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TR Property

TR Property

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

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TR Property

Investment portfolio

Our approach

Diversification and liquidity

The trust invests in well-managed real estate investment trusts (REITs), plus shares and securities of property companies and property-related businesses. These are complemented by select direct investments into UK property. That’s our bricks, mortar, and equities approach.

We generally prioritise future growth and capital appreciation over immediate yield or discount to asset value.

Although the rules governing the trust allow for investment on an international basis, the benchmark we measure our performance against is a pan-European benchmark and currently all of our investments are in this region. Direct property investments are located in the UK only.

Sector allocations (% NAV)
BENELUX DIVERSIFIED0.5
EUROPEAN HEALTHCARE2.7
EUROPEAN SHOPPING CENTRES10
FRENCH OFFICES6.3
GERMAN OFFICES2.7
GERMAN RESIDENTIAL17.7
INDUSTRIALS21.4
NORDIC RESIDENTIAL1.4
NORWEGIAN OFFICES0.4
SELF STORAGE3.2
SPANISH DIVERSIFIED4.9
STOCKHOLM OFFICES1.4
STUDENT HOUSING2.5
SUPERMARKETS0.9
SWEDISH DIVERSIFIED4.3
SWISS DIVERSIFIED5.9
UK DIVERSIFIEDS5.2
UK HEALTHCARE0.7
UK LONDON OFFICES3.8
UK LONDON RETAIL0.3
UK MAJORS4.1
UK RETAIL2.3
UK/IRELAND RESIDENTIAL0.1
UK DIRECT PROPERTY8.3
TOTAL111.1

Correct at 30.09.2022

Focused specialisation

Carving out a portion of your portfolio or property exposure by stock-picking – or even REIT-picking – is time, resource, and expertise intensive. TR Property makes it easy to gain broad, balanced exposure to the UK and European property sector.

How to invest

Top 10 holdings (% NAV)
VONOVIA9.0Vonovia logo
ARGAN5.7Argan logo
SEGRO5.1Segro logo
KLEPIERRE4.9Klepierre logo
PICTON PROPERTY INCOME4.2PICTON PROPERTY INCOME logo
PHOENIX SPREE4.2Phoenix Spree logo
LAND SECURITIES GROUP4.1Land Securities Group logo
PSP SWISS PROPERTY3.9PSP SWISS PROPERTY logo
INDUSTRIALS REIT3.7INDUSTRIALS REIT logo
GECINA3.5GECINA logo

Correct at 30.09.2022

Strategic allocation (% NAV)
Continental Shares62.5
UK Shares40.3
UK Direct Property8.3
Total111.1

Correct at 30.09.2022

The Colonnades,
London W2

This 64,000 square-foot property comprises a large mixed-use block in central London, constructed in the mid-1970s and predominantly occupied by Waitrose.

Ferrier Street,
London SW18

Mixed-use industrial 50 metres from Wandsworth Town station. Planning permission was granted in December 2019 for a mixed-use employment led redevelopment.

Gloucester Business
Park, GL3

Six industrial units occupied by two tenants on a 4.5-acre site. Accessible to the city centre and major transport links.

Fund facts

Share price291.50p
NAV313.72p
Yield5.39%
Premium/discount-7.08%
As at date22/09/2023
Market capitalisation£925m
Source: Bloomberg

15.50p

Total dividend per share
As at date 31/03/2023

17.22p

Revenue earnings per share
As at date 31/03/2023

TR Property dividends are paid twice a year, usually in January (interim) and August (final). They are subject to market conditions and investors should be aware that past performance is not a guide to future performance.

