Fund",4.3282112894105707,6.6129052055104571,6.1353064962235937,17.076422991144621]
["Schroders Capital UK Real Estate",4.196538321084752,11.164175177754103,26.286861030911339,41.647574529750194]
["Fiera Real Estate Long Income Fund UK (FRELIF)",4.1467804116402984,0,3.2440660517598734,7.3908464634001723]
["UK Managed Open-Ended Property Fund Index",4.0957499999999998,9.2410300000000003,5.8233499999999996,19.160129999999999]
["Threadneedle Property Unit Trust",4.0862829765067037,7.3589659867738071,8.9404580559810984,20.385707019261609]
["Threadneedle Pensions Ltd",3.5089593519800601,10.927787220334757,10.133594049182278,24.570340621497095]
["M&G Secure Property Income Fund",3.5087301392902326,12.962708892587475,10.074196504652251,26.545635536529961]
["AEW UK Core Plus Property Fund",3.2243760557400618,0,6.7362021155487968,9.9605781712888586]
["Royal London UK Real Estate Fund",2.4759989868563999,25.466431958680136,1.669841943738035,29.612272889274571]
["COIF Charities Property Fund",1.9554261642854396,9.868587278999529,7.0813428577463648,18.905356301031333]
["Tritax Property Income Fund",1.9051163330076957,0,12.256248409016219,14.161364742023915]
["Lothbury Property Trust",1.850869339292835,9.1960731657021455,3.8031742896690277,14.850116794664007]
["BlackRock Long Lease Property Fund",1.2545254724969861,0,3.8902710691688767,5.1447965416658628]
["KFIM Long Income Property Unit Trust",0.49740586516177171,0,0,0.49740586516177171]
[]
[" ^ 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 2023"]
[null,"All offices","Central London","Rest of South-east","Rest of UK"]
["Nuveen Real Estate Central London Office Fund",98.484273651330767,70.225224897501988,28.259048753828775,0]
["LPI (Limited Price Inflation) Income Property Fund",41.721085799305541,14.699706855972249,4.5706851063362413,22.450693836997051]
["Schroders Capital UK Real Estate",41.647574529750194,11.164175177754103,26.286861030911339,4.196538321084752]
["Fidelity UK Real Estate Fund",39.723013738510744,5.5780593989847427,16.894289161184297,17.250665178341706]
["LF Canlife UK Property ACS",36.215903839035605,14.030098180161847,13.364714120127038,8.8210915387467175]
["Nuveen Real Estate UK Property Fund",35.894857693945937,5.7889168207259809,30.105940873219957,-8.8817841970012523E-16]
["Royal London Property Fund",30.797036990642511,27.935538857018969,2.8614981336235439,-3.5527136788005009E-15]
["Royal London UK Real Estate Fund",29.612272889274571,25.466431958680136,1.669841943738035,2.4759989868563999]
["PATRIZIA Hanover Property Unit Trust",28.172422449473757,0,18.149541385718653,10.022881063755104]
["The Property Income Trust for Charities",26.680878771223238,0,7.6912305480608918,18.989648223162348]
["M&G Secure Property Income Fund",26.545635536529961,12.962708892587475,10.074196504652251,3.5087301392902326]
["Threadneedle Pensions Ltd",24.570340621497095,10.927787220334757,10.133594049182278,3.5089593519800601]
["Federated Hermes Property Unit Trust",24.465475592864369,10.62182479266297,6.3968972840967426,7.446753516104657]
["UK Other Balanced Open-Ended Property Fund Index",24.153589999999998,11.442319999999999,7.5283499999999997,5.1829200000000002]
["UK All Balanced Open-Ended Property Fund Index",22.939950000000003,10.907310000000001,7.11395,4.9186899999999998]
["Lime Property Fund",22.68060322006658,0,6.2108579202111578,16.469745299855422]
["UK Long Income Open-Ended Property Fund Index",21.87229,6.6952300000000005,5.5741500000000004,9.6029099999999996]
["M&G Property Portfolio",21.195621833050961,8.1002376432041903,1.7419865899363842,11.353397599910386]
["MC PUT",20.984683063624743,0,9.5092282705397349,11.475454793085008]
["Legal And General Managed Fund",20.720469977830586,7.7071386543783449,7.849238006339081,5.1640933171131591]
["The Local Authorities’ Property Fund",20.546189689149795,3.5902727573580204,9.4921480441054964,7.4637688876862782]
["Threadneedle Property Unit Trust",20.385707019261609,7.3589659867738071,8.9404580559810984,4.0862829765067037]
["CBRE UK Property PAIF",20.375300995432934,5.4259880042503958,9.2011072242163969,5.7482057669661408]
["abrdn UK Real Estate Fund",19.751380788397917,0,5.6518650797777896,14.099515708620128]
["Standard Life Investments Long Lease Property Fund",19.60812228044481,1.6969124234036599,8.6061838265455339,9.3050260304956165]
["BlackRock UK Property Fund",19.189171103593651,11.663894860107435,1.7764229220684367,5.7488533214177782]
["UK Managed Open-Ended Property Fund Index",19.160129999999999,9.2410300000000003,5.8233499999999996,4.0957499999999998]
["UK All Property Fund Index",19.0868,8.2923800000000014,5.5398399999999999,5.2545799999999998]
["COIF Charities Property Fund",18.905356301031333,9.868587278999529,7.0813428577463648,1.9554261642854396]
["The Charities Property Fund",17.076422991144621,6.6129052055104571,6.1353064962235937,4.3282112894105707]
["Lothbury Property Trust",14.850116794664007,9.1960731657021455,3.8031742896690277,1.850869339292835]
["L&G UK Property Fund",14.406865157541755,4.9048827286358101,3.4969390882396825,6.0050433406662638]
["Tritax Property Income Fund",14.161364742023915,0,12.256248409016219,1.9051163330076957]
["Triton Property Fund LP",12.215003536537889,6.7581133594873899,5.4568901770504965,2.6645352591003757E-15]
["CT UK Commercial Property Fund",11.221314553745112,0,5.934451121611656,5.2868634321334556]
["Standard Life Pooled Property Pension Fund",10.391760841925954,10.391760841925956,0,-1.7763568394002505E-15]
["AEW UK Core Plus Property Fund",9.9605781712888586,0,6.7362021155487968,3.2243760557400618]
["Fiera Real Estate Long Income Fund UK (FRELIF)",7.3908464634001723,0,3.2440660517598734,4.1467804116402984]
["BlackRock Long Lease Property Fund",5.1447965416658628,0,3.8902710691688767,1.2545254724969861]
["UK Other Property Fund Index",4.1434600000000001,3.1321300000000001,1.0113300000000001,0]
["PGIM Real Estate UK Ground Lease Fund",1.1401232627309941,0,1.1401232627309941,0]
["AXA UK Long Lease Property Fund",0.73800059940075435,0.73800059940075435,0,0]
["KFIM Long Income Property Unit Trust",0.49740586516177171,0,0,0.49740586516177171]
["Industrial Property Investment Fund",0.21670344489917148,0,0.21670344489917148,0]
[]
[" ^ 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 2023"]
[null,null,"London & South-eastern","Rest of UK","All industrial"]
["Airport Industrial Property Unit Trust",null,97.071452924099233,0,97.071452924099233]
["Industrial Property Investment Fund",null,66.628146026877886,26.115792452053327,92.743938478931213]
["PATRIZIA Hanover Property Unit Trust",null,42.610788954828983,17.300756863202437,59.911545818031421]
["CBRE UK Property PAIF",null,38.393638726556183,4.6045316091787711,42.998170335734955]
["MC PUT",null,33.594633159983672,13.824486479311652,47.419119639295324]
["Legal And General Managed Fund",null,32.306342720169589,1.8935539459636672,34.199896666133256]
["UK Other Property Fund Index",null,30.592310000000001,8.5817800000000002,39.17409]
["abrdn UK Real Estate Fund",null,30.222885346707283,11.125574795597775,41.348460142305058]
["Federated Hermes Property Unit Trust",null,27.642672084467193,4.1654214873188167,31.80809357178601]
["Tritax Property Income Fund",null,27.031483969453706,32.577489294431658,59.608973263885368]
["CT UK Commercial Property Fund",null,26.880197209160443,21.427721187586705,48.307918396747148]
["Nuveen Real Estate UK Property Fund",null,26.639737591674184,15.472845576384877,42.112583168059061]
["Royal London UK Real Estate Fund",null,26.458686190185499,5.0885307555159294,31.547216945701429]
["Threadneedle Property Unit Trust",null,26.218030372754384,15.202435324229612,41.420465696983996]
["Lothbury Property Trust",null,26.188615846599692,9.95013454269424,36.138750389293932]
["UK Managed Open-Ended Property Fund Index",null,26.032979999999998,13.72606,39.759039999999999]
["Triton Property Fund LP",null,25.747266456704651,14.849522303795709,40.59678876050036]
["UK All Balanced Open-Ended Property Fund Index",null,24.503260000000001,13.653829999999999,38.157089999999997]
["Royal London Property Fund",null,24.425953207974537,13.889372219369093,38.31532542734363]
["UK Other Balanced Open-Ended Property Fund Index",null,24.012080000000001,13.63064,37.642719999999997]
["Standard Life Pooled Property Pension Fund",null,22.613429300690171,24.141720878729281,46.755150179419452]
["Fidelity UK Real Estate Fund",null,22.095313063756237,24.28005299502523,46.375366058781466]
["Schroders Capital UK Real Estate",null,21.657554753692693,9.9794224037553292,31.636977157448023]
["The Local Authorities’ Property Fund",null,20.941869401387624,22.401719287065102,43.343588688452726]
["BlackRock UK Property Fund",null,20.80232799066512,16.894652764515172,37.696980755180292]
["UK All Property Fund Index",null,20.329249999999998,11.75995,32.089199999999998]
["Threadneedle Pensions Ltd",null,18.940530479770715,23.958263852892891,42.898794332663606]
["LF Canlife UK Property ACS",null,18.754325006408738,5.9124126477375611,24.666737654146299]
["L&G UK Property Fund",null,16.83802365287692,17.370095377445224,34.208119030322145]
["COIF Charities Property Fund",null,15.242742928728337,33.986961661655968,49.229704590384308]
["AEW UK Core Plus Property Fund",null,13.501439585043938,24.070308421508443,37.571748006552383]
["The Charities Property Fund",null,13.210682850093278,19.494671659434239,32.705354509527517]
["The Property Income Trust for Charities",null,12.813590093069442,28.149903805902838,40.963493898972281]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,12.62373692880179,24.328457658267055,36.952194587068846]
["Standard Life Investments Long Lease Property Fund",null,7.8050249463265091,15.110049531263321,22.91507447758983]
["BlackRock Long Lease Property Fund",null,7.8043905433594807,9.4926588821890867,17.297049425548568]
["AXA UK Long Lease Property Fund",null,6.8847687496728254,16.245723721019235,23.130492470692062]
["M&G Property Portfolio",null,5.8879146739849766,14.022992048987881,19.910906722972857]
["AEW UK Real Return Fund",null,5.539799785643738,10.174550885377069,15.714350671020807]
["KFIM Long Income Property Unit Trust",null,4.8456076864385755,6.7089665813138213,11.554574267752397]
["UK Long Income Open-Ended Property Fund Index",null,4.8268199999999997,10.21167,15.038489999999999]
["M&G Secure Property Income Fund",null,4.0525868992726739,2.5815612976152345,6.6341481968879084]
["Lime Property Fund",null,1.641708060563531,15.974957246750918,17.616665307314449]
[]
[" ^ 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 2023"]
[null,null,"Rest of UK","London & South-eastern","All industrial"]
["COIF Charities Property Fund",null,33.986961661655968,15.242742928728337,49.229704590384308]
["Tritax Property Income Fund",null,32.577489294431658,27.031483969453706,59.608973263885368]
["The Property Income Trust for Charities",null,28.149903805902838,12.813590093069442,40.963493898972281]
["Industrial Property Investment Fund",null,26.115792452053327,66.628146026877886,92.743938478931213]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,24.328457658267055,12.62373692880179,36.952194587068846]
["Fidelity UK Real Estate Fund",null,24.28005299502523,22.095313063756237,46.375366058781466]
["Standard Life Pooled Property Pension Fund",null,24.141720878729281,22.613429300690171,46.755150179419452]
["AEW UK Core Plus Property Fund",null,24.070308421508443,13.501439585043938,37.571748006552383]
["Threadneedle Pensions Ltd",null,23.958263852892891,18.940530479770715,42.898794332663606]
["The Local Authorities’ Property Fund",null,22.401719287065102,20.941869401387624,43.343588688452726]
["CT UK Commercial Property Fund",null,21.427721187586705,26.880197209160443,48.307918396747148]
["The Charities Property Fund",null,19.494671659434239,13.210682850093278,32.705354509527517]
["L&G UK Property Fund",null,17.370095377445224,16.83802365287692,34.208119030322145]
["PATRIZIA Hanover Property Unit Trust",null,17.300756863202437,42.610788954828983,59.911545818031421]
["BlackRock UK Property Fund",null,16.894652764515172,20.80232799066512,37.696980755180292]
["AXA UK Long Lease Property Fund",null,16.245723721019235,6.8847687496728254,23.130492470692062]
["Lime Property Fund",null,15.974957246750918,1.641708060563531,17.616665307314449]
["Nuveen Real Estate UK Property Fund",null,15.472845576384877,26.639737591674184,42.112583168059061]
["Threadneedle Property Unit Trust",null,15.202435324229612,26.218030372754384,41.420465696983996]
["Standard Life Investments Long Lease Property Fund",null,15.110049531263321,7.8050249463265091,22.91507447758983]
["Triton Property Fund LP",null,14.849522303795709,25.747266456704651,40.59678876050036]
["M&G Property Portfolio",null,14.022992048987881,5.8879146739849766,19.910906722972857]
["Royal London Property Fund",null,13.889372219369093,24.425953207974537,38.31532542734363]
["MC PUT",null,13.824486479311652,33.594633159983672,47.419119639295324]
["UK Managed Open-Ended Property Fund Index",null,13.72606,26.032979999999998,39.759039999999999]
["UK All Balanced Open-Ended Property Fund Index",null,13.653829999999999,24.503260000000001,38.157089999999997]
["UK Other Balanced Open-Ended Property Fund Index",null,13.63064,24.012080000000001,37.642719999999997]
["UK All Property Fund Index",null,11.75995,20.329249999999998,32.089199999999998]
["abrdn UK Real Estate Fund",null,11.125574795597775,30.222885346707283,41.348460142305058]
["UK Long Income Open-Ended Property Fund Index",null,10.21167,4.8268199999999997,15.038489999999999]
["AEW UK Real Return Fund",null,10.174550885377069,5.539799785643738,15.714350671020807]
["Schroders Capital UK Real Estate",null,9.9794224037553292,21.657554753692693,31.636977157448023]
["Lothbury Property Trust",null,9.95013454269424,26.188615846599692,36.138750389293932]
["BlackRock Long Lease Property Fund",null,9.4926588821890867,7.8043905433594807,17.297049425548568]
["LPI (Limited Price Inflation) Income Property Fund",null,9.0135188810267177,0,9.0135188810267177]
["UK Other Property Fund Index",null,8.5817800000000002,30.592310000000001,39.17409]
["KFIM Long Income Property Unit Trust",null,6.7089665813138213,4.8456076864385755,11.554574267752397]
["LF Canlife UK Property ACS",null,5.9124126477375611,18.754325006408738,24.666737654146299]
["Royal London UK Real Estate Fund",null,5.0885307555159294,26.458686190185499,31.547216945701429]
["CBRE UK Property PAIF",null,4.6045316091787711,38.393638726556183,42.998170335734955]
["Federated Hermes Property Unit Trust",null,4.1654214873188167,27.642672084467193,31.80809357178601]
["M&G Secure Property Income Fund",null,2.5815612976152345,4.0525868992726739,6.6341481968879084]
["Legal And General Managed Fund",null,1.8935539459636672,32.306342720169589,34.199896666133256]
["PGIM Real Estate UK Ground Lease Fund",null,0.63438030922162958,0,0.63438030922162958]
[]
[" ^ 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 2023"]
[null,null,"All Industrial","London & South-Eastern","Rest of UK"]
["Airport Industrial Property Unit Trust",null,97.071452924099233,97.071452924099233,0]
["Industrial Property Investment Fund",null,92.743938478931213,66.628146026877886,26.115792452053327]
["PATRIZIA Hanover Property Unit Trust",null,59.911545818031421,42.610788954828983,17.300756863202437]
["Tritax Property Income Fund",null,59.608973263885368,27.031483969453706,32.577489294431658]
["COIF Charities Property Fund",null,49.229704590384308,15.242742928728337,33.986961661655968]
["CT UK Commercial Property Fund",null,48.307918396747148,26.880197209160443,21.427721187586705]
["MC PUT",null,47.419119639295324,33.594633159983672,13.824486479311652]
["Standard Life Pooled Property Pension Fund",null,46.755150179419452,22.613429300690171,24.141720878729281]
["Fidelity UK Real Estate Fund",null,46.375366058781466,22.095313063756237,24.28005299502523]
["The Local Authorities’ Property Fund",null,43.343588688452726,20.941869401387624,22.401719287065102]
["CBRE UK Property PAIF",null,42.998170335734955,38.393638726556183,4.6045316091787711]
["Threadneedle Pensions Ltd",null,42.898794332663606,18.940530479770715,23.958263852892891]
["Nuveen Real Estate UK Property Fund",null,42.112583168059061,26.639737591674184,15.472845576384877]
["Threadneedle Property Unit Trust",null,41.420465696983996,26.218030372754384,15.202435324229612]
["abrdn UK Real Estate Fund",null,41.348460142305058,30.222885346707283,11.125574795597775]
["The Property Income Trust for Charities",null,40.963493898972281,12.813590093069442,28.149903805902838]
["Triton Property Fund LP",null,40.59678876050036,25.747266456704651,14.849522303795709]
["UK Managed Open-Ended Property Fund Index",null,39.759039999999999,26.032979999999998,13.72606]
["UK Other Property Fund Index",null,39.17409,30.592310000000001,8.5817800000000002]
["Royal London Property Fund",null,38.31532542734363,24.425953207974537,13.889372219369093]
["UK All Balanced Open-Ended Property Fund Index",null,38.157089999999997,24.503260000000001,13.653829999999999]
["BlackRock UK Property Fund",null,37.696980755180292,20.80232799066512,16.894652764515172]
["UK Other Balanced Open-Ended Property Fund Index",null,37.642719999999997,24.012080000000001,13.63064]
["AEW UK Core Plus Property Fund",null,37.571748006552383,13.501439585043938,24.070308421508443]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,36.952194587068846,12.62373692880179,24.328457658267055]
["Lothbury Property Trust",null,36.138750389293932,26.188615846599692,9.95013454269424]
["L&G UK Property Fund",null,34.208119030322145,16.83802365287692,17.370095377445224]
["Legal And General Managed Fund",null,34.199896666133256,32.306342720169589,1.8935539459636672]
["The Charities Property Fund",null,32.705354509527517,13.210682850093278,19.494671659434239]
["UK All Property Fund Index",null,32.089199999999998,20.329249999999998,11.75995]
["Federated Hermes Property Unit Trust",null,31.80809357178601,27.642672084467193,4.1654214873188167]
["Schroders Capital UK Real Estate",null,31.636977157448023,21.657554753692693,9.9794224037553292]
["Royal London UK Real Estate Fund",null,31.547216945701429,26.458686190185499,5.0885307555159294]
["LF Canlife UK Property ACS",null,24.666737654146299,18.754325006408738,5.9124126477375611]
["AXA UK Long Lease Property Fund",null,23.130492470692062,6.8847687496728254,16.245723721019235]
["Standard Life Investments Long Lease Property Fund",null,22.91507447758983,7.8050249463265091,15.110049531263321]
["M&G Property Portfolio",null,19.910906722972857,5.8879146739849766,14.022992048987881]
["Lime Property Fund",null,17.616665307314449,1.641708060563531,15.974957246750918]
["BlackRock Long Lease Property Fund",null,17.297049425548568,7.8043905433594807,9.4926588821890867]
["AEW UK Real Return Fund",null,15.714350671020807,5.539799785643738,10.174550885377069]
["UK Long Income Open-Ended Property Fund Index",null,15.038489999999999,4.8268199999999997,10.21167]
["KFIM Long Income Property Unit Trust",null,11.554574267752397,4.8456076864385755,6.7089665813138213]
["LPI (Limited Price Inflation) Income Property Fund",null,9.0135188810267177,0,9.0135188810267177]
["M&G Secure Property Income Fund",null,6.6341481968879084,4.0525868992726739,2.5815612976152345]
["PGIM Real Estate UK Ground Lease Fund",null,0.63438030922162958,0,0.63438030922162958]
[]
[" ^ 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":58,"n_rows":216,"n_cols":5,"rows_kept":216,"cut":false,"hidden":false,"merged":[[148,0,148,4],[189,0,189,4],[190,0,190,4],[215,0,215,1],[149,0,149,4],[164,0,164,1],[167,0,167,4],[168,0,168,4],[186,0,186,1],[89,0,89,4],[127,0,127,1],[130,0,130,4],[131,0,131,4],[145,0,145,1],[17,0,17,4],[50,0,50,4],[51,0,51,4],[85,0,85,1],[88,0,88,4]]}
[]
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[]
["BALANCE SHEET RATIOS"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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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)","-11.5 / -12.0"]
["M&G Property Portfolio","-",null,"L&G UK Property Fund",-18.3]
["L&G UK Property Fund","-",null,"M&G Property Portfolio",-16.3]
["abrdn UK Real Estate Fund","-",null,"abrdn UK Real Estate Fund","-"]
["Common Investment Funds(un-weighted/weighted average)","4.8 / 3.9",null,"Common Investment Funds(un-weighted/weighted average)","1.3 / 0.5"]
["The Charities Property Fund","-",null,"The Charities Property Fund",-2.7]
["COIF Charities Property Fund","-",null,"COIF Charities Property Fund",-1.4]
["The Property Income Trust for Charities",14.3,null,"The Property Income Trust for Charities",8.1]
["Managed Property Funds(un-weighted/weighted average)","0.8 / 1.2",null,"Managed Property Funds(un-weighted/weighted average)","-9.4 / -9.8"]
["Threadneedle Pensions Ltd","-",null,"Legal And General Managed Fund",-11.3]
["Standard Life Pooled Property Pension Fund","-",null,"Standard Life Pooled Property Pension Fund",-11]
["Legal And General Managed Fund",2.4,null,"Threadneedle Pensions Ltd",-5.9]
["Other balanced funds(un-weighted/weighted average)","3.2 / 2.0",null,"Other balanced funds(un-weighted/weighted average)","-5.3 / -5.6"]
["MC PUT","-",null,"CT UK Commercial Property Fund",-27.4]
["CT UK Commercial Property Fund","-",null,"MC PUT",-14.4]
["Fidelity UK Real Estate Fund","-",null,"LF Canlife UK Property ACS",-14.1]
["LF Canlife UK Property ACS","-",null,"Royal London UK Real Estate Fund",-11.5]
["Lothbury Property Trust","-",null,"CBRE UK Property PAIF",-9.8000000000000007]
["Royal London UK Real Estate Fund","-",null,"Federated Hermes Property Unit Trust",-9.6999999999999993]
["Threadneedle Property Unit Trust","-",null,"Threadneedle Property Unit Trust",-9.4]
["CBRE UK Property PAIF","-",null,"Royal London Property Fund",-8.8000000000000007]
["The Local Authorities’ Property Fund","-",null,"The Local Authorities’ Property Fund",-7.9]
["Federated Hermes Property Unit Trust","-",null,"BlackRock UK Property Fund",-6.7]
["Royal London Property Fund","-",null,"Lothbury Property Trust",-5.9]
["Nuveen Real Estate UK Property Fund","-",null,"Fidelity UK Real Estate Fund",-5.6]
["BlackRock UK Property Fund",2.2000000000000002,null,"Nuveen Real Estate UK Property Fund",-0.9]
["Schroders Capital UK Real Estate",3.9,null,"Schroders Capital UK Real Estate",2]
["PATRIZIA Hanover Property Unit Trust",5.5,null,"PATRIZIA Hanover Property Unit Trust",4.7]
["Triton Property Fund LP",6.9,null,"Triton Property Fund LP",6.8]
["AEW UK Core Plus Property Fund",17.5,null,"Tritax Property Income Fund",8]
["Tritax Property Income Fund",21.3,null,"AEW UK Core Plus Property Fund",15.6]
["All Balanced funds (un-weighted/weighted average)","2.7 / 1.8",null,"All Balanced funds(un-weighted/weighted average)","-5.7 / -6.6"]
["~ 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)","-9.8 / -10.7",null,"Authorised Property Unit Trusts(un-weighted/weighted average)","9.0 / 8.9"]
["L&G UK Property Fund",-15.4,null,"L&G UK Property Fund",8.5]
["M&G Property Portfolio",-13.9,null,"M&G Property Portfolio",8.6]
["abrdn UK Real Estate Fund","-",null,"abrdn UK Real Estate Fund",10]
[]
["Common Investment Funds(un-weighted/weighted average)","1.6 / 0.5",null,"Common Investment Funds(un-weighted/weighted average)","10.2 / 10.1"]
["The Charities Property Fund",-2.6,null,"The Charities Property Fund",9.8000000000000007]
["COIF Charities Property Fund",-1.4,null,"COIF Charities Property Fund",9.9]
["The Property Income Trust for Charities",8.8000000000000007,null,"The Property Income Trust for Charities",10.9]
[]
["Managed Property Funds(un-weighted/weighted average)","-8.6 / -8.9",null,"Managed Property Funds(un-weighted/weighted average)","9.2 / 9.1"]
["Legal And General Managed Fund",-10,null,"Legal And General Managed Fund",8.9]
["Standard Life Pooled Property Pension Fund",-10,null,"Standard Life Pooled Property Pension Fund",9]
["Threadneedle Pensions Ltd",-5.7,null,"Threadneedle Pensions Ltd",9.6]
[]
["Other balanced funds(un-weighted/weighted average)","-4.2 / -5.3",null,"Other balanced funds(un-weighted/weighted average)","9.6 / 9.5"]
["CT UK Commercial Property Fund",-21.5,null,"CT UK Commercial Property Fund",7.8]
["MC PUT",-12.7,null,"MC PUT",8.8000000000000007]
["LF Canlife UK Property ACS",-12.6,null,"LF Canlife UK Property ACS",9]
["Royal London UK Real Estate Fund",-10.3,null,"Royal London UK Real Estate Fund",9]
["CBRE UK Property PAIF",-9.1,null,"Federated Hermes Property Unit Trust",9.1]
["Federated Hermes Property Unit Trust",-8.9,null,"Threadneedle Property Unit Trust",9.1999999999999993]
["Threadneedle Property Unit Trust",-8.6,null,"Royal London Property Fund",9.1999999999999993]
["Royal London Property Fund",-8.1,null,"CBRE UK Property PAIF",9.1999999999999993]
["The Local Authorities’ Property Fund",-7.3,null,"The Local Authorities’ Property Fund",9.3000000000000007]
["BlackRock UK Property Fund",-6.3,null,"BlackRock UK Property Fund",9.4]
["Lothbury Property Trust",-5.6,null,"Lothbury Property Trust",9.4]
["Fidelity UK Real Estate Fund",-5.4,null,"Fidelity UK Real Estate Fund",9.6999999999999993]
["Nuveen Real Estate UK Property Fund",-0.9,null,"Nuveen Real Estate UK Property Fund",9.9]
["Schroders Capital UK Real Estate",2,null,"Schroders Capital UK Real Estate",10]
["PATRIZIA Hanover Property Unit Trust",5,null,"Triton Property Fund LP",10.7]
["Triton Property Fund LP",7.3,null,"PATRIZIA Hanover Property Unit Trust",10.7]
["Tritax Property Income Fund",9.1,null,"Tritax Property Income Fund",11.4]
["AEW UK Core Plus Property Fund",18.5,null,"AEW UK Core Plus Property Fund",11.9]
[]
["All Balanced funds (un-weighted/weighted average)","-4.7 / -6.2",null,"All Balanced funds(un-weighted/weighted average)","9.6 / 9.4"]
["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)","-4.8 / -3.4"]
["Standard Life Investments Long Lease Property Fund","-",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",-11.7]
["PGIM Real Estate UK Ground Lease Fund","-",null,"AEW UK Real Return Fund",-11.2]
["M&G Secure Property Income Fund","-",null,"Lime Property Fund",-7.4]
["LPI (Limited Price Inflation) Income Property Fund","-",null,"PGIM Real Estate UK Ground Lease Fund",-4.8]
["Lime Property Fund","-",null,"BlackRock Long Lease Property Fund",-4.4000000000000004]
["KFIM Long Income Property Unit Trust","-",null,"AXA UK Long Lease Property Fund",-3]
["Fiera Real Estate Long Income Fund UK (FRELIF)","-",null,"M&G Secure Property Income Fund",-1.9]
["BlackRock Long Lease Property Fund","-",null,"LPI (Limited Price Inflation) Income Property Fund",-1.7]
["AXA UK Long Lease Property Fund","-",null,"Standard Life Investments Long Lease Property Fund",-1.5]
["AEW UK Real Return Fund","-",null,"KFIM Long Income Property Unit Trust",-0.3]
["All Long Income Property Funds (un-weighted/weighted average)","0.0 / 0.0",null,"All Long Income Property Funds(un-weighted/weighted average)","-4.8 / -3.4"]
[]
[]
[]
[]
["Long Income Property Funds"]
[null,"Net Debt/Equity Ratio^ (%)",null,null,"Gearing Risk/Reward Impact #"]
["Long Income Property Funds(un-weighted/weighted average)","-4.4 / -3.3",null,"Long Income Property Funds(un-weighted/weighted average)","9.5 / 9.6"]
["Fiera Real Estate Long Income Fund UK (FRELIF)",-10.5,null,"AEW UK Real Return Fund",8.9]
["AEW UK Real Return Fund",-10,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",9]
["Lime Property Fund",-6.9,null,"Lime Property Fund",9.3000000000000007]
["PGIM Real Estate UK Ground Lease Fund",-4.5999999999999996,null,"M&G Secure Property Income Fund",9.3000000000000007]
["BlackRock Long Lease Property Fund",-4.2,null,"PGIM Real Estate UK Ground Lease Fund",9.5]
["AXA UK Long Lease Property Fund",-3,null,"BlackRock Long Lease Property Fund",9.6]
["M&G Secure Property Income Fund",-1.8,null,"LPI (Limited Price Inflation) Income Property Fund",9.8000000000000007]
["LPI (Limited Price Inflation) Income Property Fund",-1.7,null,"Standard Life Investments Long Lease Property Fund",9.9]
["Standard Life Investments Long Lease Property Fund",-1.5,null,"KFIM Long Income Property Unit Trust",10]
["KFIM Long Income Property Unit Trust",-0.3,null,"AXA UK Long Lease Property Fund",10]
[]
["All Long Income Property Funds (un-weighted/weighted average)","-4.4 / -3.3",null,"All Long Income Property Funds(un-weighted/weighted average)","9.5 / 9.6"]
["~ 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)","13.9 / 13.9",null,"Healthcare(un-weighted/weighted average)","11.8 / 11.8"]
["Octopus Healthcare Fund",13.9,null,"Octopus Healthcare Fund",11.8]
["Industrial(un-weighted/weighted average)","17.6 / 16.0",null,"Industrial(un-weighted/weighted average)","14.1 / 10.8"]
["Industrial Property Investment Fund",15,null,"Industrial Property Investment Fund",8.6999999999999993]
["Airport Industrial Property Unit Trust",20.2,null,"Airport Industrial Property Unit Trust",19.5]
["Leisure(un-weighted/weighted average)","37.6 / 37.6",null,"Leisure(un-weighted/weighted average)","37.8 / 37.8"]
["The Leisure Fund Limited Partnership",37.6,null,"The Leisure Fund Limited Partnership",37.799999999999997]
["Offices(un-weighted/weighted average)","30.3 / 30.3",null,"Offices(un-weighted/weighted average)","31.6 / 31.6"]
["Nuveen Real Estate Central London Office Fund",30.3,null,"Nuveen Real Estate Central London Office Fund",31.6]
["Residential(un-weighted/weighted average)","29.5 / 29.5",null,"Residential(un-weighted/weighted average)","26.7 / 26.7"]
["UNITE UK Student Accommodation Fund",29.5,null,"UNITE UK Student Accommodation Fund",26.7]
["Retail warehouses(un-weighted/weighted average)","40.7 / 40.7",null,"Retail warehouses(un-weighted/weighted average)","40.1 / 40.1"]
["Nuveen Real Estate UK Retail Warehouse Fund",40.700000000000003,null,"Nuveen Real Estate UK Retail Warehouse Fund",40.1]
["Shopping centres(un-weighted/weighted average)","0.0 / 0.0",null,"Shopping centres(un-weighted/weighted average)","-16.8 / -16.8"]
["Aberdeen Standard UK Shopping Centre Trust","-",null,"Aberdeen Standard UK Shopping Centre Trust",-16.8]
["All Specialist funds (un-weighted/weighted average)","23.4 / 21.4",null,"All Specialist funds(un-weighted/weighted average)","19.9 / 17.9"]
["~ 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)","13.0 / 13.0",null,"Healthcare(un-weighted/weighted average)","11.0 / 11.0"]
["Octopus Healthcare Fund",13,null,"Octopus Healthcare Fund",11]
[]
["Industrial(un-weighted/weighted average)","16.5 / 11.9",null,"Industrial(un-weighted/weighted average)","11.5 / 11.1"]
["Industrial Property Investment Fund",9.4,null,"Industrial Property Investment Fund",10.9]
["Airport Industrial Property Unit Trust",23.6,null,"Airport Industrial Property Unit Trust",12.1]
[]
["Leisure(un-weighted/weighted average)","59.8 / 59.8",null,"Leisure(un-weighted/weighted average)","15.8 / 15.8"]
["The Leisure Fund Limited Partnership",59.8,null,"The Leisure Fund Limited Partnership",15.8]
[]
["Offices(un-weighted/weighted average)","41.5 / 41.5",null,"Offices(un-weighted/weighted average)","13.1 / 13.1"]
["Nuveen Real Estate Central London Office Fund",41.5,null,"Nuveen Real Estate Central London Office Fund",13.1]
[]
["Residential(un-weighted/weighted average)","37.6 / 37.6",null,"Residential(un-weighted/weighted average)","14.1 / 14.1"]
["UNITE UK Student Accommodation Fund",37.6,null,"UNITE UK Student Accommodation Fund",14.1]
[]
["Retail warehouses(un-weighted/weighted average)","67.0 / 67.0",null,"Retail warehouses(un-weighted/weighted average)","16.7 / 16.7"]
["Nuveen Real Estate UK Retail Warehouse Fund",67,null,"Nuveen Real Estate UK Retail Warehouse Fund",16.7]
[]
["Shopping centres(un-weighted/weighted average)","-14.4 / -14.4",null,"Shopping centres(un-weighted/weighted average)","8.6 / 8.6"]
["Aberdeen Standard UK Shopping Centre Trust",-14.4,null,"Aberdeen Standard UK Shopping Centre Trust",8.6]
[]
["All Specialist funds (un-weighted/weighted average)","29.7 / 21.6",null,"All Specialist funds(un-weighted/weighted average)","12.8 / 12.1"]
["^ 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."]

