Standard Life Investments Property Income Trust
This Guernsey-domiciled investment trust is managed by Jason Baggaley and last year passed its 10-year anniversary, having been launched in December 2003.
Its investment objective is to provide an attractive level of income through investing in a diversified UK commercial property portfolio.
The team breaks the sector down into three principal areas: office, retail including leisure, and industrial, although the trust’s fact sheet notes it can also invest up to 10 per cent in other commercial property.
In addition, it can also undertake property development with up to 10 per cent of gross assets, while up to 10 per cent can also be invested in indirect property vehicles or funds.
This approach appears to have paid off, with the trust ranked top quartile in the AIC Property Direct UK sector across one, three and five years, slipping down into the second quartile across the decade with a return of 38.1 per cent.
Its largest sector weighting is to southeast offices with 30 per cent of the portfolio, while southeast industrial accounts for the smallest sector exposure at just 5 per cent of the trust.
What the judges say
In the words of one of the judges – simply the best property manager he has ever met.
Club members
Henderson Horizon Pan European Property Equities
Picton Property Income
Premier Pan European Property Share
Schroder Real Estate Investment Trust
In numbers
£246.3m
Total assets
148.74%
Five-year actual return
1.99%
AIC ongoing charge