Ex Dividend DatePay DateDividend TypeAmount Div p/ps
29/06/202301/08/2023Final9.85
15/12/202212/01/2023Interim5.65
23/06/202202/08/2022Final9.20
16/12/202114/01/2022Interim5.30
17/06/202104/08/2021Final9
10/12/202008/01/2021Interim5.20
18/06/202004/08/2020Final8.80
05/12/201907/01/2020Interim5.20
20/06/201930/07/2019Final8.60
29/11/201802/01/2019Interim4.90
21/06/201831/07/2018Final7.55
30/11/201702/01/2018Interim4.65
22/06/201701/08/2017Final6.4
01/12/201603/01/2017Interim4.1
23/06/201602/08/2016Final5.2
03/12/201505/01/2016Interim3.15
25/06/201504/08/2015Final4.75
04/12/201406/01/2015Interim2.95
25/06/201405/08/2014Final4.6
04/12/201307/01/2014Interim2.85
26/06/201306/08/2013Final4.35
05/12/201208/01/2013Interim2.65
04/07/201201/08/2012Final4.2
07/12/201110/01/2012Interim2.4
06/07/201102/08/2011Final3.7
08/12/201011/01/2011Interim2.3
10/03/201001/04/20102nd Interim3.45
09/12/200912/01/2010Interim2.3
01/07/200904/08/2009Final3.45
10/12/200813/01/2009Interim2.3
02/07/200805/08/2008Final3.3
05/12/200709/01/2008Interim2.3
27/06/200731/07/2007Final2.4
06/12/200608/01/2007Interim1.7
28/06/200628/07/2006Final1.9
07/12/200506/01/2006Interim1.5
29/06/200529/07/2005Final1.55
08/12/200407/01/2005Interim1.3
30/06/200430/07/2004Final1.4
10/12/200307/01/2004Interim1.1
25/06/200328/07/2003Final1.15
11/12/200206/01/2003Interim0.9
26/06/200229/07/2002Final1
12/12/200107/01/2002Interim0.65
27/06/200130/07/2001Final0.85
04/12/200008/01/2001Interim0.55
03/07/200027/07/2000Final0.8
06/12/199908/01/2000Interim0.52
28/06/199927/07/1999Final0.77
14/12/199808/04/1999Interim0.5
06/07/199827/07/1998Final0.65
08/12/199708/01/1998Interim0.47
27/05/199709/06/1997Final0.59
09/12/199608/01/1997Interim0.44
24/06/199631/07/1996Final0.56
04/12/199508/01/1996Interim0.42
12/06/199524/07/1995Final0.54
28/11/199409/01/1995Interim0.4
20/06/199429/07/1994Final0.5
29/11/199310/01/1994Interim0.4
07/06/199330/07/1993Final0.5
30/11/199211/01/1993Interim0.4
15/06/199231/07/1992Final0.85
09/12/199110/01/1992Interim0.6
17/06/199130/07/1991Final0.85
10/12/199011/01/1991Interim0.6
11/06/199031/07/1990Final0.85
27/11/198908/01/1990Interim0.6
19/06/198931/07/1989Final0.85
28/11/198806/01/1989Interim0.35
1988Jul-88Final0.525
1987Jan-88Interim0.275
1987Jul-87Final0.875
1986Jan-87Interim0.525
1986Jul-86Final0.833
1985Jan-86Interim0.5

Portfolio highlights

Safestore

The UK’s largest self-storage business had a rocky start in life transitioning from private equity ownership to the public markets. But it has thrived under the current management team (in place since 2013).

Whilst our initial purchases were in 2011, we accelerated the building of a large holding in 2014 when the shares were trading between 200-250 pence per share. At the end of 2021 they had reached their all-time high of 1400 pence per share.

£42 million
Value

Portfolio highlights

Argan

We started acquiring shares in this family run logistics developer in 2012 at €11.44 per share. The founder (still chairman) built his first business designing new construction techniques for storage facilities and this led to the creation of Argan.

We steadily built our position over the years and our holding represents about 5 percent of all our assets. The current share price is €109 per share.

£75 million
Value

Portfolio highlights

SEGRO

This pan-European industrial / logistics has been a stalwart of the portfolio for many years. The CEO has been in place for over a decade and we have admired his judgement and strategy. The share price total return over the last 10 years (to Dec 2021) has been over 800 percent.

£79 million
Value

Find out how to invest

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LEGAL

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GENERAL FUND INFORMATION

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

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