{"sheet":"Portfolio Analysis 1","index":59,"n_rows":428,"n_cols":5,"rows_kept":428,"cut":false,"hidden":false,"merged":[[377,0,377,4],[202,0,202,1],[204,0,204,4],[222,0,222,1],[242,0,242,1],[262,0,262,1],[265,0,265,4],[267,0,267,4],[306,0,306,1],[347,0,347,1],[349,0,349,4],[363,0,363,1],[161,0,161,4],[51,0,51,4],[53,0,53,4],[87,0,87,1],[123,0,123,1],[159,0,159,1]]}
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"PORTFOLIO ANALYSIS"]
[]
[]
[]
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[]
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[]
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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)","47.7 / 50.9",null,"Authorised Property Unit Trusts (un-weighted/weighted average)","52.3 / 49.1"]
["abrdn UK Real Estate Fund",58.11,null,"M&G Property Portfolio",72.319999999999993]
["L&G UK Property Fund",57.32,null,"L&G UK Property Fund",42.68]
["M&G Property Portfolio",27.68,null,"abrdn UK Real Estate Fund",41.89]
["Common Investment Funds (un-weighted/weighted average)","51.7 / 49.0",null,"Common Investment Funds (un-weighted/weighted average)","48.3 / 51.0"]
["COIF Charities Property Fund",58.86,null,"The Charities Property Fund",60.5]
["The Property Income Trust for Charities",56.8,null,"The Property Income Trust for Charities",43.2]
["The Charities Property Fund",39.5,null,"COIF Charities Property Fund",41.14]
["Managed Property Funds (un-weighted/weighted average)","59.9 / 60.8",null,"Managed Property Funds (un-weighted/weighted average)","40.1 / 39.2"]
["Threadneedle Pensions Ltd",75.39,null,"Standard Life Pooled Property Pension Fund",51.9]
["Legal And General Managed Fund",56.29,null,"Legal And General Managed Fund",43.71]
["Standard Life Pooled Property Pension Fund",48.1,null,"Threadneedle Pensions Ltd",24.61]
["Other balanced funds (un-weighted/weighted average)","61.3 / 59.5",null,"Other balanced funds (un-weighted/weighted average)","38.7 / 40.5"]
["Triton Property Fund LP",77.63,null,"Tritax Property Income Fund",69.66]
["Nuveen Real Estate UK Property Fund",77.42,null,"Schroders Capital UK Real Estate",51.3]
["Fidelity UK Real Estate Fund",73.95,null,"Threadneedle Property Unit Trust",46.32]
["Royal London Property Fund",71.89,null,"Royal London UK Real Estate Fund",45.69]
["Lothbury Property Trust",71.52,null,"CBRE UK Property PAIF",45.01]
["Federated Hermes Property Unit Trust",63.76,null,"PATRIZIA Hanover Property Unit Trust",44.1]
["The Local Authorities’ Property Fund",63.62,null,"MC PUT",40.51]
["BlackRock UK Property Fund",63.12,null,"LF Canlife UK Property ACS",40.090000000000003]
["AEW UK Core Plus Property Fund",61.75,null,"CT UK Commercial Property Fund",39.340000000000003]
["CT UK Commercial Property Fund",60.66,null,"AEW UK Core Plus Property Fund",38.25]
["LF Canlife UK Property ACS",59.91,null,"BlackRock UK Property Fund",36.880000000000003]
["MC PUT",59.49,null,"The Local Authorities’ Property Fund",36.380000000000003]
["PATRIZIA Hanover Property Unit Trust",55.9,null,"Federated Hermes Property Unit Trust",36.24]
["CBRE UK Property PAIF",54.99,null,"Lothbury Property Trust",28.48]
["Royal London UK Real Estate Fund",54.31,null,"Royal London Property Fund",28.11]
["Threadneedle Property Unit Trust",53.68,null,"Fidelity UK Real Estate Fund",26.05]
["Schroders Capital UK Real Estate",48.7,null,"Nuveen Real Estate UK Property Fund",22.58]
["Tritax Property Income Fund",30.34,null,"Triton Property Fund LP",22.37]
["All Balanced funds (un-weighted/weighted average)","58.5/57.7",null,"All Balanced funds (un-weighted/weighted average)","41.5/42.3"]
["* 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)","22.2 / 20.6",null,"Authorised Property Unit Trusts (un-weighted/weighted average)","14.4 / 12.7"]
["M&G Property Portfolio",32.26,null,"M&G Property Portfolio",20.91]
["abrdn UK Real Estate Fund",17.37,null,"abrdn UK Real Estate Fund",14.38]
["L&G UK Property Fund",17.03,null,"L&G UK Property Fund",7.8]
["Common Investment Funds (un-weighted/weighted average)","21.2 / 23.6",null,"Common Investment Funds (un-weighted/weighted average)","10.6 / 11.9"]
["The Charities Property Fund",32.200000000000003,null,"The Charities Property Fund",16.5]
["The Property Income Trust for Charities",15.7,null,"COIF Charities Property Fund",9.6999999999999993]
["COIF Charities Property Fund",15.65,null,"The Property Income Trust for Charities",5.6]
["Managed Property Funds (un-weighted/weighted average)","20.4 / 18.7",null,"Managed Property Funds (un-weighted/weighted average)","8.4 / 7.2"]
["Standard Life Pooled Property Pension Fund",35.5,null,"Standard Life Pooled Property Pension Fund",17.7]
["Legal And General Managed Fund",19.02,null,"Legal And General Managed Fund",6.12]
["Threadneedle Pensions Ltd",6.77,null,"Threadneedle Pensions Ltd",1.29]
["Other balanced funds (un-weighted/weighted average)","14.1 / 15.2",null,"Other balanced funds (un-weighted/weighted average)","7.1 / 7.2"]
["PATRIZIA Hanover Property Unit Trust",35.5,null,"Lothbury Property Trust",18.78]
["Schroders Capital UK Real Estate",28.8,null,"PATRIZIA Hanover Property Unit Trust",18.399999999999999]
["Tritax Property Income Fund",25.34,null,"Schroders Capital UK Real Estate",15.1]
["Lothbury Property Trust",21.02,null,"Tritax Property Income Fund",14.23]
["AEW UK Core Plus Property Fund",20.71,null,"The Local Authorities’ Property Fund",13.2]
["Royal London UK Real Estate Fund",17.47,null,"Federated Hermes Property Unit Trust",10.26]
["The Local Authorities’ Property Fund",15.34,null,"AEW UK Core Plus Property Fund",8.2200000000000006]
["MC PUT",14.09,null,"CT UK Commercial Property Fund",7.82]
["Federated Hermes Property Unit Trust",14.02,null,"Royal London UK Real Estate Fund",6.83]
["Threadneedle Property Unit Trust",12.28,null,"MC PUT",5.27]
["CT UK Commercial Property Fund",11.51,null,"Threadneedle Property Unit Trust",3.04]
["Royal London Property Fund",9.51,null,"BlackRock UK Property Fund",2.1]
["BlackRock UK Property Fund",9.07,null,"CBRE UK Property PAIF",1.87]
["Triton Property Fund LP",6.72,null,"LF Canlife UK Property ACS",1.34]
["CBRE UK Property PAIF",5.6,null,"Triton Property Fund LP",1.28]
["LF Canlife UK Property ACS",4.91,null,"Fidelity UK Real Estate Fund",0.01]
["Fidelity UK Real Estate Fund",2.4500000000000002,null,"Royal London Property Fund",0]
["Nuveen Real Estate UK Property Fund",0,null,"Nuveen Real Estate UK Property Fund",0]
["All Balanced funds (un-weighted/weighted average)","16.5/17.4",null,"All Balanced funds (un-weighted/weighted average)","8.4/8.3"]
["* 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)","7.5 / 7.5"]
["M&G Property Portfolio",7.77]
["L&G UK Property Fund",7.59]
["abrdn UK Real Estate Fund",7.22]
["Common Investment Funds (un-weighted/weighted average)","7.1 / 7.7"]
["The Charities Property Fund",9.6]
["COIF Charities Property Fund",7.34]
["The Property Income Trust for Charities",4.5]
["Managed Property Funds (un-weighted/weighted average)","4.2 / 3.9"]
["Standard Life Pooled Property Pension Fund",7.3]
["Legal And General Managed Fund",4.1399999999999997]
["Threadneedle Pensions Ltd",1.21]
["Other balanced funds (un-weighted/weighted average)","3.9 / 3.7"]
["PATRIZIA Hanover Property Unit Trust",15.5]
["Lothbury Property Trust",11.08]
["Federated Hermes Property Unit Trust",9.26]
["CT UK Commercial Property Fund",7.82]
["Royal London UK Real Estate Fund",6.83]
["The Local Authorities’ Property Fund",6.38]
["Tritax Property Income Fund",4.1100000000000003]
["Schroders Capital UK Real Estate",3.3]
["MC PUT",2.38]
["AEW UK Core Plus Property Fund",1.52]
["LF Canlife UK Property ACS",1.34]
["BlackRock UK Property Fund",0.73]
["Threadneedle Property Unit Trust",0.31]
["Fidelity UK Real Estate Fund",0.01]
["Triton Property Fund LP",0]
["Royal London Property Fund",0]
["CBRE UK Property PAIF",0]
["Nuveen Real Estate UK Property Fund",0]
["All Balanced funds (un-weighted/weighted average)","4.7/4.6"]
["* 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)","2.9 / 1.8",null,"Long Income Property Funds (un-weighted/weighted average)","97.1 / 98.2"]
["AEW UK Real Return Fund",15.09,null,"PGIM Real Estate UK Ground Lease Fund",100]
["Fiera Real Estate Long Income Fund UK (FRELIF)",6.16,null,"M&G Secure Property Income Fund",100]
["Lime Property Fund",5.96,null,"LPI (Limited Price Inflation) Income Property Fund",100]
["KFIM Long Income Property Unit Trust",1.41,null,"AXA UK Long Lease Property Fund",100]
["Standard Life Investments Long Lease Property Fund",0.42,null,"BlackRock Long Lease Property Fund",99.68]
["BlackRock Long Lease Property Fund",0.32,null,"Standard Life Investments Long Lease Property Fund",99.58]
["PGIM Real Estate UK Ground Lease Fund",0,null,"KFIM Long Income Property Unit Trust",98.59]
["M&G Secure Property Income Fund",0,null,"Lime Property Fund",94.04]
["LPI (Limited Price Inflation) Income Property Fund",0,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",93.84]
["AXA UK Long Lease Property Fund",0,null,"AEW UK Real Return Fund",84.91]
[]
[]
[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)","91.0 / 92.4",null,"Long Income Property Funds (un-weighted/weighted average)","71.2 / 71.7"]
["PGIM Real Estate UK Ground Lease Fund",100,null,"PGIM Real Estate UK Ground Lease Fund",100]
["LPI (Limited Price Inflation) Income Property Fund",100,null,"LPI (Limited Price Inflation) Income Property Fund",93.78]
["AXA UK Long Lease Property Fund",100,null,"Lime Property Fund",72.08]
["BlackRock Long Lease Property Fund",98,null,"Standard Life Investments Long Lease Property Fund",70.47]
["M&G Secure Property Income Fund",95.29,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",70.25]
["Standard Life Investments Long Lease Property Fund",91.55,null,"M&G Secure Property Income Fund",65.540000000000006]
["KFIM Long Income Property Unit Trust",91.35,null,"BlackRock Long Lease Property Fund",63.47]
["Lime Property Fund",84.25,null,"AXA UK Long Lease Property Fund",61.89]
["Fiera Real Estate Long Income Fund UK (FRELIF)",76,null,"KFIM Long Income Property Unit Trust",58.31]
["AEW UK Real Return Fund",73.09,null,"AEW UK Real Return Fund",55.89]
[]
[]
[null,"% of income from leases expiring* After 20 Years"]
["Long Income Property Funds (un-weighted/weighted average)","47.1 / 47.9"]
["PGIM Real Estate UK Ground Lease Fund",100]
["LPI (Limited Price Inflation) Income Property Fund",66.48]
["Lime Property Fund",54.93]
["Standard Life Investments Long Lease Property Fund",45.45]
["BlackRock Long Lease Property Fund",41.3]
["M&G Secure Property Income Fund",38.119999999999997]
["AEW UK Real Return Fund",37.22]
["KFIM Long Income Property Unit Trust",35.880000000000003]
["AXA UK Long Lease Property Fund",26.09]
["Fiera Real Estate Long Income Fund UK (FRELIF)",25.66]
["* 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)","3.3 / 3.3",null,"Healthcare (un-weighted/weighted average)","96.7 / 96.7"]
["Octopus Healthcare Fund",3.34,null,"Octopus Healthcare Fund",96.66]
["Industrial (un-weighted/weighted average)","64.6 / 67.1",null,"Industrial (un-weighted/weighted average)","35.4 / 32.9"]
["Industrial Property Investment Fund",68.5,null,"Airport Industrial Property Unit Trust",39.299999999999997]
["Airport Industrial Property Unit Trust",60.7,null,"Industrial Property Investment Fund",31.5]
["Leisure (un-weighted/weighted average)","21.0 / 21.0",null,"Leisure (un-weighted/weighted average)","79.0 / 79.0"]
["The Leisure Fund Limited Partnership",21,null,"The Leisure Fund Limited Partnership",79]
["Offices (un-weighted/weighted average)","61.4 / 61.4",null,"Offices (un-weighted/weighted average)","38.6 / 38.6"]
["Nuveen Real Estate Central London Office Fund",61.39,null,"Nuveen Real Estate Central London Office Fund",38.61]
["Residential (un-weighted/weighted average)","91.1 / 91.1",null,"Residential (un-weighted/weighted average)","8.9 / 8.9"]
["UNITE UK Student Accommodation Fund",91.11,null,"UNITE UK Student Accommodation Fund",8.89]
["Retail warehouses (un-weighted/weighted average)","76.3 / 76.3",null,"Retail warehouses (un-weighted/weighted average)","23.7 / 23.7"]
["Nuveen Real Estate UK Retail Warehouse Fund",76.3,null,"Nuveen Real Estate UK Retail Warehouse Fund",23.7]
["Shopping centres (un-weighted/weighted average)","68.0 / 68.0",null,"Shopping centres (un-weighted/weighted average)","32.0 / 32.0"]
["Aberdeen Standard UK Shopping Centre Trust",68,null,"Aberdeen Standard UK Shopping Centre Trust",32]
["All Specialist funds (un-weighted/weighted average)","56.3/62.7",null,"All Specialist funds (un-weighted/weighted average)","43.7/37.3"]
["* 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)","96.7 / 96.7",null,"Healthcare (un-weighted/weighted average)","96.7 / 96.7"]
["Octopus Healthcare Fund",96.66,null,"Octopus Healthcare Fund",96.66]
["Industrial (un-weighted/weighted average)","14.2 / 10.8",null,"Industrial (un-weighted/weighted average)","3.7 / 3.7"]
["Airport Industrial Property Unit Trust",19.3,null,"Industrial Property Investment Fund",3.7]
["Industrial Property Investment Fund",9,null,"Airport Industrial Property Unit Trust",3.7]
["Leisure (un-weighted/weighted average)","60.1 / 60.1",null,"Leisure (un-weighted/weighted average)","46.1 / 46.1"]
["The Leisure Fund Limited Partnership",60.1,null,"The Leisure Fund Limited Partnership",46.1]
["Offices (un-weighted/weighted average)","1.0 / 1.0",null,"Offices (un-weighted/weighted average)","0.1 / 0.1"]
["Nuveen Real Estate Central London Office Fund",1,null,"Nuveen Real Estate Central London Office Fund",0.09]
["Residential (un-weighted/weighted average)","6.0 / 6.0",null,"Residential (un-weighted/weighted average)","1.7 / 1.7"]
["UNITE UK Student Accommodation Fund",5.95,null,"UNITE UK Student Accommodation Fund",1.66]
["Retail warehouses (un-weighted/weighted average)","9.2 / 9.2",null,"Retail warehouses (un-weighted/weighted average)","3.6 / 3.6"]
["Nuveen Real Estate UK Retail Warehouse Fund",9.1999999999999993,null,"Nuveen Real Estate UK Retail Warehouse Fund",3.6]
["Shopping centres (un-weighted/weighted average)","17.3 / 17.3",null,"Shopping centres (un-weighted/weighted average)","12.8 / 12.8"]
["Aberdeen Standard UK Shopping Centre Trust",17.27,null,"Aberdeen Standard UK Shopping Centre Trust",12.8]
["All Specialist funds (un-weighted/weighted average)","27.3/25.2",null,"All Specialist funds (un-weighted/weighted average)","21.0/20.0"]
["* 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)","92.0 / 92.0"]
["Octopus Healthcare Fund",91.99]
["Industrial (un-weighted/weighted average)","1.8 / 2.6"]
["Industrial Property Investment Fund",3.1]
["Airport Industrial Property Unit Trust",0.5]
["Leisure (un-weighted/weighted average)","12.4 / 12.4"]
["The Leisure Fund Limited Partnership",12.4]
["Offices (un-weighted/weighted average)","0.1 / 0.1"]
["Nuveen Real Estate Central London Office Fund",0.09]
["Residential (un-weighted/weighted average)","0.0 / 0.0"]
["UNITE UK Student Accommodation Fund",0]
["Retail warehouses (un-weighted/weighted average)","3.6 / 3.6"]
["Nuveen Real Estate UK Retail Warehouse Fund",3.6]
["Shopping centres (un-weighted/weighted average)","3.3 / 3.3"]
["Aberdeen Standard UK Shopping Centre Trust",3.3]
["All Specialist funds (un-weighted/weighted average)","14.4/15.3"]
["* 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)","5.7 / 5.9",null,"Authorised Property Unit Trusts (un-weighted/weighted average)","14.3 / 14.8"]
["L&G UK Property Fund",6.42,null,"L&G UK Property Fund",16.39]
["abrdn UK Real Estate Fund",5.9,null,"abrdn UK Real Estate Fund",14]
["M&G Property Portfolio",4.7,null,"M&G Property Portfolio",12.47]
[]
["Common Investment Funds (un-weighted/weighted average)","6.2 / 6.1",null,"Common Investment Funds (un-weighted/weighted average)","14.6 / 14.3"]
["COIF Charities Property Fund",6.87,null,"COIF Charities Property Fund",15.89]
["The Charities Property Fund",6,null,"The Property Income Trust for Charities",14.73]
["The Property Income Trust for Charities",5.57,null,"The Charities Property Fund",13.28]
[]
["Managed Property Funds (un-weighted/weighted average)","5.3 / 4.9",null,"Managed Property Funds (un-weighted/weighted average)","12.8 / 11.6"]
["Standard Life Pooled Property Pension Fund",8.11,null,"Standard Life Pooled Property Pension Fund",21.14]
["Threadneedle Pensions Ltd",4.05,null,"Legal And General Managed Fund",9.2799999999999994]
["Legal And General Managed Fund",3.8,null,"Threadneedle Pensions Ltd",7.96]
[]
["Other balanced funds (un-weighted/weighted average)","7.9 / 6.5",null,"Other balanced funds (un-weighted/weighted average)","18.2 / 15.1"]
["Tritax Property Income Fund",13.39,null,"Tritax Property Income Fund",36.79]
["Lothbury Property Trust",11.3,null,"CT UK Commercial Property Fund",22.63]
["PATRIZIA Hanover Property Unit Trust",11.12,null,"Lothbury Property Trust",22.37]
["AEW UK Core Plus Property Fund",10.199999999999999,null,"AEW UK Core Plus Property Fund",22.2]
["Nuveen Real Estate UK Property Fund",9.3000000000000007,null,"LF Canlife UK Property ACS",21.71]
["LF Canlife UK Property ACS",9.07,null,"PATRIZIA Hanover Property Unit Trust",20.98]
["Triton Property Fund LP",8.75,null,"MC PUT",19.2]
["Fidelity UK Real Estate Fund",8.27,null,"Fidelity UK Real Estate Fund",18.510000000000002]
["CT UK Commercial Property Fund",7.84,null,"Triton Property Fund LP",18.010000000000002]
["Schroders Capital UK Real Estate",7.7,null,"Nuveen Real Estate UK Property Fund",17.3]
["MC PUT",7.5,null,"Schroders Capital UK Real Estate",16.5]
["Federated Hermes Property Unit Trust",6.49,null,"Federated Hermes Property Unit Trust",16.47]
["Royal London Property Fund",6.44,null,"Royal London Property Fund",16.12]
["CBRE UK Property PAIF",5.99,null,"CBRE UK Property PAIF",14.32]
["The Local Authorities’ Property Fund",5.3,null,"The Local Authorities’ Property Fund",13.1]
["Royal London UK Real Estate Fund",5.21,null,"Royal London UK Real Estate Fund",13.06]
["Threadneedle Property Unit Trust",4.04,null,"BlackRock UK Property Fund",9.58]
["BlackRock UK Property Fund",3.49,null,"Threadneedle Property Unit Trust",9.0399999999999991]
[]
["All Balanced funds (un-weighted/weighted average)","7.1/6.0",null,"All Balanced funds (un-weighted/weighted average)","16.8/14.3"]
[]
[" ** 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)","20.4 / 20.8",null,"Authorised Property Unit Trusts (un-weighted/weighted average)","31.5 / 31.5"]
["L&G UK Property Fund",21.69,null,"M&G Property Portfolio",31.83]
["abrdn UK Real Estate Fund",20.43,null,"abrdn UK Real Estate Fund",31.39]
["M&G Property Portfolio",19.149999999999999,null,"L&G UK Property Fund",31.36]
[]
["Common Investment Funds (un-weighted/weighted average)","21.4 / 21.2",null,"Common Investment Funds (un-weighted/weighted average)","33.6 / 33.1"]
["COIF Charities Property Fund",22.83,null,"COIF Charities Property Fund",35.840000000000003]
["The Property Income Trust for Charities",20.99,null,"The Property Income Trust for Charities",33.72]
["The Charities Property Fund",20.329999999999998,null,"The Charities Property Fund",31.3]
[]
["Managed Property Funds (un-weighted/weighted average)","18.2 / 16.6",null,"Managed Property Funds (un-weighted/weighted average)","27.1 / 25.1"]
["Standard Life Pooled Property Pension Fund",29.83,null,"Standard Life Pooled Property Pension Fund",41.59]
["Legal And General Managed Fund",13.64,null,"Legal And General Managed Fund",21.37]
["Threadneedle Pensions Ltd",11.21,null,"Threadneedle Pensions Ltd",18.37]
[]
["Other balanced funds (un-weighted/weighted average)","25.7 / 21.5",null,"Other balanced funds (un-weighted/weighted average)","38.7 / 32.5"]
["Tritax Property Income Fund",54.38,null,"Tritax Property Income Fund",81.17]
["CT UK Commercial Property Fund",35.299999999999997,null,"CT UK Commercial Property Fund",57.25]
["AEW UK Core Plus Property Fund",31.1,null,"LF Canlife UK Property ACS",42.97]
["LF Canlife UK Property ACS",29.05,null,"MC PUT",41.5]
["Lothbury Property Trust",28.69,null,"Lothbury Property Trust",40.369999999999997]
["PATRIZIA Hanover Property Unit Trust",27.21,null,"AEW UK Core Plus Property Fund",40.1]
["MC PUT",26.9,null,"Nuveen Real Estate UK Property Fund",40.1]
["Fidelity UK Real Estate Fund",25.24,null,"PATRIZIA Hanover Property Unit Trust",39.659999999999997]
["Nuveen Real Estate UK Property Fund",24.6,null,"Royal London Property Fund",37.96]
["Federated Hermes Property Unit Trust",23.81,null,"Fidelity UK Real Estate Fund",37.74]
["Triton Property Fund LP",23.41,null,"Schroders Capital UK Real Estate",34.299999999999997]
["Royal London Property Fund",23.17,null,"Federated Hermes Property Unit Trust",33.799999999999997]
["Schroders Capital UK Real Estate",23.1,null,"The Local Authorities’ Property Fund",32.799999999999997]
["CBRE UK Property PAIF",20.190000000000001,null,"Triton Property Fund LP",32.15]
["The Local Authorities’ Property Fund",19.8,null,"CBRE UK Property PAIF",28.96]
["Royal London UK Real Estate Fund",19.09,null,"Royal London UK Real Estate Fund",28.21]
["BlackRock UK Property Fund",14.61,null,"BlackRock UK Property Fund",25.69]
["Threadneedle Property Unit Trust",13.26,null,"Threadneedle Property Unit Trust",21.57]
[]
["All Balanced funds (un-weighted/weighted average)","23.8/20.4",null,"All Balanced funds (un-weighted/weighted average)","36.0/30.9"]
[]
[" ** 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)","11.7 / 9.8",null,"Long Income Property Funds (un-weighted/weighted average)","27.5 / 22.7"]
["AEW UK Real Return Fund",18.2,null,"PGIM Real Estate UK Ground Lease Fund",36.58]
["PGIM Real Estate UK Ground Lease Fund",14.74,null,"AEW UK Real Return Fund",36.299999999999997]
["AXA UK Long Lease Property Fund",12.3,null,"AXA UK Long Lease Property Fund",30.64]
["Lime Property Fund",10.7,null,"BlackRock Long Lease Property Fund",24.96]
["BlackRock Long Lease Property Fund",10.29,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",24.7]
["Fiera Real Estate Long Income Fund UK (FRELIF)",9.2799999999999994,null,"Lime Property Fund",22.98]
["Standard Life Investments Long Lease Property Fund",6.4,null,"Standard Life Investments Long Lease Property Fund",16.28]
["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"]
["KFIM Long Income Property Unit Trust",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)","39.6 / 33.1",null,"Long Income Property Funds (un-weighted/weighted average)","59.0 / 51.2"]
["PGIM Real Estate UK Ground Lease Fund",51.36,null,"PGIM Real Estate UK Ground Lease Fund",70.36]
["AEW UK Real Return Fund",49.7,null,"AXA UK Long Lease Property Fund",69.760000000000005]
["AXA UK Long Lease Property Fund",45.52,null,"AEW UK Real Return Fund",66.3]
["BlackRock Long Lease Property Fund",37.99,null,"BlackRock Long Lease Property Fund",58.41]
["Fiera Real Estate Long Income Fund UK (FRELIF)",35.71,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",56.83]
["Lime Property Fund",31.63,null,"Lime Property Fund",47.46]
["Standard Life Investments Long Lease Property Fund",25.58,null,"Standard Life Investments Long Lease Property Fund",43.92]
["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"]
["LPI (Limited Price Inflation) Income Property Fund",null,null,"KFIM Long Income Property Unit Trust"]
[]
["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)","11.5 / 5.5",null,"Industrial (un-weighted/weighted average)","22.4 / 11.7"]
["Airport Industrial Property Unit Trust",20.7,null,"Airport Industrial Property Unit Trust",38.799999999999997]
["Industrial Property Investment Fund",2.2200000000000002,null,"Industrial Property Investment Fund",5.91]
[]
["Leisure (un-weighted/weighted average)","16.0 / 16.0",null,"Leisure (un-weighted/weighted average)","40.5 / 40.5"]
["The Leisure Fund Limited Partnership",16,null,"The Leisure Fund Limited Partnership",40.5]
[]
["Offices (un-weighted/weighted average)","34.9 / 34.9",null,"Offices (un-weighted/weighted average)","54.7 / 54.7"]
["Nuveen Real Estate Central London Office Fund",34.880000000000003,null,"Nuveen Real Estate Central London Office Fund",54.73]
[]
["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)","5.8 / 5.8",null,"Retail warehouses (un-weighted/weighted average)","16.7 / 16.7"]
["Nuveen Real Estate UK Retail Warehouse Fund",5.82,null,"Nuveen Real Estate UK Retail Warehouse Fund",16.72]
[]
["Shopping centres (un-weighted/weighted average)","10.4 / 10.4",null,"Shopping centres (un-weighted/weighted average)","18.7 / 18.7"]
["Aberdeen Standard UK Shopping Centre Trust",10.36,null,"Aberdeen Standard UK Shopping Centre Trust",18.68]
[]
["All Specialist funds (un-weighted/weighted average)","15.0/9.3",null,"All Specialist funds (un-weighted/weighted average)","29.2/19.3"]
[]
[]
[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)","26.8 / 14.8",null,"Industrial (un-weighted/weighted average)","35.8 / 21.2"]
["Airport Industrial Property Unit Trust",45.1,null,"Airport Industrial Property Unit Trust",58.4]
["Industrial Property Investment Fund",8.4,null,"Industrial Property Investment Fund",13.22]
[]
["Leisure (un-weighted/weighted average)","48.1 / 48.1",null,"Leisure (un-weighted/weighted average)","63.1 / 63.1"]
["The Leisure Fund Limited Partnership",48.1,null,"The Leisure Fund Limited Partnership",63.1]
[]
["Offices (un-weighted/weighted average)","64.7 / 64.7",null,"Offices (un-weighted/weighted average)","80.3 / 80.3"]
["Nuveen Real Estate Central London Office Fund",64.67,null,"Nuveen Real Estate Central London Office Fund",80.319999999999993]
[]
["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)","26.5 / 26.5",null,"Retail warehouses (un-weighted/weighted average)","44.0 / 44.0"]
["Nuveen Real Estate UK Retail Warehouse Fund",26.47,null,"Nuveen Real Estate UK Retail Warehouse Fund",44.01]
[]
["Shopping centres (un-weighted/weighted average)","25.3 / 25.3",null,"Shopping centres (un-weighted/weighted average)","36.7 / 36.7"]
["Aberdeen Standard UK Shopping Centre Trust",25.33,null,"Aberdeen Standard UK Shopping Centre Trust",36.69]
[]
["All Specialist funds (un-weighted/weighted average)","36.3/24.6",null,"All Specialist funds (un-weighted/weighted average)","49.3/34.4"]

