Fund overview
The Royal London Property 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. The fund is benchmarked against the IPD UK Pooled Property Fund Balanced Property Index, compiled and calculated by the Investment Property Databank (IPD).
On 28th 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 the FSA 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.
Manager
The fund is managed by Stephen Elliott. An experienced manager, Stephen graduated from the University of Greenwich in 1996 with a BSc in Estate Management and completed a Postgraduate Diploma in Property Investment at The College of Estate Management in 2003. Early in his career, Stephen gained valuable surveying experience at Hindwoods Hunter Payne and Dron & Wright, undertaking landlord, tenant and agency work. In 2000 he joined ISIS Property Asset Management (now F&C Asset Management) as an Asset Manager. In December 2003, he moved to Morley Fund Management, becoming a Fund Manager in the Segregated Funds Team. Stephen joined Royal London Asset Management (RLAM) Property team in December 2007 to manage the fund.
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.