RL Property Fund

Fund overview

The Fund seeks to balance capital growth and income from a diversified portfolio of property assets. The Fund invests in UK commercial property across all major sectors and regions.  The income from core holdings is balanced with active management wherever required to enhance the value of the portfolio.


Gareth Dickinson has been Head of the RLAM property team since 2007. He has overall responsibility for the department’s funds and processes, retaining a direct hands-on approach to an element of the portfolios managed by the wider team. Gareth joined RLAM in 1999 and worked on a number of the property funds before becoming the fund manager for the Scottish Life Unit Linked Fund; a fund that increased under his management from £120m to over £1.1bn in size. Prior to joining RLAM, Gareth worked for chartered surveyors & property consultants, Gerald Eve for six years, first as a surveyor and later as an asset manager and fund manager. Gareth holds a BSc in Estate Management from Birmingham Polytechnic and an MSc in Property Investment from City University. He is a Member of the Royal Institute of Chartered Surveyors.

Investment approach

RLAM’s approach to commercial property management is to acquire properties of suitable quality for the Fund at times in the market cycles when relative values are low and to manage the property actively and effectively until selected sales can be made to take advantage of positive market conditions. It is intended that in most cases properties acquired for the Fund will be fully let and income producing to tenants of sound financial strength. The Fund is benchmarked against the MSCI/AREF UK Other Balanced Quarterly Property Fund Index, compiled and calculated by MSCI.

Fund price

Share Class

Bid Price (p)

Offer price (p)


Royal London Property Fund Acc



31 October 2019

Royal London Property Fund Inc



31 October 2019

Royal London Property Trust Acc



31 October 2019

Source: RLAM and HSBC, bid / offer price quoted in pence as at 31.10.2019. Please note the Fund prices will be updated on a monthly basis. Subject to rounding. 

Important note

On 28 May 2010, RLAM converted its Exempt Property Unit Trust (RLEPUT) to a Property Authorised Investment Fund (PAIF) structure. This is the first time an existing property fund has been converted to a PAIF since these vehicles were introduced by HMRC in 2008. Importantly, this means that investors will have immediate access to a pool of diversified property assets. The investment objective and policy of the PAIF remain similar to the RLEPUT, investing in a broad spread of commercial properties across the UK. The Fund, therefore, maintains its existing track record. 

Product Risk Warning

Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested. For funds that use derivatives, their use may be beneficial, however, they also involve specific risks. Property-based pooled vehicles, such as the Fund, invest in real property, the value of which is generally a matter of a valuer’s opinion. It may be difficult to deal in the shares of the Fund or to sell them at a reasonable price because the underlying property may not be readily saleable, thus creating liquidity risk.