{"sheet":"Portfolio Analysis 2","index":60,"n_rows":341,"n_cols":5,"rows_kept":341,"cut":false,"hidden":false,"merged":[[50,0,50,4],[52,0,52,4]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"MAJOR TENANTS’ % CONTRIBUTION TO RENTAL INCOME"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
["MAJOR TENANTS’ % CONTRIBUTION TO RENTAL INCOME"]
[]
["All funds"]
["ACCOR (T/A IBIS)",null,"Royal London Property Fund",null,2.9189874661804902]
["ACCOR UK BUSINESS & LEISURE HOTELS LTD",null,"AXA UK Long Lease Property Fund",null,6.5812079335086402]
["ALL RESPONSE MEDIA LTD",null,"Nuveen Real Estate Central London Office Fund",null,4.4000000000000004]
["Amazon UK Services Limited",null,"Standard Life Investments Long Lease Property Fund",null,6.4]
["Amec Foster Wheeler Group Limited",null,"M&G Property Portfolio",null,3.8254093222247598]
["Anchor Hanover Group",null,"Lime Property Fund",null,3.1345199541339999]
["ANGULAR DIRECTIONS LTD",null,"LF Canlife UK Property ACS",null,3.3106154463892898]
["ANTOLIN INTERIORS UK LIMITED",null,"The Property Income Trust for Charities",null,2.9700454631288999]
["APRIROSE",null,"PGIM Real Estate UK Ground Lease Fund",null,9.1311254204739605]
["ARGOS LTD",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,4.7682704559234299]
["ARRIVAL",null,"Schroders Capital UK Real Estate",null,3.4]
["ARTHUR FOODSTORES LTD",null,"MC PUT",null,7.5]
["ASDA STORES LIMITED",null,"abrdn UK Real Estate Fund",null,4.4926700788778096]
["ASDA STORES LIMITED",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,5.3168885123041898]
["ASDA STORES LTD",null,"Standard Life Pooled Property Pension Fund",null,2.7355857418892202]
["ASOS.COM LIMITED",null,"The Property Income Trust for Charities",null,3.1786584502274899]
["AUTOMANIA COMMERCIALS LTD",null,"Airport Industrial Property Unit Trust",null,3.2]
["AVIATION SERVICING COMPANY LTD",null,"Airport Industrial Property Unit Trust",null,2.6]
["B&M EUROPEAN VALUE RETAIL S.A.",null,"Threadneedle Property Unit Trust",null,4.04]
["B&M RETAIL LIMITED",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,4.9759883544831602]
["B&M RETAIL LTD",null,"COIF Charities Property Fund",null,2.68016201112964]
["B&Q PLC",null,"COIF Charities Property Fund",null,2.74059467889419]
["B&Q PLC",null,"Federated Hermes Property Unit Trust",null,6.4881813343848904]
["B&Q PLC",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,5.5126328015378601]
["B&Q PLC",null,"The Local Authorities’ Property Fund",null,2.6]
["BABCOCK INTERNATIONAL GROUP PLC",null,"Lime Property Fund",null,2.9146634344570002]
["BARCLAYS BANK PLC",null,"Nuveen Real Estate UK Property Fund",null,4.3]
["BE YEOVIL BV",null,"PGIM Real Estate UK Ground Lease Fund",null,2.8105855507927102]
["BELLERIVE FINANCE PLC",null,"LF Canlife UK Property ACS",null,3.1332610474755702]
["BEVAN BRITTAN LLP",null,"The Local Authorities’ Property Fund",null,3.1]
["BEVERAGE SERVICES LIMITED",null,"Royal London UK Real Estate Fund",null,4.7339988418155503]
["BEWI PACKAGING & COMPONENTS (UK) LTD",null,"AEW UK Real Return Fund",null,3.4]
["BLACKROCK INTERNATIONAL LIMITED",null,"CBRE UK Property PAIF",null,4.6332928071991999]
["Bloomberg L.P.",null,"M&G Property Portfolio",null,3.3108450756496599]
["BLUE DIAMOND UK LIMITED",null,"BlackRock Long Lease Property Fund",null,10.2861494275657]
["Bond Dickinson Service Company Limited",null,"M&G Property Portfolio",null,3.1332687417574698]
["BOOKER CASH AND CARRY LTD",null,"AEW UK Real Return Fund",null,7.7]
["BOOTS UK LIMITED",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,5.3903661974363803]
["BRINK'S LIMITED",null,"Airport Industrial Property Unit Trust",null,3.1]
["BRITISH TELECOMMUNICATIONS PUBLIC LIMITED COMPANY",null,"The Property Income Trust for Charities",null,5.5712791983026104]
["BUNZL UK LIMITED",null,"Nuveen Real Estate UK Property Fund",null,3]
["CADENT GAS LIMITED",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,4.7917673931267597]
["CAPITA PLC",null,"Lime Property Fund",null,2.8512116938730001]
["CARE UK COMMUNITY PARTNERSHIPS LTD",null,"AEW UK Real Return Fund",null,5.7]
["CARE UK COMMUNITY PARTNERSHIPS LTD",null,"AXA UK Long Lease Property Fund",null,9.0305110806887701]
["CARE UK COMMUNITY PARTNERSHIPS LTD",null,"BlackRock Long Lease Property Fund",null,7.2867754642100699]
["CARPETRIGHT PLC",null,"LF Canlife UK Property ACS",null,2.5450400035327201]
["CDS  SUPERSTORES INTERNATIONAL  LIMITED",null,"The Property Income Trust for Charities",null,2.8211367919990602]
["CDS (INTERNATIONAL SUPERSTORES) LTD T/A THE RANGE",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,3.9901166786066899]
["CDS (SUPERSTORES INTERNATIONAL) LIMITED",null,"LF Canlife UK Property ACS",null,3.4675456251416801]
["CELESTRA LIMITED",null,"AEW UK Real Return Fund",null,2.9]
["CEVA LOGISTICS LTD",null,"COIF Charities Property Fund",null,6.8680169371425803]
["CHECKOUT LTD",null,"Schroders Capital UK Real Estate",null,3.9]
["Churchill Retirement Living",null,"PGIM Real Estate UK Ground Lease Fund",null,11.120245790116201]
["CINEWORLD",null,"AEW UK Core Plus Property Fund",null,10.199999999999999]
["Cineworld Cinemas Ltd",null,"The Leisure Fund Limited Partnership",null,9.9]
["CIRCLE EXPRESS LTD",null,"Federated Hermes Property Unit Trust",null,3.0439434706316302]
["COOPER TIRE & RUBBER COMPANY EUROPE LTD",null,"AEW UK Core Plus Property Fund",null,4.5999999999999996]
["COOPERVISION MANUFACTURING LIMITED",null,"MC PUT",null,3.4]
["CURRYS GROUP LIMITED",null,"Tritax Property Income Fund",null,13.385082964174099]
["DAC BEACHCROFT LLP",null,"BlackRock UK Property Fund",null,3.48795267708025]
["DC MANAGEMENT SERVICES LIMITED",null,"The Local Authorities’ Property Fund",null,3.4]
["DFS FURNITURE COMPANY LIMITED",null,"Royal London Property Fund",null,3.4039734061911999]
["DHL SUPPLY CHAIN LIMITED",null,"Airport Industrial Property Unit Trust",null,2.7]
["DHL SUPPLY CHAIN LIMITED",null,"COIF Charities Property Fund",null,2.8418248306892799]
["DHL Supply Chain Limited",null,"L&G UK Property Fund",null,4.00980698430602]
["DHL SUPPLY CHAIN LTD",null,"The Local Authorities’ Property Fund",null,3.3]
["DHL SUPPLY CHAINS LTD",null,"AEW UK Core Plus Property Fund",null,7]
["DIGITAL LONDON LIMITED",null,"Airport Industrial Property Unit Trust",null,2.5]
["DNATA LTD",null,"Airport Industrial Property Unit Trust",null,20.7]
["DO & CO EVENT AIRLINE CATERING",null,"Airport Industrial Property Unit Trust",null,3.1]
["D'OVERBROECKS LIMITED",null,"The Charities Property Fund",null,3.2095280214692998]
["DPD GROUP UK LIMITED",null,"Tritax Property Income Fund",null,11.1084870333962]
["DPDGROUP UK LTD",null,"AXA UK Long Lease Property Fund",null,6.0815180144794896]
["DRIVELINE LIMITED",null,"AXA UK Long Lease Property Fund",null,3.4363913212917998]
["DSG RETAIL LTD",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,3.0496669039532001]
["EDDIE STOBART LIMITED",null,"Tritax Property Income Fund",null,9.1522768421277299]
["EDYN LTD (SACO)",null,"Federated Hermes Property Unit Trust",null,4.3020078156495201]
["EI GROUP PLC",null,"Federated Hermes Property Unit Trust",null,4.5268210811225096]
["Elemis Limited.",null,"CT UK Commercial Property Fund",null,3.8124394917725399]
["EMW LAW LLP",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,5.6923367274882901]
["ENQUEST HEATHER LIMITED",null,"PATRIZIA Hanover Property Unit Trust",null,11.117331985815801]
["Esure Property Ltd",null,"Fidelity UK Real Estate Fund",null,4.5349398239323602]
["EUROCLEAR SA/NV",null,"BlackRock UK Property Fund",null,2.9421014375799901]
["EV DOWNTON LTD",null,"COIF Charities Property Fund",null,4.1304591048471604]
["FAIRLINE YACHTS LTD",null,"AEW UK Core Plus Property Fund",null,5]
["FIRMDALE HOLDINGS LTD",null,"Royal London UK Real Estate Fund",null,3.0548692553135699]
["Freeths LLP",null,"Fidelity UK Real Estate Fund",null,2.9631709076830801]
["FURNITURE VILLAGE LIMITED",null,"Royal London Property Fund",null,3.5184951519646201]
["FUTURE GAMES OF LONDON",null,"Nuveen Real Estate Central London Office Fund",null,4.54]
["GENESIS OIL AND GAS CONSULTANTS LTD",null,"Royal London UK Real Estate Fund",null,2.9718695315683101]
["GO CARDLESS LTD",null,"Nuveen Real Estate Central London Office Fund",null,10.24]
["Goldsmith's University Of London",null,"Lothbury Property Trust",null,2.93]
["GREEN RETREATS LTD",null,"PATRIZIA Hanover Property Unit Trust",null,2.6849092808639101]
["GXO Logistics UK Ltd",null,"Fidelity UK Real Estate Fund",null,3.11347667836265]
["H & M HENNES & MAURITZ UK LIMITED",null,"LF Canlife UK Property ACS",null,2.51799455247862]
["H MART EUROPE LIMITED",null,"Tritax Property Income Fund",null,8.4349435743314292]
["H&M Hennes",null,"Aberdeen Standard UK Shopping Centre Trust",null,2.72]
["HAMMER HOLDINGS",null,"Nuveen Real Estate Central London Office Fund",null,2.79]
["HANOVER SOLAR PARKS (UK) LIMITED",null,"PATRIZIA Hanover Property Unit Trust",null,2.9136218442648798]
["HBH Hotel Stansted Limited",null,"L&G UK Property Fund",null,6.4226084392616096]
["HCA INTERNATIONAL LTD",null,"CBRE UK Property PAIF",null,3.0047865849813098]
["HHGL LIMITED",null,"Tritax Property Income Fund",null,6.3879422668972001]
["HOLLAND & BARRETT RETAIL LIMITED",null,"AXA UK Long Lease Property Fund",null,8.2536589102103495]
["Hotel",null,"Legal And General Managed Fund",null,3.8047177276272102]
["IBM UNITED KINGDON LIMITED (ASSIGNED TO KYNDRYL UK LIMITED)",null,"CBRE UK Property PAIF",null,2.8606117526478601]
["IMPERIAL COLLEGE OF SCIENCE, TECHNOLOGY AND MEDICINE",null,"Lime Property Fund",null,4.3355043708140002]
["INCLUSION HOUSING CIC",null,"AEW UK Real Return Fund",null,5.0999999999999996]
["Inditex",null,"Aberdeen Standard UK Shopping Centre Trust",null,10.36]
["Ingram Content Group UK Ltd.",null,"CT UK Commercial Property Fund",null,7.7910032792741202]
["INTELLIGENT PROCESSING SOLUTIONS",null,"COIF Charities Property Fund",null,3.9119684239817998]
["Into Newcastle University LLP",null,"Legal And General Managed Fund",null,2.9146496064717602]
["INTO University Of Exeter LLP",null,"L&G UK Property Fund",null,5.9619386662774101]
["J SAINSBURY PLC",null,"Lime Property Fund",null,7.2093240844100004]
["J Sainsbury plc / Sainsbury's Supermarkets Limited",null,"Standard Life Investments Long Lease Property Fund",null,4.1100000000000003]
["JD Sports",null,"Aberdeen Standard UK Shopping Centre Trust",null,4.2300000000000004]
["JESTICO& WHILES & ASSCOIATES LTD",null,"Nuveen Real Estate Central London Office Fund",null,3.77]
["JOHN LEWIS/WAITROSE",null,"Standard Life Pooled Property Pension Fund",null,7.7727415863906]
["JURYS HOTEL MANAGEMENT (UK) LTD",null,"AXA UK Long Lease Property Fund",null,12.302483308126]
["JURYS HOTEL MANAGEMENT (UK) LTD",null,"BlackRock Long Lease Property Fund",null,5.0843049181361399]
["JURY'S HOTEL MANAGEMENT LTD",null,"The Charities Property Fund",null,3.5]
["KAPLAN ESTATES LIMITED",null,"The Local Authorities’ Property Fund",null,3.8]
["KCCLP",null,"PGIM Real Estate UK Ground Lease Fund",null,3.5394247794348099]
["KEW GREEN HOTELS (YORK) LTD",null,"PATRIZIA Hanover Property Unit Trust",null,2.6148540022976801]
["KEYENCE (UK) LIMITED",null,"Tritax Property Income Fund",null,4.6612075126821297]
["KUEHNE + NAGEL LIMITED",null,"Airport Industrial Property Unit Trust",null,10.199999999999999]
["LANDMARK SPACE LTD",null,"Nuveen Real Estate Central London Office Fund",null,9.61]
["LAZER LAMPS LIMITED",null,"Nuveen Real Estate UK Property Fund",null,9.3000000000000007]
["LEEDS BECKETT UNIVERSITY",null,"Lime Property Fund",null,3.9418968478530001]
["LIVE NATION (MUSIC) UK LTD",null,"Standard Life Pooled Property Pension Fund",null,8.1065091341125708]
["LIVERPOOL FOOTBALL CLUB AND ATHLETIC",null,"MC PUT",null,3]
["LLOYDS TSB BANK PLC",null,"Schroders Capital UK Real Estate",null,2.6]
["London Think Tank",null,"M&G Property Portfolio",null,3.3669610938810099]
["LONDON WILTON ROAD CENTRE LIMITED",null,"Royal London UK Real Estate Fund",null,5.2098251540707103]
["MACMILLAN PUBLISHERS INTERNATIONAL LIMITED",null,"The Charities Property Fund",null,3.6981929834697902]
["Makita (UK) Ltd",null,"Fidelity UK Real Estate Fund",null,8.2678015323037695]
["Malmaison Trading Limited",null,"Lothbury Property Trust",null,4.82]
["MARKS & SPENCER PLC",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,5.8178806161497896]
["MARKS & SPENCER PLC",null,"The Local Authorities’ Property Fund",null,4]
["MARKS AND SPENCER P.L.C.",null,"Royal London UK Real Estate Fund",null,3.1196765937982902]
["MARSTON'S ESTATES LIMITED",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,4.1352118305560204]
["Marston's plc",null,"Standard Life Investments Long Lease Property Fund",null,4.76]
["MATALAN RETAIL LTD",null,"LF Canlife UK Property ACS",null,6.6370833106567897]
["MATALAN RETAIL LTD",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,3.7275800082081201]
["Matalan Retail Ltd.",null,"CT UK Commercial Property Fund",null,6.6416208600091604]
["MEGGITT AEROSPACE LIMITED",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,4.4254021344546901]
["Mitchells & Butler Retail Ltd",null,"The Leisure Fund Limited Partnership",null,2.7]
["MONTEFIORE HOSPITAL",null,"BlackRock Long Lease Property Fund",null,3.8559704802752601]
["MOORES FURNITURE GROUP LTD",null,"PATRIZIA Hanover Property Unit Trust",null,4.9107805343263298]
["MORRISONS",null,"BlackRock Long Lease Property Fund",null,7.3868579603739901]
["MOTEL ONE (UK) LTD",null,"abrdn UK Real Estate Fund",null,5.8984818046569103]
["MY SPACE HOUSING SOLUTIONS",null,"AEW UK Real Return Fund",null,2.6]
["Nandos",null,"The Leisure Fund Limited Partnership",null,3]
["NCP",null,"Aberdeen Standard UK Shopping Centre Trust",null,2.97]
["Next Group plc",null,"Standard Life Investments Long Lease Property Fund",null,3.42]
["NEXT PLC",null,"Lime Property Fund",null,4.3159637901029999]
["Next PLC",null,"Threadneedle Pensions Ltd",null,4.05]
["NIKE RETAIL BV (TURNOVER RENT)",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,3.3307425219614402]
["Novia Financial plc.",null,"CT UK Commercial Property Fund",null,4.2934292264817104]
["Novo Nordisk Ltd",null,"Fidelity UK Real Estate Fund",null,3.6200071255528301]
["Npower Commercial Gas Limited",null,"Fidelity UK Real Estate Fund",null,5.70629058838243]
["Nuffield Health",null,"The Leisure Fund Limited Partnership",null,2.9]
["O T GROUP LTD",null,"Triton Property Fund LP",null,4.1652843968849602]
["ODEON CINEMAS LTD",null,"BlackRock Long Lease Property Fund",null,6.1090486671877402]
["Odeon Cinemas Ltd",null,"The Leisure Fund Limited Partnership",null,14.6]
["OKA DIRECT LTD",null,"Tritax Property Income Fund",null,12.2962852008207]
["OLLECO - TURNOVER RENT",null,"PATRIZIA Hanover Property Unit Trust",null,2.5270641159189302]
["OXFORD INSTRUMENTS",null,"AXA UK Long Lease Property Fund",null,3.4395570562524602]
["Palletways UK Limited",null,"Lothbury Property Trust",null,3.39]
["PARTS ALLIANCE GROUP LTD",null,"Royal London Property Fund",null,3.5375990980319401]
["PCL 24/7 LTD",null,"Triton Property Fund LP",null,8.7470972334584101]
["Pentagon Freight Services plc.",null,"CT UK Commercial Property Fund",null,5.4285071961774598]
["PerkinElmer AES (UK) Limited.",null,"CT UK Commercial Property Fund",null,6.9951481055848301]
["PETS AT HOME LIMITED",null,"MC PUT",null,2.8]
["PINBOARD NOMINEE 1 LIMITED & PINBOARD NOMINEE 2 LTD",null,"PGIM Real Estate UK Ground Lease Fund",null,10.7200467417601]
["PINSENT MASON",null,"The Local Authorities’ Property Fund",null,2.6]
["POPULUS",null,"Nuveen Real Estate Central London Office Fund",null,5.4]
["POUNDLAND LTD",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,2.9629333540920602]
["PREMIER FARNELL UK LTD",null,"Standard Life Pooled Property Pension Fund",null,2.8726988831782201]
["PREMIER INN HOTELS LIMITED",null,"AXA UK Long Lease Property Fund",null,6.6264050796951999]
["Premier Inn Hotels Limited",null,"M&G Property Portfolio",null,3.95022661032825]
["PREMIER INN HOTELS LIMITED",null,"The Property Income Trust for Charities",null,4.8074458566557503]
["Premier Inn Hotels Limited / Whitbread plc",null,"Standard Life Investments Long Lease Property Fund",null,4.54]
["Premier Inn Hotels Limited.",null,"CT UK Commercial Property Fund",null,4.1887114404699597]
["PREMIER INN HOTELS LTD",null,"BlackRock Long Lease Property Fund",null,4.6583233007635503]
["PREMIER INN HOTELS LTD",null,"Royal London Property Fund",null,5.7758508954444903]
["PRIME LIFE LIMITED",null,"AEW UK Real Return Fund",null,18.2]
["PRINCIPAL HAYLEY GROUP LIMITED",null,"PGIM Real Estate UK Ground Lease Fund",null,14.741605078302101]
["Q Parks Ltd",null,"The Leisure Fund Limited Partnership",null,2.7]
["QVC",null,"Standard Life Investments Long Lease Property Fund",null,3.68]
["Red Ahead Storage Shed Limited",null,"L&G UK Property Fund",null,2.5745113276837501]
["REFRESCO DRINKS UK LIMITED",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,3.7806473274514198]
["REVOLUTION BARS LTD",null,"AEW UK Real Return Fund",null,2.6]
["RICARDO PLC",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,6.7174702497983203]
["RIVERBANK HOTEL HOLDING BV",null,"PGIM Real Estate UK Ground Lease Fund",null,5.64614152995249]
["RMH GUILDFORD LLP",null,"PGIM Real Estate UK Ground Lease Fund",null,3.9439441969189701]
["ROAR B2B LTD (CAT B)",null,"Nuveen Real Estate UK Property Fund",null,3.1]
["ROYAL MAIL GROUP LIMITED",null,"Standard Life Pooled Property Pension Fund",null,5.0029448579735103]
["RSW PROPCOLIMITED",null,"PGIM Real Estate UK Ground Lease Fund",null,4.5300813716242097]
["Saba Infra Uk Limited",null,"M&G Property Portfolio",null,4.6966020878637398]
["SAFEWAY STORES LIMITED",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,9.2770212777605501]
["SAGE (UK) LTD",null,"Fidelity UK Real Estate Fund",null,2.5616290413125902]
["SAINSBURYS",null,"Standard Life Pooled Property Pension Fund",null,3.6799272693513001]
["SAINSBURY'S SUPERMARKET LTD",null,"Federated Hermes Property Unit Trust",null,5.4526886033517501]
["Sainsbury's Supermarkets Limited",null,"Lothbury Property Trust",null,11.3]
["SAINSBURY'S SUPERMARKETS LTD",null,"BlackRock Long Lease Property Fund",null,6.9214536678082199]
["SAINSBURY'S SUPERMARKETS LTD",null,"CBRE UK Property PAIF",null,5.9864632411502301]
["Salford Villages Limited / University of Salford",null,"Standard Life Investments Long Lease Property Fund",null,3.77]
["Salts Healthcare Limited.",null,"CT UK Commercial Property Fund",null,7.8433621722799902]
["SAMWORTH BROTHERS LIMITED",null,"BlackRock UK Property Fund",null,2.5205025732665298]
["SCA INVESTMENTS LTD (GOUSTO)",null,"CBRE UK Property PAIF",null,3.7]
["SCHLUMBERGER OILFIELD UK PLC",null,"Royal London Property Fund",null,2.8101792004861799]
["SDTA PRODUCTIONS LTD",null,"BlackRock UK Property Fund",null,3.1506282165831601]
["SEC OF STATE FOR THE ENVIRONMENT",null,"MC PUT",null,4.4000000000000004]
["Secretary of State for Communites & Local Government",null,"Standard Life Investments Long Lease Property Fund",null,3.36]
["SELCO",null,"Royal London Property Fund",null,2.8636444985785499]
["SHARP ELECTRONICS (EUROPE) LTD.",null,"LF Canlife UK Property ACS",null,9.0726890813783108]
["SKY CP LIMITED",null,"The Property Income Trust for Charities",null,3.0809280882682999]
["SOUTH TEES NHS FOUNDATION TRUST",null,"AEW UK Real Return Fund",null,9.8000000000000007]
["SP Distribution Plc",null,"MC PUT",null,3.8]
["SPRINGER NATURE HOLDINGS LIMITED",null,"Nuveen Real Estate Central London Office Fund",null,34.880000000000003]
["STANDARD LIFE INVESTMENTS",null,"PGIM Real Estate UK Ground Lease Fund",null,4.1768426237047303]
["STAPLETON (TYRE SERVICES) LTD",null,"MC PUT",null,3.9]
["STAPLETON'S (TYRE SERVICES) LTD",null,"Royal London Property Fund",null,2.7896804142117499]
["STARK BUILDING MATERIALS UK LIMITED",null,"LF Canlife UK Property ACS",null,6.0043879142357204]
["STONEGATE PUB COMPANY LTD",null,"BlackRock Long Lease Property Fund",null,2.7270438951437899]
["SUPERDRUG",null,"Nuveen Real Estate UK Property Fund",null,3.7]
["SURREY COUNTY COUNCIL",null,"PATRIZIA Hanover Property Unit Trust",null,4.9567818931148704]
["SWISSPORT GB LIMITED",null,"Airport Industrial Property Unit Trust",null,7.9]
["Symington's Limited.",null,"CT UK Commercial Property Fund",null,4.2305985548746596]
["SYTNER PROPERTIES LTD T/A AUDI",null,"The Charities Property Fund",null,3.5851310703635502]
["TARMAC TRADING LTD",null,"MC PUT",null,3]
["TATA STEEL UK LTD",null,"Schroders Capital UK Real Estate",null,3.2]
["TELENT TECHNOLOGY SERVICES LIMITED",null,"Tritax Property Income Fund",null,4.0844186986266697]
["TESCO",null,"The Charities Property Fund",null,3.5449821066793801]
["TESCO PLC",null,"Threadneedle Property Unit Trust",null,2.5299999999999998]
["TESCO PROPERTY NOMINEES (NO'S 5&6) LTD",null,"abrdn UK Real Estate Fund",null,3.13003991151938]
["TESCO STORES LIMITED",null,"AXA UK Long Lease Property Fund",null,9.3115146590773907]
["Tesco Stores Limited",null,"Standard Life Investments Long Lease Property Fund",null,5.1100000000000003]
["Tesco Stores Ltd",null,"Lothbury Property Trust",null,6.25]
["TESCO STORES LTD",null,"Nuveen Real Estate UK Property Fund",null,3.7]
["The Bank Of New York Mellon",null,"Legal And General Managed Fund",null,2.5442739412637398]
["THE COURT OF EDINBURGH NAPIER UNIVERSITY",null,"AXA UK Long Lease Property Fund",null,4.6967481450207602]
["THE FARM POST PRODUCTION LIMITED",null,"Royal London Property Fund",null,6.4377240327963401]
["The Fresh Olive Company Ltd.",null,"CT UK Commercial Property Fund",null,6.0250710192097801]
["The Malmaison Hotel (Manchester) Limited",null,"L&G UK Property Fund",null,2.7202096806794498]
["THE OFFICE GROUP",null,"Schroders Capital UK Real Estate",null,4.9000000000000004]
["The Original Bowling Company Ltd",null,"The Leisure Fund Limited Partnership",null,4.5999999999999996]
["THE SECRETARY OF STATE",null,"Schroders Capital UK Real Estate",null,7.7]
["THE UNIVERSITY OF LINCOLN",null,"Standard Life Pooled Property Pension Fund",null,5.2633300270173802]
["THREE LITTLE BIRDS LPS LIMITED",null,"AEW UK Real Return Fund",null,8.3000000000000007]
["TJX UK",null,"Legal And General Managed Fund",null,2.5621523434257001]
["TJX UK LTD T/A TK MAXX",null,"Nuveen Real Estate UK Retail Warehouse Fund",null,4.4710862707693098]
["TP BENNETT",null,"abrdn UK Real Estate Fund",null,3.2993589483238202]
["TRANSLUX INTERNATIONAL LIMITED",null,"PATRIZIA Hanover Property Unit Trust",null,2.6124069551254401]
["Travelodge",null,"The Leisure Fund Limited Partnership",null,4.3]
["TRAVELODGE HOTELS LIMITED",null,"COIF Charities Property Fund",null,4.8914036116625503]
["Travelodge Hotels Limited",null,"M&G Property Portfolio",null,2.8183147836331002]
["TRAVELODGE HOTELS LTD",null,"BlackRock Long Lease Property Fund",null,4.0912784768743604]
["TRAVELODGE HOTELS LTD",null,"PATRIZIA Hanover Property Unit Trust",null,3.3098479830653802]
["TRAVELODGE HOTELS LTD",null,"The Charities Property Fund",null,6]
["TRAVELODGE HOTELS LTD",null,"The Local Authorities’ Property Fund",null,5.3]
["TRAVIS PERKINS",null,"Nuveen Real Estate UK Property Fund",null,3.5]
["UNIPART GROUP LIMITED",null,"BlackRock UK Property Fund",null,2.5128010376259899]
["UNIT 1 (PART GF) - NUVIAS (UK & IRELAND) LTD",null,"Nuveen Real Estate UK Property Fund",null,3.6]
["UNIT 2 (1ST F) - MCCARTHY & STONE RETIREMENT LIFESTYLES LTD",null,"Nuveen Real Estate UK Property Fund",null,2.9]
["UNIT 2 (GF) - FERNOX LTD",null,"Nuveen Real Estate UK Property Fund",null,3]
["University of Bath",null,"Lime Property Fund",null,2.9875119637030001]
["University of Durham",null,"Lothbury Property Trust",null,2.7]
["UNIVERSITY OF DURHAM",null,"Triton Property Fund LP",null,2.9151232320503202]
["UNIVERSITY OF WEST LONDON HIGHER EDUCATION CORPORATION",null,"AEW UK Core Plus Property Fund",null,4.3]
["Viapath Services LLP",null,"Standard Life Investments Long Lease Property Fund",null,4.7699999999999996]
["Vue Entertainment Ltd",null,"The Leisure Fund Limited Partnership",null,16]
["VWR INTERNATIONAL LTD",null,"COIF Charities Property Fund",null,3.0259017804411501]
["WAITROSE",null,"Royal London Property Fund",null,3.9045815565214999]
["WATCHES OF SWITZERLAND",null,"Aberdeen Standard UK Shopping Centre Trust",null,3.68]
["WEATHERFORD UK LIMITED",null,"abrdn UK Real Estate Fund",null,3.6045347888943202]
["WESTMINSTER WASTE LIMITED",null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,8.7057091169600493]
["WEWORK UK LEASECO I LTD",null,"Triton Property Fund LP",null,5.0935957639096099]
["WH Smith",null,"Aberdeen Standard UK Shopping Centre Trust",null,4.09]
["WHITBREAD PLC",null,"Lime Property Fund",null,10.700665752811]
["WICKES BUILDING SUPPLIES LTD",null,"COIF Charities Property Fund",null,2.8071995635054598]
["WICKES BUILDING SUPPLIES LTD",null,"LF Canlife UK Property ACS",null,3.8689533688954199]
["WICKES BUILDING SUPPLIES LTD",null,"MC PUT",null,7.3]
["WINCANTON HOLDINGS LIMITED",null,"The Property Income Trust for Charities",null,4.3525473470340303]
["WM MORRISON SUPERMARKETS PLC",null,"Lime Property Fund",null,5.0728312643770002]
["X-CEL SUPERTURN LTD",null,"Tritax Property Income Fund",null,4.7339889012998198]
["XPO SUPPLY CHAIN UK LIMITED",null,"Tritax Property Income Fund",null,6.9229519065534504]

