About us

Investing in a diversified UK commercial property portfolio

Richard Kirby photo
Richard Kirby
Director, Property Funds, UK

The trust is a vehicle for investors who wish to gain exposure to prime UK commercial property. It is a constituent of the FTSE 250 Index and aims to provide shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio. Dividends are paid monthly.


The Trust’s investment objective is to provide ordinary shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.

Colorful facades of brick buildings

Our investment policy

The Company’s policy is to hold a diversified portfolio of freehold and long leasehold (over 60 years remaining at the time of acquisition) UK commercial properties. It invests principally in three commercial property sectors: office, retail (including retail warehouses) and industrial. It also can have an exposure to other commercial property sectors such as healthcare, leisure, hotels and serviced apartments, residential property, student housing, car parks and petrol stations, storage and supermarkets.


The Company invests in properties which the Board, on the advice of the Managers, believes will generate a combination of long-term growth in income and capital for shareholders.

Investment decisions are based on an analysis of, amongst other things, sector and geographic prospects, tenant covenant strength, lease length, initial and equivalent yields and the potential for alternative uses and/or development or redevelopment of the property.

Investment risks are spread by investing across different geographical areas and sectors and by letting properties to lower risk tenants. The Company has not set any maximum geographic exposures, but no single property may exceed 15 per cent of total assets and the five largest properties (excluding indirect property funds) may not exceed 40 per cent of total assets (in each case at the time of acquisition). Short leasehold properties (with less than 60 years remaining) may not exceed 10 per cent of total assets at the time of acquisition.

The main entrance to the glass building

The Company is permitted to invest up to 15 per cent, at the time of acquisition, of its total assets in indirect property funds (including listed property companies) which invest principally in UK property, but these investments may not exceed 20 per cent of total assets at any subsequent date. The Company is permitted to invest cash, held by it for working capital purposes and awaiting investment, in cash deposits, gilts and money market funds.


The Company uses gearing throughout the Group to enhance returns over the long-term. Gearing, represented by borrowings as a percentage of total assets, may not exceed 50 per cent. However, the Board’s present intention is that borrowings of the Group will be limited to a maximum of 35 per cent of total assets at the time of borrowing.

Let's talk about risk

The value of your investments and any income from them can go down as well as up and you may not get back the original amount invested. Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.

Fund Facts

Investment Manager
Columbia Threadneedle Investment Business Limited
Launch date
Total assets
£1,014.8m (as at 31.03.24)
Ticker symbol

Key Dates

Annual general meeting
Year end
31 December
Dividend payment date(s)

The Board

Paul Marcuse
Chairman and Chair of the Nomination Committee
John Wythe
Chairman of the Management Engagement Committee
Linda Wilding
Chairman of the ESG Committee and Independent non-executive director
Isobel Sharp
Chairman of the Audit and risk Committee and Senior Independent non-executive Director
Karima Fahmy
Independent non-executive Director

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