
The TR philosophy
Bricks, mortar, and equities: the foundations of a good portfolio
TR Property is a FTSE 250 listed investment trust which offers diverse exposure to the UK and European commercial property market, appealing to investors looking for solid capital growth, along with a growing dividend.
Our UK-based closed-ended investment trust structure means our managers are overseen by a board of independent non-executive directors who represent shareholders and ensure the trust is achieving its objectives.
This high level of accountability – coupled with the liquidity inherent to listed investment trusts – makes TR Property a compelling choice for a wide range of investors.
Our performance
TR Property’s distinctive approach means we hold real estate-focused equities and real estate investment trusts (REITS), as well as select direct property investments. This grounds the fund in tangible assets while also enabling cross-sector exposure and spreading risk.
The value of investments and any income from them can go down as well as up and investors may not get back the original amount invested. Please see the Key Information Documents (KIDs) for further details on the risks. If you are in any doubt as to the suitability of an investment, please take professional advice.
Daily NAV with Income data not available pre-March 2011.
Discrete rolling annual performance as at 31.10.2023 (%):
2023 | 2022 | 2021 | 2020 | 2019 | |
Fund | -3.7 | -32.5 | 33.9 | -12.2 | 15.8 |
Benchmark | -5.4 | -34.6 | 27.5 | -16.1 | 11.4 |
Share Price | -9.5 | -33.6 | 44.4 | -18.6 | 15.5 |
Performance data is in GBP £ terms. Investors should be aware that past performance should not be considered a guide to future performance. All fund performance data is net of all fees and expenses.
Fund facts
Share price | 315.00p |
NAV | 346.42p |
Yield | 4.91% |
Premium/discount | -9.07% |
As at date | 7/12/2023 |
Market capitalisation | £1,000m |
Source: Bloomberg |
Investor hub
View our latest share price information, results, factsheet, and annual report.
Annual report
An in-depth look at the trust’s performance over the preceding year, along with updates from our manager and board on market conditions.
Factsheets
Published monthly, our factsheets contain the latest overview of our performance and holdings.
How to invest
TR Property can be a ‘one click’ commercial property investment, as part of a wider investment portfolio.
You can begin your investment in TR Property in three ways:
- Long-term investors
- Wealth managers and IFAs
- Buy direct

Working with us
TR Property is led by passionate, agile, and engaged managers who are always hunting for strong investment returns in the property space – and they have a track record of finding them.

News & awards
Updates from our fund manager, press coverage, market commentary, and more.
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interactive investor interviews with Marcus Phayre-Mudge
In the first video, TR Property investment trust manager Marcus Phayre-Mudge discusses the outlook for the property sector, reveals how…
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MoneyWeek Interviews: Marcus Phayre-Mudge
Marcus Phayre-Mudge, the manager of the TR Property Investment Trust talks to Rupert Hargreaves about the outlook for the global…
Information in this section of the Website is directed solely at persons who are located in the UK and can be categorised as retail clients. Nothing on this website is, or is intended to be, an offer, advice, or an invitation, to buy or sell any investments. Please read our full terms and conditions and the relevant Key Information Documents (“KID”) before proceeding further with any investment product referred to on this website. This website is not suitable for everyone, and if you are at all unsure whether an investment product referenced on this website will meet your individual needs, please seek advice before proceeding further with such product.