{"sheet":"Portfolio Yields","index":61,"n_rows":74,"n_cols":11,"rows_kept":74,"cut":false,"hidden":false,"merged":[[73,0,73,3],[73,6,73,8],[70,0,70,3],[70,6,70,8],[71,0,71,3],[71,6,71,8],[72,0,72,3],[72,6,72,8],[67,0,67,3],[67,6,67,8],[68,0,68,3],[68,6,68,8],[69,0,69,3],[69,6,69,8],[64,0,64,3],[64,6,64,8],[65,0,65,3],[65,6,65,8],[66,0,66,3],[66,6,66,8],[61,0,61,3],[62,0,62,3],[61,6,61,8],[62,6,62,8],[63,0,63,3],[63,6,63,8],[58,0,58,3],[58,6,58,8],[59,0,59,3],[59,6,59,8],[60,0,60,3],[60,6,60,8],[47,6,47,8],[48,6,48,8],[49,6,49,8],[50,6,50,8],[51,6,51,8],[52,6,52,8],[47,0,47,3],[48,0,48,3],[49,0,49,3],[50,0,50,3],[51,0,51,3],[52,0,52,3],[42,0,42,3],[42,6,42,8],[43,0,43,3],[44,0,44,3],[45,0,45,3],[46,0,46,3],[43,6,43,8],[44,6,44,8],[45,6,45,8],[46,6,46,8],[32,6,32,8],[33,6,33,8],[34,6,34,8],[35,6,35,8],[36,0,36,3],[36,6,36,8],[26,6,26,8],[27,6,27,8],[28,6,28,8],[29,6,29,8],[30,6,30,8],[31,6,31,8],[34,0,34,3],[35,0,35,3],[29,0,29,3],[30,0,30,3],[31,0,31,3],[32,0,32,3],[33,0,33,3],[22,6,22,8],[23,6,23,8],[24,6,24,8],[25,6,25,8],[28,0,28,3],[22,0,22,3],[23,0,23,3],[24,0,24,3],[25,0,25,3],[26,0,26,3],[27,0,27,3],[17,0,17,3],[17,6,17,8],[18,0,18,3],[19,0,19,3],[20,0,20,3],[21,0,21,3],[13,0,13,3],[13,6,13,8],[14,0,14,3],[15,0,15,3],[16,0,16,3],[14,6,14,8],[15,6,15,8],[16,6,16,8],[18,6,18,8],[19,6,19,8],[20,6,20,8],[21,6,21,8],[9,0,9,3],[9,6,9,8],[10,0,10,3],[11,0,11,3],[12,0,12,3],[10,6,10,8],[11,6,11,8],[12,6,12,8],[5,0,5,3],[5,6,5,8],[6,0,6,3],[7,0,7,3],[8,0,8,3],[6,6,6,8],[7,6,7,8],[8,6,8,8]]}
[]
[]
["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,"5.21 / 5.05",null,"Authorised Property Unit Trusts  (un-weighted/weighted average)",null,null,"6.30 / 6.19","6.41 / 6.39"]
["M&G Property Portfolio",null,null,null,6.0064949741542604,null,"abrdn UK Real Estate Fund",null,null,0,6.5465415744389999]
["L&G UK Property Fund",null,null,null,4.9000000000000004,null,"L&G UK Property Fund",null,null,6.05,6.28]
["abrdn UK Real Estate Fund",null,null,null,4.7367996705989999,null,"M&G Property Portfolio",null,null,6.5585666257229098,0]
["Common Investment Funds  (un-weighted/weighted average)",null,null,null,"5.26 / 5.29",null,"Common Investment Funds  (un-weighted/weighted average)",null,null,"6.41 / 6.41","6.35 / 6.19"]
["The Property Income Trust for Charities",null,null,null,5.4,null,"COIF Charities Property Fund",null,null,6.57,6.84]
["The Charities Property Fund",null,null,null,5.3587912737411303,null,"The Charities Property Fund",null,null,0,5.7]
["COIF Charities Property Fund",null,null,null,5.0199999999999996,null,"The Property Income Trust for Charities",null,null,6.2590000000000003,6.5019999999999998]
["Managed Property Funds  (un-weighted/weighted average)",null,null,null,"4.91 / 4.86",null,"Managed Property Funds  (un-weighted/weighted average)",null,null,"5.94 / 6.09","6.58 / 6.59"]
["Threadneedle Pensions Ltd",null,null,null,5.9,null,"Legal And General Managed Fund",null,null,6.4107000000000003,0]
["Legal And General Managed Fund",null,null,null,4.6384400000000001,null,"Standard Life Pooled Property Pension Fund",null,null,5.46,5.65]
["Standard Life Pooled Property Pension Fund",null,null,null,4.2,null,"Threadneedle Pensions Ltd",null,null,0,7.5]
["Other balanced funds  (un-weighted/weighted average)",null,null,null,"4.75 / 4.62",null,"Other balanced funds  (un-weighted/weighted average)",null,null,"6.35 / 6.15","6.49 / 6.23"]
["AEW UK Core Plus Property Fund",null,null,null,6.15,null,"AEW UK Core Plus Property Fund",null,null,8.1199999999999992,8.52]
["Threadneedle Property Unit Trust",null,null,null,6,null,"BlackRock UK Property Fund",null,null,0,6.3750366350999998]
["Fidelity UK Real Estate Fund",null,null,null,5.81168500927037,null,"CBRE UK Property PAIF",null,null,0,5.6841447678500003]
["Schroders Capital UK Real Estate",null,null,null,5.4,null,"CT UK Commercial Property Fund",null,null,6.03,6.26]
["Nuveen Real Estate UK Property Fund",null,null,null,5.15,null,"Federated Hermes Property Unit Trust",null,null,6.12,6.35]
["PATRIZIA Hanover Property Unit Trust",null,null,null,5.1189999999999998,null,"Fidelity UK Real Estate Fund",null,null,0,7.0087460519140601]
["Royal London Property Fund",null,null,null,5.0907443579439997,null,"LF Canlife UK Property ACS",null,null,0,8.1897414099589998]
["The Local Authorities’ Property Fund",null,null,null,4.84,null,"Lothbury Property Trust",null,null,5.12,5.28]
["Federated Hermes Property Unit Trust",null,null,null,4.7300000000000004,null,"MC PUT",null,null,6.2,6.21]
["Tritax Property Income Fund",null,null,null,4.6100000000000003,null,"Nuveen Real Estate UK Property Fund",null,null,0,6.64]
["CT UK Commercial Property Fund",null,null,null,4.5199999999999996,null,"PATRIZIA Hanover Property Unit Trust",null,null,6.5250000000000004,6.5259999999999998]
["Triton Property Fund LP",null,null,null,4.413718147959,null,"Royal London Property Fund",null,null,0,6.0154160360370001]
["BlackRock UK Property Fund",null,null,null,4.3339614569310001,null,"Royal London UK Real Estate Fund",null,null,0,5.5604317801430003]
["Lothbury Property Trust",null,null,null,4.21,null,"Schroders Capital UK Real Estate",null,null,0,6.2]
["CBRE UK Property PAIF",null,null,null,4.0999999999999996,null,"The Local Authorities’ Property Fund",null,null,6.36,6.61]
["MC PUT",null,null,null,4.08,null,"Threadneedle Property Unit Trust",null,null,0,7.5]
["Royal London UK Real Estate Fund",null,null,null,3.822243417833,null,"Tritax Property Income Fund",null,null,0,5.89]
["LF Canlife UK Property ACS",null,null,null,3.128130031949,null,"Triton Property Fund LP",null,null,0,6.0372494229719997]
["All Balanced Funds (un-weighted/weighted average)",null,null,null,"4.88 / 4.77",null,"All Balanced Funds (un-weighted/weighted average)",null,null,"6.29 / 6.16","6.48 / 6.28"]
[]
[]
[]
["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,"5.28 / 5.04",null,"Long Income Property Funds  (un-weighted/weighted average)",null,null,"5.59 / 5.03","6.04 / 5.44"]
["AEW UK Real Return Fund",null,null,null,6.96,null,"AEW UK Real Return Fund",null,null,7.98,8.4]
["BlackRock Long Lease Property Fund",null,null,null,6.1650318520939997,null,"AXA UK Long Lease Property Fund",null,null,0,6.3295387320029999]
["KFIM Long Income Property Unit Trust",null,null,null,5.9197358967470004,null,"BlackRock Long Lease Property Fund",null,null,0,5.7259228610479997]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,5.730241819582,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,0,6.4005991163870002]
["AXA UK Long Lease Property Fund",null,null,null,5.33,null,"KFIM Long Income Property Unit Trust",null,null,0,5.7510151065470003]
["M&G Secure Property Income Fund",null,null,null,5.26,null,"Lime Property Fund",null,null,0,5.0207070279049999]
["Lime Property Fund",null,null,null,4.9495115678110002,null,"LPI (Limited Price Inflation) Income Property Fund",null,null,0,5.2590397684800001]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,4.6230696246100003,null,"M&G Secure Property Income Fund",null,null,0,0]
["Standard Life Investments Long Lease Property Fund",null,null,null,4.58,null,"PGIM Real Estate UK Ground Lease Fund",null,null,3.56,0]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,3.31,null,"Standard Life Investments Long Lease Property Fund",null,null,5.22,5.4]
[]
[]
[]
["Specialist funds"]
["Initial Yield",null,null,null,"%",null,"Equivalent Yield",null,null,"Nominal %","True %"]
["Healthcare  (un-weighted/weighted average)",null,null,null,"- / -",null,"Healthcare  (un-weighted/weighted average)",null,null,"- / -","- / -"]
["Octopus Healthcare Fund",null,null,null,0,null,"Octopus Healthcare Fund",null,null,0,0]
["Industrial  (un-weighted/weighted average)",null,null,null,"3.60 / 3.72",null,"Industrial  (un-weighted/weighted average)",null,null,"5.07 / 5.04","5.20 / 5.20"]
["Industrial Property Investment Fund",null,null,null,3.8,null,"Airport Industrial Property Unit Trust",null,null,5.0999999999999996,0]
["Airport Industrial Property Unit Trust",null,null,null,3.4,null,"Industrial Property Investment Fund",null,null,5.03,5.2]
["Leisure  (un-weighted/weighted average)",null,null,null,"7.10 / 7.10",null,"Leisure  (un-weighted/weighted average)",null,null,"7.50 / 7.50","7.80 / 7.80"]
["The Leisure Fund Limited Partnership",null,null,null,7.1,null,"The Leisure Fund Limited Partnership",null,null,7.5,7.8]
["Offices  (un-weighted/weighted average)",null,null,null,"4.26 / 4.26",null,"Offices  (un-weighted/weighted average)",null,null,"- / -","6.25 / 6.25"]
["Nuveen Real Estate Central London Office Fund",null,null,null,4.2562736520720001,null,"Nuveen Real Estate Central London Office Fund",null,null,0,6.2457641116370004]
["Residential  (un-weighted/weighted average)",null,null,null,"5.14 / 5.14",null,"Residential  (un-weighted/weighted average)",null,null,"- / -","- / -"]
["UNITE UK Student Accommodation Fund",null,null,null,5.1427147741636396,null,"UNITE UK Student Accommodation Fund",null,null,0,0]
["Retail warehouses  (un-weighted/weighted average)",null,null,null,"5.39 / 5.39",null,"Retail warehouses  (un-weighted/weighted average)",null,null,"- / -","6.31 / 6.31"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,5.39,null,"Nuveen Real Estate UK Retail Warehouse Fund",null,null,0,6.31]
["Shopping centres  (un-weighted/weighted average)",null,null,null,"7.76 / 7.76",null,"Shopping centres  (un-weighted/weighted average)",null,null,"- / -","8.54 / 8.54"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,7.76,null,"Aberdeen Standard UK Shopping Centre Trust",null,null,0,8.5399999999999991]
["All Specialist Funds (un-weighted/weighted average)",null,null,null,"5.26 / 4.71",null,"All Specialist Funds (un-weighted/weighted average)",null,null,"5.88 / 5.29","6.82 / 5.92"]

{"sheet":"Average Lot Size","index":62,"n_rows":69,"n_cols":11,"rows_kept":69,"cut":false,"hidden":false,"merged":[[68,0,68,3],[68,6,68,9],[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],[56,0,56,3],[56,6,56,9],[57,0,57,3],[57,6,57,9],[58,0,58,3],[58,6,58,9],[53,0,53,3],[53,6,53,9],[54,0,54,3],[54,6,54,9],[55,0,55,3],[55,6,55,9],[47,0,47,3],[47,6,47,9],[48,0,48,3],[48,6,48,9],[49,0,49,3],[49,6,49,9],[44,0,44,3],[44,6,44,9],[45,0,45,3],[45,6,45,9],[46,0,46,3],[46,6,46,9],[41,0,41,3],[41,6,41,9],[42,0,42,3],[42,6,42,9],[43,0,43,3],[43,6,43,9],[35,0,35,3],[35,6,35,9],[39,0,39,3],[39,6,39,9],[40,0,40,3],[40,6,40,9],[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,19.87158395522388,null,"Authorised Property Unit Trusts (weighted average)",null,null,null,2.2388059701492535]
["M&G Property Portfolio",null,null,null,18.787500000000001,null,"L&G UK Property Fund",null,null,null,1.4685705792988344]
["L&G UK Property Fund",null,null,null,19.468560606060606,null,"abrdn UK Real Estate Fund",null,null,null,2.3809523782753255]
["abrdn UK Real Estate Fund",null,null,null,21.176005952380951,null,"M&G Property Portfolio",null,null,null,3.5773087695257293]
["Common Investment Funds (weighted average)",null,null,null,10.64363426851852,null,"Common Investment Funds (weighted average)",null,null,null,1.3888888888888888]
["The Charities Property Fund",null,null,null,9.9678318584070791,null,"The Charities Property Fund",null,null,null,0.88495575142671545]
["COIF Charities Property Fund",null,null,null,10.290454563636365,null,"COIF Charities Property Fund",null,null,null,1.8181818181818183]
["The Property Income Trust for Charities",null,null,null,12.639270854166668,null,"The Property Income Trust for Charities",null,null,null,2.083333333333333]
["Managed Property Funds (weighted average)",null,null,null,19.811667924528304,null,"Managed Property Funds (weighted average)",null,null,null,1.1320754716981134]
["Threadneedle Pensions Ltd",null,null,null,8.5873255813953495,null,"Threadneedle Pensions Ltd",null,null,null,0.57093125225769914]
["Legal And General Managed Fund",null,null,null,38.403032786885248,null,"Legal And General Managed Fund",null,null,null,1.3637740992609402]
["Standard Life Pooled Property Pension Fund",null,null,null,44.702718750000003,null,"Standard Life Pooled Property Pension Fund",null,null,null,3.0868525858586553]
["Other balanced funds (weighted average)",null,null,null,19.200001153786406,null,"Other balanced funds (weighted average)",null,null,null,2.3058252427184467]
["AEW UK Core Plus Property Fund",null,null,null,5.9086842105263164,null,"BlackRock UK Property Fund",null,null,null,0.78125]
["MC PUT",null,null,null,6.7823077179487177,null,"Threadneedle Property Unit Trust",null,null,null,0.91817920880890602]
["CT UK Commercial Property Fund",null,null,null,7.6993749999999999,null,"The Local Authorities’ Property Fund",null,null,null,1.3310067850471095]
["Nuveen Real Estate UK Property Fund",null,null,null,8.1573529411764714,null,"Royal London UK Real Estate Fund",null,null,null,1.4542698475936187]
["Threadneedle Property Unit Trust",null,null,null,8.5779906542056086,null,"Federated Hermes Property Unit Trust",null,null,null,1.5384615370265402]
["LF Canlife UK Property ACS",null,null,null,8.8336538461538474,null,"AEW UK Core Plus Property Fund",null,null,null,1.7543859544941574]
["Tritax Property Income Fund",null,null,null,13.360000000000001,null,"Schroders Capital UK Real Estate",null,null,null,1.8814910719824292]
["Fidelity UK Real Estate Fund",null,null,null,13.892424272727272,null,"CBRE UK Property PAIF",null,null,null,2.4390243902439024]
["The Local Authorities’ Property Fund",null,null,null,14.807333346666667,null,"MC PUT",null,null,null,2.5641025641025639]
["Federated Hermes Property Unit Trust",null,null,null,16.493846153846153,null,"Lothbury Property Trust",null,null,null,2.7777777777777777]
["BlackRock UK Property Fund",null,null,null,19.719924450937501,null,"Fidelity UK Real Estate Fund",null,null,null,3.0303030303030303]
["CBRE UK Property PAIF",null,null,null,27.912804902439024,null,"Triton Property Fund LP",null,null,null,3.3851287680124251]
["Lothbury Property Trust",null,null,null,28.064983333333331,null,"LF Canlife UK Property ACS",null,null,null,3.8307258490228051]
["PATRIZIA Hanover Property Unit Trust",null,null,null,34.346874999999997,null,"CT UK Commercial Property Fund",null,null,null,4.1666666441179387]
["Schroders Capital UK Real Estate",null,null,null,35.940364340000002,null,"Nuveen Real Estate UK Property Fund",null,null,null,5.8823528987582057]
["Triton Property Fund LP",null,null,null,36.879928571428572,null,"PATRIZIA Hanover Property Unit Trust",null,null,null,6.2499999886270583]
["Royal London UK Real Estate Fund",null,null,null,42.520820895522391,null,"Tritax Property Income Fund",null,null,null,6.5485776430539735]
["All Balanced Funds (weighted average)",null,null,null,18.690852951161311,null,"All Balanced Funds (weighted average)",null,null,null,2.0103319191784941]
[]
["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,15.654129061484916,null,"Long Income Property Funds (weighted average)",null,null,null,1.160092807424594]
["AEW UK Real Return Fund",null,null,null,2.7924000000000002,null,"M&G Secure Property Income Fund",null,null,null,0.52469924683871427]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,4.8551679999999999,null,"PGIM Real Estate UK Ground Lease Fund",null,null,null,0.8]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,7.3235000000000001,null,"KFIM Long Income Property Unit Trust",null,null,null,0.90909090809424065]
["KFIM Long Income Property Unit Trust",null,null,null,8.2920880363636371,null,"Standard Life Investments Long Lease Property Fund",null,null,null,0.95857912186426386]
["AXA UK Long Lease Property Fund",null,null,null,10.813684210526317,null,"Lime Property Fund",null,null,null,1.2048192766877293]
["BlackRock Long Lease Property Fund",null,null,null,13.7735,null,"BlackRock Long Lease Property Fund",null,null,null,1.4285714270897309]
["M&G Secure Property Income Fund",null,null,null,17.939725270270269,null,"LPI (Limited Price Inflation) Income Property Fund",null,null,null,1.4705882352941178]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,22.612500014705883,null,"AEW UK Real Return Fund",null,null,null,1.9999999713508101]
["Standard Life Investments Long Lease Property Fund",null,null,null,24.46728155339806,null,"AXA UK Long Lease Property Fund",null,null,null,2.6315789473684212]
["Lime Property Fund",null,null,null,34.503787843373495,null,"Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,3.3333333181614746]
[]
["Specialist funds"]
[null,null,null,null,"GBPm",null,null,null,null,null,"% of total portfolio"]
["Healthcare (weighted average)",null,null,null,13.57123086955102,null,"Healthcare (weighted average)",null,null,null,1.0204081632653061]
["Octopus Healthcare Fund",null,null,null,13.57123086955102,null,"Octopus Healthcare Fund",null,null,null,1.0204081632653061]
["Industrial (weighted average)",null,null,null,19.06739930927835,null,"Industrial (weighted average)",null,null,null,1.0309278350515463]
["Industrial Property Investment Fund",null,null,null,17.247603849710984,null,"Industrial Property Investment Fund",null,null,null,0.57802441480166034]
["Airport Industrial Property Unit Trust",null,null,null,34.059047619047618,null,"Airport Industrial Property Unit Trust",null,null,null,4.7619047552469898]
["Leisure (weighted average)",null,null,null,23.318055555555556,null,"Leisure (weighted average)",null,null,null,5.5555555555555554]
["The Leisure Fund Limited Partnership",null,null,null,23.318055555555556,null,"The Leisure Fund Limited Partnership",null,null,null,5.5555555423193761]
["Offices (weighted average)",null,null,null,34.36927272727273,null,"Offices (weighted average)",null,null,null,9.0909090909090917]
["Nuveen Real Estate Central London Office Fund",null,null,null,34.36927272727273,null,"Nuveen Real Estate Central London Office Fund",null,null,null,9.090909066863011]
["Residential (weighted average)",null,null,null,42.988897058823525,null,"Residential (weighted average)",null,null,null,1.4705882352941175]
["UNITE UK Student Accommodation Fund",null,null,null,42.988897058823525,null,"UNITE UK Student Accommodation Fund",null,null,null,1.4705882352941175]
["Retail warehouses (weighted average)",null,null,null,45.990555555555559,null,"Retail warehouses (weighted average)",null,null,null,11.111111111111112]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,45.990555555555559,null,"Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,11.111111084267169]
["Shopping centres (weighted average)",null,null,null,206.60136420500001,null,"Shopping centres (weighted average)",null,null,null,50]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,206.60136420500001,null,"Aberdeen Standard UK Shopping Centre Trust",null,null,null,49.999999878994025]
["All Specialist Funds (weighted average)",null,null,null,23.943147064065002,null,"All Specialist Funds (weighted average)",null,null,null,2.0000110691993052]

{"sheet":"10 Largest Direct Investment","index":63,"n_rows":69,"n_cols":11,"rows_kept":69,"cut":false,"hidden":false,"merged":[[68,0,68,10],[56,0,56,9],[57,0,57,9],[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],[55,0,55,9],[42,0,42,9],[43,0,43,9],[44,0,44,9],[45,0,45,9],[46,0,46,9],[47,0,47,9],[48,0,48,9],[51,0,51,9],[52,0,52,9],[53,0,53,9],[54,0,54,9],[41,0,41,9],[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],[38,0,38,9],[39,0,39,9],[40,0,40,9],[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,"49.4 / 16.0"]
["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]
["abrdn UK Real Estate Fund",null,null,null,null,null,null,null,null,null,49.438253988115754]
["Common Investment Funds  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"42.0 / 21.3"]
["The Charities Property Fund",null,null,null,null,null,null,null,null,null,0]
["The Property Income Trust for Charities",null,null,null,null,null,null,null,null,null,37.111515799613443]
["COIF Charities Property Fund",null,null,null,null,null,null,null,null,null,46.804187381414039]
["Managed Property Funds  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"44.5 / 22.6"]
["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,24.692654899204904]
["Standard Life Pooled Property Pension Fund",null,null,null,null,null,null,null,null,null,64.223480680723526]
["Other balanced funds  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"56.5 / 16.8"]
["Schroders Capital UK Real Estate",null,null,null,null,null,null,null,null,null,0]
["CBRE UK Property PAIF",null,null,null,null,null,null,null,null,null,0]
["Royal London Property Fund",null,null,null,null,null,null,null,null,null,0]
["Threadneedle Property Unit Trust",null,null,null,null,null,null,null,null,null,0]
["Triton Property Fund LP",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]
["Tritax Property Income 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]
["BlackRock UK Property Fund",null,null,null,null,null,null,null,null,null,0]
["The Local Authorities’ Property Fund",null,null,null,null,null,null,null,null,null,33.712626240314492]
["Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,null,null,42.939091462606946]
["MC PUT",null,null,null,null,null,null,null,null,null,48.268496282679315]
["AEW UK Core Plus Property Fund",null,null,null,null,null,null,null,null,null,48.857613391780681]
["Fidelity UK Real Estate Fund",null,null,null,null,null,null,null,null,null,54.340713154453681]
["Lothbury Property Trust",null,null,null,null,null,null,null,null,null,61.957397682402558]
["CT UK Commercial Property Fund",null,null,null,null,null,null,null,null,null,64.480341670155354]
["LF Canlife UK Property ACS",null,null,null,null,null,null,null,null,null,66.435385661598488]
["PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,null,null,87.344190542545377]
["All Balanced Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"52.2 / 18.3"]
[]
["Long Income Property Funds %"]
["Long Income Property Funds  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"43.1 / 16.6"]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,null,null,null,null,null,null,0]
["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]
["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,33.344394588264699]
["Lime Property Fund",null,null,null,null,null,null,null,null,null,34.873593861036781]
["AEW UK Real Return Fund",null,null,null,null,null,null,null,null,null,46.236211914679679]
["PGIM Real Estate UK Ground Lease Fund",null,null,null,null,null,null,null,null,null,57.76129682845167]
[]
["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,"81.3 / 81.3"]
["The Leisure Fund Limited Partnership",null,null,null,null,null,null,null,null,null,81.344928033009879]
["Offices  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"98.3 / 98.3"]
["Nuveen Real Estate Central London Office Fund",null,null,null,null,null,null,null,null,null,98.31826499802078]
["Residential  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"30.3 / 30.3"]
["UNITE UK Student Accommodation Fund",null,null,null,null,null,null,null,null,null,30.270298931495649]
["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]
["Shopping centres  (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"- / -"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,null,null,0]
["All Specialist Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,null,null,"70.0 / 16.7"]
[]
["* And other funds in which only Charities are allowed to invest"]

