TR Property

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

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 Exposures: (% NAV)

INDUSTRIALS21.7%
GERMAN RESIDENTIAL17.2%
EUROPEAN SHOPPING CENTRES13.1%
SWISS DIVERSIFIED11.2%
UK DIVERSIFIEDS8.8%
SWEDISH DIVERSIFIED6.3%
UK DIRECT PROPERTY5.8%
SPANISH DIVERSIFIED5.3%
EUROPEAN HEALTHCARE4.9%
SELF STORAGE4.5%
FRENCH OFFICES4.4%
UK/IRELAND RESIDENTIAL3.2%
UK HEALTHCARE2.2%
UK MAJORS1.7%
NORDIC RESIDENTIAL1.5%
UK RETAIL1.2%
GERMAN OFFICES1.1%
HOTELS1.0%
STUDENT HOUSING0.6%
SUPERMARKETS0.5%
STOCKHOLM OFFICES0.4%
TOTAL116.4%

Top 10 holdings: (% NAV)

Unibail-Rodamco-Westfield8.5%
Swiss Prime Site6.1%
TAG Immobilien5.9%
Merlin Properties Socimi5.3%
Aedifica4.9%
Leg Imobilien4.6%
Segro4.6%
Pop Swiss Property4.3%
Londonmetric Property4.1%
Argan4.0%

Data as at 31 March 2026

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

Direct Property Portfolio

Alongside investments in REITs, listed shares, and property-related securities, TR Property Investment Trust also holds a portfolio of directly owned UK properties. These are managed by a dedicated team overseeing acquisitions, sales, refurbishment, and maintenance, ensuring we maintain an active, tangible presence in the market and remain closely attuned to its developments.

Ferrier Street,
London SW18

Ultra-urban industrial workspace adjacent to Wandsworth Town station currently undergoing a phased comprehensive high-quality refurbishment with units ranging from 2,000 to 10,000 sq ft. The refurbishment will deliver best-in-class units, designed for flexibility to suit a variety of businesses across a range of sectors. Currently home to a contemporary leisure brand, Joe and the Juice, and Range Rover Works, these units can be repurposed for a multitude of different needs, please find the full website here: https://www.ferrierstreet.com/

Gloucester Business
Park, GL3

Acquired by TR Property in 2015, this 4.5-acre site comprises five modern industrial units occupied by two tenants. The property benefits from accessibility to Gloucester city centre and the wider regional transport network, with sustained occupier demand for well-located industrial space.

Launton Business Centre, Bicester OX26

Acquired in 2024, this 122,000 square foot multi-let industrial estate has 8 fully let units and is located in the heart of the Oxford to Cambridge corridor. With full occupancy and opportunities for asset management and value enhancement, it aligns perfectly with the Trust’s strategy focused on stable cash flow and long-term growth.

12 Gambrel Road, Northampton NN5

Acquired in 2024, this 30,280 square foot warehouse with two-storey offices sits in the core M1 corridor, one of the UK’s prime logistics locations. The property is well-positioned to benefit from strong occupier demand, supporting long-term income and value growth. This acquisition is in line with TR Property’s strategic focus on the light industrial market, which continues to see resilience and growth, driven by the de-risking of global supply chains and ongoing demand for well-located industrial space.

Fund facts

Share price305.00p
NAV336.74p
Yield5.30%
Premium/discount-9.43%
As at date18/08/2026
Market capitalisation£968m
Source: Bloomberg

15.90p

Total dividend per share
As at date 31/03/2025

12.98p

Revenue earnings per share
As at date 31/03/2025

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
26/06/202530/07/2025Final10.25
12/12/202410/01/2025Interim5.65
27/06/202401/08/2024Final10.05
14/12/202311/01/2024Interim5.65
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

Klepierre

Klépierre is a French REIT, which owns,
operates, and manages a portfolio of
European shopping centres, spanning ten
countries. At the end of 2022, the company
owned a portfolio of c.€19.8bn, with major
exposures in France (c.38.3% of value),
Italy (c.23.8%), Iberia (c.13.0%), Germany/
Netherlands (c.9.7%), and the Nordics
(c.8.7%).

Portfolio highlights

SEGRO

Segro is the largest UK REIT by market cap
and is the largest operator of logistics and
industrial property listed in the UK, with a
total portfolio of c.£18bn (split c.62.0% in
the UK, c.38.0% in Continental Europe, with
c.56.0% urban warehouses, c.26.0% big
boxes and c.18.0% land and other uses).
In the UK, the group is mainly exposed to
Greater London industrial and logistics.
Rental growth in these markets has been
extremely strong as there remains an
acute supply-demand imbalance, fuelled
by tenants’ requirements to deal with the
growth in e-commerce.

Find out how to invest