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Total Returns on £1000 over
Discrete performance % over
Discrete performance over
To provide an attractive level of income with potential for capital & income growth through investing in a diversified UK commercial property portfolio.
Under the investment management agreement, the investment manager will receive a base management fee of 0.50% p.a. of the Groups net assets and reduced to 0.25% p.a. on cash net of gearing in excess of 5% of net assets. The fees of any managing agents appointed by the investment manager are payable out of the management fee. The Board has also agreed to pay a performance fee equal to 20% of the total return of the Funds directly held properties exceeding 110% of the total return on the Funds benchmark, measured over a rolling three year period. This excludes indirect property holdings. The total fee is capped at 0.6% of gross assets per financial year. Any fee due in excess of this 0.6% can be carried forward for up to 2 years. The fee is subject to a high watermark. The agreement is terminable on 6 months' notice. An administrative fee of £ 130,000 p.a. (increasing annually with inflation) is also due. The fees of any managing agents appointed by the investment manager will be payable out of this fee.