{"sheet":"Voids as % of ERV","index":64,"n_rows":71,"n_cols":11,"rows_kept":71,"cut":false,"hidden":false,"merged":[[70,0,70,7],[59,0,59,7],[60,0,60,7],[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],[58,0,58,7],[44,0,44,7],[45,0,45,7],[46,0,46,7],[47,0,47,7],[48,0,48,7],[49,0,49,7],[50,0,50,7],[51,0,51,7],[55,0,55,7],[56,0,56,7],[57,0,57,7],[43,0,43,7],[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],[37,0,37,10],[41,0,41,7],[42,0,42,7],[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,"9.3 / 9.0","2.5 / 2.4","12.1 / 8.6"]
["L&G UK Property Fund",null,null,null,null,null,null,null,8.36,5,13.36]
["abrdn UK Real Estate Fund",null,null,null,null,null,null,null,8.68933976822,0,0]
["M&G Property Portfolio",null,null,null,null,null,null,null,10.8691445237124,0,10.8691445237124]
["Common Investment Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"4.1 / 3.7","3.8 / 2.1","9.0 / 4.9"]
["The Charities Property Fund",null,null,null,null,null,null,null,1.93460169097822,0,0]
["COIF Charities Property Fund",null,null,null,null,null,null,null,4.2,7.6000000000000005,11.8]
["The Property Income Trust for Charities",null,null,null,null,null,null,null,6.1,0,6.1]
["Managed Property Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"10.2 / 10.4","1.0 / 0.7","11.2 / 11.2"]
["Standard Life Pooled Property Pension Fund",null,null,null,null,null,null,null,8.9519648167222403,2.9688338462503605,11.920798662972601]
["Threadneedle Pensions Ltd",null,null,null,null,null,null,null,10.4,0,10.4]
["Legal And General Managed Fund",null,null,null,null,null,null,null,11.29,0,11.29]
["Other balanced funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"11.0 / 9.8","1.1 / 0.5","11.0 / 7.2"]
["Lothbury Property Trust",null,null,null,null,null,null,null,2.0499999999999998,10.68,12.73]
["Triton Property Fund LP",null,null,null,null,null,null,null,3.4975816711809999,0,3.4975816711809999]
["Royal London Property Fund",null,null,null,null,null,null,null,6.036482971481,0,6.036482971481]
["Schroders Capital UK Real Estate",null,null,null,null,null,null,null,6.4,0,0]
["Tritax Property Income Fund",null,null,null,null,null,null,null,7.2,0,7.2]
["Threadneedle Property Unit Trust",null,null,null,null,null,null,null,7.9,0,7.9]
["CBRE UK Property PAIF",null,null,null,null,null,null,null,8.2068749652669997,0,8.2068749652669997]
["Royal London UK Real Estate Fund",null,null,null,null,null,null,null,8.6430993956718396,1.9919643265971612,10.635063722269001]
["BlackRock UK Property Fund",null,null,null,null,null,null,null,9.2260000000000009,0,0]
["The Local Authorities’ Property Fund",null,null,null,null,null,null,null,9.3000000000000007,2.2299999999999986,11.53]
["Nuveen Real Estate UK Property Fund",null,null,null,null,null,null,null,11.027214479826,0,11.027214479826]
["Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,12.4,0,12.4]
["CT UK Commercial Property Fund",null,null,null,null,null,null,null,14.033400332276001,0,0]
["MC PUT",null,null,null,null,null,null,null,14.3,0,14.3]
["Fidelity UK Real Estate Fund",null,null,null,null,null,null,null,14.690608035108401,0,14.690608035108401]
["PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,15.451000000000001,0,15.451000000000001]
["AEW UK Core Plus Property Fund",null,null,null,null,null,null,null,18.8,0,18.8]
["LF Canlife UK Property ACS",null,null,null,null,null,null,null,29.659844548273998,0,0]
["All Balanced Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"10.0 / 9.3","1.5 / 0.9","11.0 / 8.0"]
["* 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,"0.7 / 0.7","0.0 / 0.0","1.7 / 0.7"]
["Fiera Real Estate Long Income Fund UK (FRELIF)",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]
["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]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,null,null,null,null,5.9625434610000002E-3,0,0]
["KFIM Long Income Property Unit Trust",null,null,null,null,null,null,null,0.51199491133800001,0,0]
["Lime Property Fund",null,null,null,null,null,null,null,1.37059318046,0,1.37059318046]
["Standard Life Investments Long Lease Property Fund",null,null,null,null,null,null,null,1.86,0,1.86]
["AEW UK Real Return Fund",null,null,null,null,null,null,null,3.53,0,3.53]
[]
["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,"0.0 / 0.0","0.0 / 0.0","0.0 / 0.0"]
["Octopus Healthcare Fund",null,null,null,null,null,null,null,0,0,0]
["Industrial (un-weighted/weighted average)",null,null,null,null,null,null,null,"11.1 / 8.6","2.3 / 1.9","9.4 / 7.6"]
["Industrial Property Investment Fund",null,null,null,null,null,null,null,7.1,2.3000000000000007,9.4]
["Airport Industrial Property Unit Trust",null,null,null,null,null,null,null,15,0,0]
["Leisure (un-weighted/weighted average)",null,null,null,null,null,null,null,"5.2 / 5.2","0.0 / 0.0","5.2 / 5.2"]
["The Leisure Fund Limited Partnership",null,null,null,null,null,null,null,5.2,0,5.2]
["Offices (un-weighted/weighted average)",null,null,null,null,null,null,null,"13.1 / 13.1","17.3 / 17.3","30.4 / 30.4"]
["Nuveen Real Estate Central London Office Fund",null,null,null,null,null,null,null,13.080509651231999,17.269490348768002,30.35]
["Residential (un-weighted/weighted average)",null,null,null,null,null,null,null,"2.1 / 2.1","0.0 / 0.0","2.1 / 2.1"]
["UNITE UK Student Accommodation Fund",null,null,null,null,null,null,null,2.0518544344802798,0,2.0518544344802798]
["Retail warehouses (un-weighted/weighted average)",null,null,null,null,null,null,null,"7.2 / 7.2","0.0 / 0.0","0.0 / 0.0"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,null,null,null,null,7.18,0,0]
["Shopping centres (un-weighted/weighted average)",null,null,null,null,null,null,null,"6.4 / 6.4","0.0 / 0.0","6.4 / 6.4"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,6.35,0,6.35]
["All Specialist Funds (un-weighted/weighted average)",null,null,null,null,null,null,null,"8.0 / 5.5","3.9 / 1.5","10.7 / 5.6"]

{"sheet":"Reversionary Potential","index":65,"n_rows":72,"n_cols":11,"rows_kept":72,"cut":false,"hidden":false,"merged":[[71,0,71,10],[59,0,59,7],[60,0,60,7],[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],[69,0,69,10],[58,0,58,7],[44,0,44,7],[45,0,45,7],[46,0,46,7],[47,0,47,7],[48,0,48,7],[49,0,49,7],[50,0,50,7],[54,0,54,7],[55,0,55,7],[56,0,56,7],[57,0,57,7],[43,0,43,7],[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],[36,0,36,10],[40,0,40,7],[41,0,41,7],[42,0,42,7],[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"]
["abrdn UK Real Estate Fund",null,null,null,null,null,null,null,-5.9351743916739998,24.350075733375999,18.414901341701999]
["L&G UK Property Fund",null,null,null,null,null,null,null,-10.419791551768,18.055788102097999,7.6359965503299989]
["M&G Property Portfolio",null,null,null,null,null,null,null,-15.44,5.1890000000000001,-10.250999999999999]
["Common Investment Funds"]
["The Property Income Trust for Charities",null,null,null,null,null,null,null,-4.1417840224000004,19.234884769450002,15.093100747050002]
["COIF Charities Property Fund",null,null,null,null,null,null,null,-4.3442260175709704,26.110706542728,21.766480525157029]
["The Charities Property Fund",null,null,null,null,null,null,null,-6.0615422627382998,6.3019170108051004,0.24037474806680059]
["Managed Property Funds"]
["Standard Life Pooled Property Pension Fund",null,null,null,null,null,null,null,-0.96574340428818295,32.7202044114388,31.754461007150617]
["Threadneedle Pensions Ltd",null,null,null,null,null,null,null,"-","-","-"]
["Legal And General Managed Fund",null,null,null,null,null,null,null,"-","-","-"]
["Other balanced funds"]
["Nuveen Real Estate UK Property Fund",null,null,null,null,null,null,null,-2.881829902187,35.038288266096004,32.156458363909003]
["The Local Authorities’ Property Fund",null,null,null,null,null,null,null,-2.9032,22.388999999999999,19.485799999999998]
["MC PUT",null,null,null,null,null,null,null,-3.0437379383760002,55.042392312765998,51.99865437439]
["CT UK Commercial Property Fund",null,null,null,null,null,null,null,-3.2460359618779999,30.977446338770999,27.731410376892999]
["BlackRock UK Property Fund",null,null,null,null,null,null,null,-3.6420375626333601,18.166826455384101,14.52478889275074]
["LF Canlife UK Property ACS",null,null,null,null,null,null,null,-5.4745607810510002,74.007624342232006,68.53306356118101]
["Tritax Property Income Fund",null,null,null,null,null,null,null,-5.657790524448,26.823124335940999,21.165333811492999]
["Schroders Capital UK Real Estate",null,null,null,null,null,null,null,-5.8904381662130003,19.068218348628299,13.177780182415299]
["Royal London Property Fund",null,null,null,null,null,null,null,-6.0491766981420003,13.978475321521,7.9292986233789993]
["Triton Property Fund LP",null,null,null,null,null,null,null,-6.5601672308949999,11.075104370636,4.5149371397409999]
["Royal London UK Real Estate Fund",null,null,null,null,null,null,null,-6.7078560522309996,45.746441453027998,39.038585400796997]
["Federated Hermes Property Unit Trust",null,null,null,null,null,null,null,-7.2595178737179999,19.419616577199999,12.160098703481999]
["AEW UK Core Plus Property Fund",null,null,null,null,null,null,null,-7.86574432658663,16.512793123359302,8.6470487967726726]
["PATRIZIA Hanover Property Unit Trust",null,null,null,null,null,null,null,-10.425783541556999,23.084838693706999,12.65905515215]
["Threadneedle Property Unit Trust",null,null,null,null,null,null,null,"-","-","-"]
["CBRE UK Property PAIF",null,null,null,null,null,null,null,"-",27.711408135538999,"-"]
["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,-0.170249692067,8.2289971003360005,8.0587474082690012]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,null,null,null,null,-1.3835300221169999,5.1962054020600004,3.8126753799430002]
["AEW UK Real Return Fund",null,null,null,null,null,null,null,-9.2636838086739992,3.9786556744521899,-5.2850281342218093]
["Standard Life Investments Long Lease Property Fund",null,null,null,null,null,null,null,-9.7738703761595698,14.32,4.5461296238404305]
["AXA UK Long Lease Property Fund",null,null,null,null,null,null,null,-10.598640345603,8.0623858991540001,-2.536254446449]
["LPI (Limited Price Inflation) Income Property Fund",null,null,null,null,null,null,null,-12.327830322159,5.926819176994,-6.4010111451650005]
["M&G Secure Property Income Fund",null,null,null,null,null,null,null,-16,14.8439478784905,-1.1560521215095001]
["BlackRock Long Lease Property Fund",null,null,null,null,null,null,null,-18.616807427847998,-15.706997923881,-34.323805351729]
["Lime Property Fund",null,null,null,null,null,null,null,-21.108395475847001,-16.433027828213,-37.541423304060004]
["KFIM Long Income Property Unit Trust",null,null,null,null,null,null,null,"-","-","-"]
[]
["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,-7.2209342601859996,-1.183759737835,-8.4046939980209991]
["Industrial"]
["Airport Industrial Property Unit Trust",null,null,null,null,null,null,null,-0.107469515867,57.108571323158998,57.001101807291995]
["Industrial Property Investment Fund",null,null,null,null,null,null,null,-1.8998110070709999,35.631654945546003,33.731843938475002]
["Leisure"]
["The Leisure Fund Limited Partnership",null,null,null,null,null,null,null,-14.059034911747,-5.2813774978190002,-19.340412409565999]
["Offices"]
["Nuveen Real Estate Central London Office Fund",null,null,null,null,null,null,null,-0.81449418695099995,84.945795604118999,84.131301417168004]
["Residential"]
["UNITE UK Student Accommodation Fund",null,null,null,null,null,null,null,"-","-","-"]
["Retail warehouses"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,null,null,null,null,null,null,-9.9,15.798261710195799,5.8982617101957988]
["Shopping centres"]
["Aberdeen Standard UK Shopping Centre Trust",null,null,null,null,null,null,null,-40.114144206219997,-25.795583565541001,-65.909727771760998]
["+ 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":66,"n_rows":102,"n_cols":11,"rows_kept":102,"cut":false,"hidden":false,"merged":[[47,0,47,10],[48,0,48,10],[84,0,84,10],[87,0,87,10],[88,0,88,10]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[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 20'","Jun 21'","Jun 22'","Jun 23'",null,"Sep 22'","Dec 22'","Mar 23'","Jun 23'"]
["Authorised Property Unit Trusts(unweighted average)",null,{"$f":"ROUND(AVERAGE(C53:C55),2)","v":-15.14},{"$f":"ROUND(AVERAGE(D53:D55),2)","v":-25.73},{"$f":"ROUND(AVERAGE(E53:E55),2)","v":4.42},{"$f":"ROUND(AVERAGE(F53:F55),2)","v":-12.85},null,{"$f":"ROUND(AVERAGE(H53:H55),2)","v":-2.83},{"$f":"ROUND(AVERAGE(I53:I55),2)","v":-4.68},{"$f":"ROUND(AVERAGE(J53:J55),2)","v":-3.31},{"$f":"ROUND(AVERAGE(K53:K55),2)","v":-2.88}]
["abrdn UK Real Estate Fund","Dec 2004",-18.149999999999999,-51.2,25.82,-6.46,null,-2.0299999999999998,-1.05,-0.88,-2.66]
["L&G UK Property Fund","Jan 2006",-8.41,-25.99,-8.75,-22.31,null,-3.25,-9.93,-6.79,-4.3499999999999996]
["M&G Property Portfolio","Nov 2005",-18.86,0,-3.81,-9.7899999999999991,null,-3.2,-3.06,-2.25,-1.64]
["Common Investment Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C57:C59),2)","v":4.13},{"$f":"ROUND(AVERAGE(D57:D59),2)","v":-2.2999999999999998},{"$f":"ROUND(AVERAGE(E57:E59),2)","v":5.56},{"$f":"ROUND(AVERAGE(F57:F59),2)","v":-4.4000000000000004},null,{"$f":"ROUND(AVERAGE(H57:H59),2)","v":0.64},{"$f":"ROUND(AVERAGE(I57:I59),2)","v":-3.3},{"$f":"ROUND(AVERAGE(J57:J59),2)","v":-1.47},{"$f":"ROUND(AVERAGE(K57:K59),2)","v":-0.26}]
["COIF Charities Property Fund","Aug 2002",5.0999999999999996,-1.36,4.5599999999999996,-7.72,null,-0.05,-7.37,0.3,-0.63]
["The Charities Property Fund","Sep 2000",-3.33,-2.63,6.12,-2.42,null,1.47,-1.31,-1.33,-1.24]
["The Property Income Trust for Charities","Sep 2004",10.62,-2.91,6,-3.07,null,0.49,-1.22,-3.39,1.08]
["Managed Property Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C61:C63),2)","v":-3.6},{"$f":"ROUND(AVERAGE(D61:D63),2)","v":-4.59},{"$f":"ROUND(AVERAGE(E61:E63),2)","v":-10.56},{"$f":"ROUND(AVERAGE(F61:F63),2)","v":-8.65},null,{"$f":"ROUND(AVERAGE(H61:H63),2)","v":-4.18},{"$f":"ROUND(AVERAGE(I61:I63),2)","v":-2.62},{"$f":"ROUND(AVERAGE(J61:J63),2)","v":-2.44},{"$f":"ROUND(AVERAGE(K61:K63),2)","v":0.11}]
["Legal And General Managed Fund","Jun 1971",-3.21,-5.7,1.98,0,null,0,0,0,0]
["Standard Life Pooled Property Pension Fund","Mar 1980",-7.16,-2.14,-24.23,-19.96,null,-6.55,-7.87,-7.33,0.32]
["Threadneedle Pensions Ltd","Dec 1979",-0.44,-5.93,-9.42,-5.98,null,-5.98,0,0,0]
["Other balanced funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C65:C84),2)","v":-1.88},{"$f":"ROUND(AVERAGE(D65:D84),2)","v":-4.32},{"$f":"ROUND(AVERAGE(E65:E84),2)","v":-1.46},{"$f":"ROUND(AVERAGE(F65:F84),2)","v":-5.59},null,{"$f":"ROUND(AVERAGE(H65:H84),2)","v":-0.81},{"$f":"ROUND(AVERAGE(I65:I84),2)","v":-1.67},{"$f":"ROUND(AVERAGE(J65:J84),2)","v":-1.17},{"$f":"ROUND(AVERAGE(K65:K84),2)","v":-2.16}]
["AEW UK Core Plus Property Fund","Jan 2012",2.3199999999999998,-2,2.89,-1.04,null,1,-0.49,-0.66,-0.88]
["BlackRock UK Property Fund","Mar 1982",-2.66,-1.24,-8.76,-1.81,null,0,0,0,-1.81]
["CBRE UK Property PAIF","Dec 1997",-3.64,2.04,-2.09,-14.31,null,0.02,0.02,-6.98,-7.92]
["CT UK Commercial Property Fund","Jun 2010",-4.32,-43.26,-5.71,-21.34,null,-3.59,-5.95,-6.59,-7.13]
["Federated Hermes Property Unit Trust","Jun 1967",-10.19,-7.75,-0.61,-5.85,null,0,-3.16,-2.78,0]
["Fidelity UK Real Estate Fund","May 2008",-3.76,-0.56000000000000005,-13.87,-5.64,null,-1.37,-7.01,7.54,-4.33]
["LF Canlife UK Property ACS","Oct 2017",-6.19,-6.6,-5.22,-9.77,null,-5.82,-3.25,0.45,-1.42]
["Lothbury Property Trust","Feb 2000",-1.78,-3.68,-7.42,-14.15,null,-8.32,-6.57,0.14000000000000001,0.09]
["MC PUT","Jun 2010",0,-7.14,0,-11.45,null,-1.47,0,-1.48,-8.7899999999999991]
["Nuveen Real Estate UK Property Fund","Jun 1994",-5.83,-3.62,-2.74,-9.94,null,-2.21,-7.91,0,0]
["PATRIZIA Hanover Property Unit Trust","Jul 1967",5.83,-3.01,4.6500000000000004,-1.4,null,0,-0.7,-0.7,0]
["Royal London Property Fund","Mar 1991",0.08,0.15,-5.64,-0.06,null,0.02,0.02,0.02,-0.12]
["Royal London UK Real Estate Fund","Oct 2017",0,0,4.96,4.7300000000000004,null,4.7300000000000004,0,0,0]
["Schroders Capital UK Real Estate","Jun 1971",-8.76,-3.49,1.91,-6.86,null,0.05,-0.09,-2.2000000000000002,-4.72]
["The Local Authorities’ Property Fund","Apr 1972",3.16,0.02,2.2400000000000002,-1.06,null,-0.98,0.01,0,-0.1]
["Threadneedle Property Unit Trust","Jun 1967",0.82,-6.74,-2.14,-16.54,null,0.42,-4.83,-7.4,-5.7]
["Tritax Property Income Fund","Jan 2016",0.56999999999999995,-0.04,-2.52,8.57,null,0,8.57,0,0]
["Triton Property Fund (Jersey)","May 2003",0,0,0,-0.89,null,0,0.01,-0.5,-0.39]
["Triton Property Fund LP","May 2003",-2.12,0,0,0,null,0,0,0,0]
["UBS Triton Property Unit Trust","Apr 1994",-1.1100000000000001,0.61,10.81,-2.92,null,1.28,-1.98,-2.2799999999999998,0.08]
[]
[]
[]
["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 20'","Jun 21'","Jun 22'","Jun 23'",null,"Sep 22'","Dec 22'","Mar 23'","Jun 23'"]
["Long Income Property Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C93:C102),2)","v":26.93},{"$f":"ROUND(AVERAGE(D93:D102),2)","v":2.12},{"$f":"ROUND(AVERAGE(E93:E102),2)","v":4.9000000000000004},{"$f":"ROUND(AVERAGE(F93:F102),2)","v":-2.8},null,{"$f":"ROUND(AVERAGE(H93:H102),2)","v":0.15},{"$f":"ROUND(AVERAGE(I93:I102),2)","v":-0.43},{"$f":"ROUND(AVERAGE(J93:J102),2)","v":0.97},{"$f":"ROUND(AVERAGE(K93:K102),2)","v":-3.58}]
["AEW UK Real Return Fund","Mar 2016",2.02,4.17,30.46,-16.88,null,0.19,0.24,0.2,-17.399999999999999]
["AXA UK Long Lease Property Fund","Oct 2012",-0.47,0.25,6.7,-3.46,null,0.02,0.02,-3.51,0.02]
["BlackRock Long Lease Property Fund","Jun 2013",3.96,0,9.6199999999999992,0,null,0,0,0,0]
["Fiera Real Estate Long Income Fund UK (FRELIF)","Mar 2009",0,0,0,2.86,null,-0.09,-0.02,0,2.97]
["KFIM Long Income Property Unit Trust","Dec 2015",240.01,0,3.15,20.350000000000001,null,0,2.15,17.809999999999999,0]
["Lime Property Fund","Sep 2004",0,0,0,0,null,0,0,0,0]
["LPI (Limited Price Inflation) Income Property Fund","May 2010",19.75,2.44,-0.95,-10.01,null,-0.41,-0.41,-0.48,-8.83]
["M&G Secure Property Income Fund","Aug 2007",4.51,2.68,1.77,-9.31,null,2.21,-2.15,0.11,-9.43]
["PGIM Real Estate UK Ground Lease Fund","Feb 2007",0,0,-0.04,0,null,0,0,0,0]
["Standard Life Investments Long Lease Property Fund","Sep 2003",-0.44,11.65,-1.75,-11.56,null,-0.42,-4.1399999999999997,-4.3899999999999997,-3.09]

{"sheet":"Units in Issue- Cumulative","index":67,"n_rows":102,"n_cols":7,"rows_kept":102,"cut":false,"hidden":false,"merged":[[47,0,47,10],[48,0,48,6],[84,0,84,6],[87,0,87,10],[88,0,88,6]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Balanced funds"]
["Cumulative Changes % in Numbers of Units in Issue"]
["Years to Jun 2023",null,"1 Year","2 Year","3 Year","4 Year","5 Year"]
["Fund","Launched","%","%pa","%pa","%pa","%pa"]
["Authorised Property Unit Trusts(unweighted average)",null,{"$f":"ROUND(AVERAGE(C53:C55),2)","v":-12.85},{"$f":"ROUND(AVERAGE(D53:D55),2)","v":-4.72},{"$f":"ROUND(AVERAGE(E53:E55),2)","v":-13.61},{"$f":"ROUND(AVERAGE(F53:F55),2)","v":-14.11},{"$f":"ROUND(AVERAGE(G53:G55),2)","v":-11.96}]
["abrdn UK Real Estate Fund","Dec 2004",-6.4607863411849138,8.4857087851453343,-16.87729828105023,-17.196774105052612,-12.856578594943713]
["L&G UK Property Fund","Jan 2006",-22.307020570373467,-15.802359857212394,-19.343496349249477,-16.739375034989436,-13.770003283913965]
["M&G Property Portfolio","Nov 2005",-9.7881428400155528,-6.8463360251462007,-4.6179554060553016,-8.3984985434780697,-9.2602846120835522]
["Common Investment Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C57:C59),2)","v":-4.4000000000000004},{"$f":"ROUND(AVERAGE(D57:D59),2)","v":0.45},{"$f":"ROUND(AVERAGE(E57:E59),2)","v":-0.48},{"$f":"ROUND(AVERAGE(F57:F59),2)","v":0.62},{"$f":"ROUND(AVERAGE(G57:G59),2)","v":2.29}]
["COIF Charities Property Fund","Aug 2002",-7.7205186801638632,-1.7725326456260717,-1.6359592428418068,6.4795010226816885E-3,1.936314733258456]
["The Charities Property Fund","Sep 2000",-2.4232840851894935,1.7581994681998623,0.27373191830228905,-0.63997771342266674,0.26993551879479583]
["The Property Income Trust for Charities","Sep 2004",-3.0678295452234039,1.3654609356787546,-7.8865384226403989E-2,2.4937715620764465,4.6741296139814779]
["Managed Property Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C61:C63),2)","v":-8.65},{"$f":"ROUND(AVERAGE(D61:D63),2)","v":-9.9499999999999993},{"$f":"ROUND(AVERAGE(E61:E63),2)","v":-7.7},{"$f":"ROUND(AVERAGE(F61:F63),2)","v":-6.45},{"$f":"ROUND(AVERAGE(G61:G63),2)","v":-6.1}]
["Legal And General Managed Fund","Jun 1971",0,0,0,0,0]
["Standard Life Pooled Property Pension Fund","Mar 1980",-19.960745747896482,-22.123795243391925,-15.963939172112589,-13.845182068588329,-13.811288912400244]
["Threadneedle Pensions Ltd","Dec 1979",-5.9761076581247323,-7.7121199832664615,-7.1222932310039084,-5.4940266185969193,-4.4787208313647966]
["Other balanced funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C65:C84),2)","v":-5.59},{"$f":"ROUND(AVERAGE(D65:D84),2)","v":-3.6},{"$f":"ROUND(AVERAGE(E65:E84),2)","v":-3.93},{"$f":"ROUND(AVERAGE(F65:F84),2)","v":-4.22},{"$f":"ROUND(AVERAGE(G65:G84),2)","v":-3.04}]
["AEW UK Core Plus Property Fund","Jan 2012",-1.0374047559684385,0.90481939364781283,-7.1797935548914893E-2,0.51990706076352922,1.7418053453134092]
["BlackRock UK Property Fund","Mar 1982",-1.8142002435919551,-5.3505945682350955,-4.000326111005819,-3.665885844097545,-3.0192431750824937]
["CBRE UK Property PAIF","Dec 1997",-14.310228167747724,-8.4021877708841686,-5.0463843350657953,-4.6955981694069493,-3.7665982397311382]
["CT UK Commercial Property Fund","Jun 2010",-21.34151560731047,-13.881136019633445,-25.064069157893897,-20.342676893311534,-17.893382840839919]
["Federated Hermes Property Unit Trust","Jun 1967",-5.8469945913120114,-3.2626509752642647,-4.7821860571828694,-6.164787201476372,-4.3934025522359121]
["Fidelity UK Real Estate Fund","May 2008",-5.6377352482118823,-9.8490812931259342,-6.8534746692787678,-6.0905504773445784,-3.150178194199114]
["LF Canlife UK Property ACS","Oct 2017",-9.7711228195377657,-7.522442828800763,-7.2170769334443321,-6.9618225740560291,0]
["Lothbury Property Trust","Feb 2000",-14.146706594807085,-10.845687418708195,-8.5192030520711484,-6.8787035325639039,-5.3784785032375453]
["MC PUT","Jun 2010",-11.452926352958016,-5.9005453538427872,-6.3154376852625518,-4.7750055762869295,-3.597263290638665]
["Nuveen Real Estate UK Property Fund","Jun 1994",-9.9404282023999002,-6.4077698323088299,-5.4867396444947474,-5.5721995502909891,-6.1384632019895093]
["PATRIZIA Hanover Property Unit Trust","Jul 1967",-1.3997713520898998,1.5793002815826895,2.7352040977305592E-2,1.4471935854779332,1.1730649533135278]
["Royal London Property Fund","Mar 1991",-5.9723241302393149E-2,-2.8876457034662479,-1.8840461075620141,-1.3963754139792997,-1.4872579925610125]
["Royal London UK Real Estate Fund","Oct 2017",4.7250293200666249,4.8421294715487164,3.2025802595886859,2.392445752383864,1.9094208170333786]
["Schroders Capital UK Real Estate","Jun 1971",-6.8567101957680592,-2.5713361658316387,-2.8794207611285856,-4.3842772856907573,-3.427275022755893]
["The Local Authorities’ Property Fund","Apr 1972",-1.0600617082926505,0.5740982595527413,0.38851077210505025,1.0749318621009962,1.9158147462018604]
["Threadneedle Property Unit Trust","Jun 1967",-16.543896795561253,-9.6304672499305042,-8.6775611594432718,-6.3912124069933043,-5.0561898758899275]
["Tritax Property Income Fund","Jan 2016",8.565136552597636,2.8741473312009305,1.8937722154494168,1.5610267650347822,1.9164065584518255]
["Triton Property Fund (Jersey)","May 2003",-0.88518125091653133,0,0,-15.816474520489209,-13.909336345065725]
["Triton Property Fund LP","May 2003",0,0,0,0,0]
["UBS Triton Property Unit Trust","Apr 1994",-2.9198156133469553,3.717114374646016,2.6706198781356392,1.7122181138780661,1.8002571678092494]
[]
[]
[]
["Long Income Property Funds"]
["Cumulative Changes % in Numbers of Units in Issue"]
["Years to Jun 2023",null,"1 Year","2 Year","3 Year","4 Year","5 Year"]
["Fund","Launched","%","%pa","%pa","%pa","%pa"]
["Long Income Property Funds(unweighted average)",null,{"$f":"ROUND(AVERAGE(C93:C102),2)","v":-2.8},{"$f":"ROUND(AVERAGE(D93:D102),2)","v":0.54},{"$f":"ROUND(AVERAGE(E93:E102),2)","v":1},{"$f":"ROUND(AVERAGE(F93:F102),2)","v":5.21},{"$f":"ROUND(AVERAGE(G93:G102),2)","v":2.16}]
["AEW UK Real Return Fund","Mar 2016",-16.878356377503536,4.1349285664409479,4.1460298697677729,3.6114525353030444,8.5275883535193202]
["AXA UK Long Lease Property Fund","Oct 2012",-3.457157271447926,1.494666219850572,1.0780507609523511,0.68826800743228489,0]
["BlackRock Long Lease Property Fund","Jun 2013",0,4.697515333336824,3.1076566799204102,3.3190096247046768,8.0317505074129798]
["Fiera Real Estate Long Income Fund UK (FRELIF)","Mar 2009",2.8615130787474641,0,0,0,0]
["KFIM Long Income Property Unit Trust","Dec 2015",20.352784547668406,11.421377837681732,7.4762116153472107,43.336561423755427,0]
["Lime Property Fund","Sep 2004",0,0,0,0,0]
["LPI (Limited Price Inflation) Income Property Fund","May 2010",-10.009106516371318,-5.5892138440965198,-2.9860728328442292,2.2567406036750413,3.0561105608012866]
["M&G Secure Property Income Fund","Aug 2007",-9.3104081708507636,-3.9317315187686859,-1.776859667300684,-0.24213327249408678,0.23300054451505048]
["PGIM Real Estate UK Ground Lease Fund","Feb 2007",0,-1.866513961256544E-2,-1.2443805261241891E-2,-9.3330053312286054E-3,1.1638501471894642]
["Standard Life Investments Long Lease Property Fund","Sep 2003",-11.556813776106736,-6.7835185122223152,-1.0059157242210404,-0.86541413349748098,0.59128683041254249]

