• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
TR Property

TR Property

A UK based investment company, listed on the FTSE 250 index investing in Pan European property equities & UK direct property

Search for:
  • About
    • About us
    • Investment portfolio
    • Meet the team
    • Awards
  • Why invest?
    • Why invest?
    • Investment trusts explained
  • Investor centre
    • Overview
    • Results & presentations
    • RNS News
    • Governance
  • News
  • Contact
  • How to invest

April 2016

About TR Property

16th May 2016

The Trust’s NAV fell -1.22% whilst the benchmark fell -1.29%. Encouragingly the share price dropped -0.2% resulting in a slight tightening of the discount to NAV. It was a better month for UK stocks which collectively rose 2%. The referendum continues to dominate investors’ thoughts and the shifting of bookmaker’s odds in favour of Remain which overlapped with Obama’s call for unity in Europe helped the London-centric names in particular. Derwent London and Great Portland were both up 4.2% with Workspace a very strong 6.6%. Our overweights in these names helped performance but the strong rebound in Capital & Counties (+7.2%) which owns the Earls Court development site was a detractor from our relative performance as we don’t own the stock given our concerns over London high value residential. The healthcare names were again strong performers with Primary Health Properties +5.9% even after an oversized raising of £150m at 100p. We participated but with some reservation over the speed of appropriate acquisitions given the size of the raise. Assura, which owns and develops polyclinics and GP surgeries let to NHS backed tenants also rose a dramatic 6.7%. The market remains risk adverse

The German residential names were quite weak in April. ADO, our preferred Berlin focused small cap, raised €100m to finance portfolio expansion and we participated in the raise. The stock fell -4.6% in the month whilst the largest apartment business, Vonovia fell -7.1%. This sub sector has had a high correlation with the Bund, which rose 20bps in April and goes someway to explaining the market response.

The earnings season also got underway in earnest with Gecina (Paris offices) reflecting yield compression and capital value growth whilst Icade’s results were a mix with improvement particularly in residential development but write downs (which were expected) in business parks. Mercialys, the owner of sub-regional shopping centres had another year of solid growth. In the Nordics, Fabege also revealed greater capital growth than expected and we added to our holding. Castellum’s figures were dominated by the earlier announcement of the purchase of Norrporten and the capital raise due after the EGM (20th May). Entra, Norway’s largest office company also showed strong results. The stock has, unsurprisingly, rallied alongside the improving oil price.

The Trust’s full year results and final dividend will be announced on 25th May.

Download factsheet

Previous post
Next post

Primary Sidebar

Real assets in a world of real inflation

13th June 2022

Whether you believe inflation is demand or supply driven, it is here and the central banks’ actions are adding to…

ii Podcast. Marcus Phayre-Mudge: The Richard Hunter Interview

2nd June 2021

Richard is joined by Marcus Phayre-Mudge, fund manager of the TR Property Investment Trust, to discuss investing in physical property, removing liquidity concerns, how the trust has managed during the last 12 months, and the changing environment.

Post-AGM Update

29th July 2020

As announced on 22nd June 2020, TRY held the AGM on 28th July 2020 as a closed meeting in order…

Footer

Sign up to our newsletter for the latest updates

enquiries@trproperty.co.uk

For questions regarding TR Property Investment Trust, you can email us directly.

LEGAL

Disclaimer and legal statement

Cookie policy

GENERAL FUND INFORMATION

Investors should be aware that past performance should not be considered a guide to future performance.

Copyright © TR Property
All rights reserved