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Royal London Property Fund

Re-opening for dealing in the Royal London Property Fund and the Royal London Property Trust

Update of 18 September 2020: Notice of reopening for dealing and changes to dealing and valuation arrangements for the Royal London Property Fund and the Royal London Property Trust

We are pleased to inform you that the temporary suspension of dealing will be lifted with effect from the next normal valuation point of 5.00pm on 30 September 2020. 

This follows confirmation from the Standing Independent Valuer of the Property Fund, Cushman & Wakefield, that the material uncertainty in respect of the valuation of the Property Fund’s assets has been lifted.

The decision was taken by Royal London Unit Trust Managers Limited with the agreement of the Depositary of the Property Fund and the Trustee of the Property Trust. We have also notified the Financial Conduct Authority (the “FCA”).

As a result of regulatory changes introduced for funds such as these by the FCA, a number of changes are being made to the Funds’ prospectuses on 30 September 2020 to provide enhanced protections for investors. Please refer to the full statement in the Quick Links section of this website for further details.

Fund objective

The Fund's investment objective is to carry on Property Investment Business, and to manage cash raised from investors for investment in the Property Investment Business, with the intention of achieving a total return over the long term (at least 7 years) by investing at least 80% in UK commercial properties. The Fund’s performance target is to outperform, after the deduction of charges, the MSCI/AREF UK Other Balanced Quarterly Property Fund Index (the “Index”) over rolling 7-year periods. The Fund is actively managed.

 

Photograph of Stephanie Hacking

Fund Manager - Stephanie Hacking

Stephanie joined RLAM in 2006 as an Asset Manager to work on asset enhancement initiatives in the Life and Unit Linked Funds. Stephanie was promoted to Fund Manager in 2011 focusing on the Office market undertaking asset management, development and investment transactions across all funds. Stephanie has a particular specialism in the South East Office market and is responsible for investment transactions in this market.

Stephanie was previously the Portfolio Fund Manager for the Royal Liver Funds totalling £300m and was responsible for the portfolio management, research, property disposals, property management, and strategy and risk.

Stephanie has a degree in Business Economics from the University of Liverpool and a Masters degree in Property Valuation and Law from Cass Business School, City University.

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)
Date
Royal London Property
Fund Acc
695.45 744.81 30 October 2020
Royal London Property
Fund Inc
275.82 295.39 30 October 2020
Royal London Property
Trust Acc
695.45 744.81 30 October 2020

Source: RLAM and HSBC, bid / offer price quoted in pence as at 30.10.2020. 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.