{"sheet":"Published_NAV","index":68,"n_rows":195,"n_cols":10,"rows_kept":195,"cut":false,"hidden":false,"merged":[[160,0,160,10],[163,0,163,10],[178,0,178,10],[102,0,102,10],[105,0,105,10],[106,4,106,5],[123,0,123,10],[126,0,126,10],[127,0,127,10],[89,4,89,5],[50,0,50,10],[51,0,51,10],[52,4,52,5],[85,0,85,10],[88,0,88,10]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[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"]
["abrdn UK Real Estate Fund",null,null,null,"Monthly","L",null,"0",null,"r"]
["L&G UK Property Fund",null,null,null,"Monthly >","28th",null,"0",null,"0"]
["M&G Property Portfolio",null,null,null,"Monthly","L",null,"0",null,"0"]
["Common Investment Funds"]
["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"]
["The Property Income Trust for Charities",null,null,null,"Monthly","LW",null,"0",null,"0"]
["Managed Property Funds"]
["Legal And General Managed Fund",null,null,null,"Monthly>","L",null,"0",null,"a"]
["Standard Life Pooled Property Pension Fund",null,null,null,"Monthly","R",null,"0",null,"a"]
["Threadneedle Pensions Ltd",null,null,null,"Twice monthly","T",null,"0",null,"a"]
["Other balanced funds"]
["AEW UK Core Plus Property Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["BlackRock UK Property Fund",null,null,null,"Monthly","LW",null,"0",null,"r"]
["CBRE UK Property PAIF",null,null,null,"Quarterly","LW",null,"0",null,"0"]
["CT UK Commercial Property Fund",null,null,null,"Monthly","L",null,"a",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"]
["Lothbury Property Trust",null,null,null,"Monthly","L",null,"0",null,"a"]
["MC PUT",null,null,null,"Quarterly","L",null,"0",null,"0"]
["Nuveen Real Estate UK Property Fund",null,null,null,"Monthly","23rd",null,"r",null,"r"]
["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"]
["Schroders Capital UK Real Estate",null,null,null,"Monthly","LW",null,"0",null,"a"]
["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"]
["Tritax Property Income Fund",null,null,null,"Monthly",null,null,"0",null,"0"]
["Triton Property Fund LP",null,null,null,"Monthly","L",null,"a",null,"a"]
["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"]
["AXA UK Long Lease Property Fund",null,null,null,"Quarterly","LW",null,"r",null,"r"]
["BlackRock Long Lease Property Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,"Quarterly","L",null,"0",null,"0"]
["KFIM Long Income Property Unit Trust",null,null,null,"Monthly",null,null,"r",null,"r"]
["Lime Property Fund",null,null,null,"Monthly","L",null,"0",null,"0"]
["LPI (Limited Price Inflation) Income Property 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"]
["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"]
["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"]
["Residential"]
["UNITE UK Student Accommodation Fund",null,null,null,"Quarterly","L",null,"a",null,"0"]
["Retail warehouses"]
["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"]
["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"]
["abrdn UK Real Estate Fund",null,null,null,"r",null,null,"0",null,"0"]
["L&G UK Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["M&G Property Portfolio",null,null,null,"r",null,null,"0",null,"0"]
["Common Investment Funds"]
["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"]
["The Property Income Trust for Charities",null,null,null,"r",null,null,"r",null,"r"]
["Managed Property Funds"]
["Legal And General Managed Fund",null,null,null,"r",null,null,"0",null,"0"]
["Standard Life Pooled Property Pension Fund",null,null,null,"r",null,null,"0",null,"0"]
["Threadneedle Pensions Ltd",null,null,null,"r",null,null,"0",null,"0"]
["Other balanced funds"]
["AEW UK Core Plus Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["BlackRock UK Property Fund",null,null,null,"a",null,null,"r",null,"r"]
["CBRE UK Property PAIF",null,null,null,"r",null,null,"0",null,"0"]
["CT UK Commercial Property Fund",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"]
["Lothbury Property Trust",null,null,null,"r",null,null,"0",null,"0"]
["MC PUT",null,null,null,"r",null,null,"0",null,"0"]
["Nuveen Real Estate UK Property Fund",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"]
["Schroders Capital UK Real Estate",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"]
["Tritax Property Income Fund",null,null,null,"r",null,null,"0",null,"0"]
["Triton Property Fund LP",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"]
["AXA UK Long Lease Property Fund",null,null,null,"0",null,null,"0",null,"0"]
["BlackRock Long Lease Property Fund",null,null,null,"r",null,null,"0",null,"0"]
["Fiera Real Estate Long Income Fund UK (FRELIF)",null,null,null,"0",null,null,"0",null,"0"]
["KFIM Long Income Property Unit Trust",null,null,null,"0",null,null,"0",null,"0"]
["Lime 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"]
["M&G Secure Property Income Fund",null,null,null,"r",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"]
[]
[]
["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"]
["Residential"]
["UNITE UK Student Accommodation Fund",null,null,null,"a",null,null,"a",null,"a"]
["Retail warehouses"]
["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"]

{"sheet":"Winding_Up_Dates","index":69,"n_rows":62,"n_cols":6,"rows_kept":62,"cut":false,"hidden":false,"merged":[[50,0,50,7],[51,0,51,7],[52,0,52,7],[61,0,61,7]]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[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 Shopping Centre Trust",null,481.4,"30-Jun-25","2"]
["Airport Industrial Property Unit Trust",null,591,"31-Dec-36","13.5","5 years"]
["Industrial Property Investment Fund",null,2745.9,"30-Jun-20","3"]
["Nuveen Real Estate Central London Office Fund",null,287.89999999999998,"31-Dec-21","1.5"]
["Nuveen Real Estate UK Retail Warehouse Fund",null,247.8,"31-Dec-21","1.5"]
["The Leisure Fund Limited Partnership",null,265.39999999999998,"31-Dec-20","2.5"]
["Triton Property Fund LP",null,1020.5,"31-Mar-70","46.8"]
["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":70,"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":71,"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"]

{"sheet":"Notice_And_Disclaimer","index":73,"n_rows":5,"n_cols":3,"rows_kept":5,"cut":false,"hidden":false,"merged":[[4,0,7,0]]}
[]
[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"]
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[]
["Property Fund Returns "]
[{"$f":"Index!$T$7 & \" \" & Index!$T$4","v":"June 2023"}]
["Chart 8: Quarterly Property Fund returns by type of fund (%)"]
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["+ Also see Table 6\n Source: MSCI/AREF UK Quarterly Property Fund Index  \n"]

{"sheet":"Tab_Master","index":75,"n_rows":74,"n_cols":54,"rows_kept":74,"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_42","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_40","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_3","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_4","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_5","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_83","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_8","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_9","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_10","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_12","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_13","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_19","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_14","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_87","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_20","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_82","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_25","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_24","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_84","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_88","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_27","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_28","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_29","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_30","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_32","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_11","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_53","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_54","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_85","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_34","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_33","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_35","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_81","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_37","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_38","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_39","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_43","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_44","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_45","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_31","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_47","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_48","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_80","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_51","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_50","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_52","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_56","Profile_47"]
["Profile_40"]
["Profile_41"]
["Profile_42"]
["Profile_43"]
["Profile_44"]
["Profile_45"]
["Profile_46"]
["Profile_47"]
["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"]

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[]
["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,27,27248.2,54.01,29559.4,54.88,29028.44,56.73]
["Long Income Property Funds",null,null,10,13626.38,27.01,14241.57,26.44,14241.57,27.83]
["Specialist funds",null,null,8,9577.26,18.98,10056.11,18.670000000000002,7901.49,15.44]
["Total Property Funds",null,null,45,50451.839999999997,100,53857.08,100,51171.5,100]

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[]
["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","abrdn UK Real Estate Fund",null,889.39225099999999,1.7628539267345065E-2,889.39225099999999,1.6513932698322777E-2,889.39225099999999,1.7380616463201135E-2]
["Balanced funds","Authorised Property Unit Trusts","L&G UK Property Fund",null,1325.6809635500001,2.6276166557148269E-2,1567.8057250450001,2.9110483252274565E-2,1567.8057250450001,3.0638258839313998E-2]
["Balanced funds","Authorised Property Unit Trusts","M&G Property Portfolio",null,525.185305782,1.0409636215293058E-2,614.12999999999988,1.1402956880519262E-2,614.12999999999988,1.2001406552108258E-2]
["Balanced funds","Common Investment Funds","COIF Charities Property Fund",null,565.97500100000002,1.1218123969762541E-2,574.04366700000003,1.0658647488864182E-2,574.04366600000003,1.1218034315745275E-2]
["Balanced funds","Common Investment Funds","The Charities Property Fund",null,1126.3650009999999,2.2325548291168621E-2,1153.5846529999999,2.141936732644192E-2,1153.5846509999999,2.2543497938421701E-2]
["Balanced funds","Common Investment Funds","The Property Income Trust for Charities",null,606.68500100000006,1.2025032094683476E-2,648.95413436000001,1.2049559558304895E-2,556.07413436000002,1.0866871443450138E-2]
["Balanced funds","Managed Property Funds","Legal And General Managed Fund",null,2815.9379773891228,5.5814375662704523E-2,3238.3777617354622,6.0129096412651982E-2,3159.6467857199996,6.1746219263816793E-2]
["Balanced funds","Managed Property Funds","Standard Life Pooled Property Pension Fund",null,1448.1650000000002,2.8703908246772852E-2,1600.7310000000002,2.9721828554720473E-2,1600.7309990000001,3.1281688729684926E-2]
["Balanced funds","Managed Property Funds","Threadneedle Pensions Ltd",null,1504.0909999999999,2.9812410919195544E-2,1560.365,2.897232640136688E-2,1560.365,3.0492851244330037E-2]
["Balanced funds","Other balanced funds","AEW UK Core Plus Property Fund",null,336.79500200000001,6.6755741475451194E-3,343.56831142999999,6.3792595065362443E-3,283.56831142999999,5.5415280002056198E-3]
["Balanced funds","Other balanced funds","BlackRock UK Property Fund",null,2524.1503297200002,5.0030886995158917E-2,2752.72286854,5.111162160125856E-2,2692.72286854,5.2621532700743663E-2]
["Balanced funds","Other balanced funds","CBRE UK Property PAIF",null,1144.4250010000001,2.2683513428384837E-2,1240.7356483200001,2.3037557354169437E-2,1240.73564732,2.4246613790533816E-2]
["Balanced funds","Other balanced funds","CT UK Commercial Property Fund",null,184.78500099999999,3.6626017850754774E-3,235.48934699999998,4.3724860691753183E-3,235.48934699999998,4.6019627636453122E-3]
["Balanced funds","Other balanced funds","Federated Hermes Property Unit Trust",null,1072.100001,2.1249968104510936E-2,1176.3515475730001,2.1842095278372699E-2,1176.351546573,2.2988411506723146E-2]
["Balanced funds","Other balanced funds","Fidelity UK Real Estate Fund",null,458.45000099999999,9.0868835833188347E-3,472.78156000000001,8.7784471408083493E-3,472.78156000000001,9.2391573639131197E-3]
["Balanced funds","Other balanced funds","LF Canlife UK Property ACS",null,230.60000100000002,4.5706955149514925E-3,257.31500100000005,4.7777373864064153E-3,257.31500100000005,5.0284824694399296E-3]
["Balanced funds","Other balanced funds","Lothbury Property Trust",null,1010.3394,2.0025818491469914E-2,1069.1867075599998,1.9852294992153189E-2,1069.1867075599998,2.0894182595765781E-2]
["Balanced funds","Other balanced funds","MC PUT",null,264.51000099999999,5.2428216391487113E-3,299.35907300000002,5.5583974096872308E-3,299.35907300000002,5.8501130707427663E-3]
["Balanced funds","Other balanced funds","Nuveen Real Estate UK Property Fund",null,138.67500100000001,2.7486608948739497E-3,139.92255244,2.5980343446591367E-3,139.92255144000001,2.734384292641169E-3]
["Balanced funds","Other balanced funds","PATRIZIA Hanover Property Unit Trust",null,549.55000099999995,1.0892565975367396E-2,549.55000099999995,1.0203857432615763E-2,511.38900099999995,9.9936288852156656E-3]
["Balanced funds","Other balanced funds","Royal London Property Fund",null,352.06200000000001,6.978179520410549E-3,383.14772850999998,7.1141566558683526E-3,383.14772750999998,7.4875216116521001E-3]
["Balanced funds","Other balanced funds","Royal London UK Real Estate Fund",null,2923.8604489999998,5.795349428722836E-2,3259.29051286,6.0517397259909303E-2,3259.29051286,6.3693469650175527E-2]
["Balanced funds","Other balanced funds","Schroders Capital UK Real Estate",null,1910.2064780000001,3.7861978073564215E-2,1987.1727999999998,3.6897148409197937E-2,1910.6166349999999,3.7337513233120082E-2]
["Balanced funds","Other balanced funds","The Local Authorities’ Property Fund",null,1112.49119937,2.2050557299795784E-2,1200.4658983700001,2.2289842338994892E-2,1200.46589737,2.3459657216352955E-2]
["Balanced funds","Other balanced funds","Threadneedle Property Unit Trust",null,934.23926090999998,1.8517446579425355E-2,1020.5652372800004,1.8949508075587831E-2,1020.5652372800004,1.9944015640900325E-2]
["Balanced funds","Other balanced funds","Tritax Property Income Fund",null,204.013768,4.0437329156210811E-3,227.83104799999998,4.2302893791013544E-3,179.30872799999997,3.5040739632804089E-3]
["Balanced funds","Other balanced funds","Triton Property Fund LP",null,1089.4690009999999,2.1594237011947723E-2,1096.5585971029998,2.0360526923824278E-2,1020.4536092329998,1.994183419141134E-2]
["Long Income Property Funds","Long Income Property Funds","AEW UK Real Return Fund",null,139.620002,2.767391648618936E-3,156.45907024000002,2.905078780572281E-3,156.45907024000002,3.0575430457966597E-3]
["Long Income Property Funds","Long Income Property Funds","AXA UK Long Lease Property Fund",null,410.92,8.1447970202041201E-3,411.707581,7.6444462793315623E-3,411.707581,8.0456419001938388E-3]
["Long Income Property Funds","Long Income Property Funds","BlackRock Long Lease Property Fund",null,964.14500099999998,1.91102047386097E-2,1006.3566107199999,1.8685687132147379E-2,1006.3566107199999,1.9666348853911175E-2]
["Long Income Property Funds","Long Income Property Funds","Fiera Real Estate Long Income Fund UK (FRELIF)",null,219.70500100000001,4.3547470005566614E-3,245.37108698,4.5559668548338008E-3,245.37108698,4.7950729828858674E-3]
["Long Income Property Funds","Long Income Property Funds","KFIM Long Income Property Unit Trust",null,912.12968499999999,1.8079215274086739E-2,914.74595166999995,1.698469158569451E-2,914.74595166999995,1.78760817056435E-2]
["Long Income Property Funds","Long Income Property Funds","Lime Property Fund",null,2863.8143920000002,5.6763328449282766E-2,3076.0645714500001,5.7115320322956575E-2,3076.0645714500001,6.0112845004328265E-2]
["Long Income Property Funds","Long Income Property Funds","LPI (Limited Price Inflation) Income Property Fund",null,1537.650001,3.047757993347041E-2,1564.3169125520001,2.904570416898292E-2,1564.3169125520001,3.0570080021942159E-2]
["Long Income Property Funds","Long Income Property Funds","M&G Secure Property Income Fund",null,3419.0491749999997,6.7768571820479295E-2,3661.6581468199997,6.7988422580545702E-2,3661.6581468199997,7.1556589117656083E-2]
["Long Income Property Funds","Long Income Property Funds","PGIM Real Estate UK Ground Lease Fund",null,606.89599999999996,1.2029214281061518E-2,635.89615687999992,1.1807103475470263E-2,635.89615687999992,1.2426763557618245E-2]
["Long Income Property Funds","Long Income Property Funds","Standard Life Investments Long Lease Property Fund",null,2552.453,5.0591870896065087E-2,2568.9946666999999,4.7700218863537133E-2,2568.9946666999999,5.0203620447241713E-2]
["Specialist funds","Healthcare","Octopus Healthcare Fund",null,1329.9806252159999,2.6361389645645109E-2,1400.6957231288977,2.6007641596350238E-2,1206.4717231288978,2.3577023827027661E-2]
["Specialist funds","Industrial","Airport Industrial Property Unit Trust",null,715.24000100000001,1.4176687990060331E-2,740.97608600000001,1.3758191845625411E-2,590.97608600000001,1.1548929820493535E-2]
["Specialist funds","Industrial","Industrial Property Investment Fund",null,2983.8884669999998,5.9143302576275272E-2,3230.90520118726,5.9990348450952961E-2,2745.90520118726,5.3660828607944459E-2]
["Specialist funds","Leisure","The Leisure Fund Limited Partnership",null,419.72500100000002,8.3193199100797515E-3,425.27600800000005,7.896380215171651E-3,265.42600800000002,5.1869887996208288E-3]
["Specialist funds","Offices","Nuveen Real Estate Central London Office Fund",null,378.06200100000001,7.4935224841750385E-3,413.00358010000002,7.66850994965298E-3,287.85358009999999,5.6252712654649012E-3]
["Specialist funds","Residential","UNITE UK Student Accommodation Fund",null,2923.2449999999999,5.7941295544939625E-2,2945.6053075214122,5.4692997099466484E-2,2075.6053072414111,4.0561742845843303E-2]
["Specialist funds","Retail warehouses","Nuveen Real Estate UK Retail Warehouse Fund",null,413.91500100000002,8.2041605829908139E-3,418.25123877500005,7.7659466903995771E-3,247.84932477500001,4.843503021005802E-3]
["Specialist funds","Shopping centres","Aberdeen Standard UK Shopping Centre Trust",null,413.20272941000002,8.1900427315262751E-3,481.40089264000096,8.938487976515419E-3,481.40089164000096,9.4075974388469312E-3]

{"sheet":"Table3","index":78,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":true,"merged":[]}

{"sheet":"Table4","index":79,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":true,"merged":[]}

{"sheet":"Table5","index":80,"n_rows":23,"n_cols":25,"rows_kept":23,"cut":false,"hidden":true,"merged":[[9,12,9,24],[6,12,6,13],[7,12,7,13],[8,12,8,13],[1,1,1,2],[1,12,1,24],[3,12,3,13],[4,12,4,13],[5,12,5,13]]}
[]
[null,"Index specification",null,null,null,null,null,null,null,null,null,null,{"$f":"CONCATENATE(\"Table 5: MSCI UK Property Fund Index: \",Index!T5, \" \",Index!T4)","v":"Table 5: MSCI UK Property Fund Index: Q2 2023"}]
[null,null,"3 month","12 month","No. of","NAV","NAV in Index","Index leverage",null,"Index distribution","Index weighting",null,"Index ",null,"Number of Funds",null,"NAV (GBPm)",null,"Adjusted NAV* (GBPm)",null,"Index Weighting",null,"Cash & Deposits^",null,"Total Return"]
[null,null," total return (%)","total return (%)"," funds","(GBPm)","(GBPm)","(% ND/NAV)","(% D/GAV)"," yield (%)","(%)",null,"All balanced property fund index ",null,{"$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"]

{"sheet":"Table6","index":81,"n_rows":41,"n_cols":14,"rows_kept":41,"cut":false,"hidden":true,"merged":[[3,5,3,13],[19,2,19,3],[19,6,19,9],[19,10,19,11],[2,1,2,13],[5,1,5,3],[6,1,6,3],[7,1,7,3],[8,1,8,3],[9,1,9,3],[10,1,10,3],[11,1,11,3],[12,1,12,3],[13,1,13,3],[14,1,14,3],[15,1,15,3]]}
[]
[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,{"$f":"CONCATENATE(\"Direct market returns and weighted average portfolio distributions as at \",Index!T5,\" \",Index!T4)","v":"Direct market returns and weighted average portfolio distributions as at Q2 2023"}]
[null,null,null,null,null,"----------------------Weighted average portfolio distributions (%CV) ---------------------"]
[null,"Segment",null,null,null,"Other Balanced Funds Index","Managed Funds Index","All Balanced Fund Index","Long Income Fund Index","Specialist Property Fund Index","All Property Fund Index",null,null,"3-months direct total return (%)"]
[null,"Offices - West End",null,null,null,{"$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"]

{"sheet":"Table7","index":82,"n_rows":9,"n_cols":2,"rows_kept":9,"cut":false,"hidden":true,"merged":[[0,1,0,13]]}
[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*"]

{"sheet":"Chart8","index":83,"n_rows":9,"n_cols":16,"rows_kept":9,"cut":false,"hidden":true,"merged":[]}
[]
[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":84,"n_rows":218,"n_cols":75,"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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
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["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,-91.000376391033683,-89.957905854351509,-475.298816019919,-202.34807581852868,-499.03058467307238,-881.3025523133731,-501.74113495016894,-1087.2690008049501]
[]
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[]
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[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["Authorised Property Unit Trusts",null,2790.1544399500003,3202.8223053700003,4030.81706803,5117.2255969649996,5878.8802860000005,6841.0649610000009,7994.279466,9778.3217850600013,10309.794858560001,9846.6727759799996,7592.1712843600017,6998.4903549900018,6748.8751740700018,6212.8076038700028,5043.7146707499996,4458.1179778300038,4298.1734291500043,4706.2022828700001,6201.0780020000002,7228.3,7719.4,8151.3,8332.2999999999993,8548.3756733500013,8832.9,8781.6190000000006,8820.8110000000015,8858.0139999999992,8826.6,8849.9908216399999,8840.8629179499985,8843.4023679973925,9091.9108014601006,9693.5872783500017,10531.736328449999,11324.863043244522,12891.721265742384,13579.78574976,14428.804873069999,15291.69128856,16368.342712240001,17123.13856834,17513.441957319999,17219.717229620001,15722.354774650001,14667.252482720001,14080.399517439999,13673.616724560001,13178.943436239999,12888.85776071,12840.837917192019,12819.876202095613,12630.210835149999,12610.929795630002,11266.766841999999,10257.132680000001,10129.069820999999,12087.757477000001,11044.367007999999,10738.616145000002,10478.631739,10368.680561000001,9375.0689259999999,8420.3567829999993,6741.9832369281648,6318.3548231700006,6046.3636197300002,5961.2682747699992,5096.4367769549999,4646.0518266599993,3343.6956659149996,3193.8930228449999,3071.3279760450005]
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["Other Balanced Funds",null,9022.0403294560165,9843.1472526620619,10737.800104690001,11433.807918951674,12853.846428725996,13664.947339919996,14357.762034565932,14895.570623059468,15177.117442919212,14727.379708170858,13076.616446073613,12106.205068372627,11251.741726815289,10202.420660714681,8406.9736365960707,7362.1709591413273,6914.7899228735751,6920.7597158324588,7994.8588517591807,8551.5,8952.2000000000007,9039.5419999999995,9207.3813549999977,9384.2999999999993,9580,9595.7000000000007,9589.6739999999991,9558.7829999999994,9543.1160000000018,9102.6200000000008,9435.9,9458.1526544430999,10247.959429084936,10443.469596033854,11190.966306869997,11888.212439605924,13366.096793723,14899.38789,15890.932126877244,16536.388764462066,15583.329911549532,16273.870103509471,17132.73435775,17457.302997089759,17390.282378810087,17115.666273131032,18340.802705331433,18708.575102544924,19229.484606281021,20036.818548410356,23681.62989406224,24151.248918170226,24659.157441216386,25028.835956763858,25522.441176879995,25339.602737339999,25263.394662490002,21618.486720905086,21294.221223885535,20579.728742300005,20033.62818935321,19940.742383622925,19718.087244030001,19612.663504439999,19879.49915348996,20481.068317571066,21215.516032080006,22322.727956275998,23187.483599096002,21932.159945862004,18429.428946370001,17867.173474474002,17352.669962116001]
["Balanced Funds",null,16926.302565276019,18554.548043902061,20703.899793880002,22869.948739916676,25415.222893455997,27555.935843919997,29838.573955675929,32411.292714599469,33374.246004414897,32160.172016150857,27253.145068663616,25189.975390742627,23806.870933105292,21775.021481454685,19225.881418546069,16958.33795979133,16198.954095023579,16710.273271522459,20173.086716979182,22532.2,23976.400000000001,24748.341999999997,25104.541354999998,25557.97567335,26137.5,26192.119000000002,26233.965,26284.897000000001,26192.156000000003,25749.110821640003,25900.190668904506,25986.047034185351,26427.025234545035,27473.686029784865,29327.499449817238,31135.195181298819,34615.851048411874,37167.622712418037,39437.505087247235,41176.676524393748,41581.86121640521,43255.745774664334,44762.154582784999,44344.47846323243,42771.153432262152,41283.274743523565,42005.586352081431,42056.171615061365,42202.018334175023,42856.76381414535,46549.585595999299,47115.511713775835,47562.235506781391,47815.06403197386,46690.930788879996,44947.951197200004,44816.240017229997,42995.046049855089,41685.308971065533,40219.692623870011,39250.127600413209,38930.793549242924,37700.445525520001,36713.967065539997,35488.878357242123,35823.428349301066,36674.844625650003,37536.038326670998,37437.082438306999,34925.773763245023,28291.181801375002,27371.047680749463,26744.740722881001]
["Long Income Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,96.315113019999998,105.89700000000001,106.04470490999998,106.155,611.98836789999996,713.5,766.4,885.4,921.4,940,977.3,1034.0999999999999,2128.1999999999998,2157.4,2233.2399999999998,2645.6,2793.33890402,2981.4950078528263,3273.1467282973008,3486.2715064900003,3702.2537571199996,4012.3564294014723,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5570.2838507099996,5921.5651186300001,6051.5613000499998,6059.1904124900002,6295.1695610899997,6369.8964111700006,7233.2413062605619,7537.8122583199993,7856.8520701999996,8270.5552285199992,8509.6128280300018,8680.3611469000007,9729.8639691000008,10461.26638015,10825.674325309999,11068.146673520001,11336.10194807,11463.818216290001,11961.851084649999,11831.221323130001,11899.08620041,12161.31298517,12720.144746720001,13136.386505500001,13462.872383130001,13873.85054537,14350.89971503,14828.429174110002,14029.896817159997,12144.719338429999,11922.933601703002,14241.570755012001]
["Specialist Funds",null,8785.9201177999985,11824.862985,13279.720492080001,14658.256798010803,16347.214029745001,18432.392519000001,19277.954693852109,20494.572941076603,20740.362196193855,20441.968318152161,18399.406923837818,17712.171744337109,16593.211986808168,15573.479184371903,12063.602648072925,9509.447890734622,8787.6614343771307,8966.112178047586,10381.61345414515,11047.4,11366.3,11543.262999999999,11720.9,11830.130999999999,11923.477000000001,11732.3,12026.688999999998,11632.628000000004,11457.13,11045,10753.134291036911,10480.487695916167,10490.584342807753,10477.8095849289,10758.790765788344,10770.006971694425,11390.82784387482,11280.118510672639,11403.699900584423,11349.511716757535,13211.227065807301,12331.243255215657,12303.758667286,12442.836977496496,12186.952262680563,11116.619962458659,11015.264009202449,11075.892185441862,11117.458686074729,11291.74213483206,11332.187432312134,11243.675890911878,11135.873424990619,11124.279212669799,11071.266984159311,11187.983565788789,10875.060133817036,10449.728101360422,10431.0797360459,9636.1671519229421,8748.1847022678394,8433.9394041251417,8381.2312582468567,8358.6330452058482,8509.7106984316069,8838.8787155295795,9061.1533737320406,9173.9592355751738,9680.0562294829451,9057.7698014136495,7925.6520239263264,8033.0140871126023,7901.4881220725692]
["All Funds",null,25712.222683076019,30379.411028902061,33983.620285960002,37528.205537927483,41762.436923200999,45988.328362920001,49116.528649528038,52905.865655676069,54114.608200608753,52602.140334303018,45652.551992501438,42902.147135079736,40400.082919913461,37348.500665826592,31385.799179638991,26573.682850525955,25092.660234310708,25782.540449570042,31166.688539024333,34293.1,36109.100000000006,37177.004999999997,37746.841354999997,38328.106673349997,39038.277000000002,38958.519,40388.853999999999,40074.925000000003,39882.525999999998,39439.710821640001,39446.663863961418,39448.029737954348,40190.756305650095,41437.767121203768,43788.543972725587,45917.558582394719,50300.167686406698,53025.520013020679,55774.797523521658,57613.989606551288,60198.901221292515,61157.272880589997,62987.478368700999,62838.876740778927,61017.296107432718,58695.064267072223,59390.746772453887,60365.305106763786,60857.289278569755,62005.358019177409,66152.328256831432,66868.800432717719,67378.47007867202,68669.207213743663,68223.464153189314,66961.609088298792,66759.446824567029,64780.87609928551,63580.206923401434,61817.710860442952,59829.533625811047,59263.819153778066,58242.989768936859,57792.744857465848,57134.975561173727,58125.179447960647,59609.848544752043,61060.89727727617,61945.567841899945,58013.440381818669,48361.553163731325,47326.995369565062,48887.799599965569]
[]
[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["(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,-1.0988299326390298,-1.6113691414488189,-1.5885096929277895,-2.8877638909303291,-3.2088205219105963,-6.1731891441489424,-3.9759827776135541,-2.8433067840825021]
["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,-0.20592663537003478,-0.92359624091169956,-4.9628776350000523,-3.1996882381688532,-3.3845372026898799,-2.3074244783055087,-1.8800500272047524,8.2892464806264624E-2]
["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,-0.37386484635388512,-8.2127539797420643E-2,-0.2157475864055175,0.85173661940806966,-1.0268800486900823E-2,-1.6480562232793934,-0.72238306461559032,-2.1789620901364182]
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[]
["(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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
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["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-2,1.1034491867189587E-3,1.6587278330921336E-2,1.1422830668988643E-3,8.1842159502377703E-3,0,0,0,0]
["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,-1.5631457898061605E-3,-1.506837479092661E-3,-7.7238901036279575E-3,-3.2559108834225429E-3,-8.5286192230516391E-3,-1.7897064244107599E-2,-1.0490369840792314E-2,-2.1756228280358711E-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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-1.582511598115812,-1.0541098401204645,-1.0540016235421181,-0.83596002561432758,-1.0379785246924267,-1.4886624102664769,-1.4226522117335458,-1.6841765187231488]
["Long Income Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.5403955179638387,2.5229682661479718,2.3636991833175256,3.4414185840830962,6.363297532940436,6.9901454833195338,4.6312426858026585,4.1072306348310716,2.1476829862124314,2.7963578050006896,2.8306046288686186,2.8751375244015258,4.0717354375661925,4.0039177832352948,5.4923208623956308,6.4166144989121499,5.3213670654720264,6.0273441845012137,5.6318784066449226,5.1726601057868358,5.0592231865983486,4.8805876021241463,4.4265307651885504,4.7625499104091658,4.1480981117367142,3.8259854481657802,3.6459691617736421,2.5047540407200457,2.7210493809438319,1.4349594261820329,1.5110313197515728,1.8511650858928805,1.9473486357685212,2.5323429687870451,2.3253413610927911,1.8930687015547538,1.7184107830798183,1.6861072185236528,2.0777401465847358,2.1912136698173135,1.8670705616792675,1.6738770813817963,1.4989405131050137,1.2724822845233896,1.1192034769895332,0.6556601236737154,0.91957193052852959,1.0055674973967004,1.10380557187883,1.0380460423581361,0.47622776652061793,0.27225354293792514,6.1723931684570951E-2,-0.28001137142343996,-0.77581428028091748,-1.7743337406473938]
["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,-0.40675699010844152,-7.872045719887838E-2,0.17349518319937235,0.67543066336942315,0.64784443370144928,0.23316247542841584,0.20460539875594425,0]
[]
[]
["(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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
[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,-1.5825115981158121E-2,-1.0541098401204645E-2,-1.0540016235421182E-2,-8.359600256143275E-3,-1.0379785246924267E-2,-1.488662410266477E-2,-1.4226522117335459E-2,-1.6841765187231489E-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-2,1.1038055718788299E-2,1.0380460423581362E-2,4.7622776652061797E-3,2.7225354293792512E-3,6.172393168457095E-4,-2.8001137142343994E-3,-7.758142802809175E-3,-1.7743337406473939E-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,-4.0675699010844155E-3,-7.8720457198878382E-4,1.7349518319937235E-3,6.7543066336942315E-3,6.4784443370144926E-3,2.3316247542841586E-3,2.0460539875594426E-3,0]
[]
[]
[]
[]
[]
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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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-1.0988299326390298,-1.6113691414488189,-1.5885096929277895,-2.8877638909303291,-3.2088205219105963,-6.1731891441489424,-3.9759827776135541,-2.8433067840825021]
["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,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
[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,-1.0988299326390298E-2,-1.611369141448819E-2,-1.5885096929277896E-2,-2.8877638909303293E-2,-3.2088205219105964E-2,-6.1731891441489425E-2,-3.9759827776135542E-2,-2.843306784082502E-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-3,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[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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[]
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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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-0.20592663537003478,-0.92359624091169956,-4.9628776350000523,-3.1996882381688532,-3.3845372026898799,-2.3074244783055087,-1.8800500272047524,8.2892464806264624E-2]
["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,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
[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,-2.0592663537003478E-3,-9.2359624091169958E-3,-4.9628776350000521E-2,-3.1996882381688532E-2,-3.3845372026898801E-2,-2.3074244783055087E-2,-1.8800500272047525E-2,8.2892464806264628E-4]
[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-3,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-0.37386484635388512,-8.2127539797420643E-2,-0.2157475864055175,0.85173661940806966,-1.0268800486900823E-2,-1.6480562232793934,-0.72238306461559032,-2.1789620901364182]
["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,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
[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,-3.7386484635388512E-3,-8.2127539797420643E-4,-2.1574758640551749E-3,8.5173661940806961E-3,-1.0268800486900824E-4,-1.6480562232793934E-2,-7.2238306461559036E-3,-2.178962090136418E-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-3,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[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"]
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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,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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["For chart",null,0,0,0,0,0,0,0,0,0,0,0,0,0]
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["Specialist funds"]
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["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,-1.2324560428610001,2.1827280196609999,2.1711769460460002,2.4296700000000002,2.4699200000000001,2.88605,1.9387099999999999,1.7439800000000001,1.4820500000000001,0.87817000000000001,0.40920000000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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["For chart"]
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["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-3,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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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]
[]
[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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["Balanced Fund Acquisitions",606.20000000000005,710.5,1228,897.18400000000008,918.84500000000003,810.70799999999997,1541.598,1862.4529999999997,1314.6326939999999,1168.9184850000001,709.4,223.69499999999999,24.661000000000001,64.954000000000008,42.792999999999999,7.6840000000000011,3.84,89,233.20800000000003,1534.7879999999998,1571.2,1217.0999999999999,862.7,423.6,589,422.8,775.4,368.9,215.9,249.1,448.80199999999996,422.6,712.42816300000015,637.60344399999997,1026.09638,1277.0632878599997,1167.1152820000002,1467.1609670560001,1673.2459770000003,2190.4518059999996,908.49546529999998,1656.6,1029.3345310699999,957.80075399999987,585.18999999999994,153.37499999999997,27.736999999999998,174.10600539999996,372.55300000000011,610.50295699999992,725.30534599999999,639.00383799999997,397.25378599999988,366.78834799999998,424.91699999999997,262.37891800000006,106.73400000000001,200.05416199999999,138.85914700000001,29.93,163.934541,28.744999999999997,55.75,105.271141,100.07836700000001,225.90249999999997,69.291728829999997,924.46026889999996,417.15566142,205.02886150999998,46.637619999999991,42.410613000000005,39.704999999999998,26.40352463]
["Long Income Property Funds",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,78.400000000000006,34.299999999999997,61.7,73.8,0,40.700000000000003,18.100000000000001,102.3,0.8,32.799999999999997,189.48500000000001,154.80000000000001,43.287188,18.649999999999999,258.22754499999996,139.093547,72.881999999999991,79.352929999999986,11.25,83.370757999999995,34.884999999999998,11.4,20.916425,32.608000000000004,4.49,91.027999999999992,0,22.616,62.144999999999996,141.10719399999996,62.65,116.38951299999998,35.586003000000005,130.13808,122.521,417.30068,296.25445999999999,88.80309800000002,72.624960000000002,60.850451999999997,16.305,8.16,0.75109199999999998,125.83799999999999,361.613584,144.26063289000001,154.08315628,18.407486000000002,33.123025999999996,67.786904849999999,28.740500000000001,18.850000000000001,18.3,74.388000000000005]
["Specialist Fund Acquisitions",653.52,204.75400000000002,271.18799999999999,649.99,599.07500000000005,514.22900000000004,585.82799999999997,1280.9349999999999,419.16500000000002,168.28300000000002,220.90800000000002,386.25400000000002,149.41899999999998,56.367999999999995,11.8,485.48900000000003,0,10.199999999999999,34.200000000000003,155.22,142.69999999999999,82.3,58.414999999999999,227.70599999999999,66.3,140.6,101.836,98.28,0,98.251000000000005,13.5875,49.86,4.3559999999999999,64.504999999999995,118.221,27.564,3.5,86.699999999999989,331.13501099999996,268.12900000000002,92.75,735.08399999999995,62.305000000000007,288.91999999999996,52.67,0,88.4,0,0,0,48.890999999999998,57.817999999999998,34.18,65.475489999999994,12.679364,12.5,17.353999999999999,123.209304,64.995999999999995,400.54562937000003,268.20999999999998,25.310547,28.778948999999997,122.59823,34.332083999999995,17.85567,95.075000000000003,237.55000001000002,177.91086869000003,173.78619278452769,0,0,0,0]
["Total acquisions",1259.72,915.25400000000002,1499.1880000000001,1547.174,1517.92,1324.9369999999999,2127.4259999999999,3143.3879999999999,1733.7976939999999,1337.201485,930.30799999999999,609.94900000000007,174.07999999999998,121.322,54.593000000000004,493.17300000000006,3.84,99.2,267.40800000000002,1690.0079999999998,1792.3000000000002,1333.6999999999998,982.81500000000005,725.10599999999999,655.29999999999995,604.1,895.33600000000001,569.48,216.70000000000002,380.15099999999995,651.87450000000001,627.2600000000001,760.07135100000016,720.75844399999994,1402.5449249999999,1443.7208348599997,1243.4972820000003,1633.2138970560002,2015.6309880000003,2541.9515639999995,1036.1304653,2403.0839999999998,1112.5559560699999,1279.3287539999997,642.34999999999991,244.40299999999996,116.137,196.72200539999994,434.69800000000009,751.61015099999986,836.84634599999993,813.21135099999992,467.01978899999989,562.40191800000002,560.11736399999995,692.17959800000006,420.34246000000002,412.06656399999997,276.48010699999998,491.32608137,448.44954099999995,62.215547000000001,85.280040999999997,353.70737099999997,496.02403500000003,388.01880288999996,318.44988510999997,1180.41775491,628.18955611000001,446.60195914452765,75.378119999999996,61.260613000000006,58.004999999999995,100.79152463]
[]
["Balanced Fund Disposals",200.1,258.8,245,173.50740299999998,288.64499999999998,143.16200000000001,322.43,267.113,331.29150000000004,332.80699999999996,575.6,969.23599999999999,1452.6903565900002,828.10500000000002,629.71780036999996,543.15859999999998,438.78199999999998,685,502.61808224999999,296.90199999999999,291.10000000000002,94.5,169.9,315.89999999999998,249.9,386.2,338,390.4,324.74099999999999,141.4,425.48599999999999,230.4,264.39805593000006,361.71749300000005,613.20000000000005,422.07889740000002,442.94961100000006,226.96935999999997,189.24634850000004,338.55908531999995,554.05931499999997,210.54387199999999,659.84465398999998,692.127926,431.7706,643.21600000000001,1506.3736879999999,2017.2882999999999,498.08799999999997,594.14856707000013,799.20664650000003,604.25525999999979,446.00366399999996,500.83043899999996,601.01967849999994,432.03147099999995,1372.3297080000002,777.50057199999992,1096.2029300000002,1046.1210739999997,760.56846299999984,200.92728700000004,449.80342900000011,1228.4845893299996,1087.67388306,795.36391927000045,749.69615859000021,565.35345825600007,920.17221434999999,553.59971927000004,525.64498706999996,1002.3581655599999,977.18266588000006,759.8628383500004]
["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,-53.167499999999997,0,15.840000000000003,0,28.116,0,15.95,11.9,0,25.844000000000001,9.9250000000000007,0,0,0,31.965074999999999,27.263154999999998,22.182310000000001,13.938038000000001,5.8480000000000008,40.776096000000003,0,0,0,0,177.00353799999999,119.06387155,69.379400880000006,39.443355310000001,46.266909120000001,39.84254567,329.28625472000004,220.26565624,269.59133954999999]
["Specialist Fund Disposals",116.399,408.30700000000007,125.38400000000001,397.53500000000003,216.762,81.69,316.45099999999996,307.91899999999998,44.36,355.358,439.77499999999998,220.75,202.864,641.60300000000007,601.99800000000005,201.857,213.96799999999996,380.74399999999997,440.55900000000003,509.02,409.7,242,315.41300000000001,308.57600000000002,279,263.47649999999999,219.226,49.008999999999993,47.097000000000001,276.10165599999999,156.980695,277.39,74.224000000000004,242.104333,349.99400000000003,153.57923099999999,165.40753599999999,223.25434797999998,325.36038699999995,443.78427331,210.6935,33.314193000000003,604.55919199999994,130.60295600000001,251.39400000000001,162.70672300000001,94.226826000000003,205.53399999999999,106.339,313.99753999999996,57.557000000000002,203.36131699999999,133.78370999999999,70.307999999999993,171.1,100.1885,108.90584899999999,0,0,434.073891,0,0,86.103932999999998,169.86425500000001,207.76862999999994,74.341378000000006,68.907194399999995,76.271672080000002,129.219494,0,49.560938780999997,53.18,0,215.66753756]
["Total sales",316.49900000000002,667.10700000000008,370.38400000000001,571.04240300000004,505.40699999999998,224.852,638.88099999999997,575.03199999999993,375.65150000000006,688.16499999999996,1015.375,1189.9859999999999,1655.5543565900002,1469.7080000000001,1231.7158003700001,745.01559999999995,652.75,1065.7439999999999,943.17708225000001,805.92200000000003,700.8,336.5,485.31299999999999,629.27600000000007,555.9,662.67650000000003,557.226,439.40899999999999,371.83799999999997,432.30165599999998,582.46669499999996,507.78999999999996,349.12205593000004,603.8218260000001,1045.7690000000002,657.46695040000009,615.35714700000005,450.22370797999997,514.60673550000001,804.64835862999996,770.4038149999999,190.69056499999999,1264.4038459899998,838.57088199999998,683.16460000000006,834.038723,1600.600514,2238.7723000000001,616.327,908.14610707000008,882.6076465000001,817.54157699999973,579.787374,571.13843899999995,772.11967849999996,564.18504599999994,1508.4987120000003,799.68288199999995,1110.1409680000002,1486.0429649999996,801.34455899999989,200.92728700000004,535.90736200000015,1398.3488443299996,1295.44251306,1046.7088352700005,937.66722454000023,711.00453121600015,1088.8350636600001,599.86662839000007,615.04847152100001,1384.8244202799999,1197.4483221200001,1245.1217154600004]
[]
["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,-680.4044297600002,359.10681064399989,-503.01655292999999,-348.57085776000008,-479.00736706999999,-959.94755255999985,-937.47766588000002,-733.45931372000041]
["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,-32.742905109999981,35.019284729999995,-50.97191488,-6.3203293100000053,21.519995729999998,-11.102045669999999,-310.43625472000002,-201.96565623999999,-195.20333954999998]
["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,-56.485708000000002,26.167805600000008,161.27832793000002,48.691374690000032,173.78619278452769,-49.560938780999997,-53.18,0,-215.66753756]
["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,-619.21733943000027,469.41322369399995,-460.64550754999999,-153.26466924547239,-539.67035152099993,-1323.56380728,-1139.4433221199999,-1144.3301908300004]
[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-840.16870335500005,-469.58863861150019,-348.44389782900021,-293.22125745150009,-242.87199177900004,-572.63558257999989,-681.25086081749998,-777.47297480750012]
["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",60.85,34.5,32.849999999999994,21.950000000000003,30.274999999999999,37.225000000000001,34.799999999999997,77.646250000000009,90.771250000000009,98.76804700000001,98.930547000000004,95.472433249999995,71.093614500000001,79.367317499999999,94.543049999999994,53.44241375,54.387671999999988,45.225671999999996,41.529314499999998,43.945920749999999,32.871481250000002,26.685481249999999,26.271606249999998,21.042499999999997,18.516999999999996,29.955749999999995,49.504548499999991,58.706048499999994,83.655676749999998,79.990927499999998,77.248649,98.677398999999994,168.395172,226.7464975,210.8671745,194.90865500000001,112.32536675,38.959766500000001,24.344569499999999,9.8606119999999997,27.569498999999997,124.09066899999999,113.8649427225,122.43199090500001,78.229512185000004,-13.753966142499998,-0.18824093250000296,-11.718573532500002,-76.584658492500012,-125.495990225,-179.67682404499999]
["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,-62.755118349999989,-10.619030117499982,44.91295005500001,102.48092525113194,83.548739155881933,29.934157173381926,17.761313500881919,-79.602119085249996]
["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 ",15515.855133198853,16926.302565276019,18554.548043902061,20703.899793880002,22869.948739916676,25415.222893455993,27555.935843919997,29838.573955675929,32411.292714599469,33374.246004414897,32160.172016150864,27253.145068663613,25189.975390742627,23806.870933105292,21775.021481454682,19322.196531566075,17064.234959791331,16304.998799933581,16816.428271522462,20785.075084879179,23245.7,24742.9,25596.9,26025.8,26498,27115.8,26844.620000000003,28362.2,28442.1,28398.400000000001,25748.6,25900.2,25986.047034185351,26426.968408925852,27473.686029784865,29327.499449817238,31135.195181298819,34583.434086411879,37167.622712418037,39437.505087247235,41176.676524393748,43397.063731405215,45135.679078664332,46736.25453829499,46357.636885232423,44771.842332262153,43244.749937263558,44010.578277081433,46211.782052281371,44300.565361175017,45000.831027145337,48781.852427999293,49392.853145775844,49915.206417781388,50218.062478973865,49160.141507879991,47436.769451199994,47317.638648730004,45518.488817855097,44185.821098065535,42709.550856869995,41655.428390413224,41286.949891242934,40047.177262519996,39004.703938539998,37843.734013242138,38267.87101432107,39281.966819049994,40356.361451930992,40395.602527907009,37795.890658735021,30657.917887252002,29674.593317121784,29028.443174240998]
["Long Income Property Funds asset value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,96.315113019999998,105.89700000000001,106.04470490999998,106.155,611.98836789999996,713.5,766.4,885.4,921.4,940,977.3,1034.0999999999999,2128.1999999999998,2157.4,2233.2399999999998,2645.6,2793.33890402,2981.4950078528263,3273.1722302973012,3486.2715064900003,3702.2537571199996,4012.3564294014723,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5570.2838507099996,5921.5651186300001,6051.5613013500006,6059.1904124899993,6295.1695610899997,6369.8964111700006,7233.2413062605619,7537.8122583199993,7856.8520701999996,8270.5552285199992,8509.6128280300018,8680.3611469000007,9729.8639691000008,10461.26638015,10825.674325309999,11068.146673519999,11336.10194807,11463.818216289999,11961.851084649999,11831.221323130001,11899.08620041,12161.31298517,12720.144746720001,13136.386505500001,13462.872383130001,13873.85054537,14350.89971503,14828.429174110002,14029.896817159997,12144.719338429999,11922.933601703002,14241.570755012001]
["Specialist funds Net asset value ",8325.2351102409484,8785.9201178000003,11824.862984999996,13279.72049208,14658.256798010803,16347.214029745001,18432.392518999994,19277.954693852105,20494.572941076607,20740.362196193852,20441.968318152165,18399.406923837822,17712.171744337109,16593.211986808168,15573.47918437191,12063.602648072925,9509.447890734622,8787.6614343771289,8966.1121780475878,10381.61345414515,11047.4,11366.2,11470.4,11732.2,11829.6,11922.9,11732.299999999997,12026.96669511222,11632.6,11457.5,11045.3,10753.134291036911,10480.487695916167,10490.584342807753,10477.8095849289,10758.790765788344,10770.00697169442,11390.827843874822,11280.118510672639,11403.699900584423,11349.511716757535,12068.8953688073,12331.243255215657,12303.758667238564,12442.836977496496,12186.952262680566,11327.699962458659,11015.264009202449,11075.892185441862,11117.458686074729,11291.742134832062,11332.187432312134,11243.675890911878,11135.873424990621,11124.279212669799,11071.266984159311,11187.983565788789,10875.060133817038,10449.728101360422,10431.0797360459,9636.1671519229421,8748.1847022678394,8433.9394041251417,8381.2312582468567,8358.6330452058482,8509.7106984316051,8838.8787155295795,9061.1533737320406,9173.9592355751738,9680.0562294829451,9057.7698014136495,7925.6520239263264,8033.0140871126023,7901.4881220725692]
["Total net asset value ",23841.090243439801,25712.222683076019,30379.411028902057,33983.620285960002,37528.205537927483,41762.436923200992,45988.328362919987,49116.528649528031,52905.865655676076,54114.608200608753,52602.140334303025,45652.551992501438,42902.147135079736,40400.082919913461,37348.500665826592,31385.799179638998,26573.682850525955,25092.660234310708,25782.54044957005,31166.68853902433,34293.1,36109.100000000006,37067.300000000003,37758,38327.599999999999,39038.699999999997,38576.92,40389.166695112217,40074.699999999997,39855.9,39439.5,39446.673195056916,39448.029737954348,40190.724982030908,41437.767121203768,43788.543972725587,45917.558582394711,50267.750724406702,53025.520013020679,55774.797523521658,57613.989606551288,60871.772039292518,63037.206184589988,64961.578324163558,64852.035164078916,63017.985007432726,60867.619460812217,61395.738697453882,64520.915543983792,62955.836305569748,64149.425232177404,68384.595088831426,69146.14186471772,69731.440989672017,71072.205660743668,70692.674872189309,69450.42734229879,69260.845456067036,67304.318867285518,66080.719050401429,64307.569093442937,62234.83441581107,61619.975495778075,60589.721505936854,60083.48173046585,59489.831217173742,60569.622112980651,62216.970738152035,63881.220402536164,64904.087931499955,60883.557277308668,50728.28924960833,49630.541005937383,51171.502051325573]
["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,-1.0223232667276226E-2,7.5447778656660205E-3,-7.2109691181120854E-3,-2.3614024036086689E-3,-8.8639753597665582E-3,-2.6091236800188745E-2,-2.2958511010059038E-2,-2.2362646100992402E-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-3,1.81508481989976E-2,2.7197604470745762E-2,2.6749127201778019E-2,1.6012022352083637E-2,-6.1945723024943694E-2,-0.16679820434022524,-2.1639764713323593E-2,3.1048644930222358E-2]
["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,-619.21733943000027,469.41322369399995,-460.64550754999999,-153.26466924547239,-539.67035152099993,-1323.56380728,-1139.4433221199999,-1144.3301908300004]
["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,-99.461393483568131,-89.275012840193,-346.54888476070022,-143.69425667580006,-472.88477792647961,-958.3951039387598,-536.35250688158089,-1100.6678699789338]
["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,-7.4049121669788143,4.704259666558321,0.97718063613364359,2.6632251360160808,1.2365389607965696,6.2257054495451065,-5.2580583162085279,1.3292367334209891,1.066602610230031,1.1412301192847947,1.3810210442859003,2.1244299364700705,1.0396689337828153]
[]
[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["Total acquisitions","Acquisitions",915.25400000000002,1499.1880000000001,1547.174,1517.92,1324.9369999999999,2127.4259999999999,3143.3879999999999,1733.7976939999999,1337.201485,930.30799999999999,609.94900000000007,174.07999999999998,121.322,54.593000000000004,493.17300000000006,3.84,99.2,267.40800000000002,1690.0079999999998,1792.3000000000002,1333.6999999999998,982.81500000000005,725.10599999999999,655.29999999999995,604.1,895.33600000000001,569.48,216.70000000000002,380.15099999999995,651.87450000000001,627.2600000000001,760.07135100000016,720.75844399999994,1402.5449249999999,1443.7208348599997,1243.4972820000003,1633.2138970560002,2015.6309880000003,2541.9515639999995,1036.1304653,2403.0839999999998,1112.5559560699999,1279.3287539999997,642.34999999999991,244.40299999999996,116.137,196.72200539999994,434.69800000000009,751.61015099999986,836.84634599999993,813.21135099999992,467.01978899999989,562.40191800000002,560.11736399999995,692.17959800000006,420.34246000000002,412.06656399999997,276.48010699999998,491.32608137,448.44954099999995,62.215547000000001,85.280040999999997,353.70737099999997,496.02403500000003,388.01880288999996,318.44988510999997,1180.41775491,628.18955611000001,446.60195914452765,75.378119999999996,61.260613000000006,58.004999999999995,100.79152463]
["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,-937.66722454000023,-711.00453121600015,-1088.8350636600001,-599.86662839000007,-615.04847152100001,-1384.8244202799999,-1197.4483221200001,-1245.1217154600004]
["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,-619.21733943000027,469.41322369399984,-460.64550755000005,-153.26466924547242,-539.67035152100004,-1323.56380728,-1139.4433221200002,-1144.3301908300004]
[]
[]
["Balanced fund Purchases + Sales",806.30000000000007,969.3,1473,1070.691403,1207.49,953.87,1864.028,2129.5659999999998,1645.9241939999999,1501.7254850000002,1285,1192.931,1477.3513565900003,893.05899999999997,672.51080036999997,550.84259999999995,442.62199999999996,774,735.82608225000001,1831.6899999999998,1862.3000000000002,1311.6,1032.6000000000001,739.5,838.9,809,1113.4000000000001,759.3,540.64099999999996,390.5,874.28800000000001,653,976.82621893000021,999.32093699999996,1639.29638,1699.1421852599997,1610.0648930000002,1694.1303270560002,1862.4923255000003,2529.0108913199997,1462.5547802999999,1867.1438719999999,1689.1791850599998,1649.92868,1016.9605999999999,796.59100000000001,1534.110688,2191.3943054000001,870.64100000000008,1204.6515240700001,1524.5119924999999,1243.2590979999998,843.25744999999984,867.61878699999988,1025.9366785,694.41038900000001,1479.0637080000001,977.55473399999994,1235.062077,1076.0510739999997,924.50300399999981,229.67228700000004,505.55342900000011,1333.7557303299996,1187.7522500600001,1021.2664192700004,818.98788742000022,1489.8137271559999,1337.32787577,758.62858077999999,572.28260706999993,1044.7687785599999,1016.8876658800001,786.26636298000039]
["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,-41.767499999999998,20.916425,48.448000000000008,4.49,119.14399999999999,0,38.566000000000003,74.045000000000002,141.10719399999996,88.494,126.31451299999998,35.586003000000005,130.13808,122.521,449.26575500000001,323.51761499999998,110.98540800000002,86.562998000000007,66.698452000000003,57.081096000000002,8.16,0.75109199999999998,125.83799999999999,361.613584,321.26417089,273.14702783000001,87.786886880000012,72.566381309999997,114.05381396999999,68.583045670000004,348.13625472000007,238.56565624000001,343.97933954999996]
["Specialist Fund Purchases + Sales",769.91899999999998,613.06100000000015,396.572,1047.5250000000001,815.83699999999999,595.9190000000001,902.279,1588.8539999999998,463.52500000000003,523.64100000000008,660.68299999999999,607.00400000000002,352.28300000000002,697.971,613.798,687.346,213.96799999999996,390.94399999999996,474.75900000000001,664.24,552.4,324.3,373.82800000000003,536.28200000000004,345.3,404.07650000000001,321.06200000000001,147.28899999999999,47.097000000000001,374.35265600000002,170.568195,327.25,78.58,306.60933299999999,468.21500000000003,181.14323099999999,168.90753599999999,309.95434797999997,656.49539799999991,711.91327331000002,303.44349999999997,768.39819299999999,666.864192,419.52295599999997,304.06400000000002,162.70672300000001,182.62682599999999,205.53399999999999,106.339,313.99753999999996,106.44800000000001,261.17931699999997,167.96370999999999,135.78348999999997,183.77936399999999,112.6885,126.25984899999999,123.209304,64.995999999999995,834.61952037000003,268.20999999999998,25.310547,114.882882,292.46248500000002,242.10071399999993,92.197048000000009,163.9821944,313.82167208999999,307.13036269000003,173.78619278452769,49.560938780999997,53.18,0,215.66753756]
["Total value of all Purchases & Sales",1576.2190000000001,1582.3610000000001,1869.5720000000001,2118.2164029999999,2023.327,1549.789,2766.3069999999998,3718.42,2109.4491939999998,2025.366485,1945.683,1799.9349999999999,1829.6343565900002,1591.0300000000002,1286.3088003700002,1238.1886,656.59,1164.944,1210.5850822500001,2495.9299999999998,2493.1000000000004,1670.1999999999998,1468.1280000000002,1354.3820000000001,1211.1999999999998,1266.7764999999999,1452.5619999999999,1008.889,588.53800000000001,812.45265599999993,1234.341195,1135.0500000000002,1109.1934069300003,1324.5802699999999,2448.3139250000004,2101.1877852600001,1858.8544290000004,2083.4376050360001,2530.2377235000004,3346.5999226299996,1806.5342802999999,2593.7745649999997,2376.9598020599997,2117.8996359999996,1325.5146,1078.4417229999999,1716.7375139999999,2435.4943054,1051.0250000000001,1659.7562580700001,1719.4539924999999,1630.7529279999997,1046.8071629999999,1133.5403569999999,1332.2370424999999,1256.364644,1928.8411720000004,1211.7494459999998,1386.621075,1977.3690463699995,1249.7940999999998,263.14283400000005,621.18740300000013,1752.0562153299995,1791.4665480600002,1434.7276381600004,1256.1171096500002,1891.422286126,1717.0246197700001,1046.4685875345276,690.42659152099998,1446.0850332799998,1255.4533221199999,1345.9132400900003]
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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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["Aggregate NAV of Balanced Funds",15515.855133198853,16926.302565276019,18554.548043902061,20703.899793880002,22869.948739916676,25415.222893455993,27555.935843919997,29838.573955675929,32411.292714599469,33374.246004414897,32160.172016150864,27253.145068663613,25189.975390742627,23806.870933105292,21775.021481454682,19322.196531566075,17064.234959791331,16304.998799933581,16816.428271522462,20785.075084879179,23245.7,24742.9,25596.9,26025.8,26498,27115.8,26844.620000000003,28362.2,28442.1,28398.400000000001,25748.6,25900.2,25986.047034185351,26426.968408925852,27473.686029784865,29327.499449817238,31135.195181298819,34583.434086411879,37167.622712418037,39437.505087247235,41176.676524393748,43397.063731405215,45135.679078664332,46736.25453829499,46357.636885232423,44771.842332262197,43244.749937263558,44010.578277081433,46211.782052281371,44300.565361175017,45000.831027145337,48781.852427999293,49392.853145775844,49915.206417781388,50218.062478973865,49160.141507879991,47436.769451199994,47317.638648730004,45518.488817855097,44185.821098065535,42709.550856869995,41655.428390413224,41286.949891242934,40047.177262519996,39004.703938539998,37843.734013242138,38267.87101432107,39281.966819049994,40356.361451930992,40395.602527907009,37795.890658735021,30657.917887252002,29674.593317121784,29028.443174240998]
["Aggregate NAV of Long Income Property Funds",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,96.315113019999998,105.89700000000001,106.04470490999998,106.155,611.98836789999996,713.5,766.4,885.4,921.4,940,977.3,1034.0999999999999,2128.1999999999998,2157.4,2233.2399999999998,2645.6,2793.33890402,2981.4950078528263,3273.1722302973012,3486.2715064900003,3702.2537571199996,4012.3564294014723,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5570.2838507099996,5921.5651186300001,6051.5613013500006,6059.1904124899993,6295.1695610899997,6369.8964111700006,7233.2413062605619,7537.8122583199993,7856.8520701999996,8270.5552285199992,8509.6128280300018,8680.3611469000007,9729.8639691000008,10461.26638015,10825.674325309999,11068.146673519999,11336.10194807,11463.818216289999,11961.851084649999,11831.221323130001,11899.08620041,12161.31298517,12720.144746720001,13136.386505500001,13462.872383130001,13873.85054537,14350.89971503,14828.429174110002,14029.896817159997,12144.719338429999,11922.933601703002,14241.570755012001]
["Aggregate NAV of Specialist Funds",8325.2351102409484,8785.9201178000003,11824.862984999996,13279.72049208,14658.256798010803,16347.214029745001,18432.392518999994,19277.954693852105,20494.572941076607,20740.362196193852,20441.968318152165,18399.406923837822,17712.171744337109,16593.211986808168,15573.47918437191,12063.602648072925,9509.447890734622,8787.6614343771289,8966.1121780475878,10381.61345414515,11047.4,11366.2,11470.4,11732.2,11829.6,11922.9,11732.299999999997,12026.96669511222,11632.6,11457.5,11045.3,10753.134291036911,10480.487695916167,10490.584342807753,10477.8095849289,10758.790765788344,10770.00697169442,11390.827843874822,11280.118510672639,11403.699900584423,11349.511716757535,12068.8953688073,12331.243255215657,12303.758667238564,12442.836977496496,12186.952262680566,11327.699962458659,11015.264009202449,11075.892185441862,11117.458686074729,11291.742134832062,11332.187432312134,11243.675890911878,11135.873424990621,11124.279212669799,11071.266984159311,11187.983565788789,10875.060133817038,10449.728101360422,10431.0797360459,9636.1671519229421,8748.1847022678394,8433.9394041251417,8381.2312582468567,8358.6330452058482,8509.7106984316051,8838.8787155295795,9061.1533737320406,9173.9592355751738,9680.0562294829451,9057.7698014136495,7925.6520239263264,8033.0140871126023,7901.4881220725692]
["Aggregate NAV",23841.090243439801,25712.222683076019,30379.411028902057,33983.620285960002,37528.205537927483,41762.436923200992,45988.328362919987,49116.528649528031,52905.865655676076,54114.608200608753,52602.140334303025,45652.551992501438,42902.147135079736,40400.082919913461,37348.500665826592,31482.114292658996,26679.579850525952,25198.704939220708,25888.695449570048,31778.676906924331,35006.6,36875.5,37952.700000000004,38679.4,39267.599999999999,40016,39611.019999999997,42517.366695112221,42232.1,42089.14,39439.5,39446.673195056916,39448.029737954348,40190.724982030908,41437.767121203768,43788.543972725587,45917.558582394711,50267.750724406702,53025.520013020679,55774.797523521658,57613.989606551288,60871.772039292518,63037.206184589988,64961.578324163558,64852.035164078916,63017.985007432726,60867.619460812217,61395.738697453882,64520.915543983792,62955.836305569748,64149.425232177404,68384.595088831426,69146.14186471772,69731.440989672017,71072.205660743668,70692.674872189309,69450.42734229879,69260.845456067036,67304.318867285518,66080.719050401429,64307.569093442937,62234.83441581107,61619.975495778075,60589.721505936854,60083.48173046585,59489.831217173742,60569.622112980651,62216.970738152035,63881.220402536164,64904.087931499955,60883.557277308668,50728.28924960833,49630.541005937383,51171.502051325573]
["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,-1.0119775844279475E-2,7.6021342801144464E-3,-7.1593433145647981E-3,-2.3558393189783179E-3,-8.7860956246411867E-3,-2.5427794200399652E-2,-2.2443247466009189E-2,-2.1873496832339613E-2]
[]
["For chart"]
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[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,-1.0119775844279475E-2,7.6021342801144464E-3,-7.1593433145647981E-3,-2.3558393189783179E-3,-8.7860956246411867E-3,-2.5427794200399652E-2,-2.2443247466009189E-2,-2.1873496832339613E-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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-619.21733943000027,469.41322369399995,-460.64550754999999,-153.26466924547239,-539.67035152099993,-1323.56380728,-1139.4433221199999,-1144.3301908300004]
["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,-99.461393483568131,-89.275012840193,-346.54888476070022,-143.69425667580006,-472.88477792647961,-958.3951039387598,-536.35250688158089,-1100.6678699789338]
[]
["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,-24.394726019257405,499.2491580693324,126.00157430207867,519.75594594643212,-558.68823653419292,114.09662278929977,9.5704125696723281,66.785573594520315,365.16870334124019,603.09081523841905,43.662320851066625]
[]
[]
[]
[]
[]
[]
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[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-680.4044297600002,359.10681064399989,-503.01655292999999,-348.57085776000008,-479.00736706999999,-959.94755255999985,-937.47766588000002,-733.45931372000041]
["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,-32.742905109999981,35.019284729999995,-50.97191488,-6.3203293100000053,21.519995729999998,-11.102045669999999,-310.43625472000002,-201.96565623999999,-195.20333954999998]
["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,-56.485708000000002,26.167805600000008,161.27832793000002,48.691374690000032,173.78619278452769,-49.560938780999997,-53.18,0,-215.66753756]
[]
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[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-70.199345467851245,-99.024894134553591,-96.223849543050264,-151.54945130056061,-154.02587846986222,-219.99325776803968,-132.24674430108385,-89.882923979553667]
["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,-680.4044297600002,359.10681064399989,-503.01655292999999,-348.57085776000008,-479.00736706999999,-959.94755255999985,-937.47766588000002,-733.45931372000041]
["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,-1.7469436631074267E-2,9.2261157213638784E-3,-1.2310920466536635E-2,-8.5551093271810097E-3,-1.2514922097168023E-2,-3.0360922194047634E-2,-3.0624444403012163E-2,-2.4644234823922712E-2]
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["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-1.7469436631074267,0.92261157213638789,-1.2310920466536635,-0.85551093271810097,-1.2514922097168024,-3.0360922194047633,-3.0624444403012161,-2.464423482392271]
["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,-0.2486337865555481,0.26079585823122187,-0.36605073440257618,-4.4021957527158248E-2,0.14533752770917219,-7.9068774084085025E-2,-2.4924317676989247,-1.665709973694772,-1.3521257468697843]
["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,-0.65940243860845682,0.29693253151553917,1.8121414862568548,0.53358844290710883,1.8281217776650138,-0.54418731673228693,-0.66651359297360535,0,-2.6569348501290464]
[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-1.7469436631074267E-2,9.2261157213638784E-3,-1.2310920466536635E-2,-8.5551093271810097E-3,-1.2514922097168025E-2,-3.0360922194047634E-2,-3.0624444403012163E-2,-2.4644234823922709E-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-3,2.6079585823122185E-3,-3.6605073440257618E-3,-4.4021957527158248E-4,1.4533752770917218E-3,-7.9068774084085024E-4,-2.4924317676989247E-2,-1.665709973694772E-2,-1.3521257468697843E-2]
["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-3,2.9693253151553915E-3,1.8121414862568547E-2,5.3358844290710885E-3,1.8281217776650139E-2,-5.441873167322869E-3,-6.6651359297360538E-3,0,-2.6569348501290464E-2]
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[]
["Authorised PUTs"]
["Net asset values",null,2790.1544399500003,3202.8223053700003,4030.81706803,5117.2255969649996,5878.8802860000005,6841.0649610000009,7994.279466,9778.3217850600013,10309.794858560001,9846.6727759799996,7592.1712843600017,6998.4903549900018,6748.8751740700018,6212.8076038700028,5043.7146707499996,4458.1179778300038,4298.1734291500043,4706.2022828700001,6201.0780020000002,7228.3,7719.6,8114.2,8332.4,8548.4,8832.7999999999993,8781.6190000000006,8820.8162174836998,8858.1,8799.7312577689991,8849.9,8840.8629179499985,8843.4023679973943,9091.9108014601006,9693.5872783500017,10531.736328449999,11324.863043244522,12419.962242742386,13579.78574976,14428.804873069999,15291.69128856,16368.342712240001,17123.13856834,17513.441957319999,17219.717229620001,15722.354774650001,14667.252482720001,14080.399517439999,13673.616724560001,13178.943436239999,12888.85776071,12840.837917192019,12819.876202095613,12630.210835149999,12610.929795630002,11266.766841999999,10257.132680000001,10129.069820999999,12087.757477000001,11044.367007999999,10738.616145000002,10478.631739,10368.680561000001,9375.0689259999999,8420.3567829999993,6741.9832369281648,6318.3548231700006,6046.3636197300002,5961.2682747699992,5096.4367769549999,4646.0518266599993,3343.6956659149996,3193.8930228449999,3071.3279760450005]
["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,-5.5264953707330102,3.9023292082506593,-1.1261976141213244,-0.33394068639108415,-1.5559451648428906,-5.1086075089980305,-5.078952306979998,-1.1277264993747453]
[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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-70.199345467851245,-99.024894134553591,-96.223849543050264,-151.54945130056061,-154.02587846986222,-219.99325776803968,-132.24674430108385,-89.882923979553667]
["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,-369.61007022999996,227.08731879999996,-67.900353240000001,-17.0761,-73.432589579999998,-180.01241565000001,-170.89603129000002,-35.031236]
["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,-5.5264953707330103E-2,3.9023292082506593E-2,-1.1261976141213244E-2,-3.3394068639108414E-3,-1.5559451648428906E-2,-5.1086075089980303E-2,-5.0789523069799981E-2,-1.1277264993747453E-2]
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[]
["Managed funds"]
["Net asset values",null,5114.1077958699998,5508.5784858699999,5935.2826211600004,6318.9152239999994,6682.4961787299999,7049.923542999999,7486.5324551099993,7737.4003064799999,7887.3337029356835,7586.1195319999997,6584.3573382300001,6085.2799673799991,5806.2540322200002,5359.7932168699999,5775.1931111999993,5138.0490228199997,4985.9907429999994,5083.3112728200003,6481.0732311199999,7357.1,7949.8,8309.2999999999993,8352.6,8429.4,8553.2000000000007,8679.1,8714.6181492800006,8774.1,8744.9349529550273,8990.2924453017895,7623.4,7684.4920117448573,7087.1550040000002,7336.6291554010086,7604.7968144972401,7922.119698448374,8358.032988946492,8688.4490726580407,9117.7680872999899,9348.5964713716821,9630.1885926156792,9858.7371028148627,10115.978267715,9698.5082375226666,9658.5162788020643,9500.3559876725321,9584.3841293099995,9673.9797879564376,9793.5902916539999,9931.0875050249997,10027.11778474504,10144.38659351,10272.867230415,10175.29827958,9901.7227700000003,9351.2157798600001,9423.7755337399994,9288.8018519500001,9346.7207391800002,8901.3477365700001,8737.8676720599997,8621.3706046200004,8607.2893554900002,8680.9467781000003,8867.3959668240022,9024.00520856,9412.9649738400003,9252.042095625,9153.1620622560004,8347.5619907230212,6518.0571890899992,6309.9811834304619,6320.7427847199997]
["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,-0.73830387073552506,-0.23882744515282819,-4.9246016572964368,-2.9067171685056095,-2.4352552984698561,-6.9006603446475214,-0.40600096930225205,-0.61055693688097601]
[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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-18.621176263349739,-87.748230010565322,-483.14544518833662,-302.55341599222004,-292.42352405466761,-153.95156314372693,-120.90385593204111,5.2350800014707364]
["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,-67.120130270000004,-22.534562480000005,-479.22619974999998,-274.02156500000001,-208.35850726000001,-483.12801074000009,-25.723020480000002,-38.828805500000001]
["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,-7.3830387073552505E-3,-2.3882744515282819E-3,-4.9246016572964367E-2,-2.9067171685056094E-2,-2.4352552984698562E-2,-6.9006603446475218E-2,-4.0600096930225203E-3,-6.1055693688097604E-3]
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["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-8.4610170925344015,0.6828930141585321,128.74993125921893,58.653819142728679,26.145806746592669,-77.092551625386491,-34.611371931412243,-13.398869173983641]
["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,-76.85886286668719,-17.438102857338738,-48.264877092944786,195.82834718855437,-2.2524010418777003,-308.81682557797643,-130.00859538066365,-386.53045211951434]
[]
["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,-11.19695857,78.665746999999996,33.547874,50.074756999999998,15.828889100000005,13.891084000000001,-18.991015000000001,-35.946262000000004]
["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,-232.47727069000001,75.888307323999982,10.562126059999997,-107.54794976000001,-213.04515933000005,-310.69821016999992,-721.8675991099999,-623.65301021999994]
[]
["CIF NAV",null,394.05899999999997,415.173,467.37200000000007,501.01100000000002,541.04,560.28172399999994,594.67456230091921,617.5084505777088,615.18193099887208,590.92288080815172,518.69003343482052,493.049419,461.65600000000001,428.47700000000003,359.86799000000002,316.84598899999997,303.94216640000002,321.10746857999999,409.30149999999998,486.2,518.9,543.1,565.79999999999995,609.70000000000005,640.79999999999995,677.07696815999998,693.329925,702.8,748.90581130999999,742.75797499999999,859,870.68176600000004,905.42800000000011,994.04865899999982,1119.3631030000001,1211.0871438400002,1316.289808,1427.7901919999999,1556.093705,1650.547873,1815.2025149999999,1879.9333039999999,1974.1,2013.158422,2000.6479000000002,1961.3180280000001,2004.991925,4155.6104372200007,2098.5470270000001,2144.0672130000003,2232.2668319999998,2277.3414320000002,2352.9709109999999,2402.9984469999999,2469.2107189999997,2488.8182539999998,2501.3986314999997,2523.4427679999999,2500.512127,2489.8582329999999,2405.3007900000002,2356.1563420000002,2346.7317370000001,2290.7368729999998,2354.8556559999997,2444.4426650200003,2607.1221934,2820.3231252600003,2958.5200896000001,2870.1168954899999,2366.7360858769998,2303.5456363723151,2283.7024513599999]
["Other Balanced Funds NAV",null,8627.9813294560172,9427.9742526620648,10270.428104690001,10932.796918951672,12312.806428725995,13104.665615919996,13763.08747226501,14278.062172481761,14561.935511920339,14136.456827362708,12557.926412638792,11613.155649372628,10790.085726815294,9773.9436607146781,8143.4207596160704,7151.2219701413214,6716.8924613835752,6705.8072472524582,7693.6223517591807,8174.1,7357.9,8630.2999999999993,8775,8910.5,9089,9088.3010640659686,10133.6,10170.1,10104.79495731494,9811.1838477300007,8576.9,8587.4708884430984,9342.5314290849365,9449.420937033854,10074.10320387,10677.125295765924,12363.611452723,13471.597698,14334.838421877244,14885.84089146207,15583.329911549532,16273.870103509471,17132.73,17457.302997089759,1065.998,1059.2811859999999,1083.6500000000001,18708.575102544928,19229.484606281021,20036.818548410356,23681.62989406224,24151.248918170226,24659.157441216383,25028.835956763858,25522.441176879995,25339.602737339999,25263.394662490002,21618.486720905086,21294.221223885543,20579.728742300005,20033.62818935321,19940.742383622925,19718.087244030001,19612.663504439999,19879.499153489964,20481.068317571062,21215.516032080006,22322.727956275998,23187.483599096002,21932.159945862004,18429.428946370001,17867.173474474002,17352.669962116001]
["All other balanced NAVs",null,9022.0403294560165,9843.1472526620655,10737.800104690001,11433.807918951672,12853.846428725996,13664.947339919996,14357.762034565929,14895.57062305947,15177.117442919211,14727.37970817086,13076.616446073613,12106.205068372628,11251.741726815295,10202.420660714679,8503.2887496160711,7468.0679591413218,7020.8346277835753,7026.9147158324586,8102.9238517591803,8660.3000000000011,7876.7999999999993,9173.4,9340.7999999999993,9520.2000000000007,9729.7999999999993,9765.3780322259681,10826.929925,10872.9,10853.70076862494,10553.941822730001,9435.9,9458.1526544430981,10247.959429084936,10443.469596033854,11193.466306869999,11888.212439605924,13679.901260723,14899.38789,15890.932126877244,16536.38876446207,17398.532426549533,18153.803407509469,19106.829999999998,19470.461419089759,3066.6459000000004,3020.5992139999998,3088.6419249999999,22864.185539764927,21328.031633281022,22180.885761410354,25913.896726062241,26428.590350170227,27012.128352216383,27431.83440376386,27991.651895879993,27828.420991339997,27764.793293990002,24141.929488905087,23794.733350885544,23069.586975300004,22438.928979353212,22296.898725622923,22064.818981030003,21903.400377439997,22234.354809489963,22925.510982591062,23822.638225480005,25143.051081535999,26146.003688696001,24802.276841352003,20796.165032247001,20170.719110846316,19636.372413476001]
["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,-1.0517168689012006,0.65300618844491465,0.17574446633748586,-0.21933422430926844,-0.78888107590722234,-1.4071375240096793,-3.5428154864940851,-3.2499024064212012]
[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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-85.319879959221595,-16.755209843180204,80.485054166274139,254.48216633128305,23.893405704714969,-385.90937720336291,-164.61996731207589,-399.92932129349799]
["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,-243.67422926,154.55405432399999,44.110000059999997,-57.473192760000011,-197.21627023000005,-296.80712616999995,-740.85861410999985,-659.59927221999999]
["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,-1.0517168689012006E-2,6.5300618844491461E-3,1.7574446633748587E-3,-2.1933422430926845E-3,-7.8888107590722231E-3,-1.4071375240096794E-2,-3.5428154864940851E-2,-3.2499024064212012E-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,-145.1410843020688,136.41130908824647,180.08080801992034,280.6083378712832,93.36730990522409,69.173627865309982,158.35434930077841,-171.3092641671802,36.375054106274142,311.95535909128307,221.10967593471503,-89.102251033362961,576.23864679792393,259.669950926502]
[]
[]
[]
[null,null,null,null,null,null,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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[]
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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,96.315113019999998,105.89700000000001,106.04470490999998,106.155,611.98836789999996,713.5,766.4,885.4,921.4,940,977.3,1034.0999999999999,2128.1999999999998,2157.4,2233.2399999999998,2645.6,2793.3,2981.4950078528263,3273.1467282973008,3457.3284044900001,3702.2537571199996,4012.3564294014723,4293.4887941200004,4577.7787899300001,4933.5925356899997,5087.8013653999997,5405.8129390799995,5570.2838507099996,5922,6051.5613013500006,6059.1904124899993,6295.1695610899997,6369.8964111700006,7233.2413062605619,7537.8122583199993,7856.8520701999996,8270.5552285199992,8509.6128280300018,8680.3611469000007,9729.8639691000008,10461.26638015,10825.674325309999,11068.146673519999,11336.10194807,11463.818216289999,11961.851084649999,11831.221323130001,11899.08620041,12161.31298517,12720.144746720001,13136.386505500001,13462.872383130001,13873.85054537,14350.89971503,14828.429174110002,14029.896817159997,12144.719338429999,11922.933601703002,14241.570755012001]
["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,-0.2486337865555481,0.26079585823122187,-0.36605073440257618,-4.4021957527158248E-2,0.14533752770917219,-7.9068774084085025E-2,-2.4924317676989247,-1.665709973694772,-1.3521257468697843]
[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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-1.1807012873517833,22.179971374721585,39.3549001772829,101.96774850857459,0.24889959218751825,54.476703871152765,212.70041893473046,126.94975894332649,167.83883017233038,191.0158140084236,145.70488604799019,261.01838848704557,168.48781454169455,179.4010159963492,172.1683532586957,317.17025805840188,127.33807901208036,291.74372463740423,79.621571846526649,313.0678293911817,109.74505253636126,68.288330593424703,142.45432541254382,27.757456716275506,152.33040650010898,183.87794355088465,206.56110598372231,223.5180806504253,111.135057748778,66.440177917763606,190.9135839298568,269.9109344770614,304.05459964468832,133.96620947855476,79.341964141317206,211.06300856000655,256.35752448458305,37.66541578079007,10.904214377361072,2.6120362610250467,399.87992797542591,86.566648026043922,64.936505033898669,-33.594164466733837,141.86805413464813,-22.654106112884719,-50.328781106664863,-198.54090582363003,-118.58193933638034,-616.09070470735287]
["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,-32.742905109999981,35.019284729999995,-50.97191488,-6.3203293100000053,21.519995729999998,-11.102045669999999,-310.43625472000002,-201.96565623999999,-195.20333954999998]
["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-3,2.6079585823122185E-3,-3.6605073440257618E-3,-4.4021957527158248E-4,1.4533752770917218E-3,-7.9068774084085024E-4,-2.4924317676989247E-2,-1.665709973694772E-2,-1.3521257468697843E-2]
[]
[]
[]
[]
[]
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[]
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[]
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[]
[]
[]
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[]
["Specialist funds"]
["Net asset values",null,8785.9201177999985,11824.862985,13279.720492080001,14658.256798010803,16347.214029745001,18432.392519000001,19277.954693852109,20494.572941076603,20740.362196193855,20441.968318152161,18399.406923837818,17712.171744337109,16593.211986808168,15573.479184371903,12063.602648072923,9509.447890734622,8787.6614343771307,8966.112178047586,10381.61345414515,11047.4,11366.2,11470.4,11732.2,11829.6,11922.9,11732.299999999997,12026.96669511222,11632.6,11457.5,11045.3,10753.134291036911,10480.487695916167,10490.584342807753,10477.8095849289,10758.790765788344,10770.006971694425,11390.827843874822,11280.118510672639,11403.699900584423,11349.511716757535,12068.8953688073,12331.243255215657,12303.76,12442.836977496496,12186.952262680566,11327.699962458659,11015.264009202449,11075.892185441862,11117.458686074729,11291.742134832062,11332.187432312134,11243.675890911878,11135.873424990621,11124.279212669799,11071.266984159311,11187.983565788789,10875.060133817038,10449.728101360422,10431.0797360459,9636.1671519229421,8748.1847022678394,8433.9394041251417,8381.2312582468567,8358.6330452058482,8509.7106984316051,8838.8787155295795,9061.1533737320406,9173.9592355751738,9680.0562294829451,9057.7698014136495,7925.6520239263264,8033.0140871126023,7901.4881220725692]
["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,-0.65940243860845682,0.29693253151553917,1.8121414862568548,0.53358844290710883,1.8281217776650138,-0.54418731673228693,-0.66651359297360535,0,-2.6569348501290464]
[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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-102.4258909305786,9.7425031729558231,147.84748561484,10.467301669764476,78.580550398582261,0,0,0,0]
["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,-56.485708000000002,26.167805600000008,161.27832793000002,48.691374690000032,173.78619278452769,-49.560938780999997,-53.18,0,-215.66753756]
["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-3,2.9693253151553915E-3,1.8121414862568547E-2,5.3358844290710885E-3,1.8281217776650139E-2,-5.441873167322869E-3,-6.6651359297360538E-3,0,-2.6569348501290464E-2]
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[]
["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","2021-09-01","2021-12-01","2022-03-01","2022-06-01","2022-09-01","2022-12-01","2023-03-01","2023-06-01"]
["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,-2.1067694510961691E-2,-1.1940648280829896E-2,-8.8447179082670226E-3,-7.2773376758570084E-3,-6.0387090423804479E-3,-1.5935468521233325E-2,-2.0513849505352209E-2,-2.4536130879537633E-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,-4.9249064334486829E-3,-7.5352855108851212E-4,-1.4214304478484955E-2,-2.2021125354225998E-2,-2.6263503923561825E-2,-4.2918086172298558E-2,-3.1621584452313098E-2,-2.5881183873251515E-2]
["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,-1.6001390524664483E-2,-8.4164391503275017E-3,-3.7201643902560755E-3,-1.1057510960701712E-3,-4.4866161358522554E-4,-5.5990208947217105E-3,-1.4895420776800637E-2,-2.2471841232080472E-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-3,9.9593627691787444E-3,6.4303382649237217E-3,-9.9477655063515179E-4,-9.8482649733510046E-6,-8.5950984576161813E-4,-6.1754624290024894E-3,-1.0229682469421523E-2,-1.3973340655868915E-2]
["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,-7.3900468810446755E-3,-1.457722463758318E-3,4.9581500551776139E-3,1.1176960595861291E-2,9.0741609752417272E-3,2.8775232771655751E-3,1.5435521698978041E-3,-9.6690893995873464E-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":86,"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"]
["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",0,0,null,"2018-09-30",0,0,0,0,null,"2018-09-30",0,0]
["2018-12-31",0,0,null,"2018-12-31",0,0,0,0,null,"2018-12-31",0,0]
["2019-03-31",0,0,null,"2019-03-31",0,0,0,0,null,"2019-03-31",0,0]
["2019-06-30",0,0,null,"2019-06-30",0,0,0,0,null,"2019-06-30",0,0]
["2019-09-30",0,0,null,"2019-09-30",0,0,0,0,null,"2019-09-30",0,0]
["2019-12-31",0,0,null,"2019-12-31",0,0,0,0,null,"2019-12-31",0,0]
["2020-03-31",0,0,null,"2020-03-31",0,0,0,0,null,"2020-03-31",0,0]
["2020-06-30",0,0,null,"2020-06-30",0,0,0,0,null,"2020-06-30",0,0]
["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]
["2021-09-30",218.27013154534612,7,null,"2021-09-30",22.410920693215704,195.85921085213042,6,1,null,"2021-09-30",0,218.27013154534612]
["2021-12-31",147.66474103809716,9,null,"2021-12-31",14.841240833959747,132.82350020413742,7,2,null,"2021-12-31",0,147.66474103809716]
["2022-03-31",151.00770155390137,9,null,"2022-03-31",53.437214283137067,97.570487270764318,8,1,null,"2022-03-31",0,151.00770155390137]
["2022-06-30",228.98521435985316,6,null,"2022-06-30",58.221606884491102,170.76360747536205,5,1,null,"2022-06-30",0,228.98521435985316]
["2022-09-30",146.0442270469743,6,null,"2022-09-30",13.32982483735206,132.71440220962225,5,1,null,"2022-09-30",83.571236191593329,62.472990855380999]
["2022-12-31",10.421799570989597,4,null,"2022-12-31",0,10.421799570989597,4,0,null,"2022-12-31",0,0]
["2023-03-31",110.88269770388806,3,null,"2023-03-31",0,110.88269770388806,3,0,null,"2023-03-31",0,0]
["2023-06-30",40.731082745183016,3,null,"2023-06-30",0,40.731082745183016,3,0,null,"2023-06-30